Premium Brands Holdings Corporation posted yet another record-breaking quarter in Q3 2026, and its major seafood subsidiary Clearwater Seafoods also posted improved performance in the quarter.
Premium Brands recently posted record Q3 revenue of CAD 2.4 billion (USD 1.7 billion, EUR 1.5 billion), up 22 percent, or CAD 429.1 million (USD 303.7 million, EUR 272.6 million), from Q3 2025. The company also saw a record Q3 adjusted EBITDA, achieving CAD 213 million (USD 151 million, EUR 135 million), an increase of 21.6 percent, or CAD 27.9 million (USD 19.7 million, EUR 17.7 million), compared to Q3 2025.
“While we continued to generate record results, the third quarter also saw substantial improvement in our net free cash flow and further deleveraging of our balance sheet,” Premium Brands President and CEO George Paleologou said in a release.
Premium Brands’ steady state free cash flow during the four quarters leading up to 26 September reached CAD 384.6 million (USD 272.2 million, EUR 244.4 million), up from the CAD 276.2 million (USD 195.5 million, EUR 175.5 million) it posted for the same period ending 27 September 2025.
Paleologou attributed the positive results to the work the company has done to invest in its premium food products.
“Over the last four years, we have invested heavily in positioning our company as a key supplier of premium food products to retail, club, and foodservice customers across North America, including allocating over CAD 1 billion [USD 708 million, EUR 635 million] to build out a world-class U.S. based manufacturing footprint to support our growth,” Paleologou said.
In the firm's Q2 2026 results, Paleologou said the company’s big capital expenditures, which began in 2022, were at times met by skepticism by the wider market, but those efforts, and the latest Q3 results, have continued to show that the company made the right decisions on its investments.
“With this spend now nearly complete and our various growth initiatives taking hold, we are starting to show significant progress on these metrics with our net free cash flow for the quarter growing to CAD 195 million [USD 138 million, EUR 124 million] versus an outflow of CAD 45 million [USD 32 million, EUR 29 million] in the third quarter of last year and our total debt-to-EBITDA ratio falling to 3.6 to 1 from 4.3 to 1 at the start of the year,” he said.
In pre-recorded remarks, Paleologou said the company’s ability to provide its customers with innovative branded solutions has helped it achieve positive results.
“During the quarter, our ability to offer large national customers in the U.S. unique, innovative, premium branded and private-label solutions, combined with the unparalleled state-of-the-art capacity we built over the past four years, enabled us to secure almost CAD 170 million [USD 120 million, EUR 108 million] in new business,” Paleologou said.
Paleologou added that the success came “very late in the quarter” and had no major impact on Q3; it is, instead, part of the company’s longer-term vision for continued growth.
“I want to emphasize that this new business is based on providing our customers with the right long-term product solution they’re looking for and is both sustainable and defensible for the long term,” Paleologou said. “We will always manage Premium Brands for the long term and will never compromise true value creation for short-term results.”
Premium Brands’ subsidiary Clearwater Seafoods, which it acquired in 2020, also saw positive results in the quarter. It posted revenue from continuing operations of CAD 103.2 million (USD 73.0 million, EUR 65.6 million) in Q3, down slightly from CAD 106.9 (USD 75.7 million, EUR 67.9 million) in Q3 2025. Premium said those sales decreases were primarily associated with a 9.3 percent decline in sales volumes, “associated with normal volatility in catch rates and the timing of sales, partially offset by higher selling prices for most species.”
Revenue from discontinued operations for the comparable period dropped to CAD 1.9 million (USD 1.3 million, EUR 1.2 million), which the company said was due to its sale of its Argentine scallop business in Q2, as well as the sale of Macduff Shellfish's land-based operations in Q3 2025.
While revenue dropped, Clearwater’s loss before shareholder-related expenses fell to CAD 1.4 million (USD 1 million, EUR 0.9 million), marking a big improvement from the nearly CAD 40 million (USD 28 million, EUR 25 million) loss it posted in the same quarter of 2025.
Overall net losses in Q3 were CAD 27 million (USD 19 million, EUR 17 million), compared to the much higher losses of CAD 76.7 million (USD 54.3 million, EUR 48.7 million) it saw in Q3 2025.
