Primo Brands Corporation · NYSE:PRMB
Primo Brands — Q2 2025 Earnings Presentation
31 slides from Primo Brands's earnings presentation, Aug 7, 2025
Slide 1: Primo Brands 2nd Quarter 2025 Results
Primo Brands Hydrating a Healthy AmericaTM 2nd Quarter 2025 Results August 7, 2025
Slide 2: Cautionary Statements
Cautionary Statements Disclaimer Safe Harbor Statement This presentation contains forward-looking statements and forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management’s expectations as t
Slide 3: Today's Presenters and Agenda
Today's Presenters Robbert Rietbroek David Hass Chief Executive Officer Chief Financial Officer • Business Update AGENDA • Q2 2025 Financials • Closing Remarks • Q&A
Slide 4: Hawkins Tornado Impact
Hawkins Tornado Impact • Primary factory supporting our Ozarka brand and other products in the Southern region • Approximately $26 million dollar impact to Q2 Net Sales • Facility is back online resuming full operations • Insurance will largely cover capital expenditures for repairs 4
Slide 5: Direct Delivery (Home and Office) Recovery and Return to Growth
Direct Delivery (Home and Office) Recovery and Return to Growth Product Supply Logistics Planning Route Optimization Recovery Actions Operations Update Harmonizing Branch Recovery Enhancements to Preventative Optimizing Weekend and Holiday Reviews Handhelds and Maintenance Process Transportation Net
Slide 6: Tariff Implications on our Water Dispenser Business
Tariff Implications on our Water Dispenser Business Tariff Implications Total Water Dispenser Unit Sell-In (in thousands) • Increased retailer order uncertainty on purchases • Worked with suppliers on promotional spending • Tariff exposure concentrated in our Water Dispenser business • Water Dispens
Slide 7: Premium Channel Continues to Shine
Premium Channel Continues to Shine Premium Channel Results New Mountain Valley Facility • Hot Springs, Arkansas • Broke ground in Q2 2025 • Anticipated completion by 1H 2026 • Expected to mitigate current supply constraints • Expanded Mountain Valley and Saratoga PET offerings • Fueled Q2 2025 total
Slide 8: Primo Brands Q2 2025 Financial Summary
Primo Brands Q2 2025 Financial Summary Comparable Results (in millions) Reported Results Q2 2025 Q2 2024 Change Reported Results 1H 2025 1H 2024 Change Net Sales $1,730.1 $1,314.4 31.6% Net Sales $3,343.8 $2,450.2 36.5% Adj. EBITDA $366.7 $258.0 42.1% Adj. EBITDA $708.2 $475.7 48.9% Adj. EBITDA Marg
Slide 9: 1st Half 2025 Channel Net Sales Results
1st Half 2025 Channel Net Sales Results Financial Performance - Comparable Results Net Sales by Water Type Net Sales by Trade Type (in millions) (in millions) Channel 1H 2025 1H 2024 % Change Channel 1H 2025 1H 2024 % Change Regional Spring Water $ 1,669.2 $ 1,694.7 -1.5% Direct Delivery $ 1,317.2 $
Slide 10: Q2 2025 Net Sales by Channel Results
Q2 2025 Net Sales by Channel Results Financial Performance - Comparable Results Net Sales by Water Type Net Sales by Trade Type (in millions) (in millions) Channel Q2 2025 Q2 2024 % Change Channel Q2 2025 Q2 2024 % Change Regional Spring Water $ 875.1 $ 901.7 -2.9% Direct Delivery $ 666.5 $ 686.1 -2
Slide 11: Estimated Cost Synergy Opportunity
Estimated Cost Synergy Opportunity Functional Areas Identified Opportunities • Optimization of manufacturing locations, routes, branches and 1. Operations inventory management • Brand portfolio alignment opportunity • Improvement of manufacturing efficiencies and leveraging 2. Procurement operating
Slide 12: Capital Allocation and Treasury Management
Capital Allocation and Treasury Management Liquidity and Debt Capital Structure ($ in Millions, unless otherwise noted) Debt Capital Maturities4 Net Leverage Ratio 1 3.44x 3.875% Focused on deleveraging Available Liquidity 2 $1,024M SOFR +225 bps Flexibility in executing 4.375% strategic initiatives
Slide 13: Primo Water 2025 Financial Outlook
Primo Water 2025 Financial Outlook Comparable Results1 Revised 2025 Range ($ in millions) Low High Net Sales Growth 0% 1% Adj. EBITDA $1,485 $1,515 Base CAPEX 4% of Net Sales Adj. Free Cash Flow $740 $760 1. Comparison period includes 2024 Combined Financials, less results of exited Eastern Canadian
Slide 14: Hydrating a Healthy America
Hydrating a Healthy AmericaTM
Slide 15: Q&A
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Slide 16: Appendix
Appendix 26 attic DEER hss. PARK ONT, WNT Se_yz VALLEY OZARKA, span «eS © PRIMO WATER™ — S pARATOGA Sparkletts. zephvthills|
Slide 17: Definitions and Meanings
Definitions and Meanings Reported Results - Reflect BlueTriton's financial results plus the addition of legacy Primo Water, following the closing date of the merger, November 8, 2024. Combined Results - Include the combination of legacy Primo Water with BlueTriton for the full calendar year in addit
Slide 18: Comparable Base Clarification
Comparable Base Clarification Clarifying Results Attributable to the Exited Eastern Canadian Operations Comparable Base Clarification ($ in millions) Q1 24 Q2 24 Q3 24 Q4 24 2024 Q1 25 Net Sales $19.9 $25.6 $23.2 $15.7 $84.4 $3.6 Adjusted EBITDA $(0.6) $2.9 $3.4 $0.3 $6.0 $— 18 Source: Primo Brands
Slide 19: Non-GAAP Reconciliation - Unaudited
Q2 and 1H 2024 and 2025 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended For the Six Months Ended June 30, 20251 June 30, 20242 June 30, 20251 June 30, 20242 Primo Brands Primo Water Primo Brands Pr
Slide 20: Q1, Q3 and Q4 2024 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA
Q1, Q3 and Q4 2024 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended For the Period Ended December 31, November 8, December 31, March 31, 20241 September 30, 20242 20243 20244 2024 Primo Water Primo
Slide 21: FY 2024 Combined Net Sales, EBITDA and Adj. EBITDA
FY 2024 Combined Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Period Ended December 31, September 28, November 8, December 31, 20241 20242 20243 2024 Primo Water Primo Water Primo Brands Corporation Corporation Combined Net sales $ 5,152
Slide 22: Q1 and 1H Normalized Comparable Net Sales
Q1 and 1H Normalized Comparable Net Sales Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Three Months Ended 1H Ended March 31, 20251 March 31, 20241 June 30, 20253 June 30, 20243 Primo Brands Primo Brands Primo Brands Primo Brands Corporation Corporation Corporation Corporation Co
Slide 23: Q2 and 1H 2025 and 2024 Combined and Comparable Net Sales by Water Type
Q2 and 1H 2025 and 2024 Combined and Comparable Net Sales by Water Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended June 30, 2025 For the Six Months Ended June 30, 2025 Net Sales Primo Brands Combined Net Comparable Net Primo Brands Combined Net Comparable Net Corporation1 Adjustm
Slide 24: Q2 and 1H 2025 and 2024 Combined and Comparable Net Sales by Trade Type
Q2 and 1H 2025 and 2024 Combined and Comparable Net Sales by Trade Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended June 30, 2025 For the Six Months Ended June 30, 2025 Net Sales Primo Brands Combined Net Comparable Net Primo Brands Combined Net Comparable Net Corporation1 Adjustm
Slide 25: FY 2024 and Q2 2025 TTM Combined Free Cash Flow and Adjusted Free Cash Flow
FY 2024 and Q2 2025 TTM Combined Free Cash Flow and Adjusted Free Cash Flow Non-GAAP Reconciliation - Unaudited For the Period (in millions of U.S. dollars) For the Period Ended For the Period Ended Ended TTM7 Primo Brands Primo Water Primo Water Primo Water Primo Brands Primo Brands Primo Brands Co
Slide 26: Q2 2024 and 2025 Combined Free Cash Flow and Adjusted Free Cash Flow
Q2 2024 and 2025 Combined Free Cash Flow and Adjusted Free Cash Flow Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended Primo Brands Primo Water Primo Brands Corporation Corporation Corporation Combined June 30, 20252 June 30, 20241 June 30, 20242 June 30, 2
Slide 27: Q2 2025 Adjusted Cash from Operations and Capex - Cont Ops
Q2 2025 Adjusted Cash from Operations and Capex - Cont Ops Non-GAAP Reconciliation - Unaudited Primo Brands (in millions of U.S. dollars) Corporation For the Three Months Ended June 30, 2025 Net cash provided by operating activities from continuing operations $ 155.0 Acquisition, integration and res
Slide 28: Interest Coverage Ratio and Net Leverage Ratio - Combined
Interest Coverage Ratio and Net Leverage Ratio - Combined Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars, except financial ratios) FY 2024 (-) Q2 2024 YTD (+) Q2 2025 YTD Q2 2025 LTM Adjusted EBITDA 1 $ 1,352.5 $ 669.0 $ 708.2 $ 1,391.7 Interest Expense, net $ 367.6 $ 185.3 $ 164.0
Slide 29: Volume/Price-Mix Growth - Historical Comparable Results
Volume/Price-Mix Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited Q2 QTD Q2 YTD (in millions of U.S. dollars) Comparable Net Sales 20241 $ 1,775.0 $ 3,337.8 Volume (40.2) 2.9 Price/Mix (4.7) (0.5) Comparable Net Sales 20251 $ 1,730.1 $ 3,340.2 (2.3%) 0.1% Total Volume (0.2%
Slide 30: Organic/Inorganic Growth - Historical Comparable Results
Organic/Inorganic Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Q2 QTD Q2 YTD Comparable Net Sales 20241 $ 1,775.0 $ 3,337.8 Inorganic growth (from acquisitions) 6.0 12.8 Organic growth (50.9) (10.4) Comparable Net Sales 20251 $ 1,730.1 $ 3,
Slide 31: Comparable Net Sales Growth
Comparable Net Sales Growth Non-GAAP Reconciliation - Unaudited Low High 2024 Combined Net sales1 $ 6,810.1 $ 6,810.1 2024 Eastern Canadian operations2 (84.4) (84.4) 2024 Comparable Net sales 6,725.7 6,725.7 Comparable Net sales increase from 2024 0.0 67.3 2025 Estimated Comparable Net sales $ 6,725