Slide 1: Second Quarter 2026 Earnings Results
Second Quarter 2026 Earnings Results August 5, 2026
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: A Leading North American Branded Beverage Company
A Leading North American Branded Beverage Company Hydrating a Healthy AmericaTM Coast-to-Coast Distribution 13 +200,000 +80 Vertically Network Integrated Iconic Brands Retail Outlets Spring Water Sources 3
Slide 4: Positioning for the Future
Positioning for the Future Priorities to Support Profitable Growth Fuel Drive Leverage Build a Topline Growth Margin Expansion Free Cash Flow Winning Culture Improve direct delivery Achieve synergy Invest in growth & Mission driven customer experience capture productivity initiatives Drive operation
Slide 5: Q2 2026 Financial Summary
Q2 2026 Financial Summary Financial Performance - GAAP and Comparable Results1 Comparable Net Sales Comparable Adjusted EBITDA Comparable Adjusted EBITDA Margin $1,796.2M $385.0M 21.4% +4.2% YoY +5.0% YoY +10 bps YoY GAAP Results (in millions) Comparable Results¹ (in millions) Q2 2026 Q2 2025 Change
Slide 6: H1 2026 Financial Summary
H1 2026 Financial Summary Financial Performance - GAAP and Comparable Results1 Comparable Net Sales Comparable Adjusted EBITDA Comparable Adjusted EBITDA Margin $3,422.3M $691.0M 20.2% +3.0% YoY (2.4)% YoY (110) bps YoY GAAP Results (in millions) Comparable Results¹ (in millions) H1 2026 H1 2025 Cha
Slide 7: Q2 2026 Net Sales by Channel
Q2 2026 Net Sales by Channel Financial Performance - Comparable Results1 Net Sales by Water Type (Comparable Results) Net Sales by Trade Type (Comparable Results) Channel Q2 2026 Q2 2025 Change Channel Q2 2026 Q2 2025 Change Direct Delivery $662.4 $659.6 0.4% Regional Spring Water $911.0 $875.1 4.1%
Slide 8: H1 2026 Net Sales by Channel
H1 2026 Net Sales by Channel Financial Performance - Comparable Results1 Net Sales by Water Type (Comparable Results) Net Sales by Trade Type (Comparable Results) Channel H1 2026 H1 2025 Change Channel H1 2026 H1 2025 Change Direct Delivery $1,283.1 $1,299.2 (1.2)% Regional Spring Water $1,712.2 $1,
Slide 9: Input Cost Management
Input Cost Management Key Cost Drivers & Mitigation Strategies Cost Drivers Proactive Mitigation Areas of Control Fuel / Diesel Growth Through the Issue Fleet operations, last-mile delivery Drive revenue growth to outpace input cost increases Diesel Hedging Program Resin Structured hedging instrumen
Slide 10: Balance Sheet and Treasury Management
Balance Sheet and Treasury Management Liquidity and Debt Capital Structure Net Leverage Ratio1 Available Liquidity2 Cost of Debt Capital 3,4 3.42x $953M 5.87% Net Debt ÷ Adj EBITDA Cash + Revolver Availability Weighted Average Interest Rate Debt Capital Maturities4 $2,943 $1,494 SOFR + 275 4.375% bp
Slide 11: Capital Allocation Priorities
Capital Allocation Priorities Disciplined and Balanced Approach Reinvest in the Business Enhance Balance Sheet Strength Growth and Productivity Initiatives Deleveraging Focus IT, customer contact center & digital capabilities investment Reduce Net Leverage Ratio1 to under 3.0 times Premium channel c
Slide 12: 2026 Full Year Financial Outlook
2026 Full Year Financial Outlook Previous Updated ($ in millions) Low High Low High Net Sales Growth¹ 1% 3% 2% 4% Adjusted EBITDA $1,465 $1,515 $1,465 $1,515 Base CAPEX 4% of Net Sales 4% of Net Sales Adjusted Free Cash Flow $790 $810 $790 $810 1. Excludes the impact of the exited Eastern Canadian o
Slide 13: Appendix
NY AM PRIMO BRANDS” \/ 7X Appendix ‘ARROWHEAD: DEER ME PARK SPRING WATER ges (PRIMO WATER™ S SARATOGA (Sparkletts. zephivthils
Slide 14: Historical Contribution from Exited Eastern Canadian Operations and Exited US Office Coffee Services Business
Historical Contribution from Exited Eastern Canadian Operations and Exited US Office Coffee Services Business (OCS) Comparable Base Clarification ($ in millions) Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Net Sales Attributable to the Exited $3.6 $0.0 $0.0 $0.0 $3.6 Eastern Canadian Operations ($ in millions) Q1
Slide 15: Q2/H1 2026 and 2025 Comparable Net Sales, EBITDA & Adjusted EBITDA
Q2/H1 2026 and 2025 Comparable Net Sales, EBITDA & Adjusted EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended For the Six Months Ended For the Fiscal Year Ended June 30, 2026 1 June 30, 2025 1 June 30, 2026 1 June 30, 2025 1 December 31, 20252 Net sa
Slide 16: Q2/H1 2026 and 2025 Comparable Net Sales by Water Type
Q2/H1 2026 and 2025 Comparable Net Sales by Water Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended June 30, 2026 For the Six Months Ended June 30, 2026 Net Sales 1 Adjustments 2 Comparable Net Sales Net Sales 1 Adjustments2 Comparable Net Sales ($ in millions of U.S. dollars) Regi
Slide 17: Q2/H1 2026 and 2025 Comparable Net Sales by Trade Type
Q2/H1 2026 and 2025 Comparable Net Sales by Trade Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended June 30, 2026 For the Six Months Ended June 30, 2026 Net Sales 1 Adjustments 2 Comparable Net Sales Net Sales 1 Adjustments2 Comparable Net Sales ($ in millions of U.S. dollars) Dire
Slide 18: Q2/H1 2026 and 2025 TTM Free Cash Flow and Adjusted Free Cash Flow
Q2/H1 2026 and 2025 TTM Free Cash Flow and Adjusted Free Cash Flow Non-GAAP Reconciliation - Unaudited For the Fiscal Year (in millions of U.S. dollars) For the Three Months Ended For the Six Months Ended Ended TTM3 June 30, 2026 1 June 30, 2025 1 June 30, 2026 1 June 30, 20251 December 31, 2025 2 J
Slide 19: Q2 2026 Adjusted Cash from Operations and Capex
Q2 2026 Adjusted Cash from Operations and Capex - Cont. Operations Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended June 30, 2026 June 30, 2025 Net cash provided by operating activities of continuing operations $ 227.9 $ 155.0 Acquisition, integration and
Slide 20: Interest Coverage Ratio and Net Leverage Ratio
Interest Coverage Ratio and Net Leverage Ratio Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars, except financial ratios) FY 2025 (-) Q2 2025 YTD (+) Q2 2026 YTD Q2 2026 TTM Adjusted EBITDA $ 1,446.8 $ 708.2 $ 691.0 $ 1,429.6 Interest Expense, net $ 326.5 $ 164.0 $ 159.6 $ 322.1 Tota
Slide 21: Volume/Price-Mix Growth
Volume/Price-Mix Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited Q2 2026 QTD Q2 2026 YTD (in millions of U.S. dollars) Comparable Net Sales 20251 $ 1,723.2 $ 3,322.2 Volume (1.0) 5.0 Price/Mix 74.0 95.1 Comparable Net Sales 20261 $ 1,796.2 $ 3,422.3 Total Volume (0.1)% 0.2
Slide 22: Organic/Inorganic Growth
Organic/Inorganic Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Q2 2026 QTD Q2 2026 YTD Comparable Net Sales 20251 $ 1,723.2 $ 3,322.2 Inorganic growth (from acquisitions) 5.3 8.4 Organic growth 67.7 91.7 Comparable Net Sales 20261 $ 1,796.2
Slide 23: Comparable Net Sales Growth
Comparable Net Sales Growth Non-GAAP Reconciliation - Unaudited Low High 2025 Net sales 6,664.0 6,664.0 Impact of Eastern Canadian operations1 (3.6) (3.6) Impact of US Office Coffee Services Business (OCS)2 (25.5) (25.5) 2025 Comparable Net sales3 6,634.9 6,634.9 2026 Estimated Comparable Net sales