Primo Brands Corporation · NYSE:PRMB
Primo Brands — FY2025 Earnings Presentation
26 slides from Primo Brands's earnings presentation, Feb 26, 2026
Slide 1: 4th Quarter and FY 2025 Results
4th Quarter and FY 2025 Results February 26, 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: Premium Capacity Expansion and Brand Activation
Premium Capacity Expansion and Brand Activation Supporting Strong Demand Iconic Diversified Strength Robust Brands Portfolio Across Sales & for All Channels Marketing Consumer Engine Needs • Mountain Valley Factory expected to increase current brand capacity; Expected to be operational mid-2026 • Sa
Slide 5: Positioning for the Future
Positioning for the Future Building Blocks to Support Profitable Growth Leveraging Powerful Free Cash Fueling Topline Driving Margin Flow & Disciplined Building a Growth Expansion Capital Allocation Winning Culture • Improve our direct delivery • Achieve synergy capture • Leverage financial flexibil
Slide 6: Integration Process
Integration Process Most Complex Rounds Completed 2025 - Completed 2026 - In Process • Completed 5 of 7 rounds1 of integration • Integration rounds 6 and 7 on track to be completed within the first half of 2026 • Production facility and branch closures and consolidation • Remaining rounds of integra
Slide 7: Cost Synergies
Cost Synergies Enhancing Productivity and Efficiency Operations Procurement IT/ERP • Optimization of manufacturing • Optimization of direct material • Optimization of IT systems locations and transportation procurement and sourcing • Opportunity to leverage newly • Optimization of routes, depots, an
Slide 8: Q4 and Full Year 2025 Financial Summary
Q4 and Full Year 2025 Financial Summary Financial Performance - GAAP and Comparable Results (in millions) Reported Results Q4 2025 Q4 2024 Change Reported Results FY 2025 FY 2024 Change Net Sales $1,554.1 $1,397.2 11.2% Net Sales $6,664.0 $5,152.5 29.3% Adj. EBITDA $334.1 $254.8 31.1% Adj. EBITDA $1
Slide 9: Q4 2025 Net Sales by Channel Results
Q4 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 Q4 2025 Q4 2024 % Change Channel Q4 2025 Q4 2024 % Change Regional Spring Water $ 765.1 $ 787.5 -2.8% Direct Delivery $ 633.2 $ 668.4 -5
Slide 10: FY 2025 Net Sales by Channel Results
FY 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 FY 2025 FY 2024 % Change Channel FY 2025 FY 2024 % Change Regional Spring Water $ 3,319.9 $ 3,375.3 -1.6% Direct Delivery $ 2,628.8 $ 2,
Slide 11: Balance Sheet and Treasury Management
Balance Sheet and Treasury Management Liquidity and Debt Capital Structure ($ in Millions, unless otherwise noted) Debt Capital Maturities4 Net Leverage Ratio 1 $3,535 3.37x 3.875% Focused on deleveraging Available Liquidity 2 SOFR $989M +225 bps $1,463 4.375% Flexibility in executing strategic init
Slide 12: Capital Allocation Priorities
Capital Allocation Priorities Disciplined and Balanced Approach Reinvest in the Business to Support Enhance Balance Sheet Strength Growth and Productivity Initiatives Held Leverage Ratio1 at 3.37x at 2025 Focused on IT & digital capabilities, year end and focused on reducing further premium channel
Slide 13: 2026 Full Year Financial Outlook
2026 Full Year Financial Outlook Fiscal Year 2026 Range ($ in millions) Low High Organic Net Sales Growth1 0% 1% Adj. EBITDA $1,485 $1,515 Base CAPEX 4% of Net Sales Adj. Free Cash Flow $790 $810 1. For purpose of guidance the comparison period includes 2025 Comparable Financials, less results of ex
Slide 14: Appendix
Appendix fio Ori DEER ads PARK ONT, WNT Teyz VALLEY a an Sky © PRIMO WATER™ “rome S pARATOGA Sparkletts. zephvthills|
Slide 15: Definitions and Meanings
Definitions and Meanings Reported Results - Reflect BlueTriton's financial results plus the addition of legacy Primo Water, following the closing date of the merger on November 8, 2024. Combined Results - Include the combination of legacy Primo Water with BlueTriton for 2024 in addition to other con
Slide 16: Comparable Base Clarification
Comparable Base Clarification Clarifying Results Attributable to the Exited Eastern Canadian Operations Comparable Base Clarification ($ 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 $— 16 Source: Primo Brands
Slide 17: Guidance Base Clarification
Guidance Base Clarification Clarifying Results Attributable to the Exited Office Coffee Services Business (OCS) Office Coffee Services Business ($ in millions) Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 OCS (US) Net Sales $ 13.9 $ 12.5 $ 12.0 $ 12.2 $ 50.6 $ 11.1 $ 6.9 $ 3.7 $ 3.8 $
Slide 18: Q4 and FY 2024 and 2025 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA
Q4 and FY 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 Fiscal Year Ended December 31, 20251 December 31, 20242 November 8, 20243 December 31, 2024 December 31, 20251 Decemb
Slide 19: Fiscal Year Combined and Comparable Net Sales by Water Type
Fiscal Year Combined and Comparable Net Sales by Water Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended December 31, 2025 For the Fiscal Year Ended December 31, 2025 Net Sales Primo Brands Combined Net Comparable Net Primo Brands Combined Net Comparable Net Corporation1 Adjustment
Slide 20: Q4 and FY 2025 and 2024 Combined and Comparable Net Sales by Trade Type
Q4 and FY 2025 and 2024 Combined and Comparable Net Sales by Trade Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended December 31, 2025 For the Fiscal Year Ended December 31, 2025 Net Sales Primo Brands Combined Net Comparable Net Primo Brands Combined Net Comparable Net Corporation
Slide 21: Q4 & Fiscal Year 2025 and 2024 Combined Free Cash Flow and Adjusted Free Cash Flow
Q4 & Fiscal Year 2025 and 2024 Combined Free Cash Flow and Adjusted Free Cash Flow Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Period Ended For the Period Ended Primo Brands Primo Brands Primo Water Primo Brands Primo Brands Primo Water Primo Water Corporation Corporati
Slide 22: Q4 and FY 2025 Adjusted Cash from Operations and Capex - Cont Ops
Q4 and FY 2025 Adjusted Cash from Operations and Capex - Cont Ops Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Primo Brands Corporation For the Three Months Ended For the Fiscal Year December 31, Ended 2025 December 31, 2025 Net cash provided by operating activities from continu
Slide 23: 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 Adjusted EBITDA $ 1,446.8 Interest Expense, net $ 326.5 Total debt 1 $ 5,249.1 Unrestricted cash 2 $ 376.7 Interest Coverage Ratio 3 4.43x Net Leverage ra
Slide 24: Volume/Price-Mix Growth - Historical Comparable Results
Volume/Price-Mix Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Q4 Full Year Comparable Net Sales 20241 $ 1,593.3 $ 6,725.7 Volume (46.0) (43.1) Price/Mix 6.8 (22.2) Comparable Net Sales 2025 1 $ 1,554.1 $ 6,660.4 (2.9)% (0.6)% Total Volume 0
Slide 25: Organic/Inorganic Growth - Historical Comparable Results
Organic/Inorganic Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Q4 Full Year Comparable Net Sales 20241 $ 1,593.3 $ 6,725.7 Inorganic growth (from acquisitions) 5.1 23.4 Organic growth $ (44.3) $ (88.7) Comparable Net Sales 20251 $ 1,554.1 $
Slide 26: Comparable Net Sales (ex OCS) Growth
Comparable Net Sales (ex OCS) Growth Non-GAAP Reconciliation - Unaudited Low High 2025 Comparable Net sales1 $ 6,660.4 $ 6,660.4 2025 Office Coffee Services Business (OCS)2 (25.5) (25.5) 2025 Comparable Net sales (ex OCS) 6,634.9 6,634.9 Comparable Net sales (ex OCS) increase from 2025 — 66.3 2026 E