Primo Brands Corporation · NYSE:PRMB
Primo Brands — Q3 2025 Earnings Presentation
28 slides from Primo Brands's earnings presentation, Nov 6, 2025
Slide 1: Primo Brands 3rd Quarter 2025 Results
Primo Brands Hydrate a Healthy AmericaTM 3rd Quarter 2025 Results November 6, 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
Today's Presenters Eric Foss Dean Metropoulos David Hass Chairman & Chief Executive Officer Director Chief Financial Officer • Executive Transition AGENDA • Q3 2025 Financials • Closing Remarks • Q&A 3
Slide 4: Primo Brands: A Leading North American Branded Beverage Company
Primo Brands: A Leading North American Branded Beverage Company Coast-to-Coast Distribution 13 +200,000 +80 Vertically Network Integrated Iconic Brands Retail Outlets Spring Water Sources 4
Slide 5: Primo Brands Q3 2025 Financial Summary
Primo Brands Q3 2025 Financial Summary Comparable Results (in millions) Reported Results Q3 2025 Q3 2024 Change Reported Results YTD 2025 YTD 2024 Change Net Sales $1,766.1 $1,305.1 35.3% Net Sales $5,109.9 $3,755.3 36.1% Adj. EBITDA $404.5 $264.1 53.2% Adj. EBITDA $1,112.7 $739.8 50.4% Adj. EBITDA
Slide 6: YTD 2025 Channel Net Sales Results
YTD 2025 Channel Net Sales Results Financial Performance - Comparable Results Net Sales by Water Type Net Sales by Trade Type (in millions) (in millions) Channel Q3 YTD 2025 Q3 YTD 2024 % Change Channel Q3 YTD 2025 Q3 YTD 2024 % Change Regional Spring Water $ 2,554.8 $ 2,587.8 -1.3% Direct Delivery
Slide 7: Q3 2025 Net Sales by Channel Results
Q3 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 Q3 2025 Q3 2024 % Change Channel Q3 2025 Q3 2024 % Change Regional Spring Water $ 885.6 $ 893.1 -0.8% Direct Delivery $ 678.4 $ 725.5 -6
Slide 8: 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 3.37x 3.875% Focused on deleveraging Available Liquidity 2 $1,035M SOFR +225 bps Flexibility in executing 4.375% strategic initiatives
Slide 9: International Divestiture Complete
International Divestiture Complete 01/2024 07/2024 04/2025 Primo Water completed the sale of Primo Water completed Primo Brands completed significant portion of European the sale of Portugal the sale of UK business Businesses to Culligan International1 business 06/2024 11/2024 10/2025 Primo Water co
Slide 10: Primo Water 2025 Financial Outlook
Primo Water 2025 Financial Outlook Comparable Results1 Revised 2025 Range ($ in millions) Low High Net Sales Growth Low Single Digit Decline Adj. EBITDA $1,440 $1,460 Base CAPEX 4% of Net Sales Adj. Free Cash Flow $740 $760 1. Comparison period includes 2024 Combined Financials, less results of exit
Slide 11: Hydrate a Healthy America
Hydrate a Healthy America™ fen Bs Wiig, B sian | S. ER es. = polane. : scot ARROWHEAD DE Ice MOUNTAN < + ad eoring « PRIMO SARATOGA 4Sparkletts zephyhils Ae —
Slide 12: Q&A
We Am PRIMO BRANDS" Q&A ‘ARROWHEAD DEER PARK ls. ) PRIMO @ SARATOGA Sparkletts ze
Slide 13: Appendix
Appendix 26 attic DEER hss. PARK ONT, WNT Sez VALLEY OZARKA, sian «eS © PRIMO WATER™ — S. pARATOGA Sparkletts. zephvthills|
Slide 14: Definitions and Meanings
Definitions and Meanings Reported Results - Reflect BlueTriton's financial results plus the addition of legacy Primo Water, following the closing date of the merger, November 8, 2024. Combined Results - Include the combination of legacy Primo Water with BlueTriton for the full calendar year in addit
Slide 15: Comparable Base Clarification
Comparable Base Clarification Clarifying Results Attributable to the Exited Eastern Canadian Operations Comparable Base Clarification ($ 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 $— 15 Source: Primo Brands
Slide 16: Premium Channel & Hawkins Facility Updates
Premium Channel & Hawkins Facility Updates Premium Channel Results Hawkins Facility Update • Damage initially occurred in April 2025 • Facility is fully operational with reconstruction ongoing • Primary factory supporting our Ozarka brand and other products in the Southern region • 44.4% Premium Cha
Slide 17: Non-GAAP Reconciliation - Unaudited
Q3 and Q3 YTD 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 Nine Months Ended September 30, 20251 September 30, 20242 September 30, 20251 September 30, 20242 Primo Brands Pr
Slide 18: Q1, Q2 and Q4 2024 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA
Q1, Q2 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 June 30, 20242 20243 20244 2024 Primo Water Primo Brand
Slide 19: 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 Brands Primo Water Primo Water Corporation Corporation Corporation Combined Net s
Slide 20: Q1 and Q3 YTD Normalized Comparable Net Sales
Q1 and Q3 YTD Normalized Comparable Net Sales Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Three Months Ended 9 Months Ended March 31, 20251 March 31, 20241 September 30, 20253 September 30, 20243 Primo Brands Primo Brands Primo Brands Primo Brands Corporation Corporation Corpor
Slide 21: Q3 and Q3 YTD 2025 and 2024 Combined and Comparable Net Sales by Water Type
Q3 and Q3 YTD 2025 and 2024 Combined and Comparable Net Sales by Water Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended September 30, 2025 For the Nine Months Ended September 30, 2025 Net Sales Primo Brands Combined Net Comparable Net Primo Brands Combined Net Comparable Net Corpo
Slide 22: Q3 and Q3 YTD 2025 and 2024 Combined and Comparable Net Sales by Trade Type
Q3 and Q3 YTD 2025 and 2024 Combined and Comparable Net Sales by Trade Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended September 30, 2025 For the Nine Months Ended September 30, 2025 Net Sales Primo Brands Combined Net Comparable Net Primo Brands Combined Net Comparable Net Corpo
Slide 23: FY 2024 and Q3 2025 TTM Combined Free Cash Flow and Adjusted Free Cash Flow
FY 2024 and Q3 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 24: Q3 2024 and 2025 Combined Free Cash Flow and Adjusted Free Cash Flow
Q3 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 September 30, September 30, September 30, September 30,
Slide 25: Q3 2025 Adjusted Cash from Operations and Capex - Cont Ops
Q3 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 September 30, 2025 Net cash provided by operating activities from continuing operations $ 283.4 Acquisition, integration an
Slide 26: 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 (-) Q3 2024 YTD (+) Q3 2025 YTD Q3 2025 LTM Adjusted EBITDA 1 $ 1,352.5 $ 1,051.1 $ 1,112.7 $ 1,414.1 Interest Expense, net $ 367.6 $ 276.8 $ 2
Slide 27: Volume/Price-Mix Growth - Historical Comparable Results
Volume/Price-Mix Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited Q3 QTD Q3 YTD (in millions of U.S. dollars) Comparable Net Sales 20241 $ 1,794.6 $ 5,132.4 Volume — 2.9 Price/Mix (28.5) (29.0) Comparable Net Sales 20251 $ 1,766.1 $ 5,106.3 —% 0.1% Total Volume (1.6%) (0.6%
Slide 28: Organic/Inorganic Growth - Historical Comparable Results
Organic/Inorganic Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Q3 QTD Q3 YTD Comparable Net Sales 20241 $ 1,794.6 $ 5,132.4 Inorganic growth (from acquisitions) 5.5 18.3 Organic growth (34.0) (44.4) Comparable Net Sales 20251 $ 1,766.1 $ 5,