Primo Brands Corporation · NYSE:PRMB
Primo Brands — Q4 2024 Earnings Presentation
30 slides from Primo Brands's earnings presentation, Feb 20, 2025
Slide 1: 4th Quarter & FY 2024 Results
Primo Brands 4th Quarter & FY 2024 Results February 20, 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 • Disaster Relief Efforts • Integration Update AGENDA • Must Win Battles • Q4 2024 & FY 2024 Financials • Closing Remarks • Q&A
Slide 4: A Leading North American Branded Beverage Company
Primo Brands: A Leading North American Branded Beverage Company $13B $17B Market Capitalization1 Enterprise Value1 NYSE: PRMB Leading Player Across Our Product Offerings $6.8B $1.35B $645M Fiscal ’24 Fiscal ‘24 Fiscal ’24 Portfolio of Combined Combined Combined Iconic Brands Net Sales2 Adjusted EBIT
Slide 5: Primo Brands 2024 Financial Summary
Primo Brands 2024 Financial Summary Full Year Combined Results (in millions) Combined Results1 2024 2023 Change Net Sales $6,810.1 $6,462.9 5.4% Adj. EBITDA $1,352.5 $1,131.4 19.5% Adj. EBITDA Margin % 19.9% 17.5% 240 bps 2024 Highlights1 • 5.4% Combined Net Sales growth composed of 3.4% volume and
Slide 6: Our Must-Win Battles to Fuel Growth
Our Must-Win Battles to Fuel Growth 6
Slide 7: Q4 and Full Year 2024 Results
Q4 and Full Year 2024 Results Financial Performance - GAAP and Combined Results (in millions) GAAP Results Q4 2024 Q4 2023 Change GAAP Results 2024 2023 Change Net Sales $1,397.2 $1,086.0 28.7% Net Sales $5,152.5 $4,698.7 9.7% Adj. EBITDA $254.8 $205.3 24.1% Adj. EBITDA $994.6 $783.6 26.9% Adj. EBIT
Slide 8: Capital Allocation and Treasury Management
Capital Allocation and Treasury Management ($ in Millions, unless otherwise noted) Net Leverage Ratio 1 3.3x Focused on deleveraging SOFR Available Liquidity 2 +225 bps $1,247M Flexibility in executing 6.250% strategic initiatives SOFR 4.375% +175 3.875% bps Cost of Debt Capital 3 6.27% Secured Matu
Slide 9: Primo Water 2025 Financial Outlook
Primo Water 2025 Financial Outlook Comparable Results1 2025 Range ($ in millions) Low High Net Sales Growth 3% 5% Adj. EBITDA $1,600 $1,628 CAPEX 4% of Net Sales Adj. Free Cash Flow $790 $810 1 Comparison period includes 2024 Combined Financials, less results of exited Eastern Canadian operations. 2
Slide 10: Estimated Cost Synergy Opportunity: Larger and Faster
Estimated Cost Synergy Opportunity: Larger and Faster 10
Slide 11: Additional Detail on Cost Synergy Target and Integration Costs
Additional Detail on Cost Synergy Target and Estimated Integration Costs One-Time One TimeCosts Costs 2025 Total 2026 ~$100M Total One-Time Costs ~$200M ~$100M • Production and branch closures including property buyout costs and fees • Decommissioning and equipment storage Synergies Achieved Synergi
Slide 12: Primo Brands Investor Day
Primo Brands Investor Day CONTACT US PRIMO BRANDS P r j m 0) B r a n d S Introducing the #1 Player in U.S. Retail Branded Water. 2 0 2 5 | n ve sto r D ay On February 27, 2025, Primo Brands Corporation (NYSE: PRMB) will host its inaugural Investor Day. Robbert Feb 27, 2025 | 1:00 PM Rietbroek, CEO,
Slide 13: Q&A
We Am PRIMO BRANDS" Q&A ‘ARROWHEAD DEER PARK ls. ) PRIMO @ SARATOGA Sparkletts ze
Slide 14: Appendix
Appendix 26 attic DEER hss. PARK ONT, WNT Se_yz VALLEY OZARKA, span «eS © PRIMO WATER™ — S pARATOGA Sparkletts. zephvthills|
Slide 15: Definitions and Meanings
Definitions and Meanings GAAP Results - Reflect BlueTriton's financial results plus the addition of legacy Primo Water, beginning November 8th, 2024, the closing date of the merger. Combined Results - Include the combination of legacy Primo Water with BlueTriton for the full calendar year in additio
Slide 16: Comparable Base Clarification
Comparable Base Clarification Clarifying Results Attributable to the Exited Eastern Canadian Operations Comparable Base Clarification ($ in millions) Q1 Q2 Q3 Q4 2024 Net Sales $19.9 $25.6 $23.2 $15.7 $84.4 Adjusted EBITDA $(0.6) $2.9 $3.4 $0.3 $6.0 16 Source: Primo Brands company information
Slide 17: Full Year Primo Water Stand Alone EBITDA and Adj. EBITDA
Full Year Primo Water Stand Alone EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Period Ended September 28, 20241 November 8, 20242 December 31, 20243 December 31, 2024 Primo Water Corporation Net sales $ 1,448.4 $ 221.1 $ 254.4 $ 1,923.9 Accounting
Slide 18: Q4 and Full Year Primo Brands EBITDA and Adj. EBITDA
Q4 and Full Year Primo Brands 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, 20241 December 31, 20231 December 31, 20241 December 31, 20231 Net sales $ 1,397.2 $ 1,086.0 $ 5,152.5 $ 4,698.7 Ne
Slide 19: Q1 through Q3 2024 Combined and Comparable Net Sales, EBITDA
Q1 through Q3 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 March 31, 20241 June 30, 20242 September 30, 20243 Primo Water Triton Water Primo Water Triton Water Primo Water Triton Water Corp
Slide 20: Q4 2024 Combined and Comparable Net Sales, EBITDA
Q4 2024 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Period Ended Primo Brands Corporation Primo Water Corporation Combined December 31, 20241 November 8, 20242 December 31, 2024 Net sales $ 1,397.2 $ 221.1 $ 1,61
Slide 21: 2024 Combined and Comparable Net Sales, EBITDA
2024 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Period Ended Primo Brands Corporation Primo Water Corporation Primo Water Corporation Combined December 31, 20241 September 28, 20242 November 8, 20243 December 31
Slide 22: Q1 through Q3 2023 Combined and Comparable Net Sales, EBITDA
Q1 through Q3 2023 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended March 31, 20231 June 30, 20232 September 30, 20233 Primo Water Triton Water Primo Water Triton Water Primo Water Triton Water Corp
Slide 23: Q4 2023 Combined and Comparable Net Sales, EBITDA
Q4 2023 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended December 31, 20231 Primo Water Primo Brands Corporation Corporation Combined Net sales $ 438.7 $ 1,086.0 $ 1,524.7 Accounting policy conformi
Slide 24: Full Year 2023 Combined and Comparable Net Sales, EBITDA
Full Year 2023 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Fiscal Year Ended Primo Water Primo Brands Corporation Corporation Combined December 31, 20231 Net sales $ 1,771.8 $ 4,698.7 $ 6,470.5 Accounting policy
Slide 25: Q4 2024 Combined Free Cash Flow and Adjusted Free Cash Flow
Q4 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 Water Primo Brands Primo Water Primo Water Corporation Corporation Combined Corporation Corporation Corporation C
Slide 26: Q4 2023 Combined Free Cash Flow and Adjusted Free Cash Flow
Q4 2023 Combined Free Cash Flow and Adjusted Free Cash Flow Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended For the Fiscal Year Ended Primo Brands Primo Water Primo Brands Primo Water Corporation Corporation Combined Corporation Corporation Combined Decem
Slide 27: 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 Adjusted EBITDA 1 $ 1,352.5 Interest Expense, net $ 367.6 Total debt 2 $ 5,141.9 Unrestricted cash 3 $ 613.7 Interest Coverage Ratio 4 3.7x Net
Slide 28: Price/Volume Growth - Historical Combined Results
Price/Volume Growth - Historical Combined Results Non-GAAP Reconciliation - Unaudited Q1 Q2 Q3 Q4 Full Year (in millions of U.S. dollars) Combined Net Sales 20231 $ 1,531.0 $ 1,685.6 $ 1,721.5 $ 1,524.8 $ 6,462.9 Price/Mix 25.3 26.6 57.7 16.8 126.4 Volume 26.4 88.4 38.6 67.4 220.8 Combined Net Sales
Slide 29: Organic/Inorganic Growth - Historical Combined Results
Organic/Inorganic Growth - Historical Combined Results Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Q1 Q2 Q3 Q4 Full Year Combined Net Sales 20231 $ 1,531.0 $ 1,685.6 $ 1,721.5 $ 1,524.8 $ 6,462.9 Inorganic growth (from acquisitions) 5.5 4.6 6.4 6.1 22.6 Organic growth 46.2 110.
Slide 30: 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 202.0 336.0 2025 Estimated Comparable Net sales $ 6,