Primo Brands (PRMB) investor relations material

Executive summary

• Leadership transition: Eric Foss appointed Chairman and CEO, succeeding Dean Metropoulos, who remains on the board.

• Integration of Primo Water and BlueTriton Brands progressing, with service levels and operational performance returning to pre-integration standards.

• Net sales for Q3 2025 were $1.766 billion, up 35.3% year-over-year, driven by premium brand growth and merger synergies.

• Adjusted EBITDA margin expanded to 22.9%, with Adjusted EBITDA up 53.2% to $404.5 million year-over-year.

• Strong brand portfolio and market leadership in U.S. retail bottled water, with premium brands Saratoga and Mountain Valley driving significant growth.

Financial highlights

• Q3 2025 net sales were $1.766 billion, down 1.6% year-over-year on a comparable basis, but up 35.3% on a reported basis.

• Comparable Adjusted EBITDA grew 6.8% year-over-year to $404.5 million, with margins up 180 basis points to 22.9%.

• Premium water portfolio net sales increased over 44% year-over-year.

• Adjusted free cash flow for Q3 was $311.1 million, up from $234.8 million year-over-year.

• Net income from continuing operations was $40.5 million, down from $53.3 million year-over-year.

Outlook and guidance

• Net sales guidance revised to a low single-digit decline versus prior year, reflecting a slower recovery in direct delivery.

• Adjusted EBITDA guidance set at $1.44–$1.46 billion (21.8% margin), up 180 basis points from prior year.

• Adjusted free cash flow guidance reiterated at $740–$760 million.

• Cost synergy targets reaffirmed: $200 million in 2025, $300 million in 2026.

• 2026 expected to benefit from premium brand investments, expanded distribution, and pricing actions.