Primo Brands (PRMB) investor relations material

Company overview and business model

• Operates as a branded beverage company with a focus on non-alcoholic products and a portfolio of iconic brands, some over 100 years old.

• Holds the third largest volume share in the U.S. non-alcoholic branded beverage market.

• Business split: 45% direct delivery (mainly five-gallon format) and 55% retail, with coast-to-coast manufacturing and vertical integration.

• Offers products across all price tiers, from refill stations to super premium brands.

• Relisted on the NYSE in November and has reported two quarters as a combined company.

Recent performance and market trends

• Retail bottled water sales up 2.4% year-to-date, outpacing the category's 1.5% growth and gaining 17 basis points in market share.

• Q3 retail scan performance accelerated to 3.6% growth, with a 33 basis point market share gain.

• Super premium brands and distribution gains (over 13% TPD increase) are key growth drivers.

• Weather disruptions and a tornado at a major facility impacted Q2, but recovery is underway.

Integration, synergies, and operational challenges

• Achieved $200M in synergies in year one and targets $300M after year two post-merger.

• Closed 48 facilities and restructured 1,600 FTEs, leading to temporary service issues and lower delivery success rates.

• Service levels have recovered to 92% as of early August, with ongoing improvements in delivery accuracy.

• Key markets have stabilized, and full normalization is expected by year-end.