Primo Brands (PRMB) 23rd annual dbAccess Global Consumer Conference summary

Strategic overview and business evolution

• The original merger and investment thesis remain intact, with a focus on leading brands and a promising future in a large, growing, and profitable category.

• The company is progressing through three phases: stabilization, optimization, and strategizing, with current efforts focused on customer experience and operational improvements.

• Integration efforts have emphasized building a unified culture, agility, and a general manager mindset across the organization.

• The business aims to be recognized for customer service, growth, and as a great place to work, driving a virtuous cycle of growth and reinvestment.

• Fundamentals are strengthening, with momentum building for future value creation.

Operational improvements and customer experience

• Service metrics have improved, with on-time, in-full delivery rates now above 90%, though some geographic and warehouse hotspots remain.

• Investments continue in call center technology, AI applications, and warehouse management systems to further enhance customer experience.

• Customer journey improvements target delivery, billing accuracy, and rapid issue resolution, including a new 24-hour response process.

• Staffing and route investments are being right-sized as the business moves through peak and off-peak seasons.

• Net customer additions are expected to normalize in the coming months as quit rates are addressed.

Growth vectors and portfolio strategy

• Growth opportunities include unlocking direct customer growth, improving retail in-store execution, and expanding premium product distribution.

• Premium brands Saratoga and Mountain Valley are growing over 40% and have significant runway, with no current capacity constraints.

• Investments in premium and regional spring water, as well as new retail and direct-to-consumer strategies, are expected to drive both revenue and margin growth.

• The company is piloting DSD-like delivery models and leveraging logistics capabilities across both direct and retail businesses.

• The portfolio spans the value spectrum, allowing engagement with a broad range of consumers and resilience to competitive and economic pressures.