Primo Brands (PRMB) Barclays 19th Annual Global Consumer Conference summary

Business performance and strategic priorities

• Achieved stabilization and growth, with two consecutive quarters of top-line beats and raises, moving from recovery to optimization and long-term growth focus.

• Supply chain disruptions have been resolved, service metrics like on-time-in-full are consistently above 90%, and customer experience improvements have reduced call volume and improved responsiveness.

• Emphasis on a customer-first and frontline-empowered culture, with leadership changes and investments in training, technology, and operational excellence to drive retention and profitability.

• Direct delivery (Customer Direct) strategy centers on delivering superior customer experience, unlocking a growth flywheel through retention, quality customer acquisition, product attachment, pricing, and tuck-in acquisitions.

• Shifted focus from aggressive promotions to acquiring higher-quality, durable customers, resulting in stable top-of-funnel activity and improved retention.

Pricing, integration, and digital investments

• Price harmonization continues post-merger, with annual low single-digit increases and a uniform delivery fee; further adjustments may occur if cost pressures ease.

• Investments in digital tools, such as AI-enabled call centers and a new warehouse management system, are expected to drive both operational improvements and revenue growth.

• Exchange and refill businesses generate over $600 million in revenue, growing faster than the enterprise average and providing a value spectrum for consumers.

Retail business and growth opportunities

• Retail growth is broad-based, with opportunities in expanding in-store presence, immediate consumption, premium products, and improved revenue growth management.

• Immediate consumption is under-indexed, representing a significant profit pool opportunity, with plans to increase penetration in cold equipment and displays as part of the 2027 selling season.