Primo Brands Reports Third Quarter 2025 Results
Primo Brands (NYSE: PRMB) reported third quarter 2025 results for the period ended September 30, 2025, with Net Sales of $1,766.1M (up 35.3% year‑over‑year) and Adjusted EBITDA of $404.5M (up 53.2%), driving an Adjusted EBITDA margin of 22.9% (up 270 bps). Adjusted net income rose to $155.0M and Adjusted Free Cash Flow was $311.1M. GAAP net income from continuing operations was $40.5M ($0.11 per diluted share). The board declared a $0.10 quarterly dividend payable December 5, 2025. The company revised full‑year 2025 Net Sales and Adjusted EBITDA guidance and announced a leadership transition appointing Eric Foss as Chairman and CEO.
Primo Brands (NYSE: PRMB) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 30 settembre 2025, con Vendite nette di 1.766,1 milioni di dollari (in aumento del 35,3% anno su anno) e EBITDA aggiustato di 404,5 milioni di dollari (in aumento del 53,2%), trainando un margine EBITDA rettificato del 22,9% (in aumento di 270 punti base). L’utile netto rettificato è salito a 155,0 milioni di dollari e il Flusso di cassa libero rettificato è stato 311,1 milioni di dollari. l’utile netto GAAP da operazioni in corso è stato 40,5 milioni di dollari (0,11 dollari per azione diluita). Il consiglio di amministrazione ha dichiarato un dividendo trimestrale di 0,10 dollari, pagabile il 5 dicembre 2025. La società ha rivisto le guidance per l’anno fiscale 2025 su Vendite nette e EBITDA rettificato e ha annunciato una transizione di leadership nominando Eric Foss come Presidente e CEO.
Primo Brands (NYSE: PRMB) informó los resultados del tercer trimestre de 2025 para el periodo que terminó el 30 de septiembre de 2025, con Ventas netas de 1.766,1 millones de dólares (un aumento del 35,3% interanual) y EBITDA ajustado de 404,5 millones de dólares (un aumento del 53,2%), impulsando un margen EBITDA ajustado del 22,9% (subida de 270 pb). El beneficio neto ajustado subió a 155,0 millones de dólares y el Flujo de caja libre ajustado fue de 311,1 millones de dólares. El beneficio neto GAAP de operaciones continuas fue de 40,5 millones de dólares (0,11 dólares por acción diluida). La junta declaró un dividendo trimestral de 0,10 dólares, pagadero el 5 de diciembre de 2025. La compañía revisó las perspectivas de ventas netas y EBITDA ajustado para 2025 y anunció una transición de liderazgo nombrando a Eric Foss como Presidente y CEO.
프리모 브랜드(NYSE: PRMB)는 2025년 9월 30일 종료 기간의 2025년 3분기 실적을 발표했습니다. 순매출 1,766.1백만 달러 (전년 대비 35.3% 증가) 및 조정 EBITDA 404.5백만 달러 (전년 대비 53.2% 증가), 조정 EBITDA 마진 22.9% (270bp 증가)을 기록했습니다. 조정 순이익은 1억 5,500만 달러로 상승했고 조정된 자유현금흐름은 3억 1,110만 달러였습니다. GAAP로 계속영업에서의 순이익은 4,050만 달러 (주당 희석가 0.11달러)이었습니다. 이사회는 2025년 12월 5일에 지급될 분기배당 0.10달러를 선언했습니다. 회사는 2025년 전체 연간 순매출 및 조정 EBITDA 가이던스를 개정했고 리더십 전환을 발표했습니다. Eric Foss를 회장 겸 CEO로 임명했습니다.
Primo Brands (NYSE: PRMB) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025, avec un chiffre d’affaires de 1 766,1 millions de dollars (en hausse de 35,3 % sur un an) et un EBITDA ajusté de 404,5 millions de dollars (en hausse de 53,2 %), soutenant une marge EBITDA ajustée de 22,9 % (en hausse de 270 points de base). Le bénéfice net ajusté a augmenté pour atteindre 155,0 millions de dollars et le flux de trésorerie libre ajusté s’est élevé à 311,1 millions de dollars. Le bénéfice net GAAP des activités poursuivies s’est élevé à 40,5 millions de dollars (0,11 dollars par action diluée). Le conseil d’administration a déclaré un dividende trimestriel de 0,10 dollar, payable le 5 décembre 2025. La société a révisé les prévisions annuelles 2025 de chiffre d’affaires et d’EBITDA ajusté et a annoncé une transition de leadership nommant Eric Foss au poste de Chairman & CEO.
Primo Brands (NYSE: PRMB) hat die Ergebnisse des dritten Quartals 2025 für den Zeitraum zum 30. September 2025 vorgelegt, mit Nettoerlösen von 1.766,1 Mio. USD (gegenüber dem Vorjahr +35,3%) und angepasstem EBITDA von 404,5 Mio. USD ( +53,2%), was eine angepasste EBITDA-Marge von 22,9% (um 270 Basispunkte) nach sich zog. Das bereinigte Nettoeinkommen stieg auf 155,0 Mio. USD und der bereinigte freie Cashflow betrug 311,1 Mio. USD. Das GAAP-Nettoeinkommen aus fortgeführten Geschäftseinheiten betrug 40,5 Mio. USD (0,11 USD je verwässerter Aktie). Der Vorstand erklärte eine vierteljährliche Dividende von 0,10 USD, zahlbar am 5. Dezember 2025. Das Unternehmen überarbeitete die Guidance für das Gesamtjahr 2025 bezüglich Nettoumsatz und bereinigtem EBITDA und kündigte einen Führungswechsel an, wobei Eric Foss zum Chairman und CEO ernannt wurde.
Primo Brands (NYSE: PRMB) أبلغت عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025، مع إيرادات صافية قدرها 1,766.1 مليون دولار (ارتفاع بنسبة 35.3% على أساس سنوي) وEBITDA المعدل 404.5 مليون دولار (ارتفاع بنسبة 53.2%)، مما أدى إلى هامش EBITDA المعدل قدره 22.9% (ارتفاع بمقدار 270 نقطة أساسية). ارتفع صافي الدخل المعدل إلى 155.0 مليون دولار وتدفق نقدي حر معدل بلغ 311.1 مليون دولار. كان صافي الدخل وفق مبدأ GAAP من العمليات المستمرة 40.5 مليون دولار (0.11 دولار للسهم المخفف). وجلسة مجلس الإدارة أعلنت عن توزيعة ربع سنوية قدرها 0.10 دولار قابلة للدفع في 5 ديسمبر 2025. قامت الشركة بتعديل التوجيهات للعام 2025 بشأن صافي المبيعات وEBITDA المعدل وأعلنت عن انتقال قيادي بتعيين Eric Foss كرئيس مجلس الإدارة والرئيس التنفيذي.
- Net sales +35.3% to $1,766.1M
- Adjusted EBITDA +53.2% to $404.5M
- Adjusted EBITDA margin +270 bps to 22.9%
- Adjusted Free Cash Flow $311.1M
- Declared $0.10 quarterly dividend payable Dec 5, 2025
- Appointed Eric Foss as Chairman and CEO
- GAAP net income from continuing operations down to $40.5M from $53.3M
- SG&A expenses +43.1% to $343.0M
- Gross margin declined to 29.9% from 31.9%
- Revised full‑year 2025 Net Sales and Adjusted EBITDA guidance (amounts not provided)
Insights
Strong quarter: robust top‑line and margin expansion, healthy cash flow, and a dividend amid a leadership change.
Primo Brands reported Net Sales of
The company converted operating cash flow into
Watch the updated full‑year Net Sales and Adjusted EBITDA guidance in the slide deck and webcast; monitor integration synergies tied to the reaffirmed
Execution signs: premium brands and refill channels grew, with synergies and leadership change central to near‑term delivery.
Primo Brands cites double‑digit growth in premium brands and gains in refill and exchange channels, which align with the reported volume and share increases. Gross margin softened to
Key dependencies include merger integration progress and cost synergy realization; management reaffirmed
-
Reports Net Sales of
$1,766.1 million $36 million - Continued double-digit Net Sales growth for premium brands
- Revises full year 2025 Net Sales and Adjusted EBITDA guidance; Reiterates Adjusted Free Cash Flow guidance
-
Declares quarterly dividend of
10 cents per share -
Reaffirms cost synergy capture targets of
$200 million $300 million - Company announces leadership transition
"In the third quarter, we grew Retail net sales and volume and expanded both dollar and volume share, with double-digit net sales growth in our premium water brands, Saratoga® and The Mountain Valley®. We delivered strong performance from our Exchange and Refill offerings, with growing distribution, volumes, and net sales," said David Hass, Chief Financial Officer. We continue to focus on strong execution in our delivery network as we work expeditiously to realize the benefits of the merger.
One year post-merger we have achieved many milestones while building a more resilient organization focused on customer service and operational excellence into 2026 and beyond.
(Unless stated otherwise, all third quarter 2025 comparisons are relative to the third quarter of 2024; all information is in
THIRD QUARTER 2025 RESULTS CONFERENCE CALL
Primo Brands will host a conference call, to be simultaneously webcast, on Thursday, November 6, 2025, at 10:00 a.m. Eastern Time. A question-and-answer session will follow management's presentation. To participate, please call the following numbers:
Details for the Earnings Conference Call:
Date: November 6, 2025
Time: 10:00 a.m. Eastern Time
International: (437) 900-0527
Conference ID: 27654
Webcast Link: https://app.webinar.net/4DVw0w9aWjk
A slide presentation and live audio webcast will be available through Primo Brands' website at ir.primobrands.com. The Company's full year 2025 Net Sales, Adjusted EBITDA, and Adjusted Free Cash Flow guidance are available in the slide presentation and are expected to be discussed on the webcast.
|
(Unless stated otherwise, all third quarter 2025 comparisons are relative to the third quarter of 2024; all information is in |
Replay Information:
The earnings conference call will be recorded and archived for playback on the investor relations section of Primo Brands' website following the event.
THIRD QUARTER PERFORMANCE
|
|
For the Three Months Ended |
||||
|
(USD $M except %, per share amounts or unless as |
September |
|
September |
|
Y/Y Change |
|
Net sales |
$ 1,766.1 |
|
$ 1,305.1 |
|
35.3 % |
|
Net income from continuing operations |
$ 40.5 |
|
$ 53.3 |
|
$ (12.8) |
|
Net income per diluted share from continuing operations |
$ 0.11 |
|
$ 0.24 |
|
$ (0.13) |
|
Adjusted net income |
$ 155.0 |
|
$ 76.9 |
|
$ 78.1 |
|
Adjusted net income per diluted share |
$ 0.41 |
|
$ 0.35 |
|
$ 0.06 |
|
Adjusted EBITDA |
$ 404.5 |
|
$ 264.1 |
|
53.2 % |
|
Adjusted EBITDA margin % |
22.9 % |
|
20.2 % |
|
270 bps |
- Net sales increased
35.3% to$1.8 billion $1.3 billion Ontario, Canada in the first quarter of 2025. - Gross margin was
29.9% compared to31.9% , primarily driven by gross profit attributable to Primo Water as a result of the merger transaction. - SG&A expenses increased
43.1% to$343.0 million $239.7 million - Net income from continuing operations and net income per diluted share were
$40.5 million $0.11 $53.3 million $0.24 - Adjusted EBITDA increased
53.2% to$404.5 million $264.1 million 22.9% , compared to20.2% . - Net cash provided by operating activities from continuing operations of
$283.4 million $132.7 million $150.7 million $311.1 million $261.6 million $234.8 million
QUARTERLY DIVIDEND
Primo Brands announced that its Board of Directors declared a dividend of
ABOUT PRIMO BRANDS CORPORATION
Primo Brands is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points, and consumer occasions, distributed in every
Basis of Presentation
As a result of the timing of the consummation of the business combination of Primo Water Corporation ("Primo Water") and Triton Water Parent, Inc. ("BlueTriton Brands"), to form Primo Brands Corporation on November 8, 2024, the Company's GAAP consolidated financial information presented herein includes BlueTriton Brands' results for the three and nine months ended September 30, 2024, and Primo Brands' results for the three and nine months ended September 30, 2025.
Non-GAAP Measures
To supplement its reporting of financial measures determined in accordance with generally accepted accounting principles in
The non-GAAP financial measures described above are in addition to, and not meant to be considered superior to, or a substitute for, Primo Brands' financial statements prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Also, other companies might calculate these measures differently. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures included in this press release and the accompanying tables. In addition, the non-GAAP financial measures included in this earnings announcement reflect management's judgment of particular items, and may be different from, and therefore may not be comparable to, similarly titled measures reported by other companies.
Safe Harbor Statements
This press release 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 to the future based on plans, estimates and projections at the time Primo Brands makes the statements. Forward-looking statements involve inherent risks and uncertainties and Primo Brands cautions you that several important factors could cause actual results to differ materially from those contained in any such forward-looking statement. You can identify forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "aim," "anticipate," "believe," "estimate," "intend," "plan," "predict," "project," "seek," "potential," "opportunities," and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. The forward-looking statements contained in this press release include, but are not limited to, statements regarding future financial and operating trends and results (including Primo Brands' 2025 outlook and resiliency in 2026 and beyond), anticipated synergies and other benefits from the business combination of BlueTriton and Primo Water, the payment of future dividends and value delivered to stockholders, the future optimization of headcount, execution of the Company's strategy and Primo Brands' competitive position. The forward-looking statements are based on assumptions regarding management's current plans and estimates. Management believes these assumptions to be reasonable, but there is no assurance that they will prove to be accurate.
Factors that could cause actual results to differ materially from those described in this press release include, among others: our ability to manage our expanded operations following the business combination; we have no operating or financial history as a combined company; we face significant competition in the segment in which we operate; our success depends, in part, on our intellectual property; we may not be able to consummate acquisitions, or acquisitions may be difficult to integrate, and we may not realize the expected benefits; our business is dependent on our ability to maintain access to our water sources; our ability to respond successfully to consumer trends related to our products; the loss or reduction in sales to any significant customer; our packaging supplies and other costs are subject to price increases; the affiliates of One Rock Capital Partners, LLC own a significant amount of the voting power of the Company, and their interests may conflict with or differ from the interests of other stockholders; legislative and executive action risks; risks related to sustainability matters; costs to comply with developing laws and regulations, including those surrounding the production and use of plastics, as well as related litigation relating to plastics pollution; our products may not meet health and safety standards or could become contaminated, and we could be liable for injury, illness, or death caused by consumption of our products; risks related to loss of controlled company status; risks related to uncertainties regarding the interpretation of tax laws and regulations; and risks associated with our substantial indebtedness.
The foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors contained in Primo Brands' Annual Report on Form 10-K and its quarterly reports on Form 10-Q, as well as other filings with the securities commissions. Primo Brands does not undertake to update or revise any of these statements considering new information or future events, except as expressly required by applicable law.
Website: ir.primobrands.com
|
PRIMO BRANDS CORPORATION |
|
|
|
|
|
EXHIBIT 1 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
|
|
(in millions of |
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net sales |
$ 1,766.1 |
|
$ 1,305.1 |
|
$ 5,109.9 |
|
$ 3,755.3 |
|
Cost of sales |
1,237.9 |
|
888.9 |
|
3,519.8 |
|
2,563.8 |
|
Gross profit |
528.2 |
|
416.2 |
|
1,590.1 |
|
1,191.5 |
|
Selling, general and administrative expenses |
343.0 |
|
239.7 |
|
1,049.4 |
|
714.7 |
|
Acquisition, integration and restructuring expenses |
44.2 |
|
10.0 |
|
133.7 |
|
29.0 |
|
Other operating (income) expense, net |
(5.4) |
|
9.0 |
|
(5.4) |
|
6.5 |
|
Operating income |
146.4 |
|
157.5 |
|
412.4 |
|
441.3 |
|
Other income, net |
(3.6) |
|
— |
|
(19.4) |
|
— |
|
Loss on modification and extinguishment of debt |
— |
|
— |
|
18.6 |
|
— |
|
Interest and financing expense, net |
83.1 |
|
85.7 |
|
247.1 |
|
251.8 |
|
Income from continuing operations before income taxes |
66.9 |
|
71.8 |
|
166.1 |
|
189.5 |
|
Provision for income taxes |
26.4 |
|
18.5 |
|
60.4 |
|
48.2 |
|
Net income from continuing operations |
$ 40.5 |
|
$ 53.3 |
|
$ 105.7 |
|
$ 141.3 |
|
Net loss from discontinued operations, net of tax |
(23.7) |
|
— |
|
(32.6) |
|
— |
|
Net income |
$ 16.8 |
|
$ 53.3 |
|
$ 73.1 |
|
$ 141.3 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share |
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
Continuing operations |
$ 0.11 |
|
$ 0.24 |
|
$ 0.28 |
|
$ 0.65 |
|
Discontinued operations |
$ (0.06) |
|
$ — |
|
$ (0.09) |
|
$ — |
|
Net income per common share |
$ 0.05 |
|
$ 0.24 |
|
$ 0.19 |
|
$ 0.65 |
|
Diluted: |
|
|
|
|
|
|
|
|
Continuing operations |
$ 0.11 |
|
$ 0.24 |
|
$ 0.28 |
|
$ 0.65 |
|
Discontinued operations |
$ (0.07) |
|
$ — |
|
$ (0.09) |
|
$ — |
|
Net income per common share |
$ 0.04 |
|
$ 0.24 |
|
$ 0.19 |
|
$ 0.65 |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of common stock outstanding (in |
|
|
|
|
|
|
|
|
Basic |
372,318 |
|
218,618 |
|
375,429 |
|
218,618 |
|
Diluted |
374,055 |
|
218,618 |
|
377,314 |
|
218,618 |
|
PRIMO BRANDS CORPORATION |
|
|
EXHIBIT 2 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
(in millions of |
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
December 31, 2024 |
|
ASSETS |
|
|
|
|
Current Assets: |
|
|
|
|
Cash, cash equivalents and restricted cash |
$ 422.7 |
|
$ 614.4 |
|
Trade receivables, net of allowance for expected credit losses of |
550.0 |
|
444.0 |
|
Inventories |
233.9 |
|
208.4 |
|
Prepaid expenses and other current assets |
142.2 |
|
150.4 |
|
Current assets held for sale |
117.4 |
|
111.8 |
|
Total current assets |
1,466.2 |
|
1,529.0 |
|
Property, plant and equipment, net |
2,064.6 |
|
2,083.9 |
|
Operating lease right-of-use-assets, net |
587.8 |
|
628.7 |
|
Goodwill |
3,585.6 |
|
3,572.2 |
|
Intangible assets, net |
3,080.5 |
|
3,191.7 |
|
Other non-current assets |
88.8 |
|
70.1 |
|
Non-current assets held for sale |
82.6 |
|
118.9 |
|
Total assets |
$ 10,956.1 |
|
$ 11,194.5 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current Liabilities: |
|
|
|
|
Current portion of long-term debt |
$ 71.0 |
|
$ 64.5 |
|
Trade payables |
561.1 |
|
471.6 |
|
Accruals and other current liabilities |
619.3 |
|
697.7 |
|
Current portion of operating lease obligations |
93.1 |
|
95.5 |
|
Current liabilities held for sale |
88.9 |
|
82.2 |
|
Total current liabilities |
1,433.4 |
|
1,411.5 |
|
Long-term debt, less current portion |
5,015.9 |
|
4,963.6 |
|
Operating lease obligations, less current portion |
520.0 |
|
555.6 |
|
Deferred income taxes |
742.4 |
|
738.7 |
|
Other non-current liabilities |
56.6 |
|
49.8 |
|
Non-current liabilities held for sale |
27.8 |
|
31.1 |
|
Total liabilities |
$ 7,796.1 |
|
$ 7,750.3 |
|
Stockholders' Equity: |
|
|
|
|
Common stock, |
$ 3.8 |
|
$ 3.8 |
|
Additional paid-in capital |
5,006.3 |
|
4,971.3 |
|
Accumulated deficit |
(1,844.0) |
|
(1,513.7) |
|
Accumulated other comprehensive loss |
(6.1) |
|
(17.2) |
|
Total stockholders' equity |
3,160.0 |
|
3,444.2 |
|
Total liabilities and stockholders' equity |
$ 10,956.1 |
|
$ 11,194.5 |
|
PRIMO BRANDS CORPORATION |
|
|
|
|
|
|
EXHIBIT 3 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
|
|
(in millions of |
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities of continuing operations: |
|
|
|
|
|
|
|
|
Net income |
$ 16.8 |
|
$ 53.3 |
|
$ 73.1 |
|
$ 141.3 |
|
Less: Net loss from discontinued operations, net of income taxes |
(23.7) |
|
— |
|
(32.6) |
|
— |
|
Net income from continuing operations |
$ 40.5 |
|
$ 53.3 |
|
$ 105.7 |
|
$ 141.3 |
|
Adjustments to reconcile net income from continuing operations |
|
|
|
|
|
|
|
|
Depreciation and amortization |
163.1 |
|
77.8 |
|
437.0 |
|
227.3 |
|
Amortization of debt discount and issuance costs |
8.2 |
|
4.5 |
|
21.9 |
|
12.5 |
|
Stock-based compensation costs |
11.9 |
|
0.3 |
|
36.8 |
|
0.9 |
|
Restructuring charges |
3.1 |
|
— |
|
6.0 |
|
— |
|
Inventory obsolescence expense |
4.6 |
|
4.6 |
|
11.8 |
|
13.3 |
|
Charge for expected credit losses |
12.7 |
|
3.4 |
|
30.1 |
|
6.6 |
|
Deferred income taxes |
6.5 |
|
(13.4) |
|
5.7 |
|
(43.6) |
|
Other non-cash items |
(4.7) |
|
11.0 |
|
(19.6) |
|
12.4 |
|
Changes in operating assets and liabilities, net of effects of |
|
|
|
|
|
|
|
|
Trade receivables |
25.6 |
|
84.6 |
|
(133.4) |
|
(61.7) |
|
Inventories |
8.8 |
|
(3.1) |
|
(40.3) |
|
(31.4) |
|
Prepaid expenses and other current and non-current assets |
21.6 |
|
2.2 |
|
21.3 |
|
15.9 |
|
Trade payables and accruals and other current and non-current |
(18.5) |
|
36.4 |
|
(5.8) |
|
76.6 |
|
Net cash provided by operating activities of continuing operations |
283.4 |
|
261.6 |
|
477.2 |
|
370.1 |
|
Cash flows from investing activities of continuing operations: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
(115.7) |
|
(32.3) |
|
(231.6) |
|
(96.9) |
|
Purchases of intangible assets |
(17.0) |
|
(9.0) |
|
(42.2) |
|
(36.4) |
|
Acquisitions, net of cash received |
(23.3) |
|
— |
|
(29.0) |
|
— |
|
Proceeds from sale of other assets |
— |
|
— |
|
56.9 |
|
— |
|
Proceeds from insurance settlements |
10.0 |
|
— |
|
20.0 |
|
— |
|
Other investing activities |
1.9 |
|
0.2 |
|
8.0 |
|
2.9 |
|
Net cash used in investing activities of continuing operations |
(144.1) |
|
(41.1) |
|
(217.9) |
|
(130.4) |
|
Cash flows from financing activities of continuing operations: |
|
|
|
|
|
|
|
|
Proceeds from 2024 Incremental Term Loan, net of discount |
— |
|
— |
|
— |
|
392.0 |
|
Proceeds from borrowings from ABL Credit Facility |
— |
|
— |
|
— |
|
25.0 |
|
Repayment of borrowings from ABL Credit Facility |
— |
|
(55.0) |
|
— |
|
(115.0) |
|
Repayment of Term Loans |
(7.7) |
|
(8.0) |
|
(23.2) |
|
(24.0) |
|
Proceeds from borrowings of other debt |
— |
|
4.3 |
|
— |
|
7.4 |
|
Principal repayment of other debt |
(1.4) |
|
(1.0) |
|
(4.1) |
|
(2.7) |
|
Principal payment of finance leases |
(8.9) |
|
(2.3) |
|
(24.7) |
|
(4.6) |
|
Financing fees |
— |
|
— |
|
(7.7) |
|
(5.1) |
|
Issuance of common stock |
2.9 |
|
— |
|
7.7 |
|
— |
|
Common stock repurchased and cancelled |
(75.8) |
|
— |
|
(296.8) |
|
— |
|
Dividends paid to common stockholders |
(37.2) |
|
— |
|
(113.2) |
|
— |
|
Dividends paid to Sponsor Stockholder |
— |
|
— |
|
— |
|
(382.7) |
|
Other financing activities |
(0.1) |
|
— |
|
(1.0) |
|
— |
|
Net cash used in financing activities of continuing operations |
(128.2) |
|
(62.0) |
|
(463.0) |
|
(109.7) |
|
Cash flows from discontinued operations: |
|
|
|
|
|
|
|
|
Net cash provided by operating activities from discontinued |
6.5 |
|
— |
|
8.8 |
|
— |
|
Net cash used in investing activities from discontinued operations |
(0.5) |
|
— |
|
(1.8) |
|
— |
|
Net cash used in by financing activities from discontinued |
(5.3) |
|
— |
|
(1.9) |
|
— |
|
Net cash provided by discontinuing operations |
0.7 |
|
— |
|
5.1 |
|
— |
|
Effect of exchange rates on cash, cash equivalents and restricted |
(0.6) |
|
0.1 |
|
1.5 |
|
(0.3) |
|
Net increase (decrease) in cash, cash equivalents and restricted |
11.2 |
|
158.6 |
|
(197.1) |
|
129.7 |
|
Cash and cash equivalents and restricted cash, beginning of |
412.4 |
|
18.1 |
|
620.7 |
|
47.0 |
|
Cash and cash equivalents and restricted cash, end of period |
$ 423.6 |
|
$ 176.7 |
|
$ 423.6 |
|
$ 176.7 |
|
Cash and cash equivalents and restricted cash of discontinued |
0.9 |
|
— |
|
0.9 |
|
— |
|
Cash and cash equivalents and restricted cash of continuing |
$ 422.7 |
|
$ 176.7 |
|
$ 422.7 |
|
$ 176.7 |
|
PRIMO BRANDS CORPORATION |
|
|
|
|
EXHIBIT 4 |
|
|
SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION |
|
|
||||
|
(EBITDA) |
|
|
|
|
|
|
|
(in millions of |
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
Net income from continuing operations |
$ 40.5 |
|
$ 53.3 |
$ 105.7 |
|
$ 141.3 |
|
Interest and financing expense, net |
83.1 |
|
85.7 |
247.1 |
|
251.8 |
|
Provision for income taxes |
26.4 |
|
18.5 |
60.4 |
|
48.2 |
|
Depreciation and amortization |
163.1 |
|
77.8 |
437.0 |
|
227.3 |
|
EBITDA |
$ 313.1 |
|
$ 235.3 |
$ 850.2 |
|
$ 668.6 |
|
|
|
|
|
|
|
|
|
Acquisition, integration and restructuring expenses (a) 1 |
88.2 |
|
10.0 |
200.8 |
|
29.0 |
|
Stock-based compensation costs (b) |
11.9 |
|
0.3 |
36.8 |
|
0.9 |
|
Unrealized loss on foreign exchange and commodity forwards, net (c) |
1.7 |
|
8.8 |
1.7 |
|
6.1 |
|
Loss on disposal of property plant and equipment, net (d) |
5.0 |
|
2.1 |
8.4 |
|
3.8 |
|
Loss on modification and extinguishment of debt (e) |
— |
|
— |
18.6 |
|
— |
|
Management fees (f) |
— |
|
4.5 |
— |
|
18.6 |
|
Purchase accounting adjustments (g) |
— |
|
— |
1.2 |
|
— |
|
Other adjustments, net (h) |
(15.4) |
|
3.1 |
(5.0) |
|
12.8 |
|
Adjusted EBITDA |
$ 404.5 |
|
$ 264.1 |
$ 1,112.7 |
|
$ 739.8 |
|
|
|
|
|
|
|
|
|
Net sales |
$ 1,766.1 |
|
$ 1,305.1 |
$ 5,109.9 |
|
$ 3,755.3 |
|
Adjusted EBITDA margin % |
22.9 % |
|
20.2 % |
21.8 % |
|
19.7 % |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
Location in Consolidated |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
(Unaudited) |
||||||
|
(a) Acquisition, integration and |
Acquisition, integration and |
$ 44.2 |
|
$ 10.0 |
|
$ 133.7 |
|
$ 29.0 |
|
|
Cost of Sales |
44.0 |
|
— |
|
67.1 |
|
— |
|
(b) Stock-based compensation costs |
Selling, general and |
11.9 |
|
0.3 |
|
36.8 |
|
0.9 |
|
(c) Unrealized (gain) loss on foreign |
Other income, net |
6.5 |
|
— |
|
6.5 |
|
— |
|
|
Other operating (income) |
(4.8) |
|
8.8 |
|
(4.8) |
|
6.1 |
|
(d) Loss on disposal of property plant |
Cost of sales |
5.5 |
|
2.1 |
|
9.3 |
|
3.8 |
|
|
Selling, general and |
(0.5) |
|
— |
|
(0.9) |
|
— |
|
(e) Loss on modification and |
Loss on modification and |
— |
|
— |
|
18.6 |
|
— |
|
(f) Management fees |
Selling, general and |
— |
|
4.5 |
|
— |
|
18.6 |
|
(g) Purchase accounting adjustments |
Cost of sales |
— |
|
— |
|
1.2 |
|
— |
|
(h) Other adjustments, net |
Other income, net |
(10.4) |
|
— |
|
(26.2) |
|
— |
|
|
Cost of Sales |
(6.4) |
|
— |
|
6.1 |
|
— |
|
|
Selling, general and |
1.4 |
|
3.1 |
|
15.1 |
|
12.8 |
|
1 Amounts include labor related costs. |
|
PRIMO BRANDS CORPORATION |
|
|
|
EXHIBIT 5 |
|
SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW AND ADJUSTED FREE CASH FLOW |
||||
|
(in millions of |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
||
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
Net cash provided by operating activities of continuing operations |
|
$ 283.4 |
|
$ 261.6 |
|
Less: Additions of property, plant and equipment |
|
(115.7) |
|
(32.3) |
|
Less: Additions of intangible assets |
|
(17.0) |
|
(9.0) |
|
Free cash flow |
|
$ 150.7 |
|
$ 220.3 |
|
|
|
|
|
|
|
Acquisition and integration cash costs |
|
79.0 |
|
10.0 |
|
Integration capital expenditures |
|
58.4 |
|
— |
|
Natural disaster related capital expenditures |
|
23.0 |
|
— |
|
Management fees |
|
— |
|
4.5 |
|
Adjusted free cash flow |
|
$ 311.1 |
|
$ 234.8 |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
||
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
Net cash provided by operating activities of continuing operations |
|
$ 477.2 |
|
$ 370.1 |
|
Less: Additions to property, plant and equipment |
|
(231.6) |
|
(96.9) |
|
Less: Additions to intangible assets |
|
(42.2) |
|
(36.4) |
|
Free cash flow |
|
$ 203.4 |
|
$ 236.8 |
|
|
|
|
|
|
|
Acquisition, integration and restructuring cash costs |
|
206.2 |
|
29.0 |
|
Integration capital expenditures |
|
84.5 |
|
— |
|
Natural disaster related capital expenditures |
|
23.0 |
|
— |
|
Management fees |
|
— |
|
18.6 |
|
Debt restructuring costs |
|
18.2 |
|
— |
|
Tariffs refunds related to property, plant and equipment |
|
0.2 |
|
— |
|
Adjusted free cash flow |
|
$ 535.5 |
|
$ 284.4 |
|
PRIMO BRANDS CORPORATION |
|
|
|
|
|
|
EXHIBIT 6 |
|
SUPPLEMENTARY INFORMATION-NON-GAAP-ADJUSTED NET INCOME AND ADJUSTED EPS |
|
|
|||||
|
(in millions of |
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net income from continuing operations |
$ 40.5 |
|
$ 53.3 |
|
$ 105.7 |
|
$ 141.3 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Amortization expense of customer lists and |
56.1 |
|
4.7 |
|
124.7 |
|
14.2 |
|
Acquisition, integration and restructuring |
88.2 |
|
10.0 |
|
200.8 |
|
29.0 |
|
Stock-based compensation costs |
11.9 |
|
0.3 |
|
36.8 |
|
0.9 |
|
Unrealized loss on foreign exchange and |
1.7 |
|
8.8 |
|
1.7 |
|
6.1 |
|
Loss on modification and extinguishment of |
— |
|
— |
|
18.6 |
|
— |
|
Management fees |
— |
|
4.5 |
|
— |
|
18.6 |
|
Purchase accounting adjustments |
— |
|
— |
|
1.2 |
|
— |
|
Other adjustments, net |
(15.4) |
|
3.1 |
|
(5.0) |
|
12.8 |
|
Tax impact of adjustments1 |
(28.0) |
|
(7.8) |
|
(80.5) |
|
(20.2) |
|
Adjusted net income |
$ 155.0 |
|
$ 76.9 |
|
$ 404.0 |
|
$ 202.7 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (as reported) |
|
|
|
|
|
|
|
|
Net income from continuing operations |
$ 40.5 |
|
$ 53.3 |
|
$ 105.7 |
|
$ 141.3 |
|
|
|
|
|
|
|
|
|
|
Basic EPS |
$ 0.11 |
|
$ 0.24 |
|
$ 0.28 |
|
$ 0.65 |
|
Diluted EPS |
$ 0.11 |
|
$ 0.24 |
|
$ 0.28 |
|
$ 0.65 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock |
|
|
|
|
|
|
|
|
Basic |
372,318 |
|
218,618 |
|
375,429 |
|
218,618 |
|
Diluted |
374,055 |
|
218,618 |
|
377,314 |
|
218,618 |
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per Share (Non-GAAP) |
|
|
|
|
|
|
|
|
Adjusted net income from continuing |
$ 155.0 |
|
$ 76.9 |
|
$ 404.0 |
|
$ 202.7 |
|
Adjusted diluted EPS (Non-GAAP) |
$ 0.41 |
|
$ 0.35 |
|
$ 1.07 |
|
$ 0.93 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock |
|
|
|
|
|
|
|
|
Basic |
372,318 |
|
218,618 |
|
375,429 |
|
218,618 |
|
Diluted weighted average common shares |
374,055 |
|
218,618 |
|
377,314 |
|
218,618 |
|
|
|
|
|
|
|
|
|
|
1 The tax effect for adjusted net income is based upon an analysis of the statutory tax treatment and the applicable tax rate for the |
|||||||
|
2 For the periods presented, the non-GAAP diluted weighted average shares of common stock outstanding equaled the reported |
|||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/primo-brands-reports-third-quarter-2025-results-302606401.html
SOURCE Primo Brands Corporation
FAQ
What were Primo Brands' Q3 2025 Net Sales and year‑over‑year change (PRMB)?
How much was Primo Brands' Adjusted EBITDA in Q3 2025 and what was the margin (PRMB)?
What dividend did Primo Brands declare for Q4 2025 and when is it payable (PRMB)?
Did Primo Brands update its 2025 guidance and will it discuss details (PRMB)?
What leadership change did Primo Brands announce on November 6, 2025 (PRMB)?
