Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 98

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 98
---
, net                                                 |     |                |           3.1 |     |   |           4.8 |   |     |   |          12.8 |     |   |          14.7 |   |     |   |         19.4 |     |   |         28.5 |   |     |   |         42.2 |   |     |             |        57.2 |   |
| Adjusted EBITDA(1)                                                     |     | $              |         264.1 |     | $ |         237.9 |   |     | $ |         739.8 |     | $ |         578.3 |   |     | $ |        783.6 |     | $ |        476.6 |   |     | $ |        451.1 |   |     | $           |        58.9 |   |

| (1) | Certain Adjusted EBITDA addbacks have been reclassified for presentation purposes. |

Free Cash Flow BlueTriton defines Free Cash Flow as net cash provided by (used in) operating activities less cash paid for purchases of property, plant and equipment and intangible assets not acquired in a business combination (mainly software development costs). BlueTriton believes Free Cash Flow assists investors and analysts in evaluating BlueTriton’s liquidity and cash flows, including BlueTriton’s ability to make principal payments on BlueTriton’s indebtedness and to fund its capital expenditures and working capital requirements. 60

The following table reconciles net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow for the periods presented.

|                                                     |     | Successor      
 Nine Months    
 Ended          
 September 30,  
 2024           |       |   |     | Nine Months   
 Ended         
 September 30, 
 2023          |        |   |     | Year Ended   
 December 31, 
 2023         |        |   |     | Year Ended   
 December 31, 
 2022         |        |   |     | Period from  
 February 3,  
 2021 through 
 December 31, 
 2021         |        |   |     | Predecessor 
 Period from 
 January 1,  
 2021        
 through     
 March 31,   
 2021        |       |   |
|:----------------------------------------------------|:----|