Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 102

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 102
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 expense on BlueTriton’s debt and finance leases, revolver commitment
fees and costs associated with its debt, partially offset by interest income earned on cash and cash equivalents, including restricted cash.

During the year ended December 31, 2023, interest and financing expense, net, was $288.1 million, an increase of $76.2 million,
or 36.0%, as compared to the year ended December 31, 2022, primarily relating to an approximately 270 basis point increase in the average variable interest rate on the BlueTriton Term Loan Facility, and to a lesser extent, due to outstanding
revolver balances during the year ended December 31, 2023.

Provision for (Benefit from) Income Taxes

During the year ended December 31, 2023, provision for income tax was $25.1 million, compared to a benefit from income taxes of
$53.1 million for the year ended December 31, 2022. The majority of BlueTriton’s taxable income was generated in the United States and taxed at a federal and state statutory rate of 24.9%.

67

Relative to the federal and state statutory rate, the 2023 effective tax rate was 21.3%, primarily impacted by the positive effects of state taxes and research and development tax credits. For the year ended December 31, 2022, the effective tax rate as a result of the income tax benefit was 29.5%, driven by the net loss during the period, further benefited by state taxes and research and development credits. Net Income (Loss) The net income for the year ended December 31, 2023 was $92.8 million, an improvement of $219.5 million as compared to a $126.7 million net loss for the year ended December 31, 2022 due to the factors mentioned above. Segment Results Retail

|                    | ($ in millions) | Year Ended December 31, |    2023 |   |     |   |    2022 |   |     |   | $ Variance |     |     | % Change |   |
|:-------------------|:----------------|:------------------------|--------:|:--|:----|:--|--------:|:--|:----|:--|-----------:|:----|:----|---------:|:--|
| Net sales          |                 | $                       | 3,574.0 |