Company: PRMB
Filing Date: 2025-03-07
Form Type: 424B3
Source: 0001193125-25-049851
Chunk: 45

Company: Primo Brands Corp
Filing Date: 2025-03-07
Form: 424B3
Chunk 45
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 annually whether the mix of companies in the peer group produces a valid competitive analysis relative to our talent requirements. The Compensation Committee, with input from FW Cook, determined that following the Transaction, a revised peer group was appropriate for setting target compensation based on the following criteria:

| • |     | A selection of beverage and food consumer packaged goods companies within a reasonable revenue range of Primo 
 Brands’ pro forma revenue;                                                                                    |

| • |     | A selection of route-based service companies within a reasonable revenue range of Primo Brands’ pro forma 
 revenue to reflect Primo Brands’ Water Direct business;                                                   |

| • |     | Prioritization of soft drink and non-alcoholic beverage companies and brewers; and |

| • |     | Additional representative companies in the peer group considering companies: with similar EBITDA margins, with a                                                  
 focus on North American sales, that are pure play businesses, that are multi-branded portfolios, that were considered a potential peer company by stock analysts. |

25

This peer group is set forth below:

| Companies used for Compensation Comparison |     |                               |
| The Campbell’s Company                     |     | Monster Beverage Corporation  |
| Clean Harbors, Inc.                        |     | Post Holdings, Inc.           |
| Coca-Cola Consolidated, Inc.               |     | The Boston Beer Company, Inc. |
| Flower Foods, Inc.                         |     | The Hershey Company           |
| General Mills, Inc.                        |     | The J.M. Smucker Company      |
| Keurig Dr Pepper Inc.                      |     | Waste Connections, Inc.       |
| Lamb Weston Holdings, Inc.                 |     | WK Kellogg Co                 |
| Molson Coors Beverage Company              |     | XPO, Inc.                     |

In addition, the Compensation Committee reviewed median compensation data from the 2024 FW Cook Executive Compensation Survey. The survey benchmark data included 113 organizations ranging in size from approximately $2,537 million to $9,962 million in annual revenue. The Compensation Committee intends to continue to adjust our executive compensation program, when deemed appropriate, in light of the Transaction, our evolving compensation objectives, our financial and competitive position and our integrated business. The Compensation Committee may exercise discretion as to the type and magnitude of these adjustments. In particular, following the Transaction, the Compensation Committee determined to enter into new offer letters with our named executive officers in December 2024. Further, the Compensation Committee expects to annually review and consider peer group and survey data