Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 90

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 90
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 necessarily indicative of the magnitude of such adjustments in future periods. BlueTriton’s presentation of Adjusted EBITDA and Free Cash Flow should not be construed as an inference that future results of Primo Brands will be unaffected by unusual or non-recurringitems. Adjusted EBITDA and Free Cash Flow have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of BlueTriton’s operating results or cash flows as reported under GAAP. Some of these limitations include that:

| • |     | Adjusted EBITDA does not reflect BlueTriton’s cash used, or future requirements, for capital expenditures or 
 contractual commitments;                                                                                     |

| • |     | Adjusted EBITDA does not reflect changes in, or cash requirements for, BlueTriton’s working capital needs; |

| • |     | Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary, to service 
 interest on BlueTriton’s indebtedness;                                                                            |

| • |     | non-cash compensation is a key element of BlueTriton’s long-term                                                                                                   
 executive incentive compensation package, although BlueTriton excludes it as an expense when evaluating its ongoing operating performance for a particular period; |

| • |     | the fact that other companies in BlueTriton’s industry, including Primo Water, may calculate these measures 
 differently than BlueTriton does, which limits their usefulness as comparative measures; and                |

| • |     | these measures do not reflect the impact of certain cash charges resulting from matters BlueTriton considers not 
 to be indicative of its ongoing operations.                                                                      |

Furthermore, BlueTriton compensated for the limitations described above by relying primarily on its GAAP results and using Adjusted EBITDA and Free Cash Flow only for supplemental purposes. Adjusted EBITDA BlueTriton defines Adjusted EBITDA as net income (loss), interest and financing expense, net, provision for (benefit from) income taxes, and depreciation and amortization, further adjusted for costs associated with acquisition, integration and restructuring expenses, share-based compensation costs, unrealized loss (gain) on foreign exchange and commodity forwards, net, loss on disposal of property, plant and equipment, net, gain on sale and leaseback, gain on extinguishment of debt, management fees, and other infrequent or nonrecurring adjustments, net. This is an important metric that management uses as an analytical