Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 140

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 140
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 tax rate for the third quarter varied from the statutory tax rate due primarily to losses in tax jurisdictions for which no tax
benefit was recognized due to existing valuation allowances and income in tax jurisdictions with tax rates lower than the Canadian statutory tax rate.

Nine Months Ended September 28, 2024 Compared to Nine Months Ended September 30, 2023

Revenue, Net

Net revenue increased to
$1,448.4 million for the year to date from $1,333.1 million in the prior year period, an increase of $115.3 million, or 8.6%, for the year to date from the prior year period.

96

North America net revenue increased to $1,447.6 million for the year to date from
$1,332.6 million in the prior year period, an increase of $115.0 million, or 8.6%, due primarily to pricing initiatives of $56.6 million and volume increases of $58.7 million from increased demand for products and services from
residential and business customers.

Other net revenue remained relatively flat at $0.8 million for the year to date compared to
$0.5 million in the prior year period.

Gross Profit

Gross profit increased to $940.1 million for the year to date from $853.1 million in the prior year period. Gross profit as a
percentage of revenue was 64.9% for the year to date compared to 64.0% in the prior year period.

North America gross profit increased to
$939.5 million for the year to date from $852.6 million in the prior year period, and gross profit as a percentage of revenue was 64.9% for the year to date compared to 64.0% in the prior year period. The 90 basis point increase is due
primarily to pricing initiatives and increased volume.

Other gross profit remained relatively flat at $0.6 million for the year to
date compared to $0.5 million in the prior year period, and gross profit as a percentage of revenue was 75.0% for the year to date compared to 100.0% in the prior year period.

Selling, General and Administrative Expenses

SG&A expenses increased to $776.1 million for the year to date from $726.0 million in the prior year period. SG&A expenses as
a percentage of revenue was 53.6% for the year to date compared to