Company: PRMB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-049952
Chunk: 5

Company: Primo Brands Corp
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 5
---
 as comparative measures; and

•these measures do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations.

Furthermore, we compensate for the limitations described above by relying primarily on our U.S. GAAP results and using Adjusted EBITDA only for supplemental purposes.

41

Table of Contents

The following table reconciles net income, the most directly comparable U.S. GAAP measure, to Adjusted EBITDA for the periods presented:

 Three Months Ended September 30,Nine Months Ended September 30,($ in millions)2025202420252024Net income from continuing operations$40.5$53.3$105.7$141.3Interest and financing expense, net83.185.7247.1251.8Provision for income taxes26.418.560.448.2Depreciation and amortization163.177.8437.0227.3EBITDA$313.1$235.3$850.2$668.6Acquisition, integration and restructuring expenses188.210.0200.829.0Stock-based compensation costs11.90.336.80.9Unrealized loss on foreign exchange and commodity forwards, net1.78.81.76.1Loss on disposal of property, plant and equipment, net5.02.18.43.8Loss on modification and extinguishment of debt——18.6—Management fees—4.5—18.6Purchase accounting adjustments——1.2—Other adjustments, net(15.4)3.1(5.0)12.8Adjusted EBITDA$404.5$264.1$1,112.7$739.8

______________________

1 Amounts include labor related costs.

42

Table of Contents

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

Consolidated Results

The following table sets forth our consolidated statements of operations data for the periods indicated:

Three Months Ended September 30,($ in millions)2025% of Net Sales2024% of Net Sales$ Variance% ChangeNet sales$1,766.1 100.0 %$1,305.1 100.0 %$461.035.3 %Cost of sales1,237.9 70.1 %888.9 68.1 %349.039.3 %