Company: PRMB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0002042694-25-000015
Chunk: 9

Company: Primo Brands Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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375% Senior Notes as part of the Transaction.

Provision for Income Tax

During the three months ended June 30, 2025, income tax expense was $16.3 million compared to $18.3 million during the three months ended June 30, 2024. The effective tax rate was 34.8% in the three months ended June 30, 2025, compared to 25.1% in the three months ended June 30, 2024.

The effective tax rate for the three months ended June 30, 2025 increased from the effective tax rate from the three months ended June 30, 2024 due primarily to permanent differences for which we have not received a tax benefit. The effective tax rate for the three months ended June 30, 2025 differs from the U.S. statutory rate primarily due to permanent differences for which we have not recognized a tax benefit and losses in tax jurisdictions with existing valuation allowances. 

44

Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Consolidated Results

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

Six Months Ended June 30,($ in millions)2025% of Net Sales2024% of Net Sales$ Variance% ChangeNet sales$3,343.8100.0 %$2,450.2100.0 %$893.636.5 %Cost of sales2,281.968.2 %1,674.968.4 %607.036.2 %Gross profit1,061.931.8 %775.331.6 %286.637.0 %Selling, general and administrative expenses706.421.1 %475.019.4 %231.448.7 %Acquisition, integration and restructuring expenses89.52.7 %19.00.8 %70.5371.1 %Other operating (income) expense, net—— %(2.5)(0.1)%2.5(100.0)%Operating income266.08.0 %283.811.6 %(17.8)(6.3)%Other income, net(15.8)(0.5)%—— %(15.8)100%Loss on modification and extinguishment of debt18.60.6 %—— %18.6100%