Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 98

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 98
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 Net

Interest and financing expense, net, includes the interest expense on outstanding debt obligations,
partially offset by the amount capitalized as part of capital projects and interest income earned on cash and cash equivalents, including restricted cash.

For the nine months ended September 30, 2024, interest and financing expense, net was $251.8 million, an increase of
$39.1 million, or 18.4%, as compared to the nine months ended September 30, 2023, primarily attributable to the $23.7 million of interest related to the addition of the 2024 Incremental Term Loans in March 2024, the amounts drawn down
on the revolving credit facility and the higher variable interest rate on the BlueTriton Term Loan Facility compared to the prior year period.

Provision for Income Taxes

For the nine
months ended September 30, 2024, the provision for income taxes was $48.2 million, compared to $24.0 million for the nine months ended September 30, 2023. The majority of BlueTriton’s taxable income was generated in the
United States and taxed at an effective tax rate of 25.4% for the nine months ended September 30, 2024, driven by the United States activity taxed at a federal and state statutory rate of 24.9%.

Relative to the federal and state statutory rate, the 2023 effective tax rate was 22.9%, primarily impacted by discrete items in the prior
year period.

Net Income

Net income
for the nine months ended September 30, 2024 was $141.3 million, an improvement of $60.6 million as compared to the nine months ended September 30, 2023, due to the factors mentioned above.

64

Segment Results Retail

|                    |     | Nine Months Ended September 30, 
 2024                            
 ($ in millions)                 |         |   |     | 2023 |         |   |     | $ Variance |       |     | % Change |      |   |
|:-------------------|:----|:--------------------------------|--------:|:--|:----|:-----|--------:|:--|:----|:-----------|------:|:----|:---------|-----:|:--|
| Net sales          |     | $                               | 2,866.8 |   |     | $    | 2,762.2 |   |     |