Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 103

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 103
---
   |     | $ | 3,391.5 |   |     | $ |      182.5 |     |     |      5.4 | % |
| Operating income   |                 |                         |   358.8 |   |     |   |    87.2 |   |     |   |      271.6 |     |     |    311.5 | % |
| Operating margin % |                 |                         |    10.0 | % |     |   |     2.6 | % |     |   |            |     |     |          |   |

During the year ended December 31, 2023, net sales were $3,574.0 million, an increase of $182.5 million, or 5.4%, as compared to the year ended December 31, 2022, driven by the carryover impact of price increases taken throughout 2022, partially offset by a 2.9% decline in volumes year over year. Operating income was $358.8 million during the year ended December 31, 2023, an increase of $271.6 million as compared to the year ended December 31, 2022, primarily as a result of the aforementioned 8.3% increase in revenue price and mix, the overall 650 basis point improvement in gross margins as a result of $106 million lower freight costs, packaging costs and raw material costs that were $91.4 million lower than the prior year, and, to a lesser extent, lower marketing expenses. These benefits were partially offset by higher overall administrative costs, specifically those related to IT, which were $75.7 million higher than 2022. ReadyRefresh

|                    | ($ in millions) | Year Ended December 31, |    2023 |   |     |   |    2022 |   |     |   | $ Variance |     |     | % Change |   |
|:-------------------|:----------------|:------------------------|--------:|:--|:----|:--|--------:|:--|:----|:--|-----------:|:----|:----|---------:|:--|
| Net sales          |                 | $                       | 1,124.7 |   |     | $ | 1,049.6 |   |     | $ |       75.1 |     |     |      7.2 |