Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 135

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 135
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 million compared to Other income, net of $3.7 million in the prior year                                                                                                                             
 period due primarily to unrealized foreign exchange losses in the current period compared to unrealized foreign exchange gains in the prior year period and a favorable insurance settlement received in the prior year period; |

| • |     | Income tax expense was $37.4 million on pre-tax income of                                                                                                                              
 $107.6 million compared to income tax expense of $21.0 million on pre-tax income of $71.5 million in the prior year period due primarily to increased income in taxable jurisdictions; |

| • |     | Adjusted EBITDA increased to $331.5 million compared to $285.8 million in the prior year period due to 
 the items listed above; and                                                                            |

| • |     | Cash flows provided by operating activities was $255.7 million compared to cash flows provided by operating                                                                                      
 activities of $222.2 million in the prior year period. The $33.5 million increase was due primarily to improved earnings, excluding non-cash charges, partially offset by lower cash provided by 
 working capital in the current year period relative the prior year period.                                                                                                                       |

84

Summary Financial Results for the Fiscal Year Ended December 30, 2023 Net income from continuing operations in 2023 was $63.8 million or $0.40 per diluted common share, compared with net income from continuing operations of $58.7 million or $0.36 per diluted common share, in 2022. The following items of significance affected Primo Water’s 2023 financial results:

| • |     | Net revenue increased to $1,771.8 million in 2023 compared to $1,693.2 million in 2022, an increase of                                                                                                                                                                                                                                                                                                                         
 $78.6 million, or 4.6%, due primarily to increased demand for products and services from residential and business customers of $35.0 million and pricing initiatives of $120.9 million, partially offset by the exit from the single-use retail bottled water business in North America of $41.0 million, a decrease in dispenser revenue of $13.0 million, the exit from Primo Water’s business in Russia of $7.4 million and 
 the impact of unfavorable foreign exchange rates of $2.4 million;                                                                                                                                                                                                                                                                                                                                                              |

| • |     | Gross profit increased to $1,137.0 million in 2023 from $1,019.2