Company: PRMB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0002042694-25-000015
Chunk: 5

Company: Primo Brands Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 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.

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

 Three Months Ended June 30,Six Months Ended June 30,($ in millions)2025202420252024Net income from continuing operations$30.5$54.5$65.2$88.0Interest and financing expense, net81.986.2164.0166.1Provision for income taxes16.318.334.029.7Depreciation and amortization145.374.3273.9149.5EBITDA$274.0$233.3$537.1$433.3Acquisition, integration and restructuring expenses172.813.2112.619.0Stock-based compensation costs12.90.324.90.6Unrealized (gain) loss on foreign exchange and commodity forwards, net(0.2)1.1—(2.7)Loss on disposal of property, plant and equipment, net1.90.13.41.7Loss on modification and extinguishment of debt——18.6—Management fees—4.8—14.1Purchase accounting adjustments——1.2—Other adjustments, net5.35.210.49.7Adjusted EBITDA$366.7$258.0$708.2$475.7

1 Amounts include labor related costs.

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

Consolidated Results

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

Three Months Ended June 30,($ in millions)2025% of Net Sales2024% of Net Sales$ Variance% ChangeNet sales$1,730.1 100.0 %$1,314.4 100.0 %$415.731.6 %Cost of sales1,189.2 68.7 %884.6 67.3 %304.634.4 %Gross profit540.9 31.3 %429.8 32.7 %111.125.