Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 129

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 129
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,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 million in 2022. Gross profit as a                                                                                                                                  
 percentage of revenue was 64.2% in 2023 compared to 60.2% in 2022. The 400 basis point increase was due primarily to increased demand and pricing initiatives, partially offset by the impact of unfavorable foreign exchange rates; |

| • |     | SG&A expenses increased to $976.0 million in 2023 compared to $883.8 million in 2022 due primarily                                                                                                                                        
 to higher selling and operating costs that supported volume and revenue growth related primarily to labor and transportation cost increases, which increased by $37.1 million and $7.0 million, respectively, from 2022, and increases in 
 insurance costs of $12.3 million and professional fees of $7.5 million from 2022, partially offset by the exit from Primo Water’s business in Russia of $5.0 million. SG&A expenses as a percentage of net revenue was 55.1% in           
 2023 compared to 52.2% in 2022;                                                                                                                                                                                                           |

| • |     | Loss on disposal of property, plant and equipment, net was related primarily to the disposal of $9.1 million 
 of equipment that was either replaced or no longer being used in Primo Water’s reporting segments;           |

| • |     | Acquisition and integration expenses decreased to $9.5 million in 2023 compared to $12.1 million in                                                                                                         
 2022 due primarily to costs in the prior year associated with the exit from the single-use retail bottled water business in North America, partially offset by increased professional fees. Acquisition and 
 integration expenses as a percentage of net revenue increased to 0.