Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 127

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 127
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The material terms of the Primo Water Credit Agreement were not amended as a result of the Transaction. Summary Financial Results for the Three and Nine Months Ended September 28, 2024 Net income from continuing operations for the three months ended September 28, 2024 (the “third quarter”) and nine months ended September 28, 2024 (the “first nine months of 2024” or “year to date”) was $38.2 million, or $0.24 per diluted share, and $70.2 million, or $0.43 per diluted common share, respectively, compared with net income from continuing operations of $33.7 million, or $0.21 per diluted share, and $50.5 million, or $0.32 per diluted common share, for the three and nine months ended September 30, 2023, respectively. The following items of significance affected Primo Water’s financial results for the first nine months of 2024:

| • |     | Net revenue increased to $1,448.4 million from $1,333.1 million in the prior year period, an increase                                                                                                            
 of $115.3 million, or 8.6%, due primarily to pricing initiatives of $56.6 million and volume increases of $58.7 million from increased demand for products and services from residential and business customers; |

| • |     | Gross profit increased to $940.1 million from $853.1 million in the prior year period. Gross profit as                                                                      
 a percentage of net revenue was 64.9% compared to 64.0% in the prior year period. The 90 basis point increase is due primarily to pricing initiatives and increased volume; |

| • |     | SG&A expenses increased to $776.1 million from $726.0 million in the prior year period due                                                                                                                                                
 primarily to higher selling and operating costs supporting volume and revenue growth related primarily to labor cost increases of $31.0 million from the prior year period, insurance cost increases of $11.6 million from the prior year 
 period, as well as an increase in share-based compensation of $10.9 million, partially offset by a decrease of $6.7 million related to professional fees in the prior year period not recurring in the current year period. SG&A expenses 
 as a percentage of net revenue was 53.6% compared to 54.5% in the prior year period;                                                                                                                                                      |

| • |     |