Company: PRMB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0002042694-25-000007
Chunk: 171

Company: Primo Brands Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 171
---
 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.

38

Table of Contents

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

 Three Months Ended March 31,($ in millions)20252024Net income from continuing operations$34.7$33.5Interest and financing expense, net82.179.9Provision for income taxes17.711.4Depreciation and amortization128.675.2EBITDA$263.1$200.0Acquisition, integration and restructuring expenses39.85.8Stock-based compensation costs12.00.3Unrealized loss (gain) on foreign exchange and commodity forwards, net0.2(3.8)Write off of long lived assets1.51.6Loss on modification and extinguishment of debt18.6—Management fees—9.3Purchase accounting adjustments1.2—Other adjustments, net5.14.5Adjusted EBITDA$341.5$217.7

39

Table of Contents

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Consolidated Results

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

Three Months Ended March 31,($ in millions)2025% of Net Sales2024% of Net Sales$ Variance% ChangeNet sales$1,613.7100.0 %$1,135.8100.0 %$477.942.1 %Cost of sales1,092.767.7 %790.369.6 %302.438.3 %Gross profit521.032.3 %345.530.4 %175.550.8 %Selling, general and administrative expenses327.820.3 %218.719.3 %109.149.9 %Acquisition, integration and restructuring expenses39.82.5 %5.80.5 %34.0586.2 %Other operating expense (income), net0.2— %(3.8)(0.3)%4.0(105.3)%Operating income153.29.5