Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 100

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 100
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it from) income taxes           |     |                         |    25.1 |   |     |   |   (53.1 | ) |     |   |       78.2 |   |     |     |        * |    |
| Net income (loss)                                   |     | $                       |    92.8 |   |     | $ |  (126.7 | ) |     |   |      219.5 |   |     |     |        * |    |

| * | Not meaningful. |

Net Sales During the year ended December 31, 2023, net sales were $4,698.7 million, an increase of $257.6 million, or 5.8%, as compared to the year ended December 31, 2022, primarily relating to the carryover impact of price increases taken throughout 2022 in both of BlueTriton’s Retail and ReadyRefresh segments, offsetting a 2.9% volume decrease in the Retail segment. To a lesser extent revenues grew due to a 2.2% volume growth in the ReadyRefresh segment. Cost of Sales Cost of sales consists primarily of manufacturing, shipping and logistics, storage and handling, personnel costs and allocated facilities, and overhead costs associated with products sold. Manufacturing costs consist primarily of raw materials, packaging costs, and labor and utilities to convert raw materials into finished products. During the year ended December 31, 2023, cost of sales was $3,346.7 million, a decrease of $100.2 million, or 2.9%, as compared to the year ended December 31, 2022, primarily as a result of 2.3% lower sales volumes and by $26.5 million less depreciation and amortization due to the full depreciation of assets created as a result of purchase accounting, and favorable freight and packaging costs, primarily resin pricing, when compared to the prior year. The decrease was partially offset by higher costs per unit from increased storage and handling and, to a lesser degree, labor and overhead-related costs, when compared to the prior year. Gross Profit and Gross Margin During the year ended December 31, 2023, gross profit was $1,352.0 million, an increase of $357.8 million, or 36.0%, as compared to the year ended December 31, 2022, and gross margin as a percentage of net sales was 66

28.8%, as compared to