Primo Brands Corporation · NYSE:PRMB
Primo Brands — Q3 2026 Earnings Presentation
22 slides from Primo Brands's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Earnings Results
Third Quarter 2026 Earnings Results November 5, 2026
Slide 2: Cautionary Statements
Cautionary Statements Disclaimer Safe Harbor Statement This presentation contains forward-looking statements and forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management’s expectations as t
Slide 3: A Leading North American Branded Beverage Company
A Leading North American Branded Beverage Company Hydrating a Healthy AmericaTM Coast-to-Coast Distribution 13 +200,000 +80 Vertically Network Integrated Iconic Brands Retail Outlets Spring Water Sources 3
Slide 4: Positioning for the Future
Positioning for the Future Priorities to Support Profitable Growth Fuel Drive Leverage Build a Topline Growth Margin Expansion Free Cash Flow Winning Culture Improve direct delivery Achieve synergy Invest in growth & Mission driven customer experience capture productivity initiatives Drive execution
Slide 5: Q3 2026 Financial Summary
Q3 2026 Financial Summary Financial Performance - Reported and Comparable Results1 Comparable Net Sales Comparable Adjusted EBITDA Comparable Adjusted EBITDA Margin $1,821.0M $411.0M 22.6% +3.3% YoY +1.6% YoY (40) bps YoY Reported Results (in millions) Comparable Results¹ (in millions) Q3 2026 Q3 20
Slide 6: Q3 2026 Net Sales by Channel
Q3 2026 Net Sales by Channel Financial Performance - Comparable Results1 Net Sales by Water Type (Comparable Results) Net Sales by Trade Type (Comparable Results)5 Channel Q3 2026 Q3 2025 Change Channel Q3 2026 Q3 2025 Change Direct Delivery $689.3 $674.7 2.2% Regional Spring Water $911.5 $885.6 2.9
Slide 7: Building on Premium Brand Strength
Building on Premium Brand Strength Investments in New Capacity Support Scale and Productivity Mountain Valley Spring Water 7
Slide 8: Input Cost Management
Input Cost Management Key Cost Drivers and Mitigation Strategies Cost Drivers Proactive Mitigation Areas of Control Fuel / Diesel Growth Initiatives Fleet operations, last-mile delivery Drive revenue growth to outpace input cost increases Diesel Hedging Program Resin Structured hedging instruments t
Slide 9: Balance Sheet and Treasury Management
Balance Sheet and Treasury Management Liquidity and Debt Capital Structure Net Leverage Ratio 1 Available Liquidity 2 Cost of Debt Capital 3,4 3.32x $1,064M 5.84% Net Debt ÷ Adj EBITDA Cash + Revolver Availability Weighted Average Interest Rate Debt Capital Maturities 4 $2,943 $1,494 SOFR + 275 4.37
Slide 10: Capital Allocation Priorities
Capital Allocation Priorities Disciplined and Balanced Approach Reinvest in the Business Enhance Balance Sheet Strength Growth and Productivity Initiatives Deleveraging Focus IT, customer contact center & digital capabilities investment Reduce Net Leverage Ratio1 to under 3.0 times Premium channel c
Slide 11: 2026 Full Year Financial Outlook
2026 Full Year Financial Outlook Previous Updated ($ in millions) Low High Comparable Net Sales Growth¹ 2% 4% Approximate the Midpoint of the Previous Range Adjusted EBITDA $1,465 $1,515 Lower End of the Previous Range Base CAPEX 4% of Net Sales Unchanged Adjusted Free Cash Flow $790 $810 Unchanged
Slide 12: Appendix
NY AM PRIMO BRANDS” \/ 7X Appendix ‘ARROWHEAD: DEER ME PARK SPRING WATER ges (PRIMO WATER™ S SARATOGA (Sparkletts. zephivthils
Slide 13: Historical Contribution from Exited Eastern Canadian Operations and Exited OCS
Historical Contribution from Exited Eastern Canadian Operations and Exited US Office Coffee Services Business (OCS) Comparable Base Clarification ($ in millions) Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Net Sales Attributable to the Exited $3.6 $0.0 $0.0 $0.0 $3.6 Eastern Canadian Operations ($ in millions) Q1
Slide 14: Q3/YTD 2026 and 2025 Comparable Net Sales, EBITDA & Adjusted EBITDA
Q3/YTD 2026 and 2025 Comparable Net Sales, EBITDA & Adjusted EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended For the Nine Months Ended For the Fiscal Year Ended September 30, 2026 1 September 30, 2025 1 September 30, 2026 1 September 30, 2025 1 Dec
Slide 15: Q3/YTD 2026 and 2025 Comparable Net Sales by Water Type
Q3/YTD 2026 and 2025 Comparable Net Sales by Water Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended September 30, 2026 For the Nine Months Ended September 30, 2026 Net Sales 1 Adjustments 2 Comparable Net Sales Net Sales1 Adjustments2 Comparable Net Sales ($ in millions of U.S. do
Slide 16: Q3/YTD 2026 and 2025 Comparable Net Sales by Trade Type
Q3/YTD 2026 and 2025 Comparable Net Sales by Trade Type Non-GAAP Reconciliation - Unaudited4 For the Three Months Ended September 30, 2026 For the Nine Months Ended September 30, 2026 Net Sales 1 Adjustments 2 Comparable Net Sales Net Sales1 Adjustments2 Comparable Net Sales ($ in millions of U.S. d
Slide 17: Q3/YTD 2026 and 2025 TTM Free Cash Flow and Adjusted Free Cash Flow
Q3/YTD 2026 and 2025 TTM Free Cash Flow and Adjusted Free Cash Flow Non-GAAP Reconciliation - Unaudited For the Fiscal Year (in millions of U.S. dollars) For the Three Months Ended For the Nine Months Ended Ended TTM3 September 30, 2026 1 September 30, 2025 1 September 30, 2026 1 September 30, 2025
Slide 18: Q3 2026 Adjusted Cash from Operations and Capex - Cont. Operations
Q3 2026 Adjusted Cash from Operations and Capex - Cont. Operations Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended September 30, 2026 September 30, 2025 Net cash provided by operating activities of continuing operations $ 293.6 $ 283.4 Acquisition, integr
Slide 19: Interest Coverage Ratio and Net Leverage Ratio
Interest Coverage Ratio and Net Leverage Ratio Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars, except financial ratios) FY 2025 (-) Q3 2025 YTD (+) Q3 2026 YTD Q3 2026 TTM Adjusted EBITDA $ 1,446.8 $ 1,112.7 $ 1,102.0 $ 1,436.1 Interest Expense, net $ 326.5 $ 247.1 $ 239.5 $ 318.9
Slide 20: Volume/Price-Mix Growth - Historical Comparable Results
Volume/Price-Mix Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited For the Three Months For the Nine Months (in millions of U.S. dollars) Ended September 30, Ended September 30, Comparable Net Sales 20251 $ 1,762.4 $ 5,084.6 Volume (46.2) (41.2) Price/Mix 104.8 199.9 Compara
Slide 21: Organic/Inorganic Growth - Historical Comparable Results
Organic/Inorganic Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited For the Three Months For the Nine Months (in millions of U.S. dollars) Ended September 30, Ended September 30, Comparable Net Sales 20251 $ 1,762.4 $ 5,084.6 Inorganic growth (from acquisitions) 6.7 15.1 Org
Slide 22: Comparable Net Sales Growth
Comparable Net Sales Growth Non-GAAP Reconciliation - Unaudited 2025 Net sales $ 6,664.0 Impact of Eastern Canadian operations1 (3.6) Impact of US Office Coffee Services Business (OCS)2 (25.5) 2025 Comparable Net sales3 $ 6,634.9 2026 Estimated Comparable Net sales increase from 2025 198.4 2026 Esti