Slides
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Primo Brands Hydrate a Healthy AmericaTM 3rd Quarter 2025 Results November 6, 2025
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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 to the future based on plans, estimates and projections at the time Primo Brands makes the statements. Forward-looking statements involve inherent risks and uncertainties and Primo Brands cautions you that several important factors could cause actual results to differ materially from those contained in any such forward-looking statement. You can identify forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “aim,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “predict,” “project,” “seek,” “potential,” “opportunities,” and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. The forward-looking statements contained in this presentation include, but are not limited to, statements regarding future financial and operating trends and results (including Primo Brands' 2025 outlook), our industry and competitive position, anticipated synergies and other benefits as well as anticipated costs from the business combination of BlueTriton and Primo Water. The forward- looking statements are based on assumptions regarding management’s current plans and estimates. Management believes these assumptions to be reasonable, but there is no assurance that they will prove to be accurate. Factors that could cause actual results to differ materially from those described in this presentation include, among others: our ability to manage our expanded operations following the business combination; we have no operating or financial history as a combined company; we face significant competition in the segment in which we operate; our success depends, in part, on our intellectual property; we may not be able to consummate acquisitions, or acquisitions may be difficult to integrate, and we may not realize the expected benefits; our business is dependent on our ability to maintain access to our water sources; our ability to respond successfully to consumer trends related to our products; the loss or reduction in sales to any significant customer; our packaging supplies and other costs are subject to price increases; the affiliates of One Rock Capital Partners, LLC own a significant amount of the voting power of the Company, and their interests may conflict with or differ from the interests of other stockholders; legislative and executive action risks; risks related to sustainability matters; costs to comply with developing laws and regulations, including those surrounding the production and use of plastics, as well as related litigation relating to plastics pollution; our products may not meet health and safety standards or could become contaminated, and we could be liable for injury, illness, or death caused by consumption of our products; risks related to recently announced tariff programs; risks related to the loss of controlled company status; risks related to uncertainties regarding the interpretation of tax laws and regulations; and risks associated with our substantial indebtedness. The foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors contained in Primo Brands' Annual Report on Form 10-K and its quarterly reports on Form 10-Q, as well as other filings with the securities commissions. Primo Brands does not undertake to update or revise any of these statements considering new information or future events, except as expressly required by applicable law. Non-GAAP Measures To supplement its reporting of financial measures determined in accordance with generally accepted accounting principles in the United States ("GAAP"), Primo Brands utilizes certain non-GAAP financial measures. Primo Brands utilizes organic net sales growth (which excludes the impact of acquisitions). Primo Brands also utilizes normalized Net Sales, Adjusted net income (loss), Adjusted net income (loss) per diluted share, Adjusted EBITDA, Adjusted EBITDA margin, net debt (as defined in the Appendix), free cash flow, adjusted free cash flow, net leverage ratio, interest coverage ratio, adjusted EBITDA to adjusted free cash flow conversion ratio (“Conversion Ratio”) to separate the impact of certain items from the underlying business. Because Primo Brands uses these adjusted financial results in the management of its business, management believes this supplemental information is useful to investors for their independent evaluation and understanding of Primo Brands' underlying business performance and the performance of its management. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net sales. Conversion Ratio is defined as adjusted EBITDA divided by adjusted free cash flow. See Appendix for definitions of additional non-GAAP metrics. Additionally, Primo Brands supplements its reporting of net cash provided by (used in) operating activities from continuing operations determined in accordance with GAAP by excluding additions to property, plant and equipment and additions to intangible assets to present free cash flow, and by excluding the additional items identified on the exhibits hereto to present adjusted free cash flow, which management believes provides useful information to investors in assessing our performance, comparing Primo Brands' performance to the performance of the Company’s peer group and assessing the Company’s ability to service debt and finance strategic opportunities, which include investing in Primo Brands' business, making strategic acquisitions, paying dividends, and strengthening the balance sheet. To aid investors and analysts with year-over-year comparability, the Company has also presented certain of these non-GAAP financial measures on a "Combined " basis. Combined non-GAAP financial measures include results for both BlueTriton and Primo Water on a combined basis inclusive of periods prior to the business combination. Information presented on a combined basis does not reflect any pro forma adjustments or other adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved if the business combination occurred on January 1, 2024, other than to reflect the difference in Primo Water's fiscal year-end, and the impact of the accounting conformity adjustments. The Company has also presented certain of these non-GAAP financial measures on a "Comparable” basis, which excludes the impact of the exited Eastern Canadian operations from the Combined measures, as all as a normalized Comparable basis, which excludes the effect of the "leap-year" day from Comparable results. The non-GAAP financial measures described above are in addition to, and not meant to be considered superior to, or a substitute for, Primo Brands' financial statements prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Also, other companies might calculate these measures differently. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures included in this presentation and the accompanying tables. In addition, the non-GAAP financial measures included in this presentation reflect management's judgment of particular items, and may be different from, and therefore may not be comparable to, similarly titled measures reported by other companies. We have not reconciled our Adjusted EBITDA and Adjusted Free Cash Flow guidance to GAAP net income or loss and cash flows from operations, respectively, because we do not provide guidance for such GAAP measures due to the uncertainty and potential variability of certain adjusting items, including stock-based compensation expense, acquired intangible assets and related amortization and income taxes. Because such items cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure. However, such items could have a significant impact on our future GAAP net income or loss and GAAP net income or loss margin. Additionally, we have not reconciled our long-term organic net sales growth algorithm to GAAP net sales, because we do not provide guidance for such GAAP measures due to the uncertainty and potential variability of net sales from acquisitions, which is a reconciling item between organic net sales growth and net sales growth. Because this item cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure. Additionally, we have not reconciled our long-term organic net sales growth algorithm to GAAP net sales, because we do not provide guidance for such GAAP measures due to the uncertainty and potential variability of net sales from acquisitions, which is a reconciling item between organic net sales growth and net sales growth. Because this item cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure. Market and Industry Data This presentation makes statements regarding the market and industry in which Primo Brands operates, including the size of such market, the anticipated growth of such market and the position of Primo Brands in, and share of, such market. Primo Brands and their respective affiliates, directors, officers, advisors and employees have not verified any of the market and industry data and statements, and neither Primo Brands, nor any of their respective affiliates can guarantee the accuracy or completeness of this information. You are cautioned not to give undue weight to such information. 2 Cautionary Statements Disclaimer
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David Hass Chief Financial Officer Eric Foss Chairman & Chief Executive Officer • Executive Transition • Q3 2025 Financials • Closing Remarks • Q&A AGENDA Today's Presenters 3 Dean Metropoulos Director
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Primo Brands: A Leading North American Branded Beverage Company 4 +200,000 Retail Outlets 13 Iconic Brands +80 Spring Water Sources Coast-to-Coast Distribution Network Vertically Integrated
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• YTD 2025 Comparable Net Sales growth of -0.5%, composed of 0.1% volume and -0.6% price / mix • YTD 2025 Comparable Adj. EBITDA margin of 21.8% (140 bps increase vs. prior year) • YTD 2025 Comparable Net Sales were slightly positive vs prior year when accounting for the Hawkins tornado and leap day impacts. 5 • Q3 2025 Comparable Net Sales decline of -1.6%, composed of 0.0% volume and -1.6% price / mix • Q3 Comparable Adj. EBITDA margin of 22.9% (180 bps increase vs. prior year) • Case equivalent unit volume growth of 0.7% (in millions) Q3 2025 Comparable Highlights1 Primo Brands Q3 2025 Financial Summary Comparable Results 1. Inclusive of accounting policy and fiscal year conformity adjustments and the impact of the exited Eastern Canadian operations. See appendix to this presentation for additional information and reconciliations. See appendix for definitions and meanings. See appendix to this presentation for additional information and reconciliations. Comparable Results1 Q3 2025 Q3 2024 Change Net Sales $1,766.1 $1,794.6 -1.6% Adj. EBITDA $404.5 $378.7 6.8% Adj. EBITDA Margin % 22.9% 21.1% 180 bps Comparable Results1 YTD 2025 YTD 2024 Change Net Sales $5,106.3 $5,132.4 -0.5% Adj. EBITDA $1,112.7 $1,045.4 6.4% Adj. EBITDA Margin % 21.8% 20.4% 140 bps YTD 2025 Comparable Highlights1 Reported Results YTD 2025 YTD 2024 Change Net Sales $5,109.9 $3,755.3 36.1% Adj. EBITDA $1,112.7 $739.8 50.4% Adj. EBITDA Margin % 21.8% 19.7% 210 bps Reported Results Q3 2025 Q3 2024 Change Net Sales $1,766.1 $1,305.1 35.3% Adj. EBITDA $404.5 $264.1 53.2% Adj. EBITDA Margin % 22.9% 20.2% 270 bps
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6 YTD 2025 Channel Net Sales Results Financial Performance - Comparable Results Channel Q3 YTD 2025 Q3 YTD 2024 % Change Regional Spring Water $ 2,554.8 $ 2,587.8 -1.3% Purified Water $ 1,614.7 $ 1,649.9 -2.1% Premium Water $ 259.6 $ 178.3 45.6% Other Water1 $ 102.2 $ 101.7 0.5% Other2 $ 575.0 $ 614.7 -6.5% Total $ 5,106.3 $ 5,132.4 -0.5% Channel Q3 YTD 2025 Q3 YTD 2024 % Change Direct Delivery $ 1,995.6 $ 2,047.6 -2.5% Grocery $ 1,016.0 $ 1,015.9 0.0% Club $ 819.5 $ 837.1 -2.1% Mass $ 630.6 $ 625.9 0.8% Away from Home $ 375.8 $ 373.1 0.7% Emerging - Specialty & Other3 $ 268.8 $ 232.8 15.5% Total $ 5,106.3 $ 5,132.4 -0.5% Net Sales by Water Type Net Sales by Trade Type YTD 25 Water Type Net Sales Mix YTD 25 by Trade Type Net Sales Mix (in millions) (in millions) 1. Other Water includes flavored beverages, and non-core water brands, including private label. 2. Other includes fees, rents, coffee, Talking Rain co-pack business, and all other non-beverage sales. 3. Emerging - Specialty & Other is comprised of all other retail channels such as Home Improvement, Natural Foods, Redistribution, Office, Select e-commerce etc. See appendix to this presentation for additional information and reconciliations.
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7 Q3 2025 Net Sales by Channel Results Financial Performance - Comparable Results Channel Q3 2025 Q3 2024 % Change Regional Spring Water $ 885.6 $ 893.1 -0.8% Purified Water $ 557.5 $ 587.9 -5.2% Premium Water $ 98.2 $ 68.0 44.4% Other Water1 $ 33.0 $ 37.1 -11.1% Other2 $ 191.8 $ 208.5 -8.0% Total $ 1,766.1 $ 1,794.6 -1.6% Channel Q3 2025 Q3 2024 % Change Direct Delivery $ 678.4 $ 725.5 -6.5% Grocery $ 344.7 $ 343.7 0.3% Club $ 288.5 $ 290.1 -0.6% Mass $ 216.4 $ 220.7 -1.9% Away from Home $ 134.6 $ 127.7 5.4% Emerging - Specialty & Other3 $ 103.5 $ 86.9 19.1% Total $ 1,766.1 $ 1,794.6 -1.6% Net Sales by Water Type Net Sales by Trade Type Q3 25 Water Type Net Sales Mix Q3 25 by Trade Type Net Sales Mix (in millions) (in millions) 1. Other Water includes flavored beverages, and non-core water brands, including private label. 2. Other includes fees, rents, coffee, Talking Rain co-pack business, and all other non-beverage sales. 3. Emerging - Specialty & Other is comprised of all other retail channels such as Home Improvement, Natural Foods, Redistribution, Office, Select e-commerce etc See appendix to this presentation for additional information and reconciliations.
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Cost of Debt Capital 3,4 5.71% Weighted average interest rate on debt 81 Ratio of principal balance of total indebtedness, less unrestricted cash over Combined Adj. EBITDA for the trailing- twelve months ending September 30, 2025. See appendix for additional information and reconciliations. 2 Available liquidity is representative of unrestricted cash plus revolving credit facility availability. Revolving credit facil ity availability is equal to $750.0M less drawn balance (nil as of September 30, 2025), less standby letters of credit ($138. 0M as of September 30, 2025). 3 Cost of Debt Capital represents the pre-tax weighted average borrowing rate assuming SOFR at 3.9764% as of 9/30/2025. 4. Excludes Finance Lease Obligations, Other Debt, and Interest Income earned on cash. 5. Remaining 3 months of FY 2025 SOFR +225 bps 3.875% 6.250% 4.375% SOFR +175 bps Secured Maturities Undrawn Revolving Credit Unsecured Maturities ($ in Millions, unless otherwise noted) Net Leverage Ratio 1 3.37x Focused on deleveraging Available Liquidity 2 $1,035M Flexibility in executing strategic initiatives Debt Capital Maturities4 5 Capital Allocation and Treasury Management Liquidity and Debt Capital Structure
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9 International Divestiture Complete 1. Countries included in the initial European business sale to Culligan International include: Spain, France, Belgium, Netherlands, Switzerland, Germany, Poland, Hungary, Norway, Sweden, Finland, Estonia, Latvia and Lithuania. Primo Water completed the sale of significant portion of European Businesses to Culligan International1 Primo Water completed the sale of UK based Aimia Foods Primo Water completed the sale of Portugal business Primo Brands completed the sale of Fonthill Waters and Decantae Mineral Water serving the UK Primo Brands completed the sale of UK business Primo Brands completed the sale of Israeli business 06/2024 01/2024 07/2024 04/2025 11/2024 10/2025
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1. Comparison period includes 2024 Combined Financials, less results of exited Eastern Canadian operations. 2025 Net sales are GAAP results. See appendix to this presentation for additional information and reconciliations. See appendix for definitions and meanings. Comparable Results1 Revised 2025 Range ($ in millions) Low High Net Sales Growth Low Single Digit Decline Adj. EBITDA $1,440 $1,460 Base CAPEX 4% of Net Sales Adj. Free Cash Flow $740 $760 Primo Water 2025 Financial Outlook 10
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Hydrate a Healthy AmericaTM
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Q&A
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Appendix
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Definitions and Meanings Reported Results - Reflect BlueTriton's financial results plus the addition of legacy Primo Water, following the closing date of the merger, November 8, 2024. Combined Results - Include the combination of legacy Primo Water with BlueTriton for the full calendar year in addition to other conforming accounting adjustments to follow our go-forward accounting policies. Comparable Results - Combined results excluding the impact of the exited Eastern Canadian operations. Normalized Comparable Results - Comparable results excluding the extra day leap-year impact in Q1 2024. 14
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15 Comparable Base Clarification Clarifying Results Attributable to the Exited Eastern Canadian Operations Comparable Base Clarification Source: Primo Brands company information ($ in millions) Q1 24 Q2 24 Q3 24 Q4 24 2024 Q1 25 Net Sales $19.9 $25.6 $23.2 $15.7 $84.4 $3.6 Adjusted EBITDA $(0.6) $2.9 $3.4 $0.3 $6.0 $—
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Premium Channel & Hawkins Facility Updates 16 • Damage initially occurred in April 2025 • Facility is fully operational with reconstruction ongoing • Primary factory supporting our Ozarka brand and other products in the Southern region • 44.4% Premium Channel Q3 Net Sales year-over-year growth • Mountain Valley facility anticipated completion by 1H 2026 • Saratoga bottling factory expansion in Texas Hawkins Facility UpdatePremium Channel Results
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17 Q3 and Q3 YTD 2024 and 2025 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited 1. Represents the Net sales and the Adjusted EBITDA of Primo Brands Corporation obtained from the Q3 2025 Press Release filed November 6, 2025. 2. Represents the Adjusted EBITDA and Net sales of Primo Water Corporation and Primo Brands Corporation Results for Primo Wat er Corporation obtained from the Q3 2024 Form 10- Q filed November 7, 2024. Results for Primo Brands Corporation obtained from the Q3 2025 Press Release filed November 6, 2025. 3. Company information. Represents accounting policy adjustments to conform Primo Water Corporation's accounting policies to those of Blue Triton. 4. Company information. Represents adjustments to conform Primo Water Corporation's fiscal year to that of Blue Triton. 5. Company information. Represents impact of the exited Eastern Canadian operations. (in millions of U.S. dollars) For the Three Months Ended For the Nine Months Ended September 30, 20251 September 30, 20242 September 30, 20251 September 30, 20242 Primo Brands Corporation Primo Water Corporation Primo Brands Corporation Combined Primo Brands Corporation Primo Water Corporation Primo Brands Corporation Combined Net sales $ 1,766.1 $ 511.4 $ 1,305.1 $ 1,816.5 $ 5,109.9 $ 1,448.4 $ 3,755.3 $ 5,203.7 Accounting policy conformity adjustments (Net sales)3 — (2.9) — (2.9) — (7.7) — (7.7) Fiscal year conformity adjustment (Net sales)4 — 4.2 — 4.2 — 5.1 — 5.1 Combined Net sales $ 1,766.1 $ 512.7 $ 1,305.1 $ 1,817.8 $ 5,109.9 $ 1,445.8 $ 3,755.3 $ 5,201.1 Impact of Eastern Canadian operations (Net sales)5 — — (23.2) (23.2) (3.6) — (68.7) (68.7) Comparable Net sales $ 1,766.1 $ 512.7 $ 1,281.9 $ 1,794.6 $ 5,106.3 $ 1,445.8 $ 3,686.6 $ 5,132.4 Net income from continuing operations $ 40.5 $ 38.2 $ 53.3 $ 91.5 $ 105.7 $ 70.2 $ 141.3 $ 211.5 Interest and financing expense, net 83.1 5.8 85.7 91.5 247.1 25.0 251.8 276.8 Provision for income taxes 26.4 13.9 18.5 32.4 60.4 37.4 48.2 85.6 Depreciation and amortization 163.1 51.0 77.8 128.8 437.0 148.9 227.3 376.2 EBITDA $ 313.1 $ 108.9 $ 235.3 $ 344.2 $ 850.2 $ 281.5 $ 668.6 $ 950.1 Acquisition, integration and restructuring expenses 88.2 8.2 10.0 18.2 200.8 26.6 29.0 55.6 Stock-based compensation costs 11.9 4.6 0.3 4.9 36.8 17.1 0.9 18.0 Unrealized loss on foreign exchange and commodity forwards, net 1.7 1.2 8.8 10.0 1.7 2.0 6.1 8.1 Loss on disposal of property, plant and equipment, net 5.0 1.3 2.1 3.4 8.4 4.1 3.8 7.9 Gain on sale of property — — — — — (0.5) — (0.5) Loss on modification and extinguishment of debt — — — — 18.6 — — — Management fees — — 4.5 4.5 — — 18.6 18.6 Purchase accounting adjustments — — — — 1.2 — — — Other adjustments, net (15.4) 0.5 3.1 3.6 (5.0) 0.7 12.8 13.5 Adjusted EBITDA $ 404.5 $ 124.7 $ 264.1 $ 388.8 $ 1,112.7 $ 331.5 $ 739.8 $ 1,071.3 Accounting policy conformity adjustments (Adjusted EBITDA)3 — (8.8) — (8.8) — (22.9) — (22.9) Fiscal year conformity adjustment (Adjusted EBITDA)4 — 2.1 — 2.1 — 2.7 — 2.7 Combined Adjusted EBITDA $ 404.5 $ 118.0 $ 264.1 $ 382.1 $ 1,112.7 $ 311.3 $ 739.8 $ 1,051.1 Impact of Eastern Canadian operations (Adjusted EBITDA)5 — — (3.4) (3.4) — — (5.7) (5.7) Comparable Adjusted EBITDA $ 404.5 $ 118.0 $ 260.7 $ 378.7 $ 1,112.7 $ 311.3 $ 734.1 $ 1,045.4 Adjusted EBITDA margin % 22.9 % 24.4 % 20.2 % 21.4 % 21.8 % 22.9 % 19.7 % 20.6 % Combined Adjusted EBITDA Margin 22.9 % 23.0 % 20.2 % 21.0 % 21.8 % 21.5 % 19.7 % 20.2 % Comparable Adjusted EBITDA Margin 22.9 % 23.0 % 20.3 % 21.1 % 21.8 % 21.5 % 19.9 % 20.4 %
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18 Q1, Q2 and Q4 2024 Combined and Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended For the Period Ended March 31, 20241 June 30, 20242 December 31, 20243 November 8, 20244 December 31, 2024 Primo Water Corporation Primo Brands Corporation Combined Primo Water Corporation Primo Brands Corporation Combined Primo Brands Corporation Primo Water Corporation Combined Net sales $ 452.0 $ 1,135.8 $ 1,587.8 $ 485.0 $ 1,314.4 $ 1,799.4 $ 1,397.2 $ 221.1 $ 1,618.3 Accounting policy conformity adjustments (Net sales)5 (1.4) — (1.4) (3.4) — (3.4) — (0.8) (0.8) Fiscal year conformity adjustment (Net sales)6 (3.7) — (3.7) 4.6 — 4.6 — (8.5) (8.5) Combined Net sales $ 446.9 $ 1,135.8 $ 1,582.7 $ 486.2 $ 1,314.4 $ 1,800.6 $ 1,397.2 $ 211.8 $ 1,609.0 Impact of Eastern Canadian operations (Net sales)7 — (19.9) (19.9) — (25.6) (25.6) (15.7) — (15.7) Comparable Net sales $ 446.9 $ 1,115.9 $ 1,562.8 $ 486.2 $ 1,288.8 $ 1,775.0 $ 1,381.5 $ 211.8 $ 1,593.3 Net income (loss) from continuing operations $ 18.7 $ 33.5 $ 52.2 $ 13.3 $ 54.5 $ 67.8 $ (153.9) $ (35.7) $ (189.6) Interest and financing expense, net 10.0 79.9 89.9 9.2 86.2 95.4 87.8 3.0 90.8 Provision for (benefit from) income taxes 9.5 11.4 20.9 14.0 18.3 32.3 (14.9) 3.4 (11.5) Depreciation and amortization 48.2 75.2 123.4 49.7 74.3 124.0 106.0 23.8 129.8 EBITDA $ 86.4 $ 200.0 $ 286.4 $ 86.2 $ 233.3 $ 319.5 $ 25.0 $ (5.5) $ 19.5 Acquisition, integration and restructuring expenses 5.3 5.8 11.1 13.1 13.2 26.3 175.1 52.6 227.7 Stock-based compensation costs 3.0 0.3 3.3 9.5 0.3 9.8 7.4 2.0 9.4 Unrealized (gain) loss on foreign exchange and commodity forwards, net (1.9) (3.8) (5.7) 2.7 1.1 3.8 0.3 1.9 2.2 Loss on disposal of property, plant and equipment, net 1.5 1.6 3.1 1.3 0.1 1.4 1.6 3.3 4.9 Gain on sale of property (0.5) — (0.5) — — — — — — Management fees — 9.3 9.3 — 4.8 4.8 34.8 — 34.8 Purchase accounting adjustments — — — — — — 4.8 — 4.8 Other adjustments, net 0.1 4.5 4.6 0.1 5.2 5.3 5.8 (0.9) 4.9 Adjusted EBITDA $ 93.9 $ 217.7 $ 311.6 $ 112.9 $ 258.0 $ 370.9 $ 254.8 $ 53.4 $ 308.2 Accounting policy conformity adjustments (Adjusted EBITDA)5 (6.5) — (6.5) (7.6) — (7.6) — (2.9) (2.9) Fiscal year conformity adjustment (Adjusted EBITDA)6 (1.0) — (1.0) 1.6 — 1.6 — (3.9) (3.9) Combined Adjusted EBITDA $ 86.4 $ 217.7 $ 304.1 $ 106.9 $ 258.0 $ 364.9 $ 254.8 $ 46.6 $ 301.4 Impact of Eastern Canadian operations (Adjusted EBITDA)7 — 0.6 0.6 — (2.9) (2.9) (0.3) — (0.3) Comparable Adjusted EBITDA $ 86.4 $ 218.3 $ 304.7 $ 106.9 $ 255.1 $ 362.0 $ 254.5 $ 46.6 $ 301.1 Combined Adjusted EBITDA Margin 19.3 % 19.2 % 19.2 % 22.0 % 19.6 % 20.3 % 18.2 % 22.0 % 18.7 % Comparable Adjusted EBITDA Margin 19.3 % 19.6 % 19.5 % 22.0 % 19.8 % 20.4 % 18.4 % 22.0 % 18.9 % 1. Represents the Adjusted EBITDA and Net sales of Primo Water Corporation and Primo Brands Corporation. Results for Primo Br ands obtained from the Q1 2025 Press Release filed May 8, 2025. Results for Primo Water Corporation obtained from the Q1 2024 Form 10-Q filed May 9, 2024. 2. Represents the Adjusted EBITDA and Net sales of Primo Water Corporation and Primo Brands Corporation. Results for Primo Water Corporation obtained from the Q2 2024 Form 10- Q filed August 8, 2024. Results for Primo Brands obtained from the Q2 2025 Press Release filed August 7, 2025. 3. Represents the combined and comparable Adjusted EBITDA and Net sales of Primo Brands Corporation for the three months ended D ecember 31, 2024 obtained from the 2024 Press Release filed February 20, 2025. 4. Company information. Represents the Adjusted EBITDA and Net sales for Primo Water Corporation for the period September 29, 2024 through November 8, 2024. 5. Company information. Represents accounting policy adjustments to conform Primo Water Corporation's accounting policies to those of Blue Triton. 6. Company information. Represents adjustments to conform Primo Water Corporation's fiscal year to that of Blue Triton. 7. Company information. Represents impact of the exited Eastern Canadian operations.
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19 FY 2024 Combined Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Period Ended December 31, 20241 September 28, 20242 November 8, 20243 December 31, 2024 Primo Brands Corporation Primo Water Corporation Primo Water Corporation Combined Net sales $ 5,152.5 $ 1,448.4 $ 221.1 $ 6,822.0 Accounting policy conformity adjustments (Net sales)4 — (7.7) (0.8) (8.5) Fiscal year conformity adjustment (Net sales)5 — 5.1 (8.5) (3.4) Combined Net sales $ 5,152.5 $ 1,445.8 $ 211.8 $ 6,810.1 Net (loss) income from continuing operations $ (12.6) $ 70.2 $ (35.7) $ 21.9 Interest and financing expense, net 339.6 25.0 3.0 367.6 Provision for income taxes 33.3 37.4 3.4 74.1 Depreciation and amortization 333.3 148.9 23.8 506.0 EBITDA $ 693.6 $ 281.5 $ (5.5) $ 969.6 Acquisition, integration and restructuring expenses 204.1 26.6 52.6 283.3 Stock-based compensation costs 8.3 17.1 2.0 27.4 Unrealized loss on foreign exchange and commodity hedges, net 6.4 2.0 1.9 10.3 Loss on disposal of property, plant and equipment, net 5.4 4.1 3.3 12.8 Gain on sale of property — (0.5) — (0.5) Management fees 53.4 — — 53.4 Purchase accounting adjustments 4.8 — — 4.8 Other adjustments, net 18.6 0.7 (0.9) 18.4 Adjusted EBITDA $ 994.6 $ 331.5 $ 53.4 $ 1,379.5 Accounting policy conformity adjustments (Adjusted EBITDA)4 — (22.9) (2.9) (25.8) Fiscal year conformity adjustment (Adjusted EBITDA)5 — 2.7 (3.9) (1.2) Combined Adjusted EBITDA $ 994.6 $ 311.3 $ 46.6 $ 1,352.5 1. Represents the Adjusted EBITDA and Net sales of Primo Brands Corporation for the fiscal year ended December 31, 2024 obtained from the 2024 Press Release filed February 20, 2025. 2. Represents the Adjusted EBITDA and Net sales of Primo Water Corporation for the nine months ended September 28, 2024. Results obtained from the Primo Water Corporation Q3 2024 Form 10-Q filed November 7, 2024. 3. Company information. Represents the Adjusted EBITDA and Net sales for Primo Water Corporation for the period September 29, 2024 through November 8, 2024. 4. Company information. Represents accounting policy adjustments to conform Primo Water Corporation's accounting policies to those of Blue Triton. 5. Company information. Represents adjustments to conform Primo Water Corporation's fiscal year to that of Blue Triton.
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20 Q1 and Q3 YTD Normalized Comparable Net Sales Non-GAAP Reconciliation - Unaudited 1. Represents comparable sales. Refer to Q1 earnings supplemental deck for reconciliations. 2. Company information. Represents the impact of the Feb 29, 2024 Leap Day. 3. Represents comparable sales. See appendix to this presentation for additional information and reconciliations. (in millions of U.S. dollars) Three Months Ended 9 Months Ended March 31, 20251 March 31, 20241 September 30, 20253 September 30, 20243 Primo Brands Corporation Primo Brands Corporation Primo Brands Corporation Primo Brands Corporation Comparable Net sales $ 1,610.1 $ 1,562.8 $ 5,106.3 $ 5,132.4 Leap year adjustment2 — (17.6) — (17.6) Normalized comparable net sales $ 1,610.1 $ 1,545.2 $ 5,106.3 $ 5,114.8 Normalized comparable net sales growth 4.2 % (0.2)%
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21 Q3 and Q3 YTD 2025 and 2024 Combined and Comparable Net Sales by Water Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended September 30, 2025 For the Nine Months Ended September 30, 2025 Net Sales Primo Brands Corporation1 Adjustments2 Combined Net Sales Adjustments3 Comparable Net Sales Primo Brands Corporation1 Adjustments2 Combined Net Sales Adjustments3 Comparable Net Sales ($ in millions of U.S. dollars) Regional spring water $ 885.6 $ — $ 885.6 $ — $ 885.6 $ 2,554.8 $ — $ 2,554.8 $ — $ 2,554.8 Purified water 557.5 — 557.5 — 557.5 1,617.5 — 1,617.5 (2.8) 1,614.7 Premium water 98.2 — 98.2 — 98.2 259.6 — 259.6 — 259.6 Other water 33.0 — 33.0 — 33.0 103.0 — 103.0 (0.8) 102.2 Brand Net Sales- Subtotal $ 1,574.3 $ — $ 1,574.3 $ — $ 1,574.3 $ 4,534.9 $ — $ 4,534.9 $ (3.6) $ 4,531.3 Other $ 191.8 — $ 191.8 — 191.8 575.0 — 575.0 — 575.0 Net Sales $ 1,766.1 $ — $ 1,766.1 $ — $ 1,766.1 $ 5,109.9 $ — $ 5,109.9 $ (3.6) $ 5,106.3 For the Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024 Net Sales Primo Brands Corporation1 Adjustments2 Combined Net Sales Adjustments3 Comparable Net Sales Primo Brands Corporation1 Adjustments2 Combined Net Sales Adjustments3 Comparable Net Sales ($ in millions of U.S. dollars) Regional spring water $ 848.9 $ 44.2 $ 893.1 $ — $ 893.1 $ 2,465.6 $ 122.2 $ 2,587.8 $ — $ 2,587.8 Purified water 330.9 273.3 604.2 (16.3) 587.9 935.4 759.0 1,694.4 (44.5) 1,649.9 Premium water 18.5 49.5 68.0 — 68.0 50.6 127.7 178.3 — 178.3 Other water 38.2 5.8 44.0 (6.9) 37.1 108.3 17.6 125.9 (24.2) 101.7 Brand Net Sales- Subtotal $ 1,236.5 $ 372.8 $ 1,609.3 $ (23.2) $ 1,586.1 $ 3,559.9 $ 1,026.5 $ 4,586.4 $ (68.7) $ 4,517.7 Other 68.6 139.9 208.5 — 208.5 195.4 419.3 614.7 — 614.7 Net Sales $ 1,305.1 $ 512.7 $ 1,817.8 $ (23.2) $ 1,794.6 $ 3,755.3 $ 1,445.8 $ 5,201.1 $ (68.7) $ 5,132.4 1. Represents net sales by water type for Primo Brands obtained from the 2025 Form 10-Q filed November 6, 2025. 2. Company information. Adjustments include Primo Water Net sales for January 1, 2024 through September 30, 2024, the QTD and YTD impact of Net sales differences in Primo Water's fiscal year-end, and the impact of accounting conformity adjustments. Adjustments are not applicable for Q3 2025. 3. Company information. Represents impact of the exited Eastern Canadian operations.
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22 Q3 and Q3 YTD 2025 and 2024 Combined and Comparable Net Sales by Trade Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended September 30, 2025 For the Nine Months Ended September 30, 2025 Net Sales Primo Brands Corporation1 Adjustments2 Combined Net Sales Adjustments3 Comparable Net Sales Primo Brands Corporation1 Adjustments2 Combined Net Sales Adjustments3 Comparable Net Sales ($ in millions of U.S. dollars) Direct delivery $ 678.4 $ — $ 678.4 $ — $ 678.4 $ 1,995.6 $ — $ 1,995.6 $ — $ 1,995.6 Grocery 344.7 — 344.7 — 344.7 1,017.0 — 1,017.0 (1.0) 1,016.0 Club 288.5 — 288.5 — 288.5 820.3 — 820.3 (0.8) 819.5 Mass 216.4 — 216.4 — 216.4 632.0 — 632.0 (1.4) 630.6 Away from home 134.6 — 134.6 — 134.6 376.2 — 376.2 (0.4) 375.8 Emerging- Specialty & Other 103.5 — 103.5 — 103.5 268.8 — 268.8 — 268.8 Net sales $ 1,766.1 $ — $ 1,766.1 $ — $ 1,766.1 $ 5,109.9 $ — $ 5,109.9 $ (3.6) $ 5,106.3 For the Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024 Net Sales Primo Brands Corporation1 Adjustments2 Combined Net Sales Adjustments3 Comparable Net Sales Primo Brands Corporation1 Adjustments2 Combined Net Sales Adjustments3 Comparable Net Sales ($ in millions of U.S. dollars) Direct delivery $ 317.4 $ 408.1 $ 725.5 $ — $ 725.5 $ 888.5 $ 1,159.1 $ 2,047.6 $ — $ 2,047.6 Grocery 318.3 31.6 349.9 (6.2) 343.7 945.9 89.9 1,035.8 (19.9) 1,015.9 Club 294.6 3.1 297.7 (7.6) 290.1 848.2 15.1 863.3 (26.2) 837.1 Mass 199.5 27.9 227.4 (6.7) 220.7 569.5 72.5 642.0 (16.1) 625.9 Away from home 119.3 10.8 130.1 (2.4) 127.7 350.5 28.4 378.9 (5.8) 373.1 Emerging- Specialty & Other 56.0 31.2 87.2 (0.3) 86.9 152.7 80.8 233.5 (0.7) 232.8 Net sales $ 1,305.1 $ 512.7 $ 1,817.8 $ (23.2) $ 1,794.6 $ 3,755.3 $ 1,445.8 $ 5,201.1 $ (68.7) $ 5,132.4 1.Company information. Represents Net sales by channel of trade for Primo Brands. 2. Company information. Adjustments include Primo Water Net sales for January 1, 2024 through September 30, 2024, the QTD and YTD impact of Net sales differences in Primo Water's fiscal year-end, and the impact of accounting conformity adjustments. Adjustments are not applicable for Q3 2025. 3. Company information. Represents impact of the exited Eastern Canadian operations.
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23 FY 2024 and Q3 2025 TTM Combined Free Cash Flow and Adjusted Free Cash Flow Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Period Ended For the Period Ended For the Period Ended TTM7 Primo Brands Corporation Primo Water Corporation Primo Water Corporation Combined Primo Water Corporation Primo Brands Corporation Combined Primo Brands Corporation Primo Brands Corporation December 31, 20241 September 28, 20242 November 8, 20243 December 31, 2024 September 30, 20244 September 30, 20245 September 30, 2024 September 30, 20255 September 30, 2025 Net cash provided by operating activities from continuing operations $ 463.8 $ 255.7 $ 36.7 $ 756.2 $ 255.7 $ 370.1 $ 625.8 $ 477.2 $ 607.6 Less: Additions to property, plant, and equipment (150.2) (108.7) (16.0) (274.9) (108.7) (96.9) (205.6) (231.6) (300.9) Less: Additions to intangible assets (40.7) (7.9) (1.1) (49.7) (7.9) (36.4) (44.3) (42.2) (47.6) Free Cash Flow $ 272.9 $ 139.1 $ 19.6 $ 431.6 $ 139.1 $ 236.8 $ 375.9 $ 203.4 $ 259.1 Acquisition, integration and restructuring cash costs 133.2 19.3 6.9 159.4 19.3 29.0 48.3 206.2 317.3 Cash taxes paid for property sales — 1.3 — 1.3 1.3 — 1.3 — — Integration capital expenditures 0.1 1.1 0.1 1.3 1.1 — 1.1 84.5 84.7 Natural disaster related capital expenditures — — — — — — — 23.0 23.0 COVID-19 related refunds — (0.8) — (0.8) (0.8) — (0.8) — — Management Fees 50.0 — — 50.0 — 18.6 18.6 — 31.4 Debt restructuring costs — — — — — — — 18.2 18.2 Tariffs refunds related to property, plant and equipment — 2.1 — 2.1 2.1 — 2.1 0.2 0.2 Combined Adjusted Free Cash Flow $ 456.2 $ 162.1 $ 26.6 $ 644.9 $ 162.1 $ 284.4 $ 446.5 $ 535.5 $ 733.9 Q3 2025 TTM Combined Adjusted EBITDA 6 1,414.1 Q3 2025 Adjusted Free Cash Flow Conversion Ratio 51.9 % 1. Represents the Adjusted Free Cash Flow for Primo Brands Corporation the fiscal year ended December 31, 2024 obtained from the 2024 Press Release filed February 20, 2025. 2. Represents the Adjusted Free Cash Flow of Primo Water Corporation for the nine months ended September 28, 2024 obtained from the Q3 2024 Form 10-Q filed November 7, 2024. Accounting conformity adjustments do not impact Free Cash Flow or Adjusted Free Cash Flow totals, therefore, management has not adjusted the individual lines for these. 3. Company information. Represents the Adjusted Free Cash Flow for Primo Water Corporation for the period December 31, 2023 through November 8, 2024. Accounting conformity adjustments do not impact Free Cash Flow or Adjusted Free Cash Flow totals, therefore, management has not adjusted the individual lines for these. 4. Represents the Adjusted Free Cash Flow of Primo Water Corporation obtained from the Q3 2024 Press Release filed November 7, 2024. Accounting conformity adjustments do not impact Free Cash Flow or Adjusted Free Cash Flow totals, therefore, management has not adjusted the individual lines for these. 5. Represents the Adjusted Free Cash Flow for Primo Brands Corporation the nine months ended September 30, 2025 and September 30, 2024 obtained from the Q3 2025 Press Release filed November 6, 2025. 6. Represents the Q3 2025 trailing twelve months Combined Adjusted EBITDA. See appendix to this presentation for additional information and reconciliations. 7. Represents FY YTD 2024 less YTD Q3 2024 plus YTD Q3 2025 resulting in twelve months of data.
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24 Q3 2024 and 2025 Combined Free Cash Flow and Adjusted Free Cash Flow Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended Primo Brands Corporation Primo Water Corporation Primo Brands Corporation Combined September 30, 20252 September 30, 20241 September 30, 20242 September 30, 2024 Net cash provided by operating activities from continuing operations $ 283.4 $ 91.0 $ 261.6 $ 352.6 Less: Additions to property, plant, and equipment (115.7) (33.8) (32.3) (66.1) Less: Additions to intangible assets (17.0) (2.6) (9.0) (11.6) Free Cash Flow $ 150.7 $ 54.6 $ 220.3 $ 274.9 Acquisition, integration and restructuring cash costs 79.0 5.4 10.0 15.4 Integration capital expenditures 58.4 0.4 — 0.4 Natural disaster related capital expenditures 23.0 — — — Management Fees — — 4.5 4.5 Combined Adjusted Free Cash Flow $ 311.1 $ 60.4 $ 234.8 $ 295.2 1. Represents the Adjusted Free Cash Flow of Primo Water Corporation obtained from the Q3 2024 Press Release filed November 7, 2024. Accounting conformity adjustments do not impact Free Cash Flow or Adjusted Free Cash Flow totals, therefore, management has not adjusted the individual lines for these. 2. Represents the Adjusted Free Cash Flow for Primo Brands Corporation the three months ended September 30, 2025 and September 30, 2024 obtained from the Q3 2025 Press Release filed November 6, 2025.
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25 Q3 2025 Adjusted Cash from Operations and Capex - Cont Ops Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Primo Brands Corporation For the Three Months Ended September 30, 2025 Net cash provided by operating activities from continuing operations $ 283.4 Acquisition, integration and restructuring cash costs 79.0 Adjusted cash provided by operating activities from continuing operations 1 $ 362.4 Less: Additions to property, plant, and equipment (115.7) Less: Additions to intangible assets (17.0) Integration capital expenditures 58.4 Natural disaster related capital expenditures 23.0 Adjusted capex 2 $ (51.3) Adjusted Free Cash Flow $ 311.1 1. Represents cash provided by operating activities adjusted for the Adjusted free cash flow addbacks that are operating related which include acquisition, integration and restructuring cash costs. Amounts for cash provided by operating activities and addbacks obtained from previous slides in this appendix. 2. Represents capex adjusted for the Adjusted free cash flow addbacks that are capex related which include the cash costs related to capex for the integration of acquired entities and natural disaster related capital expenditures. Amounts for additions to property, plant, and equipment, additions to intangible assets and addbacks obtained f rom previous slides in this appendix.
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26 Interest Coverage Ratio and Net Leverage Ratio - Combined Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars, except financial ratios) FY 2024 (-) Q3 2024 YTD (+) Q3 2025 YTD Q3 2025 LTM Adjusted EBITDA 1 $ 1,352.5 $ 1,051.1 $ 1,112.7 $ 1,414.1 Interest Expense, net $ 367.6 $ 276.8 $ 247.1 $ 337.9 Total debt 2 $ 5,185.5 Unrestricted cash 3 $ 422.5 Interest Coverage Ratio 4 4.18x Net Leverage ratio 5 3.37x 1. Inclusive of accounting policy and fiscal year conformity adjustments for the FY 2024 and Q3 2024 periods presented. See appendix to this presentation for additional information and reconciliations. 2. Total principal indebtedness debt as of September 30, 2025 of $5,185.5 million as adjusted to exclude $98.6 million of unamortized debt costs and discounts. 3. Unrestricted cash defined as cash and cash equivalents as of September 30, 2025 of $422.7 million less restricted cash of $0.2 million. 4. Interest Coverage ratio defined as Combined Adjusted EBITDA divided by interest expense. 5. Net Leverage ratio defined as total principal indebtedness, excluding unamortized debt costs and unamortized discount, less unrestricted cash ("net debt") divided by Combined Adjusted EBITDA.
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27 Volume/Price-Mix Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Q3 QTD Q3 YTD Comparable Net Sales 20241 $ 1,794.6 $ 5,132.4 Volume — 2.9 Price/Mix (28.5) (29.0) Comparable Net Sales 20251 $ 1,766.1 $ 5,106.3 Total Volume —% 0.1% Total Price/Mix (1.6%) (0.6%) Total Comparable Net Sales Growth 1 (1.6%) (0.5%) 1. Represents the Comparable Net Sales of Primo Brands. See above for reconciliations.
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28 (in millions of U.S. dollars) Q3 QTD Q3 YTD Comparable Net Sales 20241 $ 1,794.6 $ 5,132.4 Inorganic growth (from acquisitions) 5.5 18.3 Organic growth (34.0) (44.4) Comparable Net Sales 20251 $ 1,766.1 $ 5,106.3 Inorganic growth (from acquisitions) 0.3% 0.4% Organic Growth (1.9%) (0.9%) Comparable Net Sales Growth (1.6%) (0.5%) 1. Represents the Comparable Net Sales of Primo Brands. See above for reconciliations. Organic/Inorganic Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited