Slides
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Third Quarter 2026 Earnings Results November 5, 2026
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Cautionary Statements 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' 2026 outlook and expected Adjusted EBITDA, free cash flow and net leverage trends in 2027), the number of shares that may be repurchased under the New Repurchase Program, capital allocation priorities, productivity and cost mitigation actions and their expected timing, costs and benefits, execution of the Company’s strategy and Primo Brands' competitive position. 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 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; increases in transportation, freight and fuel costs; our ability to implement productivity and workforce actions and realize their expected benefits; risks related to our common stock; 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 litigation or legal proceedings; risks related to 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 and Exchange Commission. 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 comparable net sales, which excludes the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. Primo Brands also utilizes Adjusted EBITDA, Adjusted EBITDA margin and Comparable Adjusted EBITDA margin 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. Primo Brands utilizes net debt, net leverage ratio and interest coverage ratio. Management uses net debt as an assessment of overall liquidity, financial flexibility, and leverage, and net leverage ratio and interest coverage ratio as an indicator of the Company’s ability to meet its future financial obligations. 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 acquisition, integration and restructuring cash costs and debt restructuring costs to present adjusted cash provided by operating activities from continuing operations, 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. Management believes these measures are useful to demonstrate the Company’s ability to generate future cash flows from operations. Additionally Primo Brands presents adjusted free cash flow conversion ratio, which management believes demonstrates the conversion of Adjusted EBITDA into cash. The Company has revised its presentation of Comparable Net sales in order to exclude both the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. As a result of this change, the Company's 2025 Comparable Net sales as disclosed in this presentation differs from the comparable metric disclosed in previous presentations. See Appendix for definitions of non-GAAP metrics. 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. In addition, other companies may 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, income taxes, acquisition, integration and restructuring expenses, and unrealized (gain) loss on foreign exchange and commodity forwards. 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 results. 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 its 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 its affiliates can guarantee the accuracy or completeness of this information. You are cautioned not to give undue weight to such information. Rounding Adjustments Certain monetary amounts, percentages and other figures included in this presentation have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables or charts may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated, may not be the arithmetic aggregation of the percentages that precede them. 2 Disclaimer
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+200,000 Retail Outlets 13 Iconic Brands +80 Spring Water Sources Coast-to-Coast Distribution Network Vertically Integrated A Leading North American Branded Beverage Company Hydrating a Healthy AmericaTM 3
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Positioning for the Future Priorities to Support Profitable Growth Fuel Topline Growth Improve direct delivery customer experience Drive executional excellence at retail Prioritize premium offerings Strategic & holistic revenue management Drive Margin Expansion Achieve synergy capture Implement strategic pricing Drive supply chain productivity SG&A efficiency Leverage Free Cash Flow Invest in growth & productivity initiatives Reduce net leverage ratio Return cash to stockholders Fund strategic bolt-on M&A Build a Winning Culture Mission driven One Primo mindset Customer & consumer- centric approach Solve-by-sundown mentality 4
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Comparable Net Sales $1,821.0M +3.3% YoY Comparable Adjusted EBITDA $411.0M +1.6% YoY Comparable Adjusted EBITDA Margin 22.6% (40) bps YoY Reported Results (in millions) Q3 2026 Q3 2025 Change Net Sales $1,821.0 $1,766.1 3.1% Adjusted EBITDA $411.0 $404.5 1.6% Adjusted EBITDA Margin % 22.6% 22.9% (30) bps Comparable Results¹ (in millions) Q3 2026 Q3 2025 Change Net Sales $1,821.0 $1,762.4 3.3% Adjusted EBITDA $411.0 $404.5 1.6% Adjusted EBITDA Margin % 22.6% 23.0% (40) bps 1. Excludes the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. Financial Performance - Reported and Comparable Results1 Q3 2026 Financial Summary 5
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Direct Delivery Grocery Club Mass Away From Home Emerging - Specialty & Other Net Sales by Trade Type (Comparable Results)5 1. Excludes the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. 2. Other Water includes flavored beverages, and non-core water brands, including private label. 3. Other includes fees, rents, coffee, and all other non-beverage sales. 4. Emerging - Specialty & Other is comprised of all other retail channels such as Home Improvement, Natural Foods, Redistribution, Office, and select e-commerce channels. 5. The channels outside of Direct Delivery include non-Retail related customers. See appendix to this presentation for additional information and reconciliations. Channel Q3 2026 Q3 2025 Change Regional Spring Water $911.5 $885.6 2.9% Purified Water $573.6 $557.5 2.9% Premium Water $122.1 $98.2 24.3% Other Water2 $31.8 $33.0 (3.6)% Other3 $182.0 $188.1 (3.2)% Total $1,821.0 $1,762.4 3.3% Net Sales by Water Type (Comparable Results) Channel Q3 2026 Q3 2025 Change Direct Delivery $689.3 $674.7 2.2% Grocery $355.3 $344.7 3.1% Club $310.1 $288.5 7.5% Mass $237.1 $216.4 9.6% Away From Home $139.9 $134.6 3.9% Emerging - Specialty & Other4 $89.3 $103.5 (13.7)% Total $1,821.0 $1,762.4 3.3% Financial Performance - Comparable Results1 Q3 2026 Net Sales by Channel Regional Spring Water Purified Water Premium Water Other Water Other 6
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Building on Premium Brand Strength Investments in New Capacity Support Scale and Productivity 7 Mountain Valley Spring Water
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Key Cost Drivers and Mitigation Strategies Cost Drivers Proactive Mitigation Areas of Control Fuel / Diesel Fleet operations, last-mile delivery Resin PET bottle and packaging materials Labor Production, warehouse, drivers Freight Inbound / outbound transportation Diesel Hedging Program Structured hedging instruments to help mitigate fuel prices and reduce exposure to market volatility Long-Term Resin Contracts Strategic purchasing agreements for resin providing greater price visibility and guaranteed supply Growth Initiatives Drive revenue growth to outpace input cost increases Productivity Measures Operational efficiencies and automation gains to systematically reduce unit costs Pass Through Mechanisms Delivery fees, ancillary fees, energy surcharge and revenue growth management Input Cost Management 8
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Net Leverage Ratio 1 3.32x Net Debt ÷ Adj EBITDA Available Liquidity 2 $1,064M Cash + Revolver Availability Cost of Debt Capital 3,4 5.84% Weighted Average Interest Rate Debt Capital Maturities 4 1. Ratio of principal balance of total indebtedness, less unrestricted cash over Adj. EBITDA for the trailing-twelve months ended September 30, 2026. See appendix for additional information and reconciliations. 2. Available liquidity is representative of unrestricted cash plus revolving credit facility availability. Revolving credit facility availability is equal to $750.0M less drawn balance (nil as of September 30, 2026), less standby letters of credit ($163.4 million as of September 30, 2026). 3. Cost of Debt Capital represents the pre-tax weighted average borrowing rate assuming SOFR at 3.68% as of September 30, 2026. 4. Excludes Finance Lease Obligations, Other Debt, and Interest Income earned on cash. 5. Includes approximately $31.0 million of Term Loan B annual amortization. $8 $31 $542 $1,494 $618 $2,943 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 3.875% 6.250% 4.375% SOFR +175 bps Secured Maturities Undrawn Revolving Credit Unsecured Maturities Liquidity and Debt Capital Structure Balance Sheet and Treasury Management SOFR + 275 bps 9 55 5
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Capital Allocation Priorities Disciplined and Balanced Approach Reinvest in the Business Growth and Productivity Initiatives IT, customer contact center & digital capabilities investment Premium channel capacity expansion Production & facility activities Cooler & fleet standardization Enhance Balance Sheet Strength Deleveraging Focus Reduce Net Leverage Ratio1 to under 3.0 times Working capital optimization and cash conversion improvement • Return Cash to Stockholders Dividends and Repurchases Return cash to stockholders through dividends and share repurchase program Declared quarterly dividend of 12 cents per share Disciplined M&A Strategic Bolt-On Acquisitions Complement organic growth with accretive tuck-in acquisitions Focus on healthy hydration & direct delivery spaces 1. Ratio of principal balance of total indebtedness, less unrestricted cash over Adjusted EBITDA for trailing twelve months ended September 30, 2026. Adjusted EBITDA growth and potential gross debt reduction Complement the branded portfolio 10 New $300 million share repurchase authorization, replacing the existing program, which had approximately $41M of unused capacity as of September 30, 2026
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Previous ($ 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 $810 Unchanged 1. Excludes the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. See appendix for reconciliation. Updated 2026 Full Year Financial Outlook 11
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Appendix
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13 Comparable Base Clarification Source: Primo Brands company information 1. In Q1 2026, the Company revised its presentation of Comparable Net sales in order to exclude the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. In prior presentations of Comparable Net Sales by Trade Type, the US Office Coffee Services net sales were included in the Direct Delivery line. Refer to Slide 17 of the Q4/FY 2025 presentation for net sales attributable to the US Office Coffee Services business, which would need to be removed from prior periods to arrive at Comparable Net Sales calculated consistent with the revised presentation of this metric. Refer to slide 16 for the Direct Delivery reconciliation for Q3 2025 where the adjustment solely represents the US Office Coffee Services net sales. ($ in millions) Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Net Sales Attributable to the Exited Eastern Canadian Operations $3.6 $0.0 $0.0 $0.0 $3.6 Historical Contribution from Exited Eastern Canadian Operations and Exited US Office Coffee Services Business (OCS) ($ in millions) Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Net Sales Attributable to the Exited US Office Coffee Services Business (OCS)1 $11.1 $6.9 $3.7 $3.8 $25.5
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1. Represents the Net sales and Adjusted EBITDA of Primo Brands Corporation for the three and nine months ended September 30, 2026 and September 30, 2025 obtained from the Q3 2026 Press Release furnished November 5, 2026. 2. Represents the Net Sales and Adjusted EBITDA of Primo Brands Corporation obtained from the 2025 Press Release furnished February 26, 2026. 3. Company information. Represents contribution of net sales from the Company's exited Eastern Canadian operations. 4. Company information. Represents contribution of net sales from the Company's exited US Office Coffee Services business. 5. The Company has revised its presentation of Comparable Net sales in order to exclude the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. As a result of this change, the Company’s 2025 Comparable Net sales as disclosed in this presentation differs from the comparable metric disclosed in previous presentations. (in millions of U.S. dollars) For the Three Months Ended For the Nine Months Ended For the Fiscal Year Ended September 30, 20261 September 30, 20251 September 30, 20261 September 30, 20251 December 31, 20252 Net sales $ 1,821.0 $ 1,766.1 $ 5,243.3 $ 5,109.9 $ 6,664.0 Impact of Eastern Canadian operations3 — — — (3.6) (3.6) Impact of US Office Coffee Services Business (OCS)4 — (3.7) — (21.7) (25.5) Comparable Net sales5 $ 1,821.0 $ 1,762.4 $ 5,243.3 $ 5,084.6 $ 6,634.9 Net income from continuing operations $ 124.5 $ 40.5 $ 221.0 $ 105.7 $ 80.4 Interest and financing expense, net 79.9 83.1 239.5 247.1 326.5 Provision for income taxes 46.2 26.4 87.6 60.4 64.6 Depreciation and amortization 146.3 163.1 429.5 437.0 610.2 EBITDA $ 396.9 $ 313.1 $ 977.6 $ 850.2 $ 1,081.7 Acquisition, integration and restructuring expenses 23.7 88.2 91.2 200.8 271.8 Stock-based compensation costs 8.7 11.9 29.7 36.8 49.9 Intangible asset impairment — — — — 35.6 Unrealized (gain) loss on foreign exchange and commodity forwards, net (26.1) 1.7 (39.7) 1.7 4.4 Loss on disposal of property, plant and equipment, net 3.8 5.0 14.0 8.4 17.4 Loss on modification and extinguishment of debt — — 17.7 18.6 18.6 Purchase accounting adjustments — — — 1.2 1.2 Proceeds from insurance settlements — — — — (47.3) Other adjustments, net 4.0 (15.4) 11.5 (5.0) 13.5 Adjusted EBITDA $ 411.0 $ 404.5 $ 1,102.0 $ 1,112.7 $ 1,446.8 Adjusted EBITDA margin % 22.6 % 22.9 % 21.0 % 21.8 % 21.7 % Comparable Adjusted EBITDA Margin 22.6 % 23.0 % 21.0 % 21.9 % 21.8 % Non-GAAP Reconciliation - Unaudited Q3/YTD 2026 and 2025 Comparable Net Sales, EBITDA & Adjusted EBITDA 14
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For the Three Months Ended September 30, 2026 For the Nine Months Ended September 30, 2026 Net Sales1 Adjustments2 Comparable Net Sales Net Sales1 Adjustments2 Comparable Net Sales ($ in millions of U.S. dollars) Regional spring water $ 911.5 $ — $ 911.5 $ 2,623.7 $ — $ 2,623.7 Purified water 573.6 — 573.6 1,640.9 — 1,640.9 Premium water 122.1 — 122.1 341.8 — 341.8 Other water 31.8 — 31.8 94.1 — 94.1 Brand Net Sales- Subtotal $ 1,639.0 $ — $ 1,639.0 $ 4,700.5 $ — $ 4,700.5 Other 182.0 — 182.0 542.8 — 542.8 Net Sales $ 1,821.0 $ — $ 1,821.0 $ 5,243.3 $ — $ 5,243.3 For the Three Months Ended September 30, 2025 For the Nine Months Ended September 30, 2025 Net Sales1 Adjustments2 Comparable Net Sales3 Net Sales1 Adjustments2 Comparable Net Sales3 ($ in millions of U.S. dollars) Regional spring water $ 885.6 $ — $ 885.6 $ 2,554.8 $ — $ 2,554.8 Purified water 557.5 — 557.5 1,617.5 (2.8) 1,614.7 Premium water 98.2 — 98.2 259.6 — 259.6 Other water 33.0 — 33.0 103.0 (0.8) 102.2 Brand Net Sales- Subtotal $ 1,574.3 $ — $ 1,574.3 $ 4,534.9 $ (3.6) $ 4,531.3 Other 191.8 (3.7) 188.1 575.0 (21.7) 553.3 Net Sales $ 1,766.1 $ (3.7) $ 1,762.4 $ 5,109.9 $ (25.3) $ 5,084.6 1. Represents net sales by water type for Primo Brands obtained from the Q3 2026 Press Release furnished November 5, 2026. 2. Company information. Represents contribution of net sales from the Company's exited Eastern Canadian operations and exited US Office Coffee Services business. 3. The Company has revised its presentation of Comparable Net sales in order to exclude the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. As a result of this change, the Company's 2025 Comparable Net sales as disclosed in this presentation differs from the comparable metric disclosed in previous presentations. Non-GAAP Reconciliation - Unaudited Q3/YTD 2026 and 2025 Comparable Net Sales by Water Type 15
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For the Three Months Ended September 30, 2026 For the Nine Months Ended September 30, 2026 Net Sales1 Adjustments2 Comparable Net Sales Net Sales1 Adjustments2 Comparable Net Sales ($ in millions of U.S. dollars) Direct delivery $ 689.3 $ — $ 689.3 $ 1,972.4 $ — $ 1,972.4 Grocery 355.3 — 355.3 1,048.0 — 1,048.0 Club 310.1 — 310.1 865.6 — 865.6 Mass 237.1 — 237.1 683.9 — 683.9 Away from home 139.9 — 139.9 402.7 — 402.7 Emerging- Specialty & Other 89.3 — 89.3 270.7 — 270.7 Net sales $ 1,821.0 $ — $ 1,821.0 $ 5,243.3 $ — $ 5,243.3 For the Three Months Ended September 30, 2025 For the Nine Months Ended September 30, 2025 Net Sales1 Adjustments2 Comparable Net Sales3 Net Sales1 Adjustments2 Comparable Net Sales3 ($ in millions of U.S. dollars) Direct delivery $ 678.4 $ (3.7) $ 674.7 $ 1,995.6 $ (21.7) $ 1,973.9 Grocery 344.7 — 344.7 1,017.0 (1.0) 1,016.0 Club 288.5 — 288.5 820.3 (0.8) 819.5 Mass 216.4 — 216.4 632.0 (1.4) 630.6 Away from home 134.6 — 134.6 376.2 (0.4) 375.8 Emerging- Specialty & Other 103.5 — 103.5 268.8 — 268.8 Net sales $ 1,766.1 $ (3.7) $ 1,762.4 $ 5,109.9 $ (25.3) $ 5,084.6 1. Company information. Represents Net sales by trade type for Primo Brands. 2. Company information. Represents contribution of net sales from the Company's exited Eastern Canadian operations and exited US Office Coffee Services business. The adjustment for the Direct Delivery line is solely attributable to the exited US Office Coffee Services business and the adjustments in the other lines are solely attributable to the exited Eastern Canadian operations. 3. The Company has revised its presentation of Comparable Net sales in order to exclude the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. As a result of this change, the Company's 2025 Comparable Net sales as disclosed in this presentation differs from the comparable metric disclosed in previous presentations. 4. The channels outside of Direct Delivery include non-Retail related customers. Non-GAAP Reconciliation - Unaudited4 Q3/YTD 2026 and 2025 Comparable Net Sales by Trade Type 16
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17 (in millions of U.S. dollars) For the Three Months Ended For the Nine Months Ended For the Fiscal Year Ended TTM3 September 30, 20261 September 30, 20251 September 30, 20261 September 30, 20251 December 31, 20252 September 30, 2026 Net cash provided by operating activities of continuing operations $ 293.6 $ 283.4 $ 625.3 $ 477.2 $ 680.3 $ 828.4 Less: Additions to property, plant and equipment (78.7) (115.7) (268.7) (231.6) (377.4) (414.5) Less: Additions to intangible assets (4.3) (17.0) (37.0) (42.2) (57.0) (51.8) Free cash flow $ 210.6 $ 150.7 $ 319.6 $ 203.4 $ 245.9 $ 362.1 Acquisition, integration and restructuring cash costs 36.2 79.0 146.3 206.2 297.5 237.6 Integration capital expenditures 19.6 58.4 101.8 84.5 151.5 168.8 Natural disaster related capital expenditures 4.6 23.0 12.0 23.0 37.0 26.0 Debt restructuring costs — — 16.2 18.2 18.2 16.2 Tariff refunds related to property, plant and equipment 3.2 — 7.0 0.2 0.2 7.0 Adjusted free cash flow $ 274.2 $ 311.1 $ 602.9 $ 535.5 $ 750.3 $ 817.7 Q3 2026 TTM Adjusted EBITDA4 $ 1,436.1 Q3 2026 Adjusted Free Cash Flow Conversion Ratio 56.9 % 1. Represents Adjusted Free Cash Flow for the three and nine months ended September 30, 2026 and September 30, 2025 obtained from the Q3 2026 Press Release furnished November 5, 2026. 2. Represents Adjusted Free Cash Flow for the fiscal year ended December 31, 2025 obtained from the 2025 Press Release furnished February 26, 2026. 3. Represents FY 2025 less YTD Q3 2025 plus YTD Q3 2026 resulting in twelve months of data. 4. Represents the Q3 2026 trailing twelve months Adjusted EBITDA. See slide 19 for reconciliation. Non-GAAP Reconciliation - Unaudited Q3/YTD 2026 and 2025 TTM Free Cash Flow and Adjusted Free Cash Flow
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18 (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, integration and restructuring cash costs 36.2 79.0 Adjusted cash provided by operating activities from continuing operations 1 $ 329.8 $ 362.4 Less: Additions to property, plant and equipment (78.7) (115.7) Less: Additions to intangible assets (4.3) (17.0) Integration capital expenditures 19.6 58.4 Natural disaster related capital expenditures 4.6 23.0 Tariff refunds related to property, plant and equipment 3.2 — Adjusted capex 2 $ (55.6) $ (51.3) Adjusted Free Cash Flow $ 274.2 $ 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 integration capital expenditures, natural disaster related capital expenditures and tariff refunds related to property, plant and equipment. Amounts for additions to property, plant, and equipment, additions to intangible assets and addbacks obtained from previous slides in this appendix. Non-GAAP Reconciliation - Unaudited Q3 2026 Adjusted Cash from Operations and Capex - Cont. Operations
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19 (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 Total debt 1 $ 5,249.7 Unrestricted cash 2 $ 477.2 Interest Coverage Ratio 3 4.5x Net Leverage ratio 4 3.32x 1. Total principal indebtedness as of September 30, 2026 of $5,249.7 million as adjusted to exclude $87.6 million of unamortized debt costs and discounts. 2. Unrestricted cash defined as cash and cash equivalents as of September 30, 2026 of $477.4 million less restricted cash of $0.2 million. 3. Interest Coverage ratio defined as Adjusted EBITDA divided by interest expense, net. 4. Net Leverage ratio defined as total principal indebtedness, excluding unamortized debt costs and unamortized discount, less unrestricted cash ("net debt") divided by Q3 2026 TTM Adjusted EBITDA. Non-GAAP Reconciliation - Unaudited Interest Coverage Ratio and Net Leverage Ratio
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20 (in millions of U.S. dollars) For the Three Months Ended September 30, For the Nine Months Ended September 30, Comparable Net Sales 20251 $ 1,762.4 $ 5,084.6 Volume (46.2) (41.2) Price/Mix 104.8 199.9 Comparable Net Sales 20261 $ 1,821.0 $ 5,243.3 Total Volume (2.6) % (0.8) % Total Price/Mix 5.9 % 3.9 % Comparable Net Sales Growth 1 3.3 % 3.1 % 1. Represents the Comparable Net Sales of Primo Brands. See previous slides for reconciliations. Non-GAAP Reconciliation - Unaudited Volume/Price-Mix Growth - Historical Comparable Results
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21 (in millions of U.S. dollars) For the Three Months Ended September 30, For the Nine Months Ended September 30, Comparable Net Sales 20251 $ 1,762.4 $ 5,084.6 Inorganic growth (from acquisitions) 6.7 15.1 Organic growth 51.9 143.6 Comparable Net Sales 20261 $ 1,821.0 $ 5,243.3 Inorganic growth (from acquisitions) 0.4 % 0.3 % Organic Growth 2.9 % 2.8 % Comparable Net Sales Growth 1 3.3 % 3.1 % 1. Represents the Comparable Net Sales of Primo Brands. See previous slides for reconciliations. Non-GAAP Reconciliation - Unaudited Organic/Inorganic Growth - Historical Comparable Results
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221. Represents Net sales impact of the exited Eastern Canadian operations for the fiscal year ended December 31, 2025. 2. Represents Net sales impact of the exited US Office Coffee Services Business for the fiscal year ended December 31, 2025. 3. The Company has revised its presentation of 2025 Comparable Net Sales in order to exclude the impact of the exited Eastern Canadian operations and exited US Office Coffee Services business. As a result of this change, the Company's 2025 Comparable Net Sales as disclosed in this presentation differs from the comparable metric disclosed in previous presentations. 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 Estimated Comparable Net sales $ 6,833.3 2026 Estimated Comparable Net sales growth 3 % Non-GAAP Reconciliation - Unaudited Comparable Net Sales Growth