On this page of StockholderLetter.com we present the latest annual shareholder letter from Primo Brands Corp — ticker symbol PRMB. Reading current and past PRMB letters to shareholders can bring important insights into the investment thesis.

 •  3/20/2025 Letter Continued (Full PDF)
 •  More "Grocery & Drug Stores" Category Stockholder Letters
 •  PRMB Benford's Law Stock Score = 91

PRMB Shareholder/Stockholder Letter Transcript:

2024 Primo Brands Corporation
Annual Report

2024 PRIMO BRANDS CORPORATION ANNUAL REPORT
Premium Brands
Regional Spring Brands
Puri   ed Brands
Flavored & Enhanced
Brands

2024 FINANCIAL HIGHLIGHTS
Financial Summary
2024
2023
Pro Forma Net Sales
$6,813.5
$6,470.5
Net sales
$5,152.5
$4,698.7
Net (loss) income from continuing operations
($12.6)
$92.8
Net (loss) income per diluted share from continuing operations
($0.05)
$0.20
$994.6
$783.6
19.3%
16.7%
$245.0
$123.6
$1.01
$0.57
$11,194.5
$5,153.8
Total Liabilities
7,750.3
5,151.1
Shareowners    Equity
3,444.2
2.7
Net cash provided by operating activities of continuing operations
$463.8
$320.9
Adjusted Free Cash Flow2
$456.2
$137.9
45.9%
17.6%
(in millions of U.S. dollars, except per share data)
Full Year Financial Results
1
Adjusted EBITDA
1
Adjusted EBITDA as % of net sales
Adjusted Net Income2
Adjusted net income per diluted share2
Financial Position
Total Assets
Cash Flows from Continuing Operations
Other Information
Adjusted Free Cash Flow Conversion Ratio2
ADJUSTED EBITDA1 (IN MILLIONS)
NET SALES (IN MILLIONS)
2024
$5,125.5
2023
2024
$4,698.7
$994.6
2023
$783.6
NET SALES BY WATER TYPE
2
6%
1%

2% 5
Q Regional Spring Water
26%
22%
2024
2023
Q Puri   ed Water
2023
Q Premium Water
Q Other Water3
Q Other4
63%
61%
1.
Not presented in accordance with GAAP. For more information and a reconciliation of adjusted EBITDA to net income, the most directly comparable GAAP
   nancial measure, please see    Item 7, Management   s Discussion and Analysis of Financial Condition and Results of Operations    in our Form 10-K for the
   scal year ended December 31, 2024, included with this Annual Report.
2.
Not presented in accordance with GAAP. Additional information and reconciliations for non-GAAP    nancial measures to the most directly comparable
GAAP measures can be found at the back of this Annual Report.
3.
Other Water includes    avored beverages and non-core water brands.
4.
Other includes fees, rent, coffee, co-pack business, and all other non-beverage sales.
2024 FINANCIAL HIGHLIGHTS
5%

3

LETTER FROM THE CEO
2024 PRIMO BRANDS CORPORATION ANNUAL REPORT
DEAR STOCKHOLDERS,
In June, Primo Water and BlueTriton Brands announced a merger of equals, creating a
leading US beverage company   the #1 branded bottled water company in the US by
dollar share1   with a $1   billion market capitalization, $6.8 billion in Pro Forma Net Sales
for 2024, and a robust earnings and cash flow profile. In November, we officially closed
the transaction, forming Primo Brands.
Our newly combined company brings together iconic American brands, a growing and
resilient business, a coast-to-coast vertically integrated network, strong operational and
   nancial performance, and an entrepreneurial culture. Last month, our leadership team
hosted our inaugural Investor Day at the New York Stock Exchange, where we outlined    ve
key themes driving our strategy to accelerate growth and create value:
Market-Leading Portfolio Empowered
by our Scale: With our strong retail
presence and continued momentum
across our portfolio, we are focusing on
13 core brands   seven of which have
been around for over a century and
many of which are household names. By
expanding marketing and distribution
across all major channels, we are
unlocking the potential for cross-selling,
particularly in our premium brands,
Saratoga  , and Mountain Valley  .
Diversi   ed, Volume-Led Business Model:
With more than 90 owned and operated
springs, we can directly serve over 90%
of the US population through retail
distribution and our Re   ll, Exchange,
and Direct Delivery formats. Our broad
price spectrum differentiates us in the
consumer packaged goods space,
particularly as consumer trends and
potential regulatory shifts continue to
drive demand for bottled water.
Strong Financial Performance: On
a pro forma basis in full year 2024,
Primo Brands generated $6.8 billion
in Net Sales. We were the only leading
branded beverage company that
grew share in liquid refreshment
beverages and water last year.  Our
business is already demonstrating
robust operating leverage and cash
generation     prior to synergies.
Larger and Faster Estimated Cost
Synergy Opportunity:
We are now working to execute
against a $300 million total estimated
cost synergy opportunity. Initially, we
estimated $200 million in potential
annual synergies opportunities within
three years; now, we expect to achieve
that by the end of 2025, with an
additional $100 million of synergies
opportunities by the end of 2026. As
we drive higher volumes through our
optimized network, we anticipate even
greater operating leverage.
Powerful Financial Pro   le:
With enhanced earnings and sustained
capital investment in the business, we
believe we are positioned to generate
strong Adjusted Free Cash Flow,
enabling reinvestment opportunities to
accelerate growth, deleveraging, and the
return of capital to stockholders through
our dividend and disciplined share
repurchases.

Source: Nielsen.


$V RI          
Source: Circana.

Executing this plan is a seasoned leadership team guided by a highly engaged Board
of Directors and Integration Committee. Our    rst major milestone was closing the merger
months ahead of schedule as we originally targeted the    rst half of 2025.
The rapid progress on potential synergy capture re   ects our team   s ability to mobilize and
execute a comprehensive plan immediately post-close. We expect the resulting efficiencies to
be highly accretive to earnings and cash    ow.
This same discipline will drive us forward as we accelerate organic growth and pursue
strategic acquisitions. By capitalizing on our growth trajectory and synergy opportunities, we
believe we are well-positioned to strengthen our category leadership, expand market share,
and deliver superior long-term returns.
Thank you for being a part of our journey and for your investment in Primo Brands.
Sincerely,
Robbert Rietbroek
Chief Executive Officer and Director
LETTER FROM THE CEO
5



 3/20/2025 Letter Continued (Full PDF)