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.

 •  3/18/2026 Letter Continued (Full PDF)
 •  3/20/2025 PRMB Stockholder Letter
 •  More "Grocery & Drug Stores" Category Stockholder Letters
 •  PRMB Benford's Law Stock Score = 95

PRMB Shareholder/Stockholder Letter Transcript:

HYDRATING A
HEALTHY AMERICA

2025 Primo Brands Corporation
Annual Report

OUR BRANDS
Iconic Brands
Coast-to-Coast
Distribution Network
Retail Outlets
Vertically Integrated
Spring Water Sources
2025 FINANCIAL HIGHLIGHTS    
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, 2025, 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. Refers to Adjusted Free Cash Flow divided by Adjusted EBITDA.
4. Other Water includes    avored beverages and non-core water brands.
5. Other includes fees, rent, coffee, co-pack business, and all other non-beverage sales.
2025 PRIMO BRANDS CORPORATION ANNUAL REPORT

2025 FINANCIAL HIGHLIGHTS
Financial Summary
2025
2024
$6,664.0
$5,152.5
Net income (loss) from continuing operations
$80.4
$(12.6)
Net income (loss) per diluted share from continuing operations
$0.21
$(0.05)
$1,446.8
$994.6
21.7%
19.3%
$498.1
$245.0
$1.33
$1.01
$10,602.8
$11,194.5
Total Liabilities
$7,610.2
$7,750.3
Stockholders    Equity
$2,992.6
$3,444.2
Net cash provided by operating activities of continuing operations
$680.3
$463.8
Adjusted Free Cash Flow2
$750.3
$456.2
51.9%
45.9%
(in millions of U.S. dollars, except per share data)
Full Year Financial Results
Net Sales
Adjusted EBITDA1
Adjusted EBITDA as % of net sales1
2
Adjusted Net Income
Adjusted net income per diluted share2
Financial Position
Total Assets
Cash Flows from Continuing Operations
Other Information
Adjusted Free Cash Flow Conversion Ratio2,3
ADJUSTED EBITDA2 (IN MILLIONS)
NET SALES (IN MILLIONS)
2025
$6,664.0
2024
2025
$5,152.5
$1,446.8
2024
$994.6
NET SALES BY WATER TYPE
11%
3%
2
2%
6%

Q Regional Spring Water
5%
Q Puri   ed Water
Q Premium Water
2025
26%
2024
Q Other Water4
32%
50%
Q Other5
63%
2025 PRIMO BRANDS CORPORATION ANNUAL REPORT
1

2025 ANNUAL LETTER TO STOCKHOLDERS
DEAR FELLOW
W STO
OCKHOLD
DERS,
2025 was a year of transition following the November 2024 transformational combination that
created Primo Brands, the largest branded bottled water company in the U.S. with annual Net Sales
Revenue of $6.7 billion and strong free cash    ow. Our team worked with urgency and intensity to
integrate two similarly-sized organizations, create a One Primo culture, and position the business for
long-term success.
While the year was not without challenges, I am encouraged by the momentum we built as 2025
progressed. The foundational elements of our investment thesis remain    rmly intact: we compete
in an attractive, growing category; we own a differentiated portfolio of leading brands; we bene   t
from an advantaged, coast to coast route to market; and we believe we have clear levers to drive
sustainable top line growth, margin expansion, and free cash    ow over time. We enter 2026 with
continued con   dence in the long-term value creation potential of our company.
Integration Progress and Business Recovery
The creation of Primo Brands merged two businesses with complementary assets, brands, and
capabilities. As we moved through integration, we experienced disruption.
Over the course of 2025, our teams acted quickly to identify root causes and implement corrective
actions. We stabilized product availability, improved warehouse and route execution, aligned
operating metrics, and continued to restore service performance toward historical norms. These
improvements translated into better customer experiences, improving retention trends, and a steadily
strengthening performance trajectory as the year progressed. Importantly, these actions reaffirm our
con   dence that the long term industrial logic of this combination and the associated opportunity
remain compelling and achievable.
In 2026, we will continue to elevate service, rebuild trust, and fully embed a    One Primo    operating
culture as we enter the next phase of our journey.
Con   dence in the Bottled Water Category
We are proud to lead in a category that continues to demonstrate strength and resilience. Bottled
water remains the largest beverage category in the United States by volume and continues to bene   t
from long term consumer tailwinds tied to health, wellness, and everyday hydration. Municipal water
costs continue to rise, consumers increasingly value quality and reliability, and demand for healthy
hydration remains durable across economic environments.
Within this attractive category, Primo Brands is exceptionally well positioned. We are a leader in
healthy hydration and the number one player in U.S. retail branded bottled water by volume share.
Our portfolio spans national, regional, value, and premium brands   enabling us to meet consumers
wherever, however, and whenever they choose to hydrate.
2
2025 PRIMO BRANDS CORPORATION ANNUAL REPORT

Strong Brands and Retail Momentum
One of the de   ning strengths of Primo Brands is the depth and breadth of our brand portfolio.
In 2025, our retail business demonstrated notable resilience and momentum. We achieved
meaningful distribution gains, expanded points of availability, and continued to grow both volume
and value share. Premium brands, including Saratoga and Mountain Valley, delivered particularly
strong growth, supported by improving awareness, expanding household penetration, and focused
brand investment.
We see signi   cant runway ahead for these brands as we invest in capacity, marketing, and
executional excellence. At the same time, our iconic and regional spring water brands continue to
provide scale, loyalty, and dependable performance across channels.
Synergy Capture, Earnings Growth, and Financial Discipline
A central pillar of the Primo Brands combination is synergy capture. Throughout 2025, we made
tangible progress against our cost, productivity, and network optimization initiatives, and we remain
con   dent in our ability to achieve our targeted run rate synergies. These actions, combined with
disciplined expense management and improving operations, supported meaningful adjusted
EBITDA growth and margin expansion despite top line disruption during the year.
Cash generation remained strong, enabling continued investment in the business while also
supporting balance sheet health. Our    nancial priorities remain clear: restore sustainable organic
growth, expand margins over time through productivity and pricing capabilities, generate
Returning Capital to Stockholders
Returning capital to stockholders is a core component of our value creation strategy. In 2025, we
reinforced this commitment through stock repurchases and dividend growth. We believe our stock
represents an attractive long term investment, and our capital allocation framework balances
reinvestment in growth, debt reduction, and stockholder returns.
Looking Ahead
As we move into 2026, my focus   and that of our leadership team   is straightforward: complete the
integration journey, return the business to long-term sustainable growth, and unlock the full potential
of Primo Brands. We intend to continue to invest behind our brands, elevate service and execution,
strengthen our culture, and deliver against our    nancial commitments.
I want to thank our associates for their resilience, dedication, and pride in serving our customers each
day. I also want to thank our customers for their trust and our stockholders for their continued support
as we build an even stronger, faster, and more focused Primo Brands.
We are con   dent in our path forward and excited about the opportunities ahead.
Sincerely,
Eric J. Foss
EXECUTIVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER
PRIMO BRANDS CORPORATION
2025 PRIMO BRANDS CORPORATION ANNUAL REPORT
3

3/18/2026 Letter Continued (Full PDF)

 

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