TAMPA, Fla. and STAMFORD, Conn., Feb. 26, 2026 /PRNewswire/ - Primo Brands Corporation (NYSE: PRMB) ("Primo Brands" or the "Company") today announced its results for the fourth quarter and full year ended December 31, 2025.
"2025 was a year of transition as we continued to integrate two companies to form a leader in healthy hydration and across the US Liquid Refreshment Beverage category, said Eric Foss, Chairman and Chief Executive Officer. "Our fourth quarter performance indicates early signs that our initiatives are resulting in an improved trajectory for the business. This speaks to the strength and resilience of our business model.
"While I am encouraged by our progress, we need to continue to focus on improving our customer experience and fully leveraging the power of our brands and our advantaged go to market system.
"Since stepping into the Chairman and CEO role in November, I am even more energized and excited about our future. The challenges are within our control. We will continue to strategically reinvest in the business to take advantage of strong category momentum and our well-positioned brand portfolio to better service and execute, setting the company up to drive sustained growth, margin expansion, free cash flow generation and long-term value for shareholders."
FOURTH QUARTER PERFORMANCE
For the Three Months Ended
(USD $M except %, per
share amounts or
unless as otherwise
noted) December 31, 2025 December 31, 2024 Change
-------------------- ------------------- ---------
Net sales $ 1,554.1 $ 1,397.2 11.2 %
Net loss from
continuing
operations $ (25.3) $ (153.9) $ 128.6
Net loss per diluted
share from continuing
operations $ (0.07) $ (0.49) $ 0.42
Adjusted net income $ 94.1 $ 39.6 $ 54.5
Adjusted net income
per diluted share $ 0.26 $ 0.13 $ 0.13
Adjusted EBITDA $ 334.1 $ 254.8 31.1 %
Adjusted EBITDA margin
% 21.5 % 18.2 % 330 bps
-- Net sales increased 11.2% to $1.6 billion compared to $1.4 billion
primarily driven by the inclusion of net sales attributable to Primo
Water for the entire 2025 period due to the merger transaction, partially
offset by a decrease in sales attributable to the sale of the production
facility in Ontario, Canada in the first quarter of 2025.
-- Gross margin was 27.7% compared to 30.8%, primarily driven by lower gross
margin attributable to Primo Water due to the merger transaction and
non-recurring integration costs attributable to BlueTriton Brands.
-- SG&A expenses increased 1.5% to $341.0 million compared to $335.9 million,
primarily driven by SG&A expense attributable to Primo Water due to the
merger transaction, partially offset by nonrecurring management fees
incurred in the prior year period.
-- Net loss from continuing operations and net loss per diluted share were
$25.3 million and $0.07 per diluted share, respectively, compared to net
loss from continuing operations and net loss per diluted share of $153.9
million and $0.49, respectively.
-- Adjusted EBITDA increased 31.1% to $334.1 million compared to $254.8
million and Adjusted EBITDA margin increased 330 bps to 21.5%, compared
to 18.2%.
-- Net cash provided by operating activities from continuing operations of
$203.1 million, less $160.6 million of capital expenditures and additions
to intangible assets, resulted in $42.5 million of free cash flow, or
$214.8 million of Adjusted Free Cash Flow (adjusting for the items set
forth on Exhibit 5), compared to net cash provided by operating
activities from continuing operations of $93.7 million and Adjusted Free
Cash Flow of $171.8 million in the prior year period.
FISCAL YEAR PERFORMANCE
For the Fiscal Year Ended
(USD $M except %,
per share amounts
or unless as
otherwise noted) December 31, 2025 December 31, 2024 Y/Y Change
------------------- ------------------- ------------
Net sales $ 6,664.0 $ 5,152.5 29.3 %
Net income (loss)
from continuing
operations $ 80.4 $ (12.6) $ 93.0
Net income (loss)
per diluted share
from continuing
operations $ 0.21 $ (0.05) $ 0.26
Adjusted net income $ 498.1 $ 245.0 $ 253.1
Adjusted net income
per diluted share $ 1.33 $ 1.01 $ 0.32
Adjusted EBITDA $ 1,446.8 $ 994.6 45.5 %
Adjusted EBITDA
margin % 21.7 % 19.3 % 240 bps
-- Net sales increased 29.3% to $6.7 billion compared to $5.2 billion
primarily driven by net sales attributable to Primo Water due to the
merger transaction, partially offset by a decrease in sales attributable
to the sale of the production facility in Ontario, Canada in the first
quarter of 2025.
-- Gross margin was 30.3% compared to 31.5%, primarily driven by lower gross
margin attributable to Primo Water due to the merger transaction and
non-recurring integration costs attributable to BlueTriton Brands.
-- SG&A expenses increased 32.3% to $1.4 billion compared to $1.1 billion,
primarily driven by SG&A expenses attributable to Primo Water due to the
merger transaction, partially offset by nonrecurring management fees
incurred in the prior year period.
-- Net income from continuing operations and net income per diluted share
were $80.4 million and $0.21 per diluted share, respectively, compared to
net loss from continuing operations and net loss per diluted share of
$12.6 million and $0.05, respectively.
-- Adjusted EBITDA increased 45.5% to $1,446.8 million compared to $994.6
million and Adjusted EBITDA margin increased 240 bps to 21.7%, compared
to 19.3%.
FISCAL YEAR CASH FLOW & LIQUIDITY
-- Net cash provided by operating activities from continuing operations of
$680.3 million, less $434.4 million of capital expenditures and additions
to intangible assets, resulted in $245.9 million of free cash flow, or
$750.3 million of Adjusted Free Cash Flow (adjusting for the items set
forth on Exhibit 5), compared to net cash provided by operating
activities from continuing operations of $463.8 million and Adjusted Free
Cash Flow of $456.2 million in the prior year period.
-- Total debt, excluding unamortized debt costs and discounts, as of
December 31, 2025 was $5.2 billion and unrestricted cash and cash
equivalents totaled $376.7 million, resulting in net debt of $4.9 billion
and a net debt to underlying EBITDA ratio of 3.37x.
-- We paid cash dividends of $151.3 million for the year ended December 31,
2025.
-- We paid approximately $192.9 million, including brokerage commissions,
for share repurchases under our share repurchase plan during the year
ended December 31, 2025, respectively.
EARNINGS CONFERENCE CALL
Primo Brands will host a conference call to discuss these results on Thursday, February 26, 2026 at 8:00 a.m. Eastern Time. The company's supplemental earnings presentation is now available on the Events & Presentation section of Primo Brand's investor relations website at ir.primobrands.com. Access to a live listen-only audio webcast, as well as a replay, will be available on the company's investor relations website. Details to access the earnings call and webcast are below.
North America: (888) 510-2154
International: (437) 900-0527
Conference ID: 21804
Webcast Link: https://app.webinar.net/GDanBKJlJyP
A slide presentation and live audio webcast will be available through Primo Brands' website at ir.primobrands.com. The Company's full year 2026 Organic Net Sales, Adjusted EBITDA, and Adjusted Free Cash Flow guidance are available in the slide presentation and are expected to be discussed on the webcast.
Replay Information:
The earnings conference call will be recorded and archived for playback on the investor relations section of Primo Brands' website following the event.
ABOUT PRIMO BRANDS CORPORATION
Primo Brands is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points, and consumer occasions, distributed in every U.S. state and Canada. Primo Brands has a comprehensive portfolio of highly recognizable and conveniently packaged branded water and beverages that reach consumers whenever, wherever, and however they hydrate through distribution across retail outlets, away from home such as hotels and hospitals, and hospitality and food service accounts, as well as direct delivery to homes and businesses. These brands include established "billion-dollar brands" Poland Spring$(R)$ and Pure Life(R), premium brands like Saratoga(R) and The Mountain Valley(R), leading regional spring water offerings such as Arrowhead(R), Deer Park(R), Ice Mountain(R), Ozarka(R), and Zephyrhills(R), purified water brands including Primo Water(R) and Sparkletts(R), and flavored and enhanced beverages like Splash Refresher$(TM)$ and AC+ION(R). Primo Brands also has an industry-leading line-up of innovative water dispensers, which create consumer connectivity through recurring water purchases. Primo Brands operates a vertically integrated coast-to-coast network that distributes its brands to more than 200,000 retail outlets, as well as directly reaching
(MORE TO FOLLOW) Dow Jones Newswires
February 26, 2026 06:00 ET (11:00 GMT)
Comments