Summary of Primo Brands Fireside Chat - January 07, 2026 Company Overview - **Company**: Primo Brands (NYSE: PRMB) - **New Leadership**: Eric Foss (CEO), David Hass (CFO), Tracy Mangini (VP of Investor Relations) [2][3] Core Industry Insights - **Industry**: Beverage industry, specifically focusing on healthy hydration and bottled water - **Market Position**: Primo Brands is the third largest player in the liquid refreshment beverage (LRB) category by volume, with a strong portfolio in bottled water and healthy hydration [10][22] Key Points and Arguments 1. **Integration Challenges**: The integration of BlueTriton Brands and Legacy Primo is complex, requiring alignment on culture, successful integration processes, and synergy capture [8][9] 2. **Market Growth**: The bottled water category is the largest beverage category in the U.S. by volume and is experiencing significant growth, with municipal water bills rising by approximately 5% over the last five years [22] 3. **Brand Portfolio**: Primo has a diverse brand portfolio, including several billion-dollar brands and strong regional players, positioning it well to serve various consumer needs [24][25] 4. **Operational Improvements**: Significant progress has been made in supply chain management, with product produced to schedule improving from the low 80% range to over 99% [28][29] 5. **Customer Service Enhancements**: Initiatives like "Respond and Recover" have been implemented to improve customer service response times and reduce customer calls [31][32] 6. **Customer Acquisition Strategy**: The company is focused on improving service levels, recruiting new customers, and implementing a new warehouse management system to enhance supply chain execution [35][36] 7. **Retail Distribution Gains**: In 2025, Primo achieved approximately 10% growth in retail distribution points, with a focus on executional excellence and brand visibility [46] 8. **Premium Brand Growth**: Brands like Saratoga and Mountain Valley are experiencing over 40% growth, supported by strong marketing campaigns and increasing household penetration [48][50] 9. **Future Growth Strategy**: The growth algorithm for 2026 includes restoring customer service, driving retail execution, prioritizing premium brands, and implementing strategic pricing initiatives [52][53] Additional Important Insights - **Financial Model**: The company has a strong financial model focused on growth, margin expansion, and cash flow generation [11][57] - **M&A Strategy**: Future M&A opportunities will be considered after stabilizing the customer direct business, with a focus on adding scale and improving competitive positioning [62][63] - **Key Performance Indicators (KPIs)**: Metrics to focus on include market share, customer satisfaction, revenue, volume, margin expansion, and operational efficiency [55][56] Conclusion - **Outlook**: The long-term investment thesis for Primo Brands remains intact, with a commitment to restoring service levels and driving growth in the healthy hydration category [65]

Core Insights - Nitorum Capital sold 420,586 shares of Primo Brands Corporation, reducing its stake from 5.39% to 3.14%, with a reported position value decrease of approximately $18.53 million [2][3][6] Company Overview - Primo Brands Corporation specializes in bottled and purified water, sparkling and flavored water, water dispensers, filtration equipment, and coffee, operating under multiple brands across North America and Europe [8][9] - The company generates revenue through direct-to-consumer water delivery, water filtration services, and sales to businesses and retailers, serving a diverse customer base including residential, small and medium-sized businesses, and large corporate clients [9] Financial Performance - For the third quarter, Primo Brands reported net sales of $1.77 billion, reflecting a year-over-year increase of over 35%, largely attributed to the BlueTriton merger [10] - Adjusted EBITDA rose to $404.5 million, with margins expanding to 22.9%, up from 20.2% a year earlier [10] - The company maintains a quarterly dividend of $0.10 and has reaffirmed its cost synergy targets and free cash flow guidance [10] Market Position - As of the latest report, Primo Brands shares are priced at $16.36, down 47% over the past year, significantly underperforming the S&P 500, which is up 15% during the same period [4] - The current stake in Primo Brands represents 3.13% of Nitorum Capital's 13F assets under management, placing it outside the fund's top five holdings [3][4]

Core Insights - Primo Brands Corporation (NYSE:PRMB) is identified as a promising stock with potential upside, despite a recent price target reduction by Barclays analyst Lauren Lieberman from $25 to $24 while maintaining an Overweight rating [1] Financial Performance - In Q3 2025, Primo Brands reported net sales of $1.766 billion, reflecting a 1.6% year-over-year decline, but achieved a Comparable Adjusted EBITDA of $404.5 million, which is a 6.8% year-over-year increase, resulting in a solid margin of 22.9% [2] - The decline in overall net sales was primarily due to the Direct Delivery business, which experienced a 6.5% comparable net sales decline, approximately $47 million, attributed to integration challenges and increased costs [3] Business Operations - Primo Brands operates as a branded beverage company in North America, providing solutions through water dispensers, direct delivery of refillable/reusable bottles, a pre-filled water exchange program, and water filtration appliances, along with self-service water refill stations [4]

Primo Brands Corporation (NYSE:PRMB) is one of the most undervalued NYSE stocks to buy right now. On November 7, RBC Capital analyst Nik Modi lowered the firm’s price target on Primo Brands to $30 from $37, while maintaining an Outperform rating on the shares. This sentiment was posted after the company released its Q3 2025 earnings results. RBC Capital acknowledged that the company overcame its delivery issues but also warned investors that a slow pace of volume recovery will hurt near-term figures and va ...

Core Viewpoint - Primo Brands Corporation has authorized an increase of $50 million to its existing share repurchase program, raising the total authorization to $300 million [1][2]. Share Repurchase Program - The company has previously repurchased approximately 4.4 million shares of Class A common stock for about $97.7 million, leaving approximately $202.3 million of capacity under the repurchase program after the increase [2][3]. - The repurchase may occur through various methods including open market purchases, block trades, and privately negotiated transactions, with management having discretion over the timing and amount based on market conditions [3]. Company Overview - Primo Brands is a leading North American branded beverage company focused on healthy hydration, offering a diverse range of products distributed across the U.S. and Canada [4]. - The company has a comprehensive portfolio that includes well-known brands such as Poland Spring® and Pure Life®, as well as premium and regional offerings [4]. - Primo Brands operates a vertically integrated distribution network reaching over 200,000 retail outlets and provides direct delivery services to homes and businesses [4]. - The company emphasizes sustainability through reusable packaging and actively manages water resources, conserving over 28,000 acres of land [4].

Core Viewpoint - Primo Brands Corporation will release its third quarter financial results on November 6, 2025, before market opening [1] Group 1: Financial Results Announcement - The financial results for the third quarter ended September 30, 2025, will be announced before the markets open on November 6, 2025 [1] - A conference call will be held on the same day at 10:00 a.m. ET, which will include a question-and-answer session following the management's presentation [2] - The conference call can be accessed via North America dial-in at (888) 510-2154 and international dial-in at (437) 900-0527, with a conference ID of 27654 [2] Group 2: Company Overview - Primo Brands is a leading North American branded beverage company focused on healthy hydration, offering a diverse range of products across various channels and consumer occasions [4] - The company has a comprehensive portfolio that includes well-known brands such as Poland Spring® and Pure Life®, as well as premium and regional brands [4] - Primo Brands operates a vertically integrated distribution network, reaching over 200,000 retail outlets and providing direct delivery services to homes and businesses [4]

Company Overview - Primo Brands Corporation is a leading North American branded beverage company focused on healthy hydration, offering a diverse range of products across various formats, channels, and price points, distributed in every U.S. state and Canada [4] - The company has a comprehensive portfolio of recognizable branded water and beverages available in over 200,000 retail outlets, including billion-dollar brands like Poland Spring® and Pure Life®, as well as premium and regional brands [5] Product Offerings - Primo Brands provides extensive direct-to-consumer offerings, including innovative water dispensers and services such as Direct Delivery, Exchange, and Refill, which enhance consumer connectivity through recurring purchases [6] - The company is a leader in reusable beverage packaging, utilizing multi-serve bottles and sustainable materials like recycled plastic, aluminum, and glass, while managing over 90 springs to ensure a steady supply of quality drinking water [7] Corporate Responsibility - Primo Brands is committed to environmental sustainability, helping to conserve over 28,000 acres of land and partnering with the International Bottled Water Association to adhere to safety and quality standards [7] - The company invests in local and national programs to support communities, providing hydration solutions during natural disasters and other challenges [7] Leadership and Events - Robbert Rietbroek, CEO, and David Hass, CFO, will participate in a fire side chat at the BMO Global Farm to Market conference on May 14, 2025, which will be webcast and archived for replay [1][2]