Primo Brands Corporation

Latest Results (17.05.2026):

Primo Brands Corporation reported results for the second quarter of 2025 (Q2 2025). The combined company showed strong top-line growth driven by the recent merger, healthy adjusted EBITDA and adjusted free cash flow, but reported lower GAAP net income per share and revised full-year 2025 guidance due to integration-related service disruptions and a tornado-damaged facility.

Net sales and profitability

Q2 2025 net sales were $1,730.1 million, up 31.6% year-over-year (primarily reflecting the Primo Water merger). GAAP net income from continuing operations was $30.5 million ($0.08 diluted EPS), down from $54.5 million a year ago. Adjusted EBITDA rose 42.1% to $366.7 million and adjusted EBITDA margin improved to 21.2% (up 160 bps).

Adjusted earnings and per-share metrics

Adjusted net income for Q2 2025 was $137.1 million, with adjusted diluted EPS of $0.36 (vs. $0.35 prior-year adjusted EPS). The company cautions non-GAAP measures are provided to supplement GAAP results and reconciliations are included in the release.

Cash flow and liquidity

Net cash provided by operating activities of continuing operations was $155.0 million in Q2; free cash flow was $83.4 million and adjusted free cash flow was $169.7 million for the quarter. Cash and cash equivalents were $412.0 million at June 30, 2025.

Balance sheet and leverage

Total debt reported as current portion $70.4 million plus long-term debt (less current portion) $5,022.2 million (totaling roughly $5,092.6 million). Stockholders' equity was $3,246.2 million. Weighted-average diluted shares outstanding rose to 376.8 million (reflecting the merger).

Operational issues, integration and outlook

Management said Q2 performance was affected by a tornado at the Hawkins, Texas facility and service issues tied to accelerated integration activity; Hawkins has been restarted and service issues are expected to normalize by end of September. The company continues to expand retail distribution and grow its premium water business and reiterates a post-2025 organic net sales growth target of 3%–5%.

Guidance and cost synergies

Primo Brands revised its full-year 2025 guidance for Net Sales growth, Adjusted EBITDA and Adjusted Free Cash Flow (details are in the investor slide deck). The company reaffirmed its cost-synergy targets of $200 million in 2025 and $300 million in 2026.

Capital return and shareholder actions

The Board authorized a new share repurchase program of up to $250 million and declared a quarterly cash dividend of $0.10 per share payable September 4, 2025 (record date August 21, 2025). The repurchase program may be executed via open-market or other structured transactions at management’s discretion.

Notable expense and margin drivers

Gross margin narrowed to 31.3% from 32.7% year-over-year. SG&A increased 47.7% to $378.6 million (largely merger-related). Acquisition, integration and restructuring expenses were material in the quarter and are reflected in both GAAP and adjusted presentations.