Primo Brands Corp

ir.primobrands.com

What Do They Do?

Sells regional spring water alongside purified water and other bottled beverages to retailers, hospitality and food-service businesses, and home and office customers.

How Do They Make Money?

The company sells bottled water and beverages to customers, with each sale tied to when goods ship or are delivered, as specified by the customer contract or purchase order.

revenue

Segment	Share	How money arrives
Regional spring water Sold outright	50% FY2022: 68%	Sold outright
Purified water Sold outright	32% FY2022: 23%	Sold outright
Premium water Sold outright	5.3% FY2022: 0.6%	Sold outright
Other water Sold outright	1.9% FY2022: 2.8%	Sold outright
Other Sold outright	11% FY2022: 5.7%	Sold outright

Who Are Their Customers?

Retail chains buy through wholesalers and retail outlets; commercial and residential customers can buy water and filtration services through Direct Delivery. Products are also sold through company-owned and third-party e-commerce platforms.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 24% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025.

Operating income, FY2025

6% of revenue

▲ +19% vs FY2024 ($360.3M, 7%)

Net income, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$16.4M, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +4%; vs $1.7B in Q2 FY2025
Net income: ▲ +151%; vs $27.6M in Q2 FY2025

Regional spring water share of revenue vs 50.6% in Q2 FY2025

Aug 5, 2026 Raised full-year net sales growth outlook Net sales growth outlook rose from 1%–3% to 2%–4%; adjusted EBITDA guidance remained $1,465 million–$1,515 million.

Revenue over time

Regional spring water Purified water Premium water Other water Other

$10B$5B$0

FY2022 FY2023 FY2024 FY2025

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