Primo Brands Corp
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
PRMB$24.07-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 |
| Cash flows from operating activities of continuing operations: | ||||
| Net income | $16.8 | $53.3 | $73.1 | $141.3 |
| Less: Net loss from discontinued operations, net of income taxes | (23.7) | — | (32.6) | — |
| Net income from continuing operations | $40.5 | $53.3 | $105.7 | $141.3 |
| Adjustments to reconcile net income from continuing operations to cash flows from operating activities of continuing operations: | ||||
| Depreciation and amortization | 163.1 | 77.8 | 437.0 | 227.3 |
| Amortization of debt discount and issuance costs | 8.2 | 4.5 | 21.9 | 12.5 |
| Stock-based compensation costs | 11.9 | 0.3 | 36.8 | 0.9 |
| Restructuring charges | 3.1 | — | 6.0 | — |
| Inventory obsolescence expense | 4.6 | 4.6 | 11.8 | 13.3 |
| Charge for expected credit losses | 12.7 | 3.4 | 30.1 | 6.6 |
| Deferred income taxes | 6.5 | (13.4) | 5.7 | (43.6) |
| Other non-cash items | (4.7) | 11.0 | (19.6) | 12.4 |
| Changes in operating assets and liabilities, net of effects of businesses acquired: | ||||
| Trade receivables | 25.6 | 84.6 | (133.4) | (61.7) |
| Inventories | 8.8 | (3.1) | (40.3) | (31.4) |
| Prepaid expenses and other current and non-current assets | 21.6 | 2.2 | 21.3 | 15.9 |
| Trade payables and accruals and other current and non-current liabilities | (18.5) | 36.4 | (5.8) | 76.6 |
| Net cash provided by operating activities of continuing operations | 283.4 | 261.6 | 477.2 | 370.1 |
| Cash flows from investing activities of continuing operations: | ||||
| Purchases of property, plant and equipment | (115.7) | (32.3) | (231.6) | (96.9) |
| Purchases of intangible assets | (17.0) | (9.0) | (42.2) | (36.4) |
| Acquisitions, net of cash received | (23.3) | — | (29.0) | — |
| Proceeds from sale of other assets | — | — | 56.9 | — |
| Proceeds from insurance settlements | 10.0 | — | 20.0 | — |
| Other investing activities | 1.9 | 0.2 | 8.0 | 2.9 |
| Net cash used in investing activities of continuing operations | (144.1) | (41.1) | (217.9) | (130.4) |
| Cash flows from financing activities of continuing operations: | ||||
| Proceeds from 2024 Incremental Term Loan, net of discount | — | — | — | 392.0 |
| Proceeds from borrowings from ABL Credit Facility | — | — | — | 25.0 |
| Repayment of borrowings from ABL Credit Facility | — | (55.0) | — | (115.0) |
| Repayment of Term Loans | (7.7) | (8.0) | (23.2) | (24.0) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 |
| Proceeds from borrowings of other debt | — | 4.3 | — | 7.4 |
| Principal repayment of other debt | (1.4) | (1.0) | (4.1) | (2.7) |
| Principal payment of finance leases | (8.9) | (2.3) | (24.7) | (4.6) |
| Financing fees | — | — | (7.7) | (5.1) |
| Issuance of common stock | 2.9 | — | 7.7 | — |
| Common stock repurchased and cancelled | (75.8) | — | (296.8) | — |
| Dividends paid to common stockholders | (37.2) | — | (113.2) | — |
| Dividends paid to Sponsor Stockholder | — | — | — | (382.7) |
| Other financing activities | (0.1) | — | (1.0) | — |
| Net cash used in financing activities of continuing operations | (128.2) | (62.0) | (463.0) | (109.7) |
| Cash flows from discontinued operations: | ||||
| Net cash provided by operating activities from discontinued operations | 6.5 | — | 8.8 | — |
| Net cash used in investing activities from discontinued operations | (0.5) | — | (1.8) | — |
| Net cash used in by financing activities from discontinued operations | (5.3) | — | (1.9) | — |
| Net cash provided by discontinuing operations | 0.7 | — | 5.1 | — |
| Effect of exchange rates on cash, cash equivalents and restricted cash | (0.6) | 0.1 | 1.5 | (0.3) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $11.2 | $158.6 | $(197.1) | $129.7 |
| Cash and cash equivalents and restricted cash, beginning of period | 412.4 | 18.1 | 620.7 | 47.0 |
| Cash and cash equivalents and restricted cash, end of period | $423.6 | $176.7 | $423.6 | $176.7 |
| Cash and cash equivalents and restricted cash of discontinued operations, end of period | 0.9 | — | 0.9 | — |
| Cash and cash equivalents and restricted cash of continuing operations, end of period | $422.7 | $176.7 | $422.7 | $176.7 |
| Supplemental disclosure of non-cash investing and financing activities: | ||||
| Purchases of property, plant and equipment and intangible assets included in trade payables and accruals and other current liabilities | $41.8 | $14.2 | $94.3 | $16.1 |
| Dividends payable issued through accounts payable and accrued liabilities | 0.3 | — | 1.0 | — |
| Financing lease right-of-use assets obtained in exchange for lease obligations | 4.5 | 7.1 | 36.8 | 26.6 |
| Operating lease right-of-use assets obtained in exchange for lease obligations | 8.2 | 7.4 | 43.7 | 10.3 |
| Supplemental disclosure of cash flow information: | ||||
| Cash paid for interest, net of interest capitalized | $51.8 | $72.5 | $204.8 | $231.5 |
| Cash paid for income taxes | 2.4 | 4.4 | 56.8 | 57.6 |
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