Primo Brands Corporation today announced its results for the first quarter ended March 31, 2025, marking its first full quarter operating as the combined entity. The company reported net sales of $1,613.7 million, a 42.1% increase compared to the prior-year period, reflecting the inclusion of the legacy Primo Water business post-merger. On a comparable basis, net sales grew 3%, or 4.2% when normalized for the extra leap day in Q1 2024, driven predominantly by volume.
Profitability saw notable improvement, with comparable adjusted EBITDA increasing 12.1% to $341.5 million, resulting in a comparable adjusted EBITDA margin of 21.2%, a 170 basis point expansion year-over-year. Adjusted net income per diluted share was $0.29, up from $0.22 in the prior year. The company is on track to realize its $200 million cost synergies opportunity by 2025, contributing to these margin improvements.
Management reaffirmed its full-year 2025 guidance for net sales, adjusted EBITDA, and adjusted free cash flow, indicating confidence in its strategic execution and synergy capture. The company's resilient business model, focus on domestic manufacturing efficiency, and cost control are positioned for continued success in the current macro environment.
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