Primo Brands (NYSE:PRMB) reported a significant increase in fiscal 2025 revenue and profitability, marking its first full-year performance following the transformative merger with Primo Water.
The company's fourth-quarter net sales climbed 11.2% to $1.55 billion, while full-year revenue reached $6.66 billion, a 29.3% increase compared to the prior year.
The beverage giant's earnings performance was bolstered by the successful integration of newly acquired assets.
For the fourth quarter, adjusted EBITDA rose 31.1% to $334.1 million, yielding a margin of 21.5%.
On a full-year basis, adjusted EBITDA hit $1.45 billion, representing a 45.5% jump year-over-year.
Management credited the robust figures to the inclusion of Primo Water’s operations and the realization of early merger-related synergies.
Despite the top-line growth, the company navigates a complex balance sheet following the deal.
Net income from continuing operations for the full year stood at $80.4 million.
While the company reported a GAAP free cash flow of $245.9 million, its adjusted free cash flow—which accounts for one-time integration items—was significantly higher at $750.3 million.
Primo Brands ended the year with $4.9 billion in net debt, resulting in a net debt to underlying EBITDA ratio of 3.37x.