Primo Brands Feedback from Meetings at JPM Fast Moving Consumer & Wellness Forum

Research evidence excerpt

Primo Brands Feedback from Meetings at JPM Fast Moving Consumer & Wellness Forum

J P M O R G A N North America Equity Research

15 May 2026

Primo Brands Overweight

PRMB, PRMB US

Feedback from Meetings at JPM Fast Moving Price (14 May 26):$23.27

Consumer & Wellness Forum

Beverage, Household & Personal

We hosted Primo Brands (PRMB, OW-rated) VP of IR Traci Mangini and IR Care Products

Manager Logan Grosenbacher at our J.P. Morgan Fast Moving Consumer & Andrea Teixeira, CFA AC

Wellness Forum in NYC yesterday. The meetings delved deeper into the (1-212) 622-6735

commodity cost outlook and levers the company has at its disposal to mitigate cost andrea.f.teixeira@jpmorgan.com

headwinds — we came away incrementally more confident that PRMB is well Drew Levine, CFA

positioned to mitigate cost headwinds in 2026 and into 2027 through a combination (1-212) 622-0374

drew.levine@jpmorgan.com

of productivity and pricing/RGM. Other topics and messaging were consistent

Shovana Chowdhury

with 1Q26 earnings (link) last week, including faster-than-expected recovery in

(1-212) 270-2184

Direct Delivery channel with improving revenue/service level/customer net shovana.chowdhury@jpmorgan.com

trajectory and solid Retail performance with drivers into the balance of the year. J.P. Morgan Securities LLC

We continue to see a favorable set-up as we believe guidance still embeds a fair

amount of prudence, while acknowledging the operating environment remains

dynamic.

• Confident in Levers to Mitigate Commodities Exposure. PRMB’s

commodity exposures and levers to mitigate resin/fuel headwinds were a key

topic of conversation at the meetings, particularly as the consensus narrative

into 1Q26 results focused in on risk language in annual filings around

hypothetical increases in commodity prices (e.g.