EarningsQ2 2026 Earnings Report
DE:V76 Q2 2026 EPS Results
Actual EPS€0.33
Consensus EPS€0.29
Beat/MissBeat by +€0.04
One Year Ago EPS€0.32
DE:V76 Q2 2026 Revenue Results
Actual Revenue€1.60B
Expected Revenue€1.58B
Beat/MissBeat by +€27.79M
YoY Revenue Growth+3.82%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
DE:V76 Upcoming Earnings
Primo Brands's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:V76 Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed constructive momentum across the business: comparable net sales and adjusted EBITDA grew, retail and premium segments delivered strong performance, direct delivery showed an earlier-than-expected inflection back to growth with improving operational metrics, and liquidity and cash flow strengthened. Offsetting these positives were persistent volume weakness in direct delivery, elevated transportation/freight costs, continued integration and reinvestment headwinds, and net leverage that remains above management's target. Overall, the positives (top-line beat, guidance raise, margin and cash-flow improvements, and clear operational progress) outweigh the negatives, though execution and cost pressures warrant close monitoring.Company Guidance
Comparable Net Sales Growth
Second quarter comparable net sales of $1.8 billion, up 4.2% year-over-year, marking a second consecutive quarter of year-over-year growth and outperforming expectations.
Adjusted EBITDA and Margin Expansion
Adjusted EBITDA increased 5% to $385 million (up $18.3 million) with comparable adjusted EBITDA margin up 10 basis points to 21.4% versus prior year and a sequential margin improvement of 260 basis points.
Raised 2026 Net Sales Guidance
Raised 2026 comparable net sales growth guidance to 2%–4% (from prior 1%–3%) for the second consecutive quarter, while reaffirming adjusted EBITDA guidance of $1.465 billion to $1.515 billion.
Retail Strength and Premium Performance
Retail growth was broad-based: regional spring water net sales +4.1%, purified water +1.9%, and premium brands +30.5%; premium brands (Saratoga, Mountain Valley) expanded distribution and grew both dollar and volume share.
Direct Delivery Recovery
Direct delivery returned to growth on a comparable basis, up 0.4% (340 bps sequential improvement vs Q1), with improvements in customer experience metrics (NPS and Trustpilot), reduced call volumes to pre-integration levels, declining customer quits, and OTIF improving into the mid-90s.
Improved Cash Flow, Liquidity and Deleveraging
Generated $227.9 million of cash flow from operations ($266.4M adjusted for major items); adjusted free cash flow $200.1 million (up $30.4M YoY); liquidity of $953 million; net leverage improved to 3.42x from 3.52x in Q1.
Capital Allocation and Shareholder Returns
Continued disciplined capital allocation: total Q2 capex $104.6 million (integration capex $35M), repurchased $15.5 million of shares (708,000 shares) under a $300M program, $62.8M of repurchase authorization remaining, and board reaffirmed quarterly dividend of $0.12 (annualized $0.48).
DE:V76 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed