Primo Water Releases 2021 Supplement to Inaugural 2020 Environmental, Social and Governance Report

Rhea-AI Summary

Primo Water Corporation (NYSE: PRMW) released its 2021 ESG Supplement, highlighting key achievements including:

• Carbon Neutral Certification in 2021.
• All diversity, equity, and inclusion (DEI) targets met.
• Transition to 100% certified renewable energy in European operations.
• Exit from single-use bottled water business, reducing CO2 emissions by 50,000 metric tons.
• Contributions of over $168,000 to disaster-stricken communities.
• 20% reduction in global GHG emissions compared to 2020.

The company aims for continuous improvement in ESG practices, with future commitments that include third-party verified greenhouse gas emissions. CEO Tom Harrington emphasized the cultural commitment to ESG at Primo Water, which generates approximately $2.2 billion annually and operates in North America and Europe.

Positive

• Achieved Carbon Neutral Certification in 2021.
• Met all stated DEI targets.
• Transitioned to 100% certified renewable energy for European operations.
• Exited single-use bottled water business, significantly reducing plastic waste.
• Contributed over $168,000 in products to communities in crisis.
• Reduced global GHG emissions by 20% compared to 2020.

Negative

• None.

Report provides 2021 highlights and progress against stated targets

TAMPA, Fla, April 17, 2023 April 17, 2023 – Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo Water"), a leading provider of sustainable drinking water solutions in North America and Europe, today released a 2021 supplement (the "Supplement") to its inaugural 2020 Environmental, Social and Governance ("ESG") report.  Highlights from the Supplement include:

• Achieving Carbon Neutral Certification in 2021 via the CarbonNeutral Protocol, while advancing clean drinking water infrastructure in vulnerable communities.
• Achieving all stated DEI targets.
• Replacing over 9,000 MWh with Energy Certificate Attributes, powering our European operations with 100% certified renewable energy certificates.
• Announcing the strategic exit of the North America single use bottled water retail business that produced over 400 million HDPE plastic containers annually, equivalent to 50,000 mt of CO2e1.
• Engaging and donating over $168,000 of products to communities facing natural disasters or other forms of crisis.
• Reducing our global GHG emissions by 20% over 2020.
• Improving our in-plant water efficiency.

"At Primo Water, ESG is at the core of what we do," said Tom Harrington, Primo Water's Chief Executive Officer.  "We offer sustainable water solutions, a workplace where all feel welcome, and a governance structure that recognizes and appreciates the diversity of thought and backgrounds. We are proud to share this Supplement containing our 2021 milestones and progress against stated targets and look forward to sharing our full 2022 ESG report in the second quarter of 2023," said Mr. Harrington.

Primo Water is committed to continuous improvement and future commitments for ESG reporting including third-party verified greenhouse gas (GHG) emissions, science-based target goal setting, and a completed life cycle assessment. The Supplement can be accessed at www.primowatercorp.com/sustainability

ABOUT PRIMO WATER CORPORATION

Primo Water is a leading pure-play water solutions provider in North America and Europe and generates approximately $2.2 billion in annual revenue. Primo Water operates largely under a recurring revenue model in the large format water category (defined as 3 gallons or greater). This business strategy is commonly referred to as "razor-razorblade" because the initial sale of a product creates a base of users who frequently purchase complementary consumable products. The razor in Primo Water's revenue model is its industry leading line-up of innovative water dispensers, which are sold through approximately 10,000 retail locations and online at various price points. The dispensers help increase household and business penetration which drives recurring purchases of Primo Water's razorblade offering or water solutions. Primo Water's razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, Primo Water delivers sustainable hydration solutions across its 21-country footprint direct to customers, whether at home or to businesses. Through its Water Exchange business, customers visit retail locations and purchase a pre-filled bottle of water. Once consumed, empty bottles are exchanged at our recycling center displays, which provide a ticket that offers a discount toward the purchase of a new bottle. Water Exchange is available in approximately 17,500 retail locations. Through its Water Refill business, customers refill empty bottles at approximately 23,500 self-service refill drinking water machines. Primo Water also offers water filtration units across its 21-country footprint.

Primo Water's water solutions expand consumer access to purified, spring, and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo Water is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.

Primo Water is headquartered in Tampa, Florida (USA). For more information, visit www.primowatercorp.com.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws conveying management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve inherent risks and uncertainties and the Company cautions you that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. The forward-looking statements in this press release include but are not limited to statements regarding the timing of the release of the Company's 2022 ESG report. The forward-looking statements are based on assumptions regarding management's current plans and estimates. Factors that could cause actual results to differ materially from those described in this press release include, among others: risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; the effect of economic, competitive, legal, governmental and technological factors on Primo Water's business; and the impact of national, regional and global events on our business, including the COVID-19 outbreak. The foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors contained in the Company's Annual Report in the Form 10-K and its quarterly reports on Form 10-Q, as well as other periodic reports filed with the securities commissions. The Company does not, except as expressly required by applicable law, undertake to update or revise any of these statements in light of new information or future events.

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SOURCE Primo Water Corporation

FAQ

What are the highlights from Primo Water's 2021 ESG Supplement?

Primo Water's 2021 ESG Supplement highlights include Carbon Neutral Certification, meeting DEI targets, switching to 100% renewable energy in Europe, exiting the single-use bottled water business, and a 20% reduction in global GHG emissions.

What is the impact of Primo Water's exit from single-use bottled water?

The exit from single-use bottled water business has reduced carbon emissions equivalent to 50,000 metric tons, indicating a commitment to sustainability.

When will Primo Water release its full 2022 ESG report?

Primo Water is expected to release its full 2022 ESG report in the second quarter of 2023.

How much revenue does Primo Water generate annually?

Primo Water generates approximately $2.2 billion in annual revenue.

What is the significance of Carbon Neutral Certification for Primo Water?

Achieving Carbon Neutral Certification demonstrates Primo Water's commitment to reducing its environmental impact and promoting sustainable practices.