Exhibit 99.1

Press Release

CONTACT:

Jon Kathol

Vice President, Investor Relations

Tel:813-313-1732

investorrelations@primowater.com

PRIMO WATER CORPORATION ANNOUNCES SECOND QUARTER 2021 RESULTS; DECLARES QUARTERLY DIVIDEND

Second quarter financial results exceed expectations, Company raises full year Adjusted EBITDA guidance by $10 million to between $390 million and $400 million

TAMPA, FL – August 5, 2021 – Primo Water Corporation (NYSE:PRMW; TSX:PRMW) (the “Company” or “Primo”), a leading provider of sustainable drinking water solutions direct to consumers in North America and Europe, today announced its results for the second quarter ended July 3, 2021.

The Company also announced that its Board of Directors declared a quarterly dividend of US$0.06 per common share. The dividend is payable in cash on September 2, 2021, to shareowners of record at the close of business on August 19, 2021.

(Unless stated otherwise, all second quarter 2021 comparisons are relative to the second quarter of 2020; all information is in U.S. dollars.)

SECOND QUARTER HIGHLIGHTS

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		For the Three Months Ended
(in millions of U.S. dollars, except per share amounts, percentages and bps)		July 3, 2021				June 27, 2020				Y/Y Change
Revenue, net		$	526.1			$	456.8				15	%
Net loss		$	(8.3	)		$	(131.7	)		$	123.4
Net loss per diluted share		$	(0.05	)		$	(0.82	)		$	0.77
Adjusted net income		$	27.5			$	13.4			$	14.1
Adjusted net income per diluted share		$	0.17			$	0.08			$	0.09
Adjusted EBITDA		$	99.5			$	82.5				21	%
Adjusted EBITDA margin %			18.9	%			18.1	%			80bps

“We are very pleased with our second quarter and first half results which have exceeded our forecasts,” said Tom Harrington, Primo’s Chief Executive Officer. “We continue to see elevated demand from our residential customers even as our Water Direct commercial customer base slowly recovers, confirming our view that there is not a one-for-one tradeoff in demand between these customers as they return to work and mobility increases. As such, we feel confident raising our full year Adjusted EBITDA outlook by $10 million to between $390 million and $400 million.”

OUTLOOK

Primo is targeting the following results from continuing operations for the third quarter and full year 2021:

SECOND QUARTER 2021 RESULTS CONFERENCE CALL

Primo Water Corporation will host a conference call today, August 5, 2021, at 10:00 a.m. ET, to discuss second quarter results, which can be accessed as follows:

North America: (888) 664-6392

International: (416) 764-8659

Conference ID: 05847661

A slide presentation and live audio webcast will be available through Primo’s website at https://www.primowatercorp.com. The earnings conference call will be recorded and archived for playback on the investor relations section of the website for a period of two weeks following the event.

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SECOND QUARTER GLOBAL PERFORMANCE – CONTINUING OPERATIONS

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SECOND QUARTER REPORTING SEGMENT PERFORMANCE – CONTINUING OPERATIONS

North America

Rest of World (“ROW”)

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SHARE REPURCHASE PROGRAM

During the second quarter, the Company repurchased approximately 800,000 common shares for a total of approximately $13 million under its previously announced share repurchase program of up to $50 million of the Company’s outstanding common shares.

Under the program, the Company’s common shares may be repurchased periodically in open market or privately negotiated transactions through the facilities of the NYSE.

QUARTERLY DIVIDEND

The Company announced that its Board of Directors declared a dividend of US$0.06 per common share. The dividend is payable in cash on September 2, 2021, to shareowners of record at the close of business on August 19, 2021.

ABOUT PRIMO WATER CORPORATION

Primo Water Corporation is a leading pure-play water solutions provider in North America, Europe and Israel and generates approximately $2.0 billion in annual revenue. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo’s revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through retailers and online at various price points. The dispensers help increase household penetration which drives recurring purchases of Primo’s razorblade offering. Primo’s razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, Primo delivers sustainable hydration solutions across its 22-country footprint direct to the customer’s door, whether at home or to businesses. Through its Water Exchange and Water Refill businesses, Primo offers pre-filled and reusable containers at over 13,000 locations and water refill units at approximately 22,000 locations, respectively. Primo also offers water filtration units across its 22-country footprint representing a top five position.

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

Non-GAAP Measures

To supplement its reporting of financial measures determined in accordance with GAAP, Primo utilizes certain non-GAAP financial measures. Primo excludes from GAAP revenue the impact of foreign exchange to separate its impact from Primo’s results of operations. Primo utilizes adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA and adjusted EBITDA margin to separate the impact of certain items from the underlying business. Because Primo uses these adjusted financial results in the management of its business, management believes this supplemental information is useful to investors for their independent evaluation and understanding of Primo’s underlying business performance and the performance of its management. Additionally, Primo supplements its reporting of net cash provided by (used in) operating activities from continuing operations determined in accordance with GAAP by excluding additions to property, plant and equipment to present free cash flow, and by excluding the items identified on the exhibits hereto to present adjusted free cash flow, which management believes provides useful information to investors in assessing our performance, comparing Primo’s performance to the performance of the Company’s peer group and assessing the Company’s ability to service debt and finance strategic opportunities, which include investing in Primo’s business, making strategic acquisitions, paying dividends, repurchasing common shares and strengthening the balance sheet. With respect to the Company’s expectations of its performance, the Company’s reconciliations of Q3 2021 and full year 2021 estimated adjusted EBITDA are not available, as the Company is unable to quantify certain amounts to the degree of precision that would be required in the relevant GAAP measures without unreasonable effort. These items include taxes, interest costs that would occur if the Company issued debt, and costs to acquire and or sell a business if the Company executed such transactions, which could significantly affect our financial results. These items depend on highly variable factors and any such reconciliations would imply a degree of precision that would be confusing or misleading to investors. Primo expects the variability of these factors to have a significant, and potentially unpredictable, impact on the Company’s future GAAP financial results. The non-GAAP financial measures described above are in addition to, and not meant to be considered superior to, or a substitute for, Primo’s financial statements prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this earnings announcement reflect management’s judgment of particular items, and may be different from, and therefore may not be comparable to, similarly titled measures reported by other companies.

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Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management’s expectations as to the future based on plans, estimates and projections at the time Primo makes the statements. Forward-looking statements involve inherent risks and uncertainties and Primo cautions you that several important factors could cause actual results to differ materially from those contained in any such forward-looking statement. The forward-looking statements contained in this press release include, but are not limited to, statements related to future financial and operating trends and results (including Primo’s outlook on third quarter and full year 2021 revenue and adjusted EBITDA) and related matters. The forward-looking statements are based on assumptions regarding management’s current plans and estimates. Management believes these assumptions to be reasonable, but there is no assurance that they will prove to be accurate.

Factors that could cause actual results to differ materially from those described in this press release include, among others: the impact of the spread of COVID-19, related government actions and Primo’s strategy in response thereto on our business, financial condition and results of operations; Primo’s ability to compete successfully in the markets in which it operates; fluctuations in commodity prices and Primo’s ability to pass on increased costs to its customers or hedge against such rising costs, and the impact of those increased prices on its volumes; Primo’s ability to maintain favorable arrangements and relationships with its suppliers; Primo’s ability to manage its operations successfully; currency fluctuations that adversely affect the exchange between currencies including the U.S. dollar, the British pound sterling, the Euro and the Canadian dollar; the impact on Primo’s financial results from uncertainty in the financial markets and other adverse changes in general economic conditions; any disruption to production at Primo’s manufacturing facilities; Primo’s ability to maintain access to its water sources; Primo’s ability to protect its intellectual property; the seasonal nature of Primo’s business and the effect of adverse weather conditions; the impact of national, regional and global events, including those of a political, economic, business and competitive nature; Primo’s ability to fully realize the potential benefit of transactions or other strategic opportunities that it pursues; Primo’s ability to realize cost synergies of its acquisitions due to integration difficulties and other challenges; Primo’s limited indemnification rights in connection with the legacy Primo acquisition; Primo’s exposure to intangible asset risk; Primo’s ability to meet its obligations under its debt agreements, and risks of further increases to its indebtedness; Primo’s ability to maintain compliance with the covenants and conditions under its debt agreements; fluctuations in interest rates, which could increase Primo’s borrowing costs; the incurrence of substantial indebtedness to finance Primo’s acquisitions; Primo’s ability to recruit, retain and integrate new management; Primo’s ability to renew its collective bargaining agreements on satisfactory terms; compliance with product health and safety standards; liability for injury or illness caused by the consumption of contaminated products; liability and damage to Primo’s reputation as a result of litigation or legal proceedings; changes in the legal and regulatory environment

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in which Primo operates; Primo’s ability to adequately address the challenges and risks associated with its international operations and address difficulties in complying with laws and regulations including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010; the impact on Primo’s tax obligations and effective tax rate arising from changes in local tax laws or countries adopting more aggressive interpretations of tax laws; disruptions in Primo’s information systems; Primo’s ability to securely maintain its customers’ confidential or credit card information, or other private data relating to Primo’s employees or the Company; Primo’s ability to maintain its quarterly dividend; or credit rating changes.

The foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on any 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 Primo’s Annual Report on Form 10-K and its quarterly reports on Form 10-Q, as well as other filings with the securities commissions. Primo does not undertake to update or revise any of these statements considering new information or future events, except as expressly required by applicable law.

Website: www.primowatercorp.com    

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Gross margin %			56.4	%			54.3	%			—	%			55.9	%
Selling, general and administrative expenses (a)		$	356.4			$	133.7			$	17.8			$	507.9
SG&A % of revenue			46.8	%			55.2	%			—	%			50.6	%
Operating income (loss) (a)		$	66.2			$	(2.0	)		$	(19.5	)		$	44.7
Depreciation and amortization		$	74.3			$	30.1			$	0.7			$	105.1
		For the Six Months Ended June 27, 2020
		North America				Rest of World				All Other				Total
Revenue, net
Water Direct/Water Exchange		$	463.2			$	100.1			$	—			$	563.3
Water Refill/Water Filtration			74.9				13.4				—				88.3
Other Water			84.7				27.5				—				112.2
Water Dispensers			26.7				—				—				26.7
Other			65.1				75.4				—				140.5
Total		$	714.6			$	216.4			$	—			$	931.0
Gross profit		$	412.0			$	116.0			$	—			$	528.0
Gross margin %			57.7	%			53.6	%			—	%			56.7	%
Selling, general and administrative expenses (a)		$	353.7			$	130.1			$	18.0			$	501.8
SG&A % of revenue			49.5	%			60.1	%			—	%			53.9	%
Operating income (loss) (a)		$	47.1			$	(130.5	)		$	(34.6	)		$	(118.0	)
Depreciation and amortization		$	68.6			$	28.6			$	0.6			$	97.8

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