Slides
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Q4 and FY 2025 Results February 24, 2026 1
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Forward looking statements 2 Certain statements in this Presentation (this “Presentation”) of Keurig Dr Pepper Inc. (the “Company” or “KDP”), including st atements relating to the Company’s contemplated acquisition (the “Acquisition”) of JDE Peet’s, N.V. (“JDE Peet’s”), the structur ed manufacturing JV with Apollo Management Holdings, L.P. (together with its affiliates, “Apollo”) as the lead investor, in part nership with Kohlberg Kravis Roberts & Co., L.P. (together with its affiliates, “KKR”) and Goldman Sachs Asset Management, L.P. and its affiliates (the “Structured JV”), the convertible preferred investment with KKR as the lead investor, along with Apollo and o ther institutional investors (the “Preferred Investment”), the combined business, the contemplated separation of the beverage an d coffee portfolios (the “Separation”), future financial targets and results, anticipated leverage ratios, credit ratings and w eighted average cost of capital and expected cost savings and synergies, may be considered “forward- looking statements” within the meaning of applicable securities laws and regulations. Forward- looking statements include those preceded by, followed by or that include the words “anticipate,” “expect,” “believe,” “could,” “continue,” “ongoing,” “forecast,” “estimate,” “intend,” “ may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and similar words or phrases. These forward- looking statements speak only as of the date of this Presentation. These statements are based on the current expectations of our management and are not predictions of actual performance. Although the Company believes that the assumptions upon which its forward -looking statements are based are reasonable, it can gi ve no assurance that these forward-looking statements will prove to be correct. Forward -looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experienc e or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, (i) the inherent uncertainty of estimates, forecasts and projections, (ii) global economic uncertainty or economic downturns, ( iii) tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions and related uncertainty, (iv) the risk that our financial performance may be better or worse than anticipated, (v) the possibility that w e are unable to successfully integrate GHOST Lifestyle LLC into our business, (vi) risks relating to the completion of the Acqui sition, the Structured JV, the Preferred Investment and the subsequent Separation in the anticipated timeframe or at all, (vii) risks rel ated to the receipt of regulatory approvals without unexpected delays or conditions, (viii) risks relating to our incurrence of significant debt or our entry into other funding alternatives, in each case, to fund the Acquisition, which may result in dil ution to our stockholders or introduce complexity to our capital structure (ix) additional risks associated with the Acquisition and those geographies where JDE Peet’s currently operates, (x) our ability to successfully integrate JDE Peet’s into our business, or t hat such integration may be more difficult, time-consuming or costly than expected, (xi) constraints on management’s attention to operating and growing our business during the execution of the Acquisition and the Separation, (xii) the potential downgrade of our credit ratings as a result of debt incurred and/or assumed in connection with the Acquisition and the Separation, (xiii) the risk that the Acquisition and the Separation may incur significant additional costs, (xiv) the risk of potential litigation, (xv) negative effects of the announcement and pendency of the Acquisition and the Separation on our share price, (xvi) the abili ty to achieve the anticipated strategic and financial benefits from the Separation, and (xvii) the other risks and uncertainties di scussed in the Company’s press releases and public filings. These risks and uncertainties, as well as others, are more fully dis cussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10- K filed with the SEC on February 24, 2026. While the lists of risk factors presented here and in our public filings are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Any forward-looking statement made herein speaks only as of the date of this Presentation. The Company expressly disclaims any o bligation or undertaking to disseminate any updates or revisions to any forward- looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any suc h statement is based, unless required by law. Non-GAAP Metrics This Presentation includes adjusted operating income, adjusted operating margin, adjusted EPS, free cash flow and other non-GAAP measures, which differ from results using U.S. Generally Accepted Accounting Principles (“GAAP ”). These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacements f or, or superior to, the GAAP measures and may not be directly comparable to similar measures used by other companies in the Company’s industry, as other companies may define such measures differently. Non- GAAP financial measures typically exclude certain charges, including one-time costs that are not expected to occur routinely in future periods. The Company uses non-GAAP financial measures internally to focus management on performance excluding these special charges to gauge our business operating performance. While the Company believes these non- GAAP measures provide shareholders with additional insight into operating performance, the non -GAAP measures presented herein are not measurements of financial performance under GAAP, and should not be considered as alternatives to, and should only be considered together with, the Company’s or JDE Peet’s, as applicable, financial results in accordance with GAAP and the IFRS Accounting Standards, as issued by the International Accounting Standards Board (the “IFRS Accounting Standards”), as applicable.. Further, the non-GAAP financials measures relating to the Company and JDE Peet’s may not be directly comparable as the Company’s financial information is prepared under GAAP and JDE Peet’s financial information is prepared under the IFRS Accounting Standards. Management believes that non-GAAP financial measures are frequently used by analysts and investors in their evaluatio n of companies, and its continued inclusion provides consistency in financial reporting and enables analysts and investors to perform meaningful comparisons of past, present and future operating results. The non -GAAP information presented is unaudited and provided for illustrative purposes only, and audited results could differ materially. The Company does not provide reconciliations of forward-looking non-GAAP measures to GAAP measures, due to the inability to predict the amount and ti ming of impacts outside of the Company's control on certain items, such as non- cash gains or losses resulting from mark- to-market adjustments of derivative instruments, among others, which could be material. See Appendix for additional information regarding non -GAAP financial measures. Industry & Market Data This Presentation also contains estimates and information concerning our industry, including market position, market size, an d growth rates of the markets in which the Company participates, that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. The Company has not independe ntly verified the accuracy or completeness of the data contained in these industry publications and reports. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors. These and other factors could cause results to differ materially from those expressed in these publicatio ns and reports. Restrictions This Presentation does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in J DE Peet's. Any offer will be made only by means of the offer memorandum approved by the Dutch Authority for the Financial Markets, which is available as of January 15, 2026. This Presentation is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, in any jurisdiction in which such release, publication or distribution would be unlawful.
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3 1. Business Update 2. Results & Outlook 3. Q&A Agenda Image TBU
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4 Conference call participants Tim Cofer Chief Executive Officer Anthony DiSilvestro Chief Financial Officer
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Business Update Tim Cofer Chief Executive Officer 5
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6 2025 Accomplishments 2026 Objectives Fastest growing major food & beverage manufacturer1 Delivered against guidance Laid groundwork for transformational next chapter Seamless JDE Peet’s integration Low-double-digit EPS growth2 Position future pure play companies for success 1 Circana POS Data, Edible Department, TOTAL US MULO + with Conv YE 2025; fastest among top 10 largest companies. 2 Low-double-digit Adjusted EPS growth inclusive of JDE Peet’s. 2026 to build on a strong 2025
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Transformation updates On track to close JDE Peet’s acquisition in early April Advancing key separation milestones: leadership, BODs, financing Significant progress on integration workstreams Designed Combined Co. operating model Continue to target operational readiness to separate by end of 2026 7
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8 2025 enterprise performance All financial metrics presented on an adjusted, constant currency basis. Standout performance in U.S. Refreshment Beverages Resilient International growth Softer U.S. Coffee trends, with underlying progress +HSD% net sales & EPS growth
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2025 commercial highlights 9th straight year Dr Pepper share gains1 Successful GHOST integration 9 More agile, digitally-led marketing Progress readying Keurig Alta for launch 1 Source: Circana
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10 Q4 2025 highlights All financial metrics presented on an adjusted, constant currency basis. Net sales growth of 10%, with positive contributions from each segment Mid-single-digit net price realization, reflecting actions to mitigate inflation EPS growth of 2%, as expected, given cost & investment phasing Healthy volume/mix increase, from GHOST addition and base business gains
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11 U.S. Refreshment Beverages Continued top & bottom-line momentum Core portfolio strength, led by CSDs Robust growth in emerging platforms, energy & sports hydration Q4 Segment Highlights
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12 U.S. Coffee Meaningful near-term cost pressure due to green coffee inflation and tariffs Continued investment to position business for long-term success Coffee category & Keurig ecosystem resilience Q4 Segment Highlights
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13 International Strong top & bottom-line growth Momentum led by Mexico, supported by market share & distribution gains Healthy growth in Canada coffee, driven by pricing actions Q4 Segment Highlights
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14 CoffeeRefreshment Beverages Launching robust 2026 innovation slate Energy Keurig Coffee Collective CSDs Still Beverages The Original Donut Shop Keurig K-Mini+, K-Supreme, Keurig Alta RTD Coffee Sports Hydration
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Key objectives for 2026 Deliver low-double-digit EPS growth1 Unlock JDE Peet’s combination benefits Execute key separation milestones 15 1 Low-double-digit Adjusted EPS growth inclusive of JDE Peet’s.
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Results & Outlook Anthony DiSilvestro Chief Financial Officer 16
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FY 2025 consolidated results Constant currency 17 $15.4 $16.6 2024 2025 $4.0 $4.2 2024 2025 $1.92 $2.05 2024 2025 NET SALES ($B) ADJ. OPERATING INCOME ($B) ADJUSTED EPS ($ PER SHARE) 8.6% YoY 4.9% YoY 7.3% YoY 25.0% Adjusted OI Margin 25.9% Financial metrics presented on an adjusted basis. Growth rates presented on an adjusted basis and in constant currency. Including the impact of currency, net sales grew 8.2%, adjusted operating income grew 4.6%, and adjusted EPS grew 6.8%.
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Q4 2025 consolidated results Constant currency 18 $4.1 $4.5 Q4’24 Q4’25 $1.1 $1.2 Q4’24 Q4’25 $0.58 $0.60 Q4’24 Q4’25 NET SALES ($B) ADJ. OPERATING INCOME ($B) ADJUSTED EPS ($ PER SHARE) 9.9% YoY 4.8% YoY 1.7% YoY 26.5% Adjusted OI Margin 27.7% Financial metrics presented on an adjusted basis. Growth rates presented on an adjusted basis and in constant currency. Including the impact of currency, net sales grew 10.5%, adjusted operating income grew 5.4%, and adjusted EPS grew 3.4%.
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19 U.S. Refreshment Beverages Q4 2025 Change Net Sales $2.7B 11.5% Adjusted Operating Income $841M 8.7% Adjusted Operating Margin 30.9% (0.8pts) All financial metrics presented on an adjusted, constant currency basis. • Net sales increased 11.5%, with volume/mix adding 7.0% and net price realization contributing 4.5% • Sales growth driven by CSDs, sports hydration, and energy, including the contribution from the GHOST acquisition • Operating income growth was driven by net sales gains and productivity, partially offset by inflation and higher SG&A
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20 U.S. Coffee Q4 2025 Change Net Sales $1.2B 3.9% Adjusted Operating Income $364M (8.8%) Adjusted Operating Margin 31.0% (4.3pts) All financial metrics presented on an adjusted, constant currency basis. • Net sales increased 3.9%, with net price realization adding 8.0%, partially offset by a volume/mix decline of (4.1%) • Sales growth driven by pod revenue increases, partially offset by brewer revenue declines • Operating income pressure driven by cost inflation and volume/mix decline, partially offset by pricing and productivity
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21 International Q4 2025 Change Net Sales $604M 16.0% Adjusted Operating Income $163M 20.0% Adjusted Operating Margin 27.0% 0.8pts Financial metrics presented on an adjusted basis. Growth rates presented on an adjusted basis and in constant currency Including the impact of currency, net sales increased 21%, adjusted operating income increased 25%, and adjusted operating margin grew 0.9 pts. • Net sales increased 16.0%, with net price realization adding 9.2% and volume/mix gains of 6.8% • Sales growth reflected increases across categories & regions • Operating income growth was driven by net sales growth and productivity TBU
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Balance sheet and cash flow 2026 Priorities Committed to strong balance sheet and investment grade ratings For KDP and future Beverage Co. and Global Coffee Co. 22 Strong cash generation: ~$2B1 in KDP free cash flow, up from $1.5B in ‘25; outlook to increase post JDEP close Optimized acquisition financing: ~$9B of new debt, $8.5B of equity, $5B legacy JDEP debt - Upsized convertible to $4.5B given strong demand - $4B Global Coffee Co. pod manufacturing JV - Debt issuance and term loan borrowing to fund the balance to close deal - Will not pursue partial IPO of Beverage Co. Focus on continued deleveraging: evaluating non- core asset monetization opportunities 1 2026 free cash flow outlook for KDP’s standalone business.
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2026 outlook 23 Net Sales Growth (Constant FX) Adjusted EPS Growth (Constant FX) Other Items Low-Double-Digit% 4-6% KDP standalone growth (const. FX) +6-7pts JDE Peet’s contribution1 $25.9-$26.4B 4-6% KDP standalone growth (const. FX) $8.5-$8.7B JDE Peet’s net sales1 1 JDE Peet's contribution based on expected early April close and calculated using current exchange rates. 2 FX tailwind based on current outlook for exchange rates. 3 Pre-separation, expect the calculation to default to the proportionate share of earnings. ~1pt FX tailwind Top-line and EPS benefit to KDP standalone growth2 $1.07-1.12B Interest Expense 22-23% Tax Rate ~1.37B Diluted Shares Outstanding ~190M Pre-Tax Coffee JV Cost Greater of: ~$53M Quarterly Preferred Dividend3 or ~8% Proportionate Share of Earnings3
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Closing Remarks Tim Cofer Chief Executive Officer
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Pamela Patsley Future Chair & Current Lead Independent Director Refreshing Board and enhancing governance Bob Gamgort Outgoing Chairman Amie Thuener Independent Director Bill Newlands Independent Director Succession Planning Director Recruitment Effective March 31, 2026 Effective March 2, 2026 Also establishing separate Nominating & Governance and Compensation Committees, consistent with best-in-class practices
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Questions & Answers 26 26
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Appendix 27 27
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28 Reconciliations of GAAP to non-GAAP information
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29 Reconciliations of GAAP to non-GAAP information
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30 Reconciliations of GAAP to non-GAAP information
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31 Reconciliations of GAAP to non-GAAP information
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32 Reconciliations of GAAP to non-GAAP information
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33 Reconciliations of GAAP to non-GAAP information
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34 Reconciliations of GAAP to non-GAAP information
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35 Reconciliations of GAAP to non-GAAP information
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36 Reconciliations of GAAP to non-GAAP information
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37 Reconciliations of GAAP to non-GAAP information
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38 Reconciliations of GAAP to non-GAAP information
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39 Reconciliations of GAAP to non-GAAP information