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Q3 2026 Results November 3, 2026
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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 acquisition (the “Acquisition”) of JDE Peet’s, N.V. (“JDE Peet’s”), the combined business, the contemplated separation of the beverage and coffee portfolios (the “Separation”), future financial targets and results, antic ipated leverage ratios, credit ratings and weighted 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 s imilar words or phrases. These forward-looking statements speak only as of the date of this Presentation. These statements are base d 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 a number of risks and uncertainties, including the factors disclosed in our Annual Report on Form 10- K and subsequent filings with the Securities and Exchange Commission (the “SEC”). Our actual financial performance could differ materially from the projections in the forward-looking statements due to a variety of factors, including, but not limited to, (i) the inher ent uncertainty of estimates, forecasts and projections, (ii) global economic uncertainty or economic downturns, (iii) tariff s or the imposition of new tariffs, trade wars, barriers or restrictions, sanctions, geopolitical disturbances and conflicts, or threa ts of such actions and related uncertainty, (iv) the risk that our financial performance may be better or worse than anticipated, ( v) risks related to the completion of the Separation in the anticipated timeframe or at all, (vi) our incurrence of significant debt o r our entry into other funding alternatives, in each case, in connection with the Acquisition, which may result in dilution to our stockholders or introduce complexity to our capital structure, (vii) additional risks associated with the Acquisition and tho se geographies, countries and associated governments where JDE Peet's currently operates, (viii) our ability to successfully int egrate JDE Peet's into our business, or that such integration may be more difficult, time -consuming or costly than expected, (ix) const raints on management’s attention to operating and growing our business during the execution of the integration of JDE Peet's and the Separation, (x) the potential downgrade of our credit ratings as a result of debt incurred and/or assumed in connecti on with the Acquisition and the Separation, (xi) the possibility of negative impacts on business relationships in connection wit h the Acquisition and the Separation, (xii) the risk that the Separation incurs significant additional costs, (xiii) the risk o f potential litigation and regulatory actions, (xiv) the ability to achieve the anticipated strategic and financial benefits fro m the Separation, (xv) risks related to negative effects of the Acquisition and the Separation on our share price and (xvi) the other risks and uncertainties discussed in the Company’s press releases and public filings. These risks and uncertainties, as well as others, are more fully discussed in the Company’s filings with 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, adjusted net sales, management leverage ratio 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 measu res, should not be considered replacements for, 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 i n 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 financial 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 evaluation of companies, and their continued inclusion provides consistency in financial reporting and enables analysts and investors to perform meaningful comparisons of past, present and future operatin g 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 timing 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 mater ial. 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 a variety of factors. These and other factors could cause results to differ materially from those expressed in these publications and reports.
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3 1. Business Update 2. Global Coffee Co. CEO Introduction 3. Results & Outlook 4. Q&A Agenda
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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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Delivered strong Q3 results Healthy net sales and Adjusted EPS growth On track to deliver 2026 commitments Investing to support future companies 6
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Welcoming Russ Torres CEO, Coffee Operating Unit Future CEO, Global Coffee Co. 7
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8 Q3 2026 highlights All financial metrics presented on an adjusted, constant currency basis. See “Non-GAAP Metrics” and the Appendix for additional information regarding non- GAAP metrics. Consolidated net sales growth of 70%, including the contribution from JDE Peet’s Legacy KDP net sales growth of 8.6%, led by volume/mix, along with positive net price Adjusted diluted EPS growth of 22%, driven by acquisition accretion, pricing discipline, cost savings, and tariff refunds
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9 U.S. Refreshment Beverages Q3 Segment Highlights All financial metrics presented on an adjusted, constant currency basis. See “Non-GAAP Metrics” and the Appendix for additional information regarding non- GAAP metrics. +DD% net sales and +HSD% adjusted operating income growth Healthy CSD trends, led by Dr Pepper and Canada Dry Energy milestones in Q3: 10% market share & GHOST surpassing $1B retail sales
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10 U.S. Coffee Q3 adjusted operating income increased +DD%, aided by tariff refunds Underlying profitability improved vs. H1, though more modestly than planned Net sales returned to growth, increasing +LSD%, led by volume/mix, with brewers growing +DD% Q3 Segment Highlights All financial metrics presented on an adjusted, constant currency basis. See “Non-GAAP Metrics” and the Appendix for additional information regarding non- GAAP metrics.
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11 JDE Peet’s Marketplace trends improved, driven by the resolution of retailer negotiations and solid execution Healthy profitability, reflecting pricing discipline and agile execution Net sales performance reflected lapping year-ago pricing actions and the current year pass-through of lower costs Q3 Segment Highlights All financial metrics presented on an adjusted, constant currency basis.
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12 KDP International +HSD% net sales growth, with positive net price and volume/mix contributions Mexico net sales increased +DD%, with Peñafiel a standout Canada growth led by energy drinks and ready-to-drink teas Q3 Segment Highlights All financial metrics presented on an adjusted, constant currency basis.
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Third quarter demonstrated good progress Invested to strengthen future businesses Advanced key separation milestones 13 Delivered on our plans
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Global Coffee Co. CEO Introduction Russ Torres CEO, Coffee Operating Unit Future CEO, Global Coffee Co. 14
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Results & Outlook Anthony DiSilvestro Chief Financial Officer 15
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Q3 2026 consolidated results Constant currency 16 $4.3 $7.3 Q3’25 Q3’26 $1.1 $1.7 Q3’25 Q3’26 $0.54 $0.66 Q3’25 Q3’26 NET SALES ($B) ADJ. OPERATING INCOME ($B) ADJUSTED EPS ($ PER SHARE) 70.1% YoY 52.5% YoY 22.2% YoY Financial metrics presented on an adjusted basis. Growth rates presented on an adjusted basis and in constant currency. See “Non-GAAP Metrics” and the Appendix for additional information regarding non- GAAP metrics. Including the impact of currency, net sales grew 70.6%, adjusted operating income grew 53.1%, and adjusted EPS grew 22.2%.
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17 U.S. Refreshment Beverages Q3 2026 Change Net Sales $3.0B 10.9% Adjusted Operating Income $884M 8.3% Adjusted Operating Margin 29.1% (0.7pts) All financial metrics presented on an adjusted, constant currency basis. See “Non-GAAP Metrics” and the Appendix for additional information regarding non- GAAP metrics. • Net sales increased 10.9%, with volume/mix adding 7.2% and net price realization contributing 3.7% • Sales growth led by energy, CSDs, sports hydration, and waters • Operating income growth driven by net sales gains and productivity, partially offset by inflation and higher SG&A, including increased marketing
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18 U.S. Coffee Q3 2026 Change Net Sales $1.0B 2.7% Adjusted Operating Income $353M 11.4% Adjusted Operating Margin 34.7% 2.7pts All financial metrics presented on an adjusted, constant currency basis. See “Non-GAAP Metrics” and the Appendix for additional information regarding non- GAAP metrics. • Net sales increased 2.7%, with volume/mix adding 6.9%, partially offset by a net price decline of (4.2%) • Volume/mix growth driven by brewer and pod shipment growth, as well as the mix benefit from Peet’s K-Cup pods • Operating income growth driven by tariff refunds, favorable volume/mix, and cost savings, partially offset by lower net price realization, inflationary pressures, and higher marketing To update image
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19 JDE Peet’s Q3 2026 Change Net Sales $2.6B - Adjusted Operating Income $480M - Adjusted Operating Margin 18.1% - All financial metrics presented on an adjusted, constant currency basis. See “Non-GAAP Metrics” and the Appendix for additional information regarding non- GAAP metrics. • Net sales of $2.6B and adjusted operating income of $480M • Profitability driven by favorable pricing net of inflation, productivity, and cost synergies
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20 KDP International Q3 2026 Change Net Sales $644M 7.6% Adjusted Operating Income $160M (0.6%) Adjusted Operating Margin 24.8% (2.0pts) 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 11.0%, adjusted operating income increased 3.2%, and adjusted operating margin compressed (1.9 pts). See “Non-GAAP Metrics” and the Appendix for additional information regarding non- GAAP metrics. • Net sales increased 7.6%, with net price realization contributing 5.7% and volume/mix adding 1.9% • Sales growth driven by refreshment beverages, led by Peñafiel in Mexico • Operating income decline driven by cost pressures and investment phasing, which offset net sales gains and productivity
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Balance sheet and cash flow Key Takeaways Committed to strong balance sheet and investment grade ratings For KDP and future Beverage Co. and Global Coffee Co. Robust cash generation: $1.0B in Q3 free cash flow Deleveraging progress: ended the quarter with 4.1x management leverage1 Capital allocation priorities: investing in the business, maintaining current dividend, and rapidly deleveraging 21 1Management leverage is estimated on a pro forma TTM basis as of Q3 2026. See “Non-GAAP Metrics” and the Appendix for additional information regarding non- GAAP metrics.
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2026 outlook 22 Net Sales Adjusted EPS Growth (Constant FX) Other Items Low-Double-Digit% Legacy KDP +3-5% +7-8pts JDE Peet’s contribution1 $25.9-$26.4B $8.3-$8.4B JDE Peet’s net sales1 ~0.5pt FX tailwind Top-line and EPS benefit2 $1.09-1.11B Interest Expense ~22-23% Tax Rate ~1.37B Diluted Shares Outstanding ~$190M Pre-Tax Coffee JV Cost Convertible Preferred P&L Impact3 as Greater of: ~$53M Quarterly Preferred Dividend3 or ~8% Proportionate Share of Earnings3 1 JDE Peet's contribution based on April 1 close and calculated using current exchange rates. 2 FX tailwind based on current exchange rate outlook. 3 Preferred dividends on a quarterly basis will equal 25% of 4.75% of the face amount, less common dividends paid to the prefer red holders, which combined amount is expected to equal ~$53M each quarter. We estimate that earnings allocated to preferred holders will equal approx. 8% of adjusted net income attributable to KDP until the anticipate d Separation. See "Non-GAAP Metrics" and the Appendix for additional information regarding non- GAAP metrics. The Company does not provide reconciliations of forward -looking non-GAAP measures to GAAP measures, due to the inability to predict the amount and timing of impacts outside of the Company's control on certain items, such as non- cash gains or losses resulting f rom mark-to-market adjustments of derivative instruments, among others, which could be material.
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Closing Remarks Tim Cofer Chief Executive Officer
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Questions & Answers 24 24
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25 Reconciliations of GAAP to non-GAAP information
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39 Reconciliations of GAAP to non-GAAP information See Q3 Earnings Press Release for corresponding notes.
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40 Reconciliations of GAAP to non-GAAP information See Q3 Earnings Press Release for corresponding notes.
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41 Reconciliations of GAAP to non-GAAP information
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43 Reconciliations of GAAP to non-GAAP information See Q3 Earnings Press Release for corresponding notes.
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44 Reconciliations of GAAP to non-GAAP information See Q3 Earnings Press Release for corresponding notes.
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45 Reconciliations of GAAP to non-GAAP information
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