Slides
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September 2, 2025
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FORWARD-LOOKING STATEMENTS September 2, 2025 2 This presentation contains a number of forward-looking statements as defined under U.S. federal securities laws, including, but not limited to, statements, estimates, and projections relating to the proposed separation of Kraft Heinz into two companies, including the timing and structure of such separation, the characteristics of the separated businesses and the expected benefits of the separation, future operating and financial performance and long-term strategy. Words such as “aim,” “anticipate,” “aspire,” “believe,” “commit,” “could,” “estimate,” “expect,” “guidance,” “intend,” ”may,” “might,” “outlook,” “plan,” “predict,” “project,” “seek,” “will,” “would,” and variations of such words and similar future or conditio nal expressions are intended to identify forward-looking statements. These statements are based on management’s beliefs, expectations, estimates, and projections at the time they are made and are not guarantees of future performance. There can be no guarantees with respect to whether the proposed separation will be completed on the proposed timetable or at all. Such statements are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond our control, which could cause actual results to differ materially from those indicated in the forward-looking statements. Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the ability to effect the separation and to meet the conditions related thereto; the ability of the separated companies to each succeed as a standalone publicly traded company; negative effects of the announcement or pendency of the sp in-off transaction on the market price of Kraft Heinz's securities and/or on Kraft Heinz’s financial performance; the possibility that the separation will not be completed within the anticipated time period or at all; the possibility that the separation will not achieve its intended benefits; the possibility of disruption, including disputes, litigation or unanticipated costs in connection with the separation; the impact of the separation on Kraft Heinz’s businesses and the risk that the separation may be more difficult, time-consuming or costly than expected, including the impact on Kraft Heinz’s resources, systems, procedures and controls, diversion of management's attention and the impact and possible disruption of existing relationships with regulators, customers, suppliers, employees and other busin ess counterparties; the ability to achieve anticipated capital structures in connection with the separation, including the future availability of credit and factors that may affect such availability; th e ability to achieve anticipated credit ratings in connection with the separation; the ability to achieve anticipated tax treatments in connection with the separation and future, if any, divestitures, mergers, acquisitions and other portfolio changes and the impact of changes in relevant tax and other laws and regulations; the uncertainty of obtaining regulatory approvals in connection with the separation; evol ving legal and regulatory regimes; and changes in general economic and/or industry specific conditions; as well as other factors described in the risk factors set forth in Kraft Heinz’s filings with the U.S. Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. We disclaim and do not undertake any obligation to update, revise, or withdraw any forward-looking statement in this presentation, except as required by applicable law or regulation. NON-GAAP FINANCIAL MEASURES This presentation contains certain non-GAAP financial measures, including Organic Net Sales, Adjusted EBITDA, Adjusted Gross Pro fit, Adjusted Gross Profit Margin, Adjusted Operating Income, Constant Currency Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EPS, Net Leverage, Free Cash Flow, and Free Ca sh Flow Conversion. These non-GAAP financial measures may differ from similarly titled non-GAAP financial measures presented by other companies. These measures are not substitutes for their com parable financial measures prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and should be viewed in addition to, and not as an alt ernative for, the GAAP results. These non-GAAP financial measures assist management in comparing the Company’s performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s underlying operations. Please view this presentation together with our Quarterly Report on Form 10-Q and the accompanying non-GAAP information, which includes a discussion of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the comparable GAAP financial measures, available on our website at ir.kraftheinzcompany.com under News & Events > Events or directly at ir.kraftheinzcompany.com/news-events/events.
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Our Goal is to Deliver Consistent Top-Tier Shareholder Returns 3 Emerging Markets Global Away From Home Exposure to Emerging Markets Incremental return to shareholders Return-driven deployment to organic business PROTECT BALANCE ACCELERATE Contribution from Taste Elevation and Easy Ready Meals Very attractive dividend Solid Investment Grade North America Retail ACCELERATE Brands shown are illustrative and do not reflect all the brands within each platform. As shown in CAGNY 2024 ✓ ✓ ✓ ✓
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LSD North America Retail ACCELERATE Organic Net Sales7 Growth MSD Global Away From Home Organic Net Sales7 Growth DD Emerging Markets Organic Net Sales6 Growth✓ Q4 2025E ACCELERATE PROFITABLE GROWTH ~40% Brand Growth System Coverage 2025 FYE % of Sales +175k Distribution Points via GTM5 2024 FY vs PY +27pts Sales Excellence Survey Score6 2024 vs 2020 POWER BRAND SUPERIORITY +4.4% Gross Savings 2024 FY % of COGS ~$35M Shared Services Efficiencies1 2022 to 2024 +15% Average Net ROI on Promotions 2024 vs 20192 +70bps Working Capital % Net Sales 2024 FY vs PY 4.8%+ Marketing3 % of Net Sales 2025 FYE ~0.6% R&D % of Net Sales 2025 FYE +DD Technology4 2025 FYE vs PY ~3.8% CapEx % Net Sales 2025 FYE We Have Made Meaningful Progress Executing our Strategy… 4 UNLOCK EFFICIENCIES REINVEST IN THE BUSINESS 1| Realized annual efficiencies since the reinvention of our Centralized Service function in 2022; 2| Data is U.S. Retail data only; The Company views comparison to 2019 to be meaningful, as it was the base year for the Company's strategic plan announced at the Company’s September 2020 Investor Day; 3| Marketing spend includes advertising expense and market research costs; 4| Technology spend does not include depreciation and capital expenditures; 5| Total distribution points for Emerging Markets for the markets that have implemented Go To Market Model and have Automated Data Sell Out Exchange data. Measured period from before project implementation to end of 2024; 6| Source: U.S. Advantage Net Promoter Score – a survey given to 50+ retailer partners who provide feedback to all major CPGs across several performance metrics; 7| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events. …We are now ready for the next step of our transformation.
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Our Strategic Review was Led by One Core Belief and Five Guiding Principles 6 2 3 4 5 1 Deliver long-term sustainable value creation Preserve financial discipline in all decisions Ensure relevant scale and minimum complexity Minimize dis-synergies Maximize the value of our iconic portfolio of brands Maintain attractive capital returns while preserving balance sheet flexibility
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Combined with the Fact that We Have One of the Most Complex Portfolios in CPG 7 1| Category count includes categories over $0.5B. Categories worth < $0,5B were grouped into “Other.” 2| Averages represent top three lowest and highest complexity companies within CPG. Source: Euromonitor, annual reports, FactSet • Different growth trajectories, competitive dynamics, and cost structures • Limited synergies in consumer needs or supply chains • 55 Sub-Categories • 3 Temperature States • Largest Category Contribution: 19% • Top 3 Categories Contribution: 50% The More Complex the Portfolio, the Lower the Growth Portfolio Complexity Highly Correlates to Growth Rate Avg. # of Categories1 Avg. Contribution of Largest Category Avg. Contribution of Top 3 Categories 3 61% 96% 8 30% 67% Low Complexity Companies2 High Complexity Companies2 Avg. Sales Growth (‘23-‘25E) 2.5% 0.1%
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Has Led to the Decision to Separate Kraft Heinz into Two Companies 8 Dedicate the right level of attention and resources to all areas of our business, allowing our iconic brands to reach their full potential Reduce operational complexity and tailor operating models, driving further efficiencies and industry-leading margins Align capital allocation with strategic ambition and margin profile of each company, accelerating performance and retaining financial flexibility
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These Two Independent Companies Have Distinct and Compelling Value Propositions 9 GLOBAL TASTE ELEVATION CO. 2024 Net Sales $15.4B 2024 Adjusted EBITDA1 $4.0B Drive leading growth with iconic brands and local jewels across attractive categories and geographies A Leading Global Taste Elevation and Convenient Meals Company NORTH AMERICAN GROCERY CO. Generate substantial reliable free cash flow through operational efficiency across stable growth categories and beloved brands A Focused North American Staples Player with Beloved Brands 2024 Net Sales $10.4B 2024 Adjusted EBITDA1 $2.3B 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events; All Net Sales and Adjusted EBITDA figures represent 2024 unaudited results derived from internal management reporting, adjusted for splits by products and markets, as well as preliminary cost and expense allocations, including corporate expenses. These figures will be refined prior to the transaction. Brands shown are illustrative and do not reflect all brands within each Company.
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Taste Elevation Easy Ready Meals Hydration Protect Accelerate Balance Desserts Substantial Snacking Meats Cheese Coffee GLOBAL TASTE ELEVATION CO. NORTH AMERICAN GROCERY CO. Taste Elevation Shelf Stable Convenient Meals North America and International Retail and Away from Home Hydration & Desserts Meats, Cheese & Coffee Frozen Meals Substantial Snacking North America Retail and Away from Home With Perimeters that were Carefully Selected to Maximize Success • Preserve scale in both companies • Maximize top-line growth in Global Taste Elevation Co. High growth High margin High market share • Optimize efficiencies with focus in NA Grocery Co. Frozen and nearly all refrigerated Commercially and operationally synergistic 10
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Q4 2024 Business Update
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A Global Leader in Elevating Food for Consumers… 12 • #1 global sauces and meals player led by the Heinz brand, complemented by local jewels • More than 75% of net sales from market- leading brands1 with ~90% HHP in the U.S.2 • Versatile brands including iconic Heinz, Philadelphia3, and Kraft Mac & Cheese, with ability to stretch into growing spaces • High-growth, high-margin Taste Elevation and Convenient Meal categories • Proven expertise in Taste Elevation • Convenient Meal space poised for growth, serving as a platform for flavor exploration • Significant Emerging Market expansion potential, leveraging Heinz and our Go To Market model • Strong revenue growth and gross margin potential, at scale • Simplified operations with reduced temperature states • Low volatility due to reduced exposure to commodities • Attractive cash flow enables opportunistic growth investments 1| Reflects number of brands that have a top two position in their respective category by share in globally; Source; Euromonitor and 2024 internal brand sales data. 2| U.S. Household penetration for the 52 weeks ending as of December 29, 2024, Source: IRI Panel data; Taste Elevation only. 3I The Kraft Heinz Company only owns the right to Philadelphia in the United States, Canada, and the Caribbean.
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…Competing in Attractive Growth Spaces 13 2024 Net Sales $15.4B 2024 Adj. EBITDA1 $4.0B Taste Elevation Meals Other % of 2024 Net Sales 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events; All Net Sales and Adjusted EBITDA figures represent 2024 unaudited results derived from internal management reporting, adjusted for splits by products and markets, as well as preliminary cost and expense allocations, including corporate expenses. These figures will be refined prior to the transaction. 2| Heinz and Kraft Heinz Global Away From Home Organic Net Sales based on internal sales data, which holds the impact of currency constant and excludes the impact of divestitures and acquisitions. Heinz includes both Retail and Away From Home. 3| Five-year CAGR from 2019 to 2024. +7% 5-YEAR CAGR3 Higher Contribution from Taste Elevation U.S. Emerging Markets International Developed Higher Contribution from Emerging Markets Retail Away From Home Higher Contribution from Away From Home +5% 5-YEAR CAGR3 % of 2024 Net Sales % of 2024 Net Sales +10% 5-YEAR CAGR3 Organic Net Sales1Organic Net Sales1,2 Organic Net Sales1,2
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A Scaled Portfolio of North America Staples and an Efficient Operator… 15 • Robust portfolio of staples, including three $1B+ brands, that proudly serve more than 90% of U.S. households1 • Nearly 75% of net sales from market- leading brands2 • Ability to right-size attention and resources to these beloved brands • 100% North American footprint • Maintain category-leading Adjusted EBITDA3 margins through operational excellence and disciplined investments • Proven track record of managing supply chain efficiencies across three temperature states • Opportunity to utilize excess capacity to expand into new channels and foodservice • Expected strong cash flow generation and efficient capital allocation • Highly competitive dividend • Financial flexibility to consider strategic transactions, leveraging our capabilities in operational efficiency 1| U.S. Household penetration for the 52 weeks ending as of December 29, 2024, Source: custom IRI Panel data. 2| Reflects number of brands that have a top two position in their respective category by share in globally. 3| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events; All Net Sales and Adjusted EBITDA figures represent 2024 unaudited results derived from internal management reporting, adjusted for splits by products and markets, as well as preliminary cost and expense allocations, including corporate expenses. These figures will be refined prior to the transaction.
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North America …Unlocking Unique Opportunities for Beloved Brands through Enhanced Focus 16 2024 Net Sales $10.4B 2024 Adj. EBITDA1 $2.3B 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events; All Net Sales and Adjusted EBITDA figures represent 2024 unaudited results derived from internal management reporting, adjusted for splits by products and markets, as well as preliminary cost and expense allocations, including corporate expenses. These figures will be refined prior to the transaction; 2l Includes Oscar Mayer, Kraft, Lunchables, Ore-Ida and Maxwell House; 3| Source: Average 2024 FY Foodservice Net Sales as a % of Total Net Sales for peers that disclose Foodservice Net Sales. % of 2024 Net Sales % of 2024 Net Sales Focused Footprint in North America % of 2024 Net Sales Concentration on Powerhouse Brands Top 5 Largest Brands2 All Other Brands Opportunity to Pursue Whitespace in Away From Home Industry Avg.3Away From Home 4% 19%
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The Separation is Expected to Have Manageable Dis-synergies and Low Separation Complexity Anticipating up to $300M of dis- synergies, with clear opportunities to mitigate a substantial portion of these in the near term 17 • Manufacturing, Quality, and Marketing functions are largely independent, with brand-dedicated teams minimizing operational overlap. • Minimal long-term manufacturing agreements will be in place. • Existing cloud IT infrastructure allows for an easier separation and replication. • Certain back-office processes are supported by shared services, with a clear path to establishing independent operations. • Transition services agreements will be in place to support both organizations and minimize disruption post-separation.
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With Leadership Appointed to Best Position Kraft Heinz for a Successful Separation 18 • The Board has formed a Separation Committee, led by John Cahill, to oversee the execution of the separation • Full leadership teams for both companies will be announced at a later date
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Transaction Details • Expected to be tax-free to Kraft Heinz and its shareholders • In aggregate, current dividend level expected to be maintained at inception • Targeting both companies to be investment grade • Spin-off expected to be completed in 2nd half of 2026 • Investor Days for Global Taste Elevation Co. and North American Grocery Co. to be held prior to separation • Receipt of opinion from counsel on the tax-free nature of the spin-off • Declaration from the SEC that the registration statement for the spin-off is effective • Final approval by Kraft Heinz Board of Directors • Other customary approvals • Establish independent organizational structures • Finalize capital structures (including re-allocation of debt) and dividend policies • Prepare required audited carveout financial statements • Finalize operating, separation and transition services agreements 19
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September 2, 2025
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NON-GAAP FINANCIAL MEASURES 21 The non-GAAP financial measure provided in this presentation should be viewed in addition to, and not as an alternative for, results prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). To supplement the financial information provided, the Company has presented Adjusted EBITDA, which is considered a non-GAAP financial measure. This non-GAAP financial measure presented may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures in the same way. This measure is not a substitute for its comparable GAAP financial measure or other measures prescribed by GAAP, and there are limitations to using non-GAAP financial measures. Adjusted EBITDA is defined as net income/(loss) from continuing operations before interest expense, other expense/(income), provision for/(benefit from) income taxes, and depreciation and amortization (excluding restructuring activities); in addition to these adjustments, the Company excludes, when they occur, the impacts of divestiture-related license income, restructuring activities, deal costs, unrealized losses/(gains) on commodity hedges, impairment losses, certain non-ordinary course legal and regulatory matters, and equity award compensation expense (excluding restructuring activities). Management uses this non-GAAP financial measure to assist in comparing the Company’s performance on a consistent basis for purposes of business decision making by removing the impact of certain items that management believes do not directly reflect the Company’s underlying operations. The Company believes Adjusted EBITDA provides important comparability of underlying operating results, allowing investors and management to assess the Company’s operating performance on a consistent basis. Management believes that presenting this non-GAAP financial measure is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items, (ii) permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company believes that the presentation of this non-GAAP financial measure, when considered together with the corresponding GAAP financial measure and the reconciliation to that measure, provides investors with additional understanding of the factors and trends affecting the Company’s business than could be obtained absent these disclosures.
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NON-GAAP FINANCIAL MEASURES 22 For the Twelve Months Ended December 28, 2024 Net income/(loss) $ 2,746 Interest expense 912 Other expense/(income) (85) Provision for/(benefit from) income taxes (1,890) Operating income/(loss) 1,683 Depreciation and amortization (excluding restructuring activities) 948 Divestiture-related license income (54) Restructuring activities 27 Deal costs — Unrealized losses/(gains) on commodity hedges (19) Impairment losses 3,669 Certain non-ordinary course legal and regulatory matters — Equity award compensation expense 109 Adjusted EBITDA $ 6,363 The Kraft Heinz Company Reconciliation of Net Income/(Loss) to Adjusted EBITDA (dollars in millions) (Unaudited)