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May 6, 2026 Q3 2026 BUSINESS UPDATE TO ACCOMPANY MANAGEMENT COMMENTARY November 4, 2026
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FORWARD-LOOKING STATEMENTS NOVEMBER 4, 2026 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 our business and long-term strategy; our ambitions, goals, targets, and commitments; our activities, efforts, initiatives, plans, and programs, and our investments in such activities, efforts, initiatives, plans, and programs; and projected or expected timing, results, achievement, and impacts , as well as statements regarding the previously announced separation of Kraft Heinz into two independently traded companies, including the timing and structure of such separation, the pause of work related to the separation, the ability to effect the separation and to meet the conditions thereto, the characteristics of the separated businesses and the expected benefits of the separation if completed. 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 conditional 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. 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. For additional, important information regarding such risks and uncertainties, please see 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 Gross Profit, 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 Cash 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 comparable 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 alternative 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 Annual Report on Form 10-K 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. 2
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Steve Cahillane Chief Executive Officer
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• We delivered Q3 results in-line with our expectations, with strong growth in Emerging Markets and Away From Home, and sustained momentum in U.S. Retail. • Our 2026 operating plan is on track. Sales, volume and market share are recovering, with the remainder of our investment to be executed in the fourth quarter. We expect returns to compound over time. • We are raising the low end of our Organic Net Sales guidance, reaffirming Constant Currency Adjusted Operating Income, and raising Adjusted EPS on a lower tax rate. KEY TAKEAWAYS 4
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Q3 2026 Business Update Q3 ‘26 Total Kraft Heinz $6.1B $0.9B $0.5331.9% $2.4B Organic Net Sales1 Constant Currency Adj. Operating Income1 Year-to-Date Free Cash Flow1Adjusted EPS1Adjusted Gross Profit Margin1 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events. 5 Q3 Results vs PY (1.1%) (14.6%) (13.1%)(40 bps) (5.2%) Year-to-Date Free Cash Flow Conversion1 120% +11pp
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Q3 2026 Business Update 6 Executing Against Our 2026 Operating Plan Our goal is to drive volume-led, sustainable and profitable top line growth, while continuing to generate attractive cash flow. Simplified Operating ModelInvestment ~$700M Turn Around U.S. Business Led by HEINZ and distribution expansion in Emerging Markets Grow Internationally Majority of
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Q3 2026 Business Update 7 Executing Against Our 2026 Operating Plan Our goal is to drive volume-led, sustainable and profitable top line growth, while continuing to generate attractive cash flow. Simplified Operating ModelInvestment ~$700M Turn Around U.S. Business Led by HEINZ and distribution expansion in Emerging Markets Grow Internationally Majority of
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Q3 2026 Business Update 8 We are Driving Improved Volume Trends… (4.1%) (5.0%) (2.8%) 1.0% (1.9%) (2.7%) (0.9%) 2.1% (1.1%) (2.4%) (0.9%) 8.4% (6.0%) (4.0%) (2.0%) – 2.0% 4.0% 6.0% 8.0% 10.0% FY 2025 H1'26 Q3'26 +3pp Kraft Heinz North America Europe and Pacific Developed Markets Emerging Markets
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Q3 2026 Business Update 21% 31% FY25 YTD '26 % of Total Kraft Heinz Revenue Gaining or Holding Share1 28% 44% FY25 YTD '26 % of WIN BIG Revenue Gaining or Holding Share1 … and Generating Market Share Traction Globally 1| US data sourced from Ciranca ending September 27, 2026; International data sourced from Nielsen. Figures may not represent the full KHC revenue universe due to scope limitations in purchased data coverage. 9 Weighted Avg Share Chg. (0.59pp) (0.33pp)(0.29pp) (0.16pp) Total KHC Last quarter this was 36% and (0.30pp) WIN BIG Last quarter this was 45% and (0.16pp) 12% 25% FY25 YTD '26 % of U.S. Retail Revenue Gaining or Holding Share1 US Retail Last quarter this was 30% and (0.35pp) (0.68pp) (0.34pp) Review this % for the U.S.
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Q3 2026 Business Update With a Return to Growth in our WIN BIG portfolio 10 Coffee, Meats & Frozen Desserts, Snacking, Cheese, & International Meals Taste Elevation, Hydration, & Ambient Meals HOLD WIN WIN BIG Stabilize to Defend Share Invest Selectively Distort Investment +0.5%(1.6%)(3.8%) YTD Consumption1 vs PY YTD Consumption1 vs PY YTD Consumption1 vs PY 1| US data sourced from Ciranca ending September 27, 2026; International data sourced from Nielsen. Figures may not represent the full KHC revenue universe due to scope limitations in purchased data coverage. NOTE: Brands are illustrative and do not represent all brands in each grouping. ~60%~20%~20% of Net Salesof Net Salesof Net Sales
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Q3 2026 Business Update WHAT WE'VE DONE WHAT WE'VE DONEWHAT WE'VE DONE • Increasing investments in teams and capabilities across the organization • Strong focus on marketing and sales force Investments in People ~80% % of Commercial Positions Hired: Investments in Price Opening Price Points Selective Base Price Protect Distribution Early results encouraging Dollars and volumes improving Consumer response below plan Pulling back investment in Q4 Making Targeted Investments Across Price and People… WHATS WORKING WHATS NOT WORKING 11
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Q3 2026 Business Update 12 Significantly Stepping up Investments in Marketing… Equity Campaigns Partnerships Media Support Building strategic partnerships to elevate key moments and showcase our brands. Strengthening equity through new campaigns on brands like Heinz and Philadelphia. Investing more media behind brands with the strongest returns and supporting new launches.
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Q3 2026 Business Update 1313 … And Investing in Innovation to Close the Gap to Competition 0.8% 1.8% 5.6% FY25 Q3-26 Q3-26 Contribution to U.S. Retail Consumption Growth from Innovation1 Top Quartile Velocity ~55% Incremental Fastest Turning Kids Beverage Innovation Kraft Heinz Competition 1| Source: U.S. Retail dollar sales based on IRI custom hierarchy MULO+ data ending December 28, 2025 and September 27, 2026; Competition reflects branded and private label; Reflects percent of consumption change from innovation; Innovation includes new pack sizes. Options: Philly lactose; Simply; Ore-Ida, Snackables, TK Zero; Canada Soups / Ramen; Mayo Flavors in Canada Check the calc behind Innovation – L52? Top Quartile Velocity #1 Frozen Potato Innovation at Key Retailer Over 60% Incremental
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Q3 2026 Business Update 14 Executing Against Our 2026 Operating Plan Our goal is to drive volume-led, sustainable and profitable top line growth, while continuing to generate attractive cash flow. Simplified Operating ModelInvestment ~$700M & Turn Around U.S. Business Led by HEINZ and distribution expansion in Emerging Markets Grow Internationally Majority of
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Q3 2026 Business Update 15 Emerging Markets Delivering ~16% Organic Net Sales Growth Leveraging the power of Heinz Go To Market Model Driving Distribution Heinz Organic Net Sales1,2 in Emerging Markets Accelerate Growth Through Heinz-led Innovation +8% Emerging Market Away From Home Organic Net Sales1,2 Q3 2026 vs PY Approximately +16% Q3 2026 vs PY 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events. 2| Heinz and 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. 3| Total Distribution points for Emerging Markets in both Retail and Away From Home Channels for the markets that have implemented Go To Market Model and have Automated Data Sell Out Exchange. ~80% Incremental to the Category (1%) Total Distribution Points3 Q3 2026 vs PY +2.9pp to Heinz Share Since Launch
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Q3 2026 Business Update (1.5%) (0.6%) 2.9% 2.6% FY25 Q1 '26 Q2 '26 Q3 '26 1616 Topline Growth in Away From Home Across Each Region 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events. 2| 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. Global Away From Home Organic Net Sales1,2 Grow Beyond Ketchup Expand in High- Growth Channels Increase QSR Penetration Stadiums Hotels
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Andre Maciel Global Chief Financial Officer
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Q3 2026 Business Update Q3 2026 vs PY Organic Net Sales 1 Price Volume / Mix Total Kraft Heinz (1.1%) 0.0pp (1.1pp) Relative to our expectations, trade was a 40-basis point benefit. As anticipated, the quarter included an 80-basis point headwind from inventory pull forward. North America (3.2%) (0.8pp) (2.4pp) Performance reflects a decline in U.S. Retail, due in part to an anticipated inventory headwind. This was partially offset by growth in Canada and Away From Home. Europe and Pacific Developed Markets (1.3%) (0.4pp) (0.9pp) Performance driven by an approximate 100 basis-point headwind from business exits in Australia and New Zealand. This headwind was partially offset by volume-led growth in Europe, where we continue to gain share. Emerging Markets 15.6% 7.2pp 8.4pp Strong topline growth with a balanced contribution between price and volume. A return to growth in Indonesia contributed 3 percentage points. 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events. 18 Growth in Emerging Markets offset by U.S. Retail
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Q3 2026 Business Update 1| U.S. Retail dollar sales based on IRI custom hierarchy MULO+ data ending September 27, 2026. 19 Investments Driving Improved Performance… 2.5% 4.3% Condiments Consumption vs PY1 1.7% 2.5% (1.3%) 1.4% 2.9% 0.9% Desserts Consumption vs PY1 Mac & Cheese Consumption vs PY1 Hydration Consumption vs PY1 H1-26 Q3-26 H1-26 Q3-26 H1-26 Q3-26 H1-26 Q3-26
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Q3 2026 Business Update 2020 …with Pressures Concentrated and Action Plans Identified % Contribution to U.S. Retail Consumption1 New packaging and media support driving positive volumes per distribution point Price investment did not deliver expected elasticities and is being redeployed in Q4 Brand investment, price pack architecture, and innovation to drive gradual improvement in 2027 72% 51% 8% 23% 19% 18% 5% 16% H1-26 Q3-26 Meats Cream Cheese Sandwich Cheese Salad Dressing Impacted by category-wide headwind, recovery expected to continue 1| U.S. Retail dollar sales based on IRI custom hierarchy MULO+ data ending September 27, 2026. 108%104%
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Q3 2026 Business Update 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events. Q3 2026 vs PY Adjusted Operating Income 1 Currency Constant Currency Adj. Operating Income 1 Adjusted Operating Income Margin1 Total Kraft Heinz (15.2%) (0.6pp) (14.6%) 15.4% (2.3pp) vs PY Relative to our expectations, marketing and trade were an approximate 450 basis point benefit. We now expect higher spend in Q4. ] North America (10.5%) (0.2pp) (10.3%) 20.3% (1.6pp) vs PY Primarily driven by inflation, topline performance, and lapping lower variable compensation expense in the prior year. These factors were partially offset by productivity. Europe and Pacific Developed Markets (32.8%) (0.4pp) (32.4%) 10.5% (4.3pp) vs PY Primarily driven by a non-cash write off of obsolete spare parts, increased investment in marketing, and higher variable compensation expense. Emerging Markets 22.5% (13.1pp) 35.6% 11.3% 0.9pp vs PY Growth driven by topline performance and productivity, more than offsetting inflation and marketing investment. Adj. Operating Income Decline Primarily Driven by Variable Compensation and Investments 21
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Q3 2026 Business Update 22 Increasing R&D to ~0.9% of net sales, supporting innovation, renovation, and productivity Increasing Investments While Driving Stronger Returns Increasing investments in price and driving stronger returns on promotions Increasing marketing to at least 6% of net sales, while improving returns and efficiency +20% vs 2025 YTD +2pp vs PY1 +25% vs 2025 YTD Price Marketing R&D +4pp vs 2025 YTD +6pp vs 2025 YTD % of Promotions with net positive ROI: Return on Promotions: % Increase in Spend: 1| Given timing in ROAs data availability, versus prior year comparison reflects actual reported results Q3'24 - Q2'25 vs. Q3'25- Q2'26. % Improvement in ROAS: % Increase in Spend: Marketing ROAS Last quarter this was +6pp reflecting FY25 vs FY24
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Q3 2026 Business Update 4.0% 4.4% 0% 1% 2% 3% 4% 5% 6% FY26 Estimate YTD '26 Efficiencies Helping to Mitigate Inflationary Pressures Q3 2026 vs PY – Inflation primarily across procurement and logistics + Continued strong productivity generation Adjusted Gross Profit Margin1 32.3% 31.9% Q3 '25 Q3 '26 • YTD gross efficiencies ~$520M vs PY • On track to overdeliver our $2.5B goal2 by the end of the year Gross Efficiencies (% COGS) 231| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events. 2| Five-year $2.5 billion target for gross efficiencies by 2027. 5-Year Goal
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Q3 2026 Business Update Generating Strong Free Cash Flow Conversion $0.61 $0.53 Q3 '25 Q3 '26 Adjusted EPS1 Free Cash Flow1 Free Cash Flow decline reflects planned investments that were partly offset by improvements in working capital. Free Cash Flow Conversion remains strong. 109% 120% YTD' 25 YTD' 26 +11pp Q3 2026 vs PY • Results of Operations: ($0.10) • Other Expense / (Income): ($0.01) • Effective Tax Rate: $0.01 • Interest Expense: $0.02 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events. 24 $2.5B $2.4B YTD' 25 YTD' 26 Free Cash Flow Conversion1
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Q3 2026 Business Update Maintain Investment GradeSustain Attractive Dividend 25 ~$700M Investment across key commercial levers 3.1x Q3 ’26 LTM Net Leverage1 Ratio Pursue Add and exit to compliment our organic growth priorities $1.4B Returned to stockholders through dividend Disciplined Capital Allocation with Commitment to Dividend 1 Invest in Organic Growth 2 3 4 Maintain Net Leverage1 Ratio of ~3.0X Actively Manage Portfolio Return Excess Capital to Stockholders 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events.
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Q3 2026 Business Update 2026 FY Outlook 2026 FY Considerations Organic Net Sales1 • Impact from currency at current FX rates: 40bps • Slightly positive contribution from price • Adjusted Gross Profit Margin1: Lower End of (50bps) to (10bps) • Investments across Marketing, Sales, R&D, as well as product superiority and price: ~$700M • Marketing: At least 6% of net sales • Inflation: Slightly above 4% Constant Currency Adjusted Operating Income1 Adjusted EPS1 • Effective tax rate on Adjusted EPS: ~23.5% • Interest Expense: ~$890M • Other Expense/(Income): ~($210M) (1.25%) to (0.50%) $2.07 to $2.13 (18%) to (16%) Free Cash Flow Conversion1 ~ 110% SNAP Impact: ~(100bps) Bonus Impact: ~(500bps) SNAP Impact: ~(170bps) 26 2026 Outlook 1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events.
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Steve Cahillane Chief Executive Officer
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SUPPLEMENTAL MATERIALS
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Q3 2026 Business Update Strategic Rationale 29 Kraft Heinz Divests its North America Coffee Business to One Rock Capital Partners Transaction Details: This transaction reflects our strategy to prioritize investments and resources toward areas of the business where we can best accelerate growth and drive value. We expect it to be both growth and margin accretive to Kraft Heinz. 30%$650M ~$500M Mid-2027 Kraft Heinz will retain a 30% non-controlling equity stake in the business. The transaction values the business at $650M. Net proceeds after taxes expected to be ~$500M, which are planned to be used to pay down debt. Expected close in mid-2027, subject to regulatory approval and other customary closing conditions.