Kraft Heinz Co

Investor Presentation • Oct 29, 2025

Q3 2025

BUSINESS UPDATE

TO ACCOMPANY MANAGEMENT COMMENTARY

OCTOBER 29, 2025

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 proposed separation of Kraft Heinz into two independently traded companies, including the timing and structure of such 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. 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 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.

• We are generating modest recovery in year over year top line trends.
• Our continued investments across Marketing, R&D, and Technology are driving improvement.
• We are generating attractive cash flow, maintaining our Net Leverage 1 target, and returning capital to stockholders.
• We are updating our 2025 outlook as the operating environment remains challenging.
• The company separation remains on track to close in H2 2026.

Total Kraft Heinz

Organic Net Sales¹

Adjusted Gross Profit Margin¹

Constant Currency Adj. Operating Income¹

Adjusted EPS 1

Year-to-Date Free Cash Flow¹

Q3 '25

\$6.2B

32.3%

\$1.1B

\$0.61

\$2.5B

vs PY

(2.5%)

(200bps)

(17.0%)

(18.7%)

+23%

	Q3 '25 vs PY
	(4.2%)	Year-over-year pressure primarily driven by declines in Mac & Cheese, Spoonables, and Frozen Snacks.
		Reflects a year-over-year improvement of 100 basis points from the first half largely driven by Lunchables, Cream Cheese, and Primal Kitchen.
	(2.4%)	Continued growth in International Away From Home, more than offset by a decline in the U.S. as traffic remains suppressed.
	+4.7%	Continued double-digit growth in LATAM and MEA regions, primarily offset by challenges in Indonesia.

^1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events.

^2| 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.

^3| Includes Retail and Away From Home businesses within Emerging Markets.

^4| Emerging Markets represents the aggregation of our West and East Emerging Markets ("WEEM") and Asia Emerging Markets ("AEM") operating segments; MEA represents Middle East and Africa region.

Encouraging Share Improvement Across Key U.S. Accelerate Categories

Despite Continued U.S. Industry Pressure, We Remain Committed to Our Strategy

Away From Home channels across brands & categories through sales excellence

% of North America Away From Home Net Sales Leveraging Away From Home to Increase Success in Retail

Organic Net Sales 1,2 Q3 '25 vs PY

Heinz VERIFIED

YTD Customers

Signed-Up

^1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/news-events/events

^2| Heinz Organic Net Sales based on internal sales data, which holds the impact of currency constant and excludes the impact of divestitures and acquisitions.

Business Update Leveraging Brand Growth System to Drive Category Growth via Brand Superiority

Build an everlasting emotional connection with our consumers

Deliver superior quality, taste, and consumer experience

Offer differentiated value that uniquely meets consumer and customer needs

Drive consistent availability alongside meaningful execution

Heinz Flavored Mayo Now in Canada Capri Sun Single Serve Bottles Renovation of TK Zero in Europe

Total Heinz Mayo Canada Dollar Share¹ Q3 vs PY

Quartile Performance at Major Retailers

Incremental to Capri Sun

Total Heinz Ketchup Int'l Developed Markets Dollar Share ² vs PY

Investing Behind Product-Centric Creative that is Effective and Efficient

Revitalizing our Brands by Finding Relevant Moments in Culture

Markets Globally

Unlocking Value Through "Must Win" Moments

Consumer Reach with Parents at Average Frequency 5X

Cross Shopping Across Participating Brands vs PY

Resulting in Continued Progress Across All Four Focus Categories in North America

Business Update Advancements in Technology and AI Driving Efficiencies Across the Value Chain

• AI-powered tool that gives employees access to 150 years of ketchup production knowledge from farm to fork
• Plans to scale to other brands, products, and businesses

Streamlines Ketchup Production Enhances Real-Time Decision Making Enables Nutritional Advancement

• Internally developed AI platform that provides real-time, actionable insights to employees on the factory floor
• Part of our broader connected AI ecosystem across Operations

• A product formulation AI model that enables us to reformulate the nutritional profile of products faster
• First pilot in Brazil reduced added sugars and sodium by over 30% in Heinz Tomato Ketchup

2024 Net Sales ~\$15.4B

2024 Adjusted EBITDA¹ ~\$4.0B

Drive leading growth with iconic brands and local jewels across attractive categories and geographies

2024 Net Sales ~\$10.4B

2024 Adjusted EBITDA

¹ ~\$2.3B

Generate substantial reliable free cash flow through operational efficiency across stable growth categories and beloved brands

Growth in Emerging Markets and Canada More than Offset by Elongated US Recovery

Q3 25 vs Q3 24	Organic Net Sales¹	Price	Volume / Mix
Total Kraft Heinz	(2.5%)	1.0pp	(3.5pp)	Organic Net Sales YoY improvement of 80bps from H1 of (3.3%) vs PY
North America	(3.8%)	0.4pp	(4.2pp)	Q3 YoY performance driven by growth in Canada, more than offset by declines in the U.S. Organic Net Sales YoY improvement of 100bps from H1 of (4.8%) vs PY
International Developed Markets	(1.4%)	1.0pp	(2.4pp)	Q3 YoY performance reflected Taste Elevation growth in key markets and priority channels, with UK industry weakness in Meals more than offsetting these gains despite holding share Organic Net Sales YoY improvement of 60bps from H1 of (2.0%) vs PY
Emerging Markets	4.7%	4.0pp	0.7pp	Q3 YoY performance driven by continued double-digit growth in LATAM and MEA2 regions, partially offset by Indonesia Organic Net Sales YoY decline of (100bps) from H1 of +5.7% vs PY

Declines Driven by Inflation and Volume Pressure, Partially Offset by Efficiencies

Q3 25 vs Q3 24	Adjusted Operating Income1	Currency	Constant Currency Adj. Operating Income1	Adjusted Operating Income Margin1
Total Kraft Heinz	(16.9%)	0.1pp	(17.0%)	17.7% (3.1pp) vs PY
North America	(17.8%)	(0.1pp)	(17.7%)	21.9% (3.7pp) vs PY	Primarily driven by commodity inflation, mainly in Meats and Coffee, and volume declines, partially offset by productivity savings.
International Developed Markets	(3.5%)	4.1pp	(7.6%)	14.5% (0.8pp) vs PY	Driven by efficiencies and revenue management initiatives, more than offset by volume/mix as well as increased variable compensation and R&D expense.
Emerging Markets	(6.5%)	(1.8pp)	(4.7%)	11.3% (1.1pp) vs PY	A result of growth driven by Brazil recovery and stronger mix from Heinz acceleration, more than offset by Indonesia.

vs Q3 2024

• • Continued best-in-class levels of productivity
• Tariffs plus inflation in Meats and Coffee, some of which we decided not to price

vs Q3 2024

Results of Operations: (\$0.14) Effective Tax Rate: (\$0.02) Interest Expense: (\$0.01) Other Financial Inc/(Exp): \$0.02 Share Repurchase: \$0.01

Continuing to Deliver Value to our Consumers By Investing in Price

Supporting our Brands by Bigger and Smarter Investments in Marketing

Investing in R&D to Strengthen Capabilities and Drive Strategic Objectives

North America Trade Spend

YTD '25 vs PY

U.S. Media Spend¹

YTD '25 vs PY

Global R&D Spend

YTD '25 vs PY

Business Update By Funding Investments With Best-In-Class Levels of Productivity…

• YTD gross efficiencies ~\$520M vs PY
• Tracking to be 3rd year in a row above 4% of COGS

2023 2024 2025 YTD 2025E

• Leveraged technology to improve ability to predict and mitigate disruptions
• Improved demand planning to reduce excess inventory
• Enhanced digital capabilities to automate processes and improve yield
• Reduced fuel use and emissions through logistics optimization

0.0

0.5

Q3 2025 …Combined with Continued Strong Cash Flow Generation Business Update

Primarily driven by improved inventory management and demand planning initiatives as well as lower CapEx spend

Working capital improvements driving an increase in our 2025 FY Free Cash Flow Conversion estimate, from 95% to at least 100%

• Targeting both companies to be investment grade
• In aggregate, current dividend level expected to be maintained at inception
• Provide balance sheet optionality and certain levels of excess cash

Returned Incremental to Stockholders Year-to-Date

Yield³

• Non-programmatic
• Function of excess cash
• Macro-economic and KHC separation considerations

	• FY25 impact from currency at current FX rates: ~flat • Slightly positive contribution from price
	1 • Adjusted Gross Profit Margin : ~(100bps) YoY • FY25 impact from currency at current FX rates: ~flat • Marketing: at least 4.8% of net sales • Inflation: 5% to 7%
	• Effective tax rate on Adjusted EPS: ~26% (~\$0.23 YoY headwind) • Interest Expense: ~\$950M • Other Expense/(Income): ~(\$250M)
	Free Cash Flow Conversion1 • : at least 100%, up from 95%