Slide 1: Unlocking Shareholder Value Through Transformational Change
Unlocking Shareholder Value Through Transformational Change Acquisition of JDE Peet’s to Create a Global Coffee Leader Planned Separation to Establish Two Pure-Play Powerhouses August 25, 2025
Slide 2: Legal Disclaimer
Legal Disclaimer Cautionary Statement Regarding Forward-Looking Information Certain statements in this Investor Presentation (this “Presentation”) of Keurig Dr Pepper Inc. (the “Company”) may be considered “forward-looking statements,” such as statements relating to the impact of this transaction on
Slide 3: Transaction Overview
Transaction Overview «DP
Slide 4: KDP to acquire JDE Peet's, with planned separation to create two independent U.S.-listed companies
Keurig Dr Pepper to acquire JDE Peet’s, with planned separation to create two independent U.S.-listed companies 4
Slide 5: KDP to acquire JDE Peet's, with planned separation to create two independent U.S.-listed companies
Keurig Dr Pepper to acquire JDE Peet’s, with planned separation to create two independent U.S.-listed companies • Keurig Dr Pepper to acquire 100% of JDE Peet’s for $23B Enterprise Value1,2 Transaction Creates • Creation of a global coffee powerhouse by combining two complementary portfolios Signifi
Slide 6: Right Time, Right Target, Right Transaction
Right Time, Right Target, Right Transaction The Right Time LTM 1,2 Net Sales for Keurig Dr Pepper $B $27.0 • Accelerating growth • Reenergized portfolio • Enhanced capabilities Global Coffee Co. The Right Target in JDE Peet’s $15.8 $15.9 Combined • Global reach & leading brands Beverage Co. • Comple
Slide 7: JDE Peet's is a Powerful, Scaled and Global Platform of Iconic Coffee Brands
Scaled and Global Three $1.7B $1B+ Brands $11.2B JDE Peet’s LTM Net Sales 1 LTM Adj. EBITDA 1,2 is a Powerful, 50+ Globally Diversified Europe Diversified Regional and Local Brands Mix of Net Sales3 54% Latin America, Russia, Middle Asia Pacific United 9% Platform of East & Africa States 23% Iconic
Slide 8: Acquisition of JDE Peet's Creates a Stronger & More Resilient Coffee Platform
Three additional $1B+ trademarks Diversifies Highly relevant local & regional brands Brand Portfolio New coffee formats & channels Acquisition of JDE Peet’s Extends New developed & emerging markets Geographic Reach Creates a Stronger & More Resilient Unlocks $400M in expected cost savings Cost Syner
Slide 9: Two Distinct and Focused Beverage Leaders
Two Distinct and Focused Beverage Leaders LTM Net Sales1,2 “Global Coffee Co.” Global #1 Global Coffee Pure-Play Coffee Co. 59% Combines JDE Peet’s nearly 300-year legacy of coffee tradition and global reach with KDP’s disruptive spirit and single-serve leadership in North America $27B • Leader in $
Slide 10: Compelling Strategic Rationale
Compelling Strategic Rationale Creation of unparalleled, global coffee company with robust cost synergy and growth potential Establishing pure-play, scaled challenger in refreshment beverages with significant runway and optionality Focused strategies and optimized models calibrated to core cat
Slide 11: Strong & Proven Leadership to Power the Next Chapter
Strong & Proven Leadership to Power the Next Chapter Beverage Global Co. Coffee Co. CEO: Tim Cofer CEO: Sudhanshu Priyadarshi Current CEO, KDP Current CFO & President, International, KDP 35 years of global CPG experience 25+ years of CPG & multinational experience Future global HQ: Burlington, Mass.
Slide 12: Global Coffee Co. Overview
Global Coffee Co. Overview 12
Slide 13: Positioned to Win in a Huge and Attractive Category
Positioned to Win in a Huge and Attractive Category Coffee Has Powerful Dynamics Coffee Consumption Has Proven Resilient Over the Past 40+ Years 1 to Fuel Industry Growth $400BGlobal coffee #1 beverage Americans say Inflation Crisis industry size 2,3 they “can’t live without” Euro 9/11 Crisis #3 Hig
Slide 14: Global Coffee Co. will be a Formidable Force in the Coffee World
Global Coffee Co. will be a Formidable Force in the Coffee World Leading Player in At-Home Coffee $400B #1 $16B $3.1B 100+ Coffee Net Sales LTM $B 1 Global Category Pure-Play Global LTM 1 LTM 1 Markets Market Size 2 Coffee Player Net Sales Adj. EBITDA Pre-synergies $15.9 $11.2 $4.6 Unparallelled por
Slide 15: Global Scale and Leading Brands Create Unparalleled Reach
Global Scale and Leading Brands Create Unparalleled Reach Expanded Global Scale Iconic Brand Portfolio Portfolio & Channel Diversity Keurig Dr Pepper Coffee 3 Net Sales by Geography 1 $1B+ Brands Formats Canada Ready-to-Drink $4.6B United States Single-Serve Instant and Roast & Ground Global Coffee
Slide 16: Pure-Play, Cash-Generative Global Coffee Powerhouse
Attractive Growth Clear Capital Prospects Allocation Priorities 1 Pure-Play, Cash- Low-Single Digit Commitment to Investment Grade Generative Net Sales Growth Global Coffee Modest Capex Investment Powerhouse High-Single Digit Compelling Dividend Regular Share Buybacks Adjusted EPS Growth Top-Tier To
Slide 17: Beverage Co. Overview
Beverage Co. Overview 17
Slide 18: A Powerful Platform Challenging the Status Quo in Refreshment Beverages
A Powerful Platform Challenging the Status Quo in Refreshment Beverages $300B $11B $3.3B #1 $3B Industry 1 LTM 2 LTM 2 Flavored CSD Retail sales in Net Sales Adj. EBITDA portfolio in the U.S.3 rapid-growth categories3,4 Differentiated DSD capabilities across the U.S. & Mexico • Pivotal beverage dist
Slide 19: Beverage Co. is in a Position of Strength and Poised to Win
Beverage Co. is in a Position of Strength and Poised to Win Demonstrated Growth Momentum… … and the Right Portfolio to Win in Refreshment Beverages Net Sales Evolution ($B) $11.1 4 $1B+ Brands Beverage Co. $6.7 Has Grown 88% U.S. Materially +66% Since 12% Int’l Merger… Dr Pepper Snapple Beverage Col
Slide 20: Advantaged DSD Platform Enhances Growth Potential
Advantaged DSD Platform Enhances Growth Potential 190,000+ 250,000+ MX population reached through Retail Outlets Retail Outlets ~50% Company-owned DSD Serviced Serviced ~50% through Strategic Partners 13,500+ 3,500 DSD Employees ~80% DSD Employees U.S. population reached through Company-owned DSD ~2
Slide 21: Strong Track Record of Portfolio Transformation & Investments
Strong Track Record of Portfolio Transformation & Investments Partnered in Acquired in Partnered in Partnered in Long-Term Acquired in December 2022 December 2024 October 2023 June 2010 Franchise Agreement November 2018 36% KDP Equity Stake in July 2020 Successfully monetized in Nutrabolt equity sta
Slide 22: Attractive Growth Prospects and Clear Capital Allocation Priorities
Attractive Growth Clear Capital Prospects Allocation Priorities 1 Commitment to Mid-Single Digit Investment Grade Net Sales Growth Growth Investments Competitive Dividend High-Single Digit Adjusted EPS Growth Opportunistic Share Buybacks Top-Tier Total Shareholder Returns 1. Growth outlook presented
Slide 23: Financial Considerations and Next Steps
Financial Considerations and Next Steps 23
Slide 24: Key Acquisition Terms
Key Acquisition Terms • €31.85 per share offer price, representing a total enterprise value of approximately $23B1 Acquisition Terms • 12.9x Enterprise value to Adj. 2026E EBITDA multiple; 10.5x including $400M in expected cost synergies • Commitment to Investment Grade ratings at acquisition, and f
Slide 25: Significant Cost Synergy Potential from Coffee Combination
Significant Cost Synergy Potential from Coffee Combination ~$400M over 3 years Portfolio SG&A Logistics Procurement Manufacturing Efficiency Dissynergies expected to be manageable and largely offset with efficiency opportunities 25
Slide 26: Successful Track Record of Deleveraging
Successful Track Record of Deleveraging KDP Leverage 1 6.0x Net debt increased in 2024 to support GHOST acquisition 5.2x2 3.3x 2.9x KGM – DPS Merger JDE Peet’s Acquisition 2018 2021 2024 2026E Commitment to investment grade balance sheet and prudent capital allocation policy at KDP – and at Global C
Slide 27: Separation Overview
Separation Overview Transaction • Separation expected via a tax-free spin of Global Coffee Co. shares to KDP shareholders Structure & Timing • Separation to be completed by the end of 2026 • Upon separation, Tim Cofer to become CEO of Beverage Co. and Sudhanshu Priyadarshi to become CEO of Managemen
Slide 28: Compelling Strategic Rationale
Compelling Strategic Rationale Creation of unparalleled, global coffee company with robust cost synergy and growth potential Establishing pure-play, scaled challenger in refreshment beverages with significant runway and optionality Focused strategies and optimized models calibrated to core cat
Slide 29: Appendix
Appendix «DP
Slide 30: JDE Peet's N.V. Reconciliation of GAAP to Non-GAAP Information
JDE PEET'S N.V. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION CERTAIN LINE ITEMS - CONSOLIDATED (UNAUDITED) (in millions) Last Twelve Months Ended June 30, 2025 Profit for the period $ 702 Finance income (93) Finance expense 64 Share of net profit / (loss) of associates (3) Income tax expense 230 D
Slide 31: Keurig Dr Pepper Inc. (Post-Acquisition) Reconciliation of GAAP to Non-GAAP Information
KEURIG DR PEPPER INC. (POST-ACQUISITION) RECONCILIATION OF GAAP TO NON-GAAP INFORMATION CERTAIN LINE ITEMS - CONSOLIDATED (UNAUDITED) (in millions) Last Twelve Months Ended June 30, 2025 Net income $ 2,238 Interest expense, net 652 Provision for income taxes 719 Depreciation & Amortization 1,150 Sha
Slide 32: Global Coffee Co. Reconciliation of GAAP to Non-GAAP Information
GLOBAL COFFEE CO. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION CERTAIN LINE ITEMS - CONSOLIDATED (UNAUDITED) (in millions) Last Twelve Months Ended June 30, 2025 Net income $ 1,248 Interest expense, net 233 Provision for income taxes 448 Depreciation & Amortization 716 Share of net profit / (loss)
Slide 33: Beverage Co. Reconciliation of GAAP to Non-GAAP Information
BEVERAGE CO. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION CERTAIN LINE ITEMS - CONSOLIDATED (UNAUDITED) (in millions) Last Twelve Months Ended June 30, 2025 Net income $ 990 Interest expense, net 418 Provision for income taxes 271 Depreciation & Amortization 435 EBITDA $ 2,114 Productivity 40 Mark
Slide 34: Keurig Dr Pepper Inc. Reconciliation of GAAP to Non-GAAP Information
KEURIG DR PEPPER INC. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION CERTAIN LINE ITEMS - CONSOLIDATED (UNAUDITED) (in millions, except %) 2021 2024 Net Income $ 2,146 $ 1,441 Interest expense, net 500 735 Provision for income taxes 653 473 Other expense (income), net (2) - Depreciation expense 410