Krispy Kreme, Inc. · NASDAQ:DNUT
Krispy Kreme — Q4 2025 Earnings Presentation
12 slides from Krispy Kreme's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings Presentation
Krispy Kreme, Inc. FOURTH QUARTER AND FULL YEAR 2025 EARNINGS PRESENTATION FEBRUARY 26, 2026 KRISPY KREME | 4Q25 EARNINGS 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements Certain statements made in this presentation and on the conference call that this presentation accompanies are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be
Slide 3: Our Turnaround Plan: Deleverage the Balance Sheet and Drive Sustainable, Profitable Growth
Our Turnaround Plan: Deleverage the Balance Sheet and Drive Sustainable, Profitable Growth Refranchise Drive ROIC Improve financial flexibility through Reduce capital intensity by using refranchising international markets and existing assets and focusing on restructuring the joint venture in the fra
Slide 4: Fourth Quarter Highlights
Fourth Quarter Highlights (vs Q4 2024) “During the fourth quarter, we demonstrated meaningful progress on our turnaround, unlocking strong consumer NET REVENUE: demand for Krispy Kreme’s iconic, fresh doughnuts through $392.4 MILLION our two biggest opportunities: profitable U.S. expansion and capit
Slide 5: 2025 Actions to Deleverage the Balance Sheet and Drive Sustainable, Profitable Growth
2025 Actions to Deleverage the Balance Sheet and Drive Sustainable, Profitable Growth Announced Update Q2 2025 Q4 2025 TARGET 1-2 INTERNATIONAL REFRANCHISING DEALS SIGNED STRATEGIC REFRANCHISING AGREEMENT FOR JAPAN RESTRUCTURE JV IN THE WESTERN U.S. IN ACTIVE DISCUSSIONS TOWARD A MINORITY STAKE REMO
Slide 6: 2026 Actions to Deleverage the Balance Sheet and Drive Sustainable, Profitable Growth
2026 Actions to Deleverage the Balance Sheet and Drive Sustainable, Profitable Growth 1 TARGET 2-3 INTERNATIONAL REFRANCHISING DEALS COMPLETE REFRANCHISING OF JOINT VENTURE 2 IN THE WESTERN U.S. EXPAND INTERNATIONAL FRANCHISE, 3 OPEN 3-4 NEW MARKETS OPTIMIZE U.S. OPERATIONS AND 4 COMPLETE OUTSOURCIN
Slide 7: 2026 Outlook
2026 Outlook +2-4% ~50% 100+ SYSTEMWIDE SALES SHOPS OPENED SYSTEMWIDE SALES, FROM FRANCHISEES, GLOBALLY, $1.96B IN 2025 ~25% IN 2025 2,125 SHOPS IN 2025 NET LEVERAGE RATIO $50-$60M Positive AT OR BELOW CAPITAL EXPENDITURES FREE CASH FLOW 5.5x KRISPY KREME | 4Q25 EARNINGS 7
Slide 8: Minneapolis, MN; Madrid, Spain; São Paulo, Brazil
Minneapolis, MN Madrid, Spain São Paulo, Brazil KRISPY KREME | 4Q25 EARNINGS 8
Slide 9: Appendix
Appendix
Slide 10: Adjusted EBITDA and Adjusted EBIT
ADJUSTED EBITDA AND ADJUSTED EBIT We define “Adjusted EBITDA” as earnings before interest expense, net, income tax expense, and depreciation and amortization, with further adjustments for share-based compensation, certain strategic initiatives, acquisition and integration expenses, and certain other
Slide 11: Free Cash Flow
FREE CASH FLOW We define “Free Cash Flow” as cash provided by operating activities less purchases of property and equipment. KRISPY KREME | 4Q25 EARNINGS 11
Slide 12: KRISPY KREME | 4Q25 EARNINGS
KRISPY KREME | 4Q25 EARNINGS 12