The Kraft Heinz Company · NASDAQ:KHC
The Kraft Heinz — Q3 2026 Earnings Presentation
29 slides from The Kraft Heinz's earnings presentation, Nov 4, 2026
Slide 1: Business Update
Q3 2026 November 4, 2026 BUSINESS UPDATE TO ACCOMPANY MANAGEMENT COMMENTARY May 6, 2026
Slide 2: Forward-Looking Statements
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, ta
Slide 3: Steve Cahillane, Chief Executive Officer
Steve Cahillane Chief Executive Officer
Slide 4: Key Takeaways
KEY TAKEAWAYS • 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 ex
Slide 5: Q3 Results
Q3 2026 Business Update Q3 Results Total Constant Currency Year-to-Date Adjusted Gross Year-to-Date Organic Net Sales1 Adj. Operating Adjusted EPS1 Free Cash Flow Kraft Heinz Profit Margin1 Free Cash Flow1 Income1 Conversion1 Q3 ‘26 $6.1B 31.9% $0.9B $0.53 $2.4B 120% vs PY (1.1%) (40 bps) (14.6%) (1
Slide 6: Executing Against Our 2026 Operating Plan
Q3 2026 Business Update 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. Turn Around U.S. Business Grow Internationally Majority of Simplified Led by HEINZ and distribution ~$700M
Slide 7: Executing Against Our 2026 Operating Plan
Q3 2026 Business Update 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. Turn Around U.S. Business Grow Internationally Majority of Simplified Led by HEINZ and distribution ~$700M
Slide 8: We are Driving Improved Volume Trends…
Q3 2026 Business Update We are Driving Improved Volume Trends… 10.0% FY 2025 H1'26 Q3'26 8.4% 8.0% 6.0% 4.0% 2.1% 1.0% 2.0% – (2.0%) (1.1%) (0.9%) (0.9%) (1.9%) (4.0%) (2.7%) (2.4%) (2.8%) (4.1%) (6.0%) +3pp (5.0%) Kraft Heinz North Europe and Pacific Emerging America Developed Markets Markets 8
Slide 9: … and Generating Market Share Traction Globally
Q3 2026 Business Update … and Generating Market Share Traction Globally % of Total Kraft Heinz Revenue % of WIN BIG Revenue % of U.S. Retail Revenue Gaining or Holding Share1 Gaining or Holding Share1 Gaining or Holding Share1 44% 31% 28% 25% 21% 12% FY25 YTD '26 FY25 YTD '26 FY25 YTD '26 Weighted A
Slide 10: With a Return to Growth in our WIN BIG portfolio
Q3 2026 Business Update With a Return to Growth in our WIN BIG portfolio HOLD WIN WIN BIG Stabilize to Defend Share Invest Selectively Distort Investment (3.8%) (1.6%) +0.5% YTD Consumption1 YTD Consumption1 YTD Consumption1 vs PY vs PY vs PY ~20% ~20% ~60% of Net Sales of Net Sales of Net Sales Cof
Slide 11: Making Targeted Investments Across Price and People…
Q3 2026 Business Update Making Targeted Investments Across Price and People… Investments in Price Investments in People Opening Price WHAT WE'VE DONE Selective Base WHAT WE'VE DONE Protect WHAT WE'VE DONE Points Price Distribution • Increasing investments in teams and capabilities across the organiz
Slide 12: Significantly Stepping up Investments in Marketing…
Q3 2026 Business Update Significantly Stepping up Investments in Marketing… Equity Campaigns Strengthening equity through new campaigns on brands like Heinz and Philadelphia. Media Support Investing more media behind brands with the strongest returns and supporting new launches. Partnerships Buildin
Slide 13: …And Investing in Innovation to Close the Gap to Competition
Q3 2026 Business Update … And Investing in Innovation to Close the Gap to Competition Contribution to U.S. Retail Consumption Growth from Innovation1 Kraft Heinz Competition 5.6% Top Quartile Velocity Fastest Turning Kids #1 Frozen Potato ~55% Incremental Beverage Innovation Innovation at Key Retail
Slide 14: Executing Against Our 2026 Operating Plan
Q3 2026 Business Update 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. Turn Around U.S. Business Grow Internationally & Majority of Simplified Led by HEINZ and distribution ~$70
Slide 15: Emerging Markets Delivering ~16% Organic Net Sales Growth
Q3 2026 Business Update Emerging Markets Delivering ~16% Organic Net Sales Growth Leveraging the power Go To Market Model of Heinz Driving Distribution Heinz Organic Net Sales1,2 Accelerate Growth Through in Emerging Markets Heinz-led Innovation (1%) Total Distribution Points3 Q3 2026 vs PY Approxim
Slide 16: Topline Growth in Away From Home Across Each Region
Q3 2026 Business Update Topline Growth in Away From Home Across Each Region Global Away From Home Organic Net Sales1,2 FY25 Q1 '26 Q2 '26 Q3 '26 Grow Beyond Ketchup 2.9% 2.6% Expand in High- Growth Channels Stadiums Hotels (0.6%) Increase QSR (1.5%) Penetration 1| Non-GAAP financial measure. See the
Slide 17: Andre Maciel, Global Chief Financial Officer
Andre Maciel Global Chief Financial Officer
Slide 18: Growth in Emerging Markets offset by U.S. Retail
Q3 2026 Business Update Growth in Emerging Markets offset by U.S. Retail Organic Net Q3 2026 vs PY Sales 1 Price Volume / Mix Total (1.1%) 0.0pp (1.1pp) Relative to our expectations, trade was a 40-basis point benefit. Kraft Heinz As anticipated, the quarter included an 80-basis point headwind from
Slide 19: Investments Driving Improved Performance…
Q3 2026 Business Update Investments Driving Improved Performance… Condiments Desserts Mac & Cheese Hydration Consumption vs PY1 Consumption vs PY1 Consumption vs PY1 Consumption vs PY1 1.4% 4.3% 2.5% 2.9% 1.7% 2.5% 0.9% (1.3%) H1-26 Q3-26 H1-26 Q3-26 H1-26 Q3-26 H1-26 Q3-26 1| U.S. Retail dollar sal
Slide 20: …with Pressures Concentrated and Action Plans Identified
Q3 2026 Business Update …with Pressures Concentrated and Action Plans Identified % Contribution to U.S. Retail New packaging and media support Consumption1 driving positive volumes per Meats Cream Cheese distribution point Sandwich Cheese Salad Dressing 108% 104% Price investment did not deliver 5%
Slide 21: Adj. Operating Income Decline Primarily Driven by Variable Compensation and Investments
Q3 2026 Business Update Adj. Operating Income Decline Primarily Driven by Variable Compensation and Investments Adjusted Constant Currency Adjusted Operating Adj. Operating Operating Income Q3 2026 vs PY Income 1 Currency Income 1 Margin1 Total (15.2%) (0.6pp) (14.6%) 15.4% Relative to our expectati
Slide 22: Increasing Investments While Driving Stronger Returns
Q3 2026 Business Update Increasing Investments While Driving Stronger Returns Price Marketing R&D Increasing investments Increasing marketing to at Increasing R&D to ~0.9% in price and driving least 6% of net sales, of net sales, supporting stronger returns on while improving returns innovation, ren
Slide 23: Efficiencies Helping to Mitigate Inflationary Pressures
Q3 2026 Business Update Efficiencies Helping to Mitigate Inflationary Pressures Adjusted Gross Profit Margin1 Gross Efficiencies 6% (% COGS) 5% 4.4% 32.3% 31.9% 4.0% 4% 5-Year 3% Goal 2% 1% 0% Q3 '25 Q3 '26 FY26 Estimate YTD '26 Q3 2026 vs PY • YTD gross efficiencies ~$520M vs PY – Inflation primari
Slide 24: Generating Strong Free Cash Flow Conversion
Q3 2026 Business Update Generating Strong Free Cash Flow Conversion Adjusted EPS1 Free Cash Flow1 Free Cash Flow Conversion1 +11pp $2.5B $2.4B 109% 120% $0.61 $0.53 Q3 '25 Q3 '26 YTD' 25 YTD' 26 YTD' 25 YTD' 26 Q3 2026 vs PY • Results of Operations: ($0.10) Free Cash Flow decline reflects planned in
Slide 25: Disciplined Capital Allocation with Commitment to Dividend
Q3 2026 Business Update Disciplined Capital Allocation with Commitment to Dividend Sustain Attractive Dividend Maintain Investment Grade 1 Invest in Organic Growth 2 Maintain Net Leverage1 Ratio of ~3.0X 3 Actively Manage Portfolio 4 Return Excess Capital to Stockholders ~$700M 3.1x Pursue $1.4B Inv
Slide 26: 2026 Outlook
Q3 2026 Business Update 2026 Outlook 2026 FY Outlook 2026 FY Considerations • Impact from currency at current FX rates: 40bps Organic Net Sales1 (1.25%) to (0.50%) • Slightly positive contribution from price SNAP Impact: ~(100bps) • Adjusted Gross Profit Margin1: Lower End of (50bps) to (10bps) Cons
Slide 27: Steve Cahillane, Chief Executive Officer
Steve Cahillane Chief Executive Officer
Slide 28: Supplemental Materials
SUPPLEMENTAL MATERIALS
Slide 29: Kraft Heinz Divests its North America Coffee Business to One Rock Capital Partners
Q3 2026 Business Update Kraft Heinz Divests its North America Coffee Business to One Rock Capital Partners Strategic This transaction reflects our strategy to prioritize investments and resources toward areas of the business where we can best accelerate growth and drive value. Rationale We expect it
The Kraft Heinz Company — Q3 2026 Earnings Presentation on 6ix