Keurig Dr Pepper Inc. · NASDAQ:KDP
Keurig Dr Pepper — Q3 2025 Earnings Presentation
132 slides from Keurig Dr Pepper's earnings presentation, Oct 27, 2025
Slide 1: 2025 Investor Day
2025 INVESTOR DAY October 27, 2025 116
Slide 2: Disclaimers
Disclaimers Cautionary Statement Regarding Forward-Looking Information Certain statements in this Presentation (this “Presentation”) of Keurig Dr Pepper Inc. (the “Company” or “KDP”), including statements relating to the Company’s contemplated acquisition (the “Acquisition”) of JDE Peet’s, N.V. (“JD
Slide 3: Agenda
Agenda Presentation Product Q&A Welcome Showcase Session Bob Gamgort Please explore our Members of Value Creation Strategy & Deal Path showcase highlighting management and Tim Cofer exciting innovations the Board of Introduction to Global Coffee Co. across many Keurig, Directors Tim Cofer JDE Peet’s
Slide 4: Welcome
WELCOME BOB GAMGORT CHAIRMAN 4
Slide 5: Board focus is ensuring sustainable value creation
Board focus is ensuring sustainable value creation Bob Pamela Tim Juliette Mike Van Gamgort Patsley Cofer Hickman de Ven Chairman Lead Chief Executive Independent Independent Independent Officer & Director Director Director Director 5
Slide 6: Board of Directors perspective
Board of Directors perspective Proven track Conviction in We heard Robust plan Flexible record of the your to execute approach to value acquisition feedback with deliver a creation in and and are excellence successful Beverages separation taking action outcome 6
Slide 7: Confident in global coffee category attractiveness
Confident in global coffee category attractiveness Global Coffee Landscape (LTM1) Competitor A +2% Global CoffeeCo $16B3 $11B3 $5B Competitor B 40 year Competitor C volume CAGR2 Competitor D Competitor E 40 years of Consistent growth Deal establishes category experience through macro crises & lastin
Slide 8: From 2018 to Today: Greater scale and an evolving strategy
From 2018 to Today: Greater scale and an evolving strategy $16B1 2018 • Leveraging combined scale to create a North America $11B Beverage Challenger $11B Past 7 Years $7B • Bigger & better $4B What’s Next • Self-standing North America Refreshment Beverage leader of scale Beverage Global Pro Forma Co
Slide 9: Leadership & speakers
Leadership & speakers Tim Olivier Eric Jane Roger Cofer Lemire Gorli Gelfand Johnson Chief Executive President, President, Senior Vice Chief Officer & Director U.S. Coffee U.S. Refreshment President, Transformation & Beverages Strategic Finance & Supply Chain Capital Markets Officer 9
Slide 10: Value Creation Strategy & Deal Path
VALUE CREATION STRATEGY & DEAL PATH TIM COFER CHIEF EXECUTIVE OFFICER 10
Slide 11: Questions we will address
Questions we will address What does How will KDP How will KDP Why this the separation revise & tailor deliver with acquisition? enable? capital structure? success? 11
Slide 12: Beverages are an attractive industry
Beverages are an attractive industry Large & growing Strong structural characteristics 5% RTD Other growth1 Frequent & habitual consumption Sports Coffee Drinks Tea CSDs Ongoing consumer-led evolution RTD Tea ~$1T Significant scale benefits Energy Drinks Global Beverage2,3 Ongoing premiumization Bot
Slide 13: Proven value creation strategy
Proven value creation strategy OUR PURPOSE OUR VISION A beverage for every need, Drink Well. Do Good. anytime, anywhere OUR STRATEGIES Champion Shape our now Amplify our route Generate fuel for Dynamically consumer- and next beverage to market growth allocate capital obsessed brand portfolio advanta
Slide 14: Proven value creation strategy
Proven value creation strategy OUR STRATEGIES COMMERCIAL PRIORITIES ENTERPRISE ENABLERS Champion Shape our now Amplify our route Generate fuel for Dynamically consumer- and next beverage to market growth allocate capital obsessed brand portfolio advantage building • Lead with the • Lean into growth
Slide 15: Successfully applied playbook in Beverages
Successfully applied playbook in Beverages Champion consumer- Shape our now and Amplify our route-to- obsessed brand building next beverage portfolio market advantage Added $3B in retail sales in “Maroon” system rapid-growth categories significantly strengthened Dr Pepper now the #2 U.S. soft drink
Slide 16: Strengthening North American Coffee
Strengthening North American Coffee Champion consumer- Shape our now and Amplify our route-to- obsessed brand building next beverage portfolio market advantage COLD COFFEE SUPER-PREMIUM North America’s NEXT-GEN Reach to 47M households2 & pre-eminent differentiated single serve system1 Keurig.com DTC
Slide 17: Strategy has translated into strong results
Strategy has translated into strong results +6% +11% $8.5B Net Sales Adjusted EPS Direct Shareholder Growth Growth1 Returns2 2018-2024 CAGR 2018-2024 CAGR 2018-2024 1. See “Non-GAAP Metrics” and the Appendix for additional information regarding non-GAAP metrics. 2. Direct shareholder returns = divid
Slide 18: Key businesses have evolved since 2018
Key businesses have evolved since 2018 • Scaled and diversified portfolio in a large market • From subscale to leading: $4B larger1 than in 2018 Beverages • Evolved portfolio now supporting faster organic growth Thriving • Fortified route-to-market extends competitive advantages • Culturally distinc
Slide 19: Assessment confirmed: Consumers love coffee
Assessment confirmed: Consumers love coffee Emotional Artisanal Habitual Functional Unmatched global The #1 beverage Appreciation for frequency of Offers healthy & consumers say they quality and brands with consumption; growing natural energy can’t live without1 ongoing premiumization daily penetrat
Slide 20: Assessment confirmed: Steady & resilient category growth
Assessment confirmed: Steady & resilient category growth 2% Category growth 40 year volume has sustained CAGR throughout cycles and economic Euro Crisis crises Asia 9/11 Crisis Inflation Crisis 80s Economic Crisis Global Coffee Japan Crisis Financial Crisis consumption has COVID-19 remained resilien
Slide 21: Assessment confirmed: Coffee category is recovering
Assessment confirmed: Coffee category is recovering U.S. At-Home Dry Coffee Servings COVID Instability Category Stabilization 2020 2021 2022 2023 2024 2025 YTD1 Volume 11% (2%) (4%) (2%) 0% 0% Price 4% 4% 15% 4% 1% 12% Coffee volumes returning to Demand has remained resilient steadier trends after C
Slide 22: Carefully considered various strategic options for Coffee
Carefully considered various strategic options for Coffee Set a path to create All options were on a stronger business the table for coffee Option A More growth Sell Keurig represents most Option B attractive and Spin Keurig Greater resilience actionable path to establish a global Option C coffee le
Slide 23: JDE Peet's meaningfully enhances KDP's global coffee scale
JDE Peet’s meaningfully enhances KDP’s global coffee scale Commercial Operational $16B Global Coffee Size1 $5B Top Global Coffee Buying Rank 10 #1 #2 Global Coffee Rank #4 Manufacturing Facilities2 2 Number of Geographies 100+ 6 2 countries 46 25 countries Positions KDP to most effectively capture g
Slide 24: Combination with JDE Peet's creates a stronger business
Combination with JDE Peet’s creates a stronger business Global Coffee Co. Enduring North Unparalleled Advantaged & American foundation global scale complementary portfolio Steward of leading Leading regional Enhanced single serve ecosystem & local brands revenue potential Clear & actionable co
Slide 25: A more robust & resilient global coffee platform
A more robust & resilient global coffee platform Advantaged & Enhanced Revenue Clear & Actionable Increased Complementary Potential Cost Synergies Resilience Portfolio • Four $1B+ trademarks • Extend single serve • $400M in expected cost • #1 coffee buyer globally • Participation across systems expe
Slide 26: Subsequent separation to establish advantaged pure-plays
Subsequent separation to establish advantaged pure-plays Beverage Co. Global Coffee Co. Strong and self-sustaining organic growth Steady and resilient growth and cash flow Advantaged portfolio and route-to-market Power in brands, system, and global reach Strategic optionality Combined revenue and co
Slide 27: Separation unlocks clear & compelling benefits
Separation unlocks clear & compelling benefits Strategic Focus Culture Shareholders Optionality Tailored growth Leadership mindset strategy, operating Additional value Attractive, yet distinct, and organizational models, & capital creation levers investment theses clarity allocation 27
Slide 28: Strong plan to ensure successful outcomes
Strong plan to ensure successful outcomes Comprehensive integration program Experience executing complex transactions Board of Directors & Transaction Committee Executive Steering Committee Executive SteerCo to guide strategic direction Transformation Management Office (TMO) Take-Private Merger Disc
Slide 29: Actions to support near-term targeted capital structure
Actions to support near-term targeted capital structure Announcing updated financing mix New cost-efficient capital Expected to right-size net leverage to Secured partnerships with Apollo ~4.6x at transaction close and KKR Improves clarity on separation Validating KDP’s vision for the future
Slide 30: Key milestones for successful integration and separation
Key milestones for successful integration and separation Quick start to Balance sheet Independent Favorable synergy capture readiness for both Board market companies of Directors & conditions experienced leadership teams Close expected in 1H 2026 Separation readiness expected by end of 2026 30
Slide 31: Key priorities to maximize value creation
Key priorities to maximize value creation Base business Integration Setting up momentum excellence independent success Strong 2025 results: Plans and processes in Upon separation, will • KDP to deliver on/above place to support create two winning guidance execution of deal pure-play companies • JDE
Slide 32: Global Coffee Co.
GLOBAL COFFEE CO. TIM COFER CHIEF EXECUTIVE OFFICER 32
Slide 33: Introduction to Keurig
INTRODUCTION TO KEURIG OLIVIER LEMIRE PRESIDENT, U.S. COFFEE 33
Slide 34: Keurig has built a strong North American coffee business
Keurig has built a strong North American coffee business Unmatched portfolio of Large & profitable Consumer-preferred Owned, Licensed and platform Partner brands coffee ecosystem $4.6B Net Sales1 2024 Top 100 Most Loved Brands Power Score in US Coffeemakers $1.4B Adjusted EBITDA1,2 94% Brand Awarene
Slide 35: Keurig is the clear leader in North American single serve
Keurig is the clear leader in North American single serve North American Active Keurig Households North American Volume Share US CAN 47M Keurig brewer Keurig ecosystem share growth1 pod share growth2 +13M 5.7pts 5.9pts 34M + + Households Last 5 Years Last 5 Years 2019-2024 Share of Value vs. other c
Slide 36: Keurig's open system drives value for all stakeholders
Keurig’s open system drives value for all stakeholders A virtuous cycle of system profit generation CONSUMERS Unparalleled variety of leading coffee brands and beverage types Grow Total More Brands & PARTNERS Ecosystem Partners High-margin & high-growth subsegment, with access to incremental channel
Slide 37: Successful track record of developing & accelerating brands
Successful track record of developing & accelerating brands +50% $ growth since licensed +98% $ growth latest 13 weeks, #1 Fastest flavored share transition in 2020, #1 share fastest-growing brand growth in category gainer in single serve in single serve YTD1 since 2020 Restaurant- Flavored inspired
Slide 38: Keurig.com is a powerful platform with leading infrastructure
Keurig.com is a powerful platform with leading infrastructure 2x Daily coffee consumption vs. 5-year Newsweek Best Online Shops winner avg household (Food & Beverage division) 5x Lifetime value vs. avg household 1.5M Site visitors per month ~400k Auto-delivery subscribers Source: Internal data. 38
Slide 39: Strong out of home business, concentrated in offices & hotels
Strong out of home business, concentrated in offices & hotels Extensive Presence Across Key Channels Leveraging Office & Hotel Strength in Foodservice Keurig System Penetration1 650K+ Active 23% Workplace 22% Brewers 2% 1.2M Hotel Rooms Workplace Hospitality Foodservice Attractive Opportunities in L
Slide 40: Keurig has a strong productivity track record
Keurig has a strong productivity track record ROBUST PRODUCTIVITY ENGINE EXAMPLE INITIATIVE SAVINGS Sourcing partnerships $ ~4% Equipment automation $$ Avg. Productivity1 2019-2024 Logistics network optimization $$ $$$ Brewer & pod design to value 1. Productivity calculated as a % of COGS and Transp
Slide 41: Robust pipeline of innovation and initiatives to drive growth
Robust pipeline of innovation and initiatives to drive growth Grow Keurig Households Accelerate Premium Growth Scale Cold Coffee Solutions 41
Slide 42: Disrupting coffee, again, with the Keurig Alta system launch
Disrupting coffee, again, with the Keurig Alta system launch Featuring Develop Next Gen Coffee Systems Keurig Alta single serve brewing system Variety Multiple sizes to deliver authentic shots of espresso, rich cups of coffee and refreshingly cold coffees Quality Expertly roasted, premium coffee bea
Slide 43: Introduction to JDE Peet's
INTRODUCTION TO JDE PEET’S TIM COFER CHIEF EXECUTIVE OFFICER 43
Slide 44: JDE Peet's is a unique global coffee business
JDE Peet’s is a unique global coffee business Scaled, global Powerful brand Advantaged pure-play portfolio positioning Anchored by #1 or #2 position Three $1B+ Brands1 $11.2B Net Sales1 + nine additional local icons in 40 markets3 270+ years coffee heritage $1.8B Adjusted EBITDA1,2 Extensive blendin
Slide 45: Business combines global scale with leading brands
Business combines global scale with leading brands #1 position #2 or 3 position Other JDEP Markets1 $2.0B $0.6B #2 22% #1 29% $1.3B $1.1B $4.0B #1 25% #1 35% #1 35% $11.2B High $1.6B potential $0.6B #2 19% $4.6B #1 27% Legend2 #1 16% Market Country size $0.9B $4.1B JDEP Market Top JDEP position3 sha
Slide 46: Portfolio includes wide variety of coffee offerings
Portfolio includes wide variety of coffee offerings FORMATS Broad category Roast & Ground Instant Instant Mixes Whole Beans Single Serve Ready to Drink Concentrate B2B Liquid participation PRICE TIERS positions JDE Peet’s to capture a wider range of consumer Mainstream Premium Super Premium occasion
Slide 47: Strong retail presence across key markets
Strong retail presence across key markets France Poland Brazil #1 brand creating value for the trade in France1 Source: NielsenIQ Editions Dauvers “Datas Grande Conso”. 1. Growth based on rolling annual retail sales between Period 2 of 2015 and Period 2 of 2024 across hypermarkets, supermarkets, med
Slide 48: Brands strongly resonate with young consumers
Brands strongly resonate with young consumers <30-year-old penetration vs. largest competitor 1.4x Germany 1.8x Netherlands 1.7x Norway Source: World panel online demographics performance dataset. 48
Slide 49: Key global brands have proven stretch ability
Key global brands have proven “stretch” ability >25% of L’OR volume in France #1 brand outside of Roast & Ground in 19 countries and Single Serve >50% of 1992 2010 2014 2017 2019 2024 brand sales outside Estonia #1 Germany Lithuania #1 Latvia #1 Belarus #1 Germany #1 Kazakhstan #1 Poland #1 Austria
Slide 50: Structural advantages enable business resiliency
Structural advantages enable business resiliency Delivering gross profit growth despite significant green coffee cost inflation Gross Profit (€B) Green Coffee Price (€/kg) 3.5 7 2020 - 2024 3.3 3.0 3.0 Gross Profit 3.0 3.0 2.8 6 2.5 5 +15% 2.0 4 1.5 3 Arabica +154% 1.0 2 0.5 1 Robusta 0.0 0 +254% 20
Slide 51: Building stronger capabilities & performance culture
Building stronger capabilities & performance culture From JDE Peet’s Capital Markets Day (July 2025) From JDE Peet’s July 2025 Capital Markets Day 51
Slide 52: Reignite the Amazing strategy to drive next growth chapter
“Reignite the Amazing” strategy to drive next growth chapter From JDE Peet’s Capital Markets Day (July 2025) 52
Slide 53: JDE Peet's strategy is beginning to gain traction
JDE Peet’s strategy is beginning to gain traction Early Commercial Success Organizational Capability Building Innovation Platforming Central Marketing Organization • Successfully launched Dubai Chocolate • Consolidating category teams under one across 20 markets and multiple brands portfolio strateg
Slide 54: Productivity program to support reinvestment & profit growth
Productivity program to support reinvestment & profit growth ROBUST PRODUCTIVITY ENGINE KEY DRIVERS % CONTRIBUTION Portfolio Simplification 35% €500M Simplified Ways of Working 25% Savings through 2032 30% 50% to be reinvested Continuous Improvement Asset-Light Route-to-Market 10% JDE Peet’s recentl
Slide 55: Global Coffee Co.
GLOBAL COFFEE CO. TIM COFER CHIEF EXECUTIVE OFFICER 55
Slide 56: Global Coffee Co. historical financial performance
Global Coffee Co. historical financial performance 2.2% 0.6% $0.6B+ Net Sales Adjusted EBITDA Free Cash Flow 2018-2024 CAGR1 2018-2024 CAGR1,2 2025E Guidance2,3 4.8% 2.2% €1.0B Expect even stronger top- and bottom-line results going forward 1. Constant currency basis. 2. See “Non-GAAP Metrics” and t
Slide 57: Global Coffee Co. will be an advantaged pure-play
Global Coffee Co. will be an advantaged pure-play Scaled leader in a Portfolio anchored by leading $400B global market1 regional and local brands Global Coffee Landscape (LTM2,3) Competitor A Global Coffee Co. $16B4 $11B4 $5B Competitor B Competitor C Competitor D Competitor E Strong $15.9B $3.1B Si
Slide 58: Portfolio will be balanced across key coffee segments
Portfolio will be balanced across key coffee segments 2024 Global Dollar Mix by Format ($B) 1% 7% 11% 8% 15% Whole Beans 19% 26% 28% Instant 22% 17% Ready to Drink 92% 29% 30% Roast & Ground 48% 28% 19% Single Serve Global Global 2,3 1,2 2 Coffee Co. At-Home Coffee Source: Euromonitor 2024 RSV value
Slide 59: Growth potential from consumption and premiumization
Growth potential from consumption and premiumization 2024 Coffee Consumption (cups / capita) Coffee Legacy Mixed Legacy Tea Legacy 2015-2024 # Coffee Cups CAGR 1,000 800 600 400 200 0 USA Germany Hungary Turkey UAE Philippines France Spain Mexico Ukraine Vietnam Japan Chile South UK Finland Brazil I
Slide 60: Acquisition unlocks incremental growth opportunities
Acquisition unlocks incremental growth opportunities C Formats Technology Channels Brands Next Generation Leverage Apply KDP’s Expand KDP’s Extend KDP’s complementary innovation Make iconic next generation brands via strengths across capabilities to brands even capabilities & JDE Peet’s broad e-comm
Slide 61: Attractive opportunity to expand the Peet's brand in the U.S.
Attractive opportunity to expand the Peet’s brand in the U.S. Leverage KDP’s commercial scale & capabilities Expansion potential beyond West Coast Benefit from KDP’s customer relationships Peet’s Dollar Share1 of Total Dry Coffee KDP Owned & Licensed Dollar Share1 Single-serve feature & display (wee
Slide 62: Clear line of sight to compelling savings
Clear line of sight to compelling savings1 Est. Savings % Key Focus Areas • Green coffee sourcing • Blend optimization Procurement 30-35% • Direct spend, incl. packaging & brewers • Indirect spend (e.g., professional services) • Manufacturing footprint consolidation Manufacturing & Logistics 15-20%
Slide 63: Multiple levers to drive consistent, profitable growth
Multiple levers to drive consistent, profitable growth Potential Upside from Growth Leverage Cost Savings Programs Normalizing C-Price 10.00 Coffee prices remain well Volume Leverage Ongoing robust above long-term averages productivity 8.00 Green Coffee Price ($/kg) enhanced by near- 6.00 Mix Accret
Slide 64: Global Coffee Co. growth algorithm and cash flow
Global Coffee Co. growth algorithm and cash flow1 Low High Single Single $5B+ Digit Digit Net Sales Growth* Adjusted EPS Growth2 Free Cash Flow2 Long-term target Long-term target 2026-2028E cumulative *Coffee exposure may drive year-to-year variability Pure-Play, Cash-Generative Global Coffee Powerh
Slide 65: Introduction to Beverage Co.
INTRODUCTION TO BEVERAGE CO. ERIC GORLI PRESIDENT, U.S. REFRESHMENT BEVERAGES 66
Slide 66: N.A. Beverages market is large, dynamic and attractive
N.A. Beverages market is large, dynamic and attractive Beverage Industry Ever-Evolving Consumer Fragmented Players Sizable, growing categories with Continuous sources of growth for Big 3 ~50% of U.S. market, attractive profit pools consumer-centric companies with ample room to expand 3-4% Sports Oth
Slide 67: Beverage Co. is a challenger with significant scale
Beverage Co. is a challenger with significant scale Beverage Co. is scaled, Underpinned by an incredible With an advantaged go- profitable and growing portfolio of brands to-market system $11.1B #1 Advantaged commercial engine Flavored CSD Net Sales1 portfolio +8% 2018-2024 CAGR +1.8 pts CSD share R
Slide 68: Portfolio of iconic brands beloved by consumers
Portfolio of iconic brands beloved by consumers $1B+1,2 $500M+1,2 $100M+1,2 Broad beverage portfolio includes 50+ owned, licensed and partner brands Source: Circana MULO+ with Convenience, NPD, Nielsen Discover, Nielsen IQ, Association of Canadian Distillers. 1. Represents 2024 retail sales. 2. Only
Slide 69: Use flexible Build, Buy, Partner model to meet evolving needs
Use flexible Build, Buy, Partner model to meet evolving needs BUILD BUY PARTNER Industry-leading Premium Alcohol Water Energy innovation and renovation Water Alternatives (Coconut, Premium, Sparkling) (Mexico) 2018 2022 2022 2024 Pre-Merger 2018 2020 (Canada) Energy Alcohol RTD Sports RTD Prebiotic
Slide 70: Performance propelled by flagship Dr Pepper brand
Performance propelled by flagship Dr Pepper brand Strong performance Repeatable playbook Runway for growth Zero Sugar distribution $6B 9 nearly Fastest-growing zero sugar CSD4 Distinct in US retail straight years of market positioning 1 sales share gains Penetrating Gen Z HH penetration #2 #2 cultur
Slide 71: Applying repeatable playbook across other brands
Applying repeatable playbook across other brands Canada Dry 13% Mott’s 9% Significant Opportunities CAGR 1 CAGR 1 on Other Trademarks over the past 5 over the past 5 years years The Refreshing The #1 Original an Icon Root Beer 64% share of ginger ale #1 apple juice and sauce brand Lemon Lime 2
Slide 72: Energy now at critical mass, with ample runway
Energy now at critical mass, with ample runway Energy Category Category $ Share $28B category1 growing at 10% Winning complementary $1B+ CAGR (last 3 years) portfolio 2022 <1% net sales One of the fastest- Execution-driven annual run-rate growing LRB share gains: ~1pt categories1 YTD Q3 2025
Slide 73: Establishing growth platforms in large & attractive categories
Establishing growth platforms in large & attractive categories ENERGY SPORTS HYDRATION PREBIOTIC CSDs DRINK MIXES $1B+ net sales #1 in the $2B+, >20% growth Launched Entered in Functional annual run rate rapid hydration segment2 Summer 2025 Summer 2025 Powders $28B $12B $1.5B $3B / $1.3B CATEGORY VA
Slide 74: Track record of success, driving sustained share gains
Track record of success, driving sustained share gains 2020 2024 Pre-Merger 2024 2024 Unsweetened Shelf Stable Coconut Water Sports Drinks Energy Sparkling Water RTD Coffee Current Share | ⃤ Pre-Partnership Current Share | ⃤ Pre-Partnership Current Share | ⃤ Pre-Partnership Current Share | ⃤ Pre-Par
Slide 75: Winning model with top-tier CPG capabilities
Winning model with top-tier CPG capabilities AI-Powered Marketing, Advantaged Unique Multi-Channel Brand & Growth Ecosystem Commercial Engine Route-to-Market Predictive Consumer Company–owned Fountain Intelligence Omni DSD (Direct Store Foodservice Channel Delivery) Activation Channel Strategy & Str
Slide 76: Leverage a flexible & differentiated distribution system
Leverage a flexible & differentiated distribution system Long- term relationships ~80% ~50% with market leaders U.S. Mexico coverage coverage Company-owned Bottlers and Distributors Warehouse Direct Direct Store Delivery 1 of 8 LRB purchases now online in the U.S. Fountain Foodservice On-Premise E-C
Slide 77: Direct Store Delivery is a scarce & critical asset
Direct Store Delivery is a scarce & critical asset Drives in-store effectiveness Becomes more powerful with scale Enhanced Demand in-store feature responsiveness & display DSD efficiency Lower Cold & effectiveness out-of-stocks merchandising Deeper Enhances customer Preferred relationships Partner s
Slide 78: Advantaged DSD with more opportunity to scale
Advantaged DSD with more opportunity to scale 1 of only 3 national non-alcoholic DSD systems in the US 190,000+ Retail Outlets Serviced ~80% of U.S. population 13,500+ DSD Employees 100+ KDP DSD Local Sites 180,000 Cold Drink Placements 6 Million+ reached through Annual Customer ~20% Strategic Partn
Slide 79: Investing in DSD across three primary areas
Investing in DSD across three primary areas Territory Portfolio Expansion Digital Capabilities Active focus on expansion of Expansion of brand partnerships Investments focused on service KDP footprint in the U.S. and M&A to add scale and executional excellence KDP company-owned DSD system Accurate O
Slide 80: Replicating successful U.S. growth model in Mexico
Replicating successful U.S. growth model in Mexico $51B+ $1B+ +1.9pts #1 Growing +HSD% Beverage category1 net sales high- margin KDP position2 KDP CSD market share since 2019 Winning Brands share in large & growing categories MX population reached 250,000+ through Company- ~50% owned DSD (remainder
Slide 81: Multiple levers to translate net sales to faster profit growth
Multiple levers to translate net sales to faster profit growth Price & Mix Productivity engine Gross Productivity1 Strong price to value 3-4% Consumer preferred brands Integration Low private label penetration Transformational investments & surety of supply Attractive value proposition Mix man
Slide 82: Beverage Co. historical financial performance
Beverage Co. historical financial performance 7.5% 11.9% $1B+ Net Sales Adjusted EBITDA1 Free Cash Flow1,2 2018-2024 CAGR 2018-2024 CAGR 2025E Guidance 1. See “Non-GAAP Metrics” and the Appendix for additional information regarding non-GAAP metrics. 2. See “Cautionary Statement regarding Forward-Loo
Slide 83: Beverage Co. poised to deliver attractive algorithm
Beverage Co. poised to deliver attractive algorithm1 Mid High Single Single $6B+ Digit Digit Net Sales Growth Adjusted EPS Growth2 Free Cash Flow2 Long-term target Long-term target 2026-2028E cumulative Growth Oriented, Agile Beverage Challenger 1. See “Cautionary Statement regarding Forward-Looking
Slide 84: Finance & Capital Structure
FINANCE & CAPITAL STRUCTURE JANE GELFAND SENIOR VICE PRESIDENT, STRATEGIC FINANCE & CAPITAL MARKETS
Slide 85: Thoughtfully integrating investor feedback to deal news
Thoughtfully integrating investor feedback to deal news Belief that Support for the Concern that appropriate strategic logic of leverage at deal individual company the separation close is too high capital structures are critical Today, we are announcing key decisions to enable and optimize each elem
Slide 86: Clear view of the destination
Clear view of the destination1 Beverage Co. Global Coffee Co. Net Sales Growth + MSD% +LSD% Long-term target Long-term target Adjusted EPS Growth2 + HSD% +HSD% Long-term target Long-term target FCF Generation2 $6B+ $5B+ 2026-2028E Cumulative 2026-2028E Cumulative Sum of individual company dividends
Slide 87: Beverage Co. optimized for growth & dynamism
Beverage Co. optimized for growth & dynamism1 Beverage Co. Long-term growth supported by … Net Sales Growth + MSD% Long-term target The right Partnership and portfolio mix M&A optionality Adjusted EPS Growth2 + HSD% Long-term target $6B+ Robust innovation Operating FCF Generation2 pipeline leverage
Slide 88: Global Coffee Co. optimized for resilient growth & cash flow
Global Coffee Co. optimized for resilient growth & cash flow1 Global Coffee Co. Strong cash flows supported by … Net Sales Growth + LSD% Long-term target* Stable & resilient Revenue category growth opportunities Adjusted EPS Growth2 + HSD% Long-term target $5B+ Tangible cost Ability to offset FCF Ge
Slide 89: Key benefits of today's announced financing plan
Key benefits of today’s announced financing plan 1 2 3 4 Accelerates Creates Reinforces appropriate Maintains long-term investment capital efficient cost of partnerships grade profile structures at capital with blue chip separation investors Transaction expected to be ~10% EPS accretive in year 1 ba
Slide 90: Refined financing mix to drive lower leverage at close
Refined financing mix to drive lower leverage at close1 Plan as of 8/25 Today’s Announced Plan 3.3x 5.6x 4.6x $5B $1B $38B $5B $31B $14B $4B $3B $15B Pre-Txn Senior JDE Junior Cash Pro Forma Net Global Coffee Co. Beverage Co. Pro Forma Net Net Debt as of Debt Debt Hybrid Debt as of Pod Manufacturing
Slide 91: Cost-efficient, strategic financing accelerates deleveraging
Cost-efficient, strategic financing accelerates deleveraging Global Coffee Co. Pod Manufacturing JV Beverage Co. Strategic Investment • $4 billion proceeds • $3 billion proceeds • Co-led by Apollo and KKR, with participation from • Co-led by Apollo and KKR Goldman Sachs Alternatives • Attractively p
Slide 92: Multiple options available to maximize balance sheet flexibility
Multiple options available to maximize balance sheet flexibility Strong Cash Investment IPO – Initial Step Generation and Monetization & Towards Separation EBITDA Growth Asset Divestitures • Rapid base business • Review of non-core minority • Potential to raise primary deleveraging stakes proceeds p
Slide 93: Commitment to financial strength and transparency
Commitment to financial strength and transparency Consistent and Appropriate transparent capital Strong Independent financial structures for cash flow A competitive entities poised communications KDP at close, generation to and attractive for financial throughout the and for each support timely divi
Slide 94: Transformation
TRANSFORMATION ROGER JOHNSON CHIEF TRANSFORMATION & SUPPLY CHAIN OFFICER
Slide 95: Strong governance and execution to maximize value
Strong governance and execution to maximize value Board of Directors & Transaction Committee Executive Steering Committee Executive SteerCo to guide strategic direction Transformation Management Office (TMO) Disciplined execution while minimizing disruption for both integration & separation Global C
Slide 96: We've stood up key workstreams to drive planning & design
We’ve stood up key workstreams to drive planning & design Transformation Management Office (TMO) Integration Future Co. Synergy Spin Separation Planning Designs Value Capture Readiness Change Commercial & Enterprise Management Supply Chain Functions 97
Slide 97: Clear view of process to integrate JDE Peet's and separate KDP
Clear view of process to integrate JDE Peet’s and separate KDP1 TMO Investor KDP-JDEP Separation Goals Mobilized Day Transaction Close Ready by • Global Coffee powerhouse H1 2026 year end 2026 • Most agile Beverage leader TMO Integration Planning & Integration Execution, Post-Separation Mobilization
Slide 98: Robust communications & change agenda at KDP & JDE Peet's
Robust communications & change agenda at KDP & JDE Peet's Rallying around a shared ambition • Global Coffee powerhouse • Most agile Beverage leader Regular communications in multiple forums • Townhalls, roundtables, two-way communication • Multi-channel messages (video, social media) • Internal reso
Slide 99: Cost synergy capture & managing dis-synergies paramount
Cost synergy capture & managing dis-synergies paramount Global Coffee Co. Beverage Co. Manageable dis-synergies of ~$75M; Manufacturing aim to largely offset via cost reset Procurement SG&A and IT & Logistics Actions identified to drive additional savings • Redesign operating model for pure-play co.
Slide 100: KDP Q3 2025 Earnings
KDP Q3 2025 EARNINGS TIM COFER CHIEF EXECUTIVE OFFICER
Slide 101: Q3 2025 highlights
Q3 2025 highlights Double-digit net sales growth, with strengthening performance across each segment Share gains across key categories, with strong execution across LRBs and coffee Solid EPS growth and free cash flow1, despite ramping inflationary pressure Raising net sales and reaffirming EPS guida
Slide 102: Q3 2025 consolidated results
Q3 2025 consolidated results Constant currency NET SALES ($B) ADJ. OPERATING INCOME1 ($M) ADJUSTED EPS1 ($ PER SHARE) $4.3 $0.54 10.6% 3.8% 5.9% YoY YoY $1,091 YoY $3.9 $1,050 $0.51 Q3’24 Q3’25 Q3’24 Q3’25 Q3’24 Q3’25 27.0% 25.3% Adjusted OI Margin Financial metrics presented on an adjusted basis. G
Slide 103: U.S. Refreshment Beverages
U.S. Refreshment Beverages • Q3 2025 • Change • Net Sales • $2.7B • 14.4% • Adjusted Operating Income1 • $816M • 10.0% • Adjusted Operating Margin1 • 29.8% • (1.2pts) • Net sales increased 14.4%, with volume/mix growth of 11.2% and favorable net price realization of 3.2% • Volume/mix reflected growt
Slide 104: U.S. Coffee
U.S. Coffee • Q3 2025 • Change • Net Sales • $991M • 1.5% • Adjusted Operating Income1 • $317M • 2.6% • Adjusted Operating Margin1 • 32.0% • 0.3pts • Net sales increased 1.5%, with favorable net price realization of 5.5% partially offset by a volume/mix decline of (4.0%) • Top- and bottom-line impro
Slide 105: International
International • Q3 2025 • Change • Net Sales • $580M • 10.1% • Adjusted Operating Income1 • $155M • (4.3%) • Adjusted Operating Margin1 • 26.7% • (4.1pts) • Net sales increased 10.1%, with favorable net price realization of 6.1% and volume/mix growth of 4.0% • Growth led by Canadian coffee pods and
Slide 106: Generating healthy free cash flow in 2025
Generating healthy free cash flow in 2025 FREE CASH FLOW1 ($M) Year-to-date FCF generation modestly decreased year-to-date, including Q1 impact of $973 $225M GHOST distributor payment $955 Absent the distributor payment, FCF would have been >$1.1B with year-to- date conversion ~60% 2024 2025 1. Se
Slide 107: 2025 outlook
2025 outlook1 Net Sales Growth (Constant FX) Raised Adjusted EPS Growth2 (Constant FX) from MSD% High-single-digit High-single-digit ~0.5pt FX headwind Other Items ~$700M ~23% ~1.36B Interest Expense Tax Rate Diluted Shares Outstanding Guidance includes anticipated contribution from the recent GHOST
Slide 108: Closing Thoughts
CLOSING THOUGHTS TIM COFER CHIEF EXECUTIVE OFFICER
Slide 109: Key questions answered today
Key questions answered today What does How will KDP How will KDP Why this the separation revise & tailor deliver with acquisition? enable? capital structure? success? JDE Peet’s is a unique & Independent companies Lower leverage at close Strong execution and complementary global with focused growth
Slide 110: Just getting started
Just getting started Beverage Co. Global Coffee Co. 111
Slide 111: Just getting started
Just getting started Proven track Conviction in We heard Robust plan Flexible record of the your to execute approach to value acquisition feedback with deliver a creation in and and are excellence successful Beverages separation taking action outcome 112
Slide 112: Thank You
THANK YOU
Slide 113: Appendix
INVESTOR UPDATE OCTOBER 27, 2025 Appendix 116
Slide 114: Appendix: Strategic Beverage Co. Investment modeling considerations
Appendix: Strategic Beverage Co. Investment modeling considerations1 Expected P&L & cash flow implications Prior to conversion into equity Convertible perpetual preferred security with $37.25 initial conversion price and 4.75% initial preferred dividend (netted against as-converted common dividends)
Slide 115: Appendix: Pod Manufacturing JV modeling considerations
Appendix: Pod Manufacturing JV modeling considerations1 Expected P&L & cash flow implications All figures based on LTM figures, assuming no growth Joint venture comprised of Keurig’s U.S. and Canada single-serve manufacturing assets; KDP 51% ownership, third party investors 49% ownership Year 1 – Ye
Slide 116: Beverage Co. Reconciliation: Adjusted EBIT CAGR
BEVERAGE CO. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION ADJUSTED EBIT CAGR (UNAUDITED) (in millions) (in millions) Year Ended December 31, 2018 Year Ended December 31, 2024 Pro forma net income $ 491 Net income $ 693 Pro forma interest expense 641 Interest expense, net 733 Pro forma provision fo
Slide 117: Beverage Co. Reconciliation: Adjusted EBITDA CAGR
BEVERAGE CO. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION ADJUSTED EBITDA CAGR (UNAUDITED) (in millions) (in millions) Year Ended December 31, 2018 Year Ended December 31, 2024 Pro forma net income $ 491 Net income $ 693 Pro forma interest expense 641 Interest expense, net 733 Pro forma provision
Slide 118: Coffee Co. Reconciliation: Adjusted EBITDA CAGR
COFFEE CO. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION ADJUSTED EBITDA CAGR (UNAUDITED) (in millions) (in millions) Year Ended December 31, 2018 Year Ended December 31, 2024 Pro forma net income $ 617 Net income $ 739 Pro forma interest expense 30 Interest expense, net 2 Pro forma provision for i
Slide 119: JDE Peet's N.V. Reconciliation: Adjusted EBITDA CAGR
JDE PEET'S N.V. RECONCILIATION OF IFRS TO NON-IFRS INFORMATION ADJUSTED EBITDA CAGR (UNAUDITED) (in millions Euros) Year Ended Year Ended December 31, 2018 December 31, 2024 Operating profit € 909 € 1,056 ERP System Implementation 63 16 Transformation activities and corporate actions 69 60 Share-bas
Slide 120: Beverage Co. Reconciliation: Adjusted EBITDA
BEVERAGE CO. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION ADJUSTED EBITDA (UNAUDITED) Six Months Ended June Twelve Months Ended Six Months Ended June Last Twelve Months (in millions) 30, 2024 December 31, 2024 30, 2025 Ended June 30, 2025 Net income $ 660 $ 693 $ 747 $ 780 Interest expense, net 38
Slide 121: Coffee Co. Reconciliation: Adjusted EBITDA
COFFEE CO. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION ADJUSTED EBITDA (UNAUDITED) Six Months Ended June Twelve Months Ended Six Months Ended June Last Twelve Months (in millions) 30, 2024 December 31, 2024 30, 2025 Ended June 30, 2025 Last Twelve Months Ended June 30, 2025 Net income $ 321 $ 739
Slide 122: JDE Peet's N.V. Reconciliation: Certain Line Items
JDE PEET'S N.V. RECONCILIATION OF IFRS TO NON-IFRS INFORMATION CERTAIN LINE ITEMS - CONSOLIDATED (UNAUDITED) Last Twelve Months Last Twelve Months Six Months Ended June Twelve Months Ended Six Months Ended June Ended June 30, 2025 Ended June 30, 2025 (in millions) 30, 2024 December 31, 2024 30, 2025
Slide 123: Keurig Dr Pepper Inc. Reconciliation: Adjusted EPS CAGR
KEURIG DR PEPPER INC. RECONCILIATION OF GAAP TO NON-GAAP INFORMATION ADJUSTED EPS CAGR (UNAUDITED) (in millions, except per share) DILUTED DILUTED For the year ended December 31, 2018 TOTAL EARNINGS For the year ended December 31, 2024 TOTAL EARNINGS PER SHARE PER SHARE Pro Forma Net Income $ 1,108
Slide 124: LTM Net Sales
LTM NET SALES (UNAUDITED) BEVERAGE CO. COFFEE CO. Q2'24 $ 5,196 $ 2,193 FY24 10,672 4,679 Q2'25 5,637 2,162 LTM Q2'25 Net Sales $ 11,113 $ 4,648
Slide 125: Net Sales CAGR
NET SALES CAGR (UNAUDITED) KEURIG DR PEPPER INC. BEVERAGE CO. COFFEE CO. JDE PEET'S N.V. 2018 Net Sales $ 11,020 $ 6,906 $ 4,114 € 6,664 2024 Net Sales 15,351 10,672 4,679 8,837 Number of years 6 6 6 6 2018 - 2024 Net Sales CAGR 5.7% 7.5% 2.2% 4.8%
Slide 126: Keurig Dr Pepper Inc. Direct Share Returns
KEURIG DR PEPPER INC. DIRECT SHARE RETURNS (UNAUDITED) Cash Dividends Paid Share Repurchases Total 2018 $ 232 $ - $ 232 2019 844 - 844 2020 846 - 846 2021 955 - 955 2022 1,080 379 1,459 2023 1,142 706 1,848 2024 1,194 1,110 2,304 $ 6,293 $ 2,195 $ 8,488
Slide 127: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information
Slide 128: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information
Slide 129: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information
Slide 130: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information
Slide 131: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information
Slide 132: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information