Keurig Dr Pepper Inc. · NASDAQ:KDP
Keurig Dr Pepper — dbAccess Global Consumer Conference 2026
49 slides from Keurig Dr Pepper's conference presentation, Jun 3, 2026
Slide 1: dbAccess Global Consumer Conference
dbAccess Global Consumer Conference June 3, 2026 1
Slide 2: Tim Cofer, Chief Executive Officer
Tim Cofer Chief Executive Officer 2
Slide 3: Forward looking statements
Forward looking statements Certain statements in this Presentation (this “Presentation”) of Keurig Dr Pepper Inc. (the “Company” or “KDP”), including statements relating to the Company’s acquisition (the “Acquisition”) of JDE Peet’s, N.V. (“JDE Peet’s”), the combined business, the contemplated separ
Slide 4: KDP is a scaled, global beverage leader
KDP is a scaled, global beverage leader 2.2B ~65% 150+ $ International North America Global, local, licensed $ 4.0B and partner brands ~20% U.S. Coffee ~$ 28B 11.2B 50K+ $ Europe JDE Peet’s Total Net Sales1 ~15 Rest of World % Employees globally $ 10.4B MEMBER OF: U.S. Refreshment Beverages 100 4 1.
Slide 5: Well-positioned in an attractive industry
Well-positioned in an attractive industry Beverage industry is large & growing KDP has leading category positions4 RTD N.A. Refreshment Beverages Global Coffee Other Sports Coffee +MSD% Drinks projected growth1 #1 Flavored CSD in the U.S. #1 Single-serve coffee brewing system and Canada in the U.S.
Slide 6: On track to separate into two focused beverage leaders
On track to separate into two focused beverage leaders Beverage Co. Global Coffee Co. ~$ 12B ~ 16B $ ~$28B Today Targeted separation in early 2027 6 Note: Net sales represents pro forma revenue as of year-end 2025, including the 2025 revenue of JDE Peet’s, which was acquired by KDP on April 1, 2026.
Slide 7: Beverage Co.
© Zi\<euri “¢ DrPepper Beverage Co.
Slide 8: Pure-play focus on North American beverage industry
Pure-play focus on North American beverage industry Large & growing market Constantly evolving preferences Sizable growth runway Provides continuous sources of growth Top 3 players comprise half of U.S. RTD Other for consumer-centric companies market3, with ample room to expand Coffee Sports +4% Dri
Slide 9: Beverage Co. will be a challenger with significant scale
Beverage Co. will be a challenger with significant scale Broad category exposure, Scaled & profitable business Sustainable competitive advantages anchored by CSDs $11.9B Portfolio of iconic brands Energy & Net Sales1 Sports Drinks Flexible Build/Buy/Partner model $3.6B CSDs Beverage Co. Water net sa
Slide 10: A portfolio of iconic & beloved brands
A portfolio of iconic & beloved brands ~$6B $1B+ retail sales $500M+ $100M+ Broad beverage portfolio includes 50+ owned, licensed and partner brands 10 Source: Circana MULO+ with Convenience, NPD, Nielsen Discover, Nielsen IQ, Association of Canadian Distillers. Represents 2025 retail sales, except
Slide 11: CSD category is large, attractive and growing
CSD category is large, attractive and growing Nearly $50B category in U.S. Category performance led by flavors and low-calorie offerings with healthy growth 7.3% $48B Flavors #1 5.5% KDP flavored 54% CSD portfolio $40B Colas 46% Colas Flavors 2022-2025 CAGR1 +6% CAGR1 Zero & Low Calorie % of CSD cat
Slide 12: Category trends supported by value proposition
Category trends supported by value proposition Attractive price per ounce1 Comprehensive price pack architecture 24¢ Entry Frequency Upsize Premium 20¢ 20¢ 9¢ 7¢ 6¢ 16oz can 20oz 1 Liter 12oz glass CSD Sports Fruit Protein Energy RTD Drink Juice Coffee Immediate Consumption Low private label penetra
Slide 13: Dr Pepper: a CSD leader with further runway
Dr Pepper: a CSD leader with further runway Strong track record of performance Continued growth opportunities ~$ 6B in US retail sales 9Straight years of 1 High ROI marketing Leveraging precision and personalization capabilities market share gains 2 2 Local market development # # 2 ~13% share nation
Slide 14: Applying Dr Pepper's repeatable playbook to other iconic brands
Applying Dr Pepper’s repeatable playbook to other iconic brands Multi-year market share1 gains Dr Pepper’s formula Canada Dry version Activating other trademarks Refreshing The Original an Icon Lemon Lime Distinctive positioning Impactful marketing Incremental Mexico’s #1 The #1 innovation Mineral W
Slide 15: Flexible & differentiated portfolio evolution strategy
Flexible & differentiated portfolio evolution strategy Build/buy/partner model enables Beverage Co. to access growth-accretive white spaces through a variety of models and capital investment levels Build Partner Buy No Equity Equity Investment Stretch existing brands into Long-term Smaller equity Si
Slide 16: Energy portfolio illustrates successful approach
Energy portfolio illustrates successful approach Gaining share in a Positioned in Complementary brand portfolio growing category fastest growth area1,2 $30B Female Zero Sugar Forward $19B Bold Flavors, Vibrant & Fun $ 16B +18% retail sales growth 11% CAGR1 FEMALE BALANCED MALE 2021 Q1 2026 TTM BevCo
Slide 17: Partnership economics support overall profitability
Partnership economics support overall profitability Multiple bottom-line benefits Able to expand margins as partners grow U.S. Refreshment Beverages Adj. Operating Margin1 Healthy standalone 29.8% margins 29.0% Fixed asset efficiency 2021 2025 Energy & Sports Drinks as % of Net Sales2 “Halo effects”
Slide 18: Brand building model supports sustainable growth
Brand building model supports sustainable growth Brand growth model Next generation marketing Consumer Understanding: Connecting hundreds of existing and new data sets to build deeper and more actionable Physical Availability consumer insights Right product, package, price, channel & execution Preci
Slide 19: Marketing strategy delivering early results for Dr Pepper
Marketing strategy delivering early results for Dr Pepper Precision and personalization drove strong returns for the 2025 Dr Pepper College Football campaign >2,500 unique creative units 2.1X Sales lift Precision & personalized National overlay with local market 1.3X Return on content vs. broader ex
Slide 20: Flexible and advantaged Direct Store Delivery network
Flexible and advantaged Direct Store Delivery network DSD critical to beverage success Scarce & differentiated capability Growing scale fuels the flywheel 1 of only 3 national non-alcoholic Virtuous cycle of DSD DSD systems in the US efficiency & effectiveness Demand Enhanced in-store responsiveness
Slide 21: Scaled, growth-oriented N.A. beverage challenger
Scaled, growth-oriented N.A. beverage challenger Beverage Co. Strong and Advantaged Strategic Entrepreneurial self-sustaining portfolio and optionality culture organic growth route-to-market 21
Slide 22: Global Coffee Co.
© Zil<euri “¢ DrPepper Global Coffee Co.
Slide 23: Coffee is an attractive long-term growth category
Coffee is an attractive long-term growth category Coffee has delivered consistent volume growth over time despite external disruptions1 + 2 % 45-year volume Coffee remains one of the world’s most consumed beverages 3B+ #1 CAGR Euro crisis cups of coffee are Beverage Americans Japan consumed globally
Slide 24: Global Coffee Co. will be an advantaged category leader
Global Coffee Co. will be an advantaged category leader Over-indexes to high value Leading market positions Large & profitable platform formats within coffee and deep expertise $ 15.9BNet Sales1,2 Whole Beans - 9% Instant Whole Beans - 11% Instant #1 or #2 position in 35+ markets6 26% 19% Ready to D
Slide 25: Union of Keurig and JDE Peet's creates a stronger business
Union of Keurig and JDE Peet’s creates a stronger business Global Coffee Co. Enduring North Unparalleled Advantaged & American foundation global scale complementary portfolio Enhanced Steward of leading Powerful brand revenue potential single-serve ecosystem portfolio Clear & actionable synergies Pa
Slide 26: Our global coffee brands are established and beloved
Our global coffee brands are established and beloved $1B+ $500M+ $100M+ U.S. and Canada Strong portfolio anchored by four global icons, plus leading local & regional brands 26 Source: Circana MULO+ with Convenience, NPD, Nielsen and company analysis. Represents FY 2025 retail sales in USD. Note that
Slide 27: Combination unlocks exciting growth opportunities
Combination unlocks exciting growth opportunities Brands Technology Formats & Next Channels Generation Make iconic brands Leverage combined Extend Keurig’s brands Extend next-generation even stronger capabilities of Keurig via JDE Peet’s broad systems to new brands and JDE Peet’s coffee expertise &
Slide 28: Opportunity to establish Peet's as a national brand
Opportunity to establish Peet’s as a national brand Peet’s is currently concentrated on the West Coast Combination with Keurig to unlock Peet’s growth potential Peet’s Dollar Share1 of Total Dry Coffee Incremental distribution: Keurig’s retail partnerships and route-to-market to expand ACV and items
Slide 29: Keurig brewer tech can extend to JDE Peet's systems
Keurig brewer tech can extend to JDE Peet’s systems Brew over Next generation iced Personalized brewing Coffee extraction Multi-format ice coffee technology capabilities and saturation brewing 29 Senseo Tassimo L’OR
Slide 30: Potential to expand Keurig's brands across formats
Potential to expand Keurig’s brands across formats Total U.S. 69B total coffee servings per year Channel At-Home Away-From-Home Single Roast & Whole Coffee Format Serve 15B Ground 23B Instant 7B Bean 5B Other 3B Shop 11B Office 4B White space Ability to leverage JDE Peet’s capabilities to address Ke
Slide 31: Growth opportunity from next-gen Alta system
Growth opportunity from next-gen Alta system Multi-benefit system: Delivers against key, foundational consumer needs for more coffee variety and a higher quality cup with less waste Sustainability: Plastic- and aluminum-free pods can be disposed like any coffee grounds and are certified compostable
Slide 32: Marketing strategy driving incrementality for Keurig
Marketing strategy driving incrementality for Keurig Media targeted to household Generating meaningfully Next generation marketing interests & occasions improved marketing returns 6X Consumer Understanding Household interested in hosting iROAS lift Precision Marketing personalized video vs. standard
Slide 33: Cost agenda to drive profitability & fund reinvestment
Cost agenda to drive profitability & fund reinvestment Visible Cost Synergies JDEP’s “Reignite the Amazing” Program $400M over three years €500M by 2032 Savings to build over time period 50% to be reinvested SG&A & IT Procurement Mfg & Logistics Portfolio Simplification Ways of Working 45-50% 40% 10
Slide 34: Scaled & advantaged global coffee leader
Scaled & advantaged global coffee leader Global Coffee Co. Strength and Power in brands, Combined Deep and resilient growth system, and revenue and cost focused coffee and cash flow global reach opportunities expertise 34
Slide 35: Anthony DiSilvestro, Chief Financial Officer
Anthony DiSilvestro Chief Financial Officer 35
Slide 36: Progressing against key separation milestones
Progressing against key separation milestones Appoint Shape corporate experienced Seamlessly integrate Achieve investment identities and leadership JDEP and grade capital independent for each business capture synergies structures Boards of Directors ADVANCE NOW WELL ON TRACK AS YEAR COMPLETE UNDERWA
Slide 37: Capital structure & capital allocation priorities
Capital structure & capital allocation priorities Near-Term Long-Term Considerations once sufficiently deleveraged: Organic Current KDP Rapid Dividend Opportunistic Share investments dividend deleveraging increases M&A repurchase ~ 4.1x Forecasted 2026 year-end leverage1 Commitment to strong balance
Slide 38: Accelerating FCF generation to support deleveraging
Accelerating FCF generation to support deleveraging ~$11B Three-year combined free cash flow target3 Cash flow drivers (2026-2028): EBITDA growth • Base business growth • Synergy capture One-time cost stepdown • Lower transaction-related $ 2.5B cash costs Working capital • Inventory 2026 2027 2028 F
Slide 39: Making progress against each of our 2026 objectives
Making progress against each of our 2026 objectives DELIVER GUIDANCE UNLOCK BENEFITS PREPARE SEPARATION in 2026 from JDE Peet’s into two pure play combination companies 39
Slide 40: Reaffirming our 2026 outlook
Reaffirming our 2026 outlook Net Sales1 Adjusted EPS Growth1 $25.9-$26.4B Low-Double-Digit % (constant FX) 4-6% legacy KDP growth 4-6% legacy KDP growth (constant FX) (constant FX) $8.5-$8.7B +6-7pts JDE Peet’s net sales2 JDE Peet’s contribution1 ~1pt FX tailwind Top-line and EPS benefit to legacy K
Slide 41: Future companies poised for attractive growth
Future companies poised for attractive growth Net Sales Growth1 Adjusted EPS Growth1,2 Free Cash Flow1,2 Long-term target Long-term target 2026-2028E cumulative Beverage Co Mid Single Digit High Single Digit ~$6B Global Coffee Co Low Single Digit* High Single Digit ~$5B *Commodity cycle may drive ye
Slide 42: Tim Cofer, Chief Executive Officer
Tim Cofer Chief Executive Officer 42
Slide 43: Entering KDP's exciting next chapter
Entering KDP’s exciting next chapter KDP is a scaled leader in the large & growing beverage industry Separating into two focused & advantaged pure plays with attractive investment cases Beverage Co: North America-centric cold beverage business positioned for consistent growth through iconic brands a
Slide 44: Thank You!
© Zil<euri “¢ DrPepper Thank You! «DP
Slide 45: Appendix
© Zil<euri “¢ DrPepper Appendix «DP
Slide 46: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 46
Slide 47: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information 47
Slide 48: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information Adjusted EBITDA Walk Year Ended December 31, 2025 (in millions) Keurig Dr Pepper Inc. Global Coffee Co. Beverage Co. Pro Forma net income including non-controlling interest $ 2,169 869 1,300 Interest expense, net 1,331 571 760 Provision for income taxe
Slide 49: Reconciliations of GAAP to non-GAAP information
Reconciliations of GAAP to non-GAAP information (i) Represents productivity expenses. (ii) Represents the unrealized mark-to-market impact of derivative instruments not designated as hedges under U.S. GAAP that do not have an offsetting risk in the financial results, as well as the unrealized mark-t
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