The Kraft Heinz Company · NASDAQ:KHC
The Kraft Heinz — Q4 2025 Earnings Presentation
24 slides from The Kraft Heinz's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025 Business Update
February 11, 2026 Q4 2025 BUSINESS UPDATE TO ACCOMPANY MANAGEMENT COMMENTARY
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD -LOOKING STATEMENTS FEBRUARY 11, 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,
Slide 3: Business & Strategy Update
Q4 2024 Business Update Q4 2025 Business & Strategy Update Chief Executive Officer STEVE CAHILLANE
Slide 4: Agenda
Q4 2025 Business Update Agenda • 2025 Full Year and Q4 Results • 2026 Operating Plan • Separation Update • 2026 Guidance 4
Slide 5: 2025 was a Challenging Year for the Sector and for Kraft Heinz
Q4 2025 2025 was a Challenging Year for the Sector and for Kraft Heinz Business Update Constant Currency Total Adjusted Gross Organic Net Sales1 Adj. Operating Adjusted EPS1 Free Cash Flow1 Profit Margin1 Kraft Heinz Income1 FY ‘25 $24.9B 33.5% $4.7B $2.60 $3.7B vs PY (3.4%) (120bps) (11.4%) (15.0%)
Slide 6: Growth in Emerging Markets with Pressure in Away From Home and N.A. Retail
Q4 2025 Growth in Emerging Markets with Pressure in Away From Home and N.A. Retail Business Update Strategic Pillars Organic Net Sales 1 FY ‘25 vs PY FY 2025 Commentary N.A. Retail ACCELERATE (5.2%) Year-over-year decline primarily driven by industry pressure and share losses, with a majority of the
Slide 7: 2026 Operating Plan: Focus Our Energy on Building Momentum
Q4 2025 Focus our Energy on Building Momentum to Drive Sustainable, Profitable Growth Business Update 2026 Operating Our ultimate goal is to drive volume-led sustainable and 1 Invest incremental $600 million in commercial levers We need the whole organization and all resources fully focused on 2 pro
Slide 8: Meeting Consumers Where They Are, in a Sustainable and Profitable Way
Q4 2025 Meeting Consumers Where They Are, in a Sustainable and Profitable Way Business Update Investments ~$600M Actions Increased Marketing Spend Align brands and products with consumer preferences Incremental resources and Show up with better capabilities in sales, commercial execution marketing a
Slide 9: Align Brands with Consumer Preferences with an Emphasis on Value
Q4 2025 Align Brands with Consumer Preferences with an Emphasis on Value Business Update Nutrition Convenience Kraft Mac & Cheese PowerMac Capri Sun Single Serve Bottles Providing Superior Nutrition Without Sacrificing Taste Unlocking Value in Expanded Formats and Channels 9
Slide 10: Expanding our Globally Iconic Brand, HEINZ
Q4 2025 Expanding our Globally Iconic Brand, HEINZ. Business Update Nutrition New Occasions Heinz Simply Heinz Pasta Sauce Heinz Modern Condiments Scaling Natural Ingredients Expanding Heinz into the Kitchen Expanding Heinz Condiments Without Compromising onTaste Across the Globe Through Host Food L
Slide 11: Providing Value Through Better Commercial Execution and Investments in Price
Q4 2025 Providing Value Through Better Commercial Execution and Investments in Price Business Update Commercial Investments Investments in Price • Increase investments in infrastructure • Improve ROI of promotional spend across sales and marketing • Relentless focus on opening price organization poi
Slide 12: Encouraging Share Improvement in Taste Elevation
Q4 2025 Encouraging Share Improvement in Taste Elevation Business Update CREAM CHEESE SALAD DRESSING KETCHUP MUSTARD Dollar Share1 vs PY Dollar Share1 vs PY Dollar Share1 vs PY Dollar Share1 vs PY H1 25 Q3 25 Q4 25 H1 25 Q3 25 Q4 25 H1 25 Q3 25 Q4 25 H1 25 Q3 25 Q4 25 1.0pp 0.8pp 0.5pp 2.1pp +1.7pp
Slide 13: Progress Across Four Focus Categories in North America
Q4 2025 And Progress Across Four Focus Categories in North America Business Update Dollar Sales1 vs PY Dollar Sales1 vs PY Dollar Sales1 vs PY Dollar Sales1 vs PY H1 25 Q3 25 Q4 25 H1 25 Q3 25 Q4 25 H1 25 Q3 25 Q4 25 H1 25 Q3 25 Q4 25 2% 9% 0% 0% 8% (1%) (2%) 7% (4%) 6% (2%) (6%) 5% (8%) (3%) 4% (10
Slide 14: We Are Confident in our Plan
Q4 2025 We Are Confident in our Plan Business Update 1 We are confident this is the right path forward. 2 Our goal is to drive positive volume growth over time. 3 This investment plan is the first step to restore a virtuous cycle of profitable growth. 14
Slide 15: Business & Strategy Update
Q4 2024 Business Update Q4 2025 Business & Strategy Update Global Chief Financial Officer ANDRE MACIEL
Slide 16: Growth in Emerging Markets and Canada More than Offset by U.S. Share Pressure
Q4 2025 Growth in Emerging Markets and Canada More than Offset by U.S. Share Pressure Business Update Organic Q4 25 vs Q4 24 Net Sales 1 Price Volume / Mix Total Kraft Heinz (4.2%) 0.5pp (4.7pp) North America (5.4%) 0.0pp (5.4pp) Performance driven by declines in the U.S. partially offset by growth
Slide 17: Declines Driven by Volume, Price Net of Inflation, and Marketing
Q4 2025 Declines Driven by Volume, Price Net of Inflation, and Marketing, Partially Offset by Efficiencies Business Update Adjusted Constant Currency Adjusted Operating Adj. Operating Operating Income Q4 25 vs Q4 24 Income 1 Currency Income 1 Margin1 Total Kraft Heinz (15.9%) 0.1pp (16.0%) 18.3% (2.
Slide 18: Inflation Weighs on Margins, Partially Offset by Productivity
Q4 2025 Inflation Weighs on Margins, Partially Offset by Productivity Business Update Adjusted Gross Profit Margin 1 Adjusted EPS 1 $0.84 34.4% 33.1% $0.67 Q4 '24 Q4 '25 Q4 '24 Q4 '25 vs Q4 2024 vs Q4 2024 + Continued best-in-class levels of productivity Results of Operations: ($0.15) Effective Tax
Slide 19: Funding Investments in the Business With Efficiencies and Strong Cash Flow
Q4 2025 Funding Investments in the Business With Efficiencies and Strong Cash Flow Business Update Gross Efficiencies FY Free Cash Flow 1 and (% COGS) Free Cash Flow Conversion 1 5% +34pp 119% 4% 85% 3% LTA $3.7B 2% $3.2B 1% 0% 2025 Goal 2025 FY 2024 FY 2025 FY • FY25 Gross Efficiencies ~$690M vs PY
Slide 20: We Continue to be Excellent Stewards of Capital
Q4 2025 We Continue to be Excellent Stewards of Capital Business Update CAPITAL ALLOCATION STRATEGY Competitive Annual Dividend Maintain Investment Grade 1 2 3 4 Invest in Maintain Net Actively Manage Return Organic Growth Leverage 1 Ratio Portfolio Incremental of ~3.0X Capital to Stockholders 1| No
Slide 21: Maintaining a Healthy Balance Sheet While Returning Capital to Stockholders
Q4 2025 Maintaining a Healthy Balance Sheet While Returning Capital to Stockholders Business Update Returned $2.3B Incremental Capital to Stockholders in 2025 Significantly Reduced Our Returning Incremental Capital to Stockholders Net Leverage 1 4.4x FY ’25 Dividends FY ‘25 Share Repurchases 3.0x 2
Slide 22: Incremental Investments to Drive Market Share Gains
Q4 2025 Incremental Investments to Drive Market Share Gains Business Update 2026 Investments Investments Affordability and Improved Marketing, Sales, ~$600M Product Superiority infrastructure and R&D Monitor Adapt allocation of funds as needed to ensure highest return Progress Track the percentage o
Slide 23: 2026 Outlook
Q4 2025 2026 Outlook Business Update 2026 FY Outlook 2026 FY Considerations • FY25 impact from currency at current FX rates: 20bps Organic Net Sales 1 (3.5%) to (1.5%) • Slightly positive contribution from price SNAP Impact: (100bps) • Adjusted Gross Profit Margin1: (75bps) to (25bps) Constant Curre
Slide 24: Business Update
Q4 2025 Business Update • 2025 was a challenging year marked by a tough macro- economic backdrop and ongoing market share pressures. • We have a solid 2026 plan to build momentum in the business. • All resources will be singularly focused on executing this operating plan. 24
The Kraft Heinz Company — Q4 2025 Earnings Presentation on 6ix