The Kraft Heinz Company · NASDAQ:KHC
The Kraft Heinz — Q2 2026 Earnings Presentation
23 slides from The Kraft Heinz's earnings presentation, Aug 5, 2026
Slide 1: Business Update
Q2 2026 August 5, 2026 BUSINESS UPDATE TO ACCOMPANY MANAGEMENT COMMENTARY May 6, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS AUGUST 5, 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, targ
Slide 3: Steve Cahillane, Chief Executive Officer
Steve Cahillane Chief Executive Officer
Slide 4: Key Takeaways
KEY TAKEAWAYS • We are raising our full year Organic Net Sales outlook. • Our investments are delivering results, and we are increasing our 2026 incremental spend to approximately $700 million. Investing behind our brands sets us up for a stronger 2027. • With these incremental investments, we are n
Slide 5: Q2 Results
Q2 2026 Business Update Q2 Results Total Constant Currency Adjusted Gross Year-to-Date Organic Net Sales1 Adj. Operating Adjusted EPS1 Kraft Heinz Profit Margin1 Free Cash Flow1 Income1 Q2 ‘26 $6.2B 34.1% $1.0B $0.56 $1.7B vs PY (1.3%) 0 bps (18.4%) (18.8%) +10% 1| Non-GAAP financial measure. See th
Slide 6: Initial Investments are Driving Market Share Traction Globally
Q2 2026 Business Update Initial Investments are Driving Market Share Traction Globally % of Total Kraft Heinz Revenue % of WIN BIG Revenue Gaining or Holding Share1 Gaining or Holding Share1 45% 36% 28% 21% FY25 YTD '26 FY25 YTD '26 Weighted Avg (0.59pp) (0.30pp) (0.33pp) (0.16pp) Share Chg. 1| US d
Slide 7: Overall Improvement in U.S. Share, With More Work Ahead
Q2 2026 Business Update Overall Improvement in U.S. Share, With More Work Ahead % of Total US Retail Revenue Gaining or Holding Share1 Improvements in Taste Elevation, Hydration, and Desserts… 30% 12% …With Continued Pressure in Meats and Meals FY25 YTD '26 Weighted Avg (0.68pp) (0.35pp) Share Chg.
Slide 8: We are Prioritizing Investments Across our Portfolio
Q2 2026 Business Update We are Prioritizing Investments Across our Portfolio HOLD WIN WIN BIG Stabilize to Defend Share Invest Selectively Distort Investment ~25% of Net Sales ~20% of Net Sales ~55% of Net Sales • Neutral Growth Outlook • Attractive Growth, • High Growth, Margin Margin and Share and
Slide 9: 2026 Operating Plan Builds on Early Momentum
Q2 2026 Business Update 2026 Operating Plan Builds on Early Momentum 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 ~$7
Slide 10: Making Targeted Investments Across Price and People
Q2 2026 Business Update Making Targeted Investments Across Price and People… Investments in Price Investments in People • Improve ROI of promotional spend • Increase investments in teams and • Relentless focus on opening price points capabilities across the organization • Selective base price adjust
Slide 11: Significantly Stepping up Investments in Marketing
Q2 2026 Business Update … And Significantly Stepping up Investments in Marketing Equity Campaigns Strengthening equity through new campaigns on brands like Heinz and Philadelphia. Innovation Supporting consumer-led innovation including Power Mac, Capri Sun Hydrate, and Ore-Ida Shapes with media. Par
Slide 12: Providing Value Through Consumer-led Innovation
Q2 2026 Business Update Providing Value Through Consumer-led Innovation Kraft Mac & Cheese PowerMac Capri Sun Hydrate Philadelphia Lactose Free Providing Superior Nutrition Providing a Flavorful Hydration Providing the Same Signature Without Sacrificing Taste Option with Functional Benefits Creamine
Slide 13: Continued Momentum in Emerging Markets
Q2 2026 Business Update Continued Momentum in Emerging Markets Leveraging the power Expanding Distribution through Go of Heinz To Market Model Heinz Organic Net Sales1,2 Accelerate Growth Through +4% in Emerging Markets Heinz-led Innovation Total Distribution Points3 Q2 2026 vs PY Approximately +12%
Slide 14: Delivering Topline Growth in Global Away From Home
Q2 2026 Business Update Delivering Topline Growth in Global Away From Home Global Away From Home Organic Net Sales1,2 FY25 Q1 '26 Q2 '26 Grow Beyond Ketchup 2.9% Expand in High- Growth Channels Stadiums Hotels (0.6%) Increase QSR (1.5%) Penetration 1| Non-GAAP financial measure. See the accompanying
Slide 15: Andre Maciel, Global Chief Financial Officer
Andre Maciel Global Chief Financial Officer
Slide 16: Growth in Emerging Markets offset by U.S. Performance
Q2 2026 Business Update Growth in Emerging Markets offset by U.S. Performance Organic Net Q2 2026 vs PY Sales 1 Price Volume / Mix Total (1.3%) 1.3pp (2.6pp) Results include a 100-basis point headwind from Easter Kraft Heinz timing and an 80-basis point benefit from inventory pull forward. North (2.
Slide 17: Adj. Operating Income Decline Primarily Driven by Investments
Q2 2026 Business Update Adj. Operating Income Decline Primarily Driven by Investments Adjusted Constant Currency Adjusted Operating Adj. Operating Operating Income Q2 2026 vs PY Income 1 Currency Income 1 Margin1 Total (18.4%) 0.0pp (18.4%) 16.6% Of the 18.4% decline, over 8pp was driven by Kraft He
Slide 18: Increased Investments Driving Stronger Returns
Q2 2026 Business Update Increased Investments 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, renovation
Slide 19: Efficiencies Helping to Mitigate Inflationary Pressures
Q2 2026 Business Update Efficiencies Helping to Mitigate Inflationary Pressures Adjusted Gross Profit Margin1 Gross Efficiencies 6% (% COGS) 5% 34.1% 34.1% 4.0% 4.3% 4% 5-Year 3% Goal 2% 1% 0% Q2 '25 Q2 '26 FY26 Estimate YTD '26 Q2 2026 vs PY + Continued strong productivity generation • YTD gross ef
Slide 20: Strong Free Cash Flow Generation
Q2 2026 Business Update Strong Free Cash Flow Generation Adjusted EPS1 Free Cash Flow1 and Free Cash Flow Conversion1 $0.69 123% +27pp $0.56 96% $1.7B $1.5B Q2 '25 Q2 '26 YTD' 25 YTD' 26 Q2 2026 vs PY Free Cash Flow driven by favorable changes in • Results of Operations: ($0.14) working capital acro
Slide 21: Disciplined Capital Allocation with Commitment to Dividend
Q2 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 3.0x Divest $949M Inv
Slide 22: 2026 Outlook
Q2 2026 Business Update 2026 Outlook 2026 FY Outlook 2026 FY Considerations • Impact from currency at current FX rates: 30bps Organic Net Sales1 (2.0%) to (0.5%) • Slightly positive contribution from price SNAP Impact: ~(100bps) • Adjusted Gross Profit Margin1: (50bps) to (10bps) Constant Currency A
Slide 23: Steve Cahillane, Chief Executive Officer
Steve Cahillane Chief Executive Officer
The Kraft Heinz Company — Q2 2026 Earnings Presentation on 6ix