Slide 1: Second Quarter 2026 Earnings Presentation
Krispy Kreme, Inc. SECOND QUARTER 2026 EARNINGS PRESENTATION AUGUST 6, 2026 Krispy Kreme | Q226 Earnings 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward- Looking Statements Certain statementsmade in this presentationand on the conference call that this presentationaccompaniesare forward- looking statementswithin the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statementscan be id
Slide 3: Madrid, Spain and São Paulo, Brazil
Madrid, Spain São Paulo, Brazil Krispy Kreme | Q226 Earnings 3
Slide 4: Our Turnaround Plan: Deleverage the Balance Sheet and Drive Sustainable, Profitable Growth
Our Turnaround Plan: Deleverage the Balance Sheet and Drive Sustainable, Profitable Growth Refranchise Drive ROIC Improve financial flexibility through Reduce capital intensity by using refranchising international markets and existing assets and focusing on the joint venture in the western U.S. fran
Slide 5: Second Quarter Highlights
Second Quarter Highlights “The second quarter highlighted continued significant progress on our turnaround to strengthen the balance sheet, reduce leverage, and NET REVENUE: drive sustainable, profitable growth. Demand for $331 MILLION our fresh, iconic doughnuts across the U.S. and international ma
Slide 6: Significant Progress in Adjusted EBITDA and Adjusted EBITDA Margin
Significant Progress in Adjusted EBITDA and Adjusted EBITDA Margin ADJUSTED EBITDA 1 ADJUSTED EBITDA MARGIN 1 +43% +340 bps $29M 8.7% $20M 5.3% Q225 Q226 1) Non-GAAP figures. See the appendix to this presentation for more information Krispy Kreme | Q226 Earnings and a reconciliation to the most dire
Slide 7: Significant Improvement in Free Cash Flow
Significant Improvement in Free Cash Flow 1 FREE CASH FLOW ($M) Y/Y IMPROVEMENT ($M) $101M ($6M) ($37M) ($45M) ($62M) ($107M) 1H24 1H25 1H26 1) Non-GAAP figures. See the appendix to this presentation for more information Krispy Kreme | Q226 Earnings and a reconciliation to the most directly comparab
Slide 8: Improved Net Leverage Ratio on Lower Net Debt and Higher Adjusted EBITDA
NET LEVERAGE RATIO 1 Improved Net Leverage -2.1x Ratio on Lower Net 7.5x 6.7x Debt and 5.4x Higher Adjusted EBITDA Q225 Q425 Q226 1) Non-GAAP figures. See the appendix to this presentation for more information and a reconciliation to the most directly comparable GAAP measure.
Slide 9: Deleveraging the Balance Sheet and Driving Sustainable, Profitable Growth Progress
Deleveraging the Balance Sheet and Driving Q1 2026 Sustainable, Profitable Growth Progress 2026 Goals Shared Q4 2025 YTD 2026 Progress Target 2 -3 international refranchising 1 deals → Completed refranchising of J apan Complete refranchising of joint Completed refranchising of joint 2 venture in the
Slide 10: Maintained Full Year 2026 Outlook
Maintained Full Year 2026 Outlook $1.25 - +2 -4% 100+ $140 - $1.35B SYSTEMWIDE SALES SHOP OPENINGS, NEARLY $150M ALL FRANCHISED NET REVENUE GROWTH ADJUSTED EBITDA1 MORE THAN $50 -$60M NET LEVERAGE RATIO 1 BELOW $15M CAPITAL EXPENDITURES FREE CASH FLOW 1 5.50x 1) Non-GAAP figures. See slide 2 of this
Slide 11: Appendix
Appendix
Slide 12: Adjusted EBITDA Definition
We define “Adjusted EBITDA” as earnings before interest expense, net, income tax expense, and depreciation and amortization, with further adjustments for share-based compensation, certain strategic initiatives, acquisition and integration expenses, and certain other non-recurring, infrequent, or non
Slide 13: Free Cash Flow Reconciliation
Two Quarters Ended July 2, 2023 June 30, 2024 June 29, 2025 June 28, 2026 (26 weeks) (26 weeks) (26 weeks) (26 weeks) Net cash provided by/(used for) operating activities $ 46,253 $ 15,525 $ (53,377) $ 9,961 Less: Purchase of property and equipment (54,290) (60,735) (54,106) (16,097) Free cash flow
Slide 14: Krispy Kreme | Q226 Earnings
Krispy Kreme | Q226 Earnings 14
Slide 15: Krispy Kreme | Q226 Earnings
Krispy Kreme | Q226 Earnings 15