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Miguel Patricio
Chief Executive Officer
and Chair of the Board
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, targets, and commitments; our activities, efforts, initiatives, plans, and programs, and our investments in such
activities, efforts, initiatives, plans, and programs; and projected or expected timing, results, achievement, and impacts. Words such as “aim,” “anticipate,” “aspire,” “believe,” “could,”
“estimate,” “expect,” “guidance,” “intend,” ”may,” “might,” “outlook,” “plan,” “predict,” “project,” “seek,” “will,” “would,” and variations of such words and similar future or conditional
expressions are intended to identify forward-looking statements. These statements are based on management’s beliefs, expectations, estimates, and projections at the time they are
made and are not guarantees of future performance. Such statements are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond our control,
which could cause actual results to differ materially from those indicated in the forward-looking statements. For additional, important information regarding such risks and uncertainties,
please see our earnings release, which accompanies this presentation, and the risk factors set forth in Kraft Heinz’s filings with the U.S. Securities and Exchange Commission, including
our most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. We disclaim and do not undertake any obligation to update, revise, or withdraw any
forward-looking statement in this presentation, except as required by applicable law or regulation.
NON-GAAP FINANCIAL MEASURES
This presentation contains certain non-GAAP financial measures, including Organic Net Sales, Adjusted EBITDA, Constant Currency Adjusted EBITDA, Adjusted EPS, Adjusted Gross
Profit Margin, Net Leverage, Free Cash Flow, and Free Cash Flow Conversion. These non-GAAP financial measures may differ from similarly titled non-GAAP financial measures
presented by other companies. These measures are not substitutes for their comparable financial measures prepared in accordance with accounting principles generally accepted in the
United States of America (“GAAP”) and should be viewed in addition to, and not as an alternative for, the GAAP results.
These non-GAAP financial measures assist management in comparing the Company’s performance on a consistent basis for purposes of business decision-making by removing the
impact of certain items that management believes do not directly reflect the Company’s underlying operations.
Please view this presentation together with our associated earnings release, Annual Report on Form 10-K, and the accompanying non-GAAP information, which includes a discussion of
non-GAAP financial measures and reconciliations of non-GAAP financial measures to the comparable GAAP financial measures, available on our website at ir.kraftheinzcompany.com
under News & Events > Events & Webcasts, or directly at ir.kraftheinzcompany.com/events-and-webcasts.
FORWARD-LOOKING STATEMENTS
FEBRUARY21,2023
WHEREWEARE
We’ve made tremendous progress on our transformation journey...
3
Reset Foundation Fully Deploy
New OperatingModel
Accelerate
ProfitableGrowth
… and we’re gaining momentum.
WHEREWEARE
This is Good. But not Good Enough.
4
1| 2019 KHC NTM P/E Multiple represents the minimum in FY2019; 2022 KHC NTM P/E Multiple as of Dec 31, 2022; Peer Av g P/E Multiple as of Dec 31, 2022; Sourced f rom FactSet
2| Peers Include: McCormick, Coca-Cola, PepsiCo, Mondelez, Nestle, General Mills, Kellogg’s, Campbell’s, Smucker’s, Conagra
3| The Company v iews comparison to 2019 to be meaningf ul as it was the base y ear f or the Company 's strategic plan announced at the Company ’s September 2020 Inv estor Day .
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2019 2022 Potential
Stagnation
Reinvention
Pursuit of Greatness
Peer2
Average
NTM P/E1
3
5
WHEREWEAREGOING
We are on a Journey to GREATNESS.
6
Accelerate
Profitable Growth
Strong Adjusted
EBITDA1 and Cash
Generation
Top-Tier
Returns
Best-in-Class Execution
Consistent Performance
Top Tier Stockholder Returns
1| Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts.
7
It Starts with the Strongest Portfolioof Iconic Brands.
CLEARPATHFORWARD| Portfolio
6
$1B+
Brands (2)
97%
U.S.
HHP
1| Brands with ov er $1B net sales in 2022.
2| IRI data f or 52 weeks though December 25, 2022.
(1)
8
Portfolio RolesGuide Investment Decisions.
CLEARPATHFORWARD| Portfolio
GROW ENERGIZE
Product Imagery
STABILIZE
Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
9
GROW:Large and Growing Brands with Strong Margins in Attractive Markets.
PORTFOLIO| Grow
GROW
64%
1| Ref lects the Company ’s remaining business f ollowing div estitures.
2| Adjusted Gross Prof it Margin. Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts.
Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
Brands
Margin2 vs
KHC Average
+9%
2022 CAGR vs
2019 on Ongoing
Business1
Net Sales
PORTFOLIO| Energize
ENERGIZE:Strong Brand Position as #1 or #2 in Core Categories.
10
ENERGIZE
15%
Brands
Margin2 vs
KHC Average
+6%
2022 CAGR vs
2019 on Ongoing
Business1
Net Sales
1| Ref lects the Company ’s remaining business f ollowing div estitures.
2| Adjusted Gross Prof it Margin. Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts.
Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
PORTFOLIO| Stabilize
STABILIZE:Significant Cash Generation to Fuel our Growth.
11
STABILIZE3
21%
Brands
Margin2 vs
KHC Average
Flat
2022 CAGR vs
2019 on Ongoing
Business1
Net Sales
1| Ref lects the Company ’s remaining business f ollowing div estitures.
2| Adjusted Gross Prof it Margin. Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts.
3| Stabilize calculations also include Organic Net Sales that are not otherwise categorized into another platf orm role presented.
Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
12
PORTFOLIO| Trajectory
Repositioning for Growth…
12%
22%
21%
14%
15%
52%
64% 70%+
2019 2022 2027E
% KHC NET SALES
Grow
Energize
Divested
Business
With 90% of future growth coming from our GROWplatforms.
Stabilize
1| The Company v iews comparison to 2019 to be meaningf ul as it was the base y ear f or the Company 's strategic plan announced at the Company ’s September 2020 Inv estor Day .
1
13
PORTFOLIO| Trajectory
Two Attractive Platformsare Primary Driversof Growth.
EasyMeals
TasteElevation
Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
14
PORTFOLIO| Trajectory
Personalized, Multi-Sensorial Flavor
Experiences Spanning Condiments,
Sauces, Sweet/Savory Spreads, and Dips
$8.2B2022 Net Sales
~30%of Portfolio
~2/3 of Retail Sales
#1 or #2 SharePosition
25% Expected Industry
Growth by 2027
TasteElevation
Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
Sold in 70+ countries
15
PORTFOLIO| Trajectory
Convenient Quick-Prep
and Ready-to-Eat Meal Solutions
~10%Expected Industry
Growth by 2027
$5.3B2022 Net Sales
~20%of Portfolio
~3/4 of Retail Sales
#1 or #2 SharePosition
EasyMeals
Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
16
PORTFOLIO| Trajectory
Two iconic brands, together with Taste Elevation and EasyMeals,will drive our growth.
17
Strongest Portfolio of Iconic Brands … to drive acceleratedprofitable growth.
CLEARPATHFORWARD| Portfolio
CLEARPATHFORWARD| Portfolio
Active Portfolio Management aligned with our strategy…to drive acceleratedprofitable growth.
18
CLEARPATHFORWARD| People
A moreEngaged and Diverse organization.
19
91%
People of
Color
36%
27%
Independent
(10/11 Directors)
Women
BOARD OF DIRECTORS
INDEPENDENCE AND DIVERSITY1
HIGHER EMPLOYEE ENGAGEMENT
AND DIVERSITY1
Employee Engagement
Women in Senior Management Positions
41%
People of Color in US Salaried Population 28%
1| As of December 31, 2022.
Working Capital
Efficiencies
Revenue
Management
Supply Chain
Efficiencies
Growth Pillars Sourcesof Funding
Emerging
Markets
Foodservice
Innovation
Engine
Disruptive
Marketing
Sales Excellence
& Go-to-Market
Enablers for Growth
GROWTHPILLARS
2 to 3% CAGR to comefrom our three Growth Pillars.
20
U.S. Retail
Grow Platforms
SignificantScale with High Profitability
Iconic BrandswithinGrowing Categories
Focus on Renovatingand Investing in the Core
Foodservice
Emerging
Markets
GROWTHPILLARS| U.S. Retail
21
U.S. Retail
Grow Platforms
Growth Pillars
Growth Pillars
Foodservice
Emerging
Markets
GROWTHPILLARS| U.S. Retail
22
MarketShare
~35% of
Net Sales
U.S. Retail
Grow Platforms
Growth Pillars
Foodserviceindustrygrows faster than retail industry
Powerful brand-buildinglever, particularlyFrontof House
Faster consumer insightsfor innovation
Foodservice
Emerging
Markets
GROWTHPILLARS| Foodservice
23
U.S. Retail
Grow Platforms
~35% of
Net Sales
Market Share
U.S. Retail
Grow Platforms
~35% of
Net Sales
Growth Pillars
Foodservice ~15% of
Net Sales
Emerging
Markets
GROWTHPILLARS| Foodservice
24
7% CAGR
Market Share
Growth Pillars
High IndustryGrowth Rate
Strong BrandAwarenessfor Heinz
DistributionOpps Across Markets and Share Still Low
Emerging
Markets
Foodservice ~15% of
Net Sales
GROWTHPILLARS| Emerging Markets
25
7% CAGR
U.S. Retail
Grow Platforms
~35% of
Net Sales
Market Share
Growth Pillars
Emerging
Markets
Foodservice ~15% of
Net Sales
GROWTHPILLARS| Emerging Markets
26
U.S. Retail
Grow Platforms
~35% of
Net Sales
~10% of
Net Sales1 13% CAGR
Market Share
7% CAGR
1| Includes approximately 2pp f rom Foodserv ice.
Growth Pillars
Emerging
Markets
Foodservice
GROWTHPILLARS| Long-Term Algorithm
27
1pp
Organic NetSales1
Growth
1pp
Organic NetSales1
Growth
1pp
Organic NetSales1 Growth
U.S. Retail
Grow Platforms
2-3%
Long-Term
Algorithm
Organic Net
Sales1
1| Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts.
Working Capital
Efficiencies
Revenue
Management
Supply Chain
Efficiencies
Growth Pillars Sourcesof Funding
Emerging
Markets
Foodservice
Innovation
Engine
Disruptive
Marketing
Enablers for Growth
HOW WEWILLGETTHERE| Strategy
ENABLERSare keyingredients to capture growth and market share.
28
U.S. Retail
Grow Platforms
Sales Excellence
& Go-to-Market
Working Capital
Efficiencies
Revenue
Management
Supply Chain
Efficiencies
Growth Pillars Sourcesof Funding
Emerging
Markets
Foodservice
Innovation
Engine
Disruptive
Marketing
Sales Excellence
& Go-to-Market
Enablers for Growth
HOW WEWILLGETTHERE| Strategy
ENABLERSare keyingredients to capture growth and market share.
29
U.S. Retail
Grow Platforms
Carlos Abrams-Rivera
EVP and President
North America Zone
U.S.RETAILGROWPLATFORMS| Renovation
Successfullyrenovated our brands with our brand design-to-value approach.
32
? RenovatedEntire PortfolioOf IconicBrands
? SolvingFor Consumer Pain Points for Meals,
Convenience,Health
? Innovating Fasterwith DisruptiveActivity
? Homegrown A.I.-enabledSolutionsTo Drive
Acceleration
? Transformed Marketing;Optimized Sales
Execution
Strong Foundation for
Growth
Working Capital
Efficiencies
Revenue
Management
Supply Chain
Efficiencies
Growth Pillars Sourcesof Funding
Innovation
Engine
Disruptive
Marketing
Enablers for Growth
ENABLERSFORGROWTH
Driving growth in North America.
33
Growth Pillars
Emerging
Markets
Foodservice
U.S. Retail
Grow Platforms
Sales Excellence
& Go-to-Market
U.S.RETAILGROWPLATFORMS| Renovation
Successfullyrenovated our brands with our brand design-to-value approach.
34
Brand Design-to-Value Approach
Consumer-first attributes
Create efficiencies
Connect with consumers
Powerful Results
Strengthenedbrands
Improved topline
Drovemarket share gains
U.S.RETAILGROWPLATFORMS| Renovation
We renovated Lunchables with product and packaging improvements…
35
Re-Branded Logo
Nutritional Attributes
Kid
Creativity
Recycled
Content in
Packaging
? Empowering Kids
? DrivingCreativity
? Improved Nutrition
? IncorporatingRecycled
Packaging
U.S.RETAILGROWPLATFORMS| Renovation
… and deployed breakthrough kid-empoweredmarketing.
36
unit growth(1)
21% 4pp unit market share gain(1)
1| IRI data September 2022 v s September 2021.
36
U.S.RETAILGROWPLATFORMS| Innovation
We have transformed our approach with our ONE innovation engine.
37
Incremental Net Sales
2023 – 2027E
$2B
Minimum
Viable
Product
Validate
in Market
Uncover
UnmetNeed
Scale
Breakthrough
Determine
Advantage
Build
U.S.RETAILGROWPLATFORMS| Innovation
We will drive growth across3 consumer-based spaces… faster, focused and bigger.
38
Personalized Sauces
Mexican Strategy
JustSpices
Crisp fromMicrowave
Homebake
NotCo JointVenture
Primal Kitchen
EXPLORATION & AUTHENTICITY QUICK WITH QUALITY HOLISTIC WELLNESS
QUICK WITH QUALITY HOLISTIC WELLNESS
U.S.RETAILGROWPLATFORMS| Innovation
Consumersare looking for new flavors & authentic cuisines to break fromthe routine.
39
Personalized Sauces MexicanStrategy
Just Spices
EXPLORATION& AUTHENTICITY
U.S.RETAILGROWPLATFORMS| Innovation
Partnership ecosystemfeeds our ONE innovation engine.
40
MEXICANSTRATEGY
Capability:Unleash Supplier-enabledInnovation
Speed to Innovation
3 YEARS
From
6 MONTHS
To
U.S.RETAILGROWPLATFORMS| Innovation
Consumersare looking for high-quality food that is convenient to prepare.
41
Crisp from the Microwave HomeBake
QUICK WITH QUALITY
Modular menu of dishes that cook
together in only 30 minutes
Combines convenience of microwave
with great taste and texture
41
U.S.RETAILGROWPLATFORMS| Innovation
We’reshattering the paradigm that taste and convenience requires a tradeoff.
42
Capability:Scale OwnableTech Platforms
HOMEBAKE
43
Consumersare looking for food to enhance their health and improve physical wellness.
U.S.RETAILGROWPLATFORMS| Innovation
NotCoJoint Venture
Primal Kitchen
HOLISTICWELLNESS
U.S.RETAILGROWPLATFORMS| Innovation
We’remaking plant-based food taste as good as the original.
44
NOTCO: Democratizing Plant-Based Food
Capability:A.I.-based Innovation Model
U.S.RETAILGROWPLATFORMS| Innovation
We have A robust innovation pipeline, and our new model is driving initial success.
45
READY TO SCALE
RepeatRate
92%
2X
SEEDSFOR TEST & LEARN
#1
80%
Net Sales since
Acquisition1
Plant-Based in
test market
Exceeded
Consumer
Expectations
1| The Company acquired Primal Kitchen in January 2019.
U.S.RETAILGROWPLATFORMS| Innovation
Our priority growth spacesare aligned with Taste Elevation and Easy Meals.
46
Personalized Sauces
Just Spices
Crisp from Microwave
Homebake
NotCo Joint Venture
Mexican Strategy
Primal Kitchen
Easy Meals
Taste Elevation
U.S.RETAILGROWPLATFORMS| Disruptive Marketing
In 2022, we drove moremedia coveragefor our brands than ever before.
48
1| Instagram FMCG Food Industry Av erage on IG is <1%.
2| Across the big 5 awards (Lions, Cleos, Ef f ies, D&DA and Andy s),
Engagement
Rate Growth1
7%
Increase in
Awards2 vs PY
45%
1B+ EarnedMedia
Impressions
7X
ActivationsGarnered
100%
98%+ Neutral/Positive
Sentiment
U.S.RETAILGROWPLATFORMS| Sales Excellence
Insights and analytical capabilities driving growth for KHC and customers.
Single source of truth
Identifies most impactful opportunities
Share insight with customers
49
U.S.RETAILGROWPLATFORMS| Sales Excellence
Customer relationships have strengthened significantly in recent years.
50
[Kraft Heinz] have unlocked the ability
to understand the unmet needs of their
consumers and predict how to better
serve them along their total shopping
journey.
Barbara Connors
Vice President of Strategy & Acceleration at84.51
A Subsidiaryof Kroger
U.S.RETAILGROWPLATFORMS| Sales Excellence
Customer relationships have strengthened significantly in recent years.
51
[Kraft Heinz] have elevated their partnership
with us through new actionable insights on
both market & category dynamics, growing our
business and benefittingour valued shoppers.
Anthony Suggs
GroupVice President Center Store Merchandising
Albertsons
U.S.RETAILGROWPLATFORMS| Sales Excellence
Customer relationships have strengthened significantly in recent years.
52
It has been great to see Kraft Heinz transform into
one of our strategic partners with dedication to
aspirational growth plans. We see the path they are
on emulating some of our best-in-class vendor
partnerships and look forward to all that we can
accomplish together.
Brian Hartshorn
SVP/GMM Consumables,DollarGeneral
Growth Pillars
Foodservice
Emerging
Markets
GROWTHPILLARS| U.S. Retail
53
MarketShare
~35% of
Net Sales
U.S. Retail
Grow Platforms
Foodservice 7% CAGR
Emerging
Markets
~15% of
Net Sales
~10% of
Net Sales
13% CAGR
U.S. Retail
Grow Platforms
~35% of
Net Sales
Growth Pillars
Foodservice ~15% of
Net Sales
GROWTHPILLARS| Foodservice
54
Market Share
7% CAGR
Emerging
Markets
~10% of
Net Sales
13% CAGR
FOODSERVICE|North America
Kraft Heinz has an advantaged position with strong Front of House presence.
55
New Images
coming
Front of House
Imageof movie or tv that
has Heinz on table?
Back of House
FOODSERVICE|North America
We have transformed our foodservice organization to drive growth.
56
New Leadership
SimplifiedandRenovatedPortfolio
Bolstered Sales Team to Drive
Distribution
Invested in Capacity where we see
GrowingDemand
Improved Service Levels
FoodserviceTransformation
FOODSERVICE|North America
Strategies in place to capture significant distribution and expansion opportunities.
57
1. Innovation: Test & Scale
2. Maximize the Core
3. New Channels
Strategiesto Drive Growth
Growth Opportunities in QSR
FOODSERVICE| North America
KHC NA Foodservice will continue to outpace the industry.
58
1
1 Innovation: Test & Scale
160
FOODSERVICE| North America
KHC NA Foodservice will continue to outpace the industry.
59
Customer
Leads
2 Maximize the Core
FOODSERVICE| North America
K-12SCHOOLS B2B ECOMMERCE
3 New Channels
60
KHC NA Foodservice will continue to outpace the industry.
U.S. Retail
Grow Platforms
~35% of
Net Sales
Growth Pillars
Foodservice ~15% of
Net Sales
Emerging
Markets
GROWTHPILLARS| Foodservice
61
7% CAGR
Market Share
Emerging
Markets
~10% of
Net Sales
13% CAGR
Rafael Oliveira
EVP and President
International Markets
~35% of
Net Sales
Market Share
Emerging
Markets
Foodservice ~15% of
Net Sales
GROWTHPILLARS| International Foodservice
63
7% CAGR
U.S. Retail
Grow Platforms
13% CAGR
~10% of
Net Sales1
1| Includes approximately 2pp f rom Foodserv ice.
FOODSERVICE| International
Targeting 70% Growth over the next 4 yearsto become a $2B business; Leveraging…
64
INTRODUCING HEINZ SELECTION
Global Partners| Scale Solutions
Global Scale
Unlocking Growth with Local BurgerLovers Zone-Wide
Local Solutions
FOODSERVICE| International
Dedicated Chef Networkcreating bespoke Menu Solutions for our Customers.
65
30
International Chefs
>400
Chef-Led
Co-Creation Experiences
~35% of
Net Sales
Market Share
Emerging
Markets
Foodservice
~15% of
Net Sales
GROWTHPILLARS| Emerging Markets
66
7% CAGR
U.S. Retail
Grow Platforms
13% CAGR
~10% of
Net Sales1
1| Includes approximately 2pp f rom Foodserv ice.
EMERGINGMARKETS
KHC Emerging Marketsalready growing Double Digits and will continue to Outpace Industry Growth.
67
$60B
2022 Retail Sales
LARGE
+6%
2017-2022 CAGR
GROWING
MORE TO WIN
EMERGINGMARKETTASTE ELEVATION
KHC MARKETSHARE
Double-Digit
Growth; to Close
Market Share Gap
vs Developed
Markets
5%
13%
‘22 KHCEmerging
Market Share%
‘22 KHCDeveloped
Market Share%
INDUSTRY
1
1| Source: Euromonitor International 2023.
EMERGINGMARKETS
We have the Brands, Portfolio and Capability to continue Winning.
68
90%
EmergingMarkets
with Top
BrandAwareness
80%
KHC EmergingMarkets
GainingMarket Share
(supported by Local Jewels)
Sales
Execution
GTM
Proprietary
Model
LOCAL
PRESENCE
>32 Countries with
Local Presence
Size of prizeevaluationby
channel, category and region
EMERGINGMARKETS| Go-to-Market Model
Our Go-to-MarketSalesExecution Model will continue to Drive Sustainable Growth.
69
The Market Size
Scope 2 Target 3 Design
1 Win
4
Key Categories The Service Model w/ Perfect Execution
Prioritizationbasedon
strategic and financialfit
Definitionof distribution
model e.g distributor or direct
Digitizationof instoreshelf
performanceanalytics
EMERGINGMARKETS| Go-to-Market Model
AcceleratedGrowth; Implementing our Model in 90% of Emerging Marketsby the end of 2023.
70
15%
18%
1%
3%
2019 2021 2022
25%
11%
2018 2023
GTM Implemented Not Yet Implemented
Organic
Net
Sales
1
Growth
vs
PY
1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts.
EMERGINGMARKETS| Go-to-Market Model
+70 emerging countries still to be explored…We are launching in Mexico,Colombiaand Peru.
71
BEES Partnership -
GTM Model rolloutplanned
Emerging Markets with no or
small KHC presence
Global Launch| Big Innovation
We are focused on continuing to Win with Innovation.
72
Smart Collaborations| Insight-Led Innovation | Delighting Consumers
… others to follow
Launching in
10+Markets
Emerging
Markets
Foodservice ~15% of
Net Sales
GROWTHPILLARS| International Foodservice and Emerging Markets
73
7% CAGR
U.S. Retail
Grow Platforms
13% CAGR
~10% of
Net Sales1
Market Share
~35% of
Net Sales
1| Includes approximately 2pp f rom Foodserv ice.
Andre Maciel
EVP and Chief Financial Officer
Working Capital
Efficiencies
Revenue
Management
Supply Chain
Efficiencies
Growth Pillars
Emerging
Markets
Foodservice
Innovation
Engine
Disruptive
Marketing
Sales Excellence
& Go-to-Market
Enablers for Growth
SOURCES OFFUNDING
75
U.S. Retail
Grow Platforms
Sourcesof Funding
SOURCES OFFUNDING | Revenue Management
Dedicated RevenueManagement organization driving Optimization across all levers.
76
DedicatedStructure
Team with RightSkill Set
Proprietary Trade
ManagementSystem
DigitalToolsto Translate Data
to Opportunity
RevenueManagement
SOURCES OFFUNDING | Revenue Management
Leveraging Digital Tools to maximize return on trade investment.
77
Real-time access to data on 100K+
events
Sophisticatedelasticity model
~20pp improvementin Net ROI since
2019
Significantopportunity toredeploy
promotionaldollarsto drivegrowth
Trade Management System
2019 2022
(North America - Net)
Average ROI on Promotions
1
1| The Company v iews comparison to 2019 to be meaningf ul as it was the base y ear f or the Company 's strategic plan announced at the Company ’s September 2020 Inv estor Day .
SOURCES OFFUNDING | Supply Chain Efficiencies
Accelerating Rateof Supply Chain Efficiencies End-to-End.
78
Top Savings Drivers
Network Optimization
Line Automation
OEE Optimization
Transport Utilization
GlobalSourcing
Supplier-Led Productivity
SKU Decomplexity
Gross Efficiencies
% COGS
0.0%
1.0%
2.0%
3.0%
4.0%
Average '20-'22 Average '23-'27E Best in Class
~$435M
Yearly Gross
Savings ~$500M
SOURCES OFFUNDING| Supply Chain Efficiencies
Optimizing OEE to Maximize Value of current assets.
79
2019 2022 2027E Top Tier
40%
60%
80%
Overall Equipment Effectiveness - OEE
? Sensorsacrossthe factorythat
smartlydetect potential supply
chain disruptions
? Using real-timedata, triggers
predictive alertsto make
correctionswhen necessary
? Test pilot verysuccessful and ~65%
of volume will be coveredby the
end of 2024
1| The Company v iews comparison to 2019 to be meaningf ul as it was the base y ear f or the Company 's strategic plan announced at the Company ’s September 2020 Inv estor Day .
1
SOURCES OFFUNDING | Working Capital Efficiencies
Driving Inventory Improvement to achieve better Working Capital.
80
SKU Decomplexity
Network Optimization
AutomatedSupply Planning(with OMP)
A.I.-GeneratedDemandForecasting (with o9)
KeyDrivers
A.I.-generateddemand planning
tool leveraging customer data
and macroeconomic inputs
LONG-TERMALGORITHM
Pillarsof Growthand Enablers will drive On-Algorithm Results.
82
Adjusted EBITDA1
Growth
Adjusted EPS1
Growth
Organic Net Sales1
Growth
Generate Free
Cash Flow Conversion1
4% to 6%
6% to 8%
2% to 3%
Approximately
100%
1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts.
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
'17-'19 '20-'22 2023E 2024 and
Beyond
LTA
LONG-TERMALGORITHM| Organic Net Sales
Accelerating profitable Organic Net Sales1 growth.
83
Organic Net Sales1
Growth vs PY
? Growth coming from three strategic pillars:
? ~1/3 from Grow Platforms in U.S. Retail
? ~1/3 from Global Foodservice
? ~1/3 from Emerging Markets
? Balanced contribution from price and
volume
1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts.
1
1
1
1
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
2019 2022 2023E 2024 and
Beyond
LTA
LONG-TERMALGORITHM| Adjusted EBITDA
84
Constant CurrencyAdjusted EBITDA1
Growth vs PY
? Expanding Adjusted Gross Profit Margin (from 2019
base)
? Price/Revenue Management offsetting Inflation
? Gross Savings more than offsetting Mix
? Increased investments for growth fully funded by
Adjusted Gross Profit Margin growth:
? Marketing (~5.0% Sales), R&D and Technology
M&A (6.1)pp -
53rd
Week +2.0pp (2.0pp)
Preserving top tier Adjusted EBITDA1 Margin while investing for GROWTH.
GuidanceRange
M&A/ 53rd Week
1| Non-GAAP financialmeasure. See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts.
2| The Company view s comparison to 2019 to be meaningful as it w as the base year for the Company's strategic plan announced at the Company’s September 2020 Investor Day.
1
1
1
1
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
2022 2025 and Beyond
LTA
LONG-TERMALGORITHM| Adjusted EPS
Accelerating Adjusted EPS1 Growth through Adjusted EBITDA1 growth and lower interest expense.
85
Adjusted EPS1
Growth vs PY
? 4 to 6% Adjusted EBITDA1 growth
? Reduced Interest Expense
? CAPEX ~4% Net Sales, decreasing to 3.5% with
improved ROIs
? Slightly higher depreciation as consequence
of CAPEX
M&A (8.9)pp
53rd
Week +2.0pp
GuidanceRange
M&A/ 53rd
Week
1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts.
1
1
1
1
LTA
LONG-TERMALGORITHM |Free Cash Flow Conversion
Increasing Free Cash Flow1 generation while Investing in organic business needs.
86
Free CashFlow Conversion1
? ~100% Fee Cash Flow Conversion1
? Better working capital
? Lower interest rates (target ~3x Net Leverage)
? Higher capex (~4% winding down to 3.5%
over time)
0%
50%
100%
150%
2019-2021 2022 2023E 2025 and
Beyond
1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts.
1
1
1
1
CAPITALALLOCATIONSTRATEGY
Committed to Maintaining our Dividend, while Investing in the Business, Maintaining Investment
Grade and Managing the Portfolio.
87
Invest in the organic
business to support brands
and profitable growth
Pay down debt
opportunistically to achieve
net leverage ratio
of ~3.0x
Maintain investment grade
(recently upgraded to BBB)
Focus on Grow platforms,
accelerate topline growth
with path to solid gross
margin profile
Maintain price discipline
Invest for Growth
Reduce Net
Leverage
Agile Portfolio
Management
Ongoing commitment to
current dividend
Capture sustainable
efficiencies without
sacrificing growth
Maintain Strong Capital
Return
Return more when
excess cash consistently
available
Miguel Patricio
Chief Executive Officer
and Chair of the Board
89

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Kraft Heinz CAGNY 2023 Presentation.pdf

  • 1. Miguel Patricio Chief Executive Officer and Chair of the Board
  • 2. 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, targets, and commitments; our activities, efforts, initiatives, plans, and programs, and our investments in such activities, efforts, initiatives, plans, and programs; and projected or expected timing, results, achievement, and impacts. Words such as “aim,” “anticipate,” “aspire,” “believe,” “could,” “estimate,” “expect,” “guidance,” “intend,” ”may,” “might,” “outlook,” “plan,” “predict,” “project,” “seek,” “will,” “would,” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These statements are based on management’s beliefs, expectations, estimates, and projections at the time they are made and are not guarantees of future performance. Such statements are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond our control, which could cause actual results to differ materially from those indicated in the forward-looking statements. For additional, important information regarding such risks and uncertainties, please see our earnings release, which accompanies this presentation, and the risk factors set forth in Kraft Heinz’s filings with the U.S. Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. We disclaim and do not undertake any obligation to update, revise, or withdraw any forward-looking statement in this presentation, except as required by applicable law or regulation. NON-GAAP FINANCIAL MEASURES This presentation contains certain non-GAAP financial measures, including Organic Net Sales, Adjusted EBITDA, Constant Currency Adjusted EBITDA, Adjusted EPS, Adjusted Gross Profit Margin, Net Leverage, Free Cash Flow, and Free Cash Flow Conversion. These non-GAAP financial measures may differ from similarly titled non-GAAP financial measures presented by other companies. These measures are not substitutes for their comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and should be viewed in addition to, and not as an alternative for, the GAAP results. These non-GAAP financial measures assist management in comparing the Company’s performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s underlying operations. Please view this presentation together with our associated earnings release, Annual Report on Form 10-K, and the accompanying non-GAAP information, which includes a discussion of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the comparable GAAP financial measures, available on our website at ir.kraftheinzcompany.com under News & Events > Events & Webcasts, or directly at ir.kraftheinzcompany.com/events-and-webcasts. FORWARD-LOOKING STATEMENTS FEBRUARY21,2023
  • 3. WHEREWEARE We’ve made tremendous progress on our transformation journey... 3 Reset Foundation Fully Deploy New OperatingModel Accelerate ProfitableGrowth … and we’re gaining momentum.
  • 4. WHEREWEARE This is Good. But not Good Enough. 4 1| 2019 KHC NTM P/E Multiple represents the minimum in FY2019; 2022 KHC NTM P/E Multiple as of Dec 31, 2022; Peer Av g P/E Multiple as of Dec 31, 2022; Sourced f rom FactSet 2| Peers Include: McCormick, Coca-Cola, PepsiCo, Mondelez, Nestle, General Mills, Kellogg’s, Campbell’s, Smucker’s, Conagra 3| The Company v iews comparison to 2019 to be meaningf ul as it was the base y ear f or the Company 's strategic plan announced at the Company ’s September 2020 Inv estor Day . 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 2019 2022 Potential Stagnation Reinvention Pursuit of Greatness Peer2 Average NTM P/E1 3
  • 5. 5
  • 6. WHEREWEAREGOING We are on a Journey to GREATNESS. 6 Accelerate Profitable Growth Strong Adjusted EBITDA1 and Cash Generation Top-Tier Returns Best-in-Class Execution Consistent Performance Top Tier Stockholder Returns 1| Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts.
  • 7. 7 It Starts with the Strongest Portfolioof Iconic Brands. CLEARPATHFORWARD| Portfolio 6 $1B+ Brands (2) 97% U.S. HHP 1| Brands with ov er $1B net sales in 2022. 2| IRI data f or 52 weeks though December 25, 2022. (1)
  • 8. 8 Portfolio RolesGuide Investment Decisions. CLEARPATHFORWARD| Portfolio GROW ENERGIZE Product Imagery STABILIZE Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
  • 9. 9 GROW:Large and Growing Brands with Strong Margins in Attractive Markets. PORTFOLIO| Grow GROW 64% 1| Ref lects the Company ’s remaining business f ollowing div estitures. 2| Adjusted Gross Prof it Margin. Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts. Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role. Brands Margin2 vs KHC Average +9% 2022 CAGR vs 2019 on Ongoing Business1 Net Sales
  • 10. PORTFOLIO| Energize ENERGIZE:Strong Brand Position as #1 or #2 in Core Categories. 10 ENERGIZE 15% Brands Margin2 vs KHC Average +6% 2022 CAGR vs 2019 on Ongoing Business1 Net Sales 1| Ref lects the Company ’s remaining business f ollowing div estitures. 2| Adjusted Gross Prof it Margin. Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts. Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
  • 11. PORTFOLIO| Stabilize STABILIZE:Significant Cash Generation to Fuel our Growth. 11 STABILIZE3 21% Brands Margin2 vs KHC Average Flat 2022 CAGR vs 2019 on Ongoing Business1 Net Sales 1| Ref lects the Company ’s remaining business f ollowing div estitures. 2| Adjusted Gross Prof it Margin. Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts. 3| Stabilize calculations also include Organic Net Sales that are not otherwise categorized into another platf orm role presented. Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
  • 12. 12 PORTFOLIO| Trajectory Repositioning for Growth… 12% 22% 21% 14% 15% 52% 64% 70%+ 2019 2022 2027E % KHC NET SALES Grow Energize Divested Business With 90% of future growth coming from our GROWplatforms. Stabilize 1| The Company v iews comparison to 2019 to be meaningf ul as it was the base y ear f or the Company 's strategic plan announced at the Company ’s September 2020 Inv estor Day . 1
  • 13. 13 PORTFOLIO| Trajectory Two Attractive Platformsare Primary Driversof Growth. EasyMeals TasteElevation Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
  • 14. 14 PORTFOLIO| Trajectory Personalized, Multi-Sensorial Flavor Experiences Spanning Condiments, Sauces, Sweet/Savory Spreads, and Dips $8.2B2022 Net Sales ~30%of Portfolio ~2/3 of Retail Sales #1 or #2 SharePosition 25% Expected Industry Growth by 2027 TasteElevation Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role. Sold in 70+ countries
  • 15. 15 PORTFOLIO| Trajectory Convenient Quick-Prep and Ready-to-Eat Meal Solutions ~10%Expected Industry Growth by 2027 $5.3B2022 Net Sales ~20%of Portfolio ~3/4 of Retail Sales #1 or #2 SharePosition EasyMeals Brands shown by platf orm role are illustrativ e and do not ref lect all brands within each platf orm role.
  • 16. 16 PORTFOLIO| Trajectory Two iconic brands, together with Taste Elevation and EasyMeals,will drive our growth.
  • 17. 17 Strongest Portfolio of Iconic Brands … to drive acceleratedprofitable growth. CLEARPATHFORWARD| Portfolio
  • 18. CLEARPATHFORWARD| Portfolio Active Portfolio Management aligned with our strategy…to drive acceleratedprofitable growth. 18
  • 19. CLEARPATHFORWARD| People A moreEngaged and Diverse organization. 19 91% People of Color 36% 27% Independent (10/11 Directors) Women BOARD OF DIRECTORS INDEPENDENCE AND DIVERSITY1 HIGHER EMPLOYEE ENGAGEMENT AND DIVERSITY1 Employee Engagement Women in Senior Management Positions 41% People of Color in US Salaried Population 28% 1| As of December 31, 2022.
  • 20. Working Capital Efficiencies Revenue Management Supply Chain Efficiencies Growth Pillars Sourcesof Funding Emerging Markets Foodservice Innovation Engine Disruptive Marketing Sales Excellence & Go-to-Market Enablers for Growth GROWTHPILLARS 2 to 3% CAGR to comefrom our three Growth Pillars. 20 U.S. Retail Grow Platforms
  • 21. SignificantScale with High Profitability Iconic BrandswithinGrowing Categories Focus on Renovatingand Investing in the Core Foodservice Emerging Markets GROWTHPILLARS| U.S. Retail 21 U.S. Retail Grow Platforms Growth Pillars
  • 22. Growth Pillars Foodservice Emerging Markets GROWTHPILLARS| U.S. Retail 22 MarketShare ~35% of Net Sales U.S. Retail Grow Platforms
  • 23. Growth Pillars Foodserviceindustrygrows faster than retail industry Powerful brand-buildinglever, particularlyFrontof House Faster consumer insightsfor innovation Foodservice Emerging Markets GROWTHPILLARS| Foodservice 23 U.S. Retail Grow Platforms ~35% of Net Sales Market Share
  • 24. U.S. Retail Grow Platforms ~35% of Net Sales Growth Pillars Foodservice ~15% of Net Sales Emerging Markets GROWTHPILLARS| Foodservice 24 7% CAGR Market Share
  • 25. Growth Pillars High IndustryGrowth Rate Strong BrandAwarenessfor Heinz DistributionOpps Across Markets and Share Still Low Emerging Markets Foodservice ~15% of Net Sales GROWTHPILLARS| Emerging Markets 25 7% CAGR U.S. Retail Grow Platforms ~35% of Net Sales Market Share
  • 26. Growth Pillars Emerging Markets Foodservice ~15% of Net Sales GROWTHPILLARS| Emerging Markets 26 U.S. Retail Grow Platforms ~35% of Net Sales ~10% of Net Sales1 13% CAGR Market Share 7% CAGR 1| Includes approximately 2pp f rom Foodserv ice.
  • 27. Growth Pillars Emerging Markets Foodservice GROWTHPILLARS| Long-Term Algorithm 27 1pp Organic NetSales1 Growth 1pp Organic NetSales1 Growth 1pp Organic NetSales1 Growth U.S. Retail Grow Platforms 2-3% Long-Term Algorithm Organic Net Sales1 1| Non-GAAP f inancial measure. See the accompany ing Non-GAAP Inf ormation and Reconciliations at ir.kraf theinzcompany .com/events-and-webcasts.
  • 28. Working Capital Efficiencies Revenue Management Supply Chain Efficiencies Growth Pillars Sourcesof Funding Emerging Markets Foodservice Innovation Engine Disruptive Marketing Enablers for Growth HOW WEWILLGETTHERE| Strategy ENABLERSare keyingredients to capture growth and market share. 28 U.S. Retail Grow Platforms Sales Excellence & Go-to-Market
  • 29. Working Capital Efficiencies Revenue Management Supply Chain Efficiencies Growth Pillars Sourcesof Funding Emerging Markets Foodservice Innovation Engine Disruptive Marketing Sales Excellence & Go-to-Market Enablers for Growth HOW WEWILLGETTHERE| Strategy ENABLERSare keyingredients to capture growth and market share. 29 U.S. Retail Grow Platforms
  • 30.
  • 31. Carlos Abrams-Rivera EVP and President North America Zone
  • 32. U.S.RETAILGROWPLATFORMS| Renovation Successfullyrenovated our brands with our brand design-to-value approach. 32 ? RenovatedEntire PortfolioOf IconicBrands ? SolvingFor Consumer Pain Points for Meals, Convenience,Health ? Innovating Fasterwith DisruptiveActivity ? Homegrown A.I.-enabledSolutionsTo Drive Acceleration ? Transformed Marketing;Optimized Sales Execution Strong Foundation for Growth
  • 33. Working Capital Efficiencies Revenue Management Supply Chain Efficiencies Growth Pillars Sourcesof Funding Innovation Engine Disruptive Marketing Enablers for Growth ENABLERSFORGROWTH Driving growth in North America. 33 Growth Pillars Emerging Markets Foodservice U.S. Retail Grow Platforms Sales Excellence & Go-to-Market
  • 34. U.S.RETAILGROWPLATFORMS| Renovation Successfullyrenovated our brands with our brand design-to-value approach. 34 Brand Design-to-Value Approach Consumer-first attributes Create efficiencies Connect with consumers Powerful Results Strengthenedbrands Improved topline Drovemarket share gains
  • 35. U.S.RETAILGROWPLATFORMS| Renovation We renovated Lunchables with product and packaging improvements… 35 Re-Branded Logo Nutritional Attributes Kid Creativity Recycled Content in Packaging ? Empowering Kids ? DrivingCreativity ? Improved Nutrition ? IncorporatingRecycled Packaging
  • 36. U.S.RETAILGROWPLATFORMS| Renovation … and deployed breakthrough kid-empoweredmarketing. 36 unit growth(1) 21% 4pp unit market share gain(1) 1| IRI data September 2022 v s September 2021. 36
  • 37. U.S.RETAILGROWPLATFORMS| Innovation We have transformed our approach with our ONE innovation engine. 37 Incremental Net Sales 2023 – 2027E $2B Minimum Viable Product Validate in Market Uncover UnmetNeed Scale Breakthrough Determine Advantage Build
  • 38. U.S.RETAILGROWPLATFORMS| Innovation We will drive growth across3 consumer-based spaces… faster, focused and bigger. 38 Personalized Sauces Mexican Strategy JustSpices Crisp fromMicrowave Homebake NotCo JointVenture Primal Kitchen EXPLORATION & AUTHENTICITY QUICK WITH QUALITY HOLISTIC WELLNESS QUICK WITH QUALITY HOLISTIC WELLNESS
  • 39. U.S.RETAILGROWPLATFORMS| Innovation Consumersare looking for new flavors & authentic cuisines to break fromthe routine. 39 Personalized Sauces MexicanStrategy Just Spices EXPLORATION& AUTHENTICITY
  • 40. U.S.RETAILGROWPLATFORMS| Innovation Partnership ecosystemfeeds our ONE innovation engine. 40 MEXICANSTRATEGY Capability:Unleash Supplier-enabledInnovation Speed to Innovation 3 YEARS From 6 MONTHS To
  • 41. U.S.RETAILGROWPLATFORMS| Innovation Consumersare looking for high-quality food that is convenient to prepare. 41 Crisp from the Microwave HomeBake QUICK WITH QUALITY Modular menu of dishes that cook together in only 30 minutes Combines convenience of microwave with great taste and texture 41
  • 42. U.S.RETAILGROWPLATFORMS| Innovation We’reshattering the paradigm that taste and convenience requires a tradeoff. 42 Capability:Scale OwnableTech Platforms HOMEBAKE
  • 43. 43 Consumersare looking for food to enhance their health and improve physical wellness. U.S.RETAILGROWPLATFORMS| Innovation NotCoJoint Venture Primal Kitchen HOLISTICWELLNESS
  • 44. U.S.RETAILGROWPLATFORMS| Innovation We’remaking plant-based food taste as good as the original. 44 NOTCO: Democratizing Plant-Based Food Capability:A.I.-based Innovation Model
  • 45. U.S.RETAILGROWPLATFORMS| Innovation We have A robust innovation pipeline, and our new model is driving initial success. 45 READY TO SCALE RepeatRate 92% 2X SEEDSFOR TEST & LEARN #1 80% Net Sales since Acquisition1 Plant-Based in test market Exceeded Consumer Expectations 1| The Company acquired Primal Kitchen in January 2019.
  • 46. U.S.RETAILGROWPLATFORMS| Innovation Our priority growth spacesare aligned with Taste Elevation and Easy Meals. 46 Personalized Sauces Just Spices Crisp from Microwave Homebake NotCo Joint Venture Mexican Strategy Primal Kitchen Easy Meals Taste Elevation
  • 47.
  • 48. U.S.RETAILGROWPLATFORMS| Disruptive Marketing In 2022, we drove moremedia coveragefor our brands than ever before. 48 1| Instagram FMCG Food Industry Av erage on IG is <1%. 2| Across the big 5 awards (Lions, Cleos, Ef f ies, D&DA and Andy s), Engagement Rate Growth1 7% Increase in Awards2 vs PY 45% 1B+ EarnedMedia Impressions 7X ActivationsGarnered 100% 98%+ Neutral/Positive Sentiment
  • 49. U.S.RETAILGROWPLATFORMS| Sales Excellence Insights and analytical capabilities driving growth for KHC and customers. Single source of truth Identifies most impactful opportunities Share insight with customers 49
  • 50. U.S.RETAILGROWPLATFORMS| Sales Excellence Customer relationships have strengthened significantly in recent years. 50 [Kraft Heinz] have unlocked the ability to understand the unmet needs of their consumers and predict how to better serve them along their total shopping journey. Barbara Connors Vice President of Strategy & Acceleration at84.51 A Subsidiaryof Kroger
  • 51. U.S.RETAILGROWPLATFORMS| Sales Excellence Customer relationships have strengthened significantly in recent years. 51 [Kraft Heinz] have elevated their partnership with us through new actionable insights on both market & category dynamics, growing our business and benefittingour valued shoppers. Anthony Suggs GroupVice President Center Store Merchandising Albertsons
  • 52. U.S.RETAILGROWPLATFORMS| Sales Excellence Customer relationships have strengthened significantly in recent years. 52 It has been great to see Kraft Heinz transform into one of our strategic partners with dedication to aspirational growth plans. We see the path they are on emulating some of our best-in-class vendor partnerships and look forward to all that we can accomplish together. Brian Hartshorn SVP/GMM Consumables,DollarGeneral
  • 53. Growth Pillars Foodservice Emerging Markets GROWTHPILLARS| U.S. Retail 53 MarketShare ~35% of Net Sales U.S. Retail Grow Platforms Foodservice 7% CAGR Emerging Markets ~15% of Net Sales ~10% of Net Sales 13% CAGR
  • 54. U.S. Retail Grow Platforms ~35% of Net Sales Growth Pillars Foodservice ~15% of Net Sales GROWTHPILLARS| Foodservice 54 Market Share 7% CAGR Emerging Markets ~10% of Net Sales 13% CAGR
  • 55. FOODSERVICE|North America Kraft Heinz has an advantaged position with strong Front of House presence. 55 New Images coming Front of House Imageof movie or tv that has Heinz on table? Back of House
  • 56. FOODSERVICE|North America We have transformed our foodservice organization to drive growth. 56 New Leadership SimplifiedandRenovatedPortfolio Bolstered Sales Team to Drive Distribution Invested in Capacity where we see GrowingDemand Improved Service Levels FoodserviceTransformation
  • 57. FOODSERVICE|North America Strategies in place to capture significant distribution and expansion opportunities. 57 1. Innovation: Test & Scale 2. Maximize the Core 3. New Channels Strategiesto Drive Growth Growth Opportunities in QSR
  • 58. FOODSERVICE| North America KHC NA Foodservice will continue to outpace the industry. 58 1 1 Innovation: Test & Scale
  • 59. 160 FOODSERVICE| North America KHC NA Foodservice will continue to outpace the industry. 59 Customer Leads 2 Maximize the Core
  • 60. FOODSERVICE| North America K-12SCHOOLS B2B ECOMMERCE 3 New Channels 60 KHC NA Foodservice will continue to outpace the industry.
  • 61. U.S. Retail Grow Platforms ~35% of Net Sales Growth Pillars Foodservice ~15% of Net Sales Emerging Markets GROWTHPILLARS| Foodservice 61 7% CAGR Market Share Emerging Markets ~10% of Net Sales 13% CAGR
  • 62. Rafael Oliveira EVP and President International Markets
  • 63. ~35% of Net Sales Market Share Emerging Markets Foodservice ~15% of Net Sales GROWTHPILLARS| International Foodservice 63 7% CAGR U.S. Retail Grow Platforms 13% CAGR ~10% of Net Sales1 1| Includes approximately 2pp f rom Foodserv ice.
  • 64. FOODSERVICE| International Targeting 70% Growth over the next 4 yearsto become a $2B business; Leveraging… 64 INTRODUCING HEINZ SELECTION Global Partners| Scale Solutions Global Scale Unlocking Growth with Local BurgerLovers Zone-Wide Local Solutions
  • 65. FOODSERVICE| International Dedicated Chef Networkcreating bespoke Menu Solutions for our Customers. 65 30 International Chefs >400 Chef-Led Co-Creation Experiences
  • 66. ~35% of Net Sales Market Share Emerging Markets Foodservice ~15% of Net Sales GROWTHPILLARS| Emerging Markets 66 7% CAGR U.S. Retail Grow Platforms 13% CAGR ~10% of Net Sales1 1| Includes approximately 2pp f rom Foodserv ice.
  • 67. EMERGINGMARKETS KHC Emerging Marketsalready growing Double Digits and will continue to Outpace Industry Growth. 67 $60B 2022 Retail Sales LARGE +6% 2017-2022 CAGR GROWING MORE TO WIN EMERGINGMARKETTASTE ELEVATION KHC MARKETSHARE Double-Digit Growth; to Close Market Share Gap vs Developed Markets 5% 13% ‘22 KHCEmerging Market Share% ‘22 KHCDeveloped Market Share% INDUSTRY 1 1| Source: Euromonitor International 2023.
  • 68. EMERGINGMARKETS We have the Brands, Portfolio and Capability to continue Winning. 68 90% EmergingMarkets with Top BrandAwareness 80% KHC EmergingMarkets GainingMarket Share (supported by Local Jewels) Sales Execution GTM Proprietary Model LOCAL PRESENCE >32 Countries with Local Presence
  • 69. Size of prizeevaluationby channel, category and region EMERGINGMARKETS| Go-to-Market Model Our Go-to-MarketSalesExecution Model will continue to Drive Sustainable Growth. 69 The Market Size Scope 2 Target 3 Design 1 Win 4 Key Categories The Service Model w/ Perfect Execution Prioritizationbasedon strategic and financialfit Definitionof distribution model e.g distributor or direct Digitizationof instoreshelf performanceanalytics
  • 70. EMERGINGMARKETS| Go-to-Market Model AcceleratedGrowth; Implementing our Model in 90% of Emerging Marketsby the end of 2023. 70 15% 18% 1% 3% 2019 2021 2022 25% 11% 2018 2023 GTM Implemented Not Yet Implemented Organic Net Sales 1 Growth vs PY 1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts.
  • 71. EMERGINGMARKETS| Go-to-Market Model +70 emerging countries still to be explored…We are launching in Mexico,Colombiaand Peru. 71 BEES Partnership - GTM Model rolloutplanned Emerging Markets with no or small KHC presence
  • 72. Global Launch| Big Innovation We are focused on continuing to Win with Innovation. 72 Smart Collaborations| Insight-Led Innovation | Delighting Consumers … others to follow Launching in 10+Markets
  • 73. Emerging Markets Foodservice ~15% of Net Sales GROWTHPILLARS| International Foodservice and Emerging Markets 73 7% CAGR U.S. Retail Grow Platforms 13% CAGR ~10% of Net Sales1 Market Share ~35% of Net Sales 1| Includes approximately 2pp f rom Foodserv ice.
  • 74. Andre Maciel EVP and Chief Financial Officer
  • 75. Working Capital Efficiencies Revenue Management Supply Chain Efficiencies Growth Pillars Emerging Markets Foodservice Innovation Engine Disruptive Marketing Sales Excellence & Go-to-Market Enablers for Growth SOURCES OFFUNDING 75 U.S. Retail Grow Platforms Sourcesof Funding
  • 76. SOURCES OFFUNDING | Revenue Management Dedicated RevenueManagement organization driving Optimization across all levers. 76 DedicatedStructure Team with RightSkill Set Proprietary Trade ManagementSystem DigitalToolsto Translate Data to Opportunity RevenueManagement
  • 77. SOURCES OFFUNDING | Revenue Management Leveraging Digital Tools to maximize return on trade investment. 77 Real-time access to data on 100K+ events Sophisticatedelasticity model ~20pp improvementin Net ROI since 2019 Significantopportunity toredeploy promotionaldollarsto drivegrowth Trade Management System 2019 2022 (North America - Net) Average ROI on Promotions 1 1| The Company v iews comparison to 2019 to be meaningf ul as it was the base y ear f or the Company 's strategic plan announced at the Company ’s September 2020 Inv estor Day .
  • 78. SOURCES OFFUNDING | Supply Chain Efficiencies Accelerating Rateof Supply Chain Efficiencies End-to-End. 78 Top Savings Drivers Network Optimization Line Automation OEE Optimization Transport Utilization GlobalSourcing Supplier-Led Productivity SKU Decomplexity Gross Efficiencies % COGS 0.0% 1.0% 2.0% 3.0% 4.0% Average '20-'22 Average '23-'27E Best in Class ~$435M Yearly Gross Savings ~$500M
  • 79. SOURCES OFFUNDING| Supply Chain Efficiencies Optimizing OEE to Maximize Value of current assets. 79 2019 2022 2027E Top Tier 40% 60% 80% Overall Equipment Effectiveness - OEE ? Sensorsacrossthe factorythat smartlydetect potential supply chain disruptions ? Using real-timedata, triggers predictive alertsto make correctionswhen necessary ? Test pilot verysuccessful and ~65% of volume will be coveredby the end of 2024 1| The Company v iews comparison to 2019 to be meaningf ul as it was the base y ear f or the Company 's strategic plan announced at the Company ’s September 2020 Inv estor Day . 1
  • 80. SOURCES OFFUNDING | Working Capital Efficiencies Driving Inventory Improvement to achieve better Working Capital. 80 SKU Decomplexity Network Optimization AutomatedSupply Planning(with OMP) A.I.-GeneratedDemandForecasting (with o9) KeyDrivers A.I.-generateddemand planning tool leveraging customer data and macroeconomic inputs
  • 81.
  • 82. LONG-TERMALGORITHM Pillarsof Growthand Enablers will drive On-Algorithm Results. 82 Adjusted EBITDA1 Growth Adjusted EPS1 Growth Organic Net Sales1 Growth Generate Free Cash Flow Conversion1 4% to 6% 6% to 8% 2% to 3% Approximately 100% 1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts.
  • 83. -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% '17-'19 '20-'22 2023E 2024 and Beyond LTA LONG-TERMALGORITHM| Organic Net Sales Accelerating profitable Organic Net Sales1 growth. 83 Organic Net Sales1 Growth vs PY ? Growth coming from three strategic pillars: ? ~1/3 from Grow Platforms in U.S. Retail ? ~1/3 from Global Foodservice ? ~1/3 from Emerging Markets ? Balanced contribution from price and volume 1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts. 1 1 1 1
  • 84. -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 2019 2022 2023E 2024 and Beyond LTA LONG-TERMALGORITHM| Adjusted EBITDA 84 Constant CurrencyAdjusted EBITDA1 Growth vs PY ? Expanding Adjusted Gross Profit Margin (from 2019 base) ? Price/Revenue Management offsetting Inflation ? Gross Savings more than offsetting Mix ? Increased investments for growth fully funded by Adjusted Gross Profit Margin growth: ? Marketing (~5.0% Sales), R&D and Technology M&A (6.1)pp - 53rd Week +2.0pp (2.0pp) Preserving top tier Adjusted EBITDA1 Margin while investing for GROWTH. GuidanceRange M&A/ 53rd Week 1| Non-GAAP financialmeasure. See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts. 2| The Company view s comparison to 2019 to be meaningful as it w as the base year for the Company's strategic plan announced at the Company’s September 2020 Investor Day. 1 1 1 1
  • 85. -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 2022 2025 and Beyond LTA LONG-TERMALGORITHM| Adjusted EPS Accelerating Adjusted EPS1 Growth through Adjusted EBITDA1 growth and lower interest expense. 85 Adjusted EPS1 Growth vs PY ? 4 to 6% Adjusted EBITDA1 growth ? Reduced Interest Expense ? CAPEX ~4% Net Sales, decreasing to 3.5% with improved ROIs ? Slightly higher depreciation as consequence of CAPEX M&A (8.9)pp 53rd Week +2.0pp GuidanceRange M&A/ 53rd Week 1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts. 1 1 1 1
  • 86. LTA LONG-TERMALGORITHM |Free Cash Flow Conversion Increasing Free Cash Flow1 generation while Investing in organic business needs. 86 Free CashFlow Conversion1 ? ~100% Fee Cash Flow Conversion1 ? Better working capital ? Lower interest rates (target ~3x Net Leverage) ? Higher capex (~4% winding down to 3.5% over time) 0% 50% 100% 150% 2019-2021 2022 2023E 2025 and Beyond 1| Non-GAAPfinancialmeasure.See the accompanyingNon-GAAPInformationandReconciliationsatir.kraftheinzcompany.com/events-and-webcasts. 1 1 1 1
  • 87. CAPITALALLOCATIONSTRATEGY Committed to Maintaining our Dividend, while Investing in the Business, Maintaining Investment Grade and Managing the Portfolio. 87 Invest in the organic business to support brands and profitable growth Pay down debt opportunistically to achieve net leverage ratio of ~3.0x Maintain investment grade (recently upgraded to BBB) Focus on Grow platforms, accelerate topline growth with path to solid gross margin profile Maintain price discipline Invest for Growth Reduce Net Leverage Agile Portfolio Management Ongoing commitment to current dividend Capture sustainable efficiencies without sacrificing growth Maintain Strong Capital Return Return more when excess cash consistently available
  • 88. Miguel Patricio Chief Executive Officer and Chair of the Board
  • 89. 89
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