WK Kellogg : Q1 2024 EarningsPress Release

Q1 2024 EARNINGS

May 7, 2024

Forward-Looking Statements

This presentation contains a number of forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include predictions of future results or activities and may contain the words "expect," "believe," "will," "can," "anticipate," "estimate," "project," "should," "would," or words or phrases of similar meaning. You are cautioned not to rely on these forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved.

Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, a decline in demand for ready-to-eatcereals; supply chain disruptions and increases in costs and/or shortages of raw materials, labor, fuels and utilities as a result of geopolitical, economic and market conditions; consumers' perception of our brands or company; business disruptions; our ability to drive our growth targets to increase revenue and profit; our failure to achieve our targeted cost savings and efficiencies from cost reduction initiatives; strategic acquisitions, alliances, divestitures or joint ventures or organic growth opportunities we may pursue in the future; material disruptions at one of our facilities; our ability to attract, develop and retain the highly skilled people we need to support our business; a shortage of labor, our failure to successfully negotiate collectively bargained agreements, or other general inflationary pressures or changes in applicable laws and regulations that could increase labor costs; an increase in our post-retirement benefit-relatedcosts and funding requirements caused by, among other things, volatility in the financial markets, changes in interest rates and actuarial assumptions; our inability to obtain sufficient capital to grow our business and to increase our revenues; an impairment of the carrying value of goodwill or other acquired intangibles; increases in the price of raw materials, including agricultural commodities, packaging, fuel and labor; increases in transportation costs and reduced availability of, or increases in, the price of oil or other fuels; competition, including with respect to retail and shelf space; the changing retail environment and the growing presence of alternative retail channels; the successful development of new products and processes; adverse changes in the global climate or extreme weather conditions; and other risk

factors as detailed from time to time in WK Kellogg's reports filed with the U.S. Securities and Exchange Commission (the "SEC"), including its Registration Statement on Form 10,

Quarterly Reports on Form 10-Q, Annual Report on Form 10-K, Current Reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exhaustive.

Forward-looking statements made in this presentation speak only as of the date of this presentation. WK Kellogg Co does not undertake to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

Non-GAAP Financial Measures

This presentation includes certain non-GAAP financial measures. Please refer to the Appendix provided herein for definitions and a reconciliation of these non‐GAAP financial measures to the most directly comparable U.S. Generally Accepted Accounting Principles ("GAAP") financial measures. Management believes that the use of such non-GAAP measures assists investors in understanding the underlying operating performance of WK Kellogg Co. However, these non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to GAAP measures.

Q1 2024 Earnings | May 7, 2024

2

On Track

Executing our	Stable	Expanding
Strategy	Topline	Margins

Q1 2024 Earnings | May 7, 2024

3

WK Kellogg Co Opportunity

Margin

Topline

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Q1 Financial Results

Q1 '24 Adjusted	Q1 '24 Adjusted	Q1 '24 Adjusted
Net Sales	Gross Margin	EBITDA Margin

(0.8)% *	+240 bps*	10.6%
vs. PY	vs. PY

* On a standalone adjusted basis

Q1 2024 Earnings | May 7, 2024

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Category & WK

Performance

U.S. $ Category

Share

27.6%

(30) bps vs.

PY

Canada $ Category

Share

$ Sales U.S. - KLG

(1.3)% vs. PY

$ Sales Canada - KLG

39.3%	4.6% vs. PY
+240 bps vs.
PY

Source: Nielsen xAOC 13W period ended March 30, 2024

Q1 2024 Earnings | May 7, 2024

6

Focused Strategy

Drive an	Invest to	Unleash an
integrated	modernize our	energized and
commercial plan	supply chain	winning culture
to win

Stable top line and share growth

Outsized margin growth

Attractive dividend

on winning in cereal​

end-to-end to drive better execution​

in capabilities, technology and infrastructure

Q1 2024 Earnings | May 7, 2024

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Executing End-to-End

New Marketing Model	Dedicated Cereal
Sales Force

Modernized & Reliable

Supply Chain

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Modernizing our Supply Chain

Investing	Building	Consolidating	Reliability &
Capital	Capabilities	the network	Efficiency

Enhanced

Margin

•	Belleville	•	Investing in	• Optimizing	•	OEE improvement
	expansion		Work Systems	Mini-Wheats	•	Capacity expansion
•	Battle Creek	•	Expanding WK	production	•	Margin enhancement
	incentives		Academy

Q1 2024 Earnings | May 7, 2024

9

Operational Excellence

Building

Capabilities

Driving

end-to-end

operating

efficiencies

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