Kraft Heinz : Q1 2024 Business Update

MAY 1, 2024

Q1 2024

BUSINESS UPDATE

FORWARD-LOOKING STATEMENTS

MAY 1, 2024

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," "commit," "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 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 Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Adjusted EPS, 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 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.comunder News &

Events > Events & Webcasts, or directly at ir.kraftheinzcompany.com/events-and-webcasts.

2

Q1 2024

Business & Strategy Update

Chief Executive Officer

CARLOS ABRAMS-RIVERA

Q1 2024

Business Update

• With growth across our three strategic pillars and continued sequential volume recovery, Q1 consolidated results were in line with expectations.
• We continue to execute our strategic agenda as we successfully unlock gross efficiencies, driving gross margin expansion and fueling reinvestment.
• These reinvestments are powering innovation, brand superiority, and further productivity to drive growth.
• We are reiterating 2024 guidance, and we are on track to deliver our long- term algorithm in Q4.

4

Q1 Results in line with Expectations; Margin Expansion Driving Profit Growth

Q1 2024

Business Update

Total Kraft Heinz ($ Millions)	Q1 2024	Q1 vs PY
Organic Net Sales1	$6,410	(0.5%)

Adjusted Gross Profit Margin1

Adjusted Operating Income1

Adjusted EPS1

34.5%

$1,265

$0.69

+170 bps

+1.7%

+1.5%

Q1 Expectations

Q1 Results

• Organic Net Sales1 performance in Q1 2024 to be a similar profile to Q4 2023
• Continuation of sequential volume improvement from Q4 to Q1
• Continued Adjusted Gross Profit Margin1 expansion driven by efficiency generation

• Organic Net Sales1 performance of (0.5%) in Q1 2024 was slightly better than (0.7%) in Q4 2023
• Sequential volume improvement of 120 bps from (4.4pp) in Q4 to (3.2pp) in Q1
• Adjusted Gross Profit Margin1 expansion of 170 bps vs PY driven by efficiency generation

1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/events-and-webcasts.

5

Successfully Executing our Strategic Agenda to Deliver Consistent Profitable Growth

UNLOCK	REINVEST
EFFICIENCIES	IN THE BUSINESS

Q1 2024

Business Update

Through our Growth Pillars	Expanding Gross Margins	Fueling Reinvestment	With Brand Superiority &
			Innovation

6

Top Line Drivers Building Momentum

1

Three

growing Organic Net Sales1

2

3

improving sequentially

deploying strategy outlined at CAGNY

4

Gaining or recovering

across all segments

1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/events-and-webcasts.

7

Three Strategic Pillars Growing Organic Net Sales

Strategic Pillars	Organic Net Sales1
Q1 '24 vs PY
N.A. Retail		• Includes priority spaces Taste Elevation, Easy
+0.5%		Ready Meals and Substantial Snacking
ACCELERATE	•	Driving outsized top-line growth and generating
Platforms		higher gross margins
	•	Expecting low single-digit growth for FY24
		• Growth driven by global brand activations,
Global Away	+0.1%		entering new channels, and innovation
•	Q1 results impacted by industry softness in U.S.
From Home2
	restaurants and planned business exits
		• Expecting low to mid-single-digit growth for FY24
		• Capturing growth through Go-To-Market, brand
Markets3,4	+5.5%		equity of Heinz, and Away From Home
	in the prior year in Brazil
Emerging		•	In Q1, as anticipated we lapped shipment timing
		• Expecting double-digit growth for FY24

1| Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/events-and-webcasts.
2| Global Away from Home Organic Net Sales based on internal sales data, which holds the impact of currency constant and excludes the impact of divestitures and acquisitions.	8
3| Includes Retail and Away from Home businesses within Emerging Markets.

4| Emerging Markets represents the aggregation of our West and East Emerging Markets ("WEEM") and Asia Emerging Market ("AEM") operating segments.

Volume Continues to Improve Sequentially

Volume / Mix

vs PY

(3.2pp)

(5.3pp)	(5.4pp)	(4.4pp)
	(7.0pp)

+120bps

Q1 '23

Q2 '23

Q3 '23

Q4 '23

Q1 '24

Pricing Action,

SNAP Reduction

Supply Recovery, Increased Marketing, Joint Business Plan Execution and Innovation Ramp Up

9

Portfolio Roles Deploying Strategy Outlined at CAGNY

Total Kraft Heinz Organic Net Sales1 growth driven by ACCELERATE platforms …

ROLES

ACCELERATEPROTECT BALANCE

PLATFORMS	Taste Elevation	Desserts	Meats
Easy Ready Meals	Cheese
Hydration
	Substantial Snacking	Coffee
ORGANIC NET SALES1	+2%	(5%)	(4%)
Q1 vs PY
STRATEGY	ACCELERATE growth and	PROTECT profit margins and	BALANCE performance and invest
	prioritize investments	invest at healthy levels	to maintain brand footprint
BRANDS

1|	Non-GAAP financial measure. See the accompanying Non-GAAP Information and Reconciliations at ir.kraftheinzcompany.com/events-and-webcasts.	10
2|	Balance also includes Net Sales that are not otherwise categorized into another platform role presented.

Brands shown are illustrative and do not reflect all brands within each platform.