Kraft Heinz : 2023 Consumer Analyst Group of New York (CAGNY) Conference Presentation

Miguel Patricio

Chief Executive Officer and Chair of the Board

FORWARD-LOOKING STATEMENTS

FEBRUARY 21, 2023

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

WHEREWEARE

We've made tremendous progress on our transformation journey...

Reset Foundation	Fully Deploy	Accelerate
	New Operating Model	Profitable Growth

… and we're gaining momentum.

3

WHEREWEARE

This is Good. But not Good Enough.

NTM P/E1

Pursuit of Greatness

25.0x

20.0x

15.0x		Reinvention
Stagnation
10.0x
5.0x
0.0x
20193	2022	Potential

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 .

Peer2

Average

4

5