Kraft Heinz : Third Quarter 2022 Pre-Recorded Management Discussion

Third Quarter 2022 Earnings Pre-Recorded Management Discussion | October 26, 2022

Third Quarter 2022 Earnings Pre-Recorded Management Discussion

Oct. 26, 2022

Please view the following prepared management remarks together with our Quarterly Report on Form 10-Q, the earnings release that accompanies these remarks, the related presentation slides, and the non-GAAP information that accompanies these remarks, which includes a discussion of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the comparable GAAP financial measures. The related earnings release and presentation slides and accompanying non-GAAP information are available on our website at ir.kraftheinzcompany.comunder News & Events > Events & Webcasts, or directly at ir.kraftheinzcompany.com/events-and-webcasts.

We also invite you to listen to our live question-and-answer webcast with Kraft Heinz management which will begin today at 9:00 a.m. Eastern Time and will be available on our website at ir.kraftheinzcompany.comunder News & Events > Events & Webcasts, or directly at ir.kraftheinzcompany.com/events-and-webcasts.

Third Quarter 2022 Earnings Pre-Recorded Management Discussion | October 26, 2022

Forward-Looking Statements

The following remarks include 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 ESG 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 related 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.

Third Quarter 2022 Earnings Pre-Recorded Management Discussion | October 26, 2022

Non-GAAP Financial Measures

These remarks contain non-GAAP financial measures, including Organic Net Sales, Adjusted EBITDA, Constant Currency Adjusted EBITDA, Adjusted EPS, 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 in these remarks.

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.

Third Quarter 2022 Earnings Pre-Recorded Management Discussion | October 26, 2022

Q3 2022 Earnings Pre-Recorded Management Discussion

Slide 1

ANNE-MARIE MEGELA, HEAD OF GLOBAL INVESTOR RELATIONS

Hello. This is Anne-Marie Megela, Head of Global Investor Relations at The Kraft Heinz Company. I'd like to welcome you to our third quarter 2022 business update.

Slide 2

During the following remarks, we will make forward-looking statements regarding our expectations for the future, including related to our business plans and expectations, strategy, efforts and investments, and related timing and expected impacts. These statements are based on how we see things today, and actual results may differ materially due to risks and uncertainties. Please see the cautionary statements and risk factors contained in today's earnings release, which accompanies these remarks, as well as our most recent 10-K,10-Q, and 8-K filings for more information regarding these risks and uncertainties.

Additionally, we will refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP. Please refer to today's earning's release and the non-GAAP information available on our website at ir.kraftheinzcompany.comunder News & Events for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures.

Slide 3

Today, our Chief Executive Officer and Board Chair, Miguel Patricio, will provide an update on our overall business performance. And Andre Maciel, our Global Chief Financial Officer, will provide a financial review of the third quarter and will discuss our 2022 outlook.

We have also scheduled a separate, live question-and-answer session with analysts.

Third Quarter 2022 Earnings Pre-Recorded Management Discussion | October 26, 2022

You can access our earnings release, supplemental materials, and audio of our question-and- answer session at ir.kraftheinzcompany.com. A replay of the question-and-answer session will be available following the event through the same website.

With that, I will turn it over to Miguel.

Slide 4

MIGUEL PATRICIO, CHIEF EXECUTIVE OFFICER AND BOARD CHAIR

Thank you, Anne-Marie.

And thanks to all of you for joining us today. Let me start by saying that our intense focus on delivering value and convenience at a time when consumers need it most is serving us well. And we expect our investment agenda will further improve our offerings, strengthen our brands, and continue to make us more competitive as we move forward.

We delivered yet another quarter of strong results… results we achieved while successfully navigating a dynamic environment and enabled by the continued advancement of our long- term strategy.

With these proven capabilities, continued success along our transformation journey and a stronger balance sheet, we believe we are well-positioned to drive profitable growth and generate attractive returns for our stockholders.

Slide 5

So, let's dive into our results.

Slide 6

Organic Net Sales has been growing at a 6.4% compound annual growth rate compared to the third quarter of 2019, and versus last year, we generated 11.6% growth in the third quarter.