Margin Analysis Schedule Q3 2021

Q3 2021 MARGIN ANALYSIS

October 27, 2021

RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION

The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule which reconciles our results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation is attached as an appendix hereto.

Q3 2021 MARGIN ANALYSIS

CONSOLIDATED GROSS MARGIN

KEY TAKEAWAYS

								•	Items impacting comparability
									primarily relate to economic
				Operating segment mix tailwind of ~20bps is driven		hedging activities.
				by relative underperformance in our lower margin,
				finished goods BIG segment versus our geographic
					operating segments.		• Underlyinggross margin expanded
			~120bps	~40bps	~0bps	61.1%			by ~120 bps driven by pricing
							60.4%	initiatives, favorable channel and
59.9%								package mix where coronavirus-
						~(70bps)
	59.4%						related uncertainty is abating, and
	~(40bps)								timing of shipments.
				~160bps
3Q20 GAAP	Items	3Q20	Underlying	Currency	Acquisitions /	3Q21	Items	3Q21 GAAP
	Impacting	Comparable			Divestitures /	Comparable	Impacting
	Comparability (Non-GAAP)			Structural	(Non-GAAP) Comparability

Note: Numbers may not add due to rounding.

2

YTD 2021 MARGIN ANALYSIS

CONSOLIDATED GROSS MARGIN

Operating segment mix headwind of	•
~(10bps) is driven by relative outperformance
in our lower margin finished goods Global
Ventures segment versus our geographic
operating segments

					~10bps	61.1%	~30bps	61.4%	•
			~120bps	~10bps
59.6%	~10bps	59.7%
									•
				~140bps
YTD20 GAAP	Items	YTD20	Underlying	Currency	Acquisitions /	YTD21	Items	YTD21 GAAP
	Impacting	Comparable			Divestitures /	Comparable	Impacting
	Comparability (Non-GAAP)			Structural	(Non-GAAP) Comparability

KEY TAKEAWAYS

Items impacting comparabilityprimarily relate to economic hedging activities.

Underlyinggross margin expanded by ~120 bps driven by favorable channel and package mix where coronavirus-related uncertainty is abating, timing of shipments, and pricing initiatives.

The divestiture benefitto gross margin was due to the discontinuation of the finished goods business of Odwalla.

Note: Numbers may not add due to rounding.

3

Q3 2021 MARGIN ANALYSIS

CONSOLIDATED OPERATING MARGIN	KEY TAKEAWAYS

								•	Items impacting comparability
									primarily relate to productivity &
				Operating segment mix headwind of ~(30bps)			reinvestment initiatives,
				is driven by relative outperformance in our			transaction gains & losses, and
				lower margin finished goods Global Ventures			strategic realignment.
				segment versus our geographic operating
					segments
								•	Underlyingoperating margin
	~380bps	30.4%			~0bps				compression of ~(80 bps) was
		~40bps	30.0%			primarily driven by a significant
			~(80bps)					28.9%	increase in marketing investments
							versus the prior year, partially
							~(110bps)		offset by strong topline growth.
26.6%				~(40bps)
3Q20 GAAP	Items	3Q20	Underlying	Currency	Acquisitions /	3Q21	Items	3Q21 GAAP
	Impacting	Comparable			Divestitures /	Comparable	Impacting
	Comparability (Non-GAAP)			Structural	(Non-GAAP) Comparability

Note: Numbers may not add due to rounding.

4

YTD 2021 MARGIN ANALYSIS

CONSOLIDATED OPERATING MARGIN

Operating segment mix headwind of	•
~(30bps) is driven by relative
outperformance in our lower margin finished
goods Global Ventures segment versus our
geographic operating segments

	~310bps	30.4%	~40bps		~10bps	30.9%
		~0bps				•
								29.6%
							~(130bps)
27.3%
				~50bps				•
YTD20 GAAP	Items	YTD20	Underlying	Currency	Acquisitions /	YTD21	Items	YTD21 GAAP
	Impacting	Comparable			Divestitures /	Comparable	Impacting
	Comparability (Non-GAAP)			Structural	(Non-GAAP) Comparability

KEY TAKEAWAYS

Items impacting comparabilityprimarily relate to productivity & reinvestment initiatives, transaction gains & losses, and strategic realignment.

Underlyingoperating margin expanded by ~40 bps driven by favorable channel and package mix where coronavirus-related uncertainty is abating, partially offset by a significant increase in marketing investments versus the prior year.

The divestiturebenefit to operating margin was due to the discontinuation of the finished goods business of Odwalla.

Note: Numbers may not add due to rounding.

5