INVESTOR UPDATE

MARCH 19, 2024

 WELCOME

JANE GELFAND
VP, INVESTOR RELATIONS & STRATEGIC INITIATIVES

2
Forward-Looking Statements
Certain statements contained herein are “forward-looking statements” within the meaning of applicable securities laws and regulations. These forward-looking statements include, but are
not limited to, words such as “outlook,” “guidance,” “anticipate,” “expect,” “believe,” “could,” “estimate,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would,”
and similar words or phrases. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements regarding the estimated or
anticipated future results of Keurig Dr Pepper Inc. (the “Company”) and other statements that are not historical facts. These statements are based on the current expectations of our
management and are not predictions of actual performance.

Forward-looking statements are subject to a number of risks and uncertainties and actual results may differ materially. These risks and uncertainties include, but are not limited to,
disruption of our manufacturing and distribution operations or supply chain; our operating in intensely competitive categories; our ability to effectively respond to changing consumer
preferences and shopping behavior; concerns about the safety, quality or health effects of our products; damage to our reputation or brand image; our ability to successfully manage our
acquisitions and investments in new businesses or brands; our ability to realize benefits or successfully manage the potential negative consequences of our productivity initiatives;
requirements for substantial investment and upgrading of our facilities and operations; increases in our cost of employee benefits; our dependence on key information systems, and our
exposure to business disruptions due to our use of information technology; substantial disruption at our manufacturing and distribution facilities; infringement of intellectual property rights,
and adverse events regarding licensed intellectual property; our ability to attract, retain, develop and motivate a highly skilled and diverse workforce, and our ability to effectively manage
changes in our workforce; our ability to renew collective bargaining agreements on satisfactory terms, or union activity; reductions in our payment terms with our suppliers; the
consummation of our share repurchase program or the effectiveness of such program to enhance long-term stockholder value; significant impairments of the value of our goodwill and
other indefinite-lived intangible assets; our dependence on third-party bottling and distribution companies for a significant portion of our business; changes in the retail landscape or in
sales to any key customer; our ability to maintain strategic relationships with brand owners and private label brands; management of our equity method investments by parties who may
have different interests than we do; exposure to business disruptions or other negative impacts from the use of information technology by our third-party commercial partners and service
providers; our reliance on the performance of a limited number of suppliers and manufacturers for our brewers, and a limited number of order fulfillment companies for our brewers,
beverage concentrates and syrups; recession, financial and credit market disruptions and other political, social or economic conditions; impacts of U.S. and international laws and
regulations; exposure to significant liabilities and damage to our reputation resulting from litigation or legal proceedings; increased concerns related to the use or disposal of plastics or
other packaging materials; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; our exposure to cybersecurity breaches and other
business disruptions due to our use of information technology and third party service providers; our ability to comply with personal data protection and privacy laws; climate change or
related legislation; water scarcity and quality; and fluctuations in our effective tax rate. These risks and uncertainties, as well as others, are more fully discussed in the Company’s filings with
the SEC, including our Annual Report on Form 10-K filed with the SEC on February 22, 2024. While the lists of risk factors presented here and in our public filings are considered representative,
no such list should be considered to be a complete statement of all potential risks and uncertainties. Any forward-looking statement made herein speaks only as of the date of this
document. We are under no obligation to, and expressly disclaim any obligation to, update, revise or withdraw any forward-looking statements, whether as a result of new information,
subsequent events or otherwise, except as required by applicable laws or regulations.

NON-GAAP FINANCIAL MEASURES

This presentation includes certain non-GAAP financial measures, including Adjusted diluted EPS, free cash flow and management leverage ratio, which differ from results using U.S.
Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered
replacements for, or superior to, the GAAP measures and may not be comparable to similarly named measures used by other companies. Non-GAAP financial measures typically exclude
certain charges, including one-time costs that are not expected to occur routinely in future periods. The Company uses non-GAAP financial measures internally to focus management on
performance excluding these special charges to gauge our business operating performance. Management believes this information is helpful to investors because it increases
transparency and assists investors in understanding the underlying performance of the Company and in the analysis of ongoing operating trends. Additionally, management believes that
non-GAAP financial measures are frequently used by analysts and investors in their evaluation of companies, and its continued inclusion provides consistency in financial reporting and
enables analysts and investors to perform meaningful comparisons of past, present and future operating results. The most directly comparable GAAP financial measures and
reconciliations to non-GAAP financial measures are set forth in the Appendix to this presentation and included in the Company’s filings with the SEC which are available at
www.keurigdrpepper.com.
 Agenda

Presentation Short Executive

Break Q&A Session

Welcome Please enjoy Bob Gamgort,

Jane Gelfand, VP Investor Relations & Strategic our Cold beverages Chairman & Chief
Initiatives Executive Officer
Introduction and discover
Bob Gamgort, Chairman & Chief Executive Officer our At-Home brewers Tim Cofer,
& future Keurig vision Chief Operating
Strategic Vision
Tim Cofer, Chief Operating Officer Officer

Financial Outlook
Sudhanshu Priyadarshi, Chief Financial Officer & Sudhanshu
President, International Priyadarshi,
Chief Financial
Closing Officer & President,
Bob Gamgort, Chairman & Chief Executive Officer International

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 INTRODUCTION

BOB GAMGORT
CHAIRMAN & CEO

5
Perspective

PROVEN MODEL OWNERSHIP STABILITY EVOLVED STRATEGY ENERGIZED TEAM

KDP’s portfolio and KDP’s current ownership Evolved strategy A talented and
business model have structure enables activates the KDP energized leadership
performed well, under stability following a platform to deliver an team is now in place,
extraordinary pressure, journey from private, attractive shareholder fueled by a unique
over the past 5 years to closely held, to algorithm challenger culture
widely held

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KDP’s portfolio and business model have performed well,
under extraordinary pressure, over the past 5 years

Beverage S&P Consumer

2018-2023
Peers Staples

Net Sales 6% 7% –
CAGR

EPS 11% 4% –
CAGR

TSR 64% 36% 50%

Cumulative

P/E 15x 21x 20x

Current; N12M basis

As used in this presentation, EPS represents Adjusted diluted EPS, a non-GAAP measure.
Net sales and EPS include impact of currency.
7 Source: FactSet. TSR calculated from 7/9/18 through 3/15/24. Drink in the
Beverage Peers include BUD, KO, MNST, PEP, SAM, STZ, TAP; peer results presented as an arithmetic mean. S&P Composite 1500 Consumer Staples used as benchmark index. possibilities
KDP’s current ownership structure enables stability following a
journey from private, to closely held, to widely held
At Merger Current

MDLZ
14% JAB
21%
Public
13% Float

JAB & Public Float

Investors 79%
73%

~900 Million Shares Transitioned from Private to Public Float

8 Ownership as of March 18, 2024. Drink in the
possibilities
Evolved strategy activates the KDP platform to deliver an attractive
long-term shareholder algorithm

Compelling Strategy Attractive Algorithm

Net Sales Mid

Growth Single Digit

EPS High
Growth Single Digit

Cash
Flow + Optionality

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A talented and energized leadership team is now in place,
fueled by a unique Challenger culture

Selected Previous
CPG Experience

Andrew Tim Mary Beth Roger Patrick

Archambault Cofer DeNooyer Johnson Minogue
President, U.S. Refreshment Chief Operating Officer; Chief Human Chief Supply Chain President, Coffee
Beverages CEO transition planned in Q2’24 Resources Officer Officer
Joined KDP: 2017 Joined KDP: 2023 Joined KDP: 2019 Joined KDP: 2016 Joined KDP: 2015
Consumer Experience: 28 Consumer Experience: 32 Consumer Experience: 30 Consumer Experience: 11 Consumer Experience: 19

Sudhanshu Dr. Karin Monique Anthony Justin

Priyadarshi Rotem-Wildeman Oxender Shoemaker Whitmore
Chief Financial Officer & Chief Research & Chief Corporate Chief Legal Officer & Chief Strategy Officer
President, International Development Officer Affairs Officer General Counsel
Joined KDP: 2022 Joined KDP: 2023 Joined KDP: 2012 Joined KDP: 2020 Joined KDP: 2021
Consumer Experience: 20 Consumer Experience: 26 Consumer Experience: 12 Consumer Experience: 4 Consumer Experience: 13

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 STRATEGIC VISION

TIM COFER
CHIEF OPERATING OFFICER

11
Confident in the future of KDP

Beverage industry is large, dynamic and attractive

KDP is an advantaged platform with a proven track record

Clear strategic framework to drive the next chapter of growth

Committed to compelling outcomes to support continued shareholder delivery

Confident in consistent delivery of long-term algorithm

Unique challenger culture as our force multiplier

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The Beverage industry is a dynamic and still-fragmented space

Multiple emerging segments

in $300B North America at-home market Significant scope to build share

RTD Coffee
Sports Drinks

RTD Tea
Top 3 Players

48%
Coffee

Carbonated
Soft Drinks
Energy
Drinks

All Others

52%
Juice
Bottled
Water

5% growth
2016-2023 CAGR

13 Data for 2023. Beverage industry as presented excludes alcohol. Drink in the
Source: Euromonitor, Circana MULO+C. possibilities
U.S. At-Home Coffee is a large category with significant runway
for single serve & ready-to-drink

63% daily
consumption 78%
of
Gen-Zennials
drank a coffee in the past week
#1 of all beverages (excl. water)

Total Coffee Volume At-Home Volume Single Serve Volume

42B At-Home coffee occasions

Single Serve

28% Keurig
+4% Single Serve volume CAGR L5Y
At home Manufactured
coffee
Single serve consumption drivers:

73%
Up from
21% in 2017 77% Conversion from drip
- 95M U.S. households drink coffee at home
Drip & Other - 40M active Keurig households in the U.S.
69%
Capturing out-of-home occasions
Away Other Keurig
from home Compatible
27% 20%
Ready to Drink 3% Non-Compatible 3%
14 Drink in the
Data for 2023. Gen-Zennials defined as 25-39 years old.
Source: Circana MULO+C, NPD Crest, Technomic, National Coffee Association of U.S.A., KDP internal estimates. possibilities
KDP is a Challenger with significant scale

~$ 15B
net sales in 2023
4B
~$
Adjusted operating
HQs:
Burlington, Massachusetts
150+
principal warehouses /
income in 2023 Frisco, Texas distribution centers
Montreal, Quebec
Mexico City, Mexico

125+ Fortune 500

30
approximately
S&P 500
owned, licensed
& partner beverage
brands
Nasdaq 100 28K
employees
Manufacturing
locations

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A North American leader with strong category positions

U.S. Refreshment Beverages U.S. Coffee

~$4B
~$9B ~ 29%
Net sales
#1 Single-serve

~ 33%
coffee system

Net sales Adjusted 2023 Adj. OI margin

OI margin
NET SALES Emerging
RTD coffee

International
~$2B
#1 Flavored
CSDs
#2 Premium
water
#1 Mixers Net sales
#1 Flavored #1 Single-serve #1 Mineral
CSDs coffee Water
system

~ 26%
#2 Shelf-stable
premium
#1 Apple
juice
Emerging Emerging Adj. OI margin #1 Tomato #1 Low alcohol #2 Flavored
Sports Energy
RTD tea seafood cocktail CSDs
Hydration
juice
Source: Circana MULO+C 52W ended 12/31/23, NPD Crest 52W ended 12/30/23, Nielsen Discover full year 2023, NielsenIQ full year 2023.
 Iconic brands beloved by consumers
$1B+
$500M+
$100M+

Our broad beverage portfolio includes 125+ owned, licensed and partner brands
17 Represents 2023 retail sales. Only captures country markets where KDP has economic rights. Drink in the
Source: Circana MULO+C, NPD, Nielsen Discover, Nielsen IQ, Association of Canadian Distillers, KDP internal estimates. possibilities
 Evolved strategy to guide the next chapter of KDP value creation

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Our Purpose and Vision as a company are clear and intentional

Purpose Vision

Drink Well. A beverage

Do Good. for every need,
anytime, anywhere
Drink Well to enhance
the experience of every
occasion.

Do Good to make a
positive impact for our
people, communities
and planet.

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 Strategy

Champion Consumer-Obsessed
Brand Building
We have a
clear and Amplify our Route to Market
compelling Advantage

strategy
Shape our Now and Next
Beverage Portfolio

Generate Fuel for Growth

Dynamically Allocate Capital

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 Strategy

Champion  Lead with the consumer

Consumer-Obsessed  Invest in our iconic brands

We have a Brand Building  Innovate and disrupt

clear and Amplify our  Extend multi-channel leadership

compelling
Route to Market  Strengthen Direct Store Delivery (DSD)
Advantage  Broaden digital capabilities

strategy Shape our  Lean into growth categories

Now and Next  Create win-win partnerships
Beverage Portfolio  Accelerate international

 Drive continuous net productivity

Generate  Optimize network
Fuel for Growth  Maintain lean overheads

 Enhance returns through smart investments

Dynamically  Ensure efficient capital structure
Allocate Capital  Return cash to shareholders

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 Outcomes

Strong base momentum leveraging

leading capabilities
Activating
our strategy Expansion into high growth categories
will catalyze
positive Meaningful International contribution
outcomes
across our
Robust productivity to reinvest and
business expand margins

Enhanced value creation through

disciplined capital deployment

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 Algorithm

These Net Sales Mid

Growth Single Digit
outcomes
underpin our
attractive EPS High
long-term Growth Single Digit
financial
algorithm
Cash
Flow
+ Optionality

23 Drink in the
Algorithm is stated on a constant currency basis.
possibilities
 STRONG BASE MOMENTUM

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Strong base momentum driven by enhanced capabilities and execution

Since Merger

U.S. Refreshment U.S. Coffee International

Beverages
Consolidated

+7% +2% +9%* +6%

Net Sales CAGR Net Sales CAGR Net Sales CAGR Net Sales CAGR

*+9% const FX,

+10% reported CAGR

25 Algorithm is stated on a constant currency basis. Drink in the

possibilities
Brand Building, Commercial, and Route-to-Market capabilities propel our base momentum

Consumer-Obsessed Advantaged Unique Multi-Channel

Brand Building Commercial Engine Route-to-Market

Consumer Insights

Brand Portfolio
KDP & Partners

Content & Media

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 Our brand-building begins with a unique understanding of the consumer

Proprietary Demand Space Framework Application

Informed by 25,000+ Positioning

interviews Sharpens brand distinctiveness

Intersection of occasions, Communications

Improves messaging
needs, and consumers
resonance
IR to replace picture with
Maps beverage usage
• From Dawn to Dusk
new version that has more
space between “Alone” and Innovation &
Renovation
the horizontal bar
• At Home and Out-and-About
• Alone and With Others Highlights underserved &
unmet needs

Uncovers both functional

and emotional needs Activation
Refines strategy by
shopper, channel & pack

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Demand Space understanding drives sharper brand execution

Canada Dry Original Donut Shop

DEMAND SPACE DEMAND SPACE

Unwinding in the Evening Casual Get Together

INNOVATION INNOVATION
Canada Dry Fruit Splash Donut Shop and Twix

POSITIONING POSITIONING
Be Relaxed Everyday Treat

COMMUNICATION COMMUNICATION
Sip Into Your Treat Yourself First
Comfort Zone

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FANSVILLE activation supports Dr Pepper’s standout momentum

National TV

Digital & Social

DEMAND SPACE
Connecting With Friends

Local Customization
POSITIONING
One of a Kind Treat
#1 CSD Retail
INNOVATION innovation +1.8 pts
3rd straight CSD market
Strawberries & Cream Innovation
year share since
COMMUNICATION Packaging & POS
merger
The One You Deserve
Packaging

29 Source: Circana MULO+C, Circana New Product Pacesetters. Drink in the

possibilities
2024 Cold Beverages innovation designed to extend LRB share gains

CSDs Water Tea, Juice Energy

Limited Edition
Creamy Coconut
USA Gymnastics
Partnership & Sauce
Snapple
Flavors C4 Energy
Premium
Glass Polar Fan Favorite

Sports
Bottle
Bai Relaunch &
Sydney Innovation

Hydration
Electrolit

Penafiel
Fruit U.S. Mott’s Variety Packs, Seasonal Line
Splash Expansion and Hydration

New Consumer

Price & Package Preferred Pack

Types

30 Drink in the
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Robust U.S. Coffee beverage innovation slate spans segments and brands

Super-Premium
Iced & RTD
Green Mountain Specialty

Donut Shop Iced Refreshers Oatmilk Lattes

Cinnamon Toast
Crunch Latte
McCafe Iced Latte La Colombe RTD & K-Cup Pods

Green
Mountain
Kevin Costner
Partnership

Spring Seasonals

Café Quality Cold Brew McCafe

Premium Blueberry
Italian Muffin
Coffee

31 Drink in the
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Consumer-led brewer innovation captures total coffee-drinking occasions

Chic & Affordable

CONSUMER-INFORMED PRIORITIES

Options
Taste & Quality

Coffee Shop
Experiences
• Hot specialty coffee
• Iced coffee
• Refreshers

Variety & Value • Fast, fresh, cold coffee • Smallest-ever Keurig brewer
• Same great hot features • Opening price point
• Works with any K-cup pod • Colorful personality

We are shifting consumption from drip-coffee & away-from-home occasions

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To meet consumer needs, Keurig is ready to disrupt the status quo

single serve coffee

reimagined
The Next Gen System will be “everything you love about Keurig”, plus more

Diversity in Temperature SMART

Sustainable Proprietary
Formats Control Technology

Espresso, specialty, Responsibly Hot and cold Tailored Protected by a

drip style coffee sourced coffee in a coffee brew settings & significant IP portfolio
plastic and personalized and technological
aluminum-free pod convenience advancements

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Introducing K-RoundsTM plastic and aluminum free pods

Variety
multiple sizes to deliver authentic shots of espresso,
rich cups of coffee and refreshingly cold coffees

Quality
expertly roasted, premium coffee beans
ground and pressed together

Exceptional Value
coffeehouse drinks without the coffeehouse prices

Sustainability
Plastic and aluminum free pods can be disposed like any
coffee grounds and expected to be certified compostable*

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* Certification in process
Brand Building, Commercial, and Route-to-Market capabilities propel our base momentum

Consumer-Obsessed Advantaged Unique Multi-Channel

Brand Building Commercial Engine Route-to-Market

Omni
Consumer Insights Channel Channel
Marketing Strategy &
Category
Mgmt.

Brand Portfolio
KDP & Partners Revenue
Growth
Mgmt. National
Retail
Sales
Content & Media

37 Drink in the
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Our Commercial model is geared to create value for our customers

Digital Shelf Excellence Picture of Success

Channel
Omni
Impactful Shopper Conversion Strategy & Assortment Recommendations
Channel
Category
Marketing
Media Effectiveness Measurement Mgmt. Portfolio Solutions

Price Management Dedicated Customer Teams

Revenue National
Growth Promotional Optimization Retail Tailored Portfolio Solutions
Mgmt. Sales
Packaging / Mix Evolution Digitized Toolboxes

In 2023, KDP was a Top 3 growth driver for our customers

among Food & Beverage manufacturers
38 Source: Circana MULO+C. Drink in the
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Brand Building, Commercial, and Route-to-Market capabilities propel our base momentum

Consumer-Obsessed Advantaged Unique Multi-Channel

Brand Building Commercial Engine Route-to-Market

Omni Company-owned DSD

Consumer Insights Channel Channel
Marketing Strategy &
Category Partner DSD
Mgmt.

Brand Portfolio Warehouse Direct

KDP & Partners Revenue
Growth
Mgmt. National
Retail Away from Home
Sales
Content & Media
Direct to Consumer

39 Drink in the
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Direct Store Delivery (DSD) is a scarce asset and a key investment priority

DSD Operational Footprint

180,000+
States with KDP-owned Retail outlets serviced
Channel DSD operations
Reach
• Grocery 12,000+
• Club
• Dollar
~80%
U.S. population reach
DSD Employees

• Convenience
• Foodservice
through Company-
owned DSD ~20% 6 Million+
reached through Customer sales visits in 2023
• At Work Strategic Partners
• Military

150,000+
Cold drink equipment

40
~30 Distributor acquisitions since merger
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DSD creates advantages that drive sustained outperformance

Greater efficiency from

Greater effectiveness in store increasing KDP & partner scale

• Demand responsiveness

• Enhanced in-store feature & display

• Lower out-of-stocks

• Cold merchandising

• Deeper customer relationships

• Enhances Preferred Partner status

Over 75% ~50% increase in scale

of LRB portfolio gained share chain convenience stores
in 18 of the past 20 quarters with recent partner additions

41 Source: Circana MULO+C, KDP internal estimates. Drink in the

possibilities
Away from Home is a sizeable future growth opportunity
We have established a strong Significant future opportunity to gain share
foundation with Dr Pepper across more occasions in more channels

$200B+ Quick
U.S. Foodservice Serve
market

Restaurant/
Other Bars
Juice
Coffee
Tea

Education
Milk

most available Water

fountain beverage CSD

Convenience

Our Fountain business reaches

250K+ unique locations
42 Drink in the
Source: Technomic. possibilities
Our eCommerce channel exposure is already large, with strong momentum

12 % Double
digit 2x Top 3
eCommerce as a eCommerce CAGR growth in KDP Cold Keurig.com among top
% of KDP's 2023 Last 2 years Business eCommerce online retailers driving
total retail sales penetration since 2020 KDP momentum

43 Source: Circana (Unify, eMarketInsights, Total US Drink in the

eCommerce, Total US MULO). possibilities
Brand Building, Commercial, and Route-to-Market capabilities propel our base momentum

Consumer-Obsessed Advantaged Unique Multi-Channel

Brand Building Commercial Engine Route-to-Market

Omni Company-owned DSD

Channel Channel
Consumer Insights
Marketing Strategy &
Category Partner DSD
Mgmt.

Brand Portfolio Warehouse Direct

KDP & Partners Revenue
Growth
Mgmt. National
Retail Away from Home
Sales
Content & Media
Direct to Consumer

44 Drink in the
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A holistic digital transformation is underway across KDP

Digital consumer Digital Digitized

connections value chain enterprise

• Dynamic consumer • Omni-channel excellence • Intelligent automation &

engagement productivity
• Optimized DSD capabilities
• Differentiated 1P + 2P • Enhanced business
• Predictive & transparent
insights processes
supply chain
• Tech-driven product • Advanced & gamified
innovation operations

Digital Foundations
Cloud-first Data-driven Agile ROI-focused

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 HIGH GROWTH CATEGORIES
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 Multiple emerging growth platforms in large and expanding categories
Super-
Premium Sports RTD Alcohol
Energy Premium
Water Hydration Coffee Alternatives
Pods
Category

$23B $12B $11B $4B <$1B

Value

Emerging
Category

+12% +8% +12% +5% +80% 100M+

Growth

3yr CAGR 3yr CAGR 3yr CAGR 3yr CAGR 3yr CAGR pods in 2024

47 Data for 2023; U.S. only. Alcohol alternatives category size and growth reflects non-alcoholic beer as a proxy. RTD Coffee is shelf-stable only. Drink in the
Source: Circana MULO+C. Super premium pods reflect KDP’s internal estimate. possibilities
 KDP is the preferred partner to build win-win beverage partnerships

Benefits to Partners Benefits Benefits to KDP

to Both

Sales and Business Accelerated White Space Equity

distribution Stewardship Growth Entries Upside

Resourcing Data and Capital Founder

Aligned
Insights Efficiency Network
Incentives

Innovation Exclusive Attractive Additional Optionality

Channels Economics Scale

48 Drink in the
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 We attract
like-minded
entrepreneurs,
founders and
their brands Bill Doss
Shufelt Cunningham

Hamdi Ralph Michael

Ulukaya Crowley Kirban

49 Drink in the
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In Energy, C4 has tremendous upside potential

• #2 share position in functional energy Strong retail sales growth

in Year 1 of partnership

• 3% dollar share in total energy

+63%
• 34% equity stake in Nutrabolt

• Attractive economics

Pre-partnership KDP distro

Performance reflects KDP’s commercial strength:

+0.8pts +58% +68%

Share gained in Total points of Grocery display
energy category distribution inventory

50 Source: Circana MULO + C 52W ended 01/28/24, except functional share (L13W ended 3/3/24). Drink in the
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KDP to power Electrolit from
fast-growing regional brand to
national leader

TOP
5
POSITION IN
$11B U.S. SPORTS
LEADER
IN SPORTS
HYDRATION
5
YEARS OF
DOUBLE-DIGIT
DRINK CATEGORY IN MEXICO GROWTH

• Strategic partnership with Grupo PiSA

• Established rapid hydration sub-segment
• Broad and multicultural consumer appeal

51 Source: Circana MULO + C L52W ended 12/31/23. Drink in the

possibilities
 La Colombe enhances
our super-premium
and ready-to-drink
coffee platforms

• Strategic partnership with

Chobani
• Café credibility
• Vertical integration with

$4B ~5%
leading dairy capabilities
• Super-premium pods
introduced in Q4 2023 shelf-stable Equity stake in
ready-to-drink Chobani
• Reformulated ingredients & category
upgraded packaging in 2024

52 Source: Circana MULO + C L52W ended 12/31/23. Drink in the

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 Significant opportunity to scale RTD alcohol and alternatives

KDP Category retail sales exceed $500M

Leading #1 Non-Alcoholic
RTDs Beer

Owned & licensed brands Equity investment

#1 Mixers & Alcohol

Ingredients #1 Still Mixer #1 Ingredient Alternatives

#1 Carb Mixer #1 Michelada

Manufacturer Mixer
Owned brands Owned brands

53 Source: Circana MULO+C, Nielsen Discover, Association of Canadian Distillers. Drink in the
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 INTERNATIONAL
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Our International segment is becoming an increasingly significant growth driver

Net Sales Adjusted Operating Income

9% 10%
CAGR CAGR
$1.9B $0.5B

$1.2B
$0.3B

2018 2023 2018 2023

International now accounts for 13% of KDP net sales

Significant future opportunity to drive top-line and margins
55 Presented in constant currency. Drink in the
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Macro and demographics support healthy beverage category growth

Macro Overview Beverage Industry

Population GDP global rank Retail Sales 5yr CAGR

MEXICO 128M 14th $46B +6%

Growing modestly Room for expansion
faster than the U.S. in GDP per capita
(<1/3 U.S. level)

CANADA 39M 9th $23B +6%

Growing +1% per Consistent GDP
annum (positive growth
net migration)

56 Data for 2023. Drink in the

Source: Global Data, World Bank. possibilities
International is anchored by leading businesses in Latin America and Canada
Net Net
Latin America ~$1B Sales Canada ~$1B Sales

Mexico > 90% of LatAm net sales

Additional 55 countries reached via export 65+ owned, licensed
and partner brands

#1
#1 #1 Ale
Single-
#1 Tomato Brand in

TOP 3
Serve
Mineral seafood CSD
Brewer
Water juice

BEVERAGE #1
Tomato

PLAYER
Seafood
Juice
#1 #1 Low-
#1
The
highest across markets Flavored Alc RTD
Cocktail
Grapefruit growth in CSD
CSD CSDs

TOP ~80%
620 K
Customers reached via Coffee Foodservice $ Pod share
company-owned DSD + provider
other routes to market KDP-manufactured

Deep local industry expertise across long-tenured leadership teams

57 Source: Nielsen Discover, Nielsen IQ, NPD. Drink in the
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Momentum is underpinned by share gains & category growth

Category Name Category CAGR KDP Share

Market presence 2020-2023 change

CSDs HSD (CA) & DD (MX)

Canada & Latin America

Mineral Water Double digit

Latin America

Single Serve Coffee Low single digit

Canada

Low-/No- Alcohol Double digit (CA)

Canada & Latin America

Tomato Seafood Juice Double digit

Latin America

RTD Alcohol High single digit

Canada

Energy Double digit Emerging

Canada & Latin America

58 Data for 2023. Drink in the

Source: Nielsen Discover, Nielsen IQ, Association of Canadian Distillers. possibilities
Multiple vectors of innovation in International

MEXICO CANADA
RTD Alcohol & Alternatives
Squirt Dr Pepper Zero
Sugar- and
Free Strawberries &
Cream

CSD Innovation Driven By Zero Platform And Flavors

Strong Pipeline In Coffee

Schweppes
Mocktails Soft
Seltzer
59 Drink in the
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 As in the U.S., we buy, build and partner to create Int’l growth platforms

Energy RTD Alcohol

Highest growth in Mexico’s 92% $ Share of Caesar

traditional trade in 2023 Segment

1.3x distribution vs. 2022 Expansion into Malt

in select channels

Alcohol
Alternatives Premium
Canada Coffee
Leading category shares
in non-alcoholic beer & Canada
low-alcohol cocktails Bringing
premium coffee
Mexico to our consumers
Schweppes Mocktails within the Keurig
innovation in 2024 system

60 Red Bull distribution growth on a weighted basis. Drink in the

Source: Nielsen Discover, Nielsen IQ. possibilities
 ROBUST PRODUCTIVITY

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 Now entering next wave of productivity savings

Supply Chain Transformation Continuous

Integration
& Surety of Supply Net Productivity

Next-gen
manufacturing
investments

$600M
Customer
service as top Top-tier productivity
priority to offset inflation,
Cost Synergies
expand margins &
Achieved
unlock fuel for growth

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 Significant investments to modernize core processes yielding results

Next Generation Strategic Next Generation

Aseptic Manufacturing Concentrate Facility K-Cup Pod Manufacturing
ALLENTOWN, PA NEWBRIDGE, IRELAND SPARTANBURG, SC

Significant increase in annual

Second source of concentrate Producing K-cup pods at the
still beverages capacity
supply to mitigate risk highest rate in KDP history
Cutting edge aseptic
50% lower processing time vs. Lowest cost K-cup pod facility
technology
legacy network when fully scaled
200% increase in labor
Nearly doubled capacity vs. All manufacturing lines to be
productivity via automation
initial scope completed by 2025
Drink in the
63
possibilities
Starting in 2023, our focus shifted to driving
a step-change in productivity Focus Areas
Gross Productivity
Million $
3-4%
War on Waste

Design-to-Value

Integration Network Optimization

Transformational
investments & Surety
of supply

Continuous Productivity Harvest benefits

from next-generation
investments
2019 2020 2021 2022 2023 Annual
Target
64 Gross Productivity target calculated as % of Adjusted Cost of Sales and SG&A Transportation and Warehousing Costs. Drink in the
Gross Productivity does not include merger synergies. possibilities
Target bar is illustrative.
Committed to driving a lean
overhead structure Focus Areas

Business unit as primary

Goal to maintain top-tier organizational vector
Beverage overheads
Operating Lean corporate center
% of sales
Model
Aggressive indirect cost
management
Broad
Beverage
Peer Digitalization
average
Enablers Automation

Shared services

Target Expense growth </= Sales growth

KDP Key Competitor 1 Key Competitor 2

Data for 2023. Calculated as SG&A excluding transportation & warehousing, marketing,
intangibles amortization.
65 Drink in the
Source: Company reports. Beverage Peers include BUD, KO, MNST, PEP, SAM, STZ, TAP; peer
average presented as an arithmetic mean. possibilities
 DISCIPLINED CAPITAL DEPLOYMENT
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Disciplined capital allocation has been a hallmark of KDP value-creation

Growth Brand-building, commercial and route-to-market capabilities

investments Next-gen manufacturing facilities

M&A and Multiple, high-growth category platforms

partnerships added with <$2.5B spent

Post-merger deleveraging from ~6x to ~3x

Balance Sheet
Proactive reduction in supply chain financing program

Cash to Growing dividend: +11% CAGR over the last 3 years

Shareholders $2.2 billion in opportunistic shares repurchases

+64% TSR since merger

Strong returns +180 bps ROIC improvement since merger

TSR calculated from 7/9/18 through 3/15/24. Drink in the

67 Source: FactSet.
possibilities
Future deployment will be similarly dynamic, with investing in
KDP’s growth our top priority

Invest for Growth Direct Shareholder Returns

Accretive Opportunistic
Internal Grow the
partnerships share
Investments dividend
& M&A repurchase

Consistently Strong Balance Sheet

68 Drink in the
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Our secret ingredients are our culture and our people
We are Challengers and disrupters

Team First Think Bold

Top beverage talent “We are Win together. Challenge the
with a creators, Be the kind of
person you want
usual. Dare to try
something new.
challenger mindset collaborators
and achievers.”
on your team.

Deliver Big Be Fearless

Achieve our and Fair
commitments.
Then push beyond Tell the truth with
the expected. courage. Listen and
act with respect.

70 Drink in the
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 Our Strategy is designed to power
a sustainable cycle of growth

Strategy Outcomes Algorithm

Champion Consumer-Obsessed Brand Building
Strong base momentum leveraging
leading capabilities Net Sales Mid
Growth
Single Digit
Amplify our Route to Market Advantage Expansion into high growth categories

Meaningful International contribution

EPS High
Growth
Shape our Now and Next Beverage Portfolio Single Digit
Robust productivity to reinvest
and expand margins
Generate Fuel for Growth Cash
Flow + Optionality
Enhanced value creation through
Drink in the possibilities disciplined capital deployment

71 Drink in the
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 FINANCIAL OUTLOOK

SUDHANSHU
PRIYADARSHI
CHIEF FINANCIAL OFFICER & PRESIDENT, INTERNATIONAL

72
 Our Strategy is designed to power
a sustainable cycle of growth

Strategy Outcomes Algorithm

Champion Consumer-Obsessed Brand Building
Strong base momentum leveraging
leading capabilities Net Sales Mid
Growth
Single Digit
Amplify our Route to Market Advantage Expansion into high growth categories

Meaningful International contribution

EPS High
Growth
Shape our Now and Next Beverage Portfolio Single Digit
Robust productivity to reinvest
and expand margins
Generate Fuel for Growth Cash
Flow
+ Optionality
Enhanced value creation through
Drink in the possibilities disciplined capital deployment

73 Drink in the
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Attractive growth and margin opportunity across the enterprise

Revenue drivers to rebalance in 2024+ Multiple levers to drive operating margins

+6% MSD Tailwinds

Illustrative

Vol / Mix
• Operating leverage
Balance
between • Continuous productivity
vol/mix &
Price price
drivers • Lean overheads

2018-2023
Offsets
Long-Term Algorithm

• Volume / mix driven by base momentum, • Inflation

emerging platforms, higher price/oz growth
• Brand and capability investments
• Opportunistic and market-driven pricing

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Productivity to unlock fuel for growth and incremental investment

Gross Productivity Capital Expenditures Marketing Investment

Millions $ % of Net Sales Millions $

3-4% ↑
3-4%
ROI-driven

2019 2020 2021 2022 2023 Target 2019 2020 2021 2022 2023 Target 2019 2020 2021 2022 2023 Target

Gross Productivity target calculated as % of Adjusted Cost of Sales and SG&A Transportation and Warehousing Costs.
75 Gross Productivity does not include merger synergies. Drink in the
Target bars are illustrative. possibilities
 Robust cash flow generation brings more optionality and flexibility

Free Cash Flow Conversion

% of Adjusted Net Income
Strong free cash flow conversion
since merger

100% Commensurate
with Large 2023 was the peak year of
Beverage Peers
discretionary supply chain
financing reduction

Free cash flow conversion to

sequentially improve towards
competitive long-term target
2019 2020 2021 2022 2023 Target

76 Target circle is illustrative. Drink in the

possibilities
Dynamic capital allocation approach with investing in KDP’s
growth as our top priority

Invest for Growth Direct Shareholder Returns

Accretive Opportunistic
Internal Grow the
partnerships share
Investments dividend
& M&A repurchase

Consistently Strong Balance Sheet

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Ongoing commitment to a strong and optimized balance sheet

Management Leverage Ratio

6.1x
5.3x
4.5x
3.6x
Merger
2.9x 2.9x 3.1x Long
Target:
< 3.0x Term
Target:
2.0x -2.5x

Merger 2018 2019 2020 2021 2022 2023

78 Management leverage ratio is defined as KDP’s total principal amounts of debt less cash and cash equivalents, divided by Adjusted EBITDA. Drink in the
possibilities
TSR enhanced through a growing dividend
and opportunistic buybacks Buybacks
Integration
2018- Period
Dividends 2021 Focus on
deleveraging
$ per share
11%
CAGR $0.83 45% 2022
~11M
shares
$0.78 Dividend
Payout
$0.71 Target
~22M
2023
shares
$0.60 $0.60 $0.60

2024
~38M
to date shares

2018 2019 2020 2021 2022 2023 $1.8B Remaining

Authorization

$7B+ returned since merger

79 2018 dividend per share represents annual rate during H2’18. CAGR is from 2020-2023. Drink in the
Current share buyback authorization through year-end 2025. possibilities
 Reaffirming 2024 outlook
2024
guidance Net
reflects Sales Mid
growth at Growth Single Digit
long-term
algorithm EPS High
Growth Single Digit

80 Guidance is stated on a constant currency basis. As guided on 2/22/24, net sales and adjusted EPS Drink in the
outlook excludes an expected 0.5pt currency headwind. possibilities
Set to build on an already formidable financial track record

Results Long-Term
Since Merger Ambition

Mid
Net Sales +6% Single
CAGR Digit

High
EPS +11% Single
CAGR Digit

$11B +
Free Cash Flow Cumulative Optionality

TSR +64%
Cumulative
Top-Tier

81
TSR calculated from 7/9/18 through 3/15/24. Drink in the
Algorithm is stated on a constant currency basis.
possibilities
 CLOSING

BOB GAMGORT
CHAIRMAN & CEO

82
 Ready for the next chapter

ADVANTAGED PLATFORM WITH STRATEGY

TO DELIVER COMPELLING OUTCOMES

Strong base momentum leveraging leading capabilities

Expansion into high growth categories

Meaningful International contribution

Robust productivity to reinvest and expand margins

Enhanced value creation through disciplined capital deployment

UNIQUE CHALLENGER CULTURE AND

ENERGIZED LEADERS READY TO DELIVER
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Drink in the
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84
APPENDIX

85 Drink in the
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Reconciliation of Adjusted Diluted EPS
(Unaudited, in millions except per share data)

Pro Form a
Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed
Twelve Mon t h s En d ed
Decem b er 31, 2019 Decem b er 31, 2020 Decem b er 31, 2021 Decem b er 31, 2022 Decem b er 31, 2023
Decem b er 31, 2018
Dilu t ed Net In com e Dilu t ed Net In com e Dilu t ed Net In com e Dilu t ed Net In com e Dilu t ed Net In com e Dilu t ed
Earn in gs p er At t rib u t ab le Earn in gs p er At t rib u t ab le Earn in gs p er At t rib u t ab le Earn in gs p er At t rib u t ab le Earn in gs p er At t rib u t ab le Earn in gs p er
Net In com e Sh are t o KDP Sh are t o KDP Sh are t o KDP Sh are t o KDP Sh are t o KDP Sh are
Reported $ 1,099 $ 0.78 $ 1,254 $ 0.88 $ 1,325 $ 0.93 $ 2,146 $ 1.50 $ 1,436 $ 1.01 $ 2,181 $ 1.55
Items Affecting Comparability:
Mark to market 56 0.04 3 - - - (44) (0.03) 302 0.21 4 -
Amortization of intangibles 90 0.06 92 0.06 98 0.07 103 0.07 103 0.07 103 0.07
Amortization of deferred financing costs 6 - 9 0.01 8 0.01 5 - 2 - 1 -
Amortization of fair value debt adjustment 16 0.01 20 0.01 18 0.01 14 0.01 15 0.01 14 0.01
Stock compensation 17 0.01 18 0.01 22 0.02 3 - 6 - 11 0.01
Restructuring and integration costs - DPS Merger 127 0.09 186 0.13 150 0.11 155 0.11 131 0.09 - -
Restructuring - 2023 CEO Succession and Associated Realignment - - - - - - - - - - 26 0.02
Productivity 21 0.01 73 0.05 95 0.07 123 0.09 174 0.12 196 0.14
Impairment of intangible assets - - - - 52 0.04 - - 351 0.25 2 -
Impairment on investment - - - - 77 0.05 62 0.04 9 0.01 - -
Transaction costs 5 - 18 0.01 - - 2 - 1 - 2 -
Inventory step-up 2 - 2 - - - - - - - - -
Loss on early extinguishment of debt 10 0.01 9 0.01 3 - 81 0.06 166 0.12 - -
Non-routine legal matters 16 0.01 37 0.02 43 0.03 23 0.02 10 0.01 4 -
COVID-19 - - - - 97 0.07 28 0.02 10 0.01 - -
Gain on sale of equity method investment - - - - - - (400) (0.28) (38) (0.03) - -
Gain on litigation - - - - - - - - (203) (0.14) - -
Malware Incident - - 6 - - - (2) - - - - -
Foundational projects - - - - - - - 3 - - -
Tax reform (7) - - - - - - - - - - -
Change in deferred tax liabilities related to goodwill and other intangible assets - - - - - - (19) (0.01) (80) (0.06) (26) (0.02)
Adjusted $ 1,458 $ 1.04 $ 1,727 $ 1.22 $ 1,988 $ 1.40 $ 2,280 $ 1.60 $ 2,398 $ 1.68 $ 2,518 $ 1.79

Dilu ted earn in gs p er com m on s h are m ay n ot foot d u e to rou n d in g.

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Reconciliation of Free Cash Flow
(Unaudited, in millions)

Free Cas h Flow

Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed
Tot al
Decem b er 31, 2019 Decem b er 31, 2020 Decem b er 31, 2021 Decem b er 31, 2022 Decem b er 31, 2023

Net cash provided by operating activities $ 2,474 $ 2,456 $ 2,874 $ 2,837 $ 1,329
Purchases of property, plant and equipment (330) (461) (423) (353) (425)
Proceeds from sales of property, plant and equipment 247 203 122 168 9
Free Cash Flow $ 2,391 $ 2,198 $ 2,573 $ 2,652 $ 913 $ 10,727

87 Free cash flow is defined as net cash provided by operating activities adjusted for purchases of property, plant and equipment, proceeds from sales of property, plant Drink in the
and equipment, and certain items excluded for comparison to prior year periods. possibilities
Reconciliation of Adjusted EBITDA and Management Leverage Ratio
(Unaudited, in millions, except for ratio)

Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed
Decem b er 31, 2018 Decem b er 31, 2019 Decem b er 31, 2020 Decem b er 31, 2021 Decem b er 31, 2022 Decem b er 31, 2023
Net in com e at t rib u t ab le t o KDP $ 1,108 $ 1,254 $ 1,325 $ 2,146 $ 1,436 $ 2,181
Interest expense, net 671 654 604 500 693 496
Provision for income taxes 398 440 428 653 284 576
Depreciation expense 326 358 362 410 399 402
Other amortization - - 158 164 172 181
Amortization of intangibles 121 126 133 134 138 137
EBITDA $ 2,624 $ 2,832 $ 3,010 $ 4,007 $ 3,122 $ 3,973
It em s affect in g com p arab ilit y:
Impairment of intangible assets - - 67 - 477 2
Restructuring - 2023 CEO Succession and Associated Realignment - - - - - 35
Restructuring and integration costs - DPS Merger 170 234 199 202 169 -
Gain on sale of equity-method investment - - - (524) (50) -
Gain on litigation - - - - (271) -
Loss on early extingishment of debt 13 11 4 105 217 -
Impairment of investments and note receivable - - 102 17 12 -
Productivity 32 80 108 138 201 218
Non-routine legal matters 22 48 57 30 13 5
Stock compensation 21 24 27 18 5 17
COVID-19 - - 128 37 14 -
Transaction costs 4 9 - 2 1 2
Foundational projects - - - - 4 -
Malware incident - 8 - (2) - -
Mark to market 72 (45) (28) (57) 150 (8)
Inventory step-up 2 3 - - - -
Adjusted EBITDA $ 2,960 $ 3,204 $ 3,674 $ 3,973 $ 4,064 $ 4,244

As of As of As of As of As of As of
Decem b er 31, 2018 Decem b er 31, 2019 Decem b er 31, 2020 Decem b er 31, 2021 Decem b er 31, 2022 Decem b er 31, 2023
Principal amounts of:
Commercial paper notes $ 1,079 $ 1,246 $ - $ 149 $ 399 $ 2,096
Term loan 2,583 1,380 425 - - -
Senior unsecured notes 12,225 11,975 13,225 11,875 11,743 11,243
Tot al p rin cip al am ou n t s $ 15,887 $ 14,601 $ 13,650 $ 12,024 $ 12,142 $ 13,339
Less: Cash and cash equivalents 83 75 240 567 535 267
Tot al p rin cip al am ou n t s les s cas h an d cas h eq u ivalen t s $ 15,804 $ 14,526 $ 13,410 $ 11,457 $ 11,607 $ 13,072

Decem b er 31, 2023 Man agem en t Leverage Rat io 5.3 4.5 3.6 2.9 2.9 3.1

88 Drink in the
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Reconciliation of Adjusted EBITDA and Management Leverage Ratio
(Unaudited, in millions, except for ratio)

Pro Form a
Th ree Mon t h s En d ed Twelve Mon t h s En d ed
Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q2 2018
Net in com e at t rib u t ab le t o KDP $ 253 $ 1,074 $ 211 $ 323 $ 1,861
Interest expense, net 165 154 145 170 634
Provision for income taxes 120 (654) 93 95 (346)
Depreciation expense 88 86 78 80 332
Amortization of intangibles 26 31 28 31 116
EBITDA $ 652 $ 691 $ 555 $ 699 $ 2,597
It em s affect in g com p arab ilit y:
Restructuring and integration expenses 15 25 6 33 79
Loss on early extingishment of debt 15 5 2 - 22
Productivity 16 3 22 (5) 36
Non-routine legal matters 1 (3) 2 2 2
Stock compensation 9 11 6 6 32
Transaction costs 1 - - - 1
Mark to market (25) (12) 14 (7) (30)
Adjusted EBITDA $ 684 $ 720 $ 607 $ 728 $ 2,739

Th e ab ove tab le exclu d es th e eigh t d ays from Ju ly 1, 2018 th rou gh Ju ly 9, 2018 As of

Ju ly 8, 2018
Principal amounts of:
Commercial paper notes $ 1,900
Term loan 2,700
Senior unsecured notes 12,225
Tot al p rin cip al am ou n t s $ 16,825
Less: Cash and cash equivalents -
Tot al p rin cip al am ou n t s les s cas h an d cas h eq u ivalen t s $ 16,825

Ju ly 8, 2018 Man agem en t Leverage Rat io 6.1

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Reconciliation of Adjusted Income from Operations and Adjusted Operating Margin
(Unaudited, in millions, except for ratios)

U.S. Refres h m en t Beverages U.S. Coffee In t ern at ion al Con s olid at ed

Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed Twelve Mon t h s En d ed
Decem b er 31, 2023 Decem b er 31, 2023 Decem b er 31, 2023 Decem b er 31, 2023
In com e from Op erat in g In com e from Op erat in g In com e from Op erat in g In com e from Op erat in g
Net Sales Op erat ion s Margin Net Sales Op erat ion s Margin Net Sales Op erat ion s Margin Net Sales Op erat ion s Margin
Reported $ 8,821 $ 2,483 28.1% $ 4,071 $ 1,158 28.4% $ 1,922 $ 475 24.7% $ 14,814 $ 3,192 21.5%
Items Affecting Comparability:
Mark to market - - - - - 6 - 8
Amortization of intangibles - 20 - 101 - 16 - 137
Stock compensation - - - - - - - 17
Restructuring - 2023 CEO succession and associated realignment - - - - - - - 35
Productivity - 57 - 74 - - - 259
Impairment of intangible assets - 2 - - - - - 2
Transaction costs - - - - - - - 2
Non-routine legal matters - - - - - - - 5
Adjusted $ 8,821 $ 2,562 29.0% $ 4,071 $ 1,333 32.7% $ 1,922 $ 497 25.9% $ 14,814 $ 3,657 24.7%

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91