The Kraft Heinz Company Barclays 19th Annual Global Consumer Conference

Thanks for having us. Good to be here.

Yeah. So a couple of things, Andrew. First, the brands have been under-invested. That's demonstrably true, it's measurably true. We hadn't invested what we needed to invest to keep the brands alive, relevant, and contemporary. We announced, as you know, at the end of January or so, that we would reinvest $600 million into exactly that, into capabilities, marketing, into really our brands. Then, as you also know, when our last earnings happened, we were encouraged by the progress, so we upped that to $700 million. And the reason we did that is exactly the answer to your question. We've seen some early signs of trajectories changing. We ended last year with 21%, only 21% of our business holding or gaining share. And at the end of last quarter, and really up until today, that's now 35%. Is that good enough? No, it is not good enough, but it is much better than 21%-35%.

If you look beyond that or inside that and look at condiments, for example. Condiments is an area where we started to invest last year before I joined, recognizing that the brands could use some additional investment, and we have continued that into this year. We have seen a real trajectory change in North America in condiments. Last year, consumption actually on the Heinz brand declined by 3%, and that should not happen with a brand like Heinz. This year, consumption is now up 3% and gaining share. We are seeing that happen. We are also seeing in hydration and desserts the same type of trajectory changes. Equally, this is again less bad news, but if you look at the totality of our portfolio, 90% has a better trend today than it did in 2025.

That might mean it went from losing 200 basis points to losing 100 basis points, so still not good enough, but 90% has changed trajectory.

I think that is good evidence that what we are doing is working, and we will continue to get smarter and work against that. Equally, you look at areas like away from home.

Away from home was another challenging area for us last year, and this year we are now back to 3% growth globally and away from home, and even a little bit better than that in the U.S. We have seen good progress there. Finally, in emerging markets, which should always be a good story for us, it is a great story for us this year. So growing high single digits, and gaining share in every emerging market country that we compete in, say for Indonesia, where we had some distributor challenges last year. So good evidence across the board that what we are doing is working, but not good enough yet. We remain hungry. We know we have a lot of work to do. But I think the evidence is there that the brands and geographies and the people respond with the right level of investment.

Well, it's too early to talk about 2027, obviously. When we say that we're investing to win in the marketplace, let me be clear. When we say win, we mean growing consumption and growing market share. That's the path that we're on, investing to win. We've got an investor day, which you know, coming up in November, and we're working hard to continue to build plans for 2027 and hope to be in a position to provide even more insight into what 2027 and beyond will look like. Winning for us does mean growing consumption and growing share.

We've seen great response from our customers.

And so let me start there. I've had a number of conversations, really constructive conversations, where retailers are very pleased that we're leaning into this. We're in 50 categories. We matter a lot to them. I've said to one or two of them, "Look, we know that you can win without us, but we want to be helpful in your winning." The response I usually get is, "Well, actually, it's hard to win without you guys. You're big, you're in every category, and you could provide growth for us." So when we made the announcement of $600 million and then $700 million, that was met very favorably because it shows an intentionality around what we're trying to do and what we aim to do. That's in complete overlap with their strategy and what they want to do. So that's been very positive.

As I already mentioned in some of the big brands, investing behind brands that really have resonance, saliency, and equity has proven that they can turn around fairly quickly. Internationally, I already mentioned emerging markets, but even in International developed markets, we're seeing a much better performance and a trajectory turn versus where we were last year. So, again, continue to be encouraged by the decisions that we made. Absolutely convinced they were the right decisions, but with still more work to do.