JDE Peet's acquired by Keurig Dr Pepper

Acquisition of JDE Peet's by Keurig Dr Pepper.

Additionally, in order to complete the JDE Peet's Acquisition on April 1, 2026, we had significant Euro-denominated cash outflows, as described in Note 2.

complete the JDE Peet's Acquisition on April 1, 2026

On January 15, 2026, we commenced a tender offer to acquire all of the issued and outstanding ordinary shares of JDE Peet's for a cash offer price of €31.85 per share, without interest. We substantially completed the tender offer on April 1, 2026. The aggregate cash paid for tendered shares was approximately €15.1 billion, or $17.4 billion.

On January 15, 2026, we commenced a tender offer to acquire all of the issued and outstanding ordinary shares of JDE Peet's

On April 1, 2026, we acquired JDE Peet's

On January 15, 2026, we commenced a tender offer to acquire all of the issued and outstanding ordinary shares of JDE Peet's for a cash offer price of €31.85 per share, without interest.

The aggregate cash paid for tendered shares was approximately €15.1 billion, or $17.4 billion.

(in millions) U.S. Refreshment Beverages U.S. Coffee KDP International JDE Peet's (1) Total Second Quarter of 2026 Net sales $ 2,925 $ 918 $ 664 $ 2,802 $ 7,309

(in millions) U.S. Refreshment Beverages U.S. Coffee KDP International JDE Peet's (1) Total First Six Months of 2026 Net sales $ 5,524 $ 1,775 $ 1,184 $ 2,802 $ 11,285

The JDE Peet's Acquisition , which was completed on April 1, 2026, had a material impact on our financial position, results of operations, and cash flows from the date of acquisition through June 30, 2026.

completed on April 1, 2026

First Six Months Percentage Change (in millions) 2026 2025 Net sales U.S. Refreshment Beverages $ 5,524 $ 4,983 10.9 % U.S. Coffee 1,775 1,825 (2.7) KDP International 1,184 990 19.6 JDE Peet's (1) 2,802 — 100.0 Total net sales $ 11,285 $ 7,798 44.7

Refer to the Risks Related to the JDE Peet's Acquisition section for risks specific to the JDE Peet's Acquisition.

Although the JDE Peet's Acquisition has been completed, such authorities may continue to scrutinize the transaction or the conduct of the combined business, impose fines or penalties, or require other remedies, any of which could result in substantial costs or otherwise materially and adversely affect our business, financial condition, and results of operations.

Includes € 5 billion as of March 31, 2026 and € 10 billion as of December 31, 2025 of FX forward contracts entered into in connection with the JDE Peet's Acquisition.