Krispy Kreme (DNUT) 28th Annual ICR Conference 2026 summary

Growth Strategy and Brand Expansion

• Operates in over 40 countries with approximately 2,100 shops and 15,000 points of access worldwide, with less than 15% U.S. household penetration.

• Recent market entries in Brazil and France saw strong consumer response, supporting global expansion.

• Achieved over 100 billion media impressions in FY24, reflecting strong brand visibility.

Turnaround Plan and Strategic Initiatives

• Turnaround plan emphasizes sustainable, capital-light, and profitable growth, including refranchising, deleveraging, and restructuring joint ventures.

• Focused on deleveraging the balance sheet and driving sustainable, profitable growth.

• Pursuing U.S. growth based on sustainable and profitable revenue streams.

Refranchising and Financial Impact

• Active refranchising internationally, including a $65M Japan deal expected to close in Q1 2026, with proceeds used for debt reduction.

• Ongoing discussions to refranchise additional international markets and reduce U.S. ownership in select JV partnerships.

• Current Japan network includes 89 shop locations and 300 fresh delivery points of access.