SCHEDULE 13D/A: JAB Entities Extend Major Krispy Kreme Equity Swap, Solidifying 43.44% Beneficial Stake

JAB Holdings B.V. and its affiliated entities have extended their long cash-settled total return equity swap on Krispy Kreme, Inc. shares until August 2027, signaling continued long-term interest in the company while maintaining a 43.44% beneficial ownership.

Summary

• JAB Indulgence B.V. and its parent entities (JAB Holdings B.V., JAB Investments S.a r.l., JAB Holding Company S.a r.l., Joh. A. Benckiser S.a r.l., Agnaten SE, and Lucresca SE) collectively report beneficial ownership of 74,190,990 shares of Krispy Kreme, Inc. common stock.
• This beneficial ownership represents 43.44% of Krispy Kreme's 170,800,000 issued and outstanding shares as of May 2, 2025, as reported in the company's latest Quarterly Report on Form 10-Q.
• The primary purpose of this Amendment No. 13 is to disclose the extension of a long cash-settled total return equity swap (the "Long Swap") between JAB Holdings B.V. and BNP Paribas.
• The Long Swap, originally established on August 17, 2022, for a notional amount of 8,000,000 Krispy Kreme shares, has been extended to August 18, 2027.
• All other material terms of the Long Swap remain materially unchanged and in full force and effect.
• No transactions in Krispy Kreme shares were effected by the Reporting Persons in the past 60 days, except as previously reported in Amendment No. 12.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While the filing itself is a routine disclosure of ownership and a swap extension, the extension of a significant long position by a major shareholder can be interpreted as a positive signal of continued confidence in the company's long-term prospects.

Positives

• The extension of the long cash-settled total return equity swap by JAB Holdings B.V. until August 18, 2027, indicates a continued long-term interest and confidence in Krispy Kreme, Inc. by a significant beneficial owner.
• The maintenance of a substantial 43.44% beneficial ownership by the JAB entities suggests stability in the company's major shareholder base.

Future Outlook

The extension of the long cash-settled total return equity swap until August 18, 2027, indicates JAB Holdings' continued long-term exposure and interest in Krispy Kreme, Inc. shares.

Industry Context

This filing primarily concerns a specific investor's ownership stake and a financial instrument related to that stake. It does not provide broader industry trends or competitive analysis for the food and beverage sector.

Stakeholder Impact

• Shareholders: The continued significant beneficial ownership by JAB entities, and their extension of a long swap, may signal stability and long-term commitment from a major investor, potentially reassuring other shareholders.
• Management: The consistent large stake held by JAB entities implies their continued influence and oversight over Krispy Kreme's strategic direction.

Key Dates

Keywords

Krispy Kreme, JAB Holdings, JAB Indulgence, SEC filing, Schedule 13D, beneficial ownership, equity swap, total return swap, common stock, investor, shareholding, food and beverage, consumer discretionary