SCHEDULE: JAB Extends Krispy Kreme Equity Swap to 2028

JAB Holdings B.V. has extended its long cash-settled total return equity swap related to Krispy Kreme, Inc. shares until March 1, 2028.

Summary

• JAB Holdings B.V. and Banco Santander, S.A. extended their long cash-settled total return equity swap (the "Long Swap") for Krispy Kreme, Inc. shares.
• The Long Swap, originally established on February 28, 2023, was extended on March 2, 2026, to now expire on March 1, 2028.
• The swap provides JAB Holdings with long exposure to a notional amount of Krispy Kreme shares, with an aggregate initial price not exceeding $100,000,000.
• JAB Holdings' exposure to the subject shares remains unchanged.
• JAB Indulgence B.V. beneficially owns 74,190,990 shares, representing 43.31% of Krispy Kreme's issued and outstanding shares.
• This percentage is based on 171,300,000 shares outstanding as of October 31, 2025, as reported in Krispy Kreme's Form 10-Q filed on November 6, 2025.
• No transactions in Krispy Kreme shares by the reporting persons have occurred in the past 60 days, other than this swap amendment.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as the extension of a long equity swap indicates continued confidence from a major shareholder in Krispy Kreme's future performance and strategic direction.

Positives

• The extension of the long swap arrangement indicates continued strategic interest and confidence from JAB Holdings in Krispy Kreme's long-term performance.
• Maintaining the long exposure suggests JAB Holdings believes in the potential for Krispy Kreme's share price appreciation over the extended period.

Future Outlook

JAB Holdings has extended its long cash-settled total return equity swap for Krispy Kreme shares until March 1, 2028, indicating a continued long-term bullish view on the company's stock performance.

Industry Context

StockSavvy.ai notes that JAB Holding Company, a significant player in the consumer goods and coffee sectors, continues to demonstrate its strategic commitment to Krispy Kreme. This extension of a substantial equity swap arrangement reinforces JAB's long-term investment thesis in the indulgence category, aligning with broader trends of strategic investors maintaining positions in established consumer brands.

Stakeholder Impact

• Shareholders: The extension of the long swap by a major beneficial owner could be interpreted as a vote of confidence, potentially influencing investor sentiment positively.

Next Steps

• The Long Swap arrangement is now set to continue until March 1, 2028.

Key Dates

Recommendation

The extension of the long equity swap by JAB Holdings signals continued confidence in Krispy Kreme's long-term prospects. While this is a positive indicator, the filing itself does not contain new operational or financial performance data to warrant a 'buy' or 'strong buy' recommendation. It primarily confirms an existing strategic investment posture. Therefore, a 'hold' recommendation is appropriate for investors to maintain their current positions while monitoring future company performance and JAB's ongoing involvement.

Keywords

Krispy Kreme, JAB Holdings, JAB Indulgence, Schedule 13D/A, Equity Swap, Total Return Swap, Beneficial Ownership, KKD, SEC Filing, Investment, Shareholder