JAB

A unique partnership of long-term investors

Annual Report 2024
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About JAB Consumer

A unique partnership of long-term investors

Our Platform Investing Philosophy

Our Heritage

The history of JAB dates back to the early 19th Century, when predecessors of the Reimann family established Benckiser, a chemical and industrial manufacturing company based in Germany.

During the early part of the 20th century, Benckiser was a small to medium sized business, primarily a supplier to the food industry, and its main products included processed cheese, salts for blood treatment, supplements for baby food, and chemicals to soften water.

In the 1980s the company expanded as it acquired and integrated its European and North American household products business and cosmetics companies, before spinning off cosmetics into Coty Inc. in 1996. In 1999, it merged Benckiser with Reckitt & Colman to form the consumer goods business Reckitt Benckiser.

In 2012, JAB Holding Company was formed as a partner-led investment firm, with the consolidation of all business assets, and its portfolio has expanded to the present day.

For more background on the history of Benckiser from the 1920s to the 1940s, please visit the ALFRED LANDECKER FOUNDATION website.

1823

The incorporation of Benckiser as chemicals producer in Germany
JAB 1.0

Family office
1980 — 1990

Peter Harf joins Benckiser

Benckiser acquisition of North American and European household products and cosmetics including the spin off of the chemicals activities
1990 — 2010

Started investing in the Beauty & Luxury Investment Platform

IPO Benckiser and Merger to form Reckitt Benckiser

M&A of several cosmetics companies
JAB 2.0

Investment Holding Company in consumer goods and services
2012 — 2013

The formation of JAB Holding Company

Olivier Goudet joins JAB

The creation of the Coffee & Beverages Investment Platform via the take private of Peet's Coffee and D.E Masterblenders

IPO of Coty
2013 — 2015

The creation of the fast casual restaurant Investment Platform starting with Caribou Coffee, Einstein Bagels and Espresso House

Creation of JAB Consumer Partners ("JCP")
2015

Creation of Jacobs Douwe Egberts (JDE) through the merger of DEMB and MDLZ Coffee
2016

Take private of Krispy Kreme, representing the first investment in the Indulgence Investment Platform

Take private of Keurig Green Mountain
2017

Take private of Panera Bread
2018

Creation of Keurig Dr Pepper through the merger of Dr Pepper, Snapple and Keurig Green Mountain

Acquisition of Pret a Manger
2019

The creation of the Petcare Investment Platform

Acquisition of Compassion-First Pet Hospitals
2020

Acquisition of NVA

IPO of JDE Peet's
2021

IPO of Krispy Kreme

Formation of Panera Brands

Creation of Global Pet Insurance Platform

Formation of Independence Pet Group

Acquisition of FIGO
2022

Closing of JAB Consumer Partners V. Total of $22bn of committed capital raised since 2014

Formation of Pinnacle Pet Group

Acquisition of Veterinary Pathology Group and creation of Pet Labs Platform

Acquisition of Crum & Foster Pet Insurance and Pet Health business
2023

Acquisition of Agila, Veterfina, AssurO Poil, Pumpkin, and Embrace

Creation of a separately managed specialty business separate from NVA

Formation of Independence Pet Holdings
Generational change:
- Joachim Creus, Managing Partner, Vice Chairman & CEO
- Frank Engelen, Managing Partner, CFO
2024

Acquisition of Pets Best

Acquisition of Spot Pet Insurance

Disposal of Bally

Acquisition of Mondelez's stake in JDE Peet's
JAB 3.0

Diversified investment firm in consumer and insurance
2025

Acquisition of Prosperity Life Group

Close of transaction awaiting regulatory approval, expected H2, 2025

JAB 3.0: Our evolution into a more diversified investment firm

Strategy Update

In 2011, following three decades of development led by Peter Harf, we transitioned from a family office with $10 billion in assets to an investment holding company focused on the global consumer sector with $43 billion in assets. The combination of JAB Holding, JAB Consumer Partners and its coinvestors has given us the ability to build leadership at scale in our consumer investment segment across Coffee & Beverages, Fast Casual Restaurants, Indulgence, Petcare, and Pet Insurance.

As the next step in our transformation into a more diversified investment firm, we will build on our success in pet insurance by developing a global life insurance segment. At the same time, we remain committed to our long-term focus on consumer goods and services. Our permanent capital is ideally positioned to generate longterm compounding returns.

Building a global life insurance segment at scale alongside the consumer investment portfolio

As part of JAB 3.0, we will build a global life insurance investment segment (JAB Insurance) alongside our existing consumer investment segment (JAB Consumer), adding three layers of diversification.

First, at the sector-level, consumer goods and life insurance show inverse correlations due to differing sensitivities to economic factors such as interest rates. Second, with respect to asset class diversity, the growth of JAB Insurance will add public fixed income, real estate, infrastructure, and specialty credit to complement the public and private equity investments at JAB Consumer. Third, across the Consumer and Insurance segments, a significant portion of the assets will be liquid public securities.

The addition of life insurance adds an investment segment with an A- or better rating, strengthening the average credit rating of our combined portfolio.

Close of transaction of Prosperity Life Group awaiting regulatory approval, expected H2, 2025

Our Team of World-Class Professionals

Our leadership team

JAB is overseen by its leadership team including our three Managing Partners, Peter Harf (Chairman), Joachim Creus (Vice Chairman & CEO), and Frank Engelen (CFO), together with our (Senior) Partners and Managing Directors.

JAB's Leadership team is organized in three segments - JAB Holding, JAB Consumer and JAB Insurance - and supported by a global team of about 50 professionals, a carefully selected team of world-class CEOs and Executive Teams with 'skin in the game', and three globally reognized Senior Advisors.

Peter Harf

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Managing Partner,
Chairman

Mr Harf joined JAB in 1981 and is the visionary and founder of the current investment firm structure created in 2012. Over the past 40+ years, he has overseen JAB as its managed capital grew from $100 million to over $50 billion. Mr Harf has been CEO and Chairman of several of JAB's portfolio companies, and is currently Chairman of Coty and JDE Peet's. Mr Harf is also the Founder of Delete Blood Cancer (DKMS), a global organization dedicated to fighting blood cancer with over 10 million registered donors. Mr Harf previously served as Chairman of Anheuser-Busch InBev and as a member of the Board of Directors of Burger King.

Joachim Creus

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Managing Partner,
Vice Chairman & CEO

Mr Creus joined JAB in 2010 and has played a critical role in building it into a global investment firm. He has been at the center of JAB’s major investments and expansion initiatives, including all of its platform acquisitions and the creation of JAB Consumer Partners. A lawyer by training, he has 20+ years of experience in M&A, complex cross-border legal and tax matters, and equity and debt financing. Mr Creus serves as a Director on the Board of many JAB companies, including Keurig Dr Pepper, JDE Peet’s and Coty. Prior to joining JAB, he held senior legal & tax positions at Siemens, Rödl & Partner and Tiberghien Lawyers.

Frank Engelen

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Managing Partner,
CFO

Mr Engelen joined JAB as partner in 2020. Previously, he was a partner at PwC for 15+ years, of which five years as a member of the Management Board of PwC Netherlands responsible for the Advisory business, and two years as director and member of the Executive Board of PwC Europe. He has 25+years of experience in consumer goods and financial services and has worked with JAB as advisor since 2013. Mr. Engelen is a non-executive director of several companies including JDE Peet’s, Independence Pet Holdings and Pinnacle Pet Group.

Anant Bhalla

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Senior Partner,
Chief Investment Officer

Mr. Bhalla has a proven track record as an investor, business builder and operator in financial services across multiple companies spanning asset management, insurance and wealth management.

From 2020-24, Mr. Bhalla led the successful transformation of the ~$70 Bn balance sheet of American Equity (NYSE: AEL) into a prudent investor for insurance policyholders with capabilities in asset structuring, private credit and real assets. Mr. Bhalla delivered a 3x return for shareholders in tenor as CEO, culminating in a take private merger with Brookfield Reinsurance for a $4.3 billion valuation. Mr. Bhalla improved business returns from an 8% ROE to 18+% from 2020 to 2023 by investing 25% of assets to private credit and real assets and being a disciplined underwriter and operator.

Prior to AEL, Mr. Bhalla brought an entrepreneurial approach and business mindset to the role of public company CFO, CRO and Treasurer across multiple publicly traded, Fortune 500 companies including Brighthouse Financial, MetLife, AIG, Lincoln Financial and Ameriprise Financial.

Gordon von Bretten

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Senior Partner

Gordon joined JAB as Partner in April 2024, bringing 30 years of value creation and performance enhancement experience. He joined from Coty, where he was Chief Transformation Officer and a member of the Executive Committee. Previously, Gordon was as an operating partner at KKR Capstone and held a variety of leadership roles in industry and management consulting.

Patricia Capel

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Senior Partner

Patricia joined JAB as Partner in 2021. Previously, she spent 25 years at AB InBev and Ambev, including leading AB InBev’s commercial operations in Chile, Bolivia and Paraguay. Before AB InBev, Patricia worked at Cargill Agricola and PwC.

Ricardo Rittes

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Senior Partner

Mr Rittes joined JAB in 2019 and brings 20+ years of financial risk management and capital markets experience. He started his career as an investment banker in London, New York and Latin America, and subsequently spent 14 years as part of a small leadership team building AB InBev in New York, Brussels and Latin America. At AB InBev, he served as the finance VP responsible for cash flow integration, banking relationships and treasury. In that capacity, he partnered with rating agencies and financial institutions across the world, and executed $75+ billion worth of financings. He also served as CFO of Ambev and led its successful expansion in Central America.

Lauren Aguiar

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Partner, Chief Legal Officer & Global General Counsel

Lauren will join JAB Holding in April 2025 following 30 years at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (“Skadden”). At Skadden, she was a member of the Policy Committee and served as President of the Skadden Foundation. In addition to JAB, Lauren serves on the Board of Covenant House International and is the incoming chair of the Board of Directors of New York Lawyers for the Public Interest.

Rafael Cunha

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Partner

Rafael joined JAB in 2019. With approximately 15 years of investment and finance experience, Rafael previously served as CFO of JAB and Interim CFO of Espresso House (2023/24). Before JAB, he held various finance roles in consumer and healthcare private equity and was a consultant at McKinsey & Company. Rafael earned an MBA from Stanford University.

Konrad Meyer

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Partner

Mr Meyer joined JAB in 2018. He brings 15+ years of industry and investment expertise, and previously served as Investment Director of Waterland Private Equity and as interim CFO of Pret a Manger.

JAB HOLDING

Yoana Nenova

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Managing Director,
Head of Responsible & Sustainable Investing

Ms Nenova joined JAB in 2014 and leads JAB’s Responsible and Sustainable Investing efforts. She has 10+ years of investment experience in the consumer space, and played a key role in the development of JAB’s Fast-Casual Restaurant platform. Prior to JAB, Yoana was part of the Consumer team at UBS Investment bank in London.

Steven
Voogd Boom

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Managing Director,
Head of Finance & Reporting

Mr Voogd Boom joined JAB in 2019 and has been instrumental in the evolution of JAB’s finance function. He has 15+ years of experience in corporate finance, accounting and M&A, holds an Executive Master in Finance degree from HEC Paris and is a Certified Public Accountant with the Dutch Accountant Organization. Previously, he worked at PwC and held senior finance positions at DaVita International and Lumileds.

Sebastiaan Wolvers

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Managing Director,
Head of Finance & Tax

Mr Wolvers joined JAB in 2022 and brings 20+ years of tax, legal, structuring and financial services experience. Previously, he was a partner at PwC, advising mostly Dutch listed multinationals until he became a trusted advisor of JAB in 2018. Since then, Mr. Wolvers has been involved with substantially all of JAB's major portfolio transactions.

JAB CONSUMER

Philippe Chenu

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Managing Director,
General Counsel

Philippe joined JAB in Luxembourg as Legal Counsel in 2016. In July 2023, he moved to the United States as Legal Counsel and was appointed General Counsel for JAB Consumer in 2024. Previously, Philippe was a Senior Associate at Loyens & Loeff and an Associate at Jones Day.

Xavier Croquez

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Managing Director,
Head of Portfolio Management

Mr Croquez joined JAB Holding Company in January 2013 as Strategic Analyst and has been in charge of Investor Services at JCP since 2020. His prior experience includes 20 years of Equity Research in Consumer Goods, 6 Years at Mars Inc. in various roles in Sales & Marketing, as well as three years at Apax Partners.

Stuart Perowne

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Managing Director,
Head of Equity Trading

Mr Perowne joined JAB in 2020 and is currently the Head of Equity Trading. He brings 20 years experience across banking, capital markets and trading and works across JAB’s portfolio, especially in relation to listed assets, applying expertise in relation to trading, structuring, hedging and financing situations. Prior to joining JAB, Mr Perowne spent 13 years at Citi where he held a number of roles, most recently Director within the Strategic Equity Flow team. He started his career in investment banking at Lazard and holds a BA (Hons) in Philosophy & Psychology from Oxford University.

JAB INSURANCE

Sanjeev Doss

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Office of the Chairman of the Board

Sanjeev joined JAB Insurance in June 2024 with more than 30 years of experience in the financial services industry. Previously, he was Senior Vice President, Head of Tax and Assistant General Counsel at American Equity. Sanjeev has also held roles at MetLife and Brighthouse Financial and began his career as a litigator for Cigna Group.

Adam Hodes

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Managing Director,
Head of Business Development & Integration

Adam joined JAB Insurance in November 2024. He has more than 35 years of experience in the insurance sector as an advisor and finance executive, including as a Managing Director at Bank of America, Executive Vice President-Global Head of Mergers and Acquisitions at MetLife, and Managing Director in the investment banking department at Credit Suisse. Adam has also held leadership roles in strategic planning and M&A at WellChoice, Inc. and CNA Financial Corporation. Earlier in his career, he worked in the financial institutions groups at Donaldson, Lufkin & Jenrette Securities Corporation and Salomon Brothers Inc.

Mark Reilly

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Managing Director,
Chief Actuary

Mark joined JAB Insurance as Managing Director in June 2024. He has more than 30 years of experience in the financial services industry and product development roles, most recently as Chief Client Solutions Officer at American Equity. Mark also served as Deputy CFO, leading the reinsurance and FP&A areas of the business. Previously he led the team responsible for financial projections and capital management at Brighthouse Financial.

JAB Governance

JAB Holding Company has four statutory Managers, including the CEO and CFO, and has implemented a governance framework for strategy, finance, risk and compliance, remuneration, and responsible & sustainable investing. This framework is overseen by the JAB Board.

The Chairman and CEO are members of the JAB Board. The JAB Board exercises typical shareholder rights (e.g. approval of distributions and valuations, and admission of shareholders) and is responsible for defining and monitoring JAB Holding Company s governance model, including the mandate of the Investment Committee and key elements of management s remuneration framework. The JAB Board meets periodically together with the Managing Partners and (Senior) Partners of the firm.

The JAB Investment Committee, constituted by the Managing Partners, is responsible for JAB Holding Company s investment and exit strategy. The Investment Committee obtains independent advice from our Senior (Investment) Advisor(s) who have extensive expertise on investment strategy and governance matters. Investment and divestment decisions require the unanimous approval of the Managing Partners. The Investment Committee is also responsible for the remuneration of the broader leadership team, including (Senior) Partners.

On specified domains individual partners or managing directors are responsible for the execution of our strategy: financial oversight & control, legal & compliance, risk management, treasury, human capital, responsible & sustainable investing, and M&A.

The Portfolio Management Committee, which constitutes the JAB partners including our Chairman, CEO, and CFO, is responsible for overseeing our portfolio companies strategic plans. Their goal is to drive strategic initiatives and ensure sustainable financial performance over the mid- to long-term.

Our Portfolio Companies are managed by their respective CEOs and leadership teams who have also invested their personal capital into their businesses, resulting in strong alignment of interests. Each of our portfolio companies, private and public, has a Board of Directors, an Audit Committee, and a Remuneration Committee, with Independent Directors and JAB representatives.

Our Senior Advisors

JAB partners with three globally recognized Senior Advisors, Bertrand Badré, Olivier Goudet, and Antonio Weiss, who provide us with advice on investments and various governance and strategy matters, which are within their respective areas of expertise including business development, mergers and acquisitions, and responsible & sustainable investing. At JAB, we highly value independent advice as it provides us with a fresh perspective on where we stand, our intentions, and our journey.

Bertrand Badré

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Senior Advisor

Mr Badré is the founder and CEO of Blue like an Orange Sustainable Capital, an investment Company that manages investments for social and environmental impact to foster inclusive and sustainable growth and reduce risk. Mr Badre also serves as a guarantor to the 'One Planet Lab' initiative.
Previously, he served as Managing Director and CFO of the World Bank Group, Group CFO of both Société Genérale and Credit Agricole, Partner at Lazard, and was an advisor to previous French President Jacques Chirac's diplomatic team.

Olivier Goudet

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Senior Investment Advisor

Mr Goudet became Senior Investment Advisor in January 2024 after having been JAB’s CEO for over 12 years. During his time as CEO, he led JAB’s strategic transformation, nearly tripling the investment firm’s equity as it built leading investment platforms across the coffee & beverages, petcare, fast-casual restaurants, indulgence, and beauty & luxury sectors. Of note, Mr Goudet introduced JAB’s coffee and beverage strategy, resulting in the formation of JDE Peet’s and the creation of Keurig Dr Pepper. He was also the architect of the veterinary care and pet insurance strategies. Mr. Goudet remains personally invested in JAB and continues to support the success of JAB as a trusted senior investment advisor.

Antonio Weiss

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Senior Advisor

Mr Weiss has advised JAB since its formation as a global investment firm in 2012. His work spans business strategy and public policy. He is a research fellow at Harvard Kennedy School's Mossavar-Rahmani Center for Business and Government. From 2014 to 2017, he served as Counselor to the Secretary of the U.S. Treasury, where he oversaw the domestic finance department.
Prior to this, he held various leadership roles at Lazard over twenty years in the US and Europe, including as Global Head of Investment Banking from 2009 to 2014.

Our Investment Platforms

Since the formation of JAB Holding Company in 2012, we have diversified our investment portfolio by expanding into different categories in the consumer goods and services sectors. Through our Global Investment Platforms, we control businesses that operate in multiple segments. Each business has established its own robust business model and strategy by leveraging industry-leading brands and a tailored portfolio of products and services. These brands are distributed through a variety of channels in different geographies, and, as a result, address the needs of a broad consumer base.