JAB

Half-Year Report 2025
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About

JAB Holding

In 2012, following three decades of development, JAB Holding transitioned from a family office, with $9 billion of invested capital, to a partner-led investment firm with $40+ billion assets under management as of June 30, 2025. JAB Holding has a thorough understanding of, and appreciation for, the next generation of consumers through JAB Consumer, and a strategy to build out a global life insurance business through JAB Insurance.

We have a diverse team of professionals with significant institutional investment experience and deep sector knowledge. The fast-paced and dynamic environment in which we operate requires a team with an entrepreneurial spirit focused on the collective success of JAB. We operate from investment offices in London, Amsterdam, New York, Miami, Luxembourg, and Mannheim.

JAB Holding is Baa1 rated by Moody's with a negative outlook and BBB by S&P with a stable outlook.

Governance

JAB Holding has three statutory Managers, including the Managing Partners, and has implemented a governance framework for strategy, finance, risk and compliance, remuneration, and responsible investing. This framework is overseen by the JAB Board.

The JAB Board exercises typical shareholder rights (e.g. approval of distributions, and admission of shareholders) and is responsible for defining and monitoring JAB Holding’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 Leadership Team of the firm.

The JAB Investment Committee, constituted by the Managing Partners, is responsible for JAB Holding’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 JAB 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 investing, and M&A.

JAB Consumer

JAB Consumer is a unique investment partnership between JAB Holding, as an evergreen investor in global consumer goods and services businesses, and JAB Consumer Partners ("JCP") as strategic coinvestor.

The Private Placement Memorandum and Co-Investment Agreements govern the investment partnership between JAB Holding and JCP. JCP remains an independently regulated investment fund based in Luxembourg and managed by JAB Consumer Fund Management S.à.r.l., an alternative investment fund manager ("AIFM"), which is authorized and approved by the Luxembourg financial supervisory authority, the Commission de Surveillance du Secteur Financier ("CSSF"). Any decision by the AIFM to invest or divest requires a positive recommendation from our Managing Partners.

About JAB Consumer Partners

JCP was established in 2014, driven by investors' demand to participate in JAB Holding's consumer investment strategy.

JCP is a Luxembourg-based regulated investment fund with institutional investors, family offices, endowments, and other professional investors. JCP co-invests alongside JAB Holding in the consumer goods and services sector through JAB Consumer.

Governance

Our portfolio companies are managed by their respective CEOs and executive teams who have also invested a significant amount of their personal wealth 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 an independent chairman in most platforms, independent industry experts and JAB representatives.

The Portfolio Management Committee, which is comprised of the JAB partners including our Co-CEOs, is responsible for overseeing our portfolio companies' strategic plans. The committee's goal is to drive strategic capital allocation and ensure sustainable financial performance over the mid- to long-term. Each portfolio company meets at least twice a year with the Portfolio Management Committee.

JAB Insurance

JAB Insurance is our life insurance business focused on building a global insurance ecosystem across life, annuity, retirement and other lines. JAB Insurance combines direct insurance and reinsurance businesses with a long-term strategy that aligns its investments with policyholder obligations. JAB Insurance is headquarted in Miami.

JAB Insurance’s portfolio includes Family Life in Texas and Prosperity Life Group (a transaction closed on September 5, 2025), bringing nearly $30 billion in assets and one million clients in the U.S. insurance market.

JAB Insurance plans to further strengthen Prosperity’s life insurance businesses and position it for long-term sustainable growth with a focus on policyholders.

We are investing our permanent capital as the sole principal investor in JAB Insurance. By compounding this capital over decades while fostering enduring relationships with our policyholders and distribution partners, we intend to build a franchise built for durable and profitable growth for generations to come.

Governance

JAB Insurance is under the leadership of Anant Bhalla (Executive Chairman) and Jin Chang (partner), bringing a strong focus on active oversight of the underlying businesses and aligning interests with JAB.

JAB Insurance is committed to best-in-class corporate governance. The JAB Insurance Board is comprised of the two Co-CEOs and CIO of JAB and four newly appointed independent directors with decades of insurance experience.

The JAB Insurance Board is responsible for the company's governance, risk management, and investment strategy and also oversees our Insurance Companies.

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
Closed acquisition on September 5, 2025
JAB announces the retirement of Peter Harf
- Managing Partners Joachim Creus and Frank Engelen continue to lead JAB as Co-CEOs
Keurig Dr Pepper to acquire JDE Peet’s and subsequently separate into two independent companies – Beverage Co. and Global Coffee Co.

Our Team of World-Class Professionals

Our leadership team

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

JAB's leadership team is organized as follows ‒ 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 recognized Senior Advisors.

Our leadership team

JAB is overseen by its leadership team including our Managing Partners and Co-CEOs, Joachim Creus and Frank Engelen, 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 recognized Senior Advisors.

Joachim Creus

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Managing Partner,
Co-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,
Co-CEO

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 joined JAB Holding following 30 years at Skadden, Arps, Slate, Meagher & Flom LLP. 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 Directors of a number of non-profit organizations, including Covenant House International, The Masters School, the O+ Music Festival, and is the Chair-elect of the Board of New York Lawyers for the Public Interest.

Jin Chang

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Partner

Mr. Chang joined JAB Insurance in July 2025 as a Partner. Mr. Chang brings over 30 years of financial services experience, most recently as Senior Vice President of Finance at Athene, Apollo Global Management’s U.S. Insurance and Retirement Business. Previously, Mr. Chang served as Treasurer and Head of Asset Liability Management (ALM) at Brighthouse Financial and CFO of Retail Annuities at MetLife. His prior roles included Managing Director at Apollo Credit, Managing Director and Head of Insurance Solutions at Morgan Stanley, and SVP in the Insurance Solutions Group at Lehman Brothers. Mr. Chang started his career as an Actuary at MetLife, and he is a Fellow of the Society of Actuaries.

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.

JAB INSURANCE

Guillaume
Briere-Giroux

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Managing Director,
Actuarial

Mr. Briere-Giroux joined JAB insurance in May 2025 as a Managing Director. He has 20 years of life and annuity experience, most recently as a Partner at Oliver Wyman. Mr. Briere-Giroux advised as an actuarial consultant on most large asset-intensive reinsurance and M&A transactions since 2008 and served as Chief Life and Annuity Reinsurance Officer in 2021 at Fortitude Re. Mr. Briere-Giroux started his career as an actuary as Allianz Life, is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries, and a CFA Charterholder.

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.

Andrew Taktajian

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Managing Director,
General Counsel

Mr. Taktajian joined JAB Insurance in May 2025. He brings over two decades of legal experience advising clients at privately held insurance platforms, Fortune 500 insurance companies, and at a boutique insurance regulatory law firm. Prior to joining JAB Insurance, Mr. Taktajian served as Chief Legal Officer, General Counsel, and Corporate Secretary of Federal Life Group, Inc., an affiliate of Bain Capital. He previously served as Associate General Counsel, Insurance, at American Equity Investment Life Holding Company, Vice-President Corporate Counsel at Prudential Financial, and in various roles at AIG. Mr. Taktajian began his career at the Cantilo and Bennett law firm representing state insurance departments.

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.

Our Senior Advisors

JAB works with three globally recognized Senior Advisors who provide advice on investments and various governance and strategy matters: Bertrand Badré, Olivier Goudet, and Antonio Weiss. Their areas of expertise include business development, mergers and acquisitions, and responsible investing. At JAB, we greatly 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. Badré 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 Générale and Crédit 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, building 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. 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 for more than twenty years in the U.S. and Europe, including as Global Head of Investment Banking from 2009 to 2014.