JAB maintains 43.03% Krispy Kreme (NASDAQ: DNUT) stake, extends $100M equity swap

Rhea-AI Filing Summary

JAB Indulgence B.V. and its affiliates filed Amendment No. 15 to their Schedule 13D on Krispy Kreme, Inc., updating their large ownership and derivatives exposure. JAB Indulgence beneficially owns 74,190,990 common shares, representing 43.03% of Krispy Kreme’s issued and outstanding shares as of April 30, 2026.

The filing explains that various JAB holding entities may be deemed to share voting and dispositive power over this same 74,190,990-share block, though they disclaim beneficial ownership beyond technical Rule 13d-3 requirements. It also notes that JAB Holdings has extended a long cash-settled total return equity swap, with notional exposure up to an aggregate initial price of $100,000,000 in Krispy Kreme shares, from its original term to a new maturity on August 10, 2028, while leaving the economic exposure unchanged.

Insights

Equity ownership and derivatives specialist

Filing reconfirms JAB’s ~43% stake in Krispy Kreme and extends an existing $100M equity swap without changing exposure.

The amendment shows JAB Indulgence continues to beneficially own 74,190,990 Krispy Kreme shares, or 43.03% of the company as of April 30, 2026. Several parent entities in the JAB structure are listed as potential beneficial owners under Rule 13d-3, but they expressly disclaim substantive ownership beyond that technical definition.

The notable update is the extension of a long cash-settled total return equity swap between JAB Holdings and HSBC Continental Europe. The swap provides long exposure to a notional amount of Krispy Kreme shares with an aggregate initial price up to $100,000,000, and now runs to August 10, 2028. The filing states JAB Holdings’ exposure on the subject shares remains unchanged, suggesting this is a timing and structure adjustment rather than a new directional bet.

Key Figures

Beneficially owned shares: 74,190,990 shares Ownership percentage: 43.03% Shares outstanding: 172,400,000 shares +3 more

6 metrics

Beneficially owned shares 74,190,990 shares JAB Indulgence beneficial ownership of Krispy Kreme common stock

Ownership percentage 43.03% Portion of Krispy Kreme issued and outstanding shares as of April 30, 2026

Shares outstanding 172,400,000 shares Krispy Kreme common shares issued and outstanding as of April 30, 2026

Swap notional cap $100,000,000 Aggregate initial price limit for subject shares under long total return equity swap

Swap term extension date June 12, 2026 Date JAB Holdings and HSBC agreed to extend the long swap

New swap maturity August 10, 2028 Extended termination date of the long cash-settled total return equity swap

Key Terms

beneficially owns, total return equity swap, cash-settled, Rule 13d-3, +1 more

5 terms

beneficially owns financial

"JAB Indulgence beneficially owns 74,190,990 Shares, which represents 43.03% of the issued and outstanding Shares"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

total return equity swap financial

"entered into a long cash-settled total return equity swap on August 11, 2023"

cash-settled financial

"entered into a long cash-settled total return equity swap on August 11, 2023"

Cash-settled describes a financial contract that is resolved by paying the monetary difference between agreed and actual prices, instead of delivering the underlying asset. For investors, it matters because it simplifies trades—like settling a bet with cash rather than handing over the item—and affects liquidity, tax treatment, and counterparty exposure, since you receive or pay only the value change rather than owning or transferring the actual security or commodity.

Rule 13d-3 regulatory

"may be deemed, for purposes of Rule 13d-3 under the Exchange Act, to share the power"

Rule 13d-3 defines who is treated as the beneficial owner of a company’s shares for U.S. securities disclosure rules — essentially anyone who has the power to vote or direct how shares are voted, or the power to buy or sell them, even if they don’t hold the certificates. For investors this matters because crossing certain ownership thresholds triggers public filing and disclosure obligations and signals potential control or influence, much like having the keys to a car implies you can drive it even if it’s registered to someone else.

Schedule 13D regulatory

"This Amendment No. 15 amends and supplements the prior statement on as filed on July 16, 2021"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

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Available on EDGAR 06/16/2026 - 04:15 PM Accepted by SEC EDGAR 06/16/2026 - 04:15 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 15)

Krispy Kreme, Inc.

(Name of Issuer)

Common Stock, Par Value $0.01 Per Share

(Title of Class of Securities)

50101L106

(CUSIP Number)

Joachim Creus
JAB Indulgence B.V., Piet Heinkade 55
Amsterdam, P7, 1019 GM
31 202 355 000

Paul T. Schnell, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan West
New York, NY, 10001
(212) 735-3000

Sean C. Doyle, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan West
New York, NY, 10001
(212) 735-3000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/12/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 50101L106

1

Name of reporting person

JAB Indulgence B.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NETHERLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 74,190,990.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 74,190,990.00

11

Aggregate amount beneficially owned by each reporting person

74,190,990.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

43.03 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

Rows 8, 10 and 11 represent the aggregate voting and dispositive power of shares of common stock, par value $0.01 per share (the "Common Stock") (the shares of Common Stock, each a "Share" and, collectively, the "Shares"), of Krispy Kreme, Inc. (the "Company") that may be deemed to be beneficially owned by JAB Indulgence B.V. ("JAB Indulgence"). The percentage ownership in Row 13 is based upon 172,400,000 Shares issued and outstanding (as rounded to the nearest hundred thousand Shares in the Latest Disclosure) as of April 30, 2026, as set forth in the Quarterly Report on Form 10-Q (the "Latest Disclosure"), filed by the Company with the United States Securities and Exchange Commission on May 8, 2026.

SCHEDULE 13D

CUSIP Number(s): 50101L106

1

Name of reporting person

JAB Holdings B.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NETHERLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 74,190,990.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 74,190,990.00

11

Aggregate amount beneficially owned by each reporting person

74,190,990.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

43.03 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

Rows 8, 10 and 11 represent the aggregate voting and dispositive power of shares of Common Stock that may be deemed to be beneficially owned by JAB Indulgence. JAB Holdings B.V. ("JAB Holdings") may be deemed to have beneficial ownership of the shares held by JAB Indulgence since JAB Indulgence is a direct subsidiary of JAB Holdings. Neither the filing of this Statement on Schedule 13D (this "Statement") nor any of its contents shall be deemed to constitute an admission by JAB Holdings that it is the beneficial owner of any of the Common Stock held by JAB Indulgence for purposes of Section 13(d) of the Exchange Act, or for any other purpose. The percentage ownership in Row 13 is based upon 172,400,000 Shares issued and outstanding (as rounded to the nearest hundred thousand Shares in the Latest Disclosure) as of April 30, 2026, as set forth in the Latest Disclosure.

SCHEDULE 13D

CUSIP Number(s): 50101L106

1

Name of reporting person

JAB Investments S.a r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 74,190,990.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 74,190,990.00

11

Aggregate amount beneficially owned by each reporting person

74,190,990.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

43.03 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

Rows 8, 10 and 11 represent the aggregate voting and dispositive power of shares of Common Stock that may be deemed to be beneficially owned by JAB Indulgence. JAB Investments S.a r.l. ("JAB Investments") may be deemed to have beneficial ownership of such shares since JAB Indulgence is an indirect subsidiary of JAB Investments. Neither the filing of this Statement nor any of its contents shall be deemed to constitute an admission by JAB Investments that it is the beneficial owner of any of the Common Stock referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose. The percentage ownership in Row 13 is based upon 172,400,000 Shares issued and outstanding (as rounded to the nearest hundred thousand Shares in the Latest Disclosure) as of April 30, 2026, as set forth in the Latest Disclosure.

SCHEDULE 13D

CUSIP Number(s): 50101L106

1

Name of reporting person

JAB Holding Company S.a r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 74,190,990.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 74,190,990.00

11

Aggregate amount beneficially owned by each reporting person

74,190,990.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

43.03 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

Rows 8, 10 and 11 represent the aggregate voting and dispositive power of shares of Common Stock that may be deemed to be beneficially owned by JAB Indulgence. JAB Holding Company S.a r.l. ("JAB Holding Company") may be deemed to have beneficial ownership of such shares since JAB Indulgence is an indirect subsidiary of JAB Holding Company. Neither the filing of this Statement nor any of its contents shall be deemed to constitute an admission by JAB Holding Company that it is the beneficial owner of any of the common stock referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose. The percentage ownership in Row 13 is based upon 172,400,000 Shares issued and outstanding (as rounded to the nearest hundred thousand Shares in the Latest Disclosure) as of April 30, 2026, as set forth in the Latest Disclosure.

SCHEDULE 13D

CUSIP Number(s): 50101L106

1

Name of reporting person

Joh. A. Benckiser B.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NETHERLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 74,190,990.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 74,190,990.00

11

Aggregate amount beneficially owned by each reporting person

74,190,990.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

43.03 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

Rows 8, 10 and 11 represent the aggregate voting and dispositive power of shares of Common Stock that may be deemed to be beneficially owned by JAB Indulgence. Joh. A. Benckiser B.V. ("Joh. A. Benckiser") may be deemed to have beneficial ownership of such shares since JAB Indulgence is an indirect subsidiary of Joh. A. Benckiser. Neither the filing of this Statement nor any of its contents shall be deemed to constitute an admission by Joh. A. Benckiser that it is the beneficial owner of any of the Common Stock referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose. The percentage ownership in Row 13 is based upon 172,400,000 Shares issued and outstanding (as rounded to the nearest hundred thousand Shares in the Latest Disclosure) as of April 30, 2026, as set forth in the Latest Disclosure.

SCHEDULE 13D

CUSIP Number(s): 50101L106

1

Name of reporting person

Agnaten SE

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 74,190,990.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 74,190,990.00

11

Aggregate amount beneficially owned by each reporting person

74,190,990.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

43.03 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

Rows 8, 10 and 11 represent the aggregate voting and dispositive power of shares of Common Stock that may be deemed to be beneficially owned by JAB Indulgence. Agnaten SE ("Agnaten") may be deemed to have beneficial ownership of such shares since JAB Indulgence is an indirect subsidiary of Agnaten. Neither the filing of this Statement nor any of its contents shall be deemed to constitute an admission by Agnaten that it is the beneficial owner of any of the Common Stock referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose. The percentage ownership in Row 13 is based upon 172,400,000 Shares issued and outstanding (as rounded to the nearest hundred thousand Shares in the Latest Disclosure) as of April 30, 2026, as set forth in the Latest Disclosure.

SCHEDULE 13D

CUSIP Number(s): 50101L106

1

Name of reporting person

Lucresca SE

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 74,190,990.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 74,190,990.00

11

Aggregate amount beneficially owned by each reporting person

74,190,990.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

43.03 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

Rows 8, 10 and 11 represent the aggregate voting and dispositive power of shares of Common Stock that may be deemed to be beneficially owned by JAB Indulgence. Lucresca SE ("Lucresca") may be deemed to have beneficial ownership of such shares since JAB Indulgence is an indirect subsidiary of Lucresca. Neither the filing of this Statement nor any of its contents shall be deemed to constitute an admission by Lucresca that it is the beneficial owner of any of the Common Stock referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose. The percentage ownership in Row 13 is based upon 172,400,000 Shares issued and outstanding (as rounded to the nearest hundred thousand Shares in the Latest Disclosure) as of April 30, 2026, as set forth in the Latest Disclosure.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, Par Value $0.01 Per Share
(b)	Name of Issuer: Krispy Kreme, Inc.
(c)	Address of Issuer's Principal Executive Offices: 2116 HAWKINS STREET, CHARLOTTE, NORTH CAROLINA , 28203.
Item 1 Comment: This Amendment No. 15 amends and supplements the prior statement on Schedule 13D as filed on July 16, 2021, as amended by Amendment No. 1 filed on August 31, 2021, Amendment No. 2 filed on September 13, 2021, Amendment No. 3 filed on November 29, 2021, Amendment No. 4 filed on December 2, 2021, Amendment No. 5 filed on February 25, 2022, Amendment No. 6 filed on March 18, 2022, Amendment No. 7 filed on August 17, 2022, Amendment No. 8 filed on March 1, 2023, Amendment No. 9 filed on August 11, 2023, Amendment No. 10 filed on November 22, 2023, Amendment No. 11 filed on August 13, 2024, Amendment No. 12 filed on April 25, 2025, Amendment No. 13 filed on June 16, 2025 and Amendment No. 14 filed on March 4, 2026 (as so amended, the "Schedule 13D"), by (i) JAB Indulgence B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands ("JAB Indulgence"), (ii) JAB Holdings B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands, which is the parent company of JAB Indulgence ("JAB Holdings"), (iii) JAB Investments S.a r.l., a private limited liability company incorporated under the laws of Luxembourg, which is the parent company of JAB Holdings ("JAB Investments"), (iv) JAB Holding Company S.a r.l., a private limited liability company incorporated under the laws of Luxembourg, which is the parent company of JAB Investments ("JAB Holding Company"), (v) Joh. A. Benckiser B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands, which is a parent company of JAB Holding Company ("Joh. A. Benckiser"), (vi) Agnaten SE, a private company incorporated under the laws of Luxembourg, which is a parent company of Joh. A. Benckiser ("Agnaten"), and (vii) Lucresca SE, a private company incorporated under the laws of Luxembourg, which is a parent company of Joh. A. Benckiser ("Lucresca," and together with JAB Indulgence, JAB Holdings, JAB Investments, JAB Holding Company, Joh. A. Benckiser and Agnaten, the "Reporting Persons"). Except as set forth herein, all items remain as previously reported in the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented as follows: Extension of Long Swap Arrangement As previously disclosed in Amendment No. 9 to this Schedule 13D, JAB Holdings and HSBC Continental Europe (the "Dealer") entered into a long cash-settled total return equity swap on August 11, 2023 (the "Long Swap") for establishment of long exposure with respect to a notional amount of shares of common stock, par value $0.01 per share (the "Shares"), of Krispy Kreme, Inc. (the "Company") of up to the number of Shares purchased by the Dealer with an aggregate initial price not to exceed $100,000,000 (the "Subject Shares"). On June 12, 2026, JAB Holdings and the Dealer agreed to extend the term of the Long Swap to August 10, 2028. JAB Holdings' exposure with respect to the Subject Shares remains unchanged, and the Long Swap remains in full force and effect.
Item 5.	Interest in Securities of the Issuer
(a)	JAB Indulgence beneficially owns 74,190,990 Shares, which represents 43.03% of the issued and outstanding Shares as of April 30, 2026, as set forth in the Quarterly Report on Form 10-Q (the "Latest Disclosure"), filed by the Company with the United States Securities and Exchange Commission (the "Commission") on May 8, 2026.
(b)	Each other Reporting Person may be deemed, for purposes of Rule 13d-3 under the Exchange Act, to share the power to vote or dispose, or to direct the voting or disposition of, the 74,190,990 Shares beneficially owned by JAB Indulgence. Therefore, for the purpose of Rule 13d-3, JAB Holdings, JAB Investments, JAB Holding Company, Joh. A. Benckiser, Agnaten and Lucresca may be deemed to be the beneficial owners of an aggregate of 74,190,990 Shares, which represents 43.03% of the issued and outstanding Shares as of April 30, 2026, as set forth in the Latest Disclosure. Except as set forth in this Item 5(b), none of the Reporting Persons, and, to the best knowledge of the Reporting Persons, none of the persons named in Schedule A hereto beneficially owns any Shares. Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by the Reporting Persons that it is the beneficial owner of any Shares.
(c)	Except as reported in this Amendment No. 15, none of the Reporting Persons, and to the best knowledge of the Reporting Persons, none of the persons named in Schedule A hereto, has effected any transactions in the Shares during the past 60 days.
(d)	None of the Reporting Persons and, to the best knowledge of the Reporting Persons, none of the persons named in Schedule A hereto or any other person, and no other person, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities of the Company reported herein.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	As described in Item 4 above, JAB Holdings entered into an amendment to the Long Swap.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JAB Indulgence B.V.

Signature:	/s/ Sebastiaan Wolvers
Name/Title:	Sebastiaan Wolvers/Managing Director
Date:	06/16/2026

Signature:	/s/ Rafael Da Cunha
Name/Title:	Rafael Da Cunha/Managing Director
Date:	06/16/2026

JAB Holdings B.V.

Signature:	/s/ Rafael Cunha
Name/Title:	Rafael Cunha/Managing Director
Date:	06/16/2026

Signature:	/s/ Sebastiaan Wolvers
Name/Title:	Sebastiaan Wolvers/Managing Director
Date:	06/16/2026

JAB Investments S.a r.l.

Signature:	/s/ Sebastiaan Wolvers
Name/Title:	Sebastiaan Wolvers/Manager
Date:	06/16/2026

Signature:	/s/ Jonathan Norman
Name/Title:	Jonathan Norman/Manager
Date:	06/16/2026

JAB Holding Company S.a r.l.

Signature:	/s/ Frank Engelen
Name/Title:	Frank Engelen/Manager
Date:	06/16/2026

Signature:	/s/ Jonathan Norman
Name/Title:	Jonathan Norman/Manager
Date:	06/16/2026

Joh. A. Benckiser B.V.

Signature:	/s/ Joachim Creus
Name/Title:	Joachim Creus/Managing Director
Date:	06/16/2026

Signature:	/s/ Jonathan Norman
Name/Title:	Jonathan Norman/Managing Director
Date:	06/16/2026

Agnaten SE

Signature:	/s/ Joachim Creus
Name/Title:	Joachim Creus/Authorized Representative
Date:	06/16/2026

Lucresca SE

Signature:	/s/ Joachim Creus
Name/Title:	Joachim Creus/Authorized Representative
Date:	06/16/2026

FAQ

How much of Krispy Kreme (DNUT) does JAB Indulgence currently own?

JAB Indulgence beneficially owns 74,190,990 Krispy Kreme common shares, equal to 43.03% of the issued and outstanding shares as of April 30, 2026. This large block makes JAB the dominant shareholder in the company’s capital structure.

Which JAB entities are listed as reporting persons for Krispy Kreme (DNUT)?

The reporting group includes JAB Indulgence B.V., JAB Holdings B.V., JAB Investments S.a r.l., JAB Holding Company S.a r.l., Joh. A. Benckiser B.V., Agnaten SE, and Lucresca SE. Each may be deemed to share voting and dispositive power over the same 74,190,990 shares.

What change to JAB’s derivatives exposure on Krispy Kreme (DNUT) is disclosed?

The filing reports that JAB Holdings and HSBC Continental Europe extended a long cash-settled total return equity swap on Krispy Kreme shares to August 10, 2028. The swap covers a notional amount of shares with an aggregate initial price up to $100,000,000.

Did JAB change its Krispy Kreme (DNUT) share count in this amendment?

The amendment states JAB Indulgence beneficially owns 74,190,990 shares, or 43.03% of the company, using 172,400,000 shares outstanding as of April 30, 2026. It also notes that JAB Holdings’ exposure under the long swap remains unchanged despite the term extension.

How is the 43.03% ownership in Krispy Kreme (DNUT) calculated in the filing?

The reported 43.03% interest is based on 172,400,000 Krispy Kreme shares issued and outstanding as of April 30, 2026, according to the company’s Form 10-Q. Dividing 74,190,990 shares by that outstanding base yields the disclosed ownership percentage.

What does it mean that other JAB entities may be deemed beneficial owners of DNUT?

Parent entities like JAB Holdings B.V. and JAB Investments S.a r.l. are part of the ownership chain above JAB Indulgence. Under Rule 13d-3, they may be deemed beneficial owners of 74,190,990 shares, although the filing states they do not admit such beneficial ownership for other purposes.