Kroger Mergers and Acquisitions Presentation Deck
Investment Thesis
Accelerated Go-To-
Market Strategy(¹)
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~$59B Fresh Sales
Best-in-Class Data on ~85M
Households
-$43B Our Brands Business
Significant Digital Business,
>$12B
Kroger
Proven Value
Creation Model
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Combined TSR well above
Kroger's standalone TSR Model
of 8 - 11% in first four years
post-close
Annual run-rate synergy savings
of $1B within first four years of
combined operations
High Growth, Margin Accretive
Alternative Profits
Disciplined Capital Investments
Increasing dividend over time,
subject to board approval
Strong Balance Sheet &
Resilient Free Cash Flow
Resilient financial model in a
variety of operating and
economic environments
Strong Free Cash Flow; 30%
accretive to total annual Free
Cash Flow by year four
Investment Grade Debt Rating
(1) Pro forma results as presented represent the combined Kroger and Albertsons FY 2021 results and are not intended to represent pro forma financials under Section 11 of Regulation S-X
under the Securities Exchange Act of 1934, as amended.
Kroger
FRESH FOR EVERYONE
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