In addition to the risks disclosed in our Annual Report, our market risk exposure has changed as a result of the JDE Peet's Acquisition. See below for a discussion of the incremental risks to our business, which should be considered in addition to the items discussed in Part II, Item 7A of our Annual Report. FOREIGN EXCHANGE RISK Due to the expanded geographic diversity of our operations as a result of the JDE Peet's Acquisition, we have increased exposure with respect to foreign exchange rate fluctuations. The primary exposures of JDE Peet's to foreign exchange rates are the Euro versus U.S. dollar and various other currencies. Exchange rate gains or losses related to foreign currency transactions are recognized as transaction gains or losses in earnings as incurred. JDE Peet's uses foreign currency derivative instruments such as foreign exchange forward contracts and cross-currency interest rate contracts to manage a portion of our exposure to changes in foreign exchange rates. As of June 30, 2026, JDE Peet's had foreign currency derivative contracts outstanding with notional values of $5,906 million, which mature at various dates through February 2034. The impact of a 10% weakening in the Euro is estimated to decrease the fair value of instruments such instrument by approximately $73 million. Any increase or decrease in the value of these foreign currency derivatives would have an approximately offsetting change in the underlying hedged risk. INTEREST RATE RISK We manage our debt portfolio through the use of interest rate contracts and monitor our mix of fixed-rate and variable-rate debt. As of June 30, 2026, the face value of our fixed-rate and variable-rate JDE Peet's Notes were $4,506 million and $686 million, respectively. From time to time, JDE Peet's also enters into interest rate contracts that effectively result in variable-rate interest payments or receipts. These derivative instruments are generally based on SOFR or EURIBOR, plus a credit spread. There is a limited impact of fluctuations in interest rates on our interest expense associated with variable rate interest payments on JDE Peet’s Notes. COMMODITY RISK We are subject to market risks with respect to commodities because our ability to recover increased costs through higher pricing may be limited by the competitive environment in which we operate. Our principal commodities risks for JDE Peet's relate to our purchases of coffee beans. 52 Table of Contents We utilize commodities derivative instruments and supplier pricing agreements to hedge the risk of movements in commodity prices for limited time periods for certain commodities. As of June 30, 2026, JDE Peet's had derivative contracts outstanding with a notional value of $269 million maturing at various dates through January 2028. The fair market value of these contracts as of June 30, 2026 was a net asset of $25 million. As of June 30, 2026, a 10% change (up or down) in commodity prices is estimated to increase or decrease the fair value of these derivative instruments by approximately $27 million. Any change in the value of the commodities derivatives instruments would have an approximately offsetting change in the underlying hedged risk.