Equibles

10-Q

Krispy Kreme, Inc. (DNUT)

10-Q 2025-11-06 For: 2025-09-28
View Original
Added on April 06, 2026

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q

_________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 28, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 001-40573

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Krispy Kreme, Inc.

(Exact name of registrant as specified in its charter)

_________________________

Delaware 37-1701311
(State or other jurisdiction of incorporation) (IRS Employer Identification No.)

2116 Hawkins Street, Suite 101, Charlotte, North Carolina 28203

(Address of principal executive offices)

(800) 457-4779

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered
Common stock, $0.01 par value per share DNUT Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The registrant had outstanding 171.3 million shares of common stock as of October 31, 2025.

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Table of Contents

PART I. FINANCIAL INFORMATION Page
Item 1. Financial Statements (Unaudited) 1
Condensed Consolidated Statements of Operations 1
Condensed Consolidated Statements of Comprehensive (Loss)/Income 2
Condensed Consolidated Balance Sheets 3
Condensed Consolidated Statements of Changes in Shareholders’ Equity 4
Condensed Consolidated Statements of Cash Flows 6
Notes to Condensed Consolidated Financial Statements 7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 30
Item 3. Quantitative and Qualitative Disclosures About Market Risk 53
Item 4. Controls and Procedures 54
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 55
Item 1A. Risk Factors 55
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55
Item 3. Defaults Upon Senior Securities 55
Item 4. Mine Safety Disclosures 55
Item 5. Other Information 55
Item 6. Exhibits 56
Signatures 57

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Krispy Kreme, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per share amounts)

Quarter Ended Three Quarters Ended
September 28, 2025 (13 weeks) September 29, 2024 (13 weeks) September 28, 2025 (39 weeks) September 29, 2024 (39 weeks)
Net revenues
Product sales $ 365,701 $ 370,662 $ 1,103,557 $ 1,233,585
Royalties and other revenues 9,597 9,205 26,692 27,789
Total net revenues 375,298 379,867 1,130,249 1,261,374
Product and distribution costs 96,214 95,840 279,577 310,701
Operating expenses 195,939 192,027 605,494 609,726
Selling, general and administrative expense 49,393 71,110 171,718 207,150
Marketing expenses 11,796 10,680 34,220 35,211
Pre-opening costs 666 619 3,066 2,691
Goodwill and other asset impairments 4,805 — 411,899 448
Other income, net (9,781) (5,781) (16,854) (6,878)
Depreciation and amortization expense 33,446 31,376 103,129 99,562
Operating (loss)/income (7,180) (16,004) (462,000) 2,763
Interest expense, net 16,358 16,280 49,250 44,468
(Gain)/loss on divestiture of Insomnia Cookies — (87,128) 11,501 (87,128)
Other non-operating (income)/expense, net (591) (407) (2,161) 1,115
(Loss)/income before income taxes (22,947) 55,251 (520,590) 44,308
Income tax (benefit)/expense (2,816) 17,679 (25,936) 18,330
Net (loss)/income (20,131) 37,572 (494,654) 25,978
Net (loss)/income attributable to noncontrolling interest (687) (1,991) (6,666) 440
Net (loss)/income attributable to Krispy Kreme, Inc. $ (19,444) $ 39,563 $ (487,988) $ 25,538
Net (loss)/income per share:
Common stock — Basic $ (0.11) $ 0.23 $ (2.86) $ 0.15
Common stock — Diluted $ (0.11) $ 0.23 $ (2.86) $ 0.15
Weighted average shares outstanding:
Basic 171,164 169,596 170,752 169,125
Diluted 171,164 171,486 170,752 171,384

See accompanying notes to Condensed Consolidated Financial Statements.

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Krispy Kreme, Inc.

Condensed Consolidated Statements of Comprehensive (Loss)/Income (Unaudited)

(in thousands)

Quarter Ended Three Quarters Ended
September 28, 2025 (13 weeks) September 29, 2024 (13 weeks) September 28, 2025 (39 weeks) September 29, 2024 (39 weeks)
Net (loss)/income $ (20,131) $ 37,572 $ (494,654) $ 25,978
Other comprehensive (loss)/income, net of income taxes:
Foreign currency translation adjustment (4,479) 13,118 29,804 (895)
Unrealized loss on cash flow hedges, net of income taxes (1) (108) (9,574) (6,537) (15,762)
Total other comprehensive (loss)/income (4,587) 3,544 23,267 (16,657)
Comprehensive (loss)/income (24,718) 41,116 (471,387) 9,321
Net (loss)/income attributable to noncontrolling interest (687) (1,991) (6,666) 440
Foreign currency translation adjustment attributable to noncontrolling interest (333) 226 408 (135)
Total comprehensive (loss)/income attributable to noncontrolling interest (1,020) (1,765) (6,258) 305
Comprehensive (loss)/income attributable to Krispy Kreme, Inc. $ (23,698) $ 42,881 $ (465,129) $ 9,016

(1)Net of income tax benefit of $0.1 million and $2.2 million for the quarter and three quarters ended September 28, 2025, respectively, and $3.2 million and $5.3 million for the quarter and three quarters ended September 29, 2024, respectively.

See accompanying notes to Condensed Consolidated Financial Statements.

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Krispy Kreme, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

As of
(Unaudited) September 28,<br>2025 December 29,<br>2024
ASSETS
Current assets:
Cash and cash equivalents $ 30,707 $ 28,962
Restricted cash 445 353
Accounts receivable, net 53,837 67,722
Inventories 28,077 28,133
Taxes receivable 19,617 16,155
Prepaid expense and other current assets 29,107 31,615
Total current assets 161,790 172,940
Property and equipment, net 491,266 511,139
Goodwill, net 708,371 1,047,581
Other intangible assets, net 803,587 819,934
Operating lease right of use asset, net 410,106 409,869
Investments in unconsolidated entities 6,715 91,070
Other assets 18,010 19,497
Total assets $ 2,599,845 $ 3,072,030
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt $ 73,255 $ 56,356
Current operating lease liabilities 47,744 46,620
Accounts payable 116,536 123,316
Accrued liabilities 103,671 124,212
Structured payables 107,727 135,668
Total current liabilities 448,933 486,172
Long-term debt, less current portion 906,208 844,547
Noncurrent operating lease liabilities 410,526 405,366
Deferred income taxes, net 92,895 130,745
Other long-term obligations and deferred credits 47,441 40,768
Total liabilities 1,906,003 1,907,598
Commitments and contingencies
Shareholders’ equity:
Common stock, $0.01 par value; 300,000 shares authorized as of both September 28, 2025 and December 29, 2024; 171,244 and 170,060 shares issued and outstanding as of September 28, 2025 and December 29, 2024, respectively 1,713 1,701
Additional paid-in capital 1,473,218 1,466,508
Shareholder note receivable (1,788) (1,906)
Accumulated other comprehensive loss, net of income tax (9,269) (32,128)
Retained deficit (793,608) (299,638)
Total shareholders’ equity attributable to Krispy Kreme, Inc. 670,266 1,134,537
Noncontrolling interest 23,576 29,895
Total shareholders’ equity 693,842 1,164,432
Total liabilities and shareholders’ equity $ 2,599,845 $ 3,072,030

See accompanying notes to Condensed Consolidated Financial Statements.

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Krispy Kreme, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(in thousands, except per share amounts)

Common Stock Additional<br>Paid-in<br>Capital Shareholder<br>Note<br>Receivable Accumulated Other Comprehensive<br><br>Income/(Loss) (“AOCI”) Retained Deficit Noncontrolling<br>Interest Total
Shares<br>Outstanding Amount Foreign<br>Currency<br>Translation<br>Adjustment Unrealized<br>Income/(Loss) on<br>Cash Flow<br>Hedges Unrealized  Loss on Employee<br>Benefit Plans
Balance at December 29, 2024 170,060 $ 1,701 $ 1,466,508 $ (1,906) $ (32,065) $ 270 $ (333) $ (299,638) $ 29,895 $ 1,164,432
Net loss for the quarter ended March 30, 2025 — — — — — — — (33,284) (121) (33,405)
Other comprehensive income/(loss) for the quarter ended March 30, 2025 before reclassifications — — — — 8,413 (4,280) — — 73 4,206
Reclassification from AOCI — — — — — (287) — — — (287)
Share-based compensation — — 2,603 — — — — — — 2,603
Dividends declared on common stock and equivalents ($0.035 per share) — — — — — — — (5,969) — (5,969)
Distribution to noncontrolling interest — — (103) 127 — — — — (60) (36)
Issuance of common stock upon settlement of RSUs, net of shares withheld 240 2 (125) — — — — — — (123)
Other — — — (3) — — — — (1) (4)
Balance at March 30, 2025 170,300 $ 1,703 $ 1,468,883 $ (1,782) $ (23,652) $ (4,297) $ (333) $ (338,891) $ 29,786 $ 1,131,417
Net loss for the quarter ended June 29, 2025 — — — — — — — (435,260) (5,858) (441,118)
Other comprehensive income/(loss) for the quarter ended June 29, 2025 before reclassifications — — — — 25,129 (1,526) — — 668 24,271
Reclassification from AOCI — — — — — (336) — — — (336)
Share-based compensation — — 4,634 — — — — — — 4,634
Dividends declared on common stock and equivalents ($0.035 per share) — — — — — — — (13) — (13)
Issuance of common stock upon settlement of RSUs, net of shares withheld 664 7 (671) — — — — — — (664)
Other — — (1) (3) — — — — 2 (2)
Balance at June 29, 2025 170,964 $ 1,710 $ 1,472,845 $ (1,785) $ 1,477 $ (6,159) $ (333) $ (774,164) $ 24,598 $ 718,189
Net loss for the quarter ended September 28, 2025 — — — — — — — (19,444) (687) (20,131)
Other comprehensive (loss)/income for the quarter ended September 28, 2025 before reclassifications — — — — (4,146) 270 — — (333) (4,209)
Reclassification from AOCI — — — — — (378) — — — (378)
Share-based compensation — — 774 — — — — — — 774
Issuance of common stock upon settlement of RSUs, net of shares withheld 280 3 (400) — — — — — — (397)
Other — — (1) (3) — — — — (2) (6)
Balance at September 28, 2025 171,244 $ 1,713 $ 1,473,218 $ (1,788) $ (2,669) $ (6,267) $ (333) $ (793,608) $ 23,576 $ 693,842

See accompanying notes to Condensed Consolidated Financial Statements.

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Krispy Kreme, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(in thousands, except per share amounts)

Common Stock Additional<br>Paid-in<br>Capital Shareholder<br>Note<br>Receivable Accumulated Other Comprehensive Income/(Loss) Retained Deficit Noncontrolling<br>Interest Total
Shares<br>Outstanding Amount Foreign<br>Currency<br>Translation<br>Adjustment Unrealized<br>Income/(Loss) on<br>Cash Flow<br>Hedges Unrealized  Loss on Employee<br>Benefit Plans
Balance at December 31, 2023 168,628 $ 1,686 $ 1,443,591 $ (3,850) $ 1,985 $ 5,629 $ (368) $ (278,990) $ 94,100 $ 1,263,783
Net (loss)/income for the quarter ended March 31, 2024 — — — — — — — (8,534) 1,871 (6,663)
Other comprehensive (loss)/income for the quarter ended March 31, 2024 before reclassifications — — — — (5,770) 367 — — (299) (5,702)
Reclassification from AOCI — — — — — (3,051) — — — (3,051)
Capital contribution by shareholders, net of loans issued — — — 232 — — — — — 232
Share-based compensation — — 6,986 — — — — — — 6,986
Dividends declared on common stock and equivalents ($0.035 per share) — — — — — — — (5,905) — (5,905)
Distribution to noncontrolling interest — — — — — — — — (977) (977)
Issuance of common stock upon settlement of RSUs, net of shares withheld 103 1 (805) — — — — — — (804)
Other — — 1 (11) — — — (1) (1) (12)
Balance at March 31, 2024 168,731 $ 1,687 $ 1,449,773 $ (3,629) $ (3,785) $ 2,945 $ (368) $ (293,430) $ 94,694 $ 1,247,887
Net (loss)/income for the quarter ended June 30, 2024 — — — — — — — (5,491) 560 (4,931)
Other comprehensive loss for the quarter ended June 30, 2024 before reclassifications — — — — (7,882) (488) — — (62) (8,432)
Reclassification from AOCI — — — — — (3,016) — — — (3,016)
Capital contribution by shareholders, net of loans issued — — — 687 — — — — — 687
Share-based compensation — — 7,648 — — — — — — 7,648
Dividends declared on common stock and equivalents ($0.035 per share) — — — — — — — (5,919) — (5,919)
Distribution to noncontrolling interest — — — 105 — — — — (1,274) (1,169)
Issuance of common stock upon settlement of RSUs, net of shares withheld 626 6 (3,477) — — — — — — (3,471)
Other — 1 — (28) — — — — — (27)
Balance at June 30, 2024 169,357 $ 1,694 $ 1,453,944 $ (2,865) $ (11,667) $ (559) $ (368) $ (304,840) $ 93,918 $ 1,229,257
Net income/(loss) for the quarter ended September 29, 2024 — — — — — — — 39,563 (1,991) 37,572
Other comprehensive income/(loss) for the quarter ended September 29, 2024 before reclassifications — — — — 12,892 (8,671) — — 226 4,447
Reclassification from AOCI — — — — — (903) — — — (903)
Share-based compensation — — 9,969 — — — — — — 9,969
Purchase of shares by noncontrolling interest — — — — — — — — 364 364
Dividends declared on common stock and equivalents ($0.035 per share) — — — — — — — (5,960) — (5,960)
Noncontrolling interest from divestiture of Insomnia Cookies — — — 945 — — — — (33,579) (32,634)
Distribution to noncontrolling interest — — (3,414) — — — — — (29,475) (32,889)
Issuance of common stock upon settlement of RSUs, net of shares withheld 442 4 (95) — — — — — — (91)
Other — — 12 (4) — — — (1) 1 8
Balance at September 29, 2024 169,799 $ 1,698 $ 1,460,416 $ (1,924) $ 1,225 $ (10,133) $ (368) $ (271,238) $ 29,464 $ 1,209,140

See accompanying notes to Condensed Consolidated Financial Statements.

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Krispy Kreme, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

Three Quarters Ended
September 28, 2025 (39 weeks) September 29, 2024 (39 weeks)
CASH FLOWS (USED FOR)/PROVIDED BY OPERATING ACTIVITIES:
Net (loss)/income $ (494,654) $ 25,978
Adjustments to reconcile net (loss)/income to net cash (used for)/provided by operating activities:
Depreciation and amortization expense 103,129 99,562
Deferred and other income taxes (37,396) (22)
Goodwill impairment 355,958 —
Other asset impairments and lease termination charges 55,941 368
Loss on disposal of property and equipment 1,466 470
Loss/(gain) on divestiture of Insomnia Cookies 11,501 (87,128)
Gain on refranchising (1,063) —
Gain on remeasurement of equity method investment — (5,579)
Gain on sale-leaseback (6,749) —
Share-based compensation 8,011 24,603
Change in accounts and notes receivable allowances 1,080 433
Inventory write-off 6,418 1,731
Amortization related to settlement of interest rate swap derivatives — (5,910)
Other 317 263
Change in operating assets and liabilities, excluding business acquisitions and divestitures, and foreign currency translation adjustments (15,054) (35,982)
Net cash (used for)/provided by operating activities (11,095) 18,787
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:
Purchase of property and equipment (80,844) (86,877)
Proceeds from sale-leaseback 10,882 —
Acquisition of shops and franchise rights from franchisees, net of cash acquired — (26,612)
Purchase of equity method investment (2,998) (3,506)
Net proceeds from divestiture of Insomnia Cookies 75,000 117,646
Principal payment received from loan to Insomnia Cookies — 45,000
Principal payments received from loans to franchisees 1,202 —
Disbursement for loan receivable — (1,086)
Other investing activities 177 180
Net cash provided by investing activities 3,419 44,745
CASH FLOWS PROVIDED BY/(USED FOR) FINANCING ACTIVITIES:
Proceeds from the issuance of debt 661,026 490,000
Repayment of long-term debt and lease obligations (606,581) (545,692)
Payment of financing costs (825) —
Proceeds from structured payables 242,350 298,551
Payments on structured payables (270,418) (264,346)
Capital contribution by shareholders, net of loans issued — 919
Proceeds from sale of noncontrolling interest in subsidiary — 364
Distribution to shareholders (11,934) (17,743)
Payments for repurchase and retirement of common stock (1,184) (4,366)
Distribution to noncontrolling interest (36) (35,035)
Net cash provided by/(used for) financing activities 12,398 (77,348)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,885) 1,086
Net increase/(decrease) in cash, cash equivalents and restricted cash 1,837 (12,730)
Cash, cash equivalents and restricted cash at beginning of period 29,315 38,614
Cash, cash equivalents and restricted cash at end of period $ 31,152 $ 25,884
Supplemental schedule of non-cash investing and financing activities:
(Decrease)/increase in accrual for property and equipment $ (12,363) $ 12,362
Accrual for distribution to shareholders — (5,943)
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents $ 30,707 $ 25,410
Restricted cash 445 474
Total cash, cash equivalents and restricted cash $ 31,152 $ 25,884

See accompanying notes to Condensed Consolidated Financial Statements.

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Krispy Kreme, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(dollars in thousands, unless otherwise specified)

Note 1 — Description of Business and Summary of Significant Accounting Policies

Description of Business

Krispy Kreme, Inc. (“KKI”) and its subsidiaries (collectively, the “Company” or “Krispy Kreme”) operates through its omni-channel business model to produce doughnuts and deliver fresh doughnut experiences for Doughnut Shops, Delivered Fresh Daily (“DFD”) Doors, and digital channels, expanding consumer access to the Krispy Kreme brand.

The Company has three reportable operating segments: 1) U.S., which includes all Krispy Kreme Company-owned operations in the U.S., and Insomnia Cookies Bakeries globally through the date of deconsolidation; 2) International, which includes all Krispy Kreme Company-owned operations in the U.K., Ireland, Australia, New Zealand, Mexico, Canada, and Japan; and 3) Market Development, which includes franchise operations across the globe. Unallocated corporate costs are excluded from the Company’s measurement of segment performance.

Basis of Presentation and Consolidation

The Company operates and reports financial information on a 52 or 53-week year with the fiscal year ending on the Sunday closest to December 31. The quarters ended September 28, 2025 and September 29, 2024 were both 13-week periods.

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of KKI and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, these interim financial statements do not include all information and footnotes required under GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of results of operations, balance sheet, cash flows, and shareholders’ equity for the periods presented. All significant intercompany balances and transactions among KKI and its subsidiaries have been eliminated in consolidation. Investments in entities over which the Company has the ability to exercise significant influence but which it does not control and whose financial statements are not otherwise required to be consolidated, are accounted for using the equity method.

The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto as of and for the year ended December 29, 2024, included in the Annual Report on Form 10-K. The Condensed Consolidated Balance Sheet as of December 29, 2024 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The results of operations for the quarter and three quarters ended September 28, 2025 are not necessarily indicative of the results of operations that may be achieved for the entire fiscal year ending December 28, 2025.

Noncontrolling interest in the Company’s Condensed Consolidated Financial Statements represents the interest in subsidiaries held by joint venture partners and employee shareholders. The joint venture partners hold noncontrolling interests in the Company’s consolidated subsidiaries W.K.S. Krispy Kreme, LLC (“WKS Krispy Kreme”) and Krispy K Canada, Inc. (“KK Canada”). Employee shareholders hold noncontrolling interests in the consolidated subsidiaries Krispy Kreme Holdings Pty Ltd. (“KK Australia”), Krispy Kreme Mexico Holding S.A.P.I. de C.V. (“KK Mexico”), and Krispy Kreme Doughnut Japan Co., Ltd. Since the Company consolidates the financial statements of these subsidiaries, the noncontrolling owners’ share of each subsidiary’s net assets and results of operations are deducted and reported as noncontrolling interest in the Condensed Consolidated Balance Sheets and as net income attributable to noncontrolling interest in the Condensed Consolidated Statements of Operations and comprehensive income attributable to noncontrolling interest in the Condensed Consolidated Statements of Comprehensive (Loss)/Income.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 1, “Description of Business and Summary of Significant Accounting Policies” to the Consolidated Financial Statements for the year ended December 29, 2024 included in the Annual Report on Form 10-K. There were no material changes to the significant accounting policies during the quarter ended September 28, 2025.

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Termination of the Business Relationship Agreement with McDonald’s USA

On June 24, 2025, the Company and McDonald’s USA, LLC (“McDonald’s USA”) announced that the companies had jointly decided to terminate the Business Relationship Agreement between Krispy Kreme Doughnut Corporation and McDonald’s USA (the “Business Relationship Agreement”) effective July 2, 2025 (the “Termination Effective Date”). Effective as of the Termination Effective Date, neither party has any further obligations to the other party under the Business Relationship Agreement except for obligations related to confidentiality, indemnification, and certain other miscellaneous provisions that expressly survive termination.

Goodwill and Other Asset Impairments

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. For each reporting unit, the Company assesses goodwill for impairment annually at the beginning of the fourth quarter or more frequently when impairment indicators are present. If the carrying value of the reporting unit exceeds its fair value, the Company recognizes an impairment charge for the difference up to the carrying value of the allocated goodwill.

In the quarter ended June 29, 2025, management identified impairment indicators that required a quantitative assessment of goodwill outside of management’s routine annual assessment. These indicators included that during the two quarters ended June 29, 2025, the Company experienced a decline in its stock price and market capitalization, which became significant and sustained during the quarter ended June 29, 2025. In addition, the Company’s operating results for the quarter were below previous forecasts. Lastly, the Company updated its forecasts for the full year following termination of the Business Relationship Agreement with McDonald’s USA during the quarter, and the updated forecasts were below previous forecasts. After completing the quantitative impairment test, management concluded that the estimated fair values of the U.S., Krispy Kreme Holding U.K. Ltd. (“KK U.K.”), and KK Australia reporting units had declined below their carrying values, and management recognized a cumulative, non-cash, partial goodwill impairment charge of $356.0 million (gross of income taxes) in the quarter ended June 29, 2025.

The estimated fair values of the reporting units were based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. In estimating the fair values of the reporting units, management reconciled the fair value of the Company to the Company’s market capitalization. Consistent with the most recent quantitative assessment for the fiscal year ended December 29, 2024, management utilized a discounted cash flow approach and a market approach to determine fair values, allocating 50% to each approach. These calculations require management to make assumptions and to apply judgment when estimating future cash flows and asset fair values, including projected revenue growth and operating expenses related to existing businesses, product innovation, and new shop concepts, as well as selecting valuation multiples of similar publicly traded companies and an appropriate discount rate. Estimates of revenue growth and operating expenses were based on internal projections considering the reporting unit’s past performance and forecasted growth, strategic initiatives, local market economics, and the local business environment impacting the reporting unit’s performance. The discount rate was selected based on the estimated cost of capital for a market participant to operate the reporting unit in the region. These estimates, as well as the selection of comparable companies and valuation multiples used in the market approaches, are highly subjective, and the Company’s ability to realize the future cash flows used in management’s fair value calculations may be affected by factors such as the success of strategic initiatives, changes in economic conditions, changes in operating performance, and changes in business strategies, including retail initiatives and international expansion. For the discounted cash flow approach, management applied discount rates to management’s projected cash flows of approximately 10.0%, 12.0%, and 12.0% for the U.S., KK U.K., and KK Australia reporting units, respectively.

If the Company’s future performance varies from current expectations, assumptions, or estimates this may impact the impairment analysis and could reduce the underlying cash flows used to estimate fair values, resulting in a decline in fair value that may result in future impairment charges. Management will continue to monitor developments, including updates to forecasts and the Company’s market capitalization. Goodwill impairment assessment may be required in the future which could result in updates to goodwill and related estimates in the future. Refer to Note 4, Goodwill and Other Intangible Assets, net for additional information.

Additionally, in response to management’s updated forecasts and the termination of the Business Relationship Agreement with McDonald’s USA during the three quarters ended September 28, 2025, the Company recorded non-cash long-lived asset impairment charges of $26.7 million and non-cash lease impairment and termination costs of $29.2 million. These impairment charges, along with the goodwill impairment, are included in Goodwill and other asset impairments in the Condensed Consolidated Statements of Operations.

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The goodwill and other asset impairments do not have an impact on the Company’s compliance with the financial covenants under the Company’s debt arrangements.

Reclassifications

In the Condensed Consolidated Statements of Operations, Goodwill and other asset impairments in the comparative period have been reclassified (formerly presented within Other income, net) to be consistent with current quarter presentation.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid disclosures. The ASU requires a public business entity (“PBE”) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further disaggregated by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state, and foreign and by individual jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity should apply the amendments in this ASU prospectively, with retrospective application permitted. The Company expects this ASU to impact its annual income tax disclosures, but with no impacts to its results of operations, cash flows, and financial condition.

In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires a PBE to disclose in the notes to the financial statements, at each interim and annual reporting period, specified information about certain costs and expenses, including (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities, for each income statement line item that contains those expenses. For PBEs, the ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. An entity may apply the amendments in this ASU prospectively or retrospectively. The Company expects this ASU to impact its expense disclosures, but with no impacts to its results of operations, cash flows, and financial condition.

In September 2025, the FASB issued ASU 2025-06, Intangibles (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software. The guidance removes all references to project stages in Accounting Standards Codification (“ASC”) 350-40, Intangibles — Goodwill and Other — Internal-Use Software and clarifies the threshold entities apply to begin capitalizing costs. The new guidance requires an entity to start capitalizing software costs when (a) management has authorized and committed to funding the software project, and (b) it is probable that the project will be completed and the software will be used to perform the function intended. For PBEs, the ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. Entities may apply the amendments in this ASU using a prospective, retrospective, or modified transition approach. The Company does not expect this ASU to materially impact its results of operations, cash flows, and financial condition.

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Note 2 — Acquisitions and Divestitures

2025 Acquisitions and Divestitures

Equity Method Investments in KK Brazil and KK Spain

In the quarter ended September 28, 2025, the Company invested approximately $0.9 million in cash to maintain a 25.0% noncontrolling ownership interest in Glaseadas Originales S.L. (“KK Spain”). In the quarter ended June 29, 2025, the Company invested approximately $2.1 million in cash to maintain a 45.0% noncontrolling ownership interest in Krispy Kreme Doughnuts Brasil S.A. (“KK Brazil”). As the Company has the ability to exercise significant influence over KK Spain and KK Brazil, but does not have the ability to exercise control, both investments are accounted for using the equity method, and equity method earnings are recognized within Other income, net in the Condensed Consolidated Statements of Operations.

Divestiture of Insomnia Cookies

In the quarter ended June 29, 2025, the Company sold the remainder of its ownership interest in Insomnia Cookies Holdings, LLC (“Insomnia Cookies”) for aggregate cash proceeds of $75.0 million. Insomnia Cookies was previously accounted for using the equity method, and the Company recognized a loss on divestiture of $11.5 million (gross of income taxes) which is included within (Gain)/loss on divestiture of Insomnia Cookies in the Condensed Consolidated Statements of Operations.

2024 Acquisitions and Divestitures

Acquisition of Krispy Kreme Shops

In the quarter ended September 29, 2024, the Company acquired the business and operating assets of two franchisees, consisting of nine Krispy Kreme shops in the U.S. and one Krispy Kreme shop in Canada. Prior to the acquisition, the Company was a minority investor in the shops via its equity method investments in KremeWorks USA, LLC and KremeWorks Canada, L.P. The Company paid consideration of $31.4 million, consisting of $26.7 million of cash (exclusive of $6.7 million proceeds for the Company’s equity method investments), $2.1 million of consideration payable to the sellers, and $2.6 million settlement of amounts related to pre-existing relationships, to acquire substantially all of the shops’ assets. Consideration payable of $2.1 million was withheld primarily to cover indemnification claims that could arise after closing. Absent any claims, these amounts are payable quarterly over the 18 months following the acquisition date. The settlement of pre-existing relationships included in the purchase consideration includes the settlement of accounts and notes receivable, net of deferred revenue, of $0.6 million. It also includes the disposal of the franchise intangible asset related to the franchisees with a cumulative net book value of $2.0 million at the acquisition date. The Company accounted for the transaction as a business combination.

Immediately prior to the acquisition, the Company recognized a gain of $5.6 million related to remeasurement of its equity method investments to a cumulative fair value of $6.7 million. The gain is recorded within Other income, net in the Condensed Consolidated Statements of Operations.

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition for the acquisition above.

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KK U.S. Shops KK Canada Shop Total Purchase<br>Price Allocation<br>for Acquisitions
Assets acquired:
Cash and cash equivalents $ 5 $ 1 $ 6
Prepaid expense and other current assets 308 63 371
Property and equipment, net 10,358 971 11,329
Other intangible assets, net 10,248 6,871 17,119
Operating lease right of use asset, net 10,308 322 10,630
Deferred income taxes, net — 23 23
Total identified assets acquired 31,227 8,251 39,478
Liabilities assumed:
Accrued liabilities (115) — (115)
Current operating lease liabilities (1,153) (61) (1,214)
Noncurrent operating lease liabilities (9,155) (261) (9,416)
Deferred income taxes, net (514) — (514)
Total liabilities assumed (10,937) (322) (11,259)
Goodwill 6,258 3,625 9,883
Net assets acquired 26,548 11,554 38,102
Less: Fair value of former equity method investments (4,254) (2,460) (6,714)
Purchase consideration, net $ 22,294 $ 9,094 $ 31,388
Transaction costs in 2024 $ 1,787 $ 589 $ 2,376
Transaction costs in 2023 102 — 102
Reportable segment U.S. International

The results of the acquired franchise businesses were reported within the Market Development segment prior to the acquisition date and are reported within the U.S. and International segments, as noted above, following the acquisition date.

Equity Method Investments in KK Brazil and KK Spain

In the quarter ended June 30, 2024, the Company acquired a 45.0% noncontrolling ownership interest in the newly formed entity KK Brazil for approximately $2.7 million in cash, and a 25.0% noncontrolling ownership interest in the newly formed entity KK Spain for approximately $0.8 million in cash.

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Acquisition of Additional Units in Consolidated Subsidiary Awesome Doughnut

In the quarter ended September 29, 2024, the Company purchased all units held by the noncontrolling interest holders in the consolidated subsidiary Awesome Doughnut, LLC (“Awesome Doughnut”) for $32.9 million in cash. The purchase increased the Company’s ownership interest in Awesome Doughnut from 70.0% to 100.0%. The Company financed the purchase via an existing structured payables program whereby the structured payable matured and was paid in the quarter ended March 30, 2025.

Divestiture of Insomnia Cookies

On July 17, 2024, the Company entered into an agreement to sell a portion of its shares of Insomnia Cookies for cash proceeds of $120.9 million. On August 1, 2024, the Company received additional cash of $45.0 million from Insomnia Cookies related to the settlement of an intercompany loan. The transaction resulted in the Company’s ownership of Insomnia Cookies declining from 75.0% to 34.7% with a loss of control. Accordingly, the Company deconsolidated Insomnia Cookies from the Company’s Condensed Consolidated Financial Statements and recorded a gain on divestiture of $87.1 million (gross of income taxes) which is included within (Gain)/loss on divestiture of Insomnia Cookies in the Condensed Consolidated Statements of Operations. The gain was calculated as follows:

July 17, 2024
Cash proceeds $ 120,870
Fair value of retained noncontrolling interest in Insomnia Cookies 85,086
Carrying value of former noncontrolling interest in Insomnia Cookies 33,579
Less: Carrying value of net assets of Insomnia Cookies, including cash and cash equivalents (152,407)
Gain on divestiture of Insomnia Cookies $ 87,128

As the Company had the ability to exercise significant influence over Insomnia Cookies, but did not have the ability to exercise control, the investment was accounted for using the equity method until the Company sold the remainder of its ownership interest in Insomnia Cookies in the quarter ended June 29, 2025. The initial fair value of the equity method investment of $85.1 million was estimated using a Monte Carlo simulation in a risk-neutral framework to model the likelihood of the Company’s potential future sale of its noncontrolling interest in Insomnia Cookies. The valuation methodology included assumptions and judgments regarding probability weighting, discount rates, operating results of Insomnia Cookies, and expected timing of a future exit by the investors. Equity method earnings were recognized within Other non-operating (income)/expense, net in the Condensed Consolidated Statements of Operations.

Note 3 — Inventories

The components of Inventories are as follows:

September 28, 2025 December 29, 2024
Raw materials $ 19,052 $ 20,698
Work in progress 178 328
Finished goods and purchased merchandise 8,847 7,107
Total inventories $ 28,077 $ 28,133

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Note 4 — Goodwill and Other Intangible Assets, net

Goodwill, net

Changes in the carrying amount of goodwill by reportable segment are as follows:

U.S. International Market Development Total
Balance as of December 29, 2024 $ 652,784 $ 283,018 $ 111,779 $ 1,047,581
Adjustments related to deferred taxes (516) — — (516)
Goodwill impairment (1) (270,162) (85,796) — (355,958)
Foreign currency impact — 17,264 — 17,264
Balance as of September 28, 2025 $ 382,106 $ 214,486 $ 111,779 $ 708,371

(1)Refer to Note 1, Description of Business and Summary of Significant Accounting Policies for more information on the goodwill impairment.

Other Intangible Assets, net

Other intangible assets consist of the following:

September 28, 2025 December 29, 2024
Gross<br>Carrying<br>Amount Accumulated<br>Amortization Net Amount Gross<br>Carrying<br>Amount Accumulated<br>Amortization Net Amount
Intangible assets with indefinite lives
Trade names and trademarks $ 553,400 $ — $ 553,400 $ 553,400 $ — $ 553,400
Intangible assets with definite lives
Franchise agreements 27,154 (12,035) 15,119 27,154 (11,050) 16,104
Customer relationships 15,000 (7,926) 7,074 15,000 (7,277) 7,723
Reacquired franchise rights (1) 416,263 (188,269) 227,994 402,894 (160,187) 242,707
Total intangible assets with definite lives 458,417 (208,230) 250,187 445,048 (178,514) 266,534
Total intangible assets $ 1,011,817 $ (208,230) $ 803,587 $ 998,448 $ (178,514) $ 819,934

(1)Reacquired franchise rights include the impact of foreign currency fluctuations associated with the respective countries.

Amortization expense related to intangible assets included in Depreciation and amortization expense was $7.9 million and $23.4 million for the quarter and three quarters ended September 28, 2025, respectively, and $7.8 million and $22.6 million for the quarter and three quarters ended September 29, 2024, respectively.

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Note 5 — Leases

The Company included the following amounts related to operating and finance lease assets and liabilities within the Condensed Consolidated Balance Sheets:

As of
September 28, 2025 December 29, 2024
Assets Classification
Operating lease Operating lease right of use asset, net $ 410,106 $ 409,869
Finance lease Property and equipment, net 57,108 72,221
Total lease assets $ 467,214 $ 482,090
Liabilities
Current
Operating lease Current operating lease liabilities $ 47,744 $ 46,620
Finance lease Current portion of long-term debt 20,929 16,356
Noncurrent
Operating lease Noncurrent operating lease liabilities 410,526 405,366
Finance lease Long-term debt, less current portion 68,009 63,369
Total lease liabilities $ 547,208 $ 531,711

Lease costs were as follows:

Quarter Ended Three Quarters Ended
September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
Lease cost Classification
Operating lease cost Selling, general and administrative expense $ 581 $ 838 $ 2,118 $ 2,652
Operating lease cost Operating expenses 22,557 22,227 67,658 70,615
Short-term lease cost Operating expenses 818 1,478 3,563 3,828
Variable lease costs Operating expenses 7,069 6,553 22,144 21,384
Sublease income Royalties and other revenues (103) (85) (279) (155)
Finance lease cost:
Amortization of right of use assets Depreciation and amortization expense $ 4,067 $ 3,051 $ 15,109 $ 8,839
Interest on lease liabilities Interest expense, net 1,433 873 4,421 2,615

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Supplemental disclosures of cash flow information related to leases were as follows:

Three Quarters Ended
September 28, 2025 September 29, 2024
Other information
Cash paid for leases:
Operating cash flows for operating leases (1) $ 90,079 $ 83,956
Operating cash flows for finance leases 4,413 2,607
Financing cash flows for finance leases 14,819 8,442
Right of use assets obtained in exchange for new lease liabilities:
Operating leases $ 38,207 $ 40,182
Finance leases 24,774 15,019

(1)Operating cash flows for operating leases include variable rent payments, which are not included in the measurement of lease liabilities. Variable rent payments were $22.1 million for the three quarters ended September 28, 2025 and $21.4 million for the three quarters ended September 29, 2024.

In the three quarters ended September 28, 2025, the Company completed two sale-leaseback transactions whereby it disposed of real estate at two properties for cumulative proceeds of $10.9 million. The Company subsequently leased back the properties, which are accounted for as operating leases. The Company recognized net gains on sale of $6.7 million, which are included in Other income, net on the Condensed Consolidated Statement of Operations. There were no sale-leaseback transactions completed in the three quarters ended September 29, 2024.

In the three quarters ended September 28, 2025, the Company recorded lease impairment and termination costs of $29.2 million. Refer to Note 1, Description of Business and Summary of Significant Accounting Policies for more information.

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Note 6 — Fair Value Measurements

The following table presents assets and liabilities that are measured at fair value on a recurring basis as of September 28, 2025 and December 29, 2024:

September 28, 2025
Level 2
Assets:
Foreign currency derivatives $ 237
Commodity derivatives 193
Total Assets $ 430
Liabilities:
Interest rate derivatives $ 8,356
Total Liabilities $ 8,356 December 29, 2024
--- --- ---
Level 2
Assets:
Interest rate derivatives $ 362
Total Assets $ 362
Liabilities:
Foreign currency derivatives $ 749
Commodity derivatives 6
Total Liabilities $ 755

There were no assets or liabilities measured using Level 1 or Level 3 inputs and no transfers of financial assets or liabilities among the levels within the fair value hierarchy during the three quarters ended September 28, 2025 and fiscal year ended December 29, 2024. The Company’s derivatives are valued using discounted cash flow analyses that incorporate observable market parameters, such as interest rate yield curves and currency rates.

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Note 7 — Derivative Instruments

Commodity Price Risk

The Company uses forward contracts to protect against the effects of commodity price fluctuations in the cost of ingredients of its products, of which flour, sugar, and shortening are the most significant, and the cost of gasoline used by its delivery vehicles. Management has not designated these forward contracts as hedges. As of September 28, 2025 and December 29, 2024, the total notional amount of commodity derivatives was 0.9 million and 1.5 million gallons of fuel, respectively. They are scheduled to mature between October 2025 and March 2026 and January 2025 and October 2025, respectively. As of September 28, 2025 and December 29, 2024, the Company recorded an asset of $0.2 million and a liability of less than $0.1 million, respectively, related to the fair market values of its commodity derivatives. The settlement of commodity derivative contracts is reported in the Condensed Consolidated Statements of Cash Flows as a cash flow from operating activities.

Interest Rate Risk

The Company uses interest rate swaps to manage its exposure to interest rate volatility from its debt arrangements. Management has designated the swap agreements as cash flow hedges and recognized the changes in the fair value of these swaps in other comprehensive income. As of September 28, 2025 and December 29, 2024, the aggregate notional amount hedged by the swap agreements was $550.0 million and $500.0 million of term loan principal, respectively. As of September 28, 2025 and December 29, 2024, the Company has recorded a liability of $8.4 million and an asset of $0.4 million, respectively, related to the fair market values of its interest rate derivatives. The cash flows associated with the interest rate swaps are reflected in operating activities in the Condensed Consolidated Statements of Cash Flows, which is consistent with the classification as operating activities of the interest payments on the term loan.

The net effect of the interest rate swap arrangements is to fix the variable interest rate on the term loan under the 2023 Facility (as defined in Note 9, Long-Term Debt) up to the notional amount outstanding at the rates payable under the swap agreements plus the Applicable Rate (as defined by the 2023 Facility), through the swap maturity dates in March 2028.

Foreign Currency Exchange Rate Risk

The Company is exposed to foreign currency exchange rate risk primarily from its investments in consolidated subsidiaries that operate in Canada, the U.K., Ireland, Australia, New Zealand, Mexico, and Japan. In order to mitigate foreign exchange fluctuations, the Company enters into foreign exchange forward contracts. Management has not designated these forward contracts as hedges. As of September 28, 2025 and December 29, 2024, the total notional amount of foreign exchange derivatives was $72.0 million and $152.6 million, respectively. The majority matured in October 2025 and January 2025, respectively. The Company recorded an asset of $0.2 million and a liability of $0.7 million as of September 28, 2025 and December 29, 2024, respectively, related to the fair market values of its foreign exchange derivatives.

Quantitative Summary of Derivative Positions and Their Effect on Results of Operations

The following tables present the fair values of derivative instruments included in the Condensed Consolidated Balance Sheets as of September 28, 2025 and December 29, 2024, for derivatives not designated as hedging instruments and derivatives designated as hedging instruments, respectively. The Company only has cash flow hedges that are designated as hedging instruments.

Derivatives Fair Value
Derivatives Not Designated as Hedging<br><br>Instruments September 28, 2025 December 29,<br>2024 Balance Sheet Location
Foreign currency derivatives $ 237 $ — Prepaid expense and other current assets
Commodity derivatives 193 — Prepaid expense and other current assets
Total Assets $ 430 $ —
Foreign currency derivatives $ — $ 749 Accrued liabilities
Commodity derivatives — 6 Accrued liabilities
Total Liabilities $ — $ 755

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Derivatives Fair Value
Derivatives Designated as Hedging Instruments September 28, 2025 December 29,<br>2024 Balance Sheet Location
Interest rate derivatives (current) $ — $ 112 Prepaid expense and other current assets
Interest rate derivatives (noncurrent) — 250 Other assets
Total Assets $ — $ 362
Interest rate derivatives (current) $ 3,372 $ — Accrued liabilities
Interest rate derivatives (noncurrent) 4,984 — Other long-term obligations and deferred credits
Total Liabilities $ 8,356 $ —

The effect of derivative instruments in the Condensed Consolidated Statements of Operations for the quarter and three quarters ended September 28, 2025 and September 29, 2024 is as follows:

Derivative Gain Recognized in Income for the Quarter Ended Derivative Gain Recognized in Income for the Three Quarters Ended
Derivatives Designated as Hedging Instruments September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Location of Derivative Gain Recognized in Income
Gain on interest rate derivatives $ 378 $ 903 $ 1,001 $ 6,970 Interest expense, net
$ 378 $ 903 $ 1,001 $ 6,970 Derivative Gain/(Loss) Recognized in Income for the Quarter Ended Derivative Gain Recognized in Income for the Three Quarters Ended
--- --- --- --- --- --- --- --- --- ---
Derivatives Not Designated as Hedging Instruments September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Location of Derivative (Loss)/Gain Recognized in Income
Gain on foreign currency derivatives $ 1,103 $ 700 $ 986 $ 637 Other non-operating (income)/expense, net
Gain/(loss) on commodity derivatives 59 (263) 199 3 Other non-operating (income)/expense, net
$ 1,162 $ 437 $ 1,185 $ 640

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Note 8 — Vendor Finance Programs

The following table presents liabilities as of September 28, 2025 and December 29, 2024 related to vendor finance programs in which the Company participates as a buyer:

September 28, 2025 December 29, 2024 Balance Sheet Location
Supply chain financing programs $ 3,997 $ 6,912 Accounts payable
Structured payables programs 107,727 135,668 Structured payables
Total Liabilities $ 111,724 $ 142,580

Supply Chain Financing (“SCF”) Programs

The Company has an agreement with a third-party administrator which allows participating vendors to track the Company’s payments, and if voluntarily elected by the vendor, to sell payment obligations from the Company to financial institutions as part of the SCF program. When participating vendors elect to sell one or more of the Company’s payment obligations, the Company’s rights and obligations to settle the payables on their contractual due date are not impacted. The Company agrees on commercial terms with vendors for the goods and services procured, which are consistent with payment terms observed at other peer companies in the industry. The Company has historically prioritized negotiating longer payment terms with some of its largest vendors, and certain of these vendors have also elected to participate in the SCF program. Payment terms and pricing negotiations are independent of, and not conditioned upon, a vendor’s participation in the SCF program. The financial institutions do not provide the Company with incentives such as rebates or profit sharing under the SCF program. As the terms are not impacted by the SCF program, such obligations are classified as Accounts payable in the Condensed Consolidated Balance Sheets and the associated cash flows are included in operating activities in the Condensed Consolidated Statements of Cash Flows.

Structured Payables Programs

The Company utilizes various card products issued by financial institutions to facilitate purchases of goods and services. By using these products, the Company may receive differing levels of rebates based on timing of repayment. The payment obligations under these card products are classified as Structured payables in the Condensed Consolidated Balance Sheets and the associated cash flows are included in financing activities in the Condensed Consolidated Statements of Cash Flows.

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Note 9 — Long-Term Debt

The Company’s long-term debt obligations consist of the following:

September 28, 2025 December 29, 2024
2023 Facility — term loan $ 753,288 $ 647,500
2023 Facility — revolving credit facility 130,000 172,000
Short-term lines of credit 10,476 5,000
Less: Debt issuance costs (3,239) (3,322)
Finance lease obligations 88,938 79,725
Total long-term debt 979,463 900,903
Less: Current portion of long-term debt (73,255) (56,356)
Long-term debt, less current portion $ 906,208 $ 844,547

2023 Secured Credit Facility

The Company is party to a credit agreement (the “2023 Facility”) consisting of a $300.0 million senior secured revolving credit facility and a term loan with an original principal amount of $700.0 million. During the quarter ended June 29, 2025, the Company amended the 2023 Facility (referred to herein as the “2025 Amendment”) to, among other things, establish additional, incremental term loan commitments in an aggregate principal amount of $125.0 million. During the quarter ended June 29, 2025, the Company capitalized $0.8 million of debt issuance costs related to the 2025 Amendment.

Borrowings under the 2023 Facility are generally subject to an interest rate of adjusted term Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.10% plus (i) 2.25% if the Company’s leverage ratio (as defined in the 2023 Facility) equals or exceeds 4.00 to 1.00, (ii) 2.00% if the Company’s leverage ratio is less than 4.00 to 1.00 but greater than or equal to 3.00 to 1.00, or (iii) 1.75% if the Company’s leverage ratio is less than 3.00 to 1.00. As of September 28, 2025 and December 29, 2024, the unhedged interest rates were 6.42% and 6.48% under the 2023 Facility, respectively. As of September 28, 2025 and December 29, 2024, $550.0 million and $500.0 million, respectively, of the outstanding term loan balance was hedged, with the interest rate swap agreements scheduled to mature in March 2028. As of September 28, 2025 and December 29, 2024, the effective interest rates on the term loan were approximately 6.17% and 6.20%, respectively. The Company is required to make installment payments equal to 1.25% of the aggregate closing date principal amounts of the term loan on the last day of each fiscal quarter. All remaining term loan and revolving loan balances are to be due at maturity in March 2028.

The 2023 Facility is secured by a first priority lien on substantially all of the Company’s personal property assets, certain real estate properties, and all of the Company’s U.S. wholly owned subsidiaries. Loans made pursuant to the 2023 Facility may be used for general corporate purposes of the Company (including, but not limited to, financing working capital needs, capital expenditures, acquisitions, and other investments) and for any other purpose not prohibited under the related loan documents. The 2025 Amendment imposed certain restrictions on the ability to make restricted payments, including dividends, if the leverage ratio under the 2023 Facility exceeds 3.00 to 1.00.

Short-Term Lines of Credit

The Company is party to two agreements with existing lenders providing for short-term, uncommitted lines of credit up to an aggregate of $25.0 million. Borrowings under these short-term lines of credit are payable to the lenders on a revolving basis for tenors up to three months and are subject to an interest rate of adjusted term SOFR plus a credit spread adjustment of 0.10% plus a margin of 1.75%.

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Note 10 — Share-based Compensation

Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”)

KKI issues time-vested RSUs and PSUs under the Krispy Kreme, Inc. 2021 Omnibus Incentive Plan (“Omnibus Plan”). Certain subsidiaries issue time-vested RSUs under their respective executive ownership plans and long-term incentive plans.

RSU and PSU activity under these plans during the periods presented is as follows:

(in thousands, except per share amounts) Non-vested shares outstanding at December 29,<br>2024 Granted Vested Forfeited Non-vested shares outstanding at September 28,<br>2025
KKI
RSUs and PSUs 5,984 8,406 1,451 1,986 10,953
Weighted Average Grant Date Fair Value $ 14.29 3.80 14.88 12.61 $ 6.46
KK U.K.
RSUs 7 — 3 4 —
Weighted Average Grant Date Fair Value $ 29.80 — 29.80 29.80 $ —
KK Australia
RSUs 137 — 63 — 74
Weighted Average Grant Date Fair Value $ 1.39 — 1.67 — $ 1.53
KK Mexico
RSUs 18 — 17 — 1
Weighted Average Grant Date Fair Value $ 30.01 — 29.21 — $ 40.14

The Company recorded total non-cash compensation expense related to the RSUs and PSUs under the plans of $2.0 million and $8.4 million for the quarter and three quarters ended September 28, 2025, respectively, and $9.2 million and $22.1 million for the quarter and three quarters ended September 29, 2024, respectively, which is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

The unrecognized compensation cost related to the unvested RSUs and PSUs and the weighted average period over which such cost is expected to be recognized are as follows:

As of September 28, 2025
Unrecognized Compensation Cost Recognized Over a<br>Weighted Average<br>Period of
KKI $ 43,630 2.6 years
KK Australia 8 0.3 years
KK Mexico 13 1.0 year

The estimated fair value of restricted stock is calculated using a market approach whereby an agreed-upon EBITDA buyout multiple is used for KK Australia and KK Mexico plans.

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Time-Vested Stock Options

KKI issues time-vested stock options under the Omnibus Plan. The fair value of time-vested stock options was estimated on the date of grant using the Black-Scholes option pricing model.

The status of the time-vested stock options as of December 29, 2024 and changes during the first three quarters of fiscal 2025 are presented below:

Share options outstanding at Share options outstanding at
(in thousands, except per share amounts) December 29,<br>2024 Granted Exercised Forfeited or Expired September 28,<br>2025
KKI
Options 2,662 2,060 — 789 3,933
Weighted Average Grant Date Fair Value $ 5.88 1.58 — 5.36 $ 3.73
Weighted Average Exercise Price $ 14.27 3.22 — 13.45 $ 8.64

The Company recorded total non-cash compensation (benefit)/expense related to the time-vested stock options of ($1.3 million) and ($0.5 million) for the quarter and three quarters ended September 28, 2025, respectively, and $0.8 million and $2.6 million for the quarter and three quarters ended September 29, 2024, respectively, which is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

The unrecognized compensation cost related to the stock options and the weighted average period over which such cost is expected to be recognized are as follows:

As of September 28, 2025
Unrecognized Compensation Cost Recognized Over a<br>Weighted Average<br>Period of
KKI $ 3,362 2.5 years

No time-vested stock options vested during the quarter and three quarters ended September 28, 2025. During the three quarters ended September 29, 2024, 1.5 million time-vested stock options vested. No time-vested stock options vested during the quarter ended September 29, 2024.

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Note 11 — Income Taxes

For interim tax reporting, the Company estimates a worldwide annual effective tax rate and applies that rate to the year-to-date ordinary (loss)/income. The tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. The Company establishes valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. Due to significant estimates used to establish the valuation allowances and the potential for changes in facts and circumstances, it is reasonably possible that the Company will be required to record adjustments to the valuation allowances in future reporting periods that could have a material effect on its results of operations.

The Company’s effective income tax rates were 12.3% and 5.0% for the quarter and three quarters ended September 28, 2025, respectively, and 32.0% and 41.4% for the quarter and three quarters ended September 29, 2024, respectively. The Company’s effective income tax rate for the quarter and three quarters ended September 28, 2025 differed from the respective statutory rates primarily due to the tax effects of goodwill impairment charges, the mix of income and taxes attributable to foreign jurisdictions, disallowed executive compensation expense, and the sale of the Company’s investment in Insomnia Cookies. The Company’s effective income tax rate for the quarter and three quarters ended September 29, 2024 differed from the respective statutory rates primarily due to disallowed executive compensation expense, the mix of income and taxes attributable to foreign jurisdictions, and noncontrolling interest in domestic joint ventures. Additionally, the Company recorded an income tax benefit in the quarter ended September 29, 2024 related to the release of valuation allowances on state net operating losses associated with the divestiture of Insomnia Cookies.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The legislation permanently extends certain expiring provisions of the Tax Cuts and Jobs Act, alters aspects of the U.S. international tax regime, and reinstates certain business tax provisions, among other changes. The OBBBA has multiple effective dates, with provisions becoming effective in 2025 through 2027. The impact of the OBBBA enactment was immaterial to the Company’s Condensed Consolidated Financial Statements for the quarter ended September 28, 2025.

Note 12 — Commitments and Contingencies

Pending Litigation

Securities Litigation

On May 16, 2025, a shareholder of the Company filed a putative federal securities class action in the Western District of North Carolina against the Company, its Chief Executive Officer (“CEO”), and its former Chief Financial Officer (“CFO”). On June 30, 2025, a shareholder of the Company filed a similar putative federal securities class action in the Western District of North Carolina against the Company, its CEO, and its former CFO. Both actions allege that, throughout the proposed putative class periods, defendants made materially false and/or misleading statements and/or failed to disclose materially adverse facts concerning the Company’s business, operations, and prospects related to the Business Relationship Agreement with McDonald’s USA. Motions to consolidate the actions and appoint lead plaintiff were filed on June 15, 2025. On November 3, 2025, the court consolidated the actions.

Data Breach Litigation

On June 16, 2025, the Company released a Notice of Data Breach stating that on November 29, 2024, the Company became aware of the 2024 Cybersecurity Incident (defined below) and on May 22, 2025, the Company’s investigation determined that personal information of certain individuals was affected. Beginning on June 20, 2025, several putative class actions lawsuits were filed against the Company in the Middle District of North Carolina, the Western District of North Carolina, and in California state court. The complaints assert claims of negligence, negligence per se, unjust enrichment, breach of implied contract, breach of the implied covenant of good faith and fair dealing, breach of confidence, breach of fiduciary duty, breach of bailment, invasion of privacy, declaratory judgment, and violations of California and North Carolina statutory law, arising from the Company’s alleged failure to secure and safeguard the personally identifiable information and private health information of plaintiffs and purported class members. On August 19, 2025, plaintiffs in the California action voluntarily dismissed their case. On August 26, 2025, a hearing was held in the Western District of North Carolina on plaintiffs’ motion to consolidate the cases. Following the hearing, plaintiffs voluntarily dismissed the few cases remaining in the Middle District of North Carolina. On September 18, 2025, all cases were consolidated in the Western District of North Carolina. On October 17, 2025, plaintiffs filed an amended consolidated complaint.

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The securities litigation and data breach litigation are currently in the pleading phase. The Company has engaged external counsel with respect to these matters and intends to vigorously defend against them. It is too soon to predict with any certainty what, if any, damages could be awarded if liability were found.

Shareholder Derivative Litigation

On June 13, 2025, June 25, 2025, and August 19, 2025 purported shareholders of the Company filed shareholder derivative actions in the Western District of North Carolina against its CEO, its former CFO, and current and former members of its Board of Directors. The actions allege that the derivative defendants breached their fiduciary duties by allowing the Company to issue materially false and misleading statements and failed to maintain adequate internal controls. On September 4, 2025, the court consolidated the derivative actions and designated co-lead counsel representing plaintiffs. On October 31, 2025, the court granted the parties’ joint motion to stay the consolidated derivative action until a decision is rendered on the motion to dismiss in the related securities class action or upon motion of one of the parties following 30 days notice. This matter is currently in the pleading phase, and the Company has engaged external counsel with respect to this matter.

Other Legal Matters

The Company also is engaged in various legal proceedings arising in the normal course of business. The Company maintains insurance policies against certain kinds of such claims and suits, including insurance policies for workers’ compensation and personal injury, all of which are subject to deductibles. While the ultimate outcome of these matters could differ from management’s expectations, management currently does not believe their resolution will have a material adverse effect on the Company’s Condensed Consolidated Financial Statements.

Other Commitments and Contingencies

The Company had outstanding letters of credit and surety bonds totaling $24.6 million as of September 28, 2025 and $20.8 million as of December 29, 2024, a majority of which secure the Company’s reimbursement obligations to insurers under its self-insurance arrangements. The Company expects that its performance and payment obligations secured by these letters of credit and surety bonds will be completed in the ordinary course of business and in accordance with the applicable contractual terms.

Note 13 — Related Party Transactions

As of September 28, 2025 the Company held minority equity interests in three entities, Krispy Kreme Doughnuts France SAS (“KK France”) (33.0% ownership), KK Brazil (45.0% ownership), and KK Spain (25.0% ownership) with an aggregate carrying value of $6.7 million. As of December 29, 2024 the company held minority equity interests in four entities, KK France (33.0% ownership), KK Brazil (45.0% ownership), KK Spain (25.0% ownership), and Insomnia Cookies (34.8% ownership), with an aggregate carrying value of $91.1 million.

In the quarter ended June 29, 2025, the Company sold its remaining ownership interest in Insomnia Cookies. In connection with this transaction, the Company incurred $0.5 million of financial advisory fees with an affiliate of BNP Paribas, SA, which beneficially owns greater than 5% of the Company’s common stock. Refer to Note 2, Acquisitions and Divestitures for further information.

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Note 14 — Revenue Recognition

Disaggregation of Revenues

Revenues are disaggregated as follows:

Quarter Ended Three Quarters Ended
September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
Company Shops and DFD $ 355,350 $ 358,110 $ 1,073,222 $ 1,192,071
Mix and equipment revenue from franchisees 10,351 12,552 30,335 41,514
Franchise royalties and other 9,597 9,205 26,692 27,789
Total net revenues $ 375,298 $ 379,867 $ 1,130,249 $ 1,261,374

Other revenues include advertising fund contributions from franchisees, rental income, development and franchise fees, and licensing royalties from customers for use of the Krispy Kreme brand, such as Keurig coffee cups.

Contract Balances

Deferred revenue and related receivables are as follows:

September 28, 2025 December 29, 2024 Balance Sheet Location
Trade receivables, net of allowances of $899 and $1,060, respectively $ 49,685 $ 57,439 Accounts receivables, net
Deferred revenue:
Current $ 14,655 $ 16,506 Accrued liabilities
Noncurrent 9,302 8,569 Other long-term obligations and deferred credits
Total deferred revenue $ 23,957 $ 25,075

Trade receivables relate primarily to payments due for royalties, franchise fees, advertising fees, sale of products, and licensing fees. Deferred revenue primarily represents the Company’s remaining performance obligations under gift cards and franchise and development agreements for which consideration has been received or is receivable and is generally recognized on a straight-line basis over the remaining term of the related agreement. The noncurrent portion of deferred revenue primarily relates to the remaining performance obligations in the franchise and development agreements.

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Note 15 — Net (Loss)/Earnings per Share

The following table presents the calculations of basic and diluted EPS:

Quarter Ended Three Quarters Ended
(in thousands, except per share amounts) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
Net (loss)/income attributable to Krispy Kreme, Inc. $ (19,444) $ 39,563 $ (487,988) $ 25,538
Additional income attributed to noncontrolling interest due to subsidiary potential common shares (6) (4) (3) (28)
Net (loss)/income attributable to common shareholders - Diluted $ (19,450) $ 39,559 $ (487,991) $ 25,510
Basic weighted average common shares outstanding 171,164 169,596 170,752 169,125
Dilutive effect of outstanding common stock options, RSUs, and PSUs — 1,890 — 2,259
Diluted weighted average common shares outstanding 171,164 171,486 170,752 171,384
(Loss)/earnings per share attributable to common shareholders:
Basic $ (0.11) $ 0.23 $ (2.86) $ 0.15
Diluted $ (0.11) $ 0.23 $ (2.86) $ 0.15

Potential dilutive shares consist of unvested RSUs and PSUs, calculated using the treasury stock method. The calculation of dilutive shares outstanding excludes certain unvested RSUs granted under certain subsidiaries’ executive ownership plans and long-term incentive plans, because their inclusion would have been antidilutive. Refer to Note 10, Share-based Compensation for further information about the plans.

The following table summarizes the gross number of potential dilutive unvested RSUs and PSUs excluded due to antidilution (unadjusted for the treasury stock method):

Quarter Ended Three Quarters Ended
(in thousands) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
KKI 10,953 2,807 10,953 2,807
KK U.K. — 7 — 7
KK Australia — — 74 —
KK Mexico — — — —

For the quarter and three quarters ended September 28, 2025 and September 29, 2024, all 3.9 million and 2.8 million time-vested stock options, respectively, were excluded from the computation of diluted weighted average common shares outstanding based on application of the treasury stock method.

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Note 16 — Segment Reporting

The Company conducts business through the following three reportable segments:

•U.S.: Includes all Krispy Kreme Company-owned operations in the U.S., and Insomnia Cookies Bakeries globally through the date of deconsolidation;

•International: Includes all Krispy Kreme Company-owned operations in the U.K., Ireland, Australia, New Zealand, Mexico, Canada, and Japan; and

•Market Development: Includes franchise operations across the globe.

Unallocated corporate costs are excluded from the Company’s measurement of segment performance. These costs include general corporate expenses.

Segment information is identified and prepared on the same basis that the CEO, the Company’s Chief Operating Decision Maker (“CODM”), evaluates financial results, allocates resources, and makes key operating decisions. The CODM allocates resources and assesses performance based on geography and line of business, which represents the Company’s operating segments.

The primary financial measures used by the CODM to evaluate the performance of its operating segments are net revenues and segment Adjusted EBIT. For all of the segments, the CODM uses segment Adjusted EBIT to monitor and evaluate operating performance and to provide a consistent benchmark for comparison across reporting periods.

The following tables reconcile segment results to consolidated results reported in accordance with GAAP. The accounting policies used for internal management reporting at the operating segments are consistent with those described in Note 1, Description of Business and Summary of Significant Accounting Policies, to the Condensed Consolidated Financial Statements. The Company manages its assets on a total company basis and the CODM does not review asset information by segment when assessing performance or allocating resources. Consequently, the Company does not report total assets by reportable segment.

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The reportable segment results are as follows:

Quarter Ended Three Quarters Ended
September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
U.S.
Net revenues $ 216,187 $ 228,376 $ 682,830 $ 813,615
Less:
Product and distribution costs, adjusted 53,574 56,837 168,160 192,807
Operating expenses, adjusted 126,175 129,402 400,921 428,971
Selling, general and administrative expense, adjusted 16,622 21,436 52,826 77,512
Marketing expenses, adjusted 7,343 6,860 21,585 23,493
Other segment items (1) (8,537) (82) (7,513) 1,626
Depreciation expense and amortization of right of use assets, adjusted 14,886 12,974 48,405 45,074
Total U.S. Adjusted EBIT $ 6,124 $ 949 $ (1,554) $ 44,132
International
Net revenues $ 140,237 $ 130,697 $ 392,627 $ 380,716
Less:
Product and distribution costs, adjusted 32,021 31,352 89,747 92,417
Operating expenses, adjusted 67,961 61,535 197,022 177,359
Selling, general and administrative expense, adjusted 13,100 12,196 38,877 36,888
Marketing expenses, adjusted 4,284 2,786 10,162 8,793
Other segment items (1) (286) 50 544 289
Depreciation expense and amortization of right of use assets, adjusted 8,280 7,783 24,016 23,024
Total International Adjusted EBIT $ 14,877 $ 14,995 $ 32,259 $ 41,946
Market Development
Net revenues $ 18,874 $ 20,794 $ 54,792 $ 67,043
Less:
Product and distribution costs, adjusted 5,746 7,603 16,403 25,265
Selling, general and administrative expense, adjusted 756 1,097 3,192 3,449
Other segment items (1) 378 823 3,208 2,283
Depreciation expense and amortization of right of use assets, adjusted 35 39 112 116
Total Market Development Adjusted EBIT $ 11,959 $ 11,232 $ 31,877 $ 35,930
Corporate
Total Corporate expenses within Adjusted EBIT $ (17,908) $ (16,073) $ (57,631) $ (51,360)
Total Reportable Segment
Total reportable segment net revenues $ 375,298 $ 379,867 $ 1,130,249 $ 1,261,374
Total reportable segment Adjusted EBIT $ 15,052 $ 11,103 $ 4,951 $ 70,648

(1)The U.S. and International segments’ other segment items consist of pre-opening costs and other income, net. The Market Development segment other segment items consist of operating expenses, marketing expenses, pre-opening costs, and other income, net.

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The following table presents a reconciliation of net loss/(income) to Adjusted EBIT:

Quarter Ended Three Quarters Ended
September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
Net (loss)/income $ (20,131) $ 37,572 $ (494,654) $ 25,978
Interest expense, net 16,358 16,280 49,250 44,468
Income tax (benefit)/expense (2,816) 17,679 (25,936) 18,330
Share-based compensation 774 9,969 8,011 24,603
Employer payroll taxes related to share-based compensation 26 49 283 299
(Gain)/loss on divestiture of Insomnia Cookies — (87,128) 11,501 (87,128)
Goodwill impairment — — 355,958 —
Other non-operating (income)/expense, net (1) (591) (407) (2,161) 1,115
Strategic initiatives (2) 11,858 11,426 37,078 20,434
Acquisition and integration expenses (3) — 1,938 (111) 3,037
New market penetration expenses (4) 208 156 528 1,194
Shop closure expenses, net (5) 502 21 36,497 788
Restructuring and severance expenses (6) 522 631 5,469 769
Gain on remeasurement of equity method investment (7) — (5,579) — (5,579)
Gain on sale-leaseback — — (6,749) —
Gain on refranchising (8) (1,063) — (1,063) —
Other (9) 1,504 716 7,658 (257)
Amortization of acquisition related intangibles (10) 7,901 7,780 23,392 22,597
Adjusted EBIT $ 15,052 $ 11,103 $ 4,951 $ 70,648

(1)Primarily foreign translation gains and losses in each period, as well as equity method income from Insomnia Cookies following the divestiture of a controlling interest in Insomnia Cookies during fiscal 2024.

(2)The quarter and three quarters ended September 28, 2025 consist primarily of costs associated with the U.S. national expansion, including exit costs associated with termination of the Business Relationship Agreement with McDonald’s USA, and the evaluation of potential opportunities to refranchise certain equity markets. The quarter and three quarters ended September 29, 2024 consist primarily of costs associated with the divestiture of the Insomnia Cookies business, preparing for the U.S. national expansion (including McDonald’s USA), and global transformation.

(3)Consists of acquisition and integration-related costs in connection with the Company’s business and franchise acquisitions, including legal, due diligence, and advisory fees incurred in connection with acquisition and integration-related activities for the applicable period.

(4)Consists of start-up costs associated with entry into new countries in which the Company’s brands have not previously operated, including Brazil and Spain.

(5)Includes lease termination costs, impairment charges, and loss on disposal of property, plant and equipment.

(6)The quarter and three quarters ended September 28, 2025 consist primarily of costs associated with restructuring of the U.S. and U.K. businesses. The quarter and three quarters ended September 29, 2024 consist primarily of costs associated with the restructuring of the U.K. executive team.

(7)Consists of a gain related to the remeasurement of the equity method investments in KremeWorks USA, LLC and KremeWorks Canada, L.P. to fair value immediately prior to the acquisition of the shops. Refer to Note 2, Acquisitions and Divestitures for further information.

(8)Includes gains and losses on the deconsolidation of assets and liabilities associated with the refranchising of Krispy Kreme shops.

(9)The quarter and three quarters ended September 28, 2025 consist primarily of $1.5 million and $6.8 million, respectively, in costs related to remediation of the 2024 Cybersecurity Incident, including fees for cybersecurity experts and other advisors. The quarter and three quarters ended September 29, 2024 consist primarily of legal and other regulatory expenses incurred outside the ordinary course of business, as well as a gain from insurance proceeds received related to a shop in the U.S. that was destroyed and subsequently rebuilt.

(10)Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the Condensed Consolidated Statements of Operations.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited Condensed Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report on Form 10-Q, as well as our audited Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 29, 2024, and in other reports filed subsequently with the SEC.

Cautionary Note Regarding Forward-Looking Statements

Certain information included in this Quarterly Report on Form 10-Q is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, and involves risks, assumptions, and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements can be identified by use of forward-looking terminology, including terms such as “plan,” “believe,” “may,” “continue,” “could,” “will,” “should,” “would,” “anticipate,” “attempt,” “estimate,” “expect,” “intend,” “objective,” “seek,” “pursue,” “strive,” or, in each case, the negative of these words, comparable terminology, or other references to future periods; however, statements may be forward-looking whether or not these terms or their negatives are used. Forward-looking statements are not a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our actual results could differ materially from the forward-looking statements included herein. We consider the assumptions and estimates on which forward-looking statements are based to be reasonable, but they are subject to various risks and uncertainties relating to our operations, financial results, financial conditions, business, prospects, future plans and strategies, projections, liquidity, the economy, and other future conditions. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors could cause our actual results to differ materially from those contained in forward-looking statements including, without limitation: food safety issues, including risks of food-borne illnesses, tampering, contamination, and cross-contamination; impacts from the 2024 Cybersecurity Incident or any other material failure, inadequacy, or interruption of our information technology systems, including breaches or failures of such systems or other cybersecurity or data security-related incidents; any harm to our reputation or brand image; negative impacts on our business due to changes in consumer spending habits, consumer preferences, or demographic trends; changes in the cost of raw materials and other commodities, including due to import and export requirements (including tariffs), inflation, or foreign exchange rates; our ability to execute on our omni-channel business strategy; our significant indebtedness and our ability to meet the financial and other covenants under our credit facilities; regulatory investigations, enforcement actions, or material litigation; and other risks and uncertainties described under the heading “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 29, 2024, filed by us with the SEC and described in the other filings we make from time to time with the SEC. These forward-looking statements are made only as of the date of this document, and we undertake no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future events, or otherwise, except as may be required by law.

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Overview

We believe Krispy Kreme is one of the most beloved and well-known sweet treat brands in the world. Krispy Kreme operates in more than 40 countries with its omni-channel strategy, which focuses on delivering fresh doughnuts such as our iconic Original Glazed® doughnut, recognized for its hot-off-the-line, melt-in-your-mouth experience, to where consumers are located and want to have access to them. Our purpose of touching and enhancing lives through the joy that is Krispy Kreme guides how we operate every day.

The following table presents a summary of our financial results for the periods presented:

Quarter Ended Three Quarters Ended
(in thousands, except percentages) September 28, 2025 September 29, 2024 % Change September 28, 2025 September 29, 2024 % Change
Net Revenues (1) $ 375,298 $ 379,867 -1.2 % $ 1,130,249 $ 1,261,374 -10.4 %
Net (Loss)/Income (2) (20,131) 37,572 nm (494,654) 25,978 nm
Net (Loss)/Income Attributable to Krispy Kreme, Inc. (2) (19,444) 39,563 nm (487,988) 25,538 nm
Adjusted Net Income/(Loss), Diluted (2) (3) 1,428 (2,498) nm (32,714) 17,937 nm
Adjusted EBIT (3) 15,052 11,103 35.6 % 4,951 70,648 -93.0 %
Adjusted EBITDA (3) 40,597 34,699 17.0 % 84,688 147,613 -42.6 %

(1)Organic revenue growth/(decline) was 0.6% and (0.4)% in the quarter and three quarters ended September 28, 2025, respectively. Refer to “Results of Operations” below for more information on and the calculation of organic revenue growth/(decline).

(2)“nm” as used here and within “Results of Operations” means “not meaningful.”

(3)Refer to “Key Performance Indicators and Non-GAAP Measures” below for more information as to how we define and calculate Adjusted EBITDA, Adjusted EBIT, and Adjusted Net Income/(Loss), Diluted and for a reconciliation of Adjusted EBITDA, Adjusted EBIT, and Adjusted Net Income/(Loss), Diluted to the most comparable measure calculated under GAAP.

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Significant Events and Transactions

Our Turnaround Plan

We have implemented a comprehensive turnaround plan to deleverage the balance sheet and deliver sustainable, profitable growth through a focus on the following components:

•Refranchising: Improve financial flexibility through pursuit of opportunities to refranchise certain international equity markets, and to restructure our consolidated subsidiary in the western U.S., WKS Krispy Kreme, which accounts for approximately 15% of revenues in the U.S. segment, to a minority ownership interest;

•Improving return on invested capital: Reduce capital intensity by using existing assets and focusing on franchise development. We expect full year fiscal 2025 capital expenditures to be below full year fiscal 2024 capital expenditures, and we expect to continue to reduce capital investment in fiscal 2026 compared to fiscal 2025;

•Expanding profit margins: Expand profit margins through greater operational efficiency. During the third quarter of fiscal 2025, we focused on making doughnuts more efficiently through optimizing production, streamlining Hub activities, and improving labor productivity. In addition, we are focused on delivering fresh doughnuts more efficiently through outsourcing U.S. logistics and improving route management and demand planning, and through testing adjusted production and delivery schedules to support cost-effective expansion. During the third quarter, we continued to outsource some of our U.S. DFD deliveries to third-party logistics (“3PL”) carriers, and expect to outsource deliveries in additional U.S. locations to additional 3PL carriers through fiscal 2026; and

•Driving sustainable, profitable growth: Pursue U.S. growth based upon sustainable and profitable revenue streams. During the third quarter of fiscal 2025, we added more than 200 profitable DFD Doors with strategic partners. At the same time, we are also focused on the strategic closure of underperforming DFD Doors, with our Global Points of Access of 14,851 representing a decrease of 6.1% compared to the third quarter of fiscal 2024.

Growing our Global Presence

A key strategic initiative on our journey to become the most loved sweet treat brand in the world is to increase our global presence in new and existing markets. For example, through franchisees and minority joint ventures, we opened our first Hot Light Theater Shop in Spain in October 2025, and expect to open our first shop in Uzbekistan during the fourth quarter of fiscal 2025.

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Digital, Brand, and Innovation

We continue to prioritize expanding our digital channel sales, which grew in the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024. Growth in our digital channel is due to improvements in our branded digital platform as well as increasing product availability through third party platforms. Innovation is also a significant driver of frequency as we create and introduce premium and buzz-worthy offerings to consumers across our Global Points of Access. During the third quarter of fiscal 2025, we delivered the joy that is Krispy Kreme by spotlighting our core offerings such as the Original Glazed doughnut, supplemented by specialty doughnut offerings and seasonal activations, including Harry Potter, Pumpkin Spice, and many others around the world. In addition, we recently announced a refresh of our everyday doughnut menu to focus on trending flavors, fan favorites requested on social media, and returning popular doughnuts.

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Termination of the Business Relationship Agreement with McDonald’s USA

On June 24, 2025, we and McDonald’s USA announced that our companies jointly decided to terminate the Business Relationship Agreement effective July 2, 2025, resulting in the reduction of approximately 2,400 DFD Doors in the third quarter of fiscal 2025. Although our two companies partnered to support execution, marketing, and training, our efforts to bring operating costs in line with unit demand were unsuccessful, making the partnership unsustainable for us. We have worked to quickly remove costs related to the McDonald’s USA partnership which we expect to continue positively impacting profitability trends for our U.S. segment in the fourth quarter of fiscal 2025 and the first half of fiscal 2026. Refer to Note 1, Description of Business and Summary of Significant Accounting Policies to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for further information.

2024 Cybersecurity Incident

As previously disclosed, during the fourth quarter of fiscal 2024, unauthorized activity on a portion of our information technology systems resulted in our experiencing certain operational disruptions, including with online ordering in parts of the U.S. (the “2024 Cybersecurity Incident”). The investigation of the 2024 Cybersecurity Incident was substantially completed in the second quarter of fiscal 2025. As previously disclosed, our online ordering, retail shops, and core business functions are now fully operational. We incurred losses and costs from the incident, primarily in the fourth quarter of fiscal 2024 and early in the first quarter of fiscal 2025, which were estimated to have had an approximately $15 million aggregate impact on Adjusted EBITDA in those periods (includes margin on lost revenues, as well as operational inefficiencies). We hold cybersecurity insurance which has offset a portion of the losses and costs from the incident. We received $9.3 million business interruption insurance proceeds during the third quarter of fiscal 2025, and expect to receive additional insurance proceeds.

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Geopolitical Uncertainty and Tariffs

Recent actions by the U.S., including the imposition of significant tariffs on imports from certain countries, have heightened uncertainty in the global trade environment. These tariffs, along with potential retaliatory measures by other countries, may increase inflationary pressure and raise the costs of our imported commodities, including, but not limited to, vegetable oil. Additionally, the broader implications of tariff-driven price increases could influence consumer spending habits and negatively affect our business. While several tariff announcements have been followed by announcements of limited exemptions and temporary pauses, these actions have caused substantial uncertainty and volatility in financial markets, and may result in further retaliatory measures. We may be unable to fully offset the impacts of tariffs by adjusting the pricing of our products.

Goodwill and Other Asset Impairments

We assess goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. During the second quarter of fiscal 2025, we identified events and conditions that required a quantitative assessment of goodwill, as well as other long-lived fixed assets and leases. Refer to Note 1, Description of Business and Summary of Significant Accounting Policies to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for further information.

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Key Performance Indicators and Non-GAAP Measures

We monitor the key business metrics and non-GAAP metrics set forth below to help us evaluate our business and growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts, and assess operational efficiencies. The calculation of the key business metrics discussed below may differ from other similarly titled metrics used by other companies, securities analysts, or investors.

Throughout this Quarterly Report on Form 10-Q, we utilize “Global Points of Access” as a key performance indicator. Global Points of Access reflect all locations at which fresh doughnuts can be purchased. We define Global Points of Access to include all Hot Light Theater Shops, Fresh Shops, Carts and Food Trucks, DFD Doors, Cookie Bakeries (through the date of the Insomnia Cookies deconsolidation in fiscal 2024), and other points at which fresh doughnuts can be purchased, at both Company-owned and franchise locations as of the end of the respective reporting period. We monitor Global Points of Access as a metric that informs the growth of our omni-channel presence over time and believe this metric is useful to investors to understand our footprint in each of our segments and by asset type.

The following table presents our Global Points of Access, by segment and type, as of the end of the third quarter of fiscal 2025, the third quarter of fiscal 2024, and fiscal 2024, respectively:

Global Points of Access
Quarter Ended Fiscal Year Ended
September 28, 2025 September 29, 2024 December 29, 2024
U.S.:
Hot Light Theater Shops 235 236 237
Fresh Shops 69 71 70
DFD Doors (1) 6,971 7,711 9,644
Total 7,275 8,018 9,951
International:
Hot Light Theater Shops 52 48 49
Fresh Shops 524 508 519
Carts, Food Trucks, and Other (2) 17 17 17
DFD Doors 4,292 4,867 4,583
Total 4,885 5,440 5,168
Market Development:
Hot Light Theater Shops 111 110 108
Fresh Shops 1,125 1,059 1,095
Carts, Food Trucks, and Other (2) 31 30 30
DFD Doors 1,424 1,154 1,205
Total 2,691 2,353 2,438
Total Global Points of Access (as defined) 14,851 15,811 17,557
Total Hot Light Theater Shops 398 394 394
Total Fresh Shops 1,718 1,638 1,684
Total Shops 2,116 2,032 2,078
Total Carts, Food Trucks, and Other 48 47 47
Total DFD Doors (1) 12,687 13,732 15,432
Total Global Points of Access (as defined) 14,851 15,811 17,557

(1)During the third quarter of fiscal 2025 we exited approximately 2,400 McDonald’s USA DFD Doors related to termination of the Business Relationship Agreement with McDonald’s USA.

(2)Carts and Food Trucks are non-producing, mobile (typically on wheels) facilities without walls or a door where product is received from a Hot Light Theater Shop or Doughnut Factory. Other includes a vending machine. Points of Access in this category are primarily found in international locations in airports and train stations.

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As of September 28, 2025, we had 14,851 Global Points of Access, with 2,116 Krispy Kreme branded shops, 48 Carts and Food Trucks, and 12,687 DFD Doors. During the third quarter of fiscal 2025, we added a net 14 additional Krispy Kreme branded Doughnut Shops globally, in countries such as Brazil, Canada, and France, among many others. The decrease to the total Global Points of Access compared to the end of the second quarter of fiscal 2025 primarily relates to the exit of DFD Doors related to termination of the Business Relationship Agreement with McDonald’s USA, as well as the strategic closure of underperforming DFD Doors.

We also utilize “Hubs” as a key performance indicator. We have an omni-channel strategy to reach more consumers where they are and drive sustainable, profitable growth, and this strategy is supported by a capital-efficient Hub and Spoke distribution model that provides a route to market and powers profitability. Our Hot Light Theater Shops and Doughnut Factories serve as centralized production facilities (“Hubs”). From these Hubs, we deliver doughnuts to our Fresh Shops, Carts and Food Trucks, and DFD Doors (“Spokes”) primarily through an integrated network of Company-operated delivery routes, designed to ensure quality and freshness. During the third quarter of fiscal 2025, we continued to outsource some of our U.S. DFD deliveries to 3PL carriers, and expect to outsource deliveries in additional U.S. locations to additional 3PL carriers through the middle of fiscal 2026. Specific to the U.S. segment, certain legacy Hubs have not historically had Spokes. Many Hubs in the U.S. segment are being converted to add Spokes while certain legacy Hubs do not currently have the ability or need to add Spokes.

The following table presents our Hubs, by segment and type, as of the end of the third quarter of fiscal 2025, the third quarter of fiscal 2024, and fiscal 2024, respectively:

Hubs
Quarter Ended Fiscal Year Ended
September 28, 2025 September 29, 2024 December 29, 2024
U.S.:
Hot Light Theater Shops (1) 223 230 232
Doughnut Factories 6 6 6
Total 229 236 238
Hubs with Spokes 157 152 158
Hubs without Spokes 72 84 80
International:
Hot Light Theater Shops (1) 43 39 40
Doughnut Factories 14 14 14
Total 57 53 54
Hubs with Spokes 57 53 54
Market Development:
Hot Light Theater Shops (1) 109 108 106
Doughnut Factories 26 26 27
Total 135 134 133
Total Hubs 421 423 425

(1)Includes only Hot Light Theater Shops and excludes Mini Theaters. A Mini Theater is a Spoke location that produces some doughnuts for itself and also receives doughnuts from another producing location.

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Non-GAAP Measures

We report our financial results in accordance with GAAP; however, management evaluates our results of operations using, among other measures, organic revenue growth, Sales per Hub, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted EBIT, Adjusted Net Income/(Loss), Diluted, and Adjusted EPS as we believe these non-GAAP measures are useful in evaluating our operating performance.

Non-GAAP financial measures are not standardized and it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently than we do or may not calculate them at all. Additionally, these non-GAAP financial measures are not measurements of financial performance under GAAP or a substitute for results reported under GAAP. In order to facilitate a clear understanding of our consolidated historical operating results, we urge you to review our non-GAAP financial measures in conjunction with our historical Condensed Consolidated Financial Statements and notes thereto included in this Quarterly Report on Form 10-Q and not to rely on any single financial measure.

Organic Revenue Growth/(Decline)

Organic revenue growth/(decline) measures our revenue growth trends excluding the impact of acquisitions, divestitures, and foreign currency, and we believe it is useful for investors to understand the expansion of our global footprint through internal efforts. We define “organic revenue growth/(decline)” as the growth/(decline) in revenues, excluding (i) acquired shops owned by us for less than 12 months following their acquisition, (ii) the impact of foreign currency exchange rate changes, (iii) the impact of shop closures related to restructuring programs, (iv) the impact of the divestiture of a controlling interest in Insomnia Cookies, (v) the impact of the divestiture of shops through refranchising, and (vi) revenues generated during the 53rd week for those fiscal years that have a 53rd week based on our fiscal calendar defined in Note 1, Description of Business and Summary of Significant Accounting Policies to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q. See “Results of Operations” for our organic growth/(decline) calculations for the periods presented.

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Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income/(Loss), Diluted, and Adjusted EPS

We define “Adjusted EBITDA” as earnings before interest expense, net, income tax expense, and depreciation and amortization, with further adjustments for share-based compensation, certain strategic initiatives, acquisition and integration expenses, and certain other non-recurring, infrequent, or non-core income and expense items. Adjusted EBITDA is a principal metric that management uses to monitor and evaluate operating performance and provides a consistent benchmark for comparison across reporting periods. “Adjusted EBITDA margin” reflects Adjusted EBITDA as a percentage of net revenues.

We define “Adjusted EBIT” as earnings before interest expense, net and income tax expense, with further adjustments for share-based compensation, certain strategic initiatives, acquisition and integration expenses, amortization of acquisition-related intangibles, and certain other non-recurring, infrequent, or non-core income and expense items. Adjusted EBIT is a principal metric that management uses to monitor and evaluate operating performance and provides a consistent benchmark for comparison across reporting periods.

We define “Adjusted Net Income/(Loss), Diluted” as net (loss)/income attributable to common shareholders, adjusted for share-based compensation, certain strategic initiatives, acquisition and integration expenses, amortization of acquisition-related intangibles, the tax impact of adjustments, and certain other non-recurring, infrequent, or non-core income and expense items. “Adjusted EPS” is Adjusted Net Income/(Loss), Diluted converted to a per share amount.

Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income/(Loss), Diluted, and Adjusted EPS have certain limitations, including adjustments for income and expense items that are required by GAAP. In evaluating these non-GAAP measures, you should be aware that in the future we will incur expenses that are the same as or similar to some of the adjustments in this presentation, such as share-based compensation. Our presentation of these non-GAAP measures should not be construed to imply that our future results will be unaffected by any such adjustments. Management compensates for these limitations by relying on our GAAP results in addition to using these non-GAAP measures supplementally.

The following tables present a reconciliation of net loss/(income) to Adjusted EBIT and Adjusted EBITDA, and net loss/(income) to Adjusted Net Income/(Loss), Diluted and Adjusted EPS for the periods presented:

Quarter Ended Three Quarters Ended
(in thousands) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
Net (loss)/income $ (20,131) $ 37,572 $ (494,654) $ 25,978
Interest expense, net 16,358 16,280 49,250 44,468
Income tax (benefit)/expense (2,816) 17,679 (25,936) 18,330
Share-based compensation 774 9,969 8,011 24,603
Employer payroll taxes related to share-based compensation 26 49 283 299
(Gain)/loss on divestiture of Insomnia Cookies — (87,128) 11,501 (87,128)
Goodwill impairment — — 355,958 —
Other non-operating (income)/expense, net (1) (591) (407) (2,161) 1,115
Strategic initiatives (2) 11,858 11,426 37,078 20,434
Acquisition and integration expenses (3) — 1,938 (111) 3,037
New market penetration expenses (4) 208 156 528 1,194
Shop closure expenses, net (5) 502 21 36,497 788
Restructuring and severance expenses (6) 522 631 5,469 769
Gain on remeasurement of equity method investment (7) — (5,579) — (5,579)
Gain on sale-leaseback — — (6,749) —
Gain on refranchising (8) (1,063) — (1,063) —
Other (9) 1,504 716 7,658 (257)
Amortization of acquisition related intangibles (10) 7,901 7,780 23,392 22,597
Adjusted EBIT $ 15,052 $ 11,103 $ 4,951 $ 70,648
Depreciation expense and amortization of right of use assets 25,545 23,596 79,737 76,965
Adjusted EBITDA $ 40,597 $ 34,699 $ 84,688 $ 147,613

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Quarter Ended Three Quarters Ended
(in thousands, except per share amounts) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024
Net (loss)/income $ (20,131) $ 37,572 $ (494,654) $ 25,978
Share-based compensation 774 9,969 8,011 24,603
Employer payroll taxes related to share-based compensation 26 49 283 299
(Gain)/loss on divestiture of Insomnia Cookies — (87,128) 11,501 (87,128)
Goodwill impairment — — 355,958 —
Other non-operating (income)/expense, net (1) (591) (407) (2,161) 1,115
Strategic initiatives (2) 11,858 11,426 37,078 20,434
Acquisition and integration expenses (3) — 1,938 (111) 3,037
New market penetration expenses (4) 208 156 528 1,194
Shop closure expenses, net (5) 502 21 36,497 788
Restructuring and severance expenses (6) 522 631 5,469 769
Gain on remeasurement of equity method investment (7) — (5,579) — (5,579)
Gain on sale-leaseback — — (6,749) —
Gain on refranchising (8) (1,063) — (1,063) —
Other (9) 1,504 716 7,658 (257)
Amortization of acquisition related intangibles (10) 7,901 7,780 23,392 22,597
Tax impact of adjustments (11) (763) 20,766 (21,014) 13,765
Tax specific adjustments (12) — (2,395) — (3,210)
Net loss/(income) attributable to noncontrolling interest 687 1,991 6,666 (440)
Adjusted net income/(loss) attributable to common shareholders - Basic $ 1,434 $ (2,494) $ (32,711) $ 17,965
Additional income attributed to noncontrolling interest due to subsidiary potential common shares (6) (4) (3) (28)
Adjusted net income/(loss) attributable to common shareholders - Diluted $ 1,428 $ (2,498) $ (32,714) $ 17,937
Basic weighted average common shares outstanding 171,164 169,596 170,752 169,125
Dilutive effect of outstanding common stock options, RSUs, and PSUs 1,402 — — 2,259
Diluted weighted average common shares outstanding 172,566 169,596 170,752 171,384
Adjusted net income/(loss) per share attributable to common shareholders:
Basic $ 0.01 $ (0.01) $ (0.19) $ 0.11
Diluted $ 0.01 $ (0.01) $ (0.19) $ 0.10

(1)Primarily foreign translation gains and losses in each period, as well as equity method income from Insomnia Cookies following the divestiture of a controlling interest in Insomnia Cookies during fiscal 2024.

(2)The quarter and three quarters ended September 28, 2025 consist primarily of costs associated with the U.S. national expansion, including exit costs associated with termination of the Business Relationship Agreement with McDonald’s USA, and the evaluation of potential opportunities to refranchise certain equity markets. The quarter and three quarters ended September 29, 2024 consist primarily of costs associated with the divestiture of the Insomnia Cookies business, preparing for the U.S. national expansion (including McDonald’s USA), and global transformation.

(3)Consists of acquisition and integration-related costs in connection with the Company’s business and franchise acquisitions, including legal, due diligence, and advisory fees incurred in connection with acquisition and integration-related activities for the applicable period.

(4)Consists of start-up costs associated with entry into new countries in which the Company’s brands have not previously operated, including Brazil and Spain.

(5)Includes lease termination costs, impairment charges, and loss on disposal of property, plant and equipment.

(6)The quarter and three quarters ended September 28, 2025 consist primarily of costs associated with restructuring of the U.S. and U.K. businesses. The quarter and three quarters ended September 29, 2024 consist primarily of costs associated with the restructuring of the U.K. executive team.

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(7)Consists of a gain related to the remeasurement of the equity method investments in KremeWorks USA, LLC and KremeWorks Canada, L.P. to fair value immediately prior to the acquisition of the shops. Refer to Note 2, Acquisitions and Divestitures to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for further information.

(8)Includes gains and losses on the deconsolidation of assets and liabilities associated with the refranchising of Krispy Kreme shops.

(9)The quarter and three quarters ended September 28, 2025 consist primarily of $1.5 million and $6.8 million, respectively, in costs related to remediation of the 2024 Cybersecurity Incident, including fees for cybersecurity experts and other advisors. The quarter and three quarters ended September 29, 2024 consist primarily of legal and other regulatory expenses incurred outside the ordinary course of business, as well as a gain from insurance proceeds received related to a shop in the U.S. that was destroyed and subsequently rebuilt.

(10)Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the Condensed Consolidated Statements of Operations.

(11)Tax impact of adjustments calculated applying the applicable statutory rates. The quarter and three quarters ended September 28, 2025 and September 29, 2024 also include the impact of disallowed executive compensation expense.

(12)The quarter and three quarters ended September 29, 2024 consist of the recognition of previously unrecognized tax benefits unrelated to ongoing operations, a discrete tax benefit unrelated to ongoing operations, the release of valuation allowances on state net operating losses associated with the divestiture of Insomnia Cookies, and the effect of various tax law changes on existing temporary differences.

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Sales Per Hub

In order to measure the effectiveness of our Hub and Spoke model, we use “Sales per Hub” on a trailing four-quarter basis, which includes all revenue generated from a Hub and its associated Spokes. Sales per Hub equals Fresh Revenues from Hubs with Spokes, divided by the average number of Hubs with Spokes for the period. Fresh Revenues include product sales generated from our Doughnut Shop business (including digital channels), as well as DFD sales, but exclude all Insomnia Cookies revenues as the measure is focused on the Krispy Kreme business. The average number of Hubs with Spokes for a period is calculated as the average of the number of Hubs with Spokes at the end of the five most recent quarters. The Sales per Hub performance measure allows us and investors to measure our effectiveness at leveraging the Hubs in the Hub and Spoke model to distribute product and generate cost efficiencies and profitability.

Sales per Hub was as follows for each of the periods below:

Trailing Four Quarters Ended Fiscal Year Ended
(in thousands, unless otherwise stated) September 28,<br>2025 December 29,<br>2024 December 31,<br>2023
U.S.:
Revenues $ 927,951 $ 1,058,736 $ 1,104,944
Non-Fresh Revenues (1) (2,861) (3,161) (9,416)
Fresh Revenues from Insomnia Cookies and Hubs without Spokes (2) (165,624) (307,665) (399,061)
Fresh Revenues from Hubs with Spokes 759,466 747,910 696,467
Sales per Hub (millions) 4.8 4.9 4.9
International:
Fresh Revenues from Hubs with Spokes (3) $ 531,013 $ 519,102 $ 489,631
Sales per Hub (millions) (4) 9.8 9.9 9.8

(1)Includes the exited Branded Sweet Treats business revenues as well as licensing royalties from customers for use of the Krispy Kreme brand.

(2)Includes Insomnia Cookies revenues (through the date of deconsolidation) and Fresh Revenues generated by Hubs without Spokes.

(3)Total International net revenues is equal to Fresh Revenues from Hubs with Spokes for that business segment.

(4)International Sales per Hub comparative data has been restated in constant currency based on current exchange rates.

In our International segment, where the Hub and Spoke model originated, we had Sales per Hub of $9.8 million during the trailing four quarters ended September 28, 2025, largely consistent with the $9.9 million generated in the full fiscal year 2024 and the $9.8 million generated in the full fiscal year 2023. The International segment illustrates the benefits of leveraging our Hub and Spoke model as the most efficient way to grow the business, as shown by the consistent Sales per Hub and higher Adjusted EBITDA margins despite elevated commodity costs and macroeconomic conditions. In the U.S. segment, we had Sales per Hub of $4.8 million during the trailing four quarters ended September 28, 2025, largely consistent with the $4.9 million generated in the full fiscal year 2024 and the full fiscal year 2023. In the U.S. we continue our efforts to increase the number of quality Spokes served by our Hubs, while exiting underperforming Spokes, as we work towards optimizing the segment in line with our International segment. We expect to increase the number of quality Spokes through growth with DFD partners across the U.S. coupled with strategic closure of underperforming DFD Doors.

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Results of Operations

The following comparisons are historical results and are not indicative of future results, which could differ materially from the historical financial information presented.

Quarter ended September 28, 2025 compared to the Quarter ended September 29, 2024

The following table presents our unaudited condensed consolidated results of operations for the quarter ended September 28, 2025 and the quarter ended September 29, 2024:

Quarter Ended
September 28, 2025 September 29, 2024 Change
(in thousands, except percentages) Amount % of Revenue Amount % of Revenue %
Net revenues
Product sales $ 365,701 97.4 % $ 370,662 97.6 % -1.3 %
Royalties and other revenues 9,597 2.6 % 9,205 2.4 % 392 4.3 %
Total net revenues 375,298 100.0 % 379,867 100.0 % (4,569) -1.2 %
Product and distribution costs 96,214 25.6 % 95,840 25.2 % 374 0.4 %
Operating expenses 195,939 52.2 % 192,027 50.6 % 3,912 2.0 %
Selling, general and administrative expense 49,393 13.2 % 71,110 18.7 % (21,717) -30.5 %
Marketing expenses 11,796 3.1 % 10,680 2.8 % 1,116 10.4 %
Pre-opening costs 666 0.2 % 619 0.2 % 47 7.6 %
Goodwill and other asset impairments 4,805 1.3 % — — % 4,805 nm
Other income, net (9,781) -2.6 % (5,781) -1.5 % (4,000) -69.2 %
Depreciation and amortization expense 33,446 8.9 % 31,376 8.3 % 2,070 6.6 %
Operating loss (7,180) -1.9 % (16,004) -4.2 % 8,824 55.1 %
Interest expense, net 16,358 4.4 % 16,280 4.3 % 78 0.5 %
Gain on divestiture of Insomnia Cookies — — % (87,128) -22.9 % 87,128 100.0 %
Other non-operating income, net (591) -0.2 % (407) -0.1 % (184) -45.2 %
(Loss)/income before income taxes (22,947) -6.1 % 55,251 14.5 % (78,198) -141.5 %
Income tax (benefit)/expense (2,816) -0.8 % 17,679 4.7 % (20,495) -115.9 %
Net (loss)/income (20,131) -5.4 % 37,572 9.9 % (57,703) -153.6 %
Net loss attributable to noncontrolling interest (687) -0.2 % (1,991) -0.5 % 1,304 65.5 %
Net (loss)/income attributable to Krispy Kreme, Inc. $ (19,444) -5.2 % $ 39,563 10.4 % -149.1 %

All values are in US Dollars.

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The following table presents a further breakdown of total net revenue and organic revenue growth by segment for the quarter ended September 28, 2025 compared to the quarter ended September 29, 2024:

(in thousands, except percentages) U.S. International Market<br>Development Total<br>Company
Total net revenues in third quarter of fiscal 2025 $ 216,187 $ 140,237 $ 18,874 $ 375,298
Total net revenues in third quarter of fiscal 2024 228,376 130,697 20,794 379,867
Total Net Revenues (Decline)/Growth (12,189) 9,540 (1,920) (4,569)
Total Net Revenues (Decline)/Growth % -5.3 % 7.3 % -9.2 % -1.2 %
Less: Impact of Insomnia Cookies divestiture (10,037) — — (10,037)
Less: Impact of refranchising (133) — 39 (94)
Adjusted net revenues in third quarter of fiscal 2024 218,206 130,697 20,833 369,736
Adjusted net revenue growth/(decline) (2,019) 9,540 (1,959) 5,562
Impact of acquisitions (2,721) (234) 857 (2,098)
Impact of foreign currency translation — (1,243) — (1,243)
Organic Revenue Growth/(Decline) $ (4,740) $ 8,063 $ (1,102) $ 2,221
Organic Revenue Growth/(Decline) % -2.2 % 6.2 % -5.3 % 0.6 %

Total net revenue declined $4.6 million, or approximately 1.2%, from the third quarter of fiscal 2024 to the third quarter of fiscal 2025, primarily due to the $10.0 million reduction associated with the divestiture of a controlling interest in Insomnia Cookies in the third quarter of fiscal 2024. Organic revenue increased $2.2 million, or approximately 0.6%, primarily driven by growth in the International segment. The organic revenue increase reflects a Global Points of Access decline of 960, or 6.1%, impacted by the strategic closure of underperforming DFD Doors.

Our U.S. segment net revenue declined $12.2 million, or approximately 5.3%, from the third quarter of fiscal 2024 to the third quarter of fiscal 2025, primarily due to the $10.0 million reduction associated with the divestiture of a controlling interest in Insomnia Cookies in the third quarter of fiscal 2024. U.S. organic revenue declined $4.7 million, or approximately 2.2%, primarily driven by lower Doughnut Shop transaction volume impacted by consumer softness in a challenging macroeconomic environment. The organic revenue decline was also driven by U.S. Points of Access decline of 743, or 9.3%, impacted by the strategic closure of underperforming DFD Doors. The organic revenue decline was partially offset by success from the Harry Potter specialty doughnuts.

Our International segment net revenue increased $9.5 million, or approximately 7.3%, from the third quarter of fiscal 2024 to the third quarter of fiscal 2025, aided by foreign currency translation impacts of $1.2 million. International organic revenue grew $8.1 million, or approximately 6.2%, driven primarily by strength in Canada, Japan, and Mexico and recovery in the U.K.

Our Market Development segment net revenue declined $1.9 million, or approximately 9.2%, from the third quarter of fiscal 2024 to the third quarter of fiscal 2025, partially due to the $0.9 million impact of franchise acquisitions in fiscal 2024 (the results of acquired franchise businesses are reported within the Market Development segment prior to the respective dates of acquisition, and are reported within the U.S. or International segments, as applicable, following the respective dates of acquisition). Market Development organic revenue declined $1.1 million, or approximately 5.3%, as growth in royalty revenue from certain international franchise markets was more than offset by lower franchisee product sales and less shipments of equipment to franchisees.

Operating expenses: Operating expenses increased $3.9 million, or 2.0%, from the third quarter of fiscal 2024 to the third quarter of fiscal 2025, driven mainly by an increase of $9.0 million in operating expenses for the global Krispy Kreme brand, partially offset by a $5.1 million decrease resulting from the divestiture of a controlling interest in Insomnia Cookies. Operating expenses as a percentage of revenue increased by approximately 160 basis points, from 50.6% in the third quarter of fiscal 2024 to 52.2% in the third quarter of fiscal 2025, primarily due to higher logistics costs, the impact of lower transaction volumes on operating leverage, and approximately $3 million of operating costs associated with our now-ended McDonald’s USA partnership early in the third quarter of fiscal 2025.

Selling, general and administrative expense: Selling, general and administrative (“SG&A”) expense decreased $21.7 million, or 30.5%, from the third quarter of fiscal 2024 to the third quarter of fiscal 2025. As a percentage of revenue, SG&A expense decreased approximately 550 basis points, from 18.7% in the third quarter of fiscal 2024 to 13.2% in the third quarter of fiscal 2025, primarily driven by lower employee costs and share-based compensation expenses related to restructuring initiatives.

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Other income, net: Other income, net of $9.8 million in the third quarter of fiscal 2025 was primarily related to $9.3 million of business interruption insurance recoveries related to the 2024 Cybersecurity Incident. Other income, net of $5.8 million in the third quarter of fiscal 2024 was primarily driven by a gain of $5.6 million related to the remeasurement of equity method investments to fair value immediately prior to the acquisition of Krispy Kreme shops referenced in Note 2, Acquisitions and Divestitures to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

Depreciation and amortization expense: Depreciation and amortization expense increased $2.1 million, or 6.6%, from the third quarter of fiscal 2024 to the third quarter of fiscal 2025. As a percentage of revenue, Depreciation and amortization expense increased approximately 60 basis points, from 8.3% in the third quarter of fiscal 2024 to 8.9% in the third quarter of fiscal 2025, primarily driven by higher finance lease amortization expense.

Gain on divestiture of Insomnia Cookies: In the third quarter of fiscal 2024, we sold our controlling interest in Insomnia Cookies in exchange for cash proceeds. Following the transaction, we owned approximately 34.7% of Insomnia Cookies and lost the ability to exercise control. Accordingly, we deconsolidated Insomnia Cookies and recorded a gain on divestiture of $87.1 million (gross of income taxes). Refer to Note 2, Acquisitions and Divestitures to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for further information.

Income tax (benefit)/expense: Income tax benefit was $2.8 million in the third quarter of fiscal 2025, while income tax expense was $17.7 million in the third quarter of fiscal 2024. The variance was primarily driven by lower pre-tax results in the third quarter of fiscal 2025.

Results of Operations by Segment – Quarter ended September 28, 2025 compared to the Quarter ended September 29, 2024

The following table presents Adjusted EBITDA by segment for the periods indicated:

Quarter Ended Change
(in thousands, except percentages) September 28, 2025 September 29, 2024 %
Adjusted EBITDA
U.S. $ 21,010 $ 13,922 50.9 %
International 23,157 22,779 378 1.7 %
Market Development 11,994 11,271 723 6.4 %
Corporate (15,564) (13,273) (2,291) -17.3 %
Total Adjusted EBITDA (1) $ 40,597 $ 34,699 17.0 %

All values are in US Dollars.

(1)    Refer to “Key Performance Indicators and Non-GAAP Measures” above for a reconciliation of Adjusted EBITDA to net loss.

U.S. segment Adjusted EBITDA increased $7.1 million, or 50.9%, with margin expansion of 360 basis points to 9.7% in the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024, primarily driven by $9.3 million of business interruption insurance recoveries related to the 2024 Cybersecurity Incident. Excluding these insurance recoveries and the divestiture of Insomnia Cookies, U.S. Adjusted EBITDA still increased sequentially by approximately $1.8 million compared to the second quarter of fiscal 2025, beginning to benefit from our turnaround plan initiatives as well as the removal of costs associated with our now-ended McDonald’s USA partnership.

International segment Adjusted EBITDA increased $0.4 million, or 1.7%, aided by benefits from the revenue growth in Japan and Mexico. The margin decline of 90 basis points to 16.5% in the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024, was due to the ongoing turnaround in the U.K.

Market Development segment Adjusted EBITDA increased $0.7 million, or 6.4%, with margin expansion of 930 basis points to 63.5% in the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024, driven mainly by changes in the revenue mix, including fewer shipments of lower-margin equipment to franchisees, and growth in royalties.

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Three Quarters ended September 28, 2025 compared to the Three Quarters ended September 29, 2024

The following table presents our unaudited condensed consolidated results of operations for the three quarters ended September 28, 2025 and the three quarters ended September 29, 2024:

Three Quarters Ended
September 28, 2025 September 29, 2024 Change
(in thousands, except percentages) Amount % of Revenue Amount % of Revenue %
Net revenues
Product sales $ 1,103,557 97.6 % $ 1,233,585 97.8 % -10.5 %
Royalties and other revenues 26,692 2.4 % 27,789 2.2 % (1,097) -3.9 %
Total net revenues 1,130,249 100.0 % 1,261,374 100.0 % (131,125) -10.4 %
Product and distribution costs 279,577 24.7 % 310,701 24.6 % (31,124) -10.0 %
Operating expenses 605,494 53.6 % 609,726 48.3 % (4,232) -0.7 %
Selling, general and administrative expense 171,718 15.2 % 207,150 16.4 % (35,432) -17.1 %
Marketing expenses 34,220 3.0 % 35,211 2.8 % (991) -2.8 %
Pre-opening costs 3,066 0.3 % 2,691 0.2 % 375 13.9 %
Goodwill and other asset impairments 411,899 36.4 % 448 — % 411,451 nm
Other income, net (16,854) -1.5 % (6,878) -0.5 % (9,976) -145.0 %
Depreciation and amortization expense 103,129 9.1 % 99,562 7.9 % 3,567 3.6 %
Operating (loss)/income (462,000) -40.9 % 2,763 0.2 % (464,763) nm
Interest expense, net 49,250 4.4 % 44,468 3.5 % 4,782 10.8 %
Loss/(gain) on divestiture of Insomnia Cookies 11,501 1.0 % (87,128) -6.9 % 98,629 113.2 %
Other non-operating (income)/expense, net (2,161) -0.2 % 1,115 0.1 % (3,276) -293.8 %
Loss before income taxes (520,590) -46.1 % 44,308 3.5 % (564,898) nm
Income tax (benefit)/expense (25,936) -2.3 % 18,330 1.5 % (44,266) -241.5 %
Net loss (494,654) -43.8 % 25,978 2.1 % (520,632) nm
Net (loss)/income attributable to noncontrolling interest (6,666) -0.6 % 440 — % (7,106) nm
Net loss attributable to Krispy Kreme, Inc. $ (487,988) -43.2 % $ 25,538 2.0 % nm

All values are in US Dollars.

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The following table presents a further breakdown of total net revenue and organic revenue growth by segment for the three quarters ended September 28, 2025 compared to the three quarters ended September 29, 2024:

(in thousands, except percentages) U.S. International Market<br>Development Total<br>Company
Total net revenues in first three quarters of fiscal 2025 $ 682,830 $ 392,627 $ 54,792 $ 1,130,249
Total net revenues in first three quarters of fiscal 2024 813,615 380,716 67,043 1,261,374
Total Net Revenues (Decline)/Growth (130,785) 11,911 (12,251) (131,125)
Total Net Revenues (Decline)/Growth % -16.1 % 3.1 % -18.3 % -10.4 %
Less: Impact of Insomnia Cookies divestiture (138,522) — — (138,522)
Less: Impact of refranchising (133) — 39 (94)
Adjusted net revenues in first three quarters of fiscal 2024 674,960 380,716 67,082 1,122,758
Adjusted net revenue growth/(decline) 7,870 11,911 (12,290) 7,491
Impact of acquisitions (25,641) (3,102) 8,335 (20,408)
Impact of foreign currency translation — 8,557 — 8,557
Organic Revenue (Decline)/Growth $ (17,771) $ 17,366 $ (3,955) $ (4,360)
Organic Revenue (Decline)/Growth % -2.6 % 4.6 % -5.9 % -0.4 %

Total net revenue declined $131.1 million, or approximately 10.4%, from the first three quarters of fiscal 2024 to the first three quarters of fiscal 2025, primarily due to the $138.5 million reduction associated with the divestiture of a controlling interest in Insomnia Cookies in the third quarter of fiscal 2024. Organic revenue declined $4.4 million, or approximately 0.4%, primarily driven by lower Doughnut Shop transaction volume impacted by consumer softness in a challenging macroeconomic environment and by Global Points of Access decline of 960, or 6.1%, impacted by the strategic closure of underperforming DFD Doors. The organic revenue decline was partially offset by increased pricing of approximately 2% (primarily driven by our planned reduced discounting).

Our U.S. segment net revenue declined $130.8 million, or approximately 16.1%, from the first three quarters of fiscal 2024 to the first three quarters of fiscal 2025, primarily due to the $138.5 million reduction associated with the divestiture of a controlling interest in Insomnia Cookies in the third quarter of fiscal 2024. U.S. organic revenue declined $17.8 million, or approximately 2.6%, primarily driven by lower Doughnut Shop transaction volume impacted by consumer softness in a challenging macroeconomic environment. The organic revenue decline was also driven by Points of Access decline of 743, or 9.3%, impacted by the strategic closure of underperforming DFD Doors. The organic revenue decline was partially offset by increased pricing of approximately 2% (primarily driven by our planned reduced discounting).

Our International segment net revenue grew $11.9 million, or approximately 3.1%, from the first three quarters of fiscal 2024 to the first three quarters of fiscal 2025, in spite of adverse foreign currency translation impacts of $8.6 million. International organic revenue grew $17.4 million, or approximately 4.6%, driven primarily by growth in Canada, Japan, and Mexico. The organic revenue growth was partially offset by lower transaction volume in the U.K.

Our Market Development segment net revenue declined $12.3 million, or approximately 18.3%, from the first three quarters of fiscal 2024 to the first three quarters of fiscal 2025, primarily due to the $8.3 million impact of franchise acquisitions in fiscal 2024. Market Development organic revenue declined $4.0 million, or approximately 5.9%, as expansion of our international franchise business in new markets such as Brazil was more than offset by timing of shipments of mix and equipment to franchisees.

Operating expenses: Operating expenses decreased $4.2 million, or 0.7%, from the first three quarters of fiscal 2024 to the first three quarters of fiscal 2025, driven mainly by a $66.4 million decrease resulting from the divestiture of a controlling interest in Insomnia Cookies that was partially offset by an increase of $62.2 million in operating expenses for the global Krispy Kreme brand primarily due to higher shop and delivery labor expenses, including logistics costs. Operating expenses as a percentage of revenue increased approximately 530 basis points, from 48.3% in the first three quarters of fiscal 2024 to 53.6% in the first three quarters of fiscal 2025, primarily due to the impact of lower transaction volumes on operating leverage, operating costs associated with our now-ended McDonald’s USA partnership, and an estimated $5 million related to the 2024 Cybersecurity Incident, primarily related to operational inefficiencies.

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Selling, general and administrative expense: SG&A expense decreased $35.4 million, or 17.1%, from the first three quarters of fiscal 2024 to the first three quarters of fiscal 2025, driven mainly by a $23.8 million impact from the divestiture of a controlling interest in Insomnia Cookies. As a percentage of revenue, SG&A expense decreased approximately 120 basis points, from 16.4% in the first three quarters of fiscal 2024 to 15.2% in the first three quarters of fiscal 2025, primarily driven by lower employee costs and share-based compensation expenses related to restructuring initiatives.

Goodwill and other asset impairments: For discussion of the $411.9 million non-cash goodwill and other asset impairments in the first three quarters of fiscal 2025, refer to Note 1, Description of Business and Summary of Significant Accounting Policies to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

Other income, net: Other income, net of $16.9 million in the first three quarters of fiscal 2025 was primarily related to $9.3 million of business interruption insurance recoveries related to the 2024 Cybersecurity Incident and gains on sale-leaseback transactions described in Note 5, Leases to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q. Other income, net of $6.9 million in the first three quarters of fiscal 2024 was primarily driven by a gain of $5.6 million related to the remeasurement of equity method investments to fair value immediately prior to the acquisition of Krispy Kreme shops referenced in Note 2, Acquisitions and Divestitures to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

Depreciation and amortization expense: Depreciation and amortization expense increased $3.6 million, or 3.6%, from the first three quarters of fiscal 2024 to the first three quarters of fiscal 2025. As a percentage of revenue, Depreciation and amortization expense increased approximately 120 basis points, from 7.9% in the first three quarters of fiscal 2024 to 9.1% in the first three quarters of fiscal 2025, primarily driven by higher finance lease amortization expense and increased depreciation associated with capital assets placed into service to support our U.S. national expansion, including the McDonald’s USA rollout. We recorded long-lived asset and lease impairment charges during the second quarter of fiscal 2025, a portion of which related to assets supporting the U.S. national expansion, including the McDonald’s USA rollout, which we expect to impact the future rate of depreciation expense for these assets.

Interest expense, net: Interest expense, net increased $4.8 million, or 10.8%, from the first three quarters of fiscal 2024 to the first three quarters of fiscal 2025 primarily driven by higher finance lease interest expense and a higher average debt balance.

Loss/(gain) on divestiture of Insomnia Cookies: In the third quarter of fiscal 2024, we sold our controlling interest in Insomnia Cookies in exchange for cash proceeds. Following the transaction, we owned approximately 34.7% of Insomnia Cookies and lost the ability to exercise control. Accordingly, we deconsolidated Insomnia Cookies and recorded a gain on divestiture of $87.1 million (gross of income taxes). In the second quarter of fiscal 2025, we sold the remainder of our ownership interest in Insomnia Cookies for cash proceeds and recognized a loss on divestiture of $11.5 million (gross of income taxes). Refer to Note 2, Acquisitions and Divestitures to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for further information.

Income tax (benefit)/expense: Income tax benefit was $25.9 million in the first three quarters of fiscal 2025, while income tax expense was $18.3 million in the first three quarters of fiscal 2024. The variance was primarily driven by lower pre-tax results in the first three quarters of fiscal 2025, offset by the tax effect of nondeductible goodwill impairment charges.

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Results of Operations by Segment – Three Quarters ended September 28, 2025 compared to the Three Quarters ended September 29, 2024

The following table presents Adjusted EBITDA by segment for the periods indicated:

Three Quarters Ended Change
(in thousands, except percentages) September 28, 2025 September 29, 2024 %
U.S. $ 46,851 $ 89,206 -47.5 %
International 56,275 64,970 (8,695) -13.4 %
Market Development 31,989 36,046 (4,057) -11.3 %
Corporate (50,427) (42,609) (7,818) -18.3 %
Total Adjusted EBITDA (1) $ 84,688 $ 147,613 -42.6 %

All values are in US Dollars.

(1)    Refer to “Key Performance Indicators and Non-GAAP Measures” above for a reconciliation of Adjusted EBITDA to net income.

U.S. segment Adjusted EBITDA decreased $42.4 million, or 47.5%, with $15.8 million of the reduction associated with the divestiture of a controlling interest in Insomnia Cookies in the third quarter of fiscal 2024. The margin decline of 410 basis points to 6.9% in the first three quarters of fiscal 2025 compared to the first three quarters of fiscal 2024 was primarily driven by an estimated $13 million to $15 million adverse impact associated with our now-ended McDonald’s USA partnership, lower transaction volumes impacting operating leverage, and an estimated $5 million related to the 2024 Cybersecurity Incident, primarily related to operational inefficiencies. The U.S. Adjusted EBITDA decrease was partially offset by $9.3 million of business interruption insurance recoveries related to the 2024 Cybersecurity Incident.

International segment Adjusted EBITDA decreased $8.7 million, or 13.4%, with margin decline of 280 basis points to 14.3% in the first three quarters of fiscal 2025 compared to the first three quarters of fiscal 2024, as lower transaction volume continued to impact operating leverage for the International equity markets, particularly the U.K.

Market Development segment Adjusted EBITDA decreased $4.1 million, or 11.3%, impacted by franchise acquisitions in fiscal 2024. Market Development Adjusted EBITDA margin expansion of 460 basis points to 58.4% in the first three quarters of fiscal 2025 compared to the first three quarters of fiscal 2024, was driven mainly by changes in the revenue mix, including fewer shipments of lower-margin equipment to franchisees, and growth in royalties.

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Capital Resources and Liquidity

Our principal sources of liquidity to date have included cash from operating activities, cash on hand, commercial trade financing including our structured payables programs, and proceeds from strategic transactions such as the divestiture of Insomnia Cookies. Our primary use of liquidity is to fund the cash requirements of our business operations, including working capital needs, capital expenditures, acquisitions, and other commitments.

Our future obligations primarily consist of our debt and lease obligations, as well as commitments under ingredient and other forward purchase contracts. As of December 29, 2024, we had the following future obligations:

•An aggregate principal amount of $819.5 million outstanding under the 2023 Facility;

•An aggregate principal amount of $5.0 million outstanding under short-term, uncommitted lines of credit;

•Non-cancellable future minimum operating lease payments totaling $664.3 million;

•Non-cancellable future minimum finance lease payments totaling $97.0 million; and

•Purchase commitments under ingredient and other forward purchase contracts of $98.9 million.

As of September 28, 2025, the principal amount outstanding under our 2023 Facility was $883.3 million. The increase from the 2023 Facility balance as of December 29, 2024 was primarily driven by our need for cash to fund business operations, including impacts from the 2024 Cybersecurity Incident and our U.S. national expansion, as well as payments on structured payables associated with our acquisition of the noncontrolling interest in our consolidated subsidiary Awesome Doughnut. Refer to Note 9, Long-Term Debt to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for further information.

We had cash and cash equivalents of $30.7 million and $29.0 million as of September 28, 2025 and December 29, 2024, respectively. We believe that our existing cash and cash equivalents and available borrowing capacity under our credit facilities discussed above will be sufficient to fund our operating and capital needs for at least the next twelve months. Our assessment of the period of time through which our financial resources will be adequate to support our operations could vary because of, and our future capital requirements will depend on, many factors, including our growth rate, the growth of our presence in new markets, and the expansion of our omni-channel model in existing markets. We have based this estimate on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, or if we cannot expand our operations or otherwise capitalize on our business opportunities because we lack sufficient capital, our business, results of operations, and financial condition would be adversely affected.

Dividend Policy

In order to more closely align our capital allocation priorities with our growth strategy, we no longer expect to pay quarterly cash dividends to holders of our common stock. This represents a change to our dividend policy previously disclosed in Item 5 of Part II of the Company’s Annual Report on Form 10-K for the year ended December 29, 2024.

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Cash Flows

We have historically generated cash from operations and have credit availability and capacity to fund operating and discretionary spending such as capital expenditures and debt repayments. Our requirement for working capital is not significant because our consumers pay us in cash or on debit or credit cards at the time of the sale and we are able to sell many of our inventory items before payment is due to the vendors for the various inputs to such items. The following table and discussion present, for the periods indicated, a summary of our key cash flows from operating, investing, and financing activities:

Three Quarters Ended
(in thousands) September 28, 2025 September 29, 2024
Net cash (used for)/provided by operating activities $ (11,095) $ 18,787
Net cash provided by investing activities 3,419 44,745
Net cash provided by/(used for) financing activities 12,398 (77,348)

Operating Activities

Cash used for operations totaled $11.1 million for the first three quarters of fiscal 2025, a fluctuation of $29.9 million compared with the first three quarters of fiscal 2024, primarily due to less operating income generated in the first three quarters of fiscal 2025, partially offset by the intentional paydown of obligations due under our SCF programs (discussed in Note 8, Vendor Finance Programs to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q) in the first three quarters of fiscal 2024.

Investing Activities

Cash provided by investing activities totaled $3.4 million for the first three quarters of fiscal 2025, a decrease of $41.3 million compared with the first three quarters of fiscal 2024. The cash provided by investing activities in the first three quarters of fiscal 2025 was primarily due to the divestiture of our remaining ownership interest in Insomnia Cookies for $75.0 million in aggregate cash proceeds (discussed in Note 2, Acquisitions and Divestitures to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q) and proceeds from sale-leaseback transactions (discussed in Note 5, Leases to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q), partially offset by cash for capital expenditures. As part of our turnaround plan, we expect to reduce capital investment by using existing assets and focusing on franchise development.

The cash provided by investing activities in the first three quarters of fiscal 2024 was primarily due to the receipt of net proceeds of $117.6 million from the divestiture of Insomnia Cookies and an additional $45.0 million from the repayment of an intercompany loan due from Insomnia Cookies (discussed in Note 2, Acquisitions and Divestitures to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q). These proceeds were partially offset by our use of $26.6 million cash for the acquisition of franchised shops in the first three quarters of fiscal 2024, discussed in Note 2, Acquisitions and Divestitures to the Condensed Consolidated Financial Statements included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q.

Financing Activities

Cash provided by financing activities totaled $12.4 million for the first three quarters of fiscal 2025, a fluctuation of $89.7 million compared with the first three quarters of fiscal 2024, primarily driven by the pay down of long term debt balances with a portion of the net proceeds received from the divestiture of Insomnia Cookies in the first three quarters of fiscal 2024.

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Debt

Our long-term debt obligations consist of the following:

(in thousands) September 28, 2025 December 29, 2024
2023 Facility — term loan $ 753,288 $ 647,500
2023 Facility — revolving credit facility 130,000 172,000
Short-term lines of credit 10,476 5,000
Less: Debt issuance costs (3,239) (3,322)
Finance lease obligations 88,938 79,725
Total long-term debt 979,463 900,903
Less: Current portion of long-term debt (73,255) (56,356)
Long-term debt, less current portion $ 906,208 $ 844,547

2023 Secured Credit Facility

As of September 28, 2025, the 2023 Facility consisted of a $300.0 million senior secured revolving credit facility and a term loan with an original principal amount of $700.0 million. During the second quarter of fiscal 2025, the Company amended the 2023 Facility to, among other things, establish additional, incremental term loan commitments in an aggregate principal amount of $125.0 million. Refer to Note 9, Long-Term Debt to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for further information.

Under the terms of the 2023 Facility, we are subject to a requirement to maintain a leverage ratio of less than 5.00 to 1.00 as of the end of each quarterly Test Period (as defined in the 2023 Facility) through maturity in March 2028. The leverage ratio under the 2023 Facility is defined as the ratio of (a) Total Indebtedness (as defined in the 2023 Facility, which includes all debt and finance lease obligations) minus unrestricted cash and cash equivalents to (b) a defined calculation of Adjusted EBITDA (2023 Facility Adjusted EBITDA) for the most recently ended Test Period. Our leverage ratio was 4.5 to 1.00 as of the end of the third quarter of fiscal 2025 compared to 3.9 to 1.00 as of the end of fiscal 2024.

We were in compliance with the financial covenants related to the 2023 Facility as of September 28, 2025. If we are unable to meet the 2023 Facility financial or other covenants in future periods, it could limit our ability to draw on the revolving credit facility, could result in the lenders accelerating the maturity of such indebtedness and foreclosing upon the collateral pledged thereunder, and could require the replacement of the 2023 Facility with new sources of financing, which we may be unable to secure on favorable terms or at all, any of which could negatively impact our liquidity.

Short-Term Lines of Credit

We are party to two agreements with existing lenders providing for short-term, uncommitted lines of credit up to an aggregate of $25.0 million. Borrowings under these short-term lines of credit are payable to the lenders on a revolving basis for tenors up to three months and are subject to an interest rate of adjusted term SOFR plus a credit spread adjustment of 0.10% plus a margin of 1.75%.

Critical Accounting Policies and Estimates

Our Condensed Consolidated Financial Statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q have been prepared in conformity with GAAP. The preparation of the Condensed Consolidated Financial Statements requires the use of judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses as well as related disclosures. We consider an accounting judgment, estimate, or assumption to be critical when (1) the estimate or assumption is complex in nature or requires a high degree of judgment and (2) the use of different judgments, estimates, and assumptions could have a material impact on our Condensed Consolidated Financial Statements. Actual results could differ from the estimates made by management.

There have been no material changes to our critical accounting policies and estimates as compared to those described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our Annual Report on Form 10-K for the year ended December 29, 2024.

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New Accounting Pronouncements

Refer to Note 1, Description of Business and Summary of Significant Accounting Policies to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q, for a detailed description of recent accounting pronouncements.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Effects of Changing Prices

We are exposed to the effects of commodity price fluctuations in the cost of ingredients of our products, of which flour, sugar, and shortening are the most significant. These costs are subject to fluctuations due to a number of factors, including, but not limited to, market conditions, economic and geopolitical uncertainty, demand for raw materials, weather, energy costs, currency fluctuations, supplier capacities, governmental actions, import and export requirements (including tariffs), armed hostilities, and other factors beyond our control. During the first three quarters of fiscal 2025, we continued to experience headwinds from commodity inflation globally. We have undertaken efforts to effectively manage inflationary cost increases through rapid inventory turnover and reduced inventory waste, and increased focus on resiliency of our supply chains. Additionally, from time to time we may enter into forward contracts for supply through our vendors for raw materials which are ingredients of our products or which are components of such ingredients, including wheat, sugar, and vegetable oil.

We are also exposed to the effects of commodity price fluctuations in the cost of gasoline used by our delivery vehicles. To mitigate the risk of fluctuations in the price of our fuel purchases, we may directly purchase commodity futures contracts.

Interest Rate Risk

We are exposed to changes in interest rates on any borrowings under our debt facilities, which bear interest based on the one-month SOFR (with a floor of zero). Generally, interest rate changes could impact the amount of our interest paid and, therefore, our future earnings and cash flows, assuming other factors are held constant. To mitigate the impact of changes in SOFR on interest expense for a portion of our variable rate debt, we have entered into interest rate swaps on $550.0 million notional of our $893.8 million of outstanding debt under the 2023 Facility and short-term lines of credit as of September 28, 2025, which we account for as cash flow hedges. The interest rate swap agreements are scheduled to mature in March 2028. Based on the $343.8 million of unhedged outstanding debt as of September 28, 2025, a 100 basis point increase or decrease in the one-month SOFR would result in a $3.4 million increase or decrease, respectively, in interest expense for a 12-month period, based on the daily average of the one-month SOFR for the quarter ended September 28, 2025.

Foreign Currency Exchange Rate Risk

We are exposed to foreign currency exchange rate risk on the operations of our subsidiaries that have functional currencies other than the U.S. dollar, whose revenues accounted for approximately 35% of our total net revenues through the three quarters ended September 28, 2025. A substantial majority of these revenues, or approximately $392.6 million through the first three quarters ended September 28, 2025, were attributable to subsidiaries whose functional currencies are the Canadian dollar, the British pound sterling, the Euro, the Australian dollar, the New Zealand dollar, the Mexican peso, and the Japanese yen. A 10% increase or decrease in the average exchange rate of these currencies against the U.S. dollar would have resulted in a decrease or increase, respectively, of approximately $39.3 million in our total net revenues for the three quarters ended September 28, 2025.

From time to time, we engage in foreign currency exchange and credit transactions with our non-U.S. subsidiaries, which we typically hedge. To date, the impact of such transactions, including the cost of hedging, has not been material. We do not engage in foreign currency or hedging transactions for speculative purposes.

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Item 4. Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

As of September 28, 2025, we completed an evaluation, under the supervision and with the participation of our management, including our CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this Quarterly Report on Form 10-Q due to the identification of a material weakness in the non-routine goodwill impairment assessment described below. As further described below, we expect the remediation of this material weakness to be completed by the end of fiscal 2025.

Identification of a Material Weakness in the Non-Routine Goodwill Impairment Assessment

As previously disclosed in Item 4 of Part I of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 29, 2025, a material weakness was identified related to the review of significant inputs and assumptions utilized in the goodwill impairment assessment performed outside of management’s routine annual assessment. Specifically, the control activities were not executed at the appropriate level of precision to prevent or detect a material misstatement. Although this control deficiency did not result in an adjustment to the goodwill impairment charge recognized in the second quarter of fiscal 2025, this control deficiency could have resulted in a material misstatement of the goodwill impairment charge and related disclosures in the second quarter of fiscal 2025 Condensed Consolidated Financial Statements.

Remediation Measures

Management is committed to taking actions to remediate the material weakness in the non-routine goodwill impairment assessment and expects the remediation to be completed by the end of fiscal 2025. To remediate this material weakness, management is designing and implementing additional controls to (i) enhance the level of precision of the review of goodwill impairment assessments utilizing additional resources, and (ii) improve the supporting documentation related to reviews of significant inputs and assumptions associated with the Company’s goodwill impairment assessments. We can offer no assurance that these actions will ultimately have the intended effects. This material weakness will be considered remediated once the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. Accordingly, management will continue to monitor and evaluate the effectiveness of our internal control over financial reporting and the disclosure controls and procedures.

After giving full consideration to the material weakness mentioned above, and considering the isolated nature of the impacted control activities and financial statement line items, management believes that the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q fairly present in all material respects the Company’s financial condition, results of operations, and cash flows for the periods and dates presented.

Remediation of the Previously Disclosed Material Weakness in System Controls

As previously disclosed, management concluded that the material weakness in internal control over financial reporting related to access that could enable the creation of journal entries without review and approval, which was disclosed in Item 9A of Part II of the Company’s Annual Report on Form 10-K for the year ended December 29, 2024, was remediated as of June 29, 2025. Management designed and implemented during the second quarter of fiscal 2025 additional and enhanced controls to prevent and detect access that could enable the creation of journal entries without review and approval. In addition, management implemented certain system controls to enable proper segregation of duties related to journal entry data and processes, and expects to continue to enhance system controls to strengthen our control environment. These actions were in place for a sufficient period of time, and management performed adequate testing to conclude that these controls are operating effectively.

Changes in Internal Controls over Financial Reporting

Although we began the process to remediate the material weakness in the non-routine goodwill impairment assessment described above, there were no changes during the fiscal quarter ended September 28, 2025 in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

In the ordinary course of conducting our business, we have in the past and may in the future become involved in various legal actions and other claims. We may also become involved in other judicial, regulatory, and arbitration proceedings concerning matters arising in connection with the conduct of our business. Some of these matters may involve claims of substantial amounts. These legal proceedings may be subject to many uncertainties and there can be no assurance of the outcome of any individual proceedings. See Note 12, Commitments and Contingencies, to the Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for more information, including information regarding certain legal proceedings that commenced during the three quarters ended September 28, 2025, which is incorporated by reference into this Item 1 of Part II of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in “Risk Factors” in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 29, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit No. Description of Exhibit
10.1*† Form of Restricted Stock Unit Award Agreement (2025 Retention Grant)
10.2*† Form of Performance-Based Restricted Stock Unit Award Agreement (2025 Retention Grant)
10.3*† Form of Option Award Agreement (2025 Retention Grant)
31.1* Certification of Chief Executive Officer of Krispy Kreme, Inc. pursuant to Rule 13a-14(a) or 15d-14(a) promulgated under the Exchange Act.
31.2* Certification of Chief Financial Officer of Krispy Kreme, Inc. pursuant to Rule 13a-14(a) or 15d-14(a) promulgated under the Exchange Act.
32.1** Certifications of Chief Executive Officer and Chief Financial Officer of Krispy Kreme, Inc. pursuant to Rule 13a-14(b) or 15d-14(b) promulgated under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code.
101 The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 28, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Statements of Comprehensive (Loss)/Income, (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Changes in Shareholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements.
104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). * Filed herewith.
--- ---
** Furnished herewith.
† Compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| Date: | November 6, 2025 | | --- | --- || Krispy Kreme, Inc. | | | --- | --- | | By: | /s/ Raphael Duvivier | | Name: | Raphael Duvivier | | Title: | Chief Financial Officer | | | (Principal Financial Officer and Duly Authorized Officer) |

57

Document

Exhibit 10.1

Executive Officers

KRISPY KREME, INC.

2021 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED STOCK UNIT AGREEMENT (this “Restricted Stock Unit Agreement”), dated as of {Grant Date} (the “Effective Date”), is made by and between KRISPY KREME, INC., a Delaware corporation (the “Company”), and {Participant Name} (the “Participant”). Capitalized terms used but not defined herein shall have the respective meanings ascribed to them in the Krispy Kreme, Inc. 2021 Omnibus Incentive Plan (as may be amended and/or restated from time to time, the “Plan”).

1.Restricted Stock Units Grant. In accordance with the terms of the Plan and subject to this Restricted Stock Unit Agreement, as of the Effective Date (to the extent applicable, as amended as such terms apply to a Participant resident in the jurisdictions listed in the Schedule, as set out in the applicable terms of the Schedule), the Participant is hereby granted {# RSUs} Restricted Stock Units. The Restricted Stock Units, and any Shares acquired upon settlement thereof, are subject to the following terms and conditions and to the provisions of the Plan, the terms of which are incorporated by reference herein.

2.Vesting. {Vesting Period. Please refer to Appendix: Vesting Schedule}

(a)In General. The Restricted Stock Units awarded hereby will vest on the time schedule set forth on the Appendix, provided that the Participant has remained in continuous employment with the Company and its Affiliates at all times from the Effective Date through the vesting date set forth on the Appendix. For purposes of this Restricted Stock Unit Agreement, “Vesting Commencement Date” means {Grant Custom 2}.

(b)Death or Disability. If, before the Restricted Stock Units have otherwise become fully vested in accordance with this Section 2, the Participant’s employment with the Company and its Affiliates terminates by reason of death or Disability, then the Restricted Stock Units shall immediately vest in full as of the date of such termination.

(c)Termination of Employment. Subject to Section 2(d), if the Participant’s employment with the Company and its Affiliates terminates for any reason other than by reason of the Participant’s death or Disability, all Restricted Stock Units that are unvested as of the date of the Participant’s termination shall automatically terminate without consideration as of the date of such termination.

(d)Change in Control. Notwithstanding anything to the contrary herein, in the event of a Change in Control, the Restricted Stock Units shall be treated in accordance with Section 13 of the Plan.

3.Settlement of Restricted Stock Units. The Shares related to any vested Restricted Stock Units shall be delivered promptly (and in all events within 60 days) following the date such Restricted Stock Units have become vested.

4.Employee Confidentiality, Non-Competition and Non-Solicitation Obligations. In connection with receipt of an Award under the Plan and as a condition to the vesting of

any Award granted thereunder, Participant must [[enter into and abide by the restrictive covenants set forth in the Asset Protection Agreement provided separately to Participant simultaneously with the Award] / [abide by the restrictive covenants set forth in Participant’s Key Employee Agreement]].

5.Rights as a Stockholder. The Participant shall not have any rights of a stockholder as a result of receiving Restricted Stock Units under this Restricted Stock Unit Agreement, including, but not limited to, any right to vote the Shares to be issued hereunder or any right to dividends or dividend equivalents, unless and until (and only to the extent) the Restricted Stock Units have vested and, thereafter, the Shares have been distributed pursuant to Section 3 hereof.

6.Withholding Taxes.

(a)As a condition to acceptance of any Shares in settlement of the Restricted Stock Units, the Participant authorizes withholding from payroll and any other amounts payable to such Participant, and otherwise agrees to make adequate provision for any sums required to be withheld (or permitted to be withheld in a manner that will not cause adverse accounting consequences for the Company or an Affiliate) to satisfy any U.S. federal, state, local and/or foreign tax or social insurance contribution withholding obligations (the “Required Tax Payments”) of the Company or an Affiliate, if any, that arise in connection with the Restricted Stock Units. If the Participant fails to advance the Required Tax Payments after request by the Company or an Affiliate, the Company or the relevant Affiliate may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company or the relevant Affiliate to the Participant.

(b)The Participant may elect to satisfy his or her obligation to advance the Required Tax Payments with respect to the Restricted Stock Units by any of the following means: (1) a cash payment to the Company pursuant to Section 6(a) hereof, (2) authorizing the Company to withhold from the Shares otherwise to be delivered to the Participant pursuant to the Restricted Stock Units, a number of whole Shares with a Fair Market Value, determined as of the date the obligation to withhold or pay taxes first arises in connection with the Restricted Stock Units (the “Tax Date”), equal to the Required Tax Payments, (3) a cash payment following the Participant’s sale of (or sale by a broker-dealer acceptable to the Company through which the Participant has sold) a number of Shares with respect to which the Required Tax Payments have arisen with a Fair Market Value determined as of the Tax Date equal to the Required Tax Payments, or (4) any combination of (1), (2), and (3) above. Any fraction of a Share that would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Participant. No certificate representing a Share shall be delivered until the Required Tax Payments have been satisfied in full.

7.Transfers. Restricted Stock Units may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.

8.Governing Law. This Restricted Stock Unit Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of law of such state.

9.Agreement Binding on Successors. The terms of this Restricted Stock Unit Agreement shall be binding upon the Participant and upon the Participant’s heirs, executors,

administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, whether the existence of the successor results from a direct or indirect purchase of all or substantially all of the business of the Company, or a merger, consolidation or otherwise, subject to the terms of the Plan.

10.No Assignment. Notwithstanding anything to the contrary in this Restricted Stock Unit Agreement, neither this Restricted Stock Unit Agreement nor any rights granted herein shall be assignable by the Participant.

11.Nature of Grant. This Restricted Stock Unit Agreement is intended to comply with the applicable laws of any country or jurisdiction where Restricted Stock Units are granted under the Plan, and all provisions hereof shall be construed in a manner to so comply. In accepting the Restricted Stock Units, the Participant acknowledges, understands and agrees that:

(a)the Plan is established voluntarily by the Company, is discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

(b)the grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Awards, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

(c)all decisions with respect to future Awards or other grants, if any, will be at the sole discretion of the Company;

(d)the Participant is voluntarily participating in the Plan;

(e)the Restricted Stock Units and any Shares acquired under the Plan are not intended to replace any pension rights or compensation;

(f)the Restricted Stock Units and any Shares acquired under the Plan, and the income and value of same, are not part of the Participant’s employment conditions or normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

(g)the future value of the Shares underlying the Restricted Stock Units is unknown, indeterminable and cannot be predicted with certainty;

(h)the value of such Shares may increase or decrease in value;

(i)to the extent permitted by applicable law, no claim or entitlement to compensation or damages shall arise from the forfeiture of the Restricted Stock Units resulting from the termination of the Participant’s employment with the Company or an Affiliate (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is providing continuous employment or the terms of the Participant’s employment agreement, if any), and in consideration of the grant of the Restricted Stock Units to which the Participant is otherwise not entitled, the Participant irrevocably agrees never to institute any claim against the Company or an Affiliate, waive the Participant’s

ability, if any, to bring any such claim, and release the Company or an Affiliate from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;

(j)for purposes of the Restricted Stock Units, the Participant’s employment will be considered terminated as of the date the Participant is no longer actively providing services to the Company or an Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any), and unless otherwise expressly provided in this Restricted Stock Unit Agreement or determined by the Company, the Participant’s right to vest in the Restricted Stock Units will terminate as of such date and will not be extended by any notice period (e.g., the Participant’s period of employment would not include any contractual or statutory notice period or any period of “garden leave,” request for reinstatement or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any);

(k)unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced by this Restricted Stock Unit Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and

(l)the Participant acknowledges and agrees that neither the Company nor an Affiliate shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the Restricted Stock Units or any amounts due to the Participant upon settlement of the Restricted Stock Units.

12.DATA PRIVACY. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described in this Restricted Stock Unit Agreement and any other grant materials by and among, as applicable, the Company and any Affiliate for the exclusive purpose of implementing, administering and managing participation in the Plan. The Participant understands that the Company and any Affiliate may hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. The Participant understands that Data will be transferred to a third party stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws with a lower level of protection than the Participant’s country. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by

contacting his or her local human resources representative. The Participant authorizes the Company, and any other possible recipients who may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, the Participant understands that he or she is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, the Participant’s continuous employment and career with the Company or an Affiliate will not be adversely affected; the only adverse consequence of refusing or withdrawing consent is that the Company would not be able to grant the Participant restricted stock units or other equity awards or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing consent may affect his or her ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her local human resources representative.

13.Necessary Acts. The Participant hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Restricted Stock Unit Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.

14.Severability. Should any provision of this Restricted Stock Unit Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Restricted Stock Unit Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Restricted Stock Unit Agreement. Moreover, if one or more of the provisions contained in this Restricted Stock Unit Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

15.Entire Agreement. This Restricted Stock Unit Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof, and supersede any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof.

16.Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

17.Counterparts; Electronic Signature. This Restricted Stock Unit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall be deemed one and the same instrument. The Participant’s

electronic signature of this Restricted Stock Unit Agreement shall have the same validity and effect as a signature affixed by the Participant’s hand.

18.Amendment. This Restricted Stock Unit Agreement, together with the Plan, may be amended unilaterally by the Company to the extent permitted under the Plan, or by a written instrument signed by all parties hereto.

19.Set-Off. The Participant hereby acknowledges and agrees, without limiting the rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, any amount due to the Participant under this Restricted Stock Unit Agreement may be reduced by, and set-off against, any or all amounts or other consideration payable by the Participant to the Company or any of its Affiliates under any other agreement or arrangement between the Participant and the Company or any of its Affiliates; provided that any such set-off does not result in a penalty under Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the “Code”).

20.No Limitation on Rights of the Company. The grant of the Restricted Stock Units does not and will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets.

21.Plan and this Restricted Stock Unit Agreement Not a Contract of Employment or Service. Neither the Plan nor this Restricted Stock Unit Agreement are a contract of employment or service, and no terms of the Participant’s employment or service will be affected in any way by the Plan, this Restricted Stock Unit Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Restricted Stock Unit Agreement will be construed as conferring any legal rights on the Participant to continue to be employed or remain in service with the Company and its Affiliates, nor will it interfere with any right of the Company or any of its Affiliates to discharge the Participant or to deal with the Participant regardless of the existence of the Plan, this Restricted Stock Unit Agreement or the Restricted Stock Units.

22.Continued Effect of Award Agreement. To the extent that the Plan or this Restricted Stock Unit Agreement contains provisions that are intended to have effect after the date(s) as of which the Participant’s rights in respect to the Restricted Stock Unit Agreement have become vested (including, but not limited to, following the date of the Participant’s termination of employment), this Restricted Stock Unit Agreement and any Shares issued in respect of such Restricted Stock Unit Agreement shall continue to be subject to the terms of the Plan and this Restricted Stock Unit Agreement.

23.Securities Law Requirements. If at any time the Committee determines that issuing Shares would violate applicable securities laws, the Company will not be required to issue such Shares. The Committee may declare any provision of this Restricted Stock Unit Agreement or action of its own null and void, if it determines the provision or action fails to comply with the short-swing trading rules. As a condition to issuance, the Company may require the Participant to make written representations it deems necessary or desirable to comply with applicable securities laws. In addition to the transfer restrictions and limitations applicable hereunder, no Person who acquires Shares under this Restricted Stock Unit Agreement may sell the Shares, unless they make the offer and sale pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), which is current and includes the Shares to be sold, or an exemption from the registration requirements of the Securities Act.

24.Notice. Any notice or other communication required or permitted under this Restricted Stock Unit Agreement must be in writing and delivered personally, sent by certified, registered or express mail, or sent by overnight courier, at the sender’s expense. Notice will be deemed given when delivered personally or, if mailed, three (3) days after the date of deposit in the United States mail or, if sent by overnight courier, on the regular business day following the date sent. Notice to the Company should be sent to Krispy Kreme, Inc., 2116 Hawkins Street, Charlotte, NC 28203, Attn: Chief Legal Officer, or at such other address as the Company may hereafter designate in writing. Notice to the Participant should be sent to the address on file with the Company.

25.Plan Document Controls. The rights granted under this Restricted Stock Unit Agreement are in all respects subject to the terms of the Plan to the same extent and with the same effect as if set forth fully in this Restricted Stock Unit Agreement. If the terms of this Restricted Stock Unit Agreement conflict with the terms of the Plan, the Plan will control.

26.Change in Control; Code Section 280G.

(a)Golden Parachutes. If, upon a Change in Control, any of the payments and benefits provided under the Plan, any Award Agreement or any other agreement or arrangement between the Company or any of its Affiliates and the Participant (collectively, the “Payments”) would constitute a “parachute payment” within the meaning of Section 280G of the Code (a “Parachute Payment”) and be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the amount of payments to be received by the Participant pursuant to this Agreement shall be reduced to the maximum amount that will cause the total amounts of the payments not to be subject to the Excise Tax, but only if the amount of such payments, after such reduction and after payment of all applicable taxes on the reduced amount, is equal to or greater than the amount of such payments the Participant would otherwise be entitled to retain without such reduction after the payment of all applicable taxes, including the Excise Tax. The accounting firm engaged by the Company for general audit purposes shall perform any calculations necessary in connection with this Section 26. Any good faith determinations of the accounting firm made hereunder shall be final, binding, and conclusive upon the Participant and the Company. Any reduction in the amount of compensation or benefits effected pursuant to this Section 26 shall first come, in order and, in each case, solely to the extent necessary, from any cash severance benefits payable to the Participant, then from any other payments that are treated in their entirety as Parachute Payments and then from any other Parachute Payments payable to the Participant with the later possible payment or vesting date being reduced or eliminated before a payment or benefit with an earlier payment or vesting date; provided that if the foregoing order of reduction or elimination would violate Section 409A, then the reduction shall be made pro rata among the payments or benefits otherwise due or payable to the Participant.

(b)Deferred Compensation Units. Notwithstanding anything to the contrary herein, if any Restricted Stock Units hereunder are considered nonqualified deferred compensation under Section 409A (“Deferred Compensation Units”), to the extent that any such Deferred Compensation Units become vested in accordance with the terms of the Plan or this Restricted Stock Unit Agreement, such Deferred Compensation Units shall be payable at the time that they would otherwise have been payable without regard to the occurrence of a Change in Control solely to the extent required to avoid the imposition of additional taxes and penalties under Section 409A.

27.Section 409A; Reformation.

(a)The intent of the parties is that the payments and benefits under this Restricted Stock Unit Agreement comply with Section 409A, to the extent subject thereto, and accordingly, to the maximum extent permitted, this Restricted Stock Unit Agreement shall be interpreted to be in compliance therewith or exempt therefrom. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Restricted Stock Unit Agreement or any other arrangement between the Participant and the Company during the six (6) month period immediately following the Participant’s separation from service shall instead be paid on the first business day after the date that is six (6) months following the Participant’s separation from service (or, if earlier, the Participant’s date of death). All payments under this Restricted Stock Unit Agreement shall be considered separate payments for purposes of Section 409A. The Company makes no representation that any or all of the payments described in this Restricted Stock Unit Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

(b)If any provision of this Restricted Stock Unit Agreement or the Plan is invalid or unenforceable, in whole or in part, or as applied to any circumstance, under the laws of any jurisdiction that may govern for such purpose, or if any provision of this Restricted Stock Unit Agreement or the Plan needs to be interpreted to comply with the requirements of Section 409A, then such provision shall be deemed modified or restricted, or so interpreted, to the extent and in the manner necessary to render the same valid and enforceable, or to the extent and in the manner necessary to be interpreted in compliance with such requirements of the Code, either generally or as applied to such circumstance, or shall be deemed excised from this Restricted Stock Unit Agreement or the Plan, as the case may require, and this Restricted Stock Unit Agreement or the Plan shall be construed and enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified or restricted, or as if such provision had not been originally incorporated herein, as the case may be.

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ELECTRONIC ACCEPTANCE

By the Participant’s electronic acceptance hereof, the Participant and the Company agree that this Award is granted and governed by the terms and conditions of the Plan and this Restricted Stock Unit Agreement.

By the Participant’s electronic acceptance hereof, the Participant agrees that in lieu of receiving documents in paper format, the Participant accepts the electronic delivery of any documents by the Company, or any third party involved in administering the Plan that the Company may designate, may deliver in connection with this Award (including the Plan, this Restricted Stock Unit Agreement, account statements, or other communications or information) whether via the Company’s intranet or the internet site of such third party or via email or such other means of electronic delivery specified by the Company. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by the Company or any third party involved in administering the Plan that the Company may designate.

SCHEDULE

The terms of the Restricted Stock Unit Agreement shall apply, as amended below, to Restricted Stock Units granted to Participants in the following jurisdictions.

Australia

The following terms shall be added to the Restricted Stock Unit Agreement:

Additional disclosures

This grant of Restricted Stock Units is made in accordance with Division 1A of Part 7.12 of the Corporations Act 2001 (Cth).

Any advice given by Krispy Kreme, Inc. (Company) or any of its associated bodies corporate, in connection with the offer of awards in the Krispy Kreme, Inc. 2021 Omnibus Incentive Plan (Plan) does not take into account your objectives, financial situation or needs. You should consider obtaining your own financial product advice from a person who is licensed by the Australian Securities and Investments Commission to give such advice.

A copy of the Plan is enclosed with your offer documentation.

As the Company's shares of common stock (Shares) are listed on the NASDAQ Global Select Market, the market price of the Shares can be ascertained by visiting the website of the NASDAQ Global Select Market (https://www.nasdaq.com/market-activity/stocks/avnw) and the Australian dollar equivalent of that price can be determined by applying the prevailing USD/AUD exchange rate published by the Reserve Bank of Australia, which is accessible at the following link: http://www.rba.gov.au/statistics/frequency/exchange-rates.html.

Risk warning

There is a risk that the value of the Shares may fall as well as rise in value through movement of equity markets. Market forces will impact the price of the Shares, and at their worst, the market value of the Shares to which your awards relate may become zero if adverse market conditions are encountered. As the price of the Shares will be quoted in USD, the value of the Shares issued to you or to which your awards relate may also be affected by movements in the USD/AUD exchange rate.

For additional information related to risks of owning Shares, please review the Company's Form 10-K, which can be found at https://investors.krispykreme.com/financial-information/sec-filings.

Please also note that your awards are subject to the Plan rules and the terms and conditions of your offer of awards.

Australian Participant's acknowledgement

The Participant understands, acknowledges and agrees that:

(a)this scheme is a scheme to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (ITAA97) applies, subject to the requirements of the ITAA97;

(b)by participating in the Plan, the Participant consents to the disclosure of information about the Plan and the Participant to the Australian Taxation Office, which is required to be provided in accordance with the Company's reporting obligations under Australian taxation legislation; and

(c)if the Company or any other group member of the Company (Group Member) becomes liable to pay any 'TFN withholding tax (ESS)' pursuant to Section 14-155 of Schedule 1 to the Taxation Administration Act 1953 (Cth) (TAA), or any other tax in respect of the Award, the Company or the Group Member, as applicable, will, in addition to any rights afforded to it or any other Group Member by the TAA or any other legislation or by-law and failing any arrangement satisfactory to the Company or the Group Member being entered into with the Participant to meet or reimburse the Company or the Group Member for any such tax liability, be entitled to sell all or any Shares the subject of the Awards for and on behalf of, and as attorney for, the Participant and to apply the proceeds firstly in and towards meeting or reimbursing the Company or the Group Member, as applicable, for such tax liability and to pay any balance to the Participant.

Mexico

The following term shall be added to the Restricted Stock Unit Agreement:

Nothing in this Restricted Stock Unit Agreement or in the Plan nor the grant of the Restricted Stock Units or any award thereto creates or generates any further employment or any other type of relationship or link between the Participant and the Company, and it is hereby acknowledged that Participant’s employment relationship remains unchanged and that no new employment or any other similar rights are created hereupon.

Clause 10(f) shall be amended to read:

the Restricted Stock Units and any Shares acquired under the Plan and the income and value of same, are not intended to compensate the Participant’s services and therefore, are not part of the Participant’s normal (base or variable) or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits, social security contributions or similar payments;

Clause 11 of this Restricted Stock Unit Agreement will be deleted and replaced with the following:

DATA PRIVACY. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described in this Restricted Stock Unit Agreement and any other grant materials by and among, as applicable, the Company and any Affiliate for the exclusive purpose of implementing, administering and managing participation in the Plan. The Participant understands and expressly consents that the Company and any Affiliate will collect, hold and process certain personal information about the Participant, including the Participant’s name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. The Participant understands and hereby expressly consents that Data will be transferred to a third-party stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The recipients will comply at all time with the applicable data privacy laws and specifically with the terms of the relevant privacy notice and policies made available to Participant for collecting, processing, keeping and transfer their personal data by the Company and Affiliates; however, and without prejudice of the foregoing, the Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws with a lower level of protection than the Participant’s country. The Participant agrees and acknowledges that he or she may request a list with the names and addresses of any Company selected recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, the Participant understands and agrees that he or she is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, the Participant’s continuous employment and career with the Company or an Affiliate will not be adversely affected; the only adverse consequence of refusing or withdrawing consent is that the Company would not be able to grant the Participant restricted stock units or other equity awards or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing consent may affect his or her ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal

of consent, the Participant understands that he or she may contact his or her local human resources representative.

New Zealand

The following terms shall be added to the Restricted Stock Unit Agreement:

WARNING FOR PARTICIPANTS IN NEW ZEALAND

THIS IS AN OFFER OF RESTRICTED STOCK UNITS IN ACCORDANCE WITH THE TERMS OF THE PLAN PURSUANT TO WHICH, UPON VESTING, YOU MAY RECEIVE SHARES IN THE COMPANY.

SHARES GIVE YOU A STAKE IN THE OWNERSHIP OF THE COMPANY. YOU MAY RECEIVE A RETURN IF DIVIDENDS ARE PAID. IF THE COMPANY RUNS INTO FINANCIAL DIFFICULTIES AND IS WOUND UP, YOU WILL BE PAID ONLY AFTER ALL CREDITORS AND HOLDERS OF ANY PREFERENCE SHARES HAVE BEEN PAID. YOU MAY LOSE SOME OR ALL OF YOUR INVESTMENT.

NEW ZEALAND LAW NORMALLY REQUIRES PEOPLE WHO OFFER FINANCIAL PRODUCTS TO GIVE INFORMATION TO INVESTORS BEFORE THEY INVEST. THIS INFORMATION IS DESIGNED TO HELP INVESTORS TO MAKE AN INFORMED DECISION. THE USUAL RULES DO NOT APPLY TO THIS OFFER BECAUSE IT IS MADE UNDER AN EMPLOYEE SHARE PURCHASE SCHEME. AS A RESULT, YOU MAY NOT BE GIVEN ALL THE INFORMATION USUALLY REQUIRED. YOU WILL ALSO HAVE FEWER OTHER LEGAL PROTECTIONS FOR YOUR INVESTMENT.

RESTRICTED STOCK UNITS ARE NOT QUOTED, HOWEVER THE COMPANY’S SHARES ARE LISTED ON THE NASDAQ GLOBAL SELECT MARKET UNDER THE SYMBOL “DNUT”. THIS MEANS YOU MAY BE ABLE TO SELL THEM ON THE NASDAQ GLOBAL SELECT MARKET IF THERE ARE INTERESTED BUYERS. YOU MAY GET LESS THAN YOU INVESTED. THE PRICE WILL DEPEND ON THE DEMAND FOR THE COMPANY’S SHARES.

YOU WILL NOT HAVE ANY RIGHTS OF A STOCKHOLDER AS A RESULT OF RECEIVING A RESTRICTED STOCK UNIT UNDER THE RESTRICTED STOCK UNIT AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ANY RIGHT TO VOTE THE SHARES TO BE ISSUED UNDER THE RESTRICTED STOCK UNIT AGREEMENT, UNLESS AND UNTIL (AND ONLY TO THE EXTENT) THE RESTRICTED STOCK UNITS HAVE VESTED AND, THEREAFTER, THE SHARES HAVE BEEN DISTRIBUTED PURSUANT TO THE RESTRICTED STOCK UNIT AGREEMENT.

RESTRICTED STOCK UNITS MAY NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR OTHERWISE ALIENATED OR HYPOTHECATED, OTHER THAN BY WILL OR BY THE LAWS OF DESCENT AND DISTRIBUTION.

ASK QUESTIONS, READ ALL DOCUMENTS CAREFULLY, AND SEEK INDEPENDENT FINANCIAL ADVICE BEFORE COMMITTING YOURSELF.

The following terms shall be added to the Restricted Stock Unit Agreement:

Other Information. A physical copy of the Company’s latest annual report, which includes audited financial statements and the audit report for that period, will be provided to you on request to the Company’s legal department free of charge and is available electronically on the Company’s website: https://www.krispykreme.com/.

Independent Advice; Non-Reliance. The Participant has also been advised to seek independent advice about the terms of this Agreement and has had sufficient time to do so. In accepting this offer, the Participant have not relied on the advice of the Company or any of its representatives about what these terms mean.

Clause 5 of this Restricted Stock Unit Agreement will be deleted and the following will be added to the Agreement as a summary of the Participant’s New Zealand tax position:

New Zealand Tax Treatment

(a)    The Participant will not recognize any income for income tax purposes when awarded Restricted Stock Units. Generally, the Participant will recognize taxable income upon the date the Shares are delivered to the Participant shortly following vesting. The Participant’s taxable income will be an amount equal to the fair market value of the vested Shares under the award on the delivery date and converted into New Zealand dollars at the close of trading spot exchange rate on such date. This income will be treated as employment income and taxed at the Participant’s marginal tax rate. The Participant’s employer will report this income to Inland Revenue but will not withhold any PAYE or other imposts with respect to that income. It is the Participant’s responsibility to pay all applicable taxes in accordance with the applicable payment requirements. The tax will generally be payable by the 7th of February following the relevant tax year end. However, if the Participant is a provisional taxpayer, or the taxable amount is sufficiently large to the Participant a new provisional taxpayer, tax will be payable on an advance basis. Any taxable income recognized should not be subject to any social type withholdings, including KiwiSaver contributions and accident compensation levies.

(b)    Depending on the Participant’s overall circumstances, the Participant’s Shares may following issue, be subject to taxation under the foreign investment fund (“FIF”) rules, on a pooled basis together with any other FIF interests held. If the FIF rules apply, FIF tax will be a final tax and any dividends the Participant receives on the Shares, and any gain the Participant makes on sale, will not be separately taxable.

(c)    If the FIF rules do not apply to the Participant’s Shares: (i) any dividends the Participant receives on the Shares will be taxable; and (ii) the Participant will not be subject to tax on sale of the Shares provided that the Shares were not acquired with the dominant purpose of sale.

Clause 10(f) shall be amended to read:

(f)    the Restricted Stock Units and any Shares acquired under the Plan, and the income and value of same, are entirely at the Company’s discretion and as such do not part of the Participant’s normal, gross or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits, holiday pay entitlements or similar payments;

Clause 11 of this Restricted Stock Unit Agreement will be deleted and replaced with the following:

DATA PRIVACY. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described in this Restricted Stock Unit Agreement and any other grant materials by and among, as applicable, the Company and any Affiliate for the exclusive purpose of implementing, administering and managing participation in the Plan. The Participant understands that the Company and any Affiliate may collect and hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. The Company and any Affiliate will comply with the Privacy Act 2020 when collecting, using, disclosing and storing Data. The Participant understands that Data will be transferred to a third party stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws with a lower level of protection than the Participant’s country. To the extent that Data is disclosed to a third party located in a country outside New Zealand and that third party uses or discloses the Data for their own purposes, the Company shall ensure that such disclosure is made in accordance with the offshore disclosure requirements set out in the Privacy Act 2020. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, and any other possible recipients which may assist the Company (presently or in the future) with

implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, the Participant understands that he or she is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, the Participant’s continuous employment and career with the Company or an Affiliate will not be adversely affected; the only adverse consequence of refusing or withdrawing consent is that the Company would not be able to grant the Participant restricted stock units or other equity awards or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing consent may affect his or her ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her local human resources representative. The Participant is able to access and correct their personal information at any time by contacting the Company’s Equity Administrator (stockpolicy@krispykreme.com) or his or her local human resources representative.

Republic of Ireland

Clause 11 of this Restricted Stock Unit Agreement will be deleted and replaced with the following:

DATA PRIVACY. The Company will collect and process information relating to the Participant in accordance with the data privacy notice from time to time in force and in compliance with Regulation (EU) 2016/679 (the General Data Protection Regulation or GDPR).

United Kingdom

For the purposes of this Agreement, the Plan is amended as follows:

The words “non-employee directors, independent contractors, and consultants” shall be deleted from Section 1 of the plan and from the definition of “Eligible Recipient".

The definition of “Cause” shall be amended to include the following additional limb “or (vii) any other circumstances in which the Company (including any of its Subsidiaries) has the right to terminate the Participant’s employment without notice”.

Section 18 shall be deleted and replaced with the following:

“Except in the case of the transmission under applicable law to personal representatives in the event of death, Awards may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered by the person to whom they are granted.”

Clause 11 of this Restricted Stock Unit Agreement will be deleted and replaced with the following:

DATA PRIVACY. The Participant acknowledges that the Company and its Affiliates may hold and process personal data relating to the Participant including but not limited to the Participant's name, home address, telephone number, email address, date of birth, national insurance number, passport or other identification number, salary, nationality, job title, any awards awarded, cancelled, purchased, vested, unvested or outstanding in the Participant’s favor (together, the "Data"), in each case in relation to and as a consequence of the grant of a Restricted Stock Unit to the Participant, including for the purposes of administering such Restricted Stock Units. The Company processes Data for the purpose of administering and managing the Participants’ participation in the Plan (“Purposes”). The Company is the controller in connection with the Purposes. The legal basis for the processing of the Data by the Company in connection with these Purposes is the necessity of the data processing for the Company to perform its contractual obligations in connection with the Plan and for the Company’s legitimate business interests of managing the Plan and generally administering the Awards. The Data shall be processed in accordance with the Company’s privacy notice and any other applicable privacy policy. The Participant's personal data may be disclosed (including outside the UK or the EU) to the Company and its Affiliates and its or their advisors in relation to this Restricted Stock Unit Agreement.

The following terms shall be added to the Restricted Stock Unit Agreement:

The Participant agrees to indemnify and keep indemnified the Company and any of its Affiliates, as applicable, against any Required Tax Payments arising from the grant, vesting, settlement or otherwise in connection with the Restricted Stock Units that such entity is required to pay or withhold or has paid or will pay to HM Revenue & Customs (or any other tax authority or any other relevant authority) on the Participant’s behalf. The Participant agrees to enter into any tax election as the Company may require as a condition to the grant, vesting and/or settlement of any Restricted Share Unit.

For the purposes of this Restricted Stock Unit Agreement, the term “Required Tax Payments” shall include any income tax and employee National Insurance Contributions, but exclude any employer (secondary) National Insurance Contributions.

This Restricted Stock Unit Agreement does not form part of the Participant’s contract of employment. If the Participant ceases to be employed by the Company or any of its Affiliates for any reason (including as a result of a repudiatory breach of contract by the Company or any of its Affiliates) the Participant shall not be entitled, and by participating

in the Plan the Participant shall be deemed irrevocably to have waived any entitlement, by way of compensation for loss of employment, breach of contract or otherwise to any sum or other benefit (unless provided for in this Restricted Stock Unit Agreement) to compensate the Participant for any rights or prospective rights under the Plan or this Restricted Stock Unit Agreement; and

The Participant agrees that any Awards granted to the Participant under the Plan shall be subject to any applicable recoupment policy as may be in effect from time to time, and which the Participant acknowledges could, in certain circumstances, require deduction or clawback of Awards held by the Participant.

Document

Exhibit 10.2

Executive Officers

KRISPY KREME, INC.

2021 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

(Performance-Based Vesting)

THIS RESTRICTED STOCK UNIT AGREEMENT (this “Restricted Stock Unit Agreement”), dated as of {Grant Date} (the “Effective Date”), is made by and between KRISPY KREME, INC., a Delaware corporation (the “Company”), and {Participant Name} (the “Participant”). Capitalized terms used but not defined herein shall have the respective meanings ascribed to them in the Krispy Kreme, Inc. 2021 Omnibus Incentive Plan (as may be amended and/or restated from time to time, the “Plan”) or on Exhibit A hereto.

1.Restricted Stock Units Grant. In accordance with the terms of the Plan and subject to this Restricted Stock Unit Agreement, as of the Effective Date (to the extent applicable, as amended as such terms apply to a Participant resident in the jurisdictions listed in the Schedule, as set out in the applicable terms of the Schedule), the Participant is hereby granted {# RSUs} Restricted Stock Units. The Restricted Stock Units, and any Shares acquired upon settlement thereof, are subject to the following terms and conditions and to the provisions of the Plan, the terms of which are incorporated by reference herein.

2.Vesting.

(a)In General. The Restricted Stock Units awarded hereby will vest based upon the level of achievement of the applicable Performance Goals and in the time and manner set forth on Exhibit A, provided that the Participant has remained in continuous employment with the Company and its Affiliates through any such vesting date set forth therein.

(b)Termination of Employment. Subject to Section 2(d), if the Participant’s employment with the Company and its Affiliates terminates for any reason other than by reason of the Participant’s death or Disability (as defined herein), all Restricted Stock Units that are unvested as of the date of the Participant’s termination shall automatically terminate without consideration as of the date of such termination.

(c)Death or Disability. If the Participant’s employment with the Company and its Affiliates terminates by reason of death or Disability, then the Restricted Stock Units associated with any Performance Period shall (1) become vested based upon the level of achievement of the applicable Performance Goals and in the time and manner set forth on Exhibit A with respect to the Applicable Fraction of such Restricted Stock Units, and (2) be immediately forfeited and canceled with respect to the remaining Restricted Stock Units. For purposes of applying the Applicable Fraction to the Restricted Stock Units under this Section 2(c), the numerator shall be the number of days elapsed between the start of the applicable Performance Period and the date of the Participant’s termination, and the denominator shall be the total number of days in the applicable Performance period, and in no event shall the Applicable Fraction be greater than one (1). For the avoidance of doubt, no Restricted Stock Units shall become vested (and the applicable Restricted Stock Units shall terminate without consideration) for any Performance Period that has not commenced as of such termination or for which

less than one full month has elapsed from the start thereof to the date of such termination.

(d)Change in Control. Notwithstanding anything to the contrary herein, in the event of a Change in Control, the Restricted Stock Units shall be treated in accordance with Section 13 of the Plan.

3.Settlement of Restricted Stock Units.

(a)Measurement of Performance. At the end of the Performance Period (as defined in Exhibit A), the Committee shall certify the applicable level of achievement of the Performance Goal for the Performance Period on the vesting date set forth on Exhibit A and shall provide the Participant with notice as to the level of achievement and number of Restricted Stock Units earned.

(b)Delivery. The Shares related to such vested Restricted Stock Units shall be delivered promptly (and in all events within 60 days) following the date such Restricted Stock Units have become vested.

4.Employee Confidentiality, Non-Competition and Non-Solicitation Obligations. In connection with receipt of an Award under the Plan and as a condition to the vesting of any Award granted thereunder, Participant must [[enter into and abide by the restrictive covenants set forth in the Asset Protection Agreement provided separately to Participant simultaneously with the Award] / [abide by the restrictive covenants set forth in Participant’s Key Employee Agreement]].

5.Rights as a Stockholder. The Participant shall not have any rights of a stockholder as a result of receiving Restricted Stock Units under this Restricted Stock Unit Agreement, including, but not limited to, any right to vote the Shares to be issued hereunder or any right to dividends or dividend equivalents, unless and until (and only to the extent) the Restricted Stock Units have vested and, thereafter, the Shares have been distributed pursuant to Section 3 hereof.

6.Withholding Taxes.

(a)As a condition to acceptance of any Shares in settlement of the Restricted Stock Units, the Participant authorizes withholding from payroll and any other amounts payable to such Participant, and otherwise agrees to make adequate provision for any sums required to be withheld (or permitted to be withheld in a manner that will not cause adverse accounting consequences for the Company or an Affiliate) to satisfy any U.S. federal, state, local and/or foreign tax or social insurance contribution withholding obligations (the “Required Tax Payments”) of the Company or an Affiliate, if any, that arise in connection with the Restricted Stock Units. If the Participant fails to advance the Required Tax Payments after request by the Company or an Affiliate, the Company or the relevant Affiliate may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company or the relevant Affiliate to the Participant.

(b)The Participant may elect to satisfy his or her obligation to advance the Required Tax Payments with respect to the Restricted Stock Units by any of the following means: (1) a cash payment to the Company pursuant to Section 6(a) hereof, (2) authorizing the Company to withhold from the Shares otherwise to be delivered to the Participant pursuant to the Restricted Stock Units, a number of whole Shares with a Fair Market Value, determined as of the date the obligation to withhold or pay taxes first arises in connection with the Restricted Stock Units (the “Tax

Date”), equal to the Required Tax Payments, (3) a cash payment following the Participant’s sale of (or sale by a broker-dealer acceptable to the Company through which the Participant has sold) a number of Shares with respect to which the Required Tax Payments have arisen with a Fair Market Value determined as of the Tax Date equal to the Required Tax Payments, or (4) any combination of (1), (2), and (3) above. Any fraction of a Share that would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Participant. No certificate representing a Share shall be delivered until the Required Tax Payments have been satisfied in full.

7.Transfers. Restricted Stock Units may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.

8.Governing Law. This Restricted Stock Unit Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of law of such state.

9.Agreement Binding on Successors. The terms of this Restricted Stock Unit Agreement shall be binding upon the Participant and upon the Participant’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, whether the existence of the successor results from a direct or indirect purchase of all or substantially all of the business of the Company, or a merger, consolidation or otherwise, subject to the terms of the Plan.

10.No Assignment. Notwithstanding anything to the contrary in this Restricted Stock Unit Agreement, neither this Restricted Stock Unit Agreement nor any rights granted herein shall be assignable by the Participant.

11.Nature of Grant. This Restricted Stock Unit Agreement is intended to comply with the applicable laws of any country or jurisdiction where Restricted Stock Units are granted under the Plan, and all provisions hereof shall be construed in a manner to so comply. In accepting the Restricted Stock Units, the Participant acknowledges, understands and agrees that:

(a)the Plan is established voluntarily by the Company, is discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

(b)the grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Awards, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

(c)all decisions with respect to future Awards or other grants, if any, will be at the sole discretion of the Company;

(d)the Participant is voluntarily participating in the Plan;

(e)the Restricted Stock Units and any Shares acquired under the Plan are not intended to replace any pension rights or compensation;

(f)the Restricted Stock Units and any Shares acquired under the Plan, and the income and value of same, are not part of the Participant’s employment conditions

or normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

(g)the future value of the Shares underlying the Restricted Stock Units is unknown, indeterminable and cannot be predicted with certainty;

(h)the value of such Shares may increase or decrease in value;

(i)to the extent permitted by applicable law, no claim or entitlement to compensation or damages shall arise from the forfeiture of the Restricted Stock Units resulting from the termination of the Participant’s employment with the Company or an Affiliate (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is providing continuous employment or the terms of the Participant’s employment agreement, if any), and in consideration of the grant of the Restricted Stock Units to which the Participant is otherwise not entitled, the Participant irrevocably agrees never to institute any claim against the Company or an Affiliate, waive the Participant’s ability, if any, to bring any such claim, and release the Company or an Affiliate from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;

(j)for purposes of the Restricted Stock Units, the Participant’s employment will be considered terminated as of the date the Participant is no longer actively providing services to the Company or an Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any), and unless otherwise expressly provided in this Restricted Stock Unit Agreement or determined by the Company, the Participant’s right to vest in the Restricted Stock Units will terminate as of such date and will not be extended by any notice period (e.g., the Participant’s period of employment would not include any contractual or statutory notice period or any period of “garden leave,” request for reinstatement, or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any);

(k)unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced by this Restricted Stock Unit Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and

(l)the Participant acknowledges and agrees that neither the Company nor an Affiliate shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the Restricted Stock Units or any amounts due to the Participant upon settlement of the Restricted Stock Units.

12.DATA PRIVACY. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal

data as described in this Restricted Stock Unit Agreement and any other grant materials by and among, as applicable, the Company and any Affiliate for the exclusive purpose of implementing, administering and managing participation in the Plan. The Participant understands that the Company and any Affiliate may hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. The Participant understands that Data will be transferred to a third party stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws with a lower level of protection than the Participant’s country. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, and any other possible recipients who may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, the Participant understands that he or she is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, the Participant’s continuous employment and career with the Company or an Affiliate will not be adversely affected; the only adverse consequence of refusing or withdrawing consent is that the Company would not be able to grant the Participant restricted stock units or other equity awards or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing consent may affect his or her ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her local human resources representative.

13.Necessary Acts. The Participant hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Restricted Stock Unit Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.

14.Severability. Should any provision of this Restricted Stock Unit Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Restricted Stock Unit Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Restricted Stock Unit Agreement. Moreover, if one or more of the provisions contained in this Restricted Stock Unit Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be

construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

15.Entire Agreement. This Restricted Stock Unit Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof, and supersede any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof.

16.Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

17.Counterparts; Electronic Signature. This Restricted Stock Unit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall be deemed one and the same instrument. The Participant’s electronic signature of this Restricted Stock Unit Agreement shall have the same validity and effect as a signature affixed by the Participant’s hand.

18.Amendment. This Restricted Stock Unit Agreement, together with the Plan, may be amended unilaterally by the Company to the extent permitted under the Plan, or by a written instrument signed by all parties hereto.

19.Set-Off. The Participant hereby acknowledges and agrees, without limiting the rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, any amount due to the Participant under this Restricted Stock Unit Agreement may be reduced by, and set-off against, any or all amounts or other consideration payable by the Participant to the Company or any of its Affiliates under any other agreement or arrangement between the Participant and the Company or any of its Affiliates; provided that any such set-off does not result in a penalty under Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the “Code”).

20.No Limitation on Rights of the Company. The grant of the Restricted Stock Units does not and will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets.

21.Plan and this Restricted Stock Unit Agreement Not a Contract of Employment or Service. Neither the Plan nor this Restricted Stock Unit Agreement are a contract of employment or service, and no terms of the Participant’s employment or service will be affected in any way by the Plan, this Restricted Stock Unit Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Restricted Stock Unit Agreement will be construed as conferring any legal rights on the Participant to continue to be employed or remain in service with the Company and its Affiliates, nor will it interfere with any right of the Company or any of its Affiliates to discharge the Participant or to deal with the Participant regardless of the existence of the Plan, this Restricted Stock Unit Agreement or the Restricted Stock Units.

22.Continued Effect of Award Agreement. To the extent that the Plan or this Restricted Stock Unit Agreement contains provisions that are intended to have effect after the date(s) as of which the Participant’s rights in respect to the Restricted Stock Unit Agreement have become vested (including, but not limited to, following the date of the Participant’s termination of employment), this Restricted Stock Unit Agreement and any

Shares issued in respect of such Restricted Stock Unit Agreement shall continue to be subject to the terms of the Plan and this Restricted Stock Unit Agreement.

23.Securities Law Requirements. If at any time the Committee determines that issuing Shares would violate applicable securities laws, the Company will not be required to issue such Shares. The Committee may declare any provision of this Restricted Stock Unit Agreement or action of its own null and void, if it determines the provision or action fails to comply with the short-swing trading rules. As a condition to issuance, the Company may require the Participant to make written representations it deems necessary or desirable to comply with applicable securities laws. In addition to the transfer restrictions and limitations applicable hereunder, no Person who acquires Shares under this Restricted Stock Unit Agreement may sell the Shares, unless they make the offer and sale pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), which is current and includes the Shares to be sold, or an exemption from the registration requirements of the Securities Act.

24.Notice. Any notice or other communication required or permitted under this Restricted Stock Unit Agreement must be in writing and delivered personally, sent by certified, registered or express mail, or sent by overnight courier, at the sender’s expense. Notice will be deemed given when delivered personally or, if mailed, three (3) days after the date of deposit in the United States mail or, if sent by overnight courier, on the regular business day following the date sent. Notice to the Company should be sent to Krispy Kreme, Inc., 2116 Hawkins Street, Charlotte, NC 28203, Attn: Chief Legal Officer, or at such other address as the Company may hereafter designate in writing. Notice to the Participant should be sent to the address on file with the Company.

25.Plan Document Controls. The rights granted under this Restricted Stock Unit Agreement are in all respects subject to the terms of the Plan to the same extent and with the same effect as if set forth fully in this Restricted Stock Unit Agreement. If the terms of this Restricted Stock Unit Agreement conflict with the terms of the Plan, the Plan will control.

26.Change in Control; Code Section 280G.

(a)Golden Parachutes. If, upon a Change in Control, any of the payments and benefits provided under the Plan, any Award Agreement or any other agreement or arrangement between the Company or any of its Affiliates and the Participant (collectively, the “Payments”) would constitute a “parachute payment” within the meaning of Section 280G of the Code (a “Parachute Payment”) and be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the amount of payments to be received by the Participant pursuant to this Agreement shall be reduced to the maximum amount that will cause the total amounts of the payments not to be subject to the Excise Tax, but only if the amount of such payments, after such reduction and after payment of all applicable taxes on the reduced amount, is equal to or greater than the amount of such payments the Participant would otherwise be entitled to retain without such reduction after the payment of all applicable taxes, including the Excise Tax. The accounting firm engaged by the Company for general audit purposes shall perform any calculations necessary in connection with this Section 26. Any good faith determinations of the accounting firm made hereunder shall be final, binding, and conclusive upon the Participant and the Company. Any reduction in the amount of compensation or benefits effected pursuant to this Section 26 shall first come, in order and, in each case, solely to the extent necessary, from any cash severance benefits payable to the Participant, then from any other payments that are treated in their entirety as Parachute Payments and then from any other

Parachute Payments payable to the Participant with the later possible payment or vesting date being reduced or eliminated before a payment or benefit with an earlier payment or vesting date; provided that if the foregoing order of reduction or elimination would violate Section 409A, then the reduction shall be made pro rata among the payments or benefits otherwise due or payable to the Participant.

(b)Deferred Compensation Units. Notwithstanding anything to the contrary herein, if any Restricted Stock Units hereunder are considered nonqualified deferred compensation under Section 409A (“Deferred Compensation Units”), to the extent that any such Deferred Compensation Units become vested in accordance with the terms of the Plan or this Restricted Stock Unit Agreement, such Deferred Compensation Units shall be payable at the time that they would otherwise have been payable without regard to the occurrence of a Change in Control solely to the extent required to avoid the imposition of additional taxes and penalties under Section 409A.

27.Section 409A; Reformation.

(a)The intent of the parties is that the payments and benefits under this Restricted Stock Unit Agreement comply with Section 409A, to the extent subject thereto, and accordingly, to the maximum extent permitted, this Restricted Stock Unit Agreement shall be interpreted to be in compliance therewith or exempt therefrom. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Restricted Stock Unit Agreement or any other arrangement between the Participant and the Company during the six (6) month period immediately following the Participant’s separation from service shall instead be paid on the first business day after the date that is six (6) months following the Participant’s separation from service (or, if earlier, the Participant’s date of death). All payments under this Restricted Stock Unit Agreement shall be considered separate payments for purposes of Section 409A. The Company makes no representation that any or all of the payments described in this Restricted Stock Unit Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

(b)If any provision of this Restricted Stock Unit Agreement or the Plan is invalid or unenforceable, in whole or in part, or as applied to any circumstance, under the laws of any jurisdiction that may govern for such purpose, or if any provision of this Restricted Stock Unit Agreement or the Plan needs to be interpreted to comply with the requirements of Section 409A, then such provision shall be deemed modified or restricted, or so interpreted, to the extent and in the manner necessary to render the same valid and enforceable, or to the extent and in the manner necessary to be interpreted in compliance with such requirements of the Code, either generally or as applied to such circumstance, or shall be deemed excised from this Restricted Stock Unit Agreement or the Plan, as the case may require, and this Restricted Stock Unit Agreement or the Plan shall be construed and enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified or restricted, or as if such provision had not been originally incorporated herein, as the case may be.

ELECTRONIC ACCEPTANCE

By the Participant’s electronic acceptance hereof, the Participant and the Company agree that this Award is granted and governed by the terms and conditions of the Plan and this Restricted Stock Unit Agreement.

By the Participant’s electronic acceptance hereof, the Participant agrees that in lieu of receiving documents in paper format, the Participant accepts the electronic delivery of any documents by the Company, or any third party involved in administering the Plan that the Company may designate, may deliver in connection with this Award (including the Plan, this Restricted Stock Unit Agreement, account statements, or other communications or information) whether via the Company’s intranet or the internet site of such third party or via email or such other means of electronic delivery specified by the Company. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by the Company or any third party involved in administering the Plan that the Company may designate.

EXHIBIT A

PERFORMANCE GOALS AND VESTING TERMS

FOR PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD

For the three fiscal year period beginning on December 29, 2025

1.Defined Terms; Incorporation. Capitalized terms used in this Exhibit A shall have the same meaning as they have for purposes of the Restricted Stock Unit Agreement. This Exhibit A is incorporated into and forms a part of the Restricted Stock Unit Agreement. This Exhibit A is subject in all respects to the terms and conditions of the Restricted Stock Unit Agreement and the Plan.

2.Performance Award. The Award consists of an aggregate of {# RSUs} Restricted Stock Units.

3.Performance Period; Vesting. The Restricted Stock Units shall vest on December 31, 2028, subject to the Participant’s continued employment with the Company and its Affiliates through such date and subject to the achievement of the applicable Performance Goals (set forth below) during the three fiscal year period beginning on December 29, 2025, and ending on December 31, 2028 (the “Performance Period”).

4.Performance Goals; Determination of Performance.

(a)In General. The number of Restricted Stock Units that shall become vested based on achievement of the Performance Goals, which shall be established by the Committee in 2026 and communicated to the Participant at such time.

(b)Committee’s Decision Final. Achievement of the Performance Goals will be established by written resolution of the Committee. The Committee’s determination of the Performance Goals, and the achievement of the Performance Goals, is final and binding on all persons.

A-1

SCHEDULE

The terms of the Restricted Stock Unit Agreement shall apply, as amended below, to Restricted Stock Units granted to Participants in the following jurisdictions.

Australia

The following terms shall be added to the Restricted Stock Unit Agreement:

Additional disclosures

This grant of Restricted Stock Units is made in accordance with Division 1A of Part 7.12 of the Corporations Act 2001 (Cth).

Any advice given by Krispy Kreme, Inc. (Company) or any of its associated bodies corporate, in connection with the offer of awards in the Krispy Kreme, Inc. 2021 Omnibus Incentive Plan (Plan) does not take into account your objectives, financial situation or needs. You should consider obtaining your own financial product advice from a person who is licensed by the Australian Securities and Investments Commission to give such advice.

A copy of the Plan is enclosed with your offer documentation.

As the Company's shares of common stock (Shares) are listed on the NASDAQ Global Select Market, the market price of the Shares can be ascertained by visiting the website of the NASDAQ Global Select Market (https://www.nasdaq.com/market-activity/stocks/avnw) and the Australian dollar equivalent of that price can be determined by applying the prevailing USD/AUD exchange rate published by the Reserve Bank of Australia, which is accessible at the following link: http://www.rba.gov.au/statistics/frequency/exchange-rates.html.

Risk warning

There is a risk that the value of the Shares may fall as well as rise in value through movement of equity markets. Market forces will impact the price of the Shares, and at their worst, the market value of the Shares to which your awards relate may become zero if adverse market conditions are encountered. As the price of the Shares will be quoted in USD, the value of the Shares issued to you or to which your awards relate may also be affected by movements in the USD/AUD exchange rate.

For additional information related to risks of owning Shares, please review the Company's Form 10-K, which can be found at https://investors.krispykreme.com/financial-information/sec-filings.

Please also note that your awards are subject to the Plan rules and the terms and conditions of your offer of awards.

Australian Participant's acknowledgement

The Participant understands, acknowledges and agrees that:

(a)this scheme is a scheme to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (ITAA97) applies, subject to the requirements of the ITAA97;

(b)by participating in the Plan, the Participant consents to the disclosure of information about the Plan and the Participant to the Australian Taxation Office, which is required to be provided in accordance with the Company's reporting obligations under Australian taxation legislation; and

(c)if the Company or any other group member of the Company (Group Member) becomes liable to pay any 'TFN withholding tax (ESS)' pursuant to Section 14-155 of Schedule 1 to the Taxation Administration Act 1953 (Cth) (TAA), or any other tax in respect of the Award, the Company or the Group Member, as applicable, will, in addition to any rights afforded to it or any other Group Member by the TAA or any other legislation or by-law and failing any arrangement satisfactory to the Company or the Group Member being entered into with the Participant to meet or reimburse the Company or the Group Member for any such tax liability, be entitled to sell all or any Shares the subject of the Awards for and on behalf of, and as attorney for, the Participant and to apply the proceeds firstly in and towards meeting or reimbursing the Company or the Group Member, as applicable, for such tax liability and to pay any balance to the Participant.

Mexico

The following term shall be added to the Restricted Stock Unit Agreement:

Nothing in this Restricted Stock Unit Agreement or in the Plan nor the grant of the Restricted Stock Units or any award thereto creates or generates any further employment or any other type of relationship or link between the Participant and the Company, and it is hereby acknowledged that Participant’s employment relationship remains unchanged and that no new employment or any other similar rights are created hereupon.

Clause 10(f) shall be amended to read:

the Restricted Stock Units and any Shares acquired under the Plan and the income and value of same, are not intended to compensate the Participant’s services and therefore, are not part of the Participant’s normal (base or variable) or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits, social security contributions or similar payments;

Clause 11 of this Restricted Stock Unit Agreement will be deleted and replaced with the following:

DATA PRIVACY. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described in this Restricted Stock Unit Agreement and any other grant materials by and among, as applicable, the Company and any Affiliate for the exclusive purpose of implementing, administering and managing participation in the Plan. The Participant understands and expressly consents that the Company and any Affiliate will collect, hold and process certain personal information about the Participant, including the Participant’s name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. The Participant understands and hereby expressly consents that Data will be transferred to a third-party stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The recipients will comply at all time with the applicable data privacy laws and specifically with the terms of the relevant privacy notice and policies made available to Participant for collecting, processing, keeping and transfer their personal data by the Company and Affiliates; however, and without prejudice of the foregoing, the Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws with a lower level of protection than the Participant’s country. The Participant agrees and acknowledges that he or she may request a list with the names and addresses of any Company selected recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, the Participant understands and agrees that he or she is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, the Participant’s continuous employment and career with the Company or an Affiliate will not be adversely affected; the only adverse consequence of refusing or withdrawing consent is that the Company would not be able to grant the Participant restricted stock units or other equity awards or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing consent may affect his or her ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal

of consent, the Participant understands that he or she may contact his or her local human resources representative.

New Zealand

The following terms shall be added to the Restricted Stock Unit Agreement:

WARNING FOR PARTICIPANTS IN NEW ZEALAND

THIS IS AN OFFER OF RESTRICTED STOCK UNITS IN ACCORDANCE WITH THE TERMS OF THE PLAN PURSUANT TO WHICH, UPON VESTING, YOU MAY RECEIVE SHARES IN THE COMPANY.

SHARES GIVE YOU A STAKE IN THE OWNERSHIP OF THE COMPANY. YOU MAY RECEIVE A RETURN IF DIVIDENDS ARE PAID. IF THE COMPANY RUNS INTO FINANCIAL DIFFICULTIES AND IS WOUND UP, YOU WILL BE PAID ONLY AFTER ALL CREDITORS AND HOLDERS OF ANY PREFERENCE SHARES HAVE BEEN PAID. YOU MAY LOSE SOME OR ALL OF YOUR INVESTMENT.

NEW ZEALAND LAW NORMALLY REQUIRES PEOPLE WHO OFFER FINANCIAL PRODUCTS TO GIVE INFORMATION TO INVESTORS BEFORE THEY INVEST. THIS INFORMATION IS DESIGNED TO HELP INVESTORS TO MAKE AN INFORMED DECISION. THE USUAL RULES DO NOT APPLY TO THIS OFFER BECAUSE IT IS MADE UNDER AN EMPLOYEE SHARE PURCHASE SCHEME. AS A RESULT, YOU MAY NOT BE GIVEN ALL THE INFORMATION USUALLY REQUIRED. YOU WILL ALSO HAVE FEWER OTHER LEGAL PROTECTIONS FOR YOUR INVESTMENT.

RESTRICTED STOCK UNITS ARE NOT QUOTED, HOWEVER THE COMPANY’S SHARES ARE LISTED ON THE NASDAQ GLOBAL SELECT MARKET UNDER THE SYMBOL “DNUT”. THIS MEANS YOU MAY BE ABLE TO SELL THEM ON THE NASDAQ GLOBAL SELECT MARKET IF THERE ARE INTERESTED BUYERS. YOU MAY GET LESS THAN YOU INVESTED. THE PRICE WILL DEPEND ON THE DEMAND FOR THE COMPANY’S SHARES.

YOU WILL NOT HAVE ANY RIGHTS OF A STOCKHOLDER AS A RESULT OF RECEIVING A RESTRICTED STOCK UNIT UNDER THE RESTRICTED STOCK UNIT AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ANY RIGHT TO VOTE THE SHARES TO BE ISSUED UNDER THE RESTRICTED STOCK UNIT AGREEMENT, UNLESS AND UNTIL (AND ONLY TO THE EXTENT) THE RESTRICTED STOCK UNITS HAVE VESTED AND, THEREAFTER, THE SHARES HAVE BEEN DISTRIBUTED PURSUANT TO THE RESTRICTED STOCK UNIT AGREEMENT.

RESTRICTED STOCK UNITS MAY NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR OTHERWISE ALIENATED OR HYPOTHECATED, OTHER THAN BY WILL OR BY THE LAWS OF DESCENT AND DISTRIBUTION.

ASK QUESTIONS, READ ALL DOCUMENTS CAREFULLY, AND SEEK INDEPENDENT FINANCIAL ADVICE BEFORE COMMITTING YOURSELF.

The following terms shall be added to the Restricted Stock Unit Agreement:

Other Information. A physical copy of the Company’s latest annual report, which includes audited financial statements and the audit report for that period, will be provided to you on request to the Company’s legal department free of charge and is available electronically on the Company’s website: https://www.krispykreme.com/.

Independent Advice; Non-Reliance. The Participant has also been advised to seek independent advice about the terms of this Agreement and has had sufficient time to do so. In accepting this offer, the Participant have not relied on the advice of the Company or any of its representatives about what these terms mean.

Clause 5 of this Restricted Stock Unit Agreement will be deleted and the following will be added to the Agreement as a summary of the Participant’s New Zealand tax position:

New Zealand Tax Treatment

(a)    The Participant will not recognize any income for income tax purposes when awarded Restricted Stock Units. Generally, the Participant will recognize taxable income upon the date the Shares are delivered to the Participant shortly following vesting. The Participant’s taxable income will be an amount equal to the fair market value of the vested Shares under the award on the delivery date and converted into New Zealand dollars at the close of trading spot exchange rate on such date. This income will be treated as employment income and taxed at the Participant’s marginal tax rate. The Participant’s employer will report this income to Inland Revenue but will not withhold any PAYE or other imposts with respect to that income. It is the Participant’s responsibility to pay all applicable taxes in accordance with the applicable payment requirements. The tax will generally be payable by the 7th of February following the relevant tax year end. However, if the Participant is a provisional taxpayer, or the taxable amount is sufficiently large to the Participant a new provisional taxpayer, tax will be payable on an advance basis. Any taxable income recognized should not be subject to any social type withholdings, including KiwiSaver contributions and accident compensation levies.

(b)    Depending on the Participant’s overall circumstances, the Participant’s Shares may following issue, be subject to taxation under the foreign investment fund (“FIF”) rules, on a pooled basis together with any other FIF interests held. If the FIF rules apply, FIF tax will be a final tax and any dividends the Participant receives on the Shares, and any gain the Participant makes on sale, will not be separately taxable.

(c)    If the FIF rules do not apply to the Participant’s Shares: (i) any dividends the Participant receives on the Shares will be taxable; and (ii) the Participant will not be subject to tax on sale of the Shares provided that the Shares were not acquired with the dominant purpose of sale.

Clause 10(f) shall be amended to read:

(f)    the Restricted Stock Units and any Shares acquired under the Plan, and the income and value of same, are entirely at the Company’s discretion and as such do not part of the Participant’s normal, gross or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits, holiday pay entitlements or similar payments;

Clause 11 of this Restricted Stock Unit Agreement will be deleted and replaced with the following:

DATA PRIVACY. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described in this Restricted Stock Unit Agreement and any other grant materials by and among, as applicable, the Company and any Affiliate for the exclusive purpose of implementing, administering and managing participation in the Plan. The Participant understands that the Company and any Affiliate may collect and hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. The Company and any Affiliate will comply with the Privacy Act 2020 when collecting, using, disclosing and storing Data. The Participant understands that Data will be transferred to a third party stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws with a lower level of protection than the Participant’s country. To the extent that Data is disclosed to a third party located in a country outside New Zealand and that third party uses or discloses the Data for their own purposes, the Company shall ensure that such disclosure is made in accordance with the offshore disclosure requirements set out in the Privacy Act 2020. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, and any other possible recipients which may assist the Company (presently or in the future) with

implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, the Participant understands that he or she is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, the Participant’s continuous employment and career with the Company or an Affiliate will not be adversely affected; the only adverse consequence of refusing or withdrawing consent is that the Company would not be able to grant the Participant restricted stock units or other equity awards or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing consent may affect his or her ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her local human resources representative. The Participant is able to access and correct their personal information at any time by contacting the Company’s Equity Administrator (stockpolicy@krispykreme.com) or his or her local human resources representative.

Republic of Ireland

Clause 11 of this Restricted Stock Unit Agreement will be deleted and replaced with the following:

DATA PRIVACY. The Company will collect and process information relating to the Participant in accordance with the data privacy notice from time to time in force and in compliance with Regulation (EU) 2016/679 (the General Data Protection Regulation or GDPR).

United Kingdom

For the purposes of this Agreement, the Plan is amended as follows:

The words “non-employee directors, independent contractors, and consultants” shall be deleted from Section 1 of the plan and from the definition of “Eligible Recipient".

The definition of “Cause” shall be amended to include the following additional limb “or (vii) any other circumstances in which the Company (including any of its Subsidiaries) has the right to terminate the Participant’s employment without notice”.

Section 18 shall be deleted and replaced with the following:

“Except in the case of the transmission under applicable law to personal representatives in the event of death, Awards may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered by the person to whom they are granted.”

Clause 11 of this Restricted Stock Unit Agreement will be deleted and replaced with the following:

DATA PRIVACY. The Participant acknowledges that the Company and its Affiliates may hold and process personal data relating to the Participant including but not limited to the Participant's name, home address, telephone number, email address, date of birth, national insurance number, passport or other identification number, salary, nationality, job title, any awards awarded, cancelled, purchased, vested, unvested or outstanding in the Participant’s favor (together, the "Data"), in each case in relation to and as a consequence of the grant of a Restricted Stock Unit to the Participant, including for the purposes of administering such Restricted Stock Units. The Company processes Data for the purpose of administering and managing the Participants’ participation in the Plan (“Purposes”). The Company is the controller in connection with the Purposes. The legal basis for the processing of the Data by the Company in connection with these Purposes is the necessity of the data processing for the Company to perform its contractual obligations in connection with the Plan and for the Company’s legitimate business interests of managing the Plan and generally administering the Awards. The Data shall be processed in accordance with the Company’s privacy notice and any other applicable privacy policy. The Participant's personal data may be disclosed (including outside the UK or the EU) to the Company and its Affiliates and its or their advisors in relation to this Restricted Stock Unit Agreement.

The following terms shall be added to the Restricted Stock Unit Agreement:

The Participant agrees to indemnify and keep indemnified the Company and any of its Affiliates, as applicable, against any Required Tax Payments arising from the grant, vesting, settlement or otherwise in connection with the Restricted Stock Units that such entity is required to pay or withhold or has paid or will pay to HM Revenue & Customs (or any other tax authority or any other relevant authority) on the Participant’s behalf. The Participant agrees to enter into any tax election as the Company may require as a condition to the grant, vesting and/or settlement of any Restricted Share Unit.

For the purposes of this Restricted Stock Unit Agreement, the term “Required Tax Payments” shall include any income tax and employee National Insurance Contributions, but exclude any employer (secondary) National Insurance Contributions.

This Restricted Stock Unit Agreement does not form part of the Participant’s contract of employment. If the Participant ceases to be employed by the Company or any of its Affiliates for any reason (including as a result of a repudiatory breach of contract by the Company or any of its Affiliates) the Participant shall not be entitled, and by participating

in the Plan the Participant shall be deemed irrevocably to have waived any entitlement, by way of compensation for loss of employment, breach of contract or otherwise to any sum or other benefit (unless provided for in this Restricted Stock Unit Agreement) to compensate the Participant for any rights or prospective rights under the Plan or this Restricted Stock Unit Agreement; and

The Participant agrees that any Awards granted to the Participant under the Plan shall be subject to any applicable recoupment policy as may be in effect from time to time, and which the Participant acknowledges could, in certain circumstances, require deduction or clawback of Awards held by the Participant.

Document

Exhibit 10.3

Executive Officers

KRISPY KREME, INC.

2021 OMNIBUS INCENTIVE PLAN

OPTION AGREEMENT

THIS OPTION AGREEMENT (this “Option Agreement”), dated as of {Grant Date} (the “Effective Date”), is made by and between KRISPY KREME, INC., a Delaware corporation (the “Company”), and {Participant Name} (the “Participant”). Capitalized terms used but not defined herein shall have the respective meanings ascribed to them in the Krispy Kreme, Inc. 2021 Omnibus Incentive Plan (as may be amended and/or restated from time to time, the “Plan”).

Grant of Option. In accordance with the terms of the Plan and subject to this Option Agreement, as of the Effective Date, the Participant is hereby granted an Option (the “Option”) to purchase {Number of Awards Granted} Shares at ${Grant Price} per share of Common Stock (the “Exercise Price”), subject to the Plan, the terms of which are incorporated by reference herein.

1.Vesting. {Vesting Period. Please refer to Appendix: Vesting Schedule}

(a)In General. The Option awarded hereby will vest on the time schedule set forth on the Appendix, provided that the Participant has remained in continuous employment with the Company and its Affiliates at all times from the Effective Date through the vesting date set forth on the Appendix. For purposes of this Option Agreement, “Vesting Commencement Date” means {Grant Custom 2}.

(b)Death or Disability. If the Participant’s employment with the Company and its Affiliates terminates by reason of the Participant’s death or Disability before the Option has otherwise become vested, then the Option shall vest in full as of the date of such termination and may thereafter be exercised by the Participant or the Participant’s legal representative or legatee, if any, in accordance with Section 3 herein.

(c)Termination of Employment. Subject to Section 2(d), if the Participant’s employment with the Company and its Affiliates terminates for any reason other than by reason of the Participant’s death or Disability, any portion of the Option that is unvested as of the date of such termination will be automatically and immediately cancelled without payment of any consideration.

(d)Change in Control. In the event of a Change in Control, the Option shall be treated in accordance with Section 13 of the Plan.

2.Timing of Exercise. Following the vesting of the Option as set forth in Section 2 hereof, the Participant may exercise all or any portion of such Option, for whole Shares, at any time prior to the earliest to occur of:

(a)The sixth (6th) anniversary of the Effective Date;

(b)The first (1st) anniversary of the date of the Participant’s termination of employment with the Company or any Affiliate due to the Participant’s death or Disability;

(c)Ninety (90) days following the date of the Participant’s termination of employment with the Company or any Affiliate as a result of the Participant’s voluntary termination or a termination by the Company without Cause; and

(d)The close of business on the last business day immediately prior to the date of the Participant’s termination of employment by the Company for Cause.

3.Rights as a Stockholder. The Participant shall not have any rights of a stockholder as a result of receiving an Option under this Option Agreement, including, but not limited to, any right to vote the Shares to be issued upon exercise of the Option hereunder or any right to dividends or dividend equivalents, unless and until (and only to the extent) the Option has been exercised pursuant to Section 3 hereof.

4.Employee Confidentiality, Non-Competition and Non-Solicitation Obligations. In connection with receipt of an Award under the Plan and as a condition to the vesting of any Award granted thereunder, Participant must [[enter into and abide by the restrictive covenants set forth in the Asset Protection Agreement provided separately to Participant simultaneously with the Award] / [abide by the restrictive covenants set forth in Participant’s Key Employee Agreement]].

5.Method of Exercise; Tax Withholding.

(a)Exercise of Option. The Participant may exercise the Option by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. Payment in whole or in part may also be made (1) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (2) any other form of consideration approved by the Administrator and permitted by applicable law, or (3) any combination of the foregoing.

(b)Tax Withholding Obligation. As a condition to acceptance of any Shares upon exercise of the Option, the Participant authorizes withholding from payroll and any other amounts payable to such Participant, and otherwise agrees to make adequate provision for any sums required to be withheld (or permitted to be withheld in a manner that will not cause adverse accounting consequences for the Company or an Affiliate) to satisfy any U.S. federal, state, local and/or foreign tax or social insurance contribution withholding obligations (the “Required Tax Payments”) of the Company or an Affiliate, if any, that arise in connection with the exercise of the Option. If the Participant fails to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to the Participant. The Participant may elect to satisfy his or her obligation to advance the Required Tax Payments with respect to the Option by any of the following means: (1) a cash payment to the Company pursuant to Section 6(b) hereof, (2) authorizing the Company to withhold from the Shares otherwise to be delivered to the Participant pursuant to the exercise of the Option, a number of whole Shares with a Fair Market Value, determined as of the date the obligation to withhold or pay taxes first arises in connection with the exercise of the Option (the “Tax Date”), equal to the Required Tax Payments, (3) a cash payment following the Participant’s sale of (or sale by a broker-dealer acceptable to the Company through which the Participant has sold) a number of Shares with respect to which the Required Tax Payments have arisen with a Fair Market Value

determined as of the Tax Date equal to the Required Tax Payments, or (4) any combination of (1), (2), and (3) above. Any fraction of a Share that would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Participant. No certificate representing a Share shall be delivered until the Required Tax Payments have been satisfied in full.

6.Transfers. This Option may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.

7.Governing Law. This Option Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of law of such state.

8.Agreement Binding on Successors. The terms of this Option Agreement shall be binding upon the Participant and upon the Participant’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, whether the existence of the successor results from a direct or indirect purchase of all or substantially all of the business of the Company, or a merger, consolidation or otherwise, subject to the terms of the Plan.

9.No Assignment. Notwithstanding anything to the contrary in this Option Agreement, neither this Option Agreement nor any rights granted herein shall be assignable by the Participant.

10.Nature of Grant. This Option Agreement is intended to comply with the applicable laws of any country or jurisdiction where Options are granted under the Plan, and all provisions hereof shall be construed in a manner to so comply. In accepting the Option, the Participant acknowledges, understands and agrees that:

(a)the Plan is established voluntarily by the Company, is discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

(b)the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of Awards, or benefits in lieu of an Option, even if Options have been granted in the past;

(c)all decisions with respect to future Awards or other grants, if any, will be at the sole discretion of the Company;

(d)the Participant is voluntarily participating in the Plan;

(e)the Option and any Shares acquired upon exercise of the Option under the Plan are not intended to replace any pension rights or compensation;

(f)the Option and any Shares acquired upon exercise of the Option under the Plan, and the income and value of same, are not part of the Participant’s normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

(g)the future value of the Shares subject to the Option is unknown, indeterminable and cannot be predicted with certainty;

(h)if the Participant exercises the Option and acquires Shares, the value of such Shares may increase or decrease in value;

(i)to the extent permitted by applicable law, no claim or entitlement to compensation or damages shall arise from the forfeiture of the Option resulting from the termination of the Participant’s employment with the Company or an Affiliate (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is providing continuous employment or the terms of the Participant’s employment agreement, if any), and in consideration of the grant of the Option to which the Participant is otherwise not entitled, the Participant irrevocably agrees never to institute any claim against the Company or an Affiliate, waive the Participant’s ability, if any, to bring any such claim, and release the Company or an Affiliate from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;

(j)for purposes of the Option, the Participant’s employment will be considered terminated as of the date the Participant is no longer actively providing services to the Company or an Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any), and unless otherwise expressly provided in this Option Agreement or determined by the Company, the Participant’s right to vest in the Option will terminate as of such date and will not be extended by any notice period (e.g., the Participant’s period of employment would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any);

(k)unless otherwise provided in the Plan or by the Company in its discretion, the Option and the benefits evidenced by this Option Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and

(l)the Participant acknowledges and agrees that neither the Company nor an Affiliate shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the Options or any amounts due pursuant to exercise of the Option or the subsequent sale of Shares acquired upon exercise.

11.DATA PRIVACY. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described in this Option Agreement and any other grant materials by and among, as applicable, the Company and any Affiliate for the exclusive purpose of implementing, administering and managing participation in the Plan. The Participant understands that the Company and any Affiliate may hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or

other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. The Participant understands that Data will be transferred to a third party stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws with a lower level of protection than the Participant’s country. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, and any other possible recipients who may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, the Participant understands that he or she is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, the Participant’s continuous employment and career with the Company or an Affiliate will not be adversely affected; the only adverse consequence of refusing or withdrawing consent is that the Company would not be able to grant the Participant options or other equity awards or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing consent may affect his or her ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her local human resources representative.

12.Necessary Acts. The Participant hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Option Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.

13.Severability. Should any provision of this Option Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Option Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Option Agreement. Moreover, if one or more of the provisions contained in this Option Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

14.Entire Agreement. This Option Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof, and supersede any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof.

15.Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

16.Counterparts; Electronic Signature. This Option Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall be deemed one and the same instrument. The Participant’s electronic signature of this Option Agreement shall have the same validity and effect as a signature affixed by the Participant’s hand.

17.Amendment. This Option Agreement, together with the Plan, may be amended unilaterally by the Company to the extent permitted under the Plan, or by a written instrument signed by all parties hereto.

18.Set-Off. The Participant hereby acknowledges and agrees, without limiting the rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, any amount due to the Participant under this Option Agreement may be reduced by, and set-off against, any or all amounts or other consideration payable by the Participant to the Company or any of its Affiliates under any other agreement or arrangement between the Participant and the Company or any of its Affiliates; provided that any such set-off does not result in a penalty under Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the “Code”).

19.No Limitation on Rights of the Company. The grant of the Option does not and will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets.

20.Plan and this Option Agreement Not a Contract of Employment or Service. Neither the Plan nor this Option Agreement are a contract of employment or service, and no terms of the Participant’s employment or service will be affected in any way by the Plan, this Option Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Option Agreement will be construed as conferring any legal rights on the Participant to continue to be employed or remain in service with the Company and its Affiliates, nor will it interfere with any right of the Company or any of its Affiliates to discharge the Participant or to deal with the Participant regardless of the existence of the Plan, this Option Agreement or the Options.

21.Continued Effect of Award Agreement. To the extent that the Plan or this Option Agreement contains provisions that are intended to have effect after the date(s) as of which the Participant’s rights in respect to the Option Agreement have become vested (including, but not limited to, following the date of the Participant’s termination of employment or service), this Option Agreement and any Shares acquired upon exercise of the Option shall continue to be subject to the terms of the Plan and this Option Agreement.

22.Securities Law Requirements. If at any time the Committee determines that issuing Shares would violate applicable securities laws, the Company will not be required to issue such Shares. The Committee may declare any provision of this Option Agreement or action of its own null and void, if it determines the provision or action fails to comply

with the short-swing trading rules. As a condition to issuance, the Company may require the Participant to make written representations it deems necessary or desirable to comply with applicable securities laws. In addition to the transfer restrictions and limitations applicable hereunder, no Person who acquires Shares under this Option Agreement may sell the Shares, unless they make the offer and sale pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), which is current and includes the Shares to be sold, or an exemption from the registration requirements of the Securities Act.

23.Notice. Any notice or other communication required or permitted under this Option Agreement must be in writing and delivered personally, sent by certified, registered or express mail, or sent by overnight courier, at the sender’s expense. Notice will be deemed given when delivered personally or, if mailed, three (3) days after the date of deposit in the United States mail or, if sent by overnight courier, on the regular business day following the date sent. Notice to the Company should be sent to Krispy Kreme, Inc., 2116 Hawkins Street, Charlotte, NC 28203, Attn: Chief Legal Officer, or at such other address as the Company may hereafter designate in writing. Notice to the Participant should be sent to the address on file with the Company.

24.Plan Document Controls. The rights granted under this Option Agreement are in all respects subject to the terms of the Plan to the same extent and with the same effect as if set forth fully in this Option Agreement. If the terms of this Option Agreement conflict with the terms of the Plan, the Plan will control.

25.Change in Control; Code Section 280G. If, upon a Change in Control, any of the payments and benefits provided under the Plan, any Award Agreement or any other agreement or arrangement between the Company or any of its Affiliates and the Participant (collectively, the “Payments”) would constitute a “parachute payment” within the meaning of Section 280G of the Code (a “Parachute Payment”) and be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the amount of payments to be received by the Participant pursuant to this Agreement shall be reduced to the maximum amount that will cause the total amounts of the payments not to be subject to the Excise Tax, but only if the amount of such payments, after such reduction and after payment of all applicable taxes on the reduced amount, is equal to or greater than the amount of such payments the Participant would otherwise be entitled to retain without such reduction after the payment of all applicable taxes, including the Excise Tax. The accounting firm engaged by the Company for general audit purposes shall perform any calculations necessary in connection with this Section 26. Any good faith determinations of the accounting firm made hereunder shall be final, binding, and conclusive upon the Participant and the Company. Any reduction in the amount of compensation or benefits effected pursuant to this Section 26 shall first come, in order and, in each case, solely to the extent necessary, from any cash severance benefits payable to the Participant, then from any other payments that are treated in their entirety as Parachute Payments and then from any other Parachute Payments payable to the Participant with the later possible payment or vesting date being reduced or eliminated before a payment or benefit with an earlier payment or vesting date; provided that if the foregoing order of reduction or elimination would violate Section 409A, then the reduction shall be made pro rata among the payments or benefits otherwise due or payable to the Participant.

26.Section 409A; Reformation.

(a)The intent of the parties is that the payments and benefits under this Option Agreement comply with Section 409A, to the extent subject thereto, and

accordingly, to the maximum extent permitted, this Option Agreement shall be interpreted to be in compliance therewith or exempt therefrom. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Option Agreement or any other arrangement between the Participant and the Company during the six (6) month period immediately following the Participant’s separation from service shall instead be paid on the first business day after the date that is six (6) months following the Participant’s separation from service (or, if earlier, the Participant’s date of death). All payments under this Option Agreement shall be considered separate payments for purposes of Section 409A. The Company makes no representation that any or all of the payments described in this Option Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

(b)If any provision of this Option Agreement or the Plan is invalid or unenforceable, in whole or in part, or as applied to any circumstance, under the laws of any jurisdiction that may govern for such purpose, or if any provision of this Option Agreement or the Plan needs to be interpreted to comply with the requirements of Section 409A, then such provision shall be deemed modified or restricted, or so interpreted, to the extent and in the manner necessary to render the same valid and enforceable, or to the extent and in the manner necessary to be interpreted in compliance with such requirements of the Code, either generally or as applied to such circumstance, or shall be deemed excised from this Option Agreement or the Plan, as the case may require, and this Option Agreement or the Plan shall be construed and enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified or restricted, or as if such provision had not been originally incorporated herein, as the case may be.

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ELECTRONIC ACCEPTANCE

By the Participant’s electronic acceptance hereof, the Participant and the Company agree that this Award is granted and governed by the terms and conditions of the Plan and this Option Agreement.

By the Participant’s electronic acceptance hereof, the Participant agrees that in lieu of receiving documents in paper format, the Participant accepts the electronic delivery of any documents by the Company, or any third party involved in administering the Plan that the Company may designate, may deliver in connection with this Award (including the Plan, this Option Agreement, account statements, or other communications or information) whether via the Company’s intranet or the internet site of such third party or via email or such other means of electronic delivery specified by the Company. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by the Company or any third party involved in administering the Plan that the Company may designate.

Document

Exhibit 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Josh Charlesworth, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 28, 2025, of Krispy Kreme, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2025

/s/ Josh Charlesworth

Josh Charlesworth

Chief Executive Officer

Document

Exhibit 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Raphael Duvivier, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 28, 2025, of Krispy Kreme, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2025

/s/ Raphael Duvivier

Raphael Duvivier

Chief Financial Officer

Document

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Krispy Kreme, Inc. (the “Company”), for the quarterly period ended September 28, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 6, 2025

/s/ Josh Charlesworth

Josh Charlesworth

Chief Executive Officer

Date: November 6, 2025

/s/ Raphael Duvivier

Raphael Duvivier

Chief Financial Officer

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