Kraft Heinz affirms long-term growth algorithm; 2023 organic net sales growth 4-6%

Kraft Heinz Co

Long-term targets: organic net sales growth 2-3%, adjusted EBITDA growth 4-6%, adjusted EPS growth 6-8%, FCF conversion ~100%.
2023 outlook: organic net sales growth 4-6%, constant currency adjusted EBITDA growth 2-4% (4-6% ex-53rd week), adjusted EPS $2.67-$2.75.
Gross efficiency target increased to $2.5B; expects $2B incremental net sales from innovation in North America Retail 2023-2027.
Foodservice targets: ~5% CAGR in North America, ~10% CAGR in International over 4 years; Emerging Markets net sales CAGR of 13%.
2023 FCF conversion now expected ~80%; high single-digit inflation with pricing and efficiencies funding investments.

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