Keurig Dr Pepper Inc.: 10-K Risk Factor Changes

•Disruption of our manufacturing and distribution operations or supply chain, including increased input costs, may adversely affect our financial condition or results of operations. •We operate in highly competitive categories, and any inability to compete effectively could adversely impact our business. •We may not effectively respond to changing consumer preferences and shopping behavior, which could impact our financial results. •Concerns about the safety, quality, or health effects of our products could negatively affect our business. •Damage to our reputation or brand image can adversely affect our business. •If we do not successfully manage our acquisitions of and investments in new businesses or brands, our operating results may adversely be affected. •Failure to realize benefits or successfully manage the potential negative consequences of our productivity initiatives can adversely affect our financial performance. •Our facilities and operations may require substantial investment and upgrading, and such investments may not achieve the intended financial benefits. •We depend on key information systems, and our use of information technology exposes us to business disruptions that could adversely affect us. •Our intellectual property rights could be infringed or we could infringe the intellectual property rights of others, and adverse events regarding licensed intellectual property could harm our business. •Failure to attract, retain, develop, and motivate a highly skilled and diverse workforce, or failure to effectively manage changes in our workforce, could significantly impact our operations. •We may not be able to renew collective bargaining agreements on satisfactory terms, or we could experience union activity, including new unionization, labor disputes, or work stoppages. •Increases in our cost of employee benefits in the future could reduce our profitability. •We negotiate with our suppliers to optimize our terms and conditions, including payment terms, and reductions in our payment terms with our suppliers could adversely affect our liquidity. •An impairment of the value of our goodwill and other indefinite lived intangible assets could have a material adverse effect on our financial statements. •We depend on third-party bottling and distribution companies for a significant portion of our business. •Changes in the retail landscape or in sales to any key customer can adversely affect our business. •Failure to maintain strategic relationships with brand owners and private label brands could adversely impact our future growth and business, potentially resulting in the termination of those agreements. •Equity method investments are managed independently of us and may have different interests than we do. Their decisions could impact our financial performance. •The use of information technology by our third-party commercial partners and service providers exposes us to business disruptions or other negative impacts that could adversely affect us. •We rely on the performance of a limited number of suppliers and manufacturers for our brewers, and a limited number of order fulfillment companies for our brewers, beverage concentrates, and syrups. 9 9 9 Table of Contents Table of Contents •Our financial results may be negatively impacted by unfavorable economic and geopolitical conditions. •U.S. and international laws and regulations could adversely affect our business. •Litigation or legal proceedings could expose us to significant liabilities and damage our reputation. •Increased concerns related to the use or disposal of plastics or other packaging materials can adversely affect our business and financial performance. •Significant additional labeling or warning requirements or limitations on the marketing or sale of our products may inhibit sales of affected products. •Our use of information technology and third-party service providers exposes us to cybersecurity breaches and other business disruptions that could adversely affect us. •Failure to comply with personal data protection and privacy laws can adversely affect our business. •Climate change or related legislation could adversely affect our business. •Water scarcity and quality could adversely affect our business. •Fluctuations in our effective tax rate may result in volatility in our financial results. •We may not complete the proposed JDE Peet's Acquisition within the time frame we anticipate, or at all, which could adversely affect our business. •The market price of our common stock may decline as a result the JDE Peet's Acquisition. •We will incur significant direct and indirect costs as a result of the JDE Peet's Acquisition. •The JDE Peet's Acquisition will expose us to inherent risks in JDE Peet's' business and those geographies where JDE Peet's currently operates, which could adversely affect our business. •If our due diligence investigation of JDE Peet's was inadequate or if unexpected risks related to JDE Peet's and its business materialize, it could have a material adverse effect on our business. •We may not successfully integrate JDE Peet's into our business, or such integration may be more difficult, time-consuming, or costly than expected, which could adversely affect our business. •We will be subject to business uncertainties related to the JDE Peet's Acquisition. •We will incur and assume significant debt as a result of the JDE Peet's Acquisition, which could adversely affect our financial performance. •In connection with the JDE Peet's Acquisition, we expect to consummate the JV Investment, which could restrict our operational and corporate flexibility, impact our cash resources, and/or depress the market price of our common stock. •The issuance of Convertible Preferred Stock in connection with the JDE Peet's Acquisition may adversely affect the rights and market price of our common stock as well as our capital resources. •We may issue additional equity securities in the future to raise proceeds to fund the JDE Peet's Acquisition, which may result in further dilution to our existing shareholders. •The Separation may not be completed on the terms or timeline currently contemplated, if at all, and will involve significant time, expenses, and resources, which could adversely affect our business. •We may be unable to achieve some or all of the anticipated strategic and financial benefits from the Separation. •Following the Separation, we may not maintain a satisfactory credit rating, which could adversely affect the financial performance of our businesses. •Following the Separation, the price of our common stock may decline and may experience greater volatility. 10 10 10 Table of Contents Table of Contents