Krispy Kreme POLITICAL

Corporate Communications & Public Stance

• No public evidence identified in the reviewed corporate filings, official materials, focused searches, and canonical civil-society records of a Krispy Kreme public statement, policy, or campaign specifically addressing Israel, Palestine, Israeli settlements, or the conflict. ^{1, 2, 3, 4}

• No public evidence identified in the reviewed sources of a documented Krispy Kreme response to an organized Israel/Palestine-related boycott campaign supported by a verifiable primary source. ^{2, 4}

• Krispy Kreme was not named in the deterministic full-text checks described in the memo for the 2023 and 2025 OHCHR settlement-business database updates, the 2025 UN Special Rapporteur report A/HRC/59/23, or the BDS National Committee’s corporate-priority-target guide. ^{5, 6, 3, 4}

Operations in Occupied or Contested Territories

• Krispy Kreme’s 2025 subsidiary exhibit lists material subsidiaries incorporated in the United States, Canada, Spain, England and Wales, Brazil, Australia, Japan, the United Arab Emirates, France, Ireland, Mexico, and New Zealand, without listing an entity incorporated in Israel, the West Bank, East Jerusalem, Gaza, or the Golan Heights. ⁷

• This subsidiary-list result is disclosure-specific and does not establish the absence of franchisees, subfranchisees, retail-delivery points, resellers, or non-material entities in those territories. ⁷

• The 2025 Form 10-K identifies company-owned international operations in the United Kingdom, Ireland, Australia, New Zealand, Mexico, Canada, and Japan, while classifying global franchise operations within a separate Market Development segment. ¹

• The filing states that franchisees or joint-venture partners generally receive rights to develop and manage branded shops in specified countries and may, in some circumstances, subfranchise. ¹

• Krispy Kreme reported 15,194 global points of access as of December 28, 2025, including 2,909 Market Development points. ¹

• The first-quarter 2025 filing described focused expansion of international franchise business in places including the Middle East and France, but did not name a country, franchisee, or location for the Middle East reference. ⁸

• A 2022 Investor Day presentation identified Americana as an international-franchise case study and listed its markets as the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, Egypt, and Jordan, without listing Israel, the West Bank, East Jerusalem, or the Golan Heights. ⁹

• The 2022 Americana market list is historical franchise-network evidence and does not establish the current scope of Americana’s territorial rights, operating markets, local ownership structure, or expansion plans. ⁹

• The U.S. International Trade Administration’s December 2023 West Bank-and-Gaza franchising guide listed six fast-food franchises operating in the West Bank - KFC, Pizza Hut, Popeyes, Domino’s, Hardee’s, and Pizza Inn - and did not identify Krispy Kreme. ²

• The Trade Administration guide is not a comprehensive register of all West Bank businesses, franchises, or settlement operations. ²

• No public evidence identified in the reviewed sources of a Krispy Kreme shop, reseller, distributor, delivery point, military-base concession, procurement contract, or identified franchise arrangement in Israel, the West Bank, East Jerusalem, Gaza, or the Golan Heights.

Internal Governance, Content & Retail Policies

• No public evidence identified in the reviewed materials of Krispy Kreme employment enforcement, litigation, content moderation, editorial policy, settlement-product labelling, or regional sourcing controversy connected to Israel-Palestine. ^{2, 5, 6, 3, 4}

• No public evidence identified in the reviewed sources of reservist-pay policies, employee military-leave subsidies, charitable-matching eligibility involving Israeli military or settlement organizations, or conflict-period donation logistics. ^{1, 8}

• The 2025 Form 10-K describes an international franchise and third-party logistics model but does not disclose Israel- or occupied-territory-specific sourcing, labelling, or retail arrangements. ¹

• The reviewed corporate disclosures do not provide a complete current country-by-country franchisee register, franchise-development agreements, or subfranchise list. ¹

Brand Heritage & State Partnerships

• Krispy Kreme, Inc. is a Delaware corporation, and its 2025 Form 10-K defines references to “Krispy Kreme,” the “Company,” “we,” and “our” as Krispy Kreme, Inc. and its consolidated subsidiaries. ¹

• No public evidence identified in the reviewed SEC annual-report and proxy disclosures of an Israel/Palestine-specific corporate-charter provision, state-held share, government ownership interest, or primary corporate mission tied to state geopolitical goals. ^{1, 10}

• The Israel Ministry of Defense announced in November 2023 that it and the Association for Israel’s Soldiers had established a contribution channel for war-effort aid and IDF-base reconstruction near the Gaza border. ¹¹

• No reviewed source links Krispy Kreme, an identified subsidiary, or the historical Americana franchise relationship to that Ministry of Defense contribution channel, the IDF, the Ministry of Defense, or associated logistics. ^{9, 11}

• Krispy Kreme Doughnut Corporation, an indirect wholly owned subsidiary, sold or redeemed its remaining equity interests in Insomnia Cookies Holdings, LLC on June 10, 2025, after which it held no equity interest in Insomnia. ¹²

Lobbying, Advocacy, Financing & Logistics

• No public evidence identified in the bounded research of a Krispy Kreme-specific court case, regulatory action, parliamentary proceeding, OECD National Contact Point complaint, OHCHR listing, or named specialist civil-society investigation concerning Israel-Palestine. ^{2, 5, 6, 3, 4}

• No public evidence identified in the bounded research of Krispy Kreme political advocacy, lobbying, financing, charitable support, or logistics connected to Israeli military, settlement, or conflict-related activity.

• No public evidence identified within the bounded accountability-shard search limit in primary FEC, Lobbying Disclosure Act, IRS Form 990, Charity Commission, corporate-PAC, or executive-foundation records.

• No public evidence identified in the bounded research from informal boycott aggregators or social-media assertions that established independently verifiable primary-source chains.

Corporate Structure & Primary Mission

• Krispy Kreme reported three operating segments in 2025: U.S.; International company-owned operations; and Market Development global franchise operations. ¹

• The company’s 2025 material-subsidiary exhibit listed 30 subsidiaries, including U.S., UK, UAE, Canadian, Australian, Brazilian, French, Irish, Japanese, Mexican, New Zealand, and Spanish entities. ⁷

• As of April 7, 2026, the proxy identified JAB Indulgence B.V. as beneficial owner of 74,190,990 common shares, or 43.0%, and BNP Paribas SA as beneficial owner of 15,309,359 shares, or 8.9%. ¹⁰

• The proxy attributes the JAB beneficial-ownership position to JAB Indulgence B.V., JAB Holdings B.V., JAB Investments s.à r.l., JAB Holding Company s.à r.l., Joh. A. Benckiser B.V., Agnaten SE, and Lucresca SE. ¹⁰

• The Investor Rights Agreement requires Krispy Kreme to provide JAB specified financial and corporate information and to consult with, and give good-faith consideration to, JAB’s views on board composition, board agendas, major transactions, and significant capital expenditures, while preserving the board’s ultimate decision-making authority. ¹⁰

• The reviewed corporate record establishes JAB’s controlling position but does not identify the natural persons controlling the JAB entities or provide evidence about their personal philanthropic, political, or Israel/Palestine-related activity. ¹⁰

Executive & Leadership Footprint

• Krispy Kreme’s eight 2026 director nominees were Patricia Capel, Joshua Charlesworth, David Deno, Patrick Grismer, Bernardo Hees, David Shear, Easwaran Sundaram, and Melissa Werneck. ¹⁰

• Patricia Capel was identified as Board Chair and a Senior Partner of JAB, and Bernardo Hees was also identified as JAB-affiliated. ¹⁰

• The named executive officers for fiscal 2025 included Joshua Charlesworth as President and CEO, Raphael Duvivier as CFO, Alison Holder as Chief Brand and Product Officer, Nicola Steele as COO, and former officers Jeremiah Ashukian and Theresa Zandhuis. ¹⁰

• The proxy identifies Angela Yochem as Chief Technology and Performance Officer from September 2025. ¹⁰

• No public evidence identified in the reviewed sources of Israel/Palestine-related activity by the identified directors or senior executives.