Exhibit 99.2

OCTOBER 14, 2022 1

2 Safe Harbor This presentation contains certain statements that constitute “ forward - looking statements ” within the meaning of federal securities laws, including statements regarding the effects of the proposed transaction. These statements are based on the assumptions and beliefs of Kr oge r and Albertsons management in light of the information currently available to them. Such statements are indicated by words or phrases such as “ accelerate, ” “ create, ” “ committed, ” “ confident, ” “ continue, ” “ deliver, ” “ driving, ” “ expect, ” “ future, ” “ guidance, ” “ positioned, ” “ strategy, ” “ target, ” “ synergies, ” “ trends, ” and “ will. ” Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward - look ing statements. These include the specific risk factors identified in “ Risk Factors ” in each of Kroger ’ s and Albertson ’ s annual report on Form 10 - K for the last fiscal year and any subsequent filings, as well as the following: the expected timing and likelihood of completion of the proposed transaction, inc luding the timing, receipt and terms and conditions of any required governmental and regulatory clearance of the proposed transaction; the impact and terms and conditions of any potential divestitures and/or the separation of SpinCo; the occurrence of any event, change or other circumstances that could gi ve rise to the termination of the merger agreement; the outcome of any legal proceedings that may be instituted against the parties and others following an nouncement of the merger agreement and proposed transaction; the inability to consummate the proposed transaction due to the failure to satisfy ot her conditions to complete the proposed transaction; risks that the proposed transaction disrupts current plans and operations of Kroger and Al ber tsons; the ability to identify and recognize the anticipated benefits of the proposed transaction, including anticipated TSR, revenue and EBITDA ex pec tations and synergies; the amount of the costs, fees, expenses and charges related to the proposed transaction; and the ability of Kroger and Albert son s to successfully integrate their businesses and related operations; the ability of Kroger to maintain an investment grade credit rating; risks related t o t he potential impact of general economic, political and market factors on the companies or the proposed transaction. The ability of Kroger and Albertsons to ach ieve the goals for the proposed transaction may also be affected by their ability to manage the factors identified above. The forward - looking statement s by Kroger and Albertsons included in this presentation speak only as of the date the statements were made. Neither Kroger nor Albertsons as sum es the obligation to update the information contained herein unless required by applicable law. Please refer to the reports and filings of Kroger and Albertsons with the Securities and Exchange Commission for a further discussion of the risks and uncertainties that affect them and their respect ive businesses. This presentation also includes certain forward - looking non - GAAP financial measures, which Kroger and Albertsons management beli eve to be useful to investors and analysts. A reconciliation to historical non - GAAP figures is provided in the Appendix below. Kroger and Albertsons are unable to provide a full reconciliation of the non - GAAP measures used in the forward - looking measures without unreasonable effort because it is not possible to predict with a reasonable degree of certainty the information necessary to calculate such measures on a GAAP basis because such information is dependent on future events that may be outside of Kroger ’ s and Albertson ’ s control. The unavailable information could have a significant impact on Kroger ’ s and Albertson ’ s GAAP financial results.

3 Agenda 1 Transaction Overview Accelerating Kroger’s Go - to - Market Strategy 2 3 Strengthening Kroger ’ s Value Creation Model Financial Details 4 3

4 A Compelling Combination for All Stakeholders Customers Associates • Enables combined company to serve A merica with fresher food, faster • Creates broader selection of Our Brands products to offer customers higher quality and better value • Offers customers best - in - class personalized experience • Delivers an enhanced seamless customer experience requiring zero compromise • Shared company culture and values to create best - in - class associate experience • Creates new and exciting career opportunities for associates • Secures union jobs; continuing to work with local unions across America to serve our communities Shareholders • Accelerates Kroger’s go - to - market strategy • Grows higher - margin alternative profit businesses • Strengthens value creation model to drive profitability and deliver enhanced total shareholder returns Communities • Unites two purpose - driven companies to Feed the Human Spirit • Shared mission to uplift communities and create a more equitable and sustainable food system

5 Continuing Track Record of Investing in Customers, Communities and Associates ( 1 ) Expects to reinvest cost savings from synergies to reduce prices for customers Post closing, Kroger will invest approximately… 5 $ 500 M to lower prices ( 1) $1.3B into Albertsons stores to enhance customer experience $1B to continue raising associate wages & comprehensive benefits

6 Transaction Overview Note: Pro forma results as presented in this slide represent the combined Kroger and Albertsons FY 2021 results and are not intended to represent pro forma financials under Section 11 of Regulation S - X under the Securities Exchange Act of 1934 , as amended. See Appendix for reconciliation of historical non - GAAP measures. Consideration • Kroger will acquire all outstanding shares of Albertsons for estimated total consideration of $34.10 per share in cash, subje ct to certain per share reductions • Implies total enterprise value of ~$24.6B, including assumption of ~$4.7B of Albertson’s net debt • Represents 32.8% premium to unaffected closing price of Albertson’s common stock on October 12, 2022 and 29.7% to 30 - day VWAP • Albertsons will pay a special cash dividend of up to $4 billion to its shareholders, which is expected to be approximately $6 .85 per share and will reduce purchase price commensurately Enhanced Financial Performance and Value Creation • Delivered combined ~$210B revenue, $11.6B of adjusted EBITDA and $3.3 billion in net earnings in FY 2021 • Expected average TSR well above Kroger standalone model of 8 - 11% in the first four years following close • Accretive to earnings in the first year following close and double digit accretive to earnings by year four, excluding one - time costs • Expects to achieve $1B annual run - rate synergies net of divestitures within first four years post - close; approximately 50% achie ved within first two years post - close Financing • Kroger will fund transaction with cash on hand and proceeds from new debt financing • Albertson’s existing bonds will roll into pro forma capital structure and rank pari passu with Kroger’s bonds • Engaged with rating agencies and strongly committed to current investment grade credit rating Capital Allocation • Will continue to invest in high return projects that support strategy • Intend to continue paying quarterly dividend and expect to raise dividend over time, subject to Board approval • Prioritizing de - leveraging to achieve 2.5x EBITDA net leverage target in first 18 – 24 months post close; repurchase program has been paused until net leverage target achieved Leadership • Rodney McMullen, Chairman and CEO of Kroger, will be Chairman and CEO of combined company • Gary Millerchip, SVP and CFO will continue his role in the combined company Path to Close • Transaction subject to required regulatory approvals and other customary closing conditions • Targeted close in early 2024 • Transaction approved by Albertsons shareholders holding a majority of outstanding common and preferred stock • Merger agreement contemplates some store divestitures may be accomplished through establishment of Albertsons subsidiary to b e s pun - off to Albertsons shareholders immediately prior to close, that would operate as standalone public company; SpinCo would be a new, agile competitor with quality stores, experien ced management, operational flexibility, a strong balance sheet, and focused capital allocation and resources to provide customers with continued value and quality service and associa tes with ongoing compelling career opportunities; would comprise minimum of 100 stores and up to 375 stores

7 Albertsons at a Glance 20 + Trusted Iconic Banners With Track Record of Operating Excellence 2,273 store locations 1,720 in - store pharmacies ~$72B sales in FY 2021 31M registered loyalty members 402 fuel centers ~$15B Own Brands Portfolio +263% two - year digital sales growth in FY 2021 ~290K associates Note: All figures as of Albertsons latest public disclosures

8 Complementary National Footprint with Iconic and Trusted Supermarket Banners STORES STORES

9 Accelerates Go - to - Market Strategy Through Complementary Priorities, Assets, and Expertise Enables Kroger to serve more of America with fresher food, faster Offers unmatched personalized experience, offering more relevant recommendations and promotions to save customers time and money Delivers an enhanced seamless customer experience requiring zero compromise Creates broader selection of Our Brands products to offer customers higher quality and better value

10 Fresh : Faster and Fresher Than Ever Supplier Sourced products at peak of flavor & quality Reduced transit time Optimal assortment, price & promotion Simplified tasks & training; Improved scheduling Fresh for Everyone marketing, personalization & loyalty Distribution Center Customers Merchandising Store Operations Data & Science Driven Kroger Capabilities Broader supplier base & national and local networks enable fresher products to reach more customers faster Enhanced assortment & signature items Accelerates penetration of Fresh portfolio +

11 Our Brands : Expanding Portfolio to Deliver Greater Value and Quality (1) Reflects FY 2021A sales for Kroger and Albertsons. Combined capabilities will accelerate growth and profitability ~$ 43 B Our Brands Portfolio (1) Combined portfolio of ~34,000 total private label products One of the Largest CPG Companies in the U.S Tremendous opportunities for growth 1,520 Combined New Products in 2021 Launched combined ~300 products in Q1 2022 52 Manufacturing Plants Supporting innovation in combined portfolio +

12 + Personalization : Data, Personalization and Loyalty Program Benefit Customers • ~85 million households • One of the most comprehensive first - party data repositories in the food and retail space • Compelling retail loyalty program • More relevant recommendations and promotions across price points • Promotes healthier lifestyles 96% of transactions linked to a specific household with personalized engagement and offers Expanded loyalty proposition with paid membership Unmatched personalized experience saves customers time and money Loyalty & core retail growth Stronger data & analytics 31 million loyalty members Free delivery and exclusive perks with paid membership

13 Expanded Omnichannel Customer Experience x Improve customer experience and freshness with expanded network x Expand capacity and shorten lead times for added convenience x Increase utilization of automated fulfillment network through large, medium and small FCs x Improve overall efficiency and lower operating costs x Expand comprehensive digital ecosystem and delivery service providers Fulfillment capabilities combining stores and FCs Seamless: Serving Customers Anything, Anytime, Anywhere 25 Fulfillment Centers Kroger Automated Fulfillment Centers Kroger S pokes Albertsons ’ Automated Micro - Fulfillment Centers 6 12 7 Fresh Products & Meal Solutions Assortment Stores, Pickup, Delivery Personalized Recommendations / Offers As Fast as 30 Minutes

14 Wages Advancement Benefits Well - Being Simplify Work Training RETENTION & ENGAGEMENT Associates Enable our Success Investing in associates since 2018, Kroger has invested an incremental $1.2B in compensation and benefits Cultivating an exciting culture embracing diversity, equity and inclusion Best - in - class associate experience enabling, supporting and empowering associates to unlock their full potential Creating new career opportunities for associates Securing union jobs continuing to work with local unions across America to serve our communities 14

15 Sustainability is a Longstanding Priority Together, we will drive continued progress toward our shared ESG initiatives People Systems Planet x Complementary ESG strategies to advance shared mission to support communities x Focus on responsible corporate stewardship, workforce diversity, equity and inclusion, and creating communities free from hunger and waste

16 Expanded Network Enables Accelerated Profitable Growth and Value Creation + 2,700 Stores +2,200 pharmacies +1,600 fuel centers ~$ 28 B Our Brands Portfolio 9 th largest U.S. CPG brand portfolio F our distinct billion - dollar plus brands ~$ 34 B Fresh Sales 15.6 % growth o ver 2019 4 , 996 (1 ) Stores 3,972 pharmacies 2,015 fuel centers ~$ 43 B Our Brands Portfolio One of the largest CPG in the U.S. ~$ 59B Fresh Sales Accelerated growth of fresh portfolio + 60M Households Nationwide ~ 85M Households Nationwide Expanded customer base nationwide + 420 K Associates Make Kroger a place where customers love to shop + 710 K Associates Key component of combined success (1) Current combined store, pharmacy and fuel center count. Note: Reflects FY 2021A metrics for Kroger and Albertsons .

17 Strengthens Our Value Creation Flywheel DATA & TRAFFIC TRAFFIC & REVENUE Strong Supermarket, Fuel & Pharmacy Business Fast Growing Alternative Profit Businesses

18 Expanded National Reach Accelerates Alternative Profit Businesses 18 a POWERED BY: Kroger Today +$ 1 B Annual Alternative Profits 60 M Households 96 % of transactions tethered to a loyalty card ~$ 1.5 B Annual Alternative Profits Opportunity ~ 85M Households + + + x Providing most relevant data assets for insight and media activation monetization x Enhancing services to media clients to provide more targeted, sophisticated solutions x Fueling growth in Retail Media, Kroger Personal Finance, and Customer Insights x Driving higher - margin alternative profit revenue streams +

19 Significant Synergy Opportunities Sourcing & Goods Not For Resale Supply Chain & Manufacturing Technology General & Administrative Costs ~$1B estimated annual run - rate synergies net of divestitures within first four years post - close ~ 50 % achieved within first two years post - close

20 Compelling Value Creation Opportunity Note: Pro forma results as presented in this slide represent the combined Kroger and Albertsons FY 2021 results and are not i nte nded to represent pro forma financials under Section 11 of Regulation S - X under the Securities Exchange Act of 1934, as amended. See Appendix for reco nciliation of historical non - GAAP measures. • On a combined basis, delivered approximately $210 billion in revenue, $11.6 billion of adjusted EBITDA, and $3.3 billion in net earnings in fiscal year 2021 • Expects to be accretive to earnings in first full - year post - close (1) • Expects to be double digit accretive by year four (1) • Continue strong free cash flow generation; 30% accretive to total annual free cash flow by year four Expects to deliver TSR well above Kroger’s standalone 8 – 11% during first four years post - close (1) EPS Accretion excludes one - time costs

21 Financing and Capital Allocation • Kroger has $ 17.4 B bridge commitment from Citi and Wells Fargo • Will fund transaction through cash and proceeds from new debt financing • Plan to hedge interest rate risk on new debt issuance • Existing Albertsons bonds will roll into pro forma capital structure and rank pari passu with Kroger bonds • Engaged with rating agencies and strongly committed to current investment grade credit rating • Will continue to invest in business through high return projects that support go - to - market strategy • Will continue to pay quarterly dividend and expect to increase dividend over time, subject to Board approval • Have already paused share repurchase program to prioritize de - leveraging • Expects to achieve 2.5 x net debt to EBITDA leverage ratio within first 18 - 24 months post - close Capital Allocation Financing

22 Investment Thesis (1) Pro forma results as presented represent the combined Kroger and Albertsons FY 2021 results and are not intended to repr ese nt pro forma financials under Section 11 of Regulation S - X under the Securities Exchange Act of 1934, as amended. Accelerated Go - To - Market Strategy ( 1 ) Proven Value Creation Model Strong Balance Sheet & Resilient Free Cash Flow • ~$59B Fresh Sales • Best - in - Class Data on ~85 M Households • ~$43B Our Brands Business • Significant Digital Business, >$12B • Combined TSR well above Kroger’s standalone TSR Model of 8 – 11% in first four years post - close ⎻ Annual run - rate synergy savings of $1B within first four years of combined operations ⎻ High Growth, Margin Accretive Alternative Profits • Disciplined Capital Investments • Increasing dividend over time, subject to board approval • Resilient financial model in a variety of operating and economic environments • Strong Free Cash Flow; 30% accretive to total annual Free Cash Flow by year four • Investment Grade Debt Rating 22

23 A Compelling Combination for All Stakeholders Customers Associates • Enables combined company to serve America with fresher food, faster • Creates broader selection of Our Brands products to offer customers higher quality and better value • Offers customers best - in - class personalized experience • Delivers an enhanced seamless customer experience requiring zero compromise • Shared company culture and values to create best - in - class associate experience • Creates new and exciting career opportunities for associates • Secures union jobs; continuing to work with local unions across America to serve our communities Shareholders • Accelerates Kroger’s go - to - market strategy • Grows higher - margin alternative profit businesses • Strengthens value creation model to drive profitability and deliver enhanced total shareholder returns Communities • Unites two purpose - driven companies to Feed the Human Spirit • Shared mission to uplift communities and create a more equitable and sustainable food system

24 Q&A Session 24

25 Appendix

26 Albertsons ($ mm) FY 2021 Net Income $1,620 (Gain) loss on interest rate and commodity hedges, net (23) Facility closures and transformation (3) 57 Acquisition and integration costs (4) 9 Equity-based compensation expense 101 Gain on property dispositions and impairment losses, net (15) LIFO expense 115 Government-mandated incremental COVID-19 pandemic related pay (5) 58 Amortization of debt discount and deferred financing costs 23 Loss on debt extinguishment 4 Amortization of intangible assets resulting from acquisitions 49 Combined Plan and UFCW National Fund withdrawal (6) (106) Miscellaneous adjustments (7) (63) Tax impact of adjustments to Adjusted net income (46) Adjusted Net Income $1,781 Tax impact of adjustments to Adjusted net income 46 Income tax expense 480 Amortization of debt discount and deferred financing costs (23) Interest expense, net 482 Amortization of intangible assets resulting from acquisitions (49) Depreciation and amortization 1,681 Adjusted EBITDA $4,398 Pro Forma Adjusted EBITDA Reconciliations (1) Kroger ($ mm) FY 2021 Net earnings attributable to The Kroger Co. $1,655 LIFO charge (credit) 197 Depreciation and amortization 2,824 Interest expense 571 Income tax expense 385 Adjustment for pension plan withdrawal liabilities 449 Adjustment for company-sponsored pension plan settlement charges 87 Adjustment for loss (gain) on investments 821 Adjustment for Home Chef contingent consideration 66 Adjustment for transformation costs (2) 136 Other (6) Adjusted EBITDA $7,185 ($ mm) Kroger Albertsons Pro Forma FY 2021 Sales $137,888 $71,887 $209,775 ($ mm) Kroger Albertsons Pro Forma FY 2021 Net Income $1,655 $1,620 $3,275 ($ mm) Kroger Albertsons Pro Forma FY 2021 Adjusted EBITDA $7,185 $4,398 $11,583 (1) Pro forma results presented in this presentation represent the combined Kroger and Albertsons FY 2021 results and are not int end ed to represent pro forma financials under Section 11 of Regulation S - X under the Securities Exchange Act of 1934, as amended. (2) Transformation costs primarily include costs related to store and business closure costs and third party professional consult ing fees associated with business transformation and cost saving initiatives. (3) Includes costs related to closures of operating facilities and third - party consulting fees related to strategic priorities and a ssociated business transformation. (4) Related to conversion activities and related costs associated with integrating acquired businesses. Also includes expenses re lat ed to management fees paid in prior fiscal years in connection with acquisition and financing activities. (5) Represents incremental pay that is legislatively required in certain municipalities in which Albertsons operates. (6) Related to the Combined Plan during the fourth quarter of fiscal 2021. (7) Miscellaneous adjustments include non - cash lease - related adjustments, lease and lease - related costs for surplus and closed store s, net realized and unrealized gain on non - operating investments, certain legal and regulatory accruals and settlements, net and other (primarily includes adjustments for pension settlement gain, unconsolidated equity investments and certain contract terminations).