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1 C A G N Y 2026 SEAN CONNOLLY P R E S I D E N T A N D C H I E F E X E C U T I V E O F F I C E R
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2 Legal Disclosure Note on Forward-Looking Statements The presentation contains forward -looking statements regarding our expected future financial performance or position, results o f operations, business strategy, plans and objectives, costs and cost savings, and dividends, and other statements that are not historical facts. Readers of this document should un derstand that these forward -looking statements are not guarantees of performance or results. Forward -looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. These risks, uncertainties, and factors include, among other things: risks associated with gene ral economic and industry conditions, including inflation, reduced consumer confidence and spending, increased tariffs and taxes, declining benefits or increased limitations under gove rnment food assistance programs for consumers, rising unemployment, recessions, increased energy costs, supply chain challenges, labor shortages, and geopolitical conflicts; risks related to the availability and prices of commodities and other supply chain resources, including raw materials, packaging, energy, and transportation, weather conditions, health pand emics or outbreaks of disease, actual or threatened hostilities or war, or other geopolitical uncertainty; disruptions or inefficiencies in our supply chain and/or operations; r isks related to the effectiveness of our hedging activities and ability to respond to volatility in commodities; risks related to the ultimate impact of, including reputational harm caused by, any product recalls and product liability or labeling litigation, including litigation related to lead -based paint and pigment and cooking spray; risks related to our ability to execute operatin g and value creation plans and achieve returns on our investments and targeted operating efficiencies from cost -saving initiatives, and to benefit from trade optimization programs; r isks related to our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; risks related to the company's compet itive environment, cost structure, and related market conditions; risks related to our ability to respond to changing consumer preferences including health and wellness perception s and the success of our innovation and marketing investments; risks associated with actions by our customers, including changes in distribution and purchasing terms; risks re lated to the seasonality of our business; risks associated with our contract manufacturing arrangements and other third -party service provider dependencies; risks associated with actions of governments and regulatory bodies that affect our businesses, including the ultimate impact of new or revised regulations or interpretations including to address climate chang e; risks related to the company's ability to execute on its strategies or achieve expectations related to environmental, social, and governance matters, including as a result of evolvin g legal, regulatory, and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon pricing or carbon taxes; risks related to a material failure in or breach of our or our vendors' information technology systems and other cybersecurity incidents; risk s related to our ability to identify, attract, hire, train, retain and develop qualified personnel; risks of increased pension, labor or people -related expenses; risks and uncertainties associated wi th intangible assets, including any future goodwill or intangible assets impairment charges; risks relating to our ability to protect our intellectual property rights; risks relati ng to acquisition, divestiture, joint venture or investment activities; the amount and timing of future dividends, which remain subject to Board approval and depend on market and other conditions; the amount and timing of future stock repurchases; and other risks described in our reports filed from time to time with the U.S. Securities and Exchange Commission (the "SEC"). We caution readers not to place undue reliance on any forward -looking statements included in this document, which speak only as of the date of this document. We undertake no responsibility to update these statements, except as required by law. Industry and Market Data This presentation contains references to data about our industry, competitive position, and the markets in which we operate t hat we have sourced from independent industry sources. While we believe the data to be accurate as of the date it was sourced, we have not independently verified the accuracy of an y of that information and we do not make any representation as to its accuracy. In addition, some of this data is available only to subscribers and, as subscribers, we ma y apply customized filters to obtain certain data that more closely aligns with product categories, segments and product definitions relevant to our business. This customized data is id entified in the footnotes to the relevant charts in this presentation as using “Conagra Custom Hierarchy” and references our category and product definitions.
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3 S e a n C onn oll y President and Chief E xecuti ve Off icerWh o We Ar e & Wh er e Th i n g s S t an d1 Bo b N ola n Senior Vice Presi dent, Growth Science Wi n n i n g T h e B at tl e f or S. R.P. ( S u p e r i o r R e l a t i v e P r o v o c a t i v e n e s s )2 Da v e Ma r be rge r Executive Vice President and Chief F inanci al OfficerFi n a n ci a l U p da t e3 Today’s Agenda
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4 Who We Are S CA LE D & U. S . C EN TRI C MA RKE T - LE A DIN G BR AND S 92% 8% Net Sales by Geography International Domestic 26% 17% Total Edible ex. Beverages Conagra Categories Private Label Dollar Share Source: (Left) Internal, Conagra Fiscal Year 2025; (Middle and Right) Circana POS, Total US-MULO+ with Convenience, Syndicated Hierarchy and Conagra Custom Hierarchy, 52 Weeks Ended December 21, 2025; Share of Portfolio Revenue from Brands Ranked #1 or #2 excludes Private Label. Share of Portfolio Revenue 81% Brands Ranked #1 or #2 $12B AT TRA CTI V E CATE G OR IE S
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5 Our Brands Offer Something for Everyone P RE MI UM Q UA LIT Y G RE AT VALU E IN S URG E NT BRA NDS 2.9.26 note Include rebel roots
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6 How To Think About Our Portfolio Three Domains with CLEAR STRATEGIES Highly-Focused SCALED PORTFOLIO Brand Building Begins WITH THE FOOD Portfolio Focus on MODERN HEALTH
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7 Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, Dollar Sales, 52 Weeks Ended December 21, 2025. Our Portfolio Has Three Distinct Domains With Clear Strategies F ROZEN SN ACKS STA PLE S GROWTHGROWTH CASH 70% of portfolio retail sales
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8 CORE RETAIL FOCUS Source: (Top Left) Internal, Conagra Fiscal Year 2025; (Top Right & Bottom Right) Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 21, 2025, Volume Sales. Scaled Portfolio That Is Highly Focused 92% of net sales in Domestic U.S. U.S. CENTRICITY ~60% of retail sales from Top 5 Customers 6 PLATFORMS Meals Sides Salty Snacks Sweet Treats PLATFORM ORIENTATION Protein Enhancers ~75% portfolio share of Top 15 Brands BRAND SCALE
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9 Brand Building Begins With the Food RELENTLESS INNOVATION in Product & Packaging Investment CLOSE PARTNERSHIP with Retail Customers FOCUSED A&P on Social and Digital
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10 Our Portfolio Is Well Positioned To Navigate the Current Health and Wellness Environment H E A LT H I E R PRODUCTS N O A R T I F I C I A L COLORS C L E A N INGREDIENTS Peer-leading share of sales from healthier products 100% of Frozen portfolio free from artificial colors; total U.S. retail portfolio by 2027 65% of portfolio retail sales feature cleaner label attributes Source: (Healthier Products) Access To Nutrition Initiative (ATNI) Global Index 2024, Comparison is to U.S. based companies assessed by ATNI for products with a Health Star Rating (HSR) index score of 3.5. and above; (Cleaner Label) Circana, LLC, Total US - MULO+ with Conv, Syndicated Hierarchy, Total Edible, Share of Total Conagra Portfolio Dollar Sales, 52 Weeks Ended October 19, 2025. NIQ Product Explorer, Powered by Label Insight contains “Clean Label/Minimally Processed”, “Animal Welfare” and “Oils” attributes . Alt Fact: 62% of SKUs (>$1M) are clean label (skus with greater than $1m represent 96% of total portfolio sales)
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11 Peer A Peer B Peer C Peer D Peer E Peer F Share of Sales From Healthier Products Access to Nutrition Initiative Global Index Source: Access To Nutrition Initiative (ATNI) Global Index 2024, Comparison is to U.S. based companies assessed by ATNI for products with a Health Star Rating (HSR) index score of 3.5 and above. In alphabetical order, peers include: The Campbell’s Company, Coca-Cola, General Mills, Hormel, Kraft Heinz, Nestle. We Lead the Peer Set in Share From Healthier Products
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12 We’re Continuing To Build Momentum Across the Portfolio (2.1)% (1.7)% +2.4% L52W L13W L4W Conagra Volume Sales (% Change vs. YA) Source: Circana Syndicated Weekly, Total US-MULO+ with Convenience, Syndicated Hierarchy, Edible excluding Beverages, Data Ended February 8, 2026; 75% of Frozen and Snacks Portfolio Holding or Gaining Volume Share is 13 Weeks Ended February 8, 2026 vs. 13 Weeks Ended February 9, 2025 (1.6)% +0.1% +4.5% L52W L13W L4W Conagra Dollar Sales (% Change vs. YA) 75% of Frozen & Snacks Portfolio Holding or Gaining Volume Share in L13 Weeks vs. YA OLD Data – 2.1.26 - - - -
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13 Conagra Frozen Retail Sales (% Change vs. YA) Source: Circana Syndicated Weekly, Total US-MULO+ with Convenience, Syndicated Hierarchy, Total Frozen, Conagra Fiscal Quarters, Q3 to Date Ended February 8, 2026; 83% of Frozen Portfolio Holding or Gaining Volume Share is 13 Weeks Ended February 8, 2026 vs. 13 Weeks Ended February 9, 2025 Investments in Frozen Have Driven Strong Volume Improvement Peak Supply Impacts +1.7% (0.2)% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 To Date Volume Dollars 83 % of Frozen Holding or Gaining Volume Share in L13 Weeks vs. YAOLD Data – 2.1.26
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14 +5.3% +3.3% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 To Date Conagra Snacks Conagra Snacks Categories Source: Circana Syndicated Weekly, Total US-MULO+ with Convenience, Syndicated Hierarchy, Conagra Fiscal Quarters, Q3 to Date Ended February 8, 2026 Snacks Performance Strong and Outperforming Broader Category Conagra Snacks Retail Dollar Sales (% Change vs. YA) OLD Data – 2.1.26
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15 Questions We Will Address Today 11 12 What will separate winners from losers in the pursuit of growth? How is Conagra Brands positioned to navigate this environment?
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16 What We Want You To Take Away 1 2 3 4 Navigating change is not a new concept for Food CPGs…but not every company will perform equally Superior Relative Provocativeness (S.R.P.) is the key to category and brand vitality Winning the battle for S.R.P. is about optimizing your ‘benefit bundle’ across consumer groups Conagra Brands is well positioned to return to growth ; reaffirming FY26 guidance
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17 C A G N Y 2026 BOB NOLAN S E N I O R V I C E P R E S I D E N T, G R O W T H S C I E N C E
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WINNING THE BATTLE FOR SUPERIOR RELATIVE PROVOCATIVENESS
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1 2 3 INNOVATE THE BEST BUNDLE OF BENEFITS AMPLIFY IMPACT IN THE MARKET KNOW YOUR CONSUMER & HOW THEY ARE CHANGING Scripting: Technology is a force multiplier on all of these (Colin Powell quote from Sean) 19 WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS
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1 2 3 INNOVATE THE BEST BUNDLE OF BENEFITS AMPLIFY IMPACT IN THE MARKET KNOW YOUR CONSUMER & HOW THEY ARE CHANGING 20 WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS
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KNOWING YOUR CONSUMER IS CRITICAL CONSUMERS ARE D I V E R S E Consumers today don’t fit a single mold UNDERSTAND H O W T H E Y T H I N K Deep insight into how they think and what they need fuels relevance PROVOCATIVE S O L U T I O N S W I N Design experiences consumers choose in an overcrowded world All photos are now PPT Stock photos 21
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WE FOCUS ON SEEING & ACTING UPON WHAT OTHERS DO NOT UNLOCK POWER OF LARGE DATA TO PREDICT REAL CONSUMER BEHAVIOR 22
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AI ACCELERATES CONSUMER INSIGHT IN REAL-TIME Cleansing, enriching and connecting disparate datasets AI - G E N E R AT E D I N T E L L I G E N C E E X PA N D I N G O U R D ATA C O R E AI-models produce clear patterns, signals and decision-ready insights Scaled, agile opportunity identification and real-time decisions FA S T E R & S U P E R I O R I N S I G H T S 23
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HOW CONSUMERS EAT WHERE CONSUMERS SHOP WHO CONSUMERS ARE CONSUMER BEHAVIOR IS CHANGING All stock ppt 24
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THE MIDDLE CLASS IS SHRINKING IN SIZE AND BUYING POWER 27% 30% 61% 51% 11% 19% 1971 2023 Lower Middle Upper SHARE OF U.S. POPULATION BY INCOME GROUP Source: Pew Research Center, “The State of the American Middle Class”, 2024, Share of U.S. household income held by middle class households declined 19 percentage points since 1970. -19pts MIDDLE CLASS share decline of HOUSEHOLD INCOME 25
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TWO POLES: 68% are YOUNGER habit-builders and RETIRED fixed-income consumers JUST-IN-TIME: QUICK TRIPS with FEWER ITEMS 110 index to Upper-Income Source: (Top/Bottom) Circana LLC, Scan Panel, Total US- All Outlets, Syndicated Hierarchy, Total Edible, 52 Weeks Ended December 28, 2025 (Younger 18–34- year-old, Seniors + Retirees index to cohorts’ share of population in households); (Middle) USDA SNAP Participation October 2025 (12% of total US population). Pew Research Center, “The State of the American Middle Class”, 2024 (30% of total US population). 12/30 = 40% of low income on SNAP, 60% not on SNAP. LOWER-INCOME CONSUMERS ARE EVOLVING; NAVIGATE THE DAY WITH JUST-IN-TIME EATING 54 % MAJORITY OF LOWER-INCOME consumers (~60%) do not use SNAP benefits Alt facts: Multicultural (31% non-white, index 116vs all HH and 129 vs upper income…29% more multicultural than upper income?) Freezers less full (29% less likely to have freezer >1/2 full vs upper income) Pantries less stocked (-13% fewer items on hand vs upper income) 28% MORE LIKELY than upper income to use HEAT & EAT solutions for main meals TWO POLES: YOUNGER (142 index) just getting started and forming future habits and RETIRED (141 Index) with fixed income restrictions Image sourced from the grain (free to use) 26
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DEAL SEEKERS: 66% MORE LIKELY than lower-income to buy on promotion (Frozen #1) Source: (Top)Circana LLC, Scan Panel, Total US- All Outlets, Syndicated Hierarchy,EdibleX Bev, 52 Weeks Ended November 30, 2025; (Middle) Circana, Kitchen Audit, Data March 2025 ($100k+ household income vs. $25-45K); (Bottom)Circana LLC, Receipt Panel, Total Edible, 52 Weeks Ended December 7, 2025 Account for OVER HALF (53%) of FOODSERVICE spend and growing (+3pts vs YA) UPPER-INCOME CONSUMERS INVEST IN BUILDING THEIR PANTRY 2X STOCK-UP FOR LATER: Twice as likely to own MULTIPLE FREEZERS High income optimizing the month, low income navigating the day Frozen #1 dept for volume on promo (highest % of vol 28%) BIGGER IS BETTER: Club Channel shoppers 207 index to lower-income households PPT Stock Photo 27
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Source: NielsenIQ in collaboration with World Data Lab, “Spend Z”, released June 2024 Source: (Spicy) Circana LLC, Scan Panel, Total US- All Outlets, Syndicated Hierarchy, 52 Weeks Ended December 28, 2025, includes Snacks with “Hot/Spicy” Flavor profile among Gen Z; (HH) Circana LLC, Scan Panel, Total US- All Outlets, Syndicated Hierarchy, 52 Weeks Ended December 28, 2025. Dollar Growth vs 52 Weeks Ended December 31, 2023; (Health) Circana LLC, Scan Panel, Total US- All Outlets, Syndicated Hierarchy, 52 Weeks ending August 24, 2025. HOT & SPICY SNACKS 270 index to older generations #EA5329 #F27457 #F29580 #F2B5A7 #FBDDD4 GEN Z IS DRIVING BOLD, PORTABLE & BETTER-FOR-YOU Fact: +$9T Projected spending power increase from Gen Z by 2030 FZ HANDHELDS GREW +7% Nearly a time and a half the growth rate of the category Fact: 170% More likely to grab a Hot & Spicy Snack compared to Boomers Fact: Gen Z Handhelds Dollars increased +11% vs. 2YA, doubling total category growth Fact: Pursue products high in Vitamin B or classified as “Super Foods” 2-3x more frequently BETTER-FOR-YOU FOOD & DRINKS Energy $ Index 178 | “Super Food” $ index 209 28 Ppt stock
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TOTAL F&B SPEND: food expenditure peaks DUAL-INCOME HOUSEHOLDS: time pressures mounting ADVENTUROUS EATS: Eat Mexican, Asian & Ramen 50%+ more often than Gen X Source: (Spend) Circana LLC, Scan Panel, Total US- All Outlets, Syndicated Hierarchy, 52 Weeks Ended December 28, 2025; (Income) BLS Employment Characteristics of Families 2025, Released April 2025 (among married couple families); (Foods) Circana LLC, National Eating Trends; Sourced from Home/Retail, 2 Years Ended October 2025 $98B 67% <- 73% of spend from households with kids under 12 come from millennials MILLENNIAL PARENTS DEMAND CONVENIENCE; BUT FAMILIES EAT ADVENTUROUSLY <- Detail: Among married- couple families with children under 18 Fact: Among married-couple families with youngest child between 6 and 17, dual- income rises to 69% Fact: Among married-couple families with youngest child under 6, dual-income sinks to 63% 29 Ppt stock
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AGING ADULT NEEDS ARE DIVERGING; FROM SUPPORT-DRIVEN TO ACTIVELY INDEPENDENT Spend 37% more time daily on leisure and sports activities than younger individuals Source: (Occupancy) KFF Certified Nursing Facility Occupancy Rate, July 2025; (Retirement) NerdWallet, December 2025 SENIORS DIVIDE INTO TWO SEGMENTS: Average retirement age, +5 years vs. 1991 62 Portion-controlled, Single-Serve Meals for quick, mess-free satiety ACTIVE ADULTS NEEDING SUPPORT Nursing Home Occupancy Rate 79 % Scratch-free prep and soft sweet treatsPPT stock 30
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• Timeline of how channel shifting was exacerbated by covid — people not wanting to go into big box stores led to ecomm explosion, inflation super cycle led to shift back to mass merch (WMT), continued pressured led to further seek out value channels (aldis, TJS) – virality, discovery of some of these – subscribe and save for Ecomm, click and collect delivery EXTERNAL ENVIRONMENT IMPACTS WHERE CONSUMERS SHOP 2020s HYPER-INFLATIONCOVID ONSET VIRALITY • Rapid discovery • Emerging retailers offering provocative assortments • Broad e-Comm adoption • Rise of Click & Collect, 3rd Party Delivery, Subscribe & Save • Rebalance to value- orientation • Mass, Club, Dollar, Value Grocery 31
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EMERGING CHANNELS ARE GAINING SHARE EMERGING CHANNEL VOLUME SHARE Source: Circana LLC, Scan Panel, Total US- All Outlets, Total Edible, Syndicated Hierarchy, 52 Weeks Ended November 30, 2025 17.3% 18.7% 20.7% November 2023 November 2024 November 2025 +3.4pts G EN ER AT I O N Z 121 SHARE INDEX Y OU N G FA M I L I E S 121 SHARE INDEX U P PE R- I N C OM E 117 SHARE INDEX KEY GROWTH DRIVERS Everything ppt stock Alt: PPT Stock 32
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E-COMM & SOCIAL COMMERCE ARE LEADING INDUSTRY GROWTH, DRIVEN BY MULTIPLE AUDIENCES Source: (Internet Share) Circana LLC, EPOS, Total Edible, Syndicated Hierarchy, 52 Weeks Ended November 30, 2025 vs. 52 Weeks Ended December 1, 2024; (Online Shopping) EMarketer, October 2025; (Internet Indexes) Circana LLC, Scan Panel, Total US- All Outlets, Total Edible, Syndicated Hierarchy, 52 Weeks Ended November 30, 2025 Internet Dollar Share Index: Low income 152 1P HH 124 Gen Z 143 Millennial 132 Getting Started 139 Child <12 132 Accultured Hispanic 121 52% of Gen Z used social media to find new products they then purchased, 20 PTS HIGHER than older shoppers 124 132 143 152 eCommerce Dollar Share Index to Total Households Lower-Income Gen Z Millennial Single-Person New generation is evolving where they discover items Rapid growth for ecomm/social (real life demonstrations) In eComm you can buy eaches – that which you need right away (value management for low income) eComm contribution to F&B Dollar Growth 58% eComm Share of F&B Spend +1.6pts vs. YA 11% How much of low income is gen z (both total outlets & ecomM) Gen Z Share of Low-Income Total US: 6.1% Gen Z Share of Low-Income Ecomm: 8.3% Low-Income Share of Gen Z Total: 37.4% Low-Income Share of Gen Z Ecomm: 54.3% 33
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1 2 3 INNOVATE THE BEST BUNDLE OF BENEFITS AMPLIFY IMPACT IN THE MARKET KNOW YOUR CONSUMER & HOW THEY ARE CHANGING 34 WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS
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CONSUMERS VALUE FOUR BENEFIT AREAS… OPTIMIZING THE MIX IS KEY Every year, these benefit areas may vary in relative importance. And they may rank differently by category or consumer group. Currently, E is at the top for most consumers. But is not the only benefit of importance. These insights shape our innovation and marketing support. ASTE CONOMY ONVENIENCE EALTH Do I crave it? Is the value compelling? Does it make my life easier? Is it aligned with my wellness priorities? T E C H • Robust understanding, this is the engine of what our consumers needs and how it changes frequently KE Y Q UE S TIO NS 35
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GLOBAL, BOLD AND AUTHENTIC FLAVORS ARE ALIGNED WITH AUDIENCES OF THE FUTURE Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Total Edible, 52 Weeks Ended October 19, 2025 vs. 52 Weeks Ended October 23, 2022, Dollar Sales TASTE GLOBA L DISHES $37B, +15% vs. 3YA Indian | Korean BBQ | Cajun BOL D FLAVORS $14B, +20% vs. 3YA Hot Honey | Chipotle | Habanero COM FORT RECIPES $101B, +8% vs. 3YA Southern | Barbeque | Italian T Sourced from the grain (free to use) 36
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VALUE SEEKING IS TAKING ON MANY FORMS Dollar Sales %Change vs. YA. Sources: (Categories, Channels, Private Label)Circana LLC, Receipt Panel, Total Omnichannel, Total Edible Ex Bev, 52 Weeks Ended December 7, 2025; (Value & Promo)Circana LLC, Scan Panel, Total US- All Outlets, Edible Ex Bev, 52 Weeks Ended November 30, 2025 BASKET CHANNEL PRICING STRATEGIES BY INCOME GROUP S H I F T P R E M I U M I N- H O M E Seafood | Refrigerated Drinks Refrigerated Pasta M E A L S T R E T C H E R S Refrigerated Meat | Frozen Chicken Dry Beans & Vegetables | Rice P R I O R I T I Z E VA L U E +3% Dollar Channel A F F O R D A B L E O P T I O N S +2% Value Tier +4% Private Label S T O C K- U P T O S AV E +11% Club Channel M A X I M I Z E D E A L S Promo Stock-Ups (119 index) LOWER & MIDDLEUPPER ECONOMY E 37
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Source: (Top Left)Circana/National Eating Trends; Sourced From Home/Retail, Year Ended October 2025; (Bottom Left)Circana/National Eating Trends, Sourced From Home/Retail, 2 Years Ended August 2025; (Top Right) Circana LLC, SnackTrack, 12 Months Ended September 2025 vs. 12 Months Ended September 2022; (Bottom Right)Circana/National Eating Trends; Eating Patterns in America 2025, Sourced From Home/Retail, 12 Months Ended March 2025 vs. 12 Months Ended March 2022 CONVENIENCE MANIFESTS IN DIFFERENT WAYS AT DIFFERENT TIMES CONVENIENCE CO NV E NI E NT PR E P ESSENTIAL FOR MEAL-TIME SOLUTIONS FL E XI BLE FO RMAT S FOR CONSUMERS INCREASINGLY ON-THE-GO +12% Snacks Eaten On-the-Go vs. 3YA +21% Nutrition & Protein Shake Occasion share vs. 3YA 77% Main Meals Prepared <15 mins 43% Frozen Occasions Use Microwave Sean comment for script: We knew people would come back to fz meals b/c… people hate to plan meals, hate to shop for meals, hate to prep meals, hate to clean up. And if after all of that effort the family complains/doesn’t enjoy the meal? The negative experience is the driver to convenience. Avoiding that feeling of over- effort, failure to deliver. C PPT Stock Photos 38
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HEALTH GOALS ARE MORE INDIVIDUALIZED, MOVING BEYOND ONE UNIVERSAL PLAYBOOK $324B Modern Health Claims +11% Dollar Sales vs. 3YA TOTAL MODERN HEALTH Food and Beverage Retail Sales Adaptogenic Weight Loss & Management Anti-Aging HEALTH FOR SCRIPT: H Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Total Edible, 52 Weeks Ended October 19, 2025 vs. 52 Weeks Ended October 23, 2022, NIQ Product Explorer, Powered by Label Insight, multiple attributes Options to change: 1. Total Mod Health $ sales to 3YCAGR :+3.4% 2. Fastest growing claims change to % vs 3ya: Seed oil free: +968% Adaptogenic: +217% Anti-aging: +136% Grass-fed: +57% Gut Health: +103% Weight Loss Mgmt: +192% 2.2.26 note Adjust headline to individualized/personalized & evolving GET RID of bar chart and simplify to size of total MH, growth and assert 4-6 key claim spaces (protein, seed oil free, grass fed… maybe fiber? Sean mentioned zero sugar?) No Seed Oil Fiber High Protein Zero Sugar Grass Fed 39
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Source: Numerator Target Group Deliverable, October 2025 EXPANDING CONSUMER NEEDS & USAGE GLP-1 USAGE CONTINUES STEADY GROWTH AS ACCESSIBILITY INCREASES WEIGHT LOSS 67% DIABETIC NEED 49% High Protein Portion Control Fiber Rich Fruits & Vegetables EMERGING ATTRIBUTES 8% of U.S. Adults TODAY GLP-1 PENETRATION ~2/3rd of users are utilizing GLP-1 for Weight Loss purposes Reason for Usage % of Current GLP-1 Users Low Sugar Low Glycemic Gut-Friendly Convenience 10%+ of U.S. Adults TOMORROW HEALTH H picture is from PPT stock 2.2.26 note Look for a future projection number to source 40
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OUR RECIPE FOR SUCCESS REAL-TIME CONSUMER SIGNALS DYNAMIC T.E.C.H. BUNDLE OPTIMIZATION PROVOCATIVE SOLUTIONS Innovation | Channels | Marketing ASTE CONOMY ONVENIENCE EALTH T E C H 41
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TikTok virality can occur in as little as 11s Dual: What is the future of linear TV: PwC Virality: TriVision, November 2025 https://trivisionstudios.com/best-length- for-tiktok-video-in-2026/ Source: (Dual) PWC, 2026; (Virality) TriVision, November 2025; (Trial) Datassential, August 2025 TODAY’S STIMULATION-SEEKING SOCIETY REQUIRES INNOVATION AT A RELENTLESS PACE “Dual-Screening” 85% of Gen Z are engaging with 2+ screens at a time 55% of Gen Z & Millennials have tried a F&B item from social media Alts from stock: All ppt stock 42
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AND MORE WAYS TO MEET CONSUMERS WHERE THEY ARE Adapt to demonstrate they are playing in winning channels There is room for both—fuel your core big brands and develop new brand for new channels and new audiences Both are winning- change def of large cap? Room to grow with both large and small alike More authentic way to deliver what the new gens want INSURGENT BRANDS ICONIC BRANDS WIN AT SCALE IN CORE CHANNELS WITH BROAD ASSORTMENT There is some overlap here b/w Iconic and Insurgent and Traditional vs. Emerging channels. Role of iconic brands is to maximize volume in trad’l channels, insurgent brands is about filling voids in developing channels GROW IN EMERGING CHANNELS WITH CURATED ASSORTMENT 43
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INNOVATION HAS BEEN THE FUEL TO OUR SUCCESS Dolly Parton owns all rights to the Dolly and DOLLY PARTON trademarks, as well as her name, image and likeness, which are used under license by Conagra Brands, Inc.® The Wendy’s name, design and Cameo logo are registered trademarks of Quality Is Our Recipe, LLC. © 2026 Quality Is Our Recipe, LLC P.F. CHANG’S and P.F. CHANG’S HOME MENU are registered trademarks owned by P.F. Chang’s China Bistro, Inc. and are used with permission. Source: Circana LLC, POS, Total US MULO+ with Convenience, Conagra Custom Hierarchy, CAG Fiscal Years FY25-FY21. >$300 MM I M P A C T F U L Retail sales from innovation launched in FY25 alone +27% D o l l a r G r o w t h FY25 Launches vs. FY24 Launches +36% V E L O C I T Y G R O W T H FY25 Launches vs. FY24 $1.4B S U S T A I N A B L E Average annual retail sales from innovation launches in past 5 years 44
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45 BOLD FLAVOR | PROTEIN PACKED BANQUET MEGA XL FROZEN HIGH PROTEIN: $13B | +13% VOL % vs. YA Source: Circana LLC, POS, Total US - MULO+ with Convenience, Total Frozen Department, 52 Weeks Ended October 19, 2025 vs. October 20, 2024. NIQ Product Explorer, Powered by Label Insight Contains “High Protein” attribute Brand approved 45
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46 Source: BANQUET MEGA CHICKEN MEGA TENDERS BUILDING ON $52MM INITIAL LAUNCH Source: Circana LLC, POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 21, 2025 Brand approved 46
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47 BANQUET MEGA MEETS VLASIC DILL PICKLE CHICKEN FILETS PICKLE FLAVORS +21% vs. 3YA Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. October 23, 2022. Dollar Sales % Change. Brand approved 47
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48 BIG PROTEIN | BIG FLAVOR MEGA BREAKFAST BOWLS FZ BREAKFAST OCCASIONS +4% 4YR CAGR Source: Circana/National Eating Trends®; Sourced from Home/Retail, Occasions, 4 Years Ended August 2025 vs. 2021 on a compound annual growth rate basis. Brand approved 48
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49 Source: Circana LLC, POS, Total US MULO+ With Convenience, Syndicated Hierarchy, 52 Weeks Ended December 21, 2025 CRAVEABLE BREAKFAST BITES MINI SANDWICHES FZ BREAKFAST HANDHELDS $2.8B Brand approved 49
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Source: Circana LLC, POS, Total MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 21, 2025 ELEVATED IN-HOME EXPERIENCE FAMILY SIZE MEALS NEW PLATFORM ALREADY $14MM JM Notes: MC = #2 growing brand in family size, Tai Pei #1 (4YR $ CAGR +192%) CAG Pack Count = “Large Family Size” Back-up: Total Large Family Size $1.2B, +3% 4YR $ CAGR Brand approved 50
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51 ELEVATED AT-HOME CONVENIENCE STEAKHOUSE SIDES STEAKHOUSE FOODSERVICE SALES $27B | +6% vs. YA Source: Technomic, “Top 500 Chain Restaurant Report 2025”, Full-Service Steak Restaurants 2024 U.S. Sales vs. 2023 Brand approved 51
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52 CONVENIENT SIDES PROTEIN VEGGIE SIDES HIGH PROTEIN RETAIL SALES: $30B | VOL +9% vs. YA Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks Ended October 20, 2024. NIQ Product Explorer, Powered by Label Insight Contains “High Protein” attribute Currently this is total edible. Slide 25 uses a total fz dept stat: $10.3B, +9% VOL % vs. YA Alt: 43.2% of adults seeking more protein, up +2.5pts vs YA (NET HABTS YE Sept 2025) Brand approved 52
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53 TAKE-OUT STYLE AT HOME JAPANESE BBQ CHICKEN AUTHENTIC GLOBAL RECIPES P.F. CHANG’S and P.F. CHANG’S HOME MENU are registered trademarks owned by P.F. Chang’s China Bistro, Inc. and are used with permission. Brand approved 53
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GLOBAL FLAVOR HANDHELDS EMPANADAS EMPANADA MENU PENETRATION +8% vs. YA FPO For Placement Only, Packaging subject to change Source: Datassential, Menu Trends: US Chains & Independents, 12 Months Ended Q3 CY2025 vs. 12 Months Ended Q3 CY2024 Brand approved 54
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AUTHENTIC GLOBAL CUISINE HIGH PROTEIN BOWLS CHIPOTLE FLAVORS: +10% VOL vs. YA For Placement Only, Packaging subject to change Source: Circana LLC POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks Ended October 20, 2024 Brand approved 55 FPO
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NO SEED OIL PROTEIN BOWLS NO ARTIFICIAL INGREDIENTS 56
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VEGETABLE-FORWARD MEALS PURPLE CARROT VEGAN RETAIL SALES: $21B | +11% 3YR $ CAGR The Purple Carrot Trademark is being used under license from Three Limes, inc. d/b/a “The Purple Carrot” Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis; Dollar Sales 3YR CAGR NIQ Product Explorer, Powered by Label Insight Contains “Vegan” attribute Brand approved 57
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58 NO SOY INGREDIENTS & NON-GMO EXTRA CRISPY CHICK’N SOY FREE: +6% 4YR $ CAGR Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Edible excluding Beverages, 52 Weeks Ended December 21, 2025 vs. 52 Weeks December 26, 2021 on a compound annual growth rate basis; Dollar Sales 4YR CAGR, SKUs selling >$1MM. NIQ Product Explorer, Powered by Label Insight Contains “Soy Free” attribute Brand approved 58
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59 Dolly Parton owns all rights to the Dolly and DOLLY PARTON trademarks, as well as her name, image and likeness, which are used under license by Conagra Brands, Inc.® SINGLE-SERVE SWEETNESS DOLLY’S COOKIES ’N CUSTARD CUPS SOUTHERN COMFORT & INDULGENCE Brand approved 59
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CONVENIENT INDULGENCE HAND PIES SWEET HANDHELDS: $1.5B | +14% 3YR $ CAGR Source: Circana LLC, POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, Frozen Handhelds, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis; Dollar Sales 3YR CAGR 60
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T otal Indian Fz Meals = $184MM, +10% 3-YR $ CAGR CHEF-INSPIRED INDIAN CUISINE INDIAN RETAIL SALES: $603MM +10% 3YR $ CAGR Note: Marigold brand is exclusive to Canadian market. Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Total Edible, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis; Dollar Sales 3YR CAGR CA team approved 61
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UNLOCKING NEW CATEGORIES SWEETWOOD RANCH ANGUS SLIDERS FZ HANDHELDS & APPS: $9B Source: Circana LLC, POS, Total US MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 21, 2025 Brand approved 62
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63 BOLD FLAVOR ON-THE-GO SLIM JIM CHEESE MODE #1 MEAT STICK BRAND Source: Circana LLC, POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, Meat Sticks Sub-Category, 52 Weeks Ended December 21, 2025. Ranking based on Dollar Sales. Brand approved 63
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64 THE BOLD FLAVORS OF BUFFALO WILD WINGS MEET SLIM JIM NEW CHANNEL EXPANSION BUFFALO WILD WINGS® and all related logos and trademarks of BUFFALO WILD WINGS, INC. Manufactured under license. From Matt Brown re: a brag fact: It’s still too early. All we really have to report is how strong customer acceptance has been. We do have some great testimonials and reviews online (TikTok). But as far as Circana results, nothing concrete yet. Brand & license approved 64
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65 MADE WITH ADDED BONE BROTH GRASS-FED BEEF CLUB CHANNEL EXPANSION Brand approved 65
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66 WINNING WITH YOUNGER CONSUMERS MEAT THE FATTY RETAIL VOLUME SALES + 94 % vs. YA Source: Circana LLC, POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended January 18, 2026 vs. 52 Weeks Ended January 19, 2025 66
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#1 FLAVORED SEED GOES EVEN BOLDER TRIPLE BLAST SEEDS PICKLE RANCH: +8% 3YR $ CAGR SWEET CHILI: +13% 3YR $ CAGR Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis, Dollar Sales 3YR CAGR Brand approved 67
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68 PERMISSIBLE INDULGENCE | BOLD FLAVORS CINNAMON CHURRO POPCORN CHURRO FLAVORS: +11% 3YR $ CAGR Source: Circana LLC POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis; Dollar Sales 3YR CAGR, Includes all Snack categories with “Churro” attribute Brand approved 68
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69 CLEAN LABEL SNACKING SEA SALT WITH AVOCADO OIL NO SEED OIL +120% 3YR VOL CAGR Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis; Volume Sales 3YR CAGR NIQ Product Explorer, Powered by Label Insight No Seed Oil attribute Brand approved 69
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70 DR PEPPER is a trademark of Dr Pepper/Seven Up, Inc., used by Conagra Brands under license. ©2026 Dr Pepper/Seven Up, Inc. Source: Circana LLC, POS, Total US-MULO+ With Convenience, Syndicated Hierarchy, 52 Weeks Ended December 21, 2025 vs. 52 Weeks Ended December 22, 2024 PERFECT PAIRINGS THE SWEET TASTE OF DR PEPPER IN A SNACK DR PEPPER RETAIL SALES: +9% vs. YA Brand & license approved 70
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71 PERMISSIBLE TREATS PROTEIN PUDDING 8G OF PROTEIN PER CUP For Placement Only: Image generated by AI for creative purposes only. Final product composition and product image may differ. Approved by Erik 71 FPO
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72 SNACK PACK SPLASH FRUIT-FLAVORED, CLEAN LABEL SNACKS: RETAIL SALES: +23% vs. 3YA Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks Ended October 22, 2023; includes Fruit-flavored products within the Snacks aisle. NIQ Product Explorer, Powered by Label Insight “Clean Label/Minimally Processed” attribute Erik confirmed Orange was launching 72
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73 Dolly Parton owns all rights to the Dolly and DOLLY PARTON trademarks, as well as her name, image and likeness, which are used under license by Conagra Brands, Inc.®; Source: Circana LLC, POS, Total US MULO+ With Convenience, Syndicated Hierarchy, 52 Weeks Ended December 21, 2025 vs. 52 Weeks Ended December 22, 2024. Dollar Sales % Change. BRINGING HOME COUNTRY BLISS DOLLY’S BLONDIE BAR MIX DOLLY BAKING MIXES: +16% $ vs. YA Brand & license approved 73
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74 © 2026 Peanuts Worldwide LLC FAMILY CLASSICS PEANUTS BAKING MIXES BAKING UP MEMORIES WITH SNOOPY & THE GANG Brand & license approved 74
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ROOTED IN REAL. MADE FOR REBELS. REBEL ROOTS TALLOW SNACK FRIES MODERN HEALTH SALTY SNACKS $19.5B Source: Circana LLC, Total US MULO+ With Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 NIQ Product Explorer, Powered by Label Insight Contains multiple “Modern Health” attributes across all Salty Snack categories 75
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76 BOLD RESTAURANT FLAVOR AT HOME CHINESE BBQ SAUCE ASIAN BBQ SAUCE $115MM | +14% $ vs. YA For Placement Only, Packaging subject to change P.F. CHANG’S and P.F. CHANG’S HOME MENU are registered trademarks owned by P.F. Chang’s China Bistro, Inc. and are used with permission. Source: Circana LLC, POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, Asian Sauces and Marinades Category, Flavor is Barbeque, 52 Weeks Ended January 18, 2026 vs. 52 Weeks Ended January 19, 2025. Dollar Sales % Change. Brand approved 76
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77 PITMASTER INSPIRED STUBB’S BAKED BEANS STUBB’S RETAIL SALES: +9% vs. 3YA Audrey approved on 1/27 Stubb’s and (photo) logo is a trademark of One World Foods, LLC, licensed to Conagra Foods RDM, LLC. Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended December 21, 2025 vs. 52 Weeks Ended December 25, 2022 77
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78 BRING HOME THE BACONATOR FAMOUS WENDY’S® CHILI RETAIL SALES: +41% vs. YA The Wendy’s name, design and Cameo logo are registered trademarks of Quality Is Our Recipe, LLC. © 2026 Quality Is Our Recipe, LLC Source: Circana LLC, POS, Total US MULO+ With Convenience, Syndicated Hierarchy, 52 Weeks Ended December 21, 2025 vs. 52 Weeks Ended December 22, 2024 Audrey approved on 1/27 78
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1 2 3 INNOVATE THE BEST BUNDLE OF BENEFITS KNOW YOUR CONSUMER & HOW THEY ARE CHANGING AMPLIFY IMPACT IN THE MARKET 79 WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS
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MARKET IMPACT IS AMPLIFIED THROUGH TWO DISTINCT STRATEGIES IN -STORE ONLINE AMPLIFICATION BUILDS PROVOCATIVENESS PHYSICAL DISRUPTION AT SHELF DIGITAL PROVOCATION AT SCALE Alts from stock^ Right image is from unsplash Left image on slide is from the grain (free to use) 80
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81 UTILIZE PRICE-PACK ARCHITECTURE TO DELIVER THE RIGHT SIZE AT THE RIGHT MOMENT L ARGE FORM AT SM AL L F ORM AT Need to be ready to find alt photo for right side 81
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SMARTER PROMOTIONS, CENTERED ON VALUE M A K E I T AF FO RDA BLE F E ED T HE FAMI LY ME AL S M A D E E A SY Source: Circana LLC, POS, Total US MULO+ with Convenience, Conagra Custom Hierarchy, 13 Weeks Ended November 23, 2025 vs. 13 Weeks Ended November 24, 2024. % of Increase of Volume Sold on Any Merch vs. YA REAL-TIME AI-ENABLED OPTIMIZATION +9pts Conagra Promo Lifts Q2 FY26 vs. YA TABASCO and the DIAMOND and BOTTLE LOGOS are trademarks of and licensed by Mcllhenny Company, Avery Island, Louisiana 70513 USA. TABASCO.com P.F. CHANG’S and P.F. CHANG’S HOME MENU are registered trademarks owned by P.F. Chang’s China Bistro, Inc. and are used with permission. Bertolli® is a registered trademark of Mizkan America, Inc., used under license 82
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83 Dolly Parton owns all rights to the Dolly and DOLLY PARTON trademarks, as well as her name, image and likeness, which are used under license by Conagra Brands, Inc.® DRIVE PROVOCATIVENESS VIA COMMERCIAL INNOVATION TA P I N TO C U LT U R A L M O M E N T S D I S R U P T W I T H EYE - C AT C H I N G D I S P L AY S E X PA N D B R A N D R E L E VA N C E 83
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WE MEET CONSUMERS WHERE THEY ARE 66% of 50-67 YEAR OLDS watch at least 3 hours daily of T ELE VISION SPECTRUM OF MEDIA ENGAGEMENT 5+ hours Gen Z average daily time on SOCIAL M EDIA 45% of total TV usage is ST REA MING Source: (Left) S&P Global Market Intelligence Kagan third-quarter 2025 Consumer Insights survey; (Middle) Nielsen National TV Panel plus Streaming Platform Ratings, Data May 2025; (Right) Attest US Media Consumption Report, 2025 84
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85
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Source: Circana POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Total Edible, 13 Weeks Ended November 23, 2025; In alphabetical order, peers include The Campbell’s Company, General Mills, Hormel, J.M. Smucker, and Kraft Heinz. WINNING THE BATTLE FOR S.R.P . LEADS TO PEER-LEADING SHARE GROWTH 60% 55% 23% 21% 19% 11% Peer A Peer B Peer C Peer D Peer E % of Portfolio Holding or Gaining Volume Share vs. 2YA (13 Weeks Ended November 23, 2025) 86
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WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS 1 2 3 KNOW YOUR CONSUMER & HOW THEY ARE CHANGING INNOVATE THE BEST BUNDLE OF BENEFITS AMPLIFY IMPACT IN THE MARKET 87
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88 C A G N Y 2026 DAVE MARBERGER E V P & C H I E F F I N A N C I A L O F F I C E R
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89 Continue Top Line Momentum Deliver Supply Chain Service & Savings Focus Relentlessly on Cash Flow Maintain Balanced Capital Allocation Positioning Ourselves for a Strong Finish to FY26
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90 We’re Continuing To Build Momentum Across the Portfolio (2.1)% (1.7)% +2.4% L52W L13W L4W Conagra Volume Sales (% Change vs. YA) Source: Circana Syndicated Weekly, Total US-MULO+ with Convenience, Syndicated Hierarchy, Edible excluding Beverages, Data Ended February 8, 2026; 75% of Frozen and Snacks Portfolio Holding or Gaining Volume Share is 13 Weeks Ended February 8, 2026 vs. 13 Weeks Ended February 9, 2025 (1.6)% +0.1% +4.5% L52W L13W L4W Conagra Dollar Sales (% Change vs. YA) 75% of Frozen & Snacks Portfolio Holding or Gaining Volume Share in L13 Weeks vs. YA OLD Data – 2.1.26 - - - -
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91 1. Internal metric. FY26 YTD through Q2 FY26. 2. Cost Savings as a percentage of cost of goods sold; actuals for FY23 through Q2 FY26 and projections for Q3-Q4 FY26. Supply Chain Delivering Service Levels and Cost Savings FY23 FY24 FY25 FY26 YTD Service Levels1 FY23 FY24 FY25 FY26 Projection Cost Savings2 ~98% Technology & AI Strategic SourcingNetwork Optimization Process Improvement Incl. ~1% Tariff Mitigation ~5% ~4% Cost Savings Long-Term Ambition
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92 Free Cash Flow Conversion Strong and Leading Peers 1. Forward-looking non-GAAP financial measure. See the appendix for more information. 2. Non-GAAP financial measure. See the appendix for certain definitions and reconciliations to the most directly comparable GAAP measure. 3. CAG source: Average FY24, FY25, and FY26 projection. Peers source: Visible Alpha as of 1/5/26. Three-year average calculated as current fiscal year consensus and last two fiscal year’s actualized free cash flow divided by adjusted net income. In alphabetical order, peers include: The Campbell’s Company, General Mills, Hormel, JM Smucker, and Kraft Heinz. Conagra Free Cash Flow Conversion1 ~115% 90% CAG Peers Free Cash Flow Conversion1,2,3 (3 Year Average) ~90% ~100% Prior FY26 Projection Updated FY26 Projection
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93 Our Balanced Capital Allocation Approach Is Unchanged… Based on strategic and financial fit. Strong dividend payout and opportunistic share repurchases. Targeted and prioritized investment to drive returns. Net leverage ratio 1 target of 3.0x and maintain solid investment grade credit ratings. Bu s ine s s In v es t m e nt De b t Re du ct i on Di s ci pli ne d M&A Di v ide nd s & Buy ba c k s 1. Forward-looking non-GAAP financial measure. See the appendix for more information.
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94 1. Source: CAG Statement of Cash Flows Q3 FY25-Q2 FY26. Debt paydown consists of: issuance of short-term borrowings, repayment of short-term borrowings, net issuance of other short-term borrowings, issuance of long-term debt, repayment of long-term debt, and debt issuance costs. 2. Source: CAG: Company filings through November 23, 2025; Peers: Company filings and FactSet as of December 30, 2025. Calculated as the sum of LTM Share Repurchases and Dividends divided by LTM Adjusted Net Income. In alphabetical order, peers include: The Campbell’s Company, General Mills, Hormel Foods, JM Smucker, and Kraft Heinz. 3. Non-GAAP financial measure. See the appendix for certain definitions and reconciliations to the most directly comparable GAAP measure. …And Is Demonstrated by Our Recent Capital Deployment Dividend 35% Share Repurchase 1% CapEx 21% Debt Paydown 43% Conagra Capital Deployment1 (Last 12 Months) 74% 78% CAG Peer Avg. Capital Returned to Shareholders2 (LTM, as a % of Adj. Net Income 3)
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95 1. Forward-looking non-GAAP financial measure. See the appendix for more information. Reaffirming Fiscal 2026 Guidance Guidance Organic Net Sales1 Change (vs. FY25) (1)% to +1% Adj. Operating Margin1 ~11.0% to ~11.5% Adj. EPS1 (53 Weeks) $1.70 to $1.85
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96 Top Line Momentum Margin Recovery Free Cash Flow Conversion Strength Project Catalyst Early Perspective on Fiscal ‘27
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97 Unlocking Opportunity Through Project Catalyst Reimagining ways of working Connecting people and technology Transforming end-to-end processes Ca t a ly s t Hi ghl igh t s • Building upon strong data foundation • Leveraging new technology & AI to re-engineer core work processes • Multi-year effort; expected to be accretive to revenue, margin, and cash flow
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98 Long-Term Financial Algorithm Remains Unchanged Metric Target Organic Net Sales Growth 1 Low Single Digits Adj. Operating Margin 1 Mid to High Teens Adj. Diluted EPS 1 from Cont. Ops. Growth Mid to High Single Digits Cash Flows from Operations > $1.2 billion annually CapEx % of Net Sales ~4% to 5% Dividend Payout Ratio ~50% to 55% of Adj. EPS Net Leverage Ratio 1 3.0x 1. Forward-looking non-GAAP financial measure. See the appendix for more information.
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99 Key Messages 1 2 3 Conagra is well positioned to navigate change in today’s dynamic environment Our approach to Superior Relative Provocativeness (S.R.P.) provides the framework to win in the marketplace We are reaffirming our FY26 guidance and remain relentless executing against our long -term algorithm
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100 APPENDIX
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101 Notes on Non-GAAP Financial Measures Note on Non-GAAP Financial Measures This document includes certain non -GAAP financial measures (free cash flow and adjusted net income). This appendix provides reco nciliations of the non -GAAP financial measures included in this presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP. Management considers GAAP financial measures as well as such non -GAAP financial information in its evaluation of the company’s f inancial statements and believes these non -GAAP financial measures provide useful supplemental information to assess the company’s operating performance and financial positi on. These measures should be viewed in addition to, and not in lieu of, the company’s financial measures as calculated in accordance with GAAP. Definitions and additional information regarding the non -GAAP measures used in this presentation can be found on our website htt ps://www.conagrabrands.com/investor -relations. Forward-Looking Non -GAAP Financial Measures This document contains certain non -GAAP financial measures (organic net sales, adjusted operating margin, adjusted EPS, and free cash flow conversion) that are presented on a forward - looking basis. Historically, the company has calculated these non -GAAP financial measures excluding the impact of certain items such as, but not limited to, foreign exchange, acquisitions, divestitures, restructuring expenses, the extinguishment of debt, hedging gains and losses, impairment charges, legacy legal contingencies, and unusual tax items. Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the timing and the financial impact of such items. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.
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102 Reconciliation of FY24 and FY25 Free Cash Flow (in millions) & Conversion Rate Note: Free cash flow conversion is defined as free cash flow divided by adjusted net income. FY24 FY25 347.2$ 1,152.4$ Restructuring plans 49.9 77.0 Acquisitions and divestitures 0.2 0.9 Corporate hedging derivative losses (gains) (12.0) (6.2) Fire related insurance recoveries, net (6.6) (12.8) Consulting fees on tax matters — 1.5 Pension settlement gain and valuation adjustment (8.7) (9.8) Impairment of businesses held for sale 36.0 22.9 Goodwill and brand impairment charges 847.7 55.4 Loss on sale of business — 1.5 Legal matters, net of recoveries 26.2 67.0 Ardent JV restructuring activities — 5.5 Valuation allowance adjustment — (253.5) 1,279.9$ 1,101.8$ FY24 FY25 Net cash flows from operating activities 2,015.6$ $ 1,691.9 Additions to property, plant and equipment (388.1) (389.3) Free cash flow 1,627.5$ 1,302.6$ Free cash flow conversion rate 127% 118% Net income attributable to Conagra Brands, Inc. Adjusted Net income attributable to Conagra Brands, Inc.
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103 Reconciliation of LTM Adjusted Net Income (in millions) FY25 Q2 FY25 YTD Q2 FY26 YTD Q2 FY26 TTM (a) (b) (c) (a)-(b)+(c) 1,152.4$ 751.3$ (499.1)$ (98.0)$ Restructuring plans 77.0 63.6 2.2 15.6 Acquisitions and divestitures 0.9 — 1.1 2.0 Corporate hedging derivative losses (gains) (6.2) (6.8) 2.7 3.3 Fire related insurance recoveries (12.8) (12.8) — — Consulting fees on tax matters 1.5 1.5 — — Pension settlement gain (9.8) — — (9.8) Impairment of business held for sale 22.9 — — 22.9 Goodwill and brand impairment charges 55.4 14.5 902.9 943.8 Loss on sale of businesses 1.5 1.5 20.6 20.6 Legal matters, net of recoveries 67.0 2.6 (28.3) 36.1 Ardent JV restructuring activities 5.5 — 5.1 10.6 Valuation allowance adjustment (253.5) (225.8) — (27.7) 1,101.8$ 589.6$ 407.2$ 919.4$ Net income (loss) attributable to Conagra Brands, Inc. Adjusted Net income attributable to Conagra Brands, Inc.