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2025 Investor Day General Mills
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A Reminder on Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations and assumptions. These forward-looking statements including the statements under the caption “Reaffirming Fiscal 2026 Financial Outlook,” and statements made by Mr. Harmening and Mr. Bruce, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: imposed and threatened tariffs by the United States and its trading partners; disruptions or inefficiencies in the supply chain; competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, tariffs, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of critical accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, energy, and transportation; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.
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Jeff Harmening Chairman of the Board and CEO
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Morning Agenda Paul Gallagher Jaime Montemayor Lanette Shaffer Werner Opening Remarks Jeff Harmening North America Retail North America Foodservice Q&A Discussion North America Pet International Capabilities Discussion Financial Summary Q&A Discussion Ricardo Fernandez Pankaj Sharma Liz Mascolo Dana McNabb Kofi Bruce
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to Accelerate GROWTH Driving Remarkability
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Our Accelerate Strategy Our Purpose Making Food the World Loves Where to Play Core Markets Global Platforms Local Gems Portfolio Reshaping How to Win Boldly Building Brands Relentlessly Innovating Unleashing Our Scale Standing for Good Shareholder Value Organic Net Sales1 +2% to 3% Adj. Op. Profit1 +MSD%2 Adj. Diluted EPS1 +MSD% to HSD%2 Maintain Capital Discipline (1) Non-GAAP measures (2) Constant-currency growth rates
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Where to Play Core Markets Global Platforms Mexican Ice Cream Snack Bars Pet Food Cereal Local Gems
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How to Win Boldly Building Brands Relentlessly Innovating Unleashing Our Scale Standing for Good
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We’ve Navigated Tremendous Volatility
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Unleashing Our Scale with Digital Capabilities Supply Chain Digitization Strategic Revenue Management Data-driven Marketing
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Industry Leading HMM Cost Savings Holistic Margin Management Cost Savings as % of COGS 4% 3% 3% 6% 5% F10 - F21 Average F22 F23 F24 F25 F26 Estimate Long-term trend 5% of COGS
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Reshaping Our Portfolio for Growth Added ~1pt to Long-term Growth Exposure Divestitures ~30% Acquisitions Nearly 30% of Net Sales Base Turned Over Since F18
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Evolving Trends Consumer
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Package Design Compelling Value Omnichannel Execution Superior Product Brand Communication EXPERIENCE FRAMEWORK REMARKABLE
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Product News Core Renovation Premium Innovation Seasonal Offerings ~3.5% 5% New Products as % of Net Sales F26F25
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Brand Communications Bigger, better ideas.
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Brand Communications Building Stronger Capabilities Iconic Brands Growth Lab Digital Marketing Capabilities
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Media and Omnichannel Investments Increased
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BUILDING Momentum
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Global Transformation Initiative Holistic Margin Management Cost Savings 1 2 $600MM in Savings
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Best Path to Shareholder Value is Profitable Organic Growth
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Dana McNabb Group President North America Retail and North America Pet
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95% of households
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U.S. Meals & Baking Solutions $11B Reported Net Sales U.S. Snacks Big G Cereal & Canada Fiscal 2025 net sales excluding North America Yogurt
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Consumers want easy access to quality food they trust to feed themselves or their family, at affordable prices
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Build the most Remarkable Brands in Food NAR AMBITION
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Leverage the Power of Our Portfolio 2 Returning to Growth 1 Invest in the Remarkability of Our Brands
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In F25, Price had Become a Barrier
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F25 Investments Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Refrigerated Dough Drove Growth Hot Snacks Retail Pound Volume % +/- LYRetail Pound Volume % +/- LY Source: NIQ xAOC, Fiscal 2025
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Remarkable Price/Value EXPERIENCE FRAMEWORK REMARKABLE Remarkable Brand Communication Remarkable Omni Execution Remarkable Packaging Remarkable Product
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Addressing Price/Value Remarkable Price/Value 2/3 of Portfolio PriceCompetition Narrow Price Gaps Price $4.27 Below Price Cliffs $3.99 $4.00 Price Cliff
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20% Pound growth Source: NIQ xAOC F26 Q1, Totino’s hot snacks large size Pound growth 20%
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Top 10 Categories News in All Renovation on Core Remarkable Product
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& Familiar Fun 25% sales Innovation Growing Consumer Trends Better- for-You Benefits BOLD Flavors Remarkable Product
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Bold Taste Remarkable Product
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Tasty Protein & Better for You Remarkable Product
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Familiar + Fun Remarkable Product
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2X Price/Pack Architecture More Affordability $1 More Value New Formats/ Channels Remarkable Packaging
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Growth Across Sizes Remarkable Packaging
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50% Seasonal & Limited Time Offers Remarkable Packaging
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Remarkable Omni Execution
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Scaled Portfolio Events Remarkable Omni Execution
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Incremental Category Incremental Pounds % +/- LY Display Category Display Support % +/- LY Lift Lift % +/- LY Category +16 pts vs Category! +11 pts vs Category! +6 pts vs Category! Source: NIQ Grocery Q1 F26
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Better Partners Better Investments Better Ideas
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Remarkable Brand Communication
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Remarkable Brand Communication $ Share AND Pound Share Growth
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+Double Digit in Media Investment Remarkable Brand Communication
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$1.5B Canned dough retail sales Source: NIQ xAOC Remarkability Case Study
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-1pt Household Penetration -1.5 points Pound Share -4% Pound Volume First Half of Fiscal ‘25 Source: NIQ xAOC
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Remarkable Price/Value Remarkable Brand Communication Remarkable Omni Execution Remarkable Packaging Remarkable Product EXPERIENCE FRAMEWORK Remarkable
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Remarkable Price/Value PriceCompetition Narrow Price Gaps Price Below Price Cliffs Addressing Price/Value Price Cliff
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Remarkable Product
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Remarkable Packaging
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Remarkable Omni Execution
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Remarkable Brand Communication
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Remarkable Brand Communication
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Increased Household Penetration +0.2pts Accelerated Pound Share Growth +2pts Restored Volume Growth +4% Source: NIQ xAOC F26 Q1
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Returning to Growth 1 Invest in the Remarkability of Our Brands Leverage the Power of Our Portfolio 2
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U.S. Meals & Baking Solutions U.S. Snacks Big G Cereal & Canada Portfolio with unrivaled depth & breadth
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Brand Cross-category Opportunity F26 Focus Mexican Meals Soup Hot Snacks Ramen Protein Cereal Protein Bars Fruit Snacks Kid Bars Cereal Bars Granola
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20g Protein Delivers 2g Sugar
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Relevant Media Relevant Products Stronger Local Reach Hispanic
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Right Format Relevant Media Right Taste + Health Benefits 55+ Frozen
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12% Reported Usage Rate for U.S. Adults and Growing GLP-1 Source: RAND American Life Panel survey data, April–May 2025.
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Nutrient - Dense Smaller Portions GLP-1
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Right Product Protein + Portion Control Right Message GLP-1
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Returning to Growth 1 Invest in the Remarkability of Our Brands Leverage the Power of Our Portfolio 2
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Our Investments Are Working Source: NIQ xAOC F26 Q1 8 of Top 10 Categories Grew Pound Share in 3 Years Grew Household Penetration for first time in 7 of Top 10 Categories vs. F25Q4 Improved Pound Growth in
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We WILL build the most REMARKABLE brands in food
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Return to GROWTH
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Pankaj Sharma Segment President, North America Foodservice
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in net sales in fiscal 25 $2.3B Solutions-Oriented Portfolio
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Solutions- Oriented Portfolio Frozen Baked Goods Cereal & Snacks Flour & Mix
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Channel Breadth
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is WINNING
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F191 F20 F21 F22 F23 F24 RECOVERY ACCELERATE PANDEMIC NET SALES F25 $1.7B $2.3B (1) Estimated Net Sales, Adjusted for Convenience Store shift to N.A. Retail
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GROWING $ SHARE 68% of our priority businesses have grown or held dollar share fiscal year-to-date Source: Circana Supply Track, F26 Q1
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BOLDLY LEAD BREAKFAST THROUGH NUTRITION EXPAND FROZEN BAKED GOODS Remarkable EXPERIENCES
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BOLDLY LEAD BREAKFAST THROUGH NUTRITION School Breakfast UNDISPUTED LEADER in We are the 84% SHARE in K-12 cereal 28% in individually wrapped frozen breakfast items SHARE Source: Circana Supply Track, F26 Q1
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+2 pts vs. LY +2 pts vs. LY Source: Circana Supply Track, F26 Q1
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EXPAND FROZEN BAKED GOODS $18 BILLION category in Away-from-Home channels +4% CGR over next three years Source: Circana Supply Track; General Mills Custom FBG Market Sizing
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Croissants Foodservice Focus Areas DessertsBiscuits
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Liz Mascolo Segment President, North America Pet
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39% include pet in annual holiday card vs 23% of boomers 30% more likely to celebrate pet’s birthday vs boomers fastest growing segment of Millennials and Gen Z are the Pet Parents Source: General Mills Custom Pet Parent Survey, 2025
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$56 billion U.S. category Room to Grow $142 billion global category Source: Euromonitor, CY 2024
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PETis our LARGEST GROWTH OPPORTUNITY
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$1.3 $1.4 $1.6 $1.7 $2.3 $2.5 $2.4 $2.5 F18 F19 F20 F21 F22 F23 F24 F25 Net Sales ($Billion)
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Cat Feeding Treating Dog Feeding Source: Fiscal 2025 Net Sales
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North America Pet Food Category 7% Opportunity Source: NIQ Pet Retail Plus and CA Measured Channels, F26 YTD through September
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ACCELERATORSand across theCORE Investing in Remarkability
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CORE
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DOG FEEDING Blue Buffalo led the way in naturalizing and humanizing Dog feeding
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70% Life Protection Formula is over of our Dog feeding business Source: NIQ Pet Retail Plus, F26 YTD through September
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Expanded brand communications featuring Senior and Puppy formulas
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Salmon is the FASTEST growing protein in Dog dry feeding Source: NIQ Pet Retail Plus, F26 YTD through September
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Elevating Remarkable Experiences on Wilderness
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NEWCurrent Packaging
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CAT is outpacing DOG CAT FEEDING Source: NIQ Pet Retail Plus, F26 YTD through September
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62% say their cat sleeps in their bed 19% of younger cat parents run a social account for their cat Source: General Mills Custom Pet Parent Survey, 2025
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Retail Sales +Low Single Digits in fiscal 25 +Mid Single Digits in Q1 fiscal 26 Source: NIQ Pet Retail Plus
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TREATS Blue Buffalo has the most humanized treating formats
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70% of Pet Parents watch sports with their pets Over
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~2x the offerings vs. last year
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ACCELERATORSand across theCORE Investing in Remarkability
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$3 TODAY billion Fresh Segment $10 NEXT 10 YEARS billion Source: General Mills Custom Research, 2024
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Superior PRODUCT Right to PLAY AWARENESS at scale Blue Buffalo in Fresh Segment
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Kibble FRESH 80% Mixing Kibble + Fresh Source: General Mills Custom Pet Survey, 2025
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Multiple Formats Coming in CY26
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Love Made Fresh in 5,000 COOLERS by end of year
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Tiki Cat has grown DOUBLE-DIGITS in the past 10 years 400+ SKUs 10 Sublines
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Organic sales growth +mid-single-digit % over the long term Goal:
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Ricardo Fernandez Segment President, International
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SERVING 50+ COUNTRIES GLOBAL EMERGING MARKETS EUROPE, AUSTRALIA & NORTH ASIA CHINA BRAZIL $2.8 BILLION IN NET SALES IN FISCAL 25
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BILLION +7people across our markets MILLION 140 households
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EXPERIENCES REMARKABLE
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LOCAL Gems GLOBAL Platforms PET Food SNACK Bars MEXICAN Food ICE Cream
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expected to drive 75% of International’s growth over the next three years GLOBAL Platforms PET Food SNACK Bars MEXICAN Food ICE Cream
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~$90 global category BILLION GROWING AT 7% Source: Euromonitor, data through June 2025
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~$750 in net sales MILLION 75% Priority markets HELD or GREW SHARE in Q4 fiscal 25 Source: NIQ, Priority Markets Priority Markets include Australia, France, Germany, Hong Kong, South Korea, Spain, Taiwan, and the United Kingdom
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In Q1 of fiscal 26, Retail sales +double-digits Improvement in Shops traffic and continued momentum in Foodservice channels Source: NIQ, F26 Q1
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~50% of our Häagen-Dazs retail sales 76% Fair share of distribution Core products Source: NIQ, F26 YTD through August
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60% of global ice cream consumption is in a portable format ~8% with retail sales growing at Source: Euromonitor, June 2025
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STICK BAR RENOVATION IN EUROPE & ASIA
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Mexican Food accounts for 15% of International net sales $2 billion category Source: NIQ, latest 52 weeks through Aug. 2025
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Consumers want MORE ACCESS to foods from around the world
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Undisputed Leading MEXICAN FOOD BRAND 66% Market Share Australia 63% Market Share France 50% Market Share United Kingdom Source: NIQ, latest 52 weeks through Aug. 2025
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Emerging OPPORTUNITY Keep GROWING
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Our leading Snack Bars brand $3 billion category Growing high single digits Source: NIQ, F25
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Pet is a $142 billion global category
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Kofi Bruce Chief Financial Officer
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Organic Net Sales¹ +2 to 3% Adj. Operating Profit¹ +MSD% 2 FCF Conversion¹ 95%+ Cash Returns to Shareholders ~80 to 90% Adj. Diluted EPS¹ +MSD to HSD% 2 Sales Growth Margin Expansion Cash Conversion Cash Returns Long-term Growth Algorithm (1) Non-GAAP measures (2) Constant-currency growth rates
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General Mills Organic Net Sales Growth1 Lockdowns High Inflation Stabilization Long-term Algorithm F19 F20 F21 F22 F23 F24 F25 F26 Guidance Mid-Point(1) Non-GAAP measure
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Reaffirming Fiscal 2026 Financial Outlook F26 Outlook for Adjusted Op. Profit and Adjusted Diluted EPS includes headwinds of approximately 5 percent from the net impact of divestitures and acquisitions and 3 percent from a normalization of corporate incentive expense Organic Net Sales Growth¹ Adjusted Op. Profit Growth¹ Adjusted Diluted EPS Growth¹ Free Cash Flow Conversion¹ -1% to +1% -15% to -10% 2 -15% to -10% 2 95%+ (1) Non-GAAP measures (2) Constant-currency growth rates
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Three Drivers of Improved Organic Sales Growth Continue Improving Our Competitiveness in Current Categories 1 Continue Reshaping Our Portfolio to Increase Our Growth Exposure 2 Categories Return to Long-term Growth Expectations3
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Continue Improving Our Competitiveness DRIVING REMARKABILITY F26 Organic Net Sales Midpoint Current Category Growth Long-term Category Growth Flat 2 -3% ~1% 1 (1) Non-GAAP measure
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Reshaping Our Portfolio for Growth Added ~1pt to Long-term Growth Exposure Nearly 30% of Net Sales Base Turned Over Since F18 Divestitures ~30% Acquisitions
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Categories Return to Long-term Growth Expectations Current Category Growth Long-term Category Growth Price/Mix Volume~1% ~2.5% Enterprise Growth Exposure
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General Mills Adj. Operating Profit Margin1 +10 bps 34.4% 34.5% F19 F25 +30 bps 16.9% 17.2% F19 F25 General Mills Adj. Gross Margin1 Sustained Margin Performance (1) Non-GAAP measures. See appendix for reconciliation
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Visibility to Continued Strong HMM Cost Savings 4% 3% 3% 6% 5% F10 - F21 Average F22 F23 F24 F25 F26 Estimate Long-term trend 5% of COGS Holistic Margin Management Cost Savings as % of COGS
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Converting Earnings to Cash $2.3 $3.2 $2.5 $2.7 $2.1 $2.5 $2.3 115% 143% 103% 113% 80% 96% 97% F19 F20 F21 F22 F23 F24 F25 Free Cash Flow Free Cash Flow Conversion ($ in Billions) General Mills Free Cash Flow1 (1) Non-GAAP measures. See appendix for reconciliation 1
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Priorities Long-term Capital Allocation Priorities Long-term Goal CAPEX ~4% of Net Sales Dividend Growth Grow Dividend with Earnings Strategic M&A Growth and Value-accretive M&A Share Repurchases ~1 to 2% Average Annual Reduction
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Returned Nearly $14 Billion to Shareholders between F19-F25 Dividends ($ per Share) Net Share Repurchases ($ in Billions) $1.96 $2.40 F19 F20 F21 F22 F23 F24 F25 $9 Billion $1.2 F19 F20 F21 F22 F23 F24 F25 F19-F21 Deleveraging Post-Blue Buffalo Acquisition $5 Billion
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Consistent and profitable organic sales growth drives our long-term model Investments in remarkability to restore volume-driven organic sales growth History of delivering on our goals of margin expansion, cash conversion, and cash return In position to deliver on our ambitions and drive strong returns for our shareholders Industry-leading HMM and SRM capabilities Key Messages
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2025 Investor Day General Mills
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Our fiscal 2026 outlook for organic net sales growth, constant-currency adjusted operating profit and adjusted diluted EPS, and free cash flow conversion are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate fluctuations, restructuring and transformation charges, transaction and acquisition integration costs, acquisitions, divestitures, mark-to-market effects, and a 53rd week. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of acquisitions, divestitures, and restructuring and transformation actions throughout fiscal 2026. The unavailable information could have a significant impact on our fiscal 2026 GAAP financial results. For fiscal 2026, we currently expect: the net impact from foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions), acquisitions and divestitures completed prior to fiscal 2026 and those expected to close in fiscal 2026, and a 53rd week to reduce net sales growth by approximately 4 percent; foreign currency exchange rates to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth; and restructuring and transformation charges and transaction and acquisition integration costs related to actions previously announced to total approximately 90 million to 95 million. A Reminder on Non-GAAP Guidance
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Reconciliation of Adjusted Gross Margin *Table may not foot due to rounding
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Reconciliation of Adjusted Operating Profit Margin *Table may not foot due to rounding
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Reconciliation of Free Cash Flow and Free Cash Flow Conversion *Table may not foot due to rounding