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General Mills Third-quarter Fiscal 2025 Fiscal 2025 Q3 Earnings March 19, 2025 1
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General Mills Third-quarter Fiscal 2025 A Reminder on Forward-looking Statements 2 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 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, imposition of tariffs, 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 significant 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 tariffs; 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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General Mills Third-quarter Fiscal 2025 Jeff Harmening Chairman and Chief Executive Officer 3
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General Mills Third-quarter Fiscal 2025 • Q3 Results Below Expectations, Driven Largely by Retailer Inventory Headwinds and a Slowdown in Snacking Categories • Positive Market Share in Pet, Foodservice, and International, with Mixed Results in N.A. Retail • Revising F25 Guidance to Reflect Q3 Results and Moderated Expectations in Q4 • Adapting Plans to Deliver Improved Growth, Fueled by Increased Cost-savings Initiatives in F26 Today’s Key Messages 4
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General Mills Third-quarter Fiscal 2025 Third-quarter and YTD Fiscal 2025 Performance Source: NIQ and Circana SupplyTrack, latest available 13 weeks 1) Non-GAAP measure. See appendix for reconciliation 2) Growth rates in constant currency. Non-GAAP measures. See appendix for reconciliation Organic Net Sales¹ Adjusted Op. Profit² Adjusted Diluted EPS² -5% -13% -15% 5 F25 Q3 Actual -1% -3% -1% F25 YTD Actual • Retailer Inventory Depletion in N.A. Retail and N.A. Pet; Retail Sales Declined ~1% across Measured Markets • Retail Sales Deceleration in U.S. Snacks, Reflecting Softer Category Growth and Increased Competitive Activity • Slower Demand in U.S. Away-from- home Channels Headwinds in F25 Q3
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General Mills Third-quarter Fiscal 2025 Status Update on Fiscal 2025 Priorities Accelerate Organic Sales Create Fuel for Investment Drive Strong Cash Generation 1 2 3 Improve Competitiveness by Delivering Remarkable Experiences Across Our Portfolio Generate HMM Cost Savings to Offset Inflation and Accelerate Brand Investment Continue Robust Cash Conversion and Capital Allocation Discipline 6
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General Mills Third-quarter Fiscal 2025 Remarkable Experience Framework Superior Product Brand Communication Package Design Compelling Value Omnichannel Execution Consumers’ Brand of Choice 1 F25 Priority 7
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General Mills Third-quarter Fiscal 2025 Improved U.S. Refrigerated Dough Trends in Q3 General Mills U.S. Refrigerated Dough Retail Pound Volume (% vs. LY) -6% -2% -2% -3% -2% 1% 10% F24 F25 Q1 F25 Sep F25 Oct F25 Nov/Dec F25 Jan F25 Feb Source: NIQ xAOC 1 F25 Priority 8 Expanding Product News Accelerating Cookie Momentum Increasing Brand Building Improving Value
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General Mills Third-quarter Fiscal 2025 Activating Merchandising Plans Improving Shelf Execution General Mills U.S. Hot Snacks Retail Pound Volume (% vs. LY) -10% -2% -7% -6% -2% -3% 3% F24 F25 Q1 F25 Sep F25 Oct F25 Nov/Dec F25 Jan F25 Feb Communicating Affordability Improved U.S. Hot Snacks Trends in Q3 Source: NIQ xAOC 1 F25 Priority 9
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General Mills Third-quarter Fiscal 2025 Strong Plans Expected to Improve Momentum on U.S. Cereal in Q4 Delivering Great-tasting & Affordable Protein Cereals Increasing Media Investment Leveraging Brand Partnerships Q4 Media +DD% vs. LY Partnering with Retailers to Execute Q4 On-pack Promotion Across Core Cereal Brands Exceeding Expectations on Cheerios Protein and Nature Valley Protein Granola F25 Priority 1 F25 Priority 10 Fantastic Four equity licensed from Marvel Studios, LLC
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General Mills Third-quarter Fiscal 2025 11 Strong Plans on U.S. Soup in Q4 F25 Priority 1 F25 Priority Continuing Strong ROI from Advertising Launching Exciting Innovation Doubling Down on Taste & Protein Core News Q4 LaunchAmplify Taste and Protein Old El Paso Soups & Progresso Protein 55+ Consumer Advertising 16g Protein 20g Protein 14g Protein
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General Mills Third-quarter Fiscal 2025 Delivering Value and Bringing News to Improve U.S. Snacks Portfolio Performance Enhancing Value Launching New Products & Core News Bringing Exciting New Equities Driving News with Fruit Shapes Licensing Partners Innovating on Opening Price Point and Value-size Offerings F25 Priority 1 F25 Priority Amplifying Taste + Protein + Health 12 Harry Potter equity licensed from Warner Bros. Discovery Global Consumer Products
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General Mills Third-quarter Fiscal 2025 Improved Pound Competitiveness in North America Pet in Q3 100% 100% N.A. Pet FYTD Q3 General Mills % Business Holding or Growing Pound Share Source: NIQ Pet Retail Plus F25 Q3 1 F25 Priority 13
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General Mills Third-quarter Fiscal 2025 Improved Pound Competitiveness in North America Foodservice in Q3 55% 73% N.A. Foodservice FYTD Q3 General Mills % Priority Business Holding or Growing Pound Share Source: Circana SupplyTrack, F25 Q3 QTD through January Priority Business defined as Global Platforms/Local Gems in N.A. Foodservice 1 F25 Priority 14
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General Mills Third-quarter Fiscal 2025 Improved Pound Competitiveness in International in Q3 59% 64% International FYTD Q3 General Mills % Priority Business Holding or Growing Pound Share Source: NIQ through January for Brazil, data through February for all remaining markets Priority Business defined as Global Platforms/Local Gems in Core Markets 1 F25 Priority 15
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General Mills Third-quarter Fiscal 2025 4% 3% 3% 6% 5% F10 - F21 Average F22 F23 F24 F25 Outlook Create Fuel for Investment 16 Elevated HMM Savings in F25 General Mills HMM Cost Savings as % of COGS Long-term trend 2 F25 Priority
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General Mills Third-quarter Fiscal 2025 Priorities Fiscal 2025 Plans CAPEX ~3.5% of Net Sales Dividend Growth 2% Dividend Increase as of Aug. 1, 2024 M&A Near-term Focus on Executing Previously Announced Projects Retain Flexibility for Strategic Acquisitions Share Repurchases Update: ~4% Reduction to Average Diluted Shares Drive Strong Cash Generation 17 3 F25 Priority
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General Mills Third-quarter Fiscal 2025 F25 Priority Increasing Investment in Innovation, Brand Communication, and Value in F26 to Deliver More Remarkable Experiences for Consumers Accelerating HMM Cost Savings: Expect to deliver at least 5% savings in COGS in F26 ($600MM) Reviewing New Cost Efficiency Initiatives: Anticipated to generate at least $100MM in savings in F26 F25 Priority F26 Preview: Taking Action to Improve Competitiveness and Accelerate Organic Sales Growth 18
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General Mills Third-quarter Fiscal 2025 Kofi Bruce Chief Financial Officer 19
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General Mills Third-quarter Fiscal 2025 1) Non-GAAP measures. See appendix for reconciliation 2) Growth rates in constant currency. Non-GAAP measures. See appendix for reconciliation Q3 Total General Mills $MM vs. LY Net Sales $4,842 -5% Organic Net Sales1 -5% Adjusted Operating Profit1 $801 -13%2 Adjusted Diluted EPS1 $1.00 -15%2 Third-quarter Fiscal 2025 Financial Results 20
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General Mills Third-quarter Fiscal 2025 Components of Third-quarter Net Sales Growth 1) Non-GAAP measure Organic Volume Organic Price / Mix Total Net Sales as Reported Foreign Exchange Acquisitions & Divestitures -1 pt -4 pts -1 pt +1 pt -5% -5% Organic Net Sales1 21
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General Mills Third-quarter Fiscal 2025 Third-quarter Fiscal 2025 North America Retail 1) Non-GAAP measure. See appendix for reconciliation 2) Growth rates in constant currency. Non-GAAP measure. See appendix for reconciliation 3) Source: NIQ xAOC; retail sales data for F25 Q3 22 • Q3 organic net sales lagged Nielsen-measured U.S. retail sales³ by ~4pts, driven mainly by unexpected retailer inventory headwinds and an expected reversal of Q2 timing benefits • Closed Canada Yogurt divestiture in Q3 • Improved retail sales trends on Pillsbury and Totino’s, largely offset by slowdown in U.S. Snacks and U.S. Cereal • Q3 profit decrease driven by lower volume, input cost inflation, and unfavorable price/mix, partially offset by HMM cost savings North America Retail Q3 YTD Organic Net Sales¹ -6% -2% Segment Op. Profit² -14% -6%
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General Mills Third-quarter Fiscal 2025 Third-quarter Fiscal 2025 North America Pet 23 • Q3 organic net sales lagged all-channel retail sales performance3 by ~5pts, primarily reflecting a decline in retailer inventory • Closed on N.A. Whitebridge Pet Brands acquisition in Q3 • Q3 net sales results were down MSD% on dry food, up MSD% on wet food, and up MSD% on treats • Q3 profit decrease driven by a DD% increase in media investment and higher input costs North America Pet Q3 YTD Organic Net Sales¹ -5% Flat Segment Op. Profit² -20% +6% 1) Non-GAAP measure. See appendix for reconciliation 2) Growth rates in constant currency. Non-GAAP measure. See appendix for reconciliation 3) Source: NIQ and company estimates, F25 Q3
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General Mills Third-quarter Fiscal 2025 Third-quarter Fiscal 2025 North America Foodservice 24 • Q3 organic net sales driven by positive price/mix, partially offset by lower pound volume • Net sales led by strong growth on cereal and breads, partially offset by a decline on bakery flour • Strong market share gains in Q3 3 driven by K-12 schools, healthcare, and colleges and universities • Q3 profit increase driven by favorable price/mix and HMM cost savings, partially offset by input cost inflation and higher other supply chain costs 1) Non-GAAP measure. See appendix for reconciliation 2) Growth rates in constant currency. Non-GAAP measure. See appendix for reconciliation 3) Source: Circana SupplyTrack, F25 Q3 QTD through January North America Foodservice Q3 YTD Organic Net Sales¹ +1% +3% Segment Op. Profit² +1% +15%
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General Mills Third-quarter Fiscal 2025 Third-quarter Fiscal 2025 International 1) Non-GAAP measure. See appendix for reconciliation 2) Growth rates in constant currency. Non-GAAP measure. See appendix for reconciliation 3) Source: NIQ through January for Brazil, data through February for all remaining markets 25 • Q3 net sales decline driven by China and Brazil, partially offset by growth in Distributor markets and Europe & Australia • Q3 market share growth in Europe & Australia and Brazil³ • Q3 profit decline driven primarily by unfavorable price/mix and input cost inflation, partially offset by HMM cost savings International Q3 YTD Organic Net Sales¹ -3% -2% Segment Op. Profit² -20% -50%
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General Mills Third-quarter Fiscal 2025 1) Growth rate in constant currency. Non-GAAP measure. See appendix for reconciliation 2) Net sales growth in constant currency 26 Net Sales² Q3 YTD Cereal Partners Worldwide -1% Flat Häagen-Dazs Japan +10% +3% Third-quarter Fiscal 2025 Joint Ventures Q3 AFTER-TAX JV EARNINGS: $14MM, -16%¹ vs. LY • Q3 CPW net sales driven by decline in the U.K., partially offset by growth in Asia and Latin America • Q3 HDJ net sales growth driven by strong innovation on cup and handheld formats • Q3 constant-currency after-tax earnings decline driven by an asset impairment charge at CPW, partially offset by lower SG&A expenses and higher volume at HDJ
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General Mills Third-quarter Fiscal 2025 17.9% 16.5% F24 Q3 F25 Q3 Third-quarter Fiscal 2025 Margin Results 27 1) Non-GAAP measures. See appendix for reconciliation • Q3 Adj. Gross Margin decrease driven by input cost inflation, unfavorable price/mix, and supply chain deleverage, partially offset by HMM cost savings • Q3 Adj. Operating Profit Margin decrease driven by lower adjusted gross margin and higher SG&A expenses as a percentage of net sales 34.0% 33.4% F24 Q3 F25 Q3 Adjusted Gross Margin1 Adjusted Operating Profit Margin1 (% of Net Sales) (% of Net Sales)
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General Mills Third-quarter Fiscal 2025 Third-quarter Fiscal 2025 Other Income Statement Items • Adjusted Unallocated Corporate Expenses Decreased $16MM vs. LY • Net Interest Expense Increased $15MM vs. LY • Adjusted Effective Tax Rate 21.0%, +260bps vs. LY¹ • Average Diluted Shares Outstanding -3% vs. LY 1) Non-GAAP measure. See appendix for reconciliation 28
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General Mills Third-quarter Fiscal 2025 NINE MONTHS Total General Mills $MM vs. LY Net Sales $14,930 -1% Organic Net Sales1 -1% Adjusted Operating Profit1 $2,730 -3%2 Adjusted Diluted EPS1 $3.47 -1%2 Nine-month Fiscal 2025 Financial Results 29 1) Non-GAAP measures. See appendix for reconciliation 2) Growth rates in constant currency. Non-GAAP measures. See appendix for reconciliation
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General Mills Third-quarter Fiscal 2025 Nine-month Fiscal 2025 Cash Flow 30 Capital Investments $405MM Dividends Paid $1,008MM Net Share Repurchases $864MM Operating Cash Flow ($ in Millions) $2,439 $2,307 F24 F25
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General Mills Third-quarter Fiscal 2025 Fiscal 2025 Q4 Expectations • Underlying Sales Trends Similar to Q3, Excluding Retailer Inventory and Timing Impacts; Retailer Inventory Expected to be Neutral in Q4 • Trade Expense Phasing a 1.5-point Headwind to Enterprise Net Sales and a 9-point Headwind to Op. Profit in Q4, Primarily in NAR • Commercial Investments to Reduce Q4 Op. Profit by ~13 points; Includes Early Investment Ahead of Key F26 Launches • M&A a Net 2-point Headwind to Q4 Op. Profit 31
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General Mills Third-quarter Fiscal 2025 Key Financial Metrics¹ Previous F25 Outlook Revised F25 Outlook Organic Net Sales Growth Flat -2% to -1.5% Adjusted Operating Profit Growth² -4% to -2% -8% to -7% Adjusted Diluted EPS Growth² -4% to -2% -8% to -7% Free Cash Flow Conversion 95%+ 95%+ Updated Fiscal 2025 Financial Outlook 32 1) Non-GAAP measures 2) Growth rates in constant currency. Non-GAAP measures Due to continued uncertainty regarding the implementation dates and scope of potential U.S. import tariffs or retaliatory tariffs put in place by other countries, this guidance does not include any impact from new tariff actions in 2025.
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General Mills Third-quarter Fiscal 2025 • Q3 Results Below Expectations, Driven Largely by Retailer Inventory Headwinds and a Slowdown in Snacking Categories • Positive Market Share in Pet, Foodservice, and International, with Mixed Results in N.A. Retail • Revising F25 Guidance to Reflect Q3 Results and Moderated Expectations in Q4 • Adapting Plans to Deliver Improved Growth, Fueled by Increased Cost-savings Initiatives in F26 Today’s Key Messages 33
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General Mills Third-quarter Fiscal 2025 A Reminder on Non-GAAP Guidance Our fiscal 2025 outlook for organic net sales growth, adjusted operating profit, adjusted diluted EPS growth, 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 charges, acquisition transaction and integration costs, acquisitions, divestitures, and a 53rd week, when applicable. 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 the timing of acquisitions and divestitures throughout fiscal 2025. The unavailable information could have a significant impact on our fiscal 2025 GAAP financial results. For fiscal 2025, we currently expect: foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions) and acquisitions and divestitures will have no material impact to net sales growth and restructuring charges to be immaterial. 34
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General Mills Third-quarter Fiscal 2025 Appendix: Third-quarter Fiscal 2025 North America Retail Operating Unit Results 1) Net sales growth in constant currency. Non-GAAP measure. See appendix for reconciliation 35 Operating Unit Q3 U.S. Morning Foods -10% U.S. Snacks -6% U.S. Meals & Baking Solutions -3% Canada -19% Canada Constant-currency¹ -14% Net Sales % vs. LY
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General Mills Third-quarter Fiscal 2025 36 Reconciliation of Third-quarter Fiscal 2025 Canada Operating Unit Constant-currency Net Sales Growth
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General Mills Third-quarter Fiscal 2025 *Table may not foot due to rounding 37 Reconciliation of Third-quarter Fiscal 2025 Organic Net Sales Growth
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General Mills Third-quarter Fiscal 2025 38 Reconciliation of Nine-month Fiscal 2025 Organic Net Sales Growth *Table may not foot due to rounding
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General Mills Third-quarter Fiscal 2025 39 Reconciliation of Third-quarter Fiscal 2025 Adjusted Operating Profit Constant-currency Compound Growth Rate *Table may not foot due to rounding (Fiscal Years, $ in Millions)
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General Mills Third-quarter Fiscal 2025 40 Reconciliation of Nine-month Fiscal 2025 Adjusted Operating Profit Constant-currency Growth Rate (Fiscal Years, $ in Millions) *Table may not foot due to rounding
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General Mills Third-quarter Fiscal 2025 *Table may not foot due to rounding **See reconciliation of tax rate items for tax impact of individual items 41 Reconciliation of Third-quarter Fiscal 2025 Adjusted Diluted EPS and Related Constant-currency Growth Rates (Fiscal Years)
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General Mills Third-quarter Fiscal 2025 *Table may not foot due to rounding **See reconciliation of tax rate items for tax impact of individual items 42 Reconciliation of Nine-month Fiscal 2025 Adjusted Diluted EPS and Related Constant-currency Growth Rates (Fiscal Years)
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General Mills Third-quarter Fiscal 2025 43 Reconciliation of Third-quarter Fiscal 2025 Constant- currency Segment Operating Profit Growth *Table may not foot due to rounding
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General Mills Third-quarter Fiscal 2025 44 Reconciliation of Nine-month Fiscal 2025 Constant-currency Segment Operating Profit Growth *Table may not foot due to rounding
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General Mills Third-quarter Fiscal 2025 45 Third-quarter Fiscal 2025 Constant-currency After-tax Earnings from Joint Ventures Growth Rates *Table may not foot due to rounding
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General Mills Third-quarter Fiscal 2025 46 Reconciliation of Third-quarter Fiscal 2025 Adjusted Gross Margin *Table may not foot due to rounding (Fiscal Years)
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General Mills Third-quarter Fiscal 2025 47 Reconciliation of Third-quarter Fiscal 2025 Adjusted Operating Profit Margin *Table may not foot due to rounding (Fiscal Years, $ in Millions)
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General Mills Third-quarter Fiscal 2025 48 (Fiscal Years, $ in Millions except Per Share Data) *Table may not foot due to rounding a) Earnings before income taxes and after-tax earnings from joint ventures Reconciliation of Third-quarter Fiscal 2025 Adjusted Tax Rate
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General Mills Third-quarter Fiscal 2025 49 Reconciliation of Nine-month Adjusted Tax Rate *Table may not foot due to rounding a) Earnings before income taxes and after-tax earnings from joint ventures (Fiscal Years, $ in Millions except Per Share Data)