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Fiscal 2026 Q1 Earnings September 17, 2025
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General Mills Fiscal 2026 First Quarter 2 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 d iscussed in the forward-looking statements. In particular, our predictions about future net sales and earnings could be affected by a var iety of factors, including: imposed and threatened tariffs by the United States and its trading partners; disruptions or inefficie ncies 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, i ncluding changes in inflation rates, interest rates, tax rates, tariffs, or the availability of capital; product development and innov ation; 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 c arrying 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 v alue 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 ter rorism 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 Fiscal 2026 First Quarter 3 Chairman and Chief Executive Officer Jeff Harmening
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General Mills Fiscal 2026 First Quarter 4 1 2 3 First-quarter Performance Aligned with Our Expectations; Strategic Investments Tracking to Plan Continued Focus on Restoring Volume-driven Organic Sales Growth Reaffirming Full-year Fiscal ’26 Outlook Today’s Key Messages
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General Mills Fiscal 2026 First Quarter 5 • Improved Pound Competitiveness in Response to Investments in Remarkability o Grew or held pound share in 8 of Top 10 U.S. categories • Q1 Organic Volume and Net Sales In Line with Expectations o Includes price investments, trade expense phasing headwinds, and shipment timing headwinds in N.A. Pet • Q1 Profit and EPS Results Slightly Above Expectations o Q1 declines driven largely by an 8-point decline in reported volume, including impact of N.A. Yogurt divestitures First-quarter Fiscal 2026 Performance Organic Net Sales Growth¹ Adjusted Op. Profit Growth² Adjusted Diluted EPS Growth² -3% -18% -20% Organic Volume -1% Source: NIQ xAOC and Pet Plus (1) Non-GAAP measure. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP measures. See appendix for reconciliation
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General Mills Fiscal 2026 First Quarter 6 Fiscal 2026 Priorities Return North America Retail to Volume Growth Accelerate N.A. Pet Growth with Expanded Portfolio Drive Efficiencies to Reinvest in Growth Invest in Remarkable Experiences to Strengthen Pound Share and Household Penetration Grow Core Blue Buffalo and Drive Category Expansion Opportunities Deliver Best-in-class HMM Cost Savings and Execute Global Transformation Initiative 1 2 3
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General Mills Fiscal 2026 First Quarter 7 Superior Product Brand Communication Package Design Compelling Value Omnichannel Execution Consumers’ Brand of Choice Creating Remarkable Experiences
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General Mills Fiscal 2026 First Quarter 8 Improved NAR Pound Competitiveness in Q11 80% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Top 10 U.S. Categories % of Business Holding or Growing Pound Share Grew pound share in 8 of Top 10 categories Improved pound growth rates vs. F25 Q4 across 7 of Top 10 categories Grew household penetration for first time in 3 years Dollars lagged pounds, as anticipated, with H2 improvement expected as we begin to lap initial price investments in F25 H2 Priority Q1 Highlights Source: NIQ xAOC F24 F25 F26
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General Mills Fiscal 2026 First Quarter 9 Investing Across All Elements of Remarkability in Q11 Priority Brand Communication Package Design Omnichannel Execution Investing to Address Price Cliffs and Gaps Across Key CategoriesCompelling Value Superior Product
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General Mills Fiscal 2026 First Quarter 10 1 Priority Remarkability Drives Results: Cinnamon Toast Crunch New Campaign Drove 500% Increase in Social Engagement Top 5 New Product Launch (Strawberry) Pound Growth Pound and Dollar Share Growth Q1 Results Source: NIQ xAOC
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General Mills Fiscal 2026 First Quarter 11 Expanding Remarkability in NAR in Q21 Priority
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General Mills Fiscal 2026 First Quarter 12 Driving News on Core Blue Buffalo2 Priority
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General Mills Fiscal 2026 First Quarter 13 Good Progress on Pet Accelerators2 Priority Mixed Feeding Made Easy National Launch of Love Made Fresh Edgard & Cooper in the U.S. Accelerate Tiki Cat Innovation
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General Mills Fiscal 2026 First Quarter 14 Strong NA Foodservice Execution in Q1 Over +1pt of Share Growth in Cereal FYTD; Continued Strong Share Momentum in K-12 Driving Frozen Baked Goods Share Through Remarkable Innovation Delivering Remarkability on Biscuits with Nearly +3pts of Share Growth FYTD Source: Circana Supply Track, F26 Q1 through July
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General Mills Fiscal 2026 First Quarter 15 Global Platform Growth Across International in Q1 Source: NIQ F26 latest available through Q1 Retail Sales (ex-Shops) +DD%, Driven by Core News and Innovation Retail Sales Flat; Increasing Brand Investment to Drive Awareness and Trial Retail Sales +HSD%, Led by Strong Growth in France
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General Mills Fiscal 2026 First Quarter 16 Drive Efficiencies to Reinvest in Growth3 Priority Global Transformation Highlight 4% 3% 3% 6% 5% F10 - F21 Average F22 F23 F24 F25 F26 Plan General Mills HMM Cost Savings (as % of COGS) Accelerated HMM Cost Savings Long-term Trend 5% of COGS Improving Demand Forecasting with AI and Machine Learning Results YTD: Transitioning more business to “no-touch” forecasting (no manual adjustments) Driving >50% time savings for business teams, enabling time to focus on demand generation Highest level of operational forecast accuracy, driving lower waste and improved service
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General Mills Fiscal 2026 First Quarter 17 Reaffirming Fiscal 2026 Financial Outlook Key Financial Metrics¹ F26 Outlook Organic Net Sales Growth -1% to +1% Adjusted Operating Profit Growth² -15% to -10% Adjusted Diluted EPS Growth² -15% to -10% Free Cash Flow Conversion 95%+ (1) Non-GAAP measures. (2) Growth rates in constant currency. Non-GAAP measures. 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
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General Mills Fiscal 2026 First Quarter 18 Chief Financial Officer Kofi Bruce
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General Mills Fiscal 2026 First Quarter 19 First-quarter Fiscal 2026 Financial Results Q1 Total General Mills $MM vs. LY Net Sales $4,518 -7% Organic Net Sales1 -3% Adjusted Operating Profit1 $711 -18%2 Adjusted Diluted EPS1 $0.86 -20%2 (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 Fiscal 2026 First Quarter 20 Components of First-quarter Net Sales Growth Organic Volume Organic Price / Mix Total Net Sales as Reported Foreign Exchange Acquisitions & Divestitures -2 pts-1 pt Flat -4 pts -7% -3% Organic Net Sales1 (1) Non-GAAP measure
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General Mills Fiscal 2026 First Quarter 21 • Q1 organic net sales lagged Nielsen- measured U.S. retail sales by ~1pt, driven mainly by trade expense timing headwinds • 8 of top 10 U.S. categories grew pound share in Q1 • Operating profit decline driven primarily by lower volume, including the impact of the North American yogurt divestitures First-quarter Fiscal 2026 North America Retail North America Retail Q1 Organic Net Sales¹ -5% Segment Op. Profit² -24% Source: NIQ xAOC (1) Non-GAAP measure. See appendix for reconciliation (2) Growth rate in constant currency. Non-GAAP measure. See appendix for reconciliation
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General Mills Fiscal 2026 First Quarter 22 First-quarter Fiscal 2026 North America Pet • Q1 organic net sales lagged all-channel retail sales by ~4pts due primarily to shipment timing • Including the Whitebridge acquisition, net sales grew DD% in cat feeding and pet treating and declined MSD% in dog feeding • Grew or held pound share in dog feeding, cat feeding, and treating in Q1 • Operating profit decline driven by higher input costs and higher SG&A expenses, including investments ahead of the Fresh pet food launch, partially offset by favorable price/mix North America Pet Q1 Organic Net Sales¹ -5% Segment Op. Profit² -5% Source: NIQ and company estimates (1) Non-GAAP measure. See appendix for reconciliation (2) Growth rate in constant currency. Non-GAAP measure. See appendix for reconciliation
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General Mills Fiscal 2026 First Quarter 23 First-quarter Fiscal 2026 North America Foodservice • Q1 organic net sales growth driven by strong performance in cereal and biscuits, partially offset by a 2-point headwind from index pricing on bakery flour • Drove continued market share gains, with 80% of priority businesses holding or growing dollar share, led by healthcare, K-12 schools, and colleges and universities • Q1 profit reflected a headwind from yogurt divestitures, largely offset by growth on remaining business North America Foodservice Q1 Organic Net Sales¹ +1% Segment Op. Profit² -1% Source: Circana Supply Track, F26 YTD through July (1) Non-GAAP measure. See appendix for reconciliation (2) Growth rate in constant currency. Non-GAAP measure. See appendix for reconciliation
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General Mills Fiscal 2026 First Quarter 24 First-quarter Fiscal 2026 International • Q1 net sales and profit results included certain timing benefits that are expected to unwind in F26, largely in Q2 • Q1 organic net sales growth driven by India, North Asia, and Europe • Net sales decline in China driven by closure of certain underperforming Häagen-Dazs shops; net sales growth in remainder of China business • Grew or held dollar share in 47% of priority businesses in Q1 • Q1 profit increase driven by favorable price/mix, partially offset by higher SG&A expenses International Q1 Organic Net Sales¹ +4% Segment Op. Profit² +196% Source: NIQ F25 latest available through Q1 (1) Non-GAAP measure. See appendix for reconciliation (2) Growth rate in constant currency. Non-GAAP measure. See appendix for reconciliation
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General Mills Fiscal 2026 First Quarter 25 First-quarter Fiscal 2026 Joint Ventures • Q1 CPW net sales decline driven by Latin America and Europe, partially offset by growth in Asia, Oceania, and Africa • Q1 HDJ net sales increase reflect growth on core cup and handheld formats • Q1 constant-currency after-tax earnings decline driven primarily by asset impairment charges and transaction costs related to assets held for sale at CPW Net Sales2 Q1 Cereal Partners Worldwide -2% Häagen-Dazs Japan +7% Q1 AFTER-TAX JV EARNINGS: $7MM, -64%¹ vs. LY (1) Growth rate in constant currency. Non-GAAP measure. See appendix for reconciliation (2) Net sales growth in constant currency
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General Mills Fiscal 2026 First Quarter 26 17.8% 15.7% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% F25 Q1 F26 Q1 (% of Net Sales) First-quarter Fiscal 2026 Margin Results Adjusted Operating Profit Margin1Adjusted Gross Margin1 (% of Net Sales) • Q1 Adj. Gross Margin decline driven primarily by higher input costs, partially offset by a favorable mix impact from the North American Yogurt divestitures • Q1 Adj. Operating Profit Margin decreased, as expected, driven by lower adjusted gross margin and higher SG&A expense as a percent of net sales (1) Non-GAAP measures. See appendix for reconciliation 35.4% 34.2% 0% F25 Q1 F26 Q1
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General Mills Fiscal 2026 First Quarter 27 First-quarter Fiscal 2026 Other Income Statement Items • Adjusted Unallocated Corporate Expenses Increased $11MM vs. LY • Net Interest Expense Increased $9MM vs. LY • Adjusted Effective Tax Rate 24.1%, +220bps vs. LY¹ • Average Diluted Shares Outstanding -4% vs. LY (1) Non-GAAP measure. See appendix for reconciliation
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General Mills Fiscal 2026 First Quarter 28 $624 $397 $0 $100 $200 $300 $400 $500 $600 $700 $800 F25 Q1 F26 Q1 ($ in Millions) First-quarter Fiscal 2026 Balance Sheet and Cash Flow Operating Cash Flow Capital Investments: $110MM Dividends Paid: $331MM $1.8B Gross Proceeds from U.S. Yogurt Divestiture; Majority of Net Proceeds Used to Pay Down Debt Net Share Repurchases: $500MM
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General Mills Fiscal 2026 First Quarter 29 Reaffirming Fiscal 2026 Financial Outlook Key Financial Metrics¹ F26 Outlook Organic Net Sales Growth -1% to +1% Adjusted Operating Profit Growth² -15% to -10% Adjusted Diluted EPS Growth² -15% to -10% Free Cash Flow Conversion 95%+ (1) Non-GAAP measures. (2) Growth rates in constant currency. Non-GAAP measures. 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
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General Mills Fiscal 2026 First Quarter 30 1 2 3 First-quarter Performance Aligned with Our Expectations; Strategic Investments Tracking to Plan Continued Focus on Restoring Volume-driven Organic Sales Growth Reaffirming Full-year Fiscal ’26 Outlook Today’s Key Messages
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General Mills Fiscal 2026 First Quarter 31 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 $95 million. A Reminder on Non-GAAP Guidance
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General Mills Fiscal 2026 First Quarter 32 Appendix: First-quarter Fiscal 2026 North America Retail Operating Unit Results Operating Unit Q1 Big G Cereal & Canada -25% U.S. Snacks -8% U.S. Meals & Baking Solutions -3% Net Sales % vs. LY Upon completion of the U.S. Yogurt divestiture, the former U.S. Morning Foods and Canada operating units were combined into a new Big G Cereal & Canada operating unit. Prior period amounts have been recast to conform to the current presentation.
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General Mills Fiscal 2026 First Quarter 33 *Table may not foot due to rounding Reconciliation of First-quarter Fiscal 2026 Organic Net Sales Growth
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General Mills Fiscal 2026 First Quarter 34 *Table may not foot due to rounding Reconciliation of First-quarter Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate ($ in Millions)
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General Mills Fiscal 2026 First Quarter 35 *Table may not foot due to rounding ** See reconciliation of tax rate items for tax impact of individual items Reconciliation of First-quarter Fiscal 2026 Adjusted Diluted EPS and Related Constant-currency Growth Rate
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General Mills Fiscal 2026 First Quarter 36 Reconciliation of First-quarter Fiscal 2026 Constant-currency Segment Operating Profit Growth *Table may not foot due to rounding
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General Mills Fiscal 2026 First Quarter 37 Reconciliation of First-quarter Fiscal 2026 Constant-currency After-tax Earnings from Joint Ventures Growth Rate *Table may not foot due to rounding
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General Mills Fiscal 2026 First Quarter 38 *Table may not foot due to rounding Reconciliation of First-quarter Fiscal 2026 Adjusted Gross Margin
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General Mills Fiscal 2026 First Quarter 39 *Table may not foot due to rounding Reconciliation of First-quarter Fiscal 2026 Adjusted Operating Profit Margin
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General Mills Fiscal 2026 First Quarter 40 *Table may not foot due to rounding (a) Earnings before income taxes and after-tax earnings from joint ventures Reconciliation of First-quarter Fiscal 2026 Adjusted Tax Rate ($ in Millions except Per Share Data)