General Mills, Inc. · NYSE:GIS
General Mills — CAGNY 2026
82 slides from General Mills's conference presentation, Feb 17, 2026
Slide 1: CAGNY 2026
CAGNY 2026 February 17, 2026 ACCELERAT. —DRI VING-REMARKABILI TY,
Slide 2: Jeff Harmening
CAGNY 2026 February 17, 2026 Jeff Harmening Chairman and Chief Executive Officer 2
Slide 3: A Reminder on Forward-looking Statements
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 und
Slide 4: Key Messages
Key Messages Investing in Remarkability to Drive Improved Organic Sales Growth Making Progress in North America Retail and North America Pet, with Further Improvement Ahead Updating Fiscal ’26 Outlook to Reflect Slower Volume Recovery at a Higher Cost than Initially Expected 4
Slide 5: Making Food the World Loves for Nearly Eight Years
Making Food the World Loves for Nearly 160 Years More than 100 Countries $19 Billion Fiscal 2025 Net Sales Eight More than Billion Dollar Brands 30,000 Employees Worldwide Brands with $1B+ in retail sales, Source: NIQ and Euromonitor 5
Slide 6: Our Accelerate Strategy
Our Accelerate Strategy Where Core Global Local Portfolio to Play Markets Platforms Gems Reshaping Boldly How Building Relentlessly Unleashing Standing to Win Brands Innovating Our Scale for Good Organic Net Adj. Op. Adj. Diluted Maintain Shareholder Sales¹ Profit¹ EPS¹ Capital Value +2 to 3% +MSD%2
Slide 7: Improving Our Competitiveness by Investing in Remarkable Experiences
Improving Our Competitiveness by Investing in Remarkable Experiences Remarkable Experience Framework Superior Package Brand Omnichannel Compelling Product Design Communication Execution Value 7
Slide 8: Evolving Consumer Trends
“wy -Evolving ~—.* Consumer “Trends
Slide 9: Shifting Demographics
Shifting Demographics Aging Population Multicultural consumers 9
Slide 10: Value, Health, Wellness, Convenience
Focus on Value Health Wellness Convenience 10
Slide 11: Health and Weight Management
Holistic Health Weight Influence of GLP-1s Management Protein 11
Slide 12: Pet Humanization
Pet Humanization 12
Slide 13: Technology Advancements
Technology Advancements 13
Slide 14: Evolving Consumer Trends
“wy -Evolving ~—.* Consumer “Trends
Slide 15: Near-term Challenges in Consumer Environment
Near-term Challenges in Consumer Environment Categories Softer Financially Stressed than Anticipated, Consumers Buying More but Improving on Promotion 15
Slide 16: Maintaining Sharp Focus on Cost Discipline
Maintaining Sharp Focus on Cost Discipline Holistic Margin Management Cost Savings Global Transformation $600MM Initiative in Savings in F26 16
Slide 17: Updated Fiscal 2026 Financial Outlook
Updated Fiscal 2026 Financial Outlook Key Financial Metrics¹ Updated F26 Outlook Organic Net Sales Growth -2.0% to -1.5% Adjusted Operating Profit Growth² -20% to -16% Adjusted Diluted EPS Growth² -20% to -16% Free Cash Flow Conversion 95%+ F26 Outlook for Adjusted Op. Profit and Adjusted Diluted EP
Slide 18: Driving Remarkability to Accelerate Growth
Driving Remarkability to Accelerate GROWTH 18
Slide 19: Leveraging AI to Accelerate Innovation
Digital Personas for Consumers and Customers Leveraging AI to Accelerate Rapid Content Creation Innovation Agentic Tools Enabling Real-time Consumer Feedback 19
Slide 20: Relentlessly Innovating
Relentlessly Innovating Better- BOLD for-You Familiar Flavors Benefits & Fun +25% sales Expected F26 Net Sales from New Products vs. LY 20
Slide 21: Unleashing Our Scale with Digital
Data-driven Marketing Unleashing Our Scale with Digital Supply Chain Capabilities Digitization Strategic Revenue Management Digital & Technology Foundations 21
Slide 22: Making Progress in NAR
Making Progress in NAR General Mills Total U.S. Pound Performance Retail Pounds vs. LY Continues to Improve F25 H1 F25 H2 F26 H1 F26 Q3TD -0.6% Holding or Growing -1.1% Pound Share in 8 of Top 10 Categories YTD -1.9% Price/Mix Improved ~1pt in Q3TD vs H1 -3.6% Source: NIQ xAOC, F26 Q3TD through Janu
Slide 23: Holding or Growing Dollar Share
F26 YTD % of Priority Business Holding or Growing Dollar Share 80% 88% 38% Sources: North America Pet – NIQ and company estimates; North America Foodservice – Circana Supply Track; International – NIQ; F26 YTD Latest Available Data through January Priority Business defined as Top 10 U.S. N.A. Retail
Slide 24: Driving Remarkability to Accelerate Growth
Driving Remarkability to Accelerate GROWTH 24
Slide 25: Dana McNabb
CAGNY 2026 February 17, 2026 Dana McNabb Group President, North America Retail and North America Pet 25
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Slide 27: Our Strategy is Working
Growing Household Growing Penetration in Pound Share in 7 of Top 10 8 of Top 10 Categories Categories Closing Gap Our Strategy on Dollar is Working Share Source: NIQ xAOC, F26 YTD through January 27
Slide 28: Our Strategy is Working
Holding or Growing Dollar Share in 80% of Portfolio Our Strategy is Working Source: North America Pet – NIQ, F26 YTD through January 28
Slide 29: Remarkable Experience Framework
Remarkable Experience Framework Superior Package Brand Omnichannel Compelling Product Design Communication Execution Value 29
Slide 30: Compelling Value
Compelling Value 30
Slide 31: Price Cliffs and Price Gaps
2/3 of Portfolio Below Price Cliffs Narrow Price Gaps $4.27 $4.00 Price Cliff $3.99 Price Price ~90% Competition Elasticities at or Better than Expected 31
Slide 32: Non-promoted Volume Improvement
+23 pts Non-promoted Volume Improvement Source: NIQ xAOC, F26 YTD through January 32
Slide 33: Superior Product
q Lis Cheerios ce Protein " FAMILY SIZE.. Cookies & Créme % “Cheerios
Slide 34: First-half New Products
First-half Superior Product New Products 34
Slide 35: Second-half New Products
Second-half Superior Product New Products 35
Slide 36: Product Renovation News
Product Renovation Superior Product News 36
Slide 37: Package Design
Package Design 37
Slide 38: Package Design
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Slide 39: Package Design
Package Design 39
Slide 40: Price/Pack Architecture
Price/Pack Architecture Package Design New Formats & Opening Channels Price Points $1 2x Net Sales from Price/Pack Architecture More Value Expected NAR F26 Net Sales from Price/Pack Architecture vs. LY 40
Slide 41: Brand Comms + Omni Execution
Brand Comms + Omni Execution 41
Slide 42: Omnichannel Execution
Brand Communication Omnichannel Execution 42
Slide 43: Cereal
Cereal 43
Slide 44: Superior Product
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Slide 45: Compelling Value
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Slide 46: Brand Communication
Brand Communication
Slide 47: Household Penetration Drove QTD Volume Growth
Increased Household Penetration Drove QTD Volume Growth +1% Delivered Pound Share Growth Source: NIQ xAOC, F26 YTD through January 47
Slide 48: North America Pet
NORTH AMERICA RETAIL a NORTH AMERICA PET
Slide 49: $4 Billion in Retail Sales
$4 Billion in Retail Sales Source: NIQ and company estimates, F26 YTD through January 49
Slide 50: Opportunity
7% Opportunity North America Pet Food Category Source: NIQ and company estimates, F26 YTD through January 50
Slide 51: Growing
Holding or Growing Dollar Growing Share in 80% Household Penetration +1% of Portfolio All-channel Retail Sales Growth YTD Source: NIQ and company estimates, F26 YTD through January 51
Slide 52: The Key Driver of Category Growth
The Key Driver of Category Growth Humanization of Pets Premiumization of their Food 52
Slide 53: Carnivore
BORWN CARNIVORE tas a
Slide 54: Improving Our Competitiveness by Investing in Remarkable Experiences
Improving Our Competitiveness by Investing in Remarkable Experiences Remarkable Experience Framework Superior Package Brand Omnichannel Compelling Product Design Communication Execution Value 54
Slide 55: Dog Feeding
Dog Feeding ~55% of Total Retail Sales % of F25 General Mills U.S. Pet Food Retail Sales Source: NIQ 55
Slide 56: Life Protection Formula
Deboned Chicken Chicken Meal Brown Rice Oatmeal 42) YRood wD = a E ole Grain Com ; “ Chicken By-Product Meal | 7
Slide 57: Superior Product
Superior Product New XL Size #3 New Product in Total Dog Feeding Package Omnichannel Design Execution Source: NIQ, F26 YTD through January 57
Slide 58: Household Penetration Generated Retail Sales Growth
Increased Household Penetration Generated +2% Retail Sales Growth Delivered Dollar Share Growth Source: NIQ, F26 YTD through January 58
Slide 59: PAN if Sa v0 <e-
PAN if Sa v0 <e- GED» F 30% MORE PROTEIN THAN PURINA PRO PLAN SHOP NOW paozewy, same, MEALS © High-Protein b ‘Chicken Topper: "wilderness Adult Chicken vs, Pro Plan Adult omplete Essentials Shredded Blend Chicken iy" aioe Bi. ‘& Rice Dry Dog Food S mM \, compte fostr at 035 . SED a alll TIVE 0g 9
Slide 60: Cat Feeding
~25% of Total Retail Sales +6% Cat Retail Sales Growth with Market Share Feeding Gains % of F25 General Mills U.S. Pet Food Retail Sales Source: NIQ, F26 YTD through January 60
Slide 61: Blue Buffalo
BLUE BUFFALOy The choice is clear. Great taste made with natural ingredients. a
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62 62
Slide 63: Retail Sales Growth
+DD% Retail Sales Growth Source: NIQ, F26 YTD through January 63
Slide 64: Love Made Fresh
— Love — Made Fresh’*
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Slide 66: North America Pet
PET NORTH AMERICA 3
Slide 67: Kofi Bruce
CAGNY 2026 February 17, 2026 Kofi Bruce Chief Financial Officer 67
Slide 68: Four Levers to Drive Top-Tier Shareholder Returns
Four Levers to Drive Top-Tier Shareholder Returns Sales Margin Cash Cash Growth Expansion Conversion Returns Organic Net Sales1 Adj. Operating Profit1 FCF Conversion1 Cash Returns to Shareholders +2 to 3% +MSD% 2 95%+ ~80 to 90% Adj. Diluted EPS1 +MSD to HSD% 2 (1) Non-GAAP measures (2) Constant-cur
Slide 69: Expect Growth Exposure to Strengthen over the Long Term
Expect Growth Exposure to Strengthen over the Long Term Enterprise Growth Exposure Current Factors ~2.5% Limiting Category Growth: Value-seeking Price/Mix Behaviors ~1% Volume Impacting Price/Mix Consumption Headwinds Current Long-term Impacting Category Category Volume Growth Growth 69
Slide 70: Confidence in Our Long-term Growth Opportunity
Confidence in Our Long-term Growth Opportunity Long-term Portfolio Growth: 2-3% 5% Category Growth Long-term 2-3% 1% NORTH AMERICA INTERNATIONAL FOODSERVICE ~40% of Reported Net Sales 70
Slide 71: Reshaped Portfolio for Stronger Growth
Reshaped Portfolio for Stronger Growth Increased Growth Exposure by More than 1 Point Since Fiscal 2018 Acquisitions ~30% Divestitures Nearly 30% of Net Sales Base Turned Over Since F18 71
Slide 72: Keys to Long-term Margin Expansion
Holistic Margin Management Keys to Long-term Strategic Revenue Management Margin Global Transformation Expansion Initiative Volume Leverage 72
Slide 73: Visibility to Continued Strong HMM Cost Savings
Visibility to Continued Strong HMM Cost Savings Holistic Margin Management Cost Savings as % of COGS 6% 5% 5% 4% Long-term trend 4%+ of COGS 3% 3% F10 - F21 F22 F23 F24 F25 F26 Estimate F27 Estimate Average 73
Slide 74: Driving Enterprise Transformation
New Ways of Working to Match Today’s Environment Driving $100 Million of Savings in F26 Enterprise Transformation Incremental Savings in F27+ 74
Slide 75: Converting Earnings to Cash
Converting Earnings to Cash General Mills Free Cash Flow1 ($ in Billions) $3.2 $2.7 $2.5 $2.5 $2.3 $2.3 $2.1 Exceeded Long-term 143% Target of 95%+ 115% 113% 103% 96% 97% 80% F19 F20 F21 F22 F23 F24 F25 Free Cash Flow Free Cash Flow Conversion¹ (1) Non-GAAP measures. See appendix for reconciliation
Slide 76: Long-term Capital Allocation Priorities
Long-term Capital Allocation Priorities 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 76
Slide 77: Returned $14 Billion to Shareholders Since F19
Returned $14 Billion to Shareholders Since F19 Dividends Net Share Repurchases ($ per Share) ($ in Billions) $9 Billion $5 Billion Returned to Shareholders Returned to Shareholders $2.40 $1.96 $1.2 F19-F21 Deleveraging Post-Blue Buffalo Acquisition F19 F20 F21 F22 F23 F24 F25 F19 F20 F21 F22 F23 F24
Slide 78: Key Messages
Key Messages Investing in Remarkability to Drive Improved Organic Sales Growth Making Progress in North America Retail and North America Pet, with Further Improvement Ahead Updating Fiscal ’26 Outlook to Reflect Slower Volume Recovery at a Higher Cost than Initially Expected 78
Slide 79: Appendix
Appendix 79
Slide 80: A Reminder of Non-GAAP Guidance
A Reminder of Non-GAAP Guidance 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,
Slide 81: Reconciliation of Free Cash Flow and Free Cash Flow Conversion
Reconciliation of Free Cash Flow and Free Cash Flow Conversion (Fiscal Years, $ in Millions) *Table may not foot due to rounding ** See reconciliation of income taxes on adjusted items 81
Slide 82: Reconciliation of Income Taxes on Adjusting Items
Reconciliation of Income Taxes on Adjusting Items (Fiscal Years, $ in Millions Except Per Share Data) *Table may not foot due to rounding ** Earnings before income taxes and after-tax earnings from joint ventures 82