General Mills, Inc. · NYSE:GIS
General Mills — Q2 2026 Earnings Presentation
44 slides from General Mills's earnings presentation, Dec 17, 2025
Slide 1: Fiscal 2026 Q2 Earnings
Fiscal 2026 Q2 Earnings December 17, 2025
Slide 2: 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 3: Jeff Harmening, Chairman and Chief Executive Officer
Jeff Harmening Chairman and Chief Executive Officer General Mills Fiscal 2026 Second Quarter 3
Slide 4: Today's Key Messages
Today’s Key Messages Strong Execution in a Volatile Operating 1 Environment Focus on Remarkability Drove Further 2 Improvement in Volume and Dollar Trends in Q2 3 Reaffirming Full-year Fiscal ’26 Outlook General Mills Fiscal 2026 Second Quarter 4
Slide 5: Second-quarter Fiscal 2026 Performance
Second-quarter Fiscal 2026 Performance • Sequential Improvement in Organic Volume and Net Sales from Q1 to Q2 Organic Organic Net Volume Sales Growth¹ o Restored Organic Volume Growth in NAR o Restored Organic Sales Growth in NA Pet Flat -1% • Q2 Profit and EPS Results Down vs. LY and Ahead of Expec
Slide 6: Fiscal 2026 Priorities
Fiscal 2026 Priorities Return North Invest in Remarkable Experiences 1 America Retail to to Strengthen Pound Share and Volume Growth Household Penetration Accelerate N.A. Pet Grow Core Blue Buffalo and Drive 2 Growth with Category Expansion Opportunities Expanded Portfolio Drive Efficiencies to Deli
Slide 7: Creating Remarkable Experiences
Creating Remarkable Experiences Superior Package Brand Omnichannel Compelling Product Design Communication Execution Value Consumers’ Brand of Choice General Mills Fiscal 2026 Second Quarter 7
Slide 8: Strong NAR Pound Competitiveness in Q2
Strong NAR Pound Competitiveness in Q2 Priority 1 General Mills Retail Pounds vs. LY Q2 Highlights Total U.S. Top 10 U.S. Categories ✓ Grew pound share in 8 of Top 10 0.8% categories ✓ Nielsen-measured pounds +1% vs. LY in Top 10 categories; 3pt -0.6% -0.8% improvement vs. F25 -1.9% -2.0% -1.8% ✓ Co
Slide 9: Improvements in Remarkability Drove Q2 Results
Priority 1 Improvements in Remarkability Drove Q2 Results Superior Package Brand Omnichannel Product Design Communication Execution Compelling Investing to Address Price Cliffs and Gaps Across Key Categories Value General Mills Fiscal 2026 Second Quarter 9
Slide 10: Strong Seasonal Lineup in NAR for Q3
Priority 1 Strong Seasonal Lineup in NAR for Q3 General Mills Fiscal 2026 Second Quarter 10
Slide 11: Launching Remarkable Innovation in H2
Priority 1 Launching Remarkable Innovation in H2 Protein Bold Flavors Familiar & Fun General Mills Fiscal 2026 Second Quarter 11
Slide 12: Accelerating N.A. Pet Portfolio in Q2
Priority 2 Accelerating N.A. Pet Portfolio in Q2 Q2 Highlights ✓ Held Dollar Share across NA Pet portfolio TM ✓ Successful Launch of Love Made Fresh ✓ Dog Dry Performance Led by Life TM Protection Formula ; Pivoting Plans on TM Wilderness to Improve Trends ✓ Strong Growth in Cat Feeding, Driven TM T
Slide 13: Continued Progress on Pet Accelerators
Priority 2 Continued Progress on Pet Accelerators TM Love Made Fresh: Now in Stores! Accelerating Tiki Cat Edgard & Cooper in the U.S. ✓ Excellent Ratings & Reviews in First Two Months; Retail Sales Ramping ✓ Approaching 5,000 Coolers by End of Calendar Year ✓ Significant Brand Investment to Support
Slide 14: Continuing Strong NA Foodservice Momentum
Continuing Strong NA Foodservice Momentum K-12 Cereal Retail Sales Delivering Remarkable Pillsbury Pancake Puff +8% in Q2, Driving Share Operator Solutions on Innovation New for Q3 Growth of +1.5pts Biscuits with over +2pts of Share Growth in Q2 Source: Circana Supply Track, F26 through October Gene
Slide 15: International Global Platform Growth in Q2
International Global Platform Growth in Q2 Retail Sales (ex-Shops) +LSD%, Increasing Product News Market share growth in Q2, Driven by Core News and and Brand Campaigns to Led by France and Mexico Innovation Improve Trends Source: NIQ F26 latest available through Q2 General Mills Fiscal 2026 Second
Slide 16: Drive Efficiencies to Reinvest in Growth
Priority 3 Drive Efficiencies to Reinvest in Growth Accelerated HMM Cost Savings General Mills HMM Cost Savings (as % of COGS) 6% 5% 5% of COGS Long-term 4% Trend 3% 3% F10 - F21 F22 F23 F24 F25 F26 Average Plan Industry-leading Productivity, Enabled by People, Process, and Technology General Mills
Slide 17: Reaffirming Fiscal 2026 Financial Outlook
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%+ F26 Outlook for Adjusted Op. Profit and Adjusted Diluted EPS includ
Slide 18: Kofi Bruce, Chief Financial Officer
Kofi Bruce Chief Financial Officer General Mills Fiscal 2026 Second Quarter 18
Slide 19: Second-quarter Fiscal 2026 Financial Results
Second-quarter Fiscal 2026 Financial Results Q2 Total General Mills $MM vs. LY Net Sales $4,861 -7% Organic Net Sales1 -1% Adjusted Operating Profit1 $848 -20%2 Adjusted Diluted EPS1 $1.10 -21%2 (1) Non-GAAP measures. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP
Slide 20: Components of Second-quarter Net Sales Growth
Components of Second-quarter Net Sales Growth -1% Organic Net Sales1 Flat Flat -2 pts -6 pts -7% Organic Organic Foreign Acquisitions & Total Net Sales Volume Price / Mix Exchange Divestitures as Reported (1) Non-GAAP measure General Mills Fiscal 2026 Second Quarter 20
Slide 21: Second-quarter Fiscal 2026 North America Retail
Second-quarter Fiscal 2026 North America Retail North America Retail Q2 • Q2 organic net sales decline due to unfavorable price/mix, partially offset by Organic Net Sales¹ -3% higher volume Segment Op. Profit² -21% • Grew or held pound share in 8 of top 10 U.S. categories in Q2 • Drove ~1pt improvem
Slide 22: Second-quarter Fiscal 2026 North America Pet
Second-quarter Fiscal 2026 North America Pet North America Pet Q2 • Q2 organic net sales growth driven by favorable price/mix, partially offset by Organic Net Sales¹ +1% lower volume Segment Op. Profit² -12% • All-channel retail sales +1%, resulting in stable dollar share in Q2 • Operating profit de
Slide 23: Second-quarter Fiscal 2026 North America Foodservice
Second-quarter Fiscal 2026 North America Foodservice North America Foodservice Q2 • Q2 organic net sales results driven by growth on frozen baked goods, cereal, Organic Net Sales¹ Flat and frozen meals, offset by a decline on bakery flour, including a 3-point Segment Op. Profit² -12% headwind from i
Slide 24: Second-quarter Fiscal 2026 International
Second-quarter Fiscal 2026 International International Q2 • Q2 organic net sales growth driven by Brazil, China, India, and North Asia Organic Net Sales¹ +4% • Grew or held dollar share in 54% of Segment Op. Profit² +30% priority businesses in Q2 • Q2 profit increase driven by favorable price/mix an
Slide 25: Second-quarter Fiscal 2026 Joint Ventures
Second-quarter Fiscal 2026 Joint Ventures Q2 AFTER-TAX JV LOSS: -$60MM, vs. $30MM EARNINGS LY • Q2 CPW net sales decline driven by Latin Net Sales¹ Q2 America, partially offset by growth in Asia Cereal Partners Worldwide -1% • Q2 after-tax loss driven by a non-cash goodwill impairment charge in CPW
Slide 26: Second-quarter Fiscal 2026 Margin Results
Second-quarter Fiscal 2026 Margin Results Adjusted Gross Margin1 Adjusted Operating Profit Margin1 (% of Net Sales) (% of Net Sales) 36.3% 34.8% 40% 35% 30% 25% 20.3% 20% 17.4% 15% 10% 5% 0% 0% F25 Q2 F26 Q2 F25 Q2 F26 Q2 • Q2 Adj. Gross Margin decrease driven primarily by higher input costs, partia
Slide 27: Second-quarter Fiscal 2026 Other Income Statement Items
Second-quarter Fiscal 2026 Other Income Statement Items • Adjusted Unallocated Corporate Expenses Increased $11MM vs. LY • Net Interest Expense Increased $1MM vs. LY • Adjusted Effective Tax Rate 23.3%, +320bps vs. LY¹ • Average Diluted Shares Outstanding -4% vs. LY (1) Non-GAAP measure. See appendi
Slide 28: First-half Fiscal 2026 Financial Results
First-half Fiscal 2026 Financial Results 1H Total General Mills $MM vs. LY Net Sales $9,378 -7% Organic Net Sales1 -2% Adjusted Operating Profit1 $1,559 -19%2 Adjusted Diluted EPS1 $1.96 -21%2 (1) Non-GAAP measures. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP me
Slide 29: First-half Fiscal 2026 Balance Sheet and Cash Flow
First-half Fiscal 2026 Balance Sheet and Cash Flow Operating Cash Flow ($ in Millions) Capital Investments $2,000 $1,775 $253MM $1,500 $1,216 $1,000 Dividends Paid $659MM $500 $0 Net Share Repurchases F25 F26 $500MM General Mills Fiscal 2026 Second Quarter 29
Slide 30: Reaffirming Fiscal 2026 Financial Outlook
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%+ F26 Outlook for Adjusted Op. Profit and Adjusted Diluted EPS includ
Slide 31: Today's Key Messages
Today’s Key Messages Strong Execution in a Volatile Operating 1 Environment Focus on Remarkability Drove Further 2 Improvement in Volume and Dollar Trends in Q2 3 Reaffirming Full-year Fiscal ’26 Outlook General Mills Fiscal 2026 Second Quarter 31
Slide 32: A Reminder on Non-GAAP Guidance
A Reminder on 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 33: Appendix: North America Retail Operating Unit Results
Appendix: Second-quarter Fiscal 2026 North America Retail Operating Unit Results Net Sales % vs. LY Operating Unit Q2 Big G Cereal & Canada -32% U.S. Snacks -6% U.S. Meals & Baking Solutions -1% Upon completion of the U.S. Yogurt divestiture, the former U.S. Morning Foods and Canada operating units
Slide 34: Reconciliation of Organic Net Sales Growth
Reconciliation of Second-quarter Fiscal 2026 Organic Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2026 Second Quarter 34
Slide 35: Reconciliation of Adjusted Operating Profit and Constant-currency Growth Rate
Reconciliation of Second-quarter Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate *Table may not foot due to rounding General Mills Fiscal 2026 Second Quarter 35
Slide 36: Reconciliation of Adjusted Diluted EPS and Constant-currency Growth Rate
Reconciliation of Second-quarter Fiscal 2026 Adjusted Diluted EPS and Related Constant-currency Growth Rate *Table may not foot due to rounding ** See reconciliation of tax rate items for tax impact of individual items General Mills Fiscal 2026 Second Quarter 36
Slide 37: Reconciliation of Constant-currency Segment Operating Profit Growth
Reconciliation of Second-quarter Fiscal 2026 Constant- currency Segment Operating Profit Growth *Table may not foot due to rounding General Mills Fiscal 2026 Second Quarter 37
Slide 38: Reconciliation of Adjusted Gross Margin
Reconciliation of Second-quarter Fiscal 2026 Adjusted Gross Margin *Table may not foot due to rounding General Mills Fiscal 2026 Second Quarter 38
Slide 39: Reconciliation of Adjusted Operating Profit Margin
Reconciliation of Second-quarter Fiscal 2026 Adjusted Operating Profit Margin *Table may not foot due to rounding General Mills Fiscal 2026 Second Quarter 39
Slide 40: Reconciliation of Adjusted Tax Rate
Reconciliation of Second-quarter Fiscal 2026 Adjusted Tax Rate *Table may not foot due to rounding (a) Earnings before income taxes and after-tax earnings from joint ventures General Mills Fiscal 2026 Second Quarter 40
Slide 41: Reconciliation of First-half Organic Net Sales Growth
Reconciliation of First-half Fiscal 2026 Organic Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2026 Second Quarter 41
Slide 42: Reconciliation of First-half Adjusted Operating Profit and Growth Rate
Reconciliation of First-half Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate *Table may not foot due to rounding General Mills Fiscal 2026 Second Quarter 42
Slide 43: Reconciliation of First-half Adjusted Diluted EPS and Growth Rate
Reconciliation of First-half Fiscal 2026 Adjusted Diluted EPS and Related Constant-currency Growth Rate *Table may not foot due to rounding ** See reconciliation of tax rate items for tax impact of individual items General Mills Fiscal 2026 Second Quarter 43
Slide 44: Reconciliation of First-Half Fiscal 2026 Adjusted Tax Rate
Reconciliation of First-Half Fiscal 2026 Adjusted Tax Rate *Table may not foot due to rounding (a) Earnings before income taxes and after-tax earnings from joint ventures General Mills Fiscal 2026 Second Quarter 44