Conagra Brands, Inc. · NYSE:CAG
Conagra Brands — CAGNY 2025
113 slides from Conagra Brands's conference presentation, February 2025
Slide 1: Sean Connolly, President and CEO - CAGNY 2025
SEAN CONNOLLY PRESIDENT AND CHIEF EXECUTIVE OFFICER C A G N Y 2 0 2 5 1
Slide 2: Legal Disclosure
Legal Disclosure Note on Forward-Looking Statements This document contains forward-looking statements within the meaning of the federal securities laws. Examples of forward-looking statements include statements regarding the company’s expected future financial performance or position, results of ope
Slide 3: Today's Agenda
Today’s Agenda 1 Who We Are & Where Things Stand Sean Connolly P r e s i d e n t a n d C h i e f E xe c u t i ve O f f i c e r 2 The Future of Frozen & Snacking Bob Nolan S e n i o r Vi c e P r e s i d e n t , G r o wt h S c i e n c e 3 Financial Outlook Dave Marberger E xe c u t i ve Vi c e P r e s
Slide 4: Key Messages
Key Messages Despite a challenging macro environment, Conagra is well 1 positioned for future growth 2 Our leadership position in frozen and snacks will fuel that growth 3 Investments in business have yielded consistent trend improvement 4 Cash Flow is strong; focus remains on debt reduction 5 Updat
Slide 5: Who We Are
Who We Are Scaled & U.S. Centric Attractive Leading $12B Net Sales Categories Brands Net Sales by Geography Private Label Dollar Share Share of Portfolio Revenue 25% International 9% 18% 81% Brands Ranked #1 or #2 91% Domestic Total Edible ex. Conagra Categories Beverages 5 Source: (Left) Internal,
Slide 6: Beloved Brands Found in 94% of U.S. Households
Beloved Brands Found in 94% of U.S. Households 6
Slide 7: How To Think About Our Portfolio
How To Think About Our Portfolio Three Domains with Highly-Focused Brand Building Begins Portfolio Focus on CLEAR STRATEGIES SCALED PORTFOLIO WITH THE FOOD MODERN HEALTH 7
Slide 8: Our Portfolio Has Three Distinct Domains With Clear Strategies
Our Portfolio Has Three Distinct Domains With Clear Strategies FROZEN SNACKS S TA P L E S GROWTH GROWTH CASH 6 8 % of portfolio retail sales 8 Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 22, 2024
Slide 9: Scaled Portfolio That Is Highly Focused
Scaled Portfolio That Is Highly Focused 90+% ~ 60% 6 ~ 75% PLATFORMS of net sales in of retail sales from Meals Protein portfolio share of Domestic U.S. Top 5 Customers Sides Salty Snacks Top 15 Brands Enhancers Sweet Treats U.S. CORE RETAIL PLATFORM BRAND CENTRICITY FOCUS ORIENTATION SCALE 9 Source
Slide 10: Brand Building Begins With the Food
Brand Building Begins With the Food RELENTLESS CLOSE FOCUSED INVESTMENT PARTNERSHIP A&P in Product & with Retail on Social Packaging Innovation Customers and Digital 10
Slide 11: Our Portfolio Is Heavily Focused on Modern Health Trends
Our Portfolio Is Heavily Focused on Modern Health Trends 79% 63% FROZEN Products Feature SNACK Products Feature B E T T E R - F O R - Y O U Attributes B E T T E R - F O R - Y O U Attributes GLP-1 Friendly, Portion- Controlled Real, and Transparent Food Frozen Locks In Freshness Gluten-Free Grass-Fed
Slide 12: Resulting in Peer-Leading Nutrition Index
Resulting in Peer-Leading Nutrition Index Share of Sales From Healthier Products Access to Nutrition Initiative Global Index 93% Of Our Products Free From High-Fructose Corn Syrup Peer A Peer B Peer C 92% Peer D Of Our Products Free From Synthetic Dyes Peer E 12 Source: (Left) Access To Nutrition In
Slide 13: Macro-Environment Has Proven Challenging to the Food Group
Macro-Environment Has Proven Challenging to the Food Group INFLATION was the CATALYST 13
Slide 14: Macro-Environment Has Proven Challenging to the Food Group
Macro-Environment Has Proven Challenging to the Food Group INFLATION PRICING was the was the CATALYST RESPONSE 14
Slide 15: Macro-Environment Has Proven Challenging to the Food Group
Macro-Environment Has Proven Challenging to the Food Group THE INFLATION PRICING was the was the CONSUMER changed CATALYST RESPONSE BEHAVIOR 15
Slide 16: Macro-Environment Has Proven Challenging to the Food Group
Macro-Environment Has Proven Challenging to the Food Group THE INFLATION PRICING VOLUME was the was the CONSUMER was the changed CATALYST RESPONSE VICTIM BEHAVIOR 16
Slide 17: Macro-Environment Has Proven Challenging to the Food Group
Macro-Environment Has Proven Challenging to the Food Group THE WE INFLATION PRICING VOLUME was the was the CONSUMER was the COMMITTED changed to INVEST for CATALYST RESPONSE VICTIM BEHAVIOR GROWTH 17
Slide 18: Investments Have Driven Five Straight Quarters of Improvement
Investments Have Driven Five Straight Quarters of Improvement Retail Volume Sales (% Change vs. YA) +1.2% Top 5 (2.1)% Near-In Peers Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 18 Source: Circana POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Total Edible excluding Beverages, Fiscal
Slide 19: Resulting in Share Growth Leadership Versus Our Peers
Resulting in Share Growth Leadership Versus Our Peers % of Portfolio Holding or Gaining Volume Share (Q2 FY2025) 67% 87% For Strategic Frozen & Snacks 43% Domains 42% 41% 31% 5% Peer A Peer B Peer C Peer D Peer E 19 Source: Circana POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, 13 Weeks
Slide 20: Strong Cash Flow Conversion Driving Debt Reduction
Strong Cash Flow Conversion Driving Debt Reduction Free Cash Flow Conversion 1 Trailing Twelve Months 126% 117% $600 M M 106% Debt Reduction 86% in last 4 quarters 83% 82% CAG Peer A Peer B Peer C Peer D Peer E 20 Source: Visible Alpha. Trailing twelve months consists of last four reported fiscal qu
Slide 21: Compelling Investment Despite Challenging Near-Term
Compelling Investment Despite Challenging Near-Term N e a r - Te r m R e a l i t i e s L o n g - Te r m R e a l i t i e s Persistent inflation Future of Frozen & Snacks FX Winning innovation capabilities Supply challenges Superior free cash flow conversion Strong underlying demand Strong dividend; s
Slide 22: The Science of Growth
THE SCIENCE OF GROWTH Why Conagra’s Frozen & Snacking Businesses Are Uniquely Well Positioned Bob Nolan, Senior Vice President, Growth Science 22 22
Slide 23: Agenda
AGENDA 1 THE SCIENCE OF GROWTH 2 CONSUMER MACRO FORCES 3 THE FUTURE OF FROZEN & SNACKING 4 2 0 2 5 I N N O VAT I O N P R E V I E W 23
Slide 24: The Science of Growth
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Slide 25: The Science of Growth Is Fueled by a Broad World of Evidence
THE SCIENCE OF GROWTH IS FUELED BY A BROAD WORLD OF EVIDENCE SENSE emerging trends PREDICT future growth RESPOND to consumer needs 25
Slide 26: But Is Not Static as Data and Demand Infinitely Expand and Evolve
BUT IS NOT STATIC AS DATA AND DEMAND INFINITELY EXPAND AND EVOLVE Explosive Growth of Social Connectivity & Digital Influence Limitations in Human Capacity to New Data Generation Accelerate Consumer Decisions Quickly Process, Analyze, Act 26
Slide 27: AI-Powered Solutions Enable Us to Keep Pace With Rapid Evolution
AI-POWERED SOLUTIONS ENABLE US TO KEEP PACE WITH RAPID EVOLUTION Data P.I.E. Digital Asset Trade Enrichment Product Innovation Creation Optimization Engine 27 Disclaimer: The AI applications listed above are at various stages of exploration and development.
Slide 28: Consumer Macro Forces
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Slide 29: Universal Forces Are Shaping Consumer Behavior
UNIVERSAL FORCES ARE SHAPING CONSUMER BEHAVIOR MACRO AGE OF REDEFINING P O P U L AT I O N S H I F T S CONVENIENCE H E A LT H 29
Slide 30: An Aging Population
AN AGING POPULATION 71MM 1 in 5 people in the U.S. will be retirement age by 2030 Seniors will divide into two segments: A C T I V E A D U LT S NEEDING SUPPORT Source: Projected Population by Age Group and Sex for the United States, U.S. Census Bureau, Population Division, Release Date: November 202
Slide 31: Expanded Ethnic Diversity
EXPANDED ETHNIC DIVERSITY >50% Of U.S. children are ethnically diverse as of 2020 Population growth will be led by multiracial, Asian, Hispanic Strong impact on food behaviors & prevalence of ethnic cuisines, ingredients Source: U.S. Census Bureau, 2020 Census Redistricting Data 31
Slide 32: Rise of Gen Z and Millennials
RISE OF GEN Z AND MILLENNIALS $12T Gen Z to reach 23% of global population with $12T spending power by 2030 More likely to engage with spicy and ethnic foods and snacking What these consumers do today, e v e r y o n e will do tomorrow Source: NielsenIQ in collaboration with World Data Lab, “Spend Z”
Slide 33: New Family Models Are Growing as Household Composition Evolves
NEW FAMILY MODELS ARE GROWING AS HOUSEHOLD COMPOSITION EVOLVES NON-MARRIED FAMILIES SINGLE-PERSON MULTI-GENERATIONAL Married couples no longer majority heads of households 29% of U.S. households 7% of U.S. family households Diverse dietary needs, mealtime behaviors, and preferences Source: (Middle)
Slide 34: Consumers Demand Products, Services, and Information That Are Easy to Access
CONSUMERS DEMAND PRODUCTS, SERVICES, AND INFORMATION THAT ARE EASY TO ACCESS & USE E A S E O F I N F O R M AT I O N O N - D E M A N D C U LT U R E DIGITAL RATINGS & RETAIL INSTANT CONNECTIVITY REVIEWS PROLIFERATION GRATIFICATION 34
Slide 35: Approach to Health Shifting From Passive and Reactive to Active and Informed
APPROACH TO HEALTH SHIFTING FROM PASSIVE AND REACTIVE TO ACTIVE AND INFORMED $480B Hi-Tech Gen Z & Millennials U.S. Wellness market, growing apps and wearables keep health buy more health, sleep, nutrition, fitness, 5 to 10 percent per year and fitness at the forefront appearance, mindfulness produc
Slide 36: Everyone Is on Their Own Unique Health Journey
EVERYONE IS ON THEIR OWN UNIQUE HEALTH JOURNEY GLP-1 drugs have ENT HE Younger and older M AL significantly grown in AGE TH consumers shifting popularity and awareness AN Y AG toward preventive care M HT IN IG G WE PAREN T Growing gut health G UT H Consumers want to support through know what’s in th
Slide 37: The future is already here, it's just not evenly distributed
The future is already here, it’s just not evenly distributed - William Gibson 37
Slide 38: The Future of Frozen
THE FUTURE OF FROZEN High Quality, Delicious Food On-Demand. 38
Slide 39: Frozen Is a Growth Category
FROZEN IS A GROWTH CATEGORY FROZEN FOODS ANNUAL EATINGS PER CAPITA (Years Ended October) 238 +19% 226 209 209 215 +36 % Frozen Meals Annual 199 Eatings per Capita vs. pre-COVID Pre-COVID 2020 2021 2022 2023 2024 (YE Feb 2020) Source: Circana/National Eating Trends®; Sourced from Home/Retail, Frozen
Slide 40: Growth Led by Younger Generations
GROWTH LED BY YOUNGER GENERATIONS FROZEN FOODS ANNUAL EATINGS PER CAPITA (% Change 2024 vs. Pre-COVID) GEN Z MILLENNIALS GEN X BOOMERS +18% +39% +12% +4% Source: Circana/National Eating Trends®; Sourced from Home/Retail, Frozen Foods Annual Eatings per Capita, Pre Covid (YE Feb 2020) and years ended
Slide 41: Frozen Advantaged as Minimally Processed Food
FROZEN ADVANTAGED AS MINIMALLY PROCESSED FOOD FLASH FROZEN AT PEAK RIPENESS LOCKS IN VITAMINS AND NUTRIENTS PRESERVES TEXTURE AND FLAVOR N O S I G N I F I C A N T A LT E R AT I O N OF THE FOOD CONVENIENCE WITHOUT COMPROMISE L E S S WA S T E REDUCED SPOILAGE 41
Slide 42: Macro Forces Are Poised to Influence Frozen
MACRO FORCES ARE POISED TO INFLUENCE FROZEN M U LT I - C U LT U R A L ON-DEMAND SOLVES TIME PRESSURES GLOBAL CUISINE, RESTAURANT-QUALITY M O D E R N H E A LT H FA M I L Y M O D E L S FLEXIBLE FORMATS, LESS WASTE MINIMALLY PROCESSED, NEW BENEFITS 42
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Slide 44: Macro Forces Are Manifesting in New Trends
MACRO FORCES ARE MANIFESTING IN NEW TRENDS 1 GOING GLOBAL 2 ELEVATED IN-HOME EXPERIENCE 3 BITES & MINIS 4 MODERN HEALTH 44
Slide 45: Global Cuisine Is Growing
GLOBAL CUISINE IS GROWING ATTRACTIVE DEMAND SPACE LED BY YOUNGER GENERATIONS MORE LIKELY TO BUY GLOBAL FROZEN SINGLE-SERVE MEALS Indian, Thai, Cajun meals $3.3B Spicy frozen foods +9% vs. 3YA Global frozen street foods FROZEN GLOBAL STREET FOOD IS THRIVING $544MM, +49% VOLUME SALES VS. 3YA Bao Buns
Slide 46: Elevated In-Home Experience Expanding
ELEVATED IN-HOME EXPERIENCE EXPANDING INCREASED IN-HOME ENGAGEMENT +26B Additional in-home eating occasions vs. pre-pandemic “COPYCAT” RECIPE VIRAL TRENDS CELEBRITY-INSPIRED SEARCHES FROZEN FOODS Homemade Mac and Cheese 13M+ Likes 18MM $175MM +19% vs. YA +33% vs. YA Dolly Parton owns all rights to t
Slide 47: Bites & Minis Are Booming
BITES & MINIS ARE BOOMING HIGH-GROWTH VERSATILITY STRONG DEMAND WITH FAMILIES MORE LIKELY TO BUY FROZEN BITES & MINIS THE REAL “MEAL” DEAL $2.4B 84% +21% enjoyed as meals vs. 3YA Young families Families with teens ATTRACTIVE POCKETS OF GROWTH VOLUME % CHG VS. 3YA Global Street Food Chicken Breakfast
Slide 48: Modern Health Momentum
MODERN HEALTH MOMENTUM GLP-1 DRUGS EMERGING ATTRIBUTES GAINING POPULARITY FOR GLP-1 USERS 15MM 138MM High Protein Low Sugar Portion-Control Low Glycemic U.S. Adult PY Search Users Volume Fiber-Rich Gut-Friendly Lower Fat Convenience FROZEN CATEGORIES GROWING FASTER AMONG GLP-1 USERS VS. NON-USERS Si
Slide 49: GLP-1 Usage Will Only Continue to Expand
GLP-1 USAGE WILL ONLY CONTINUE TO EXPAND PILL INSURANCE CLINICIAL NEW FORMAT COVERAGE TRIALS BRANDS Pill format designed for FDA approval of more Insurers expanding Researching additional weight loss will increase generic options will coverage for GLP-1 benefits that may approachability and increase
Slide 50: Conagra Frozen Is Uniquely Well Positioned
CONAGRA FROZEN IS UNIQUELY WELL POSITIONED GREAT SCALE GREAT BRANDS WINNING INNOVATION DELIVERING RESULTS BROAD REACH ICONIC POWERHOUSES DELIGHTING CONSUMERS DRIVING GROWTH Retail Dollar Sales #1 $1B (4-Year CAGR) Single-Serve Meals ~ +4.5% Retail Sales From Innovation +4.2% North American Frozen La
Slide 51: The Future of Snacking
THE FUTURE OF SNACKING Consumers Are Re-thinking Their Snacks. 51
Slide 52: Consumers Love Snacks
CONSUMERS LOVE SNACKS SNACKS ARE LARGE SNACKS ARE GROWING SNACKS ARE CHANGING #1 occasion +18 annual occasions Fundamental shifts bigger than any other per capita or +2% of what, how, when, single meal occasion vs. pre-COVID and why people snack 52 Source: (Left) Circana/National Eating Trends®, CRE
Slide 53: How People Consume Snacks Has Changed
HOW PEOPLE CONSUME SNACKS HAS CHANGED M E A LT I M E S N A C K I F I C AT I O N G R O W I N G D AY PA R T S & A U D I E N C E S MORNING LUNCH % OF SNACKS AT MEAL OCCASIONS (Share of Total Snacks Eatings) +8pts +6pts morning share of snack occasions +23% annual lunches including snacks vs. 2010 vs. 2
Slide 54: Demand Shifting From Legacy to Emerging Snacks
DEMAND SHIFTING FROM LEGACY TO EMERGING SNACKS SNACK CATEGORY VOLUME SALES (% Change vs. 4YA) HIGH-GROWTH CATEGORIES +9.4% MEAT SNACKS NUTRITIONAL & SNACK BARS LOW-GROWTH CATEGORIES PRETZELS POTATO CHIPS TRAIL MIX TORTILLA CHIPS MUFFINS & PASTRIES COOKIES SNACK NUTS CHEESE SNACKS CHOCOLATE CANDY DOU
Slide 55: High-Growth Snacks Share Common Attributes
HIGH-GROWTH SNACKS SHARE COMMON ATTRIBUTES HIGH-GROWTH SNACK CATEGORIES DELIVER AGAINST: MODERN NEW FUNCTIONAL YOUNGER EMERGING AGILE H E A LT H D AY P A R T S FUEL AUDIENCES CHANNELS BRANDS 55
Slide 56: Consumers Are Re-thinking Their Snacks
CONSUMERS ARE RE-THINKING THEIR SNACKS Consumers seek TASTY SNACKS that fit DIVERSE LIFESTYLES Provide fuel & FUNCTIONAL BENEFITS No longer ONLY about TASTE or and offer EMPTY IMPROVED CALORIES PORTABILITY 56
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Slide 58: Macro Forces Are Leading to New Snack Trends
MACRO FORCES ARE LEADING TO NEW SNACK TRENDS 1 B e t t e r - f o r - Yo u A t t r i b u t e s 2 Hyper-Convenience 3 Tw i s t s o n F a m o u s F o r m s & F l a v o r s 58
Slide 59: Building Demand for Better-for-You
BUILDING DEMAND FOR BETTER-FOR-YOU BETTER-FOR-YOU SNACKING LED BY GEN Z & MILLENNIALS $62.9B +22% vs. 3YA Outsized growth of high protein, high fiber and gluten-free snacks SNACKS ARE WORKING HARDER DOLLAR SALES 3-YEAR CAGR High Protein Contains Probiotics No Added Sugar Gluten-Free Grass Fed $3.4B,
Slide 60: Hyper-Convenience Is Hyper-Relevant
HYPER-CONVENIENCE IS HYPER-RELEVANT RENEWED DEMAND FOR PORTABILITY SOCIAL OCCASIONS GROWING +39 +18% annual AFH snack annual social snack occasions per occasions per capita vs. 2021 capita vs. 2020 ATTRACTIVE POCKETS OF GROWTH VOLUME % CHANGE VS. 4YA Large Multi-Packs Small Single-Serve Large Multi-
Slide 61: Twists on Famous Forms & Flavors
TWISTS ON FAMOUS FORMS & FLAVORS BRING THE HEAT NOVEL FORMS FAMOUS FAVORITES HOT & SPICY SNACKS NON-TRADITIONAL FORMS LICENSED SNACKS $9.5B $7.3B $741MM +13% VOLUME vs. 4 YA +9% VOLUME vs. 4 YA +42%VOLUME vs. 4 YA THE BOLDER THE BETTER VOLUME % CHANGE VS. 4YA Churro Rainbow Bold Sour Extreme Pickle
Slide 62: Conagra Snacking Is Uniquely Well Positioned
CONAGRA SNACKING IS UNIQUELY WELL POSITIONED GREAT SCALE GREAT BRANDS WINNING INNOVATION DELIVERING RESULTS BROAD REACH ICONIC POWERHOUSES DELIGHTING CONSUMERS DRIVING GROWTH $3.3B $340MM Retail Dollar Sales Meat Snacks (4-Year CAGR) +7.0% Conagra Retail Sales Retail Sales From Innovation +5.3% Laun
Slide 63: 2025 Innovation Preview
2025 I N N OVAT I O N P R E V I E W 63
Slide 64: Continued Bowl Expansion
CONTINUED BOWL EXPANSION $1.4B PLATFORM DROVE +2.4 SHARE POINTS vs. 4YA Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, Total Conagra Single-Serve Meals Bowls, 52 Weeks Ended December 22, 2024; Conagra Bowls Share of Total Single-Serve Meals 64
Slide 65: On Track Badge
ON TRACK BADGE First-of-its-kind initiative Helping consumers easily identify nutritious & convenient options to suit their dietary needs Nearly 15 million GLP-1 users in the U.S. 65
Slide 66: Modern Dinner Platform
REINVIGORATE DINNER OCCASIONS MODERN DINNER PLATFORM MULTI-COMPONENTS | MODERN TWISTS 66 66
Slide 67: Family Size Meals
ELEVATED IN-HOME EXPERIENCE FAMILY SIZE MEALS CRAVEABLE COMFORT FOOD 67 67
Slide 68: Mega With a Kick
HOT & SPICY MEGA WITH A KICK EXCITING LICENSING 68 © 2025 Mike’s Hot Honey 68
Slide 69: Chef Boyardee Skillets
EXTENDING INTO THE FREEZER AISLE CHEF BOYARDEE SKILLETS FAMILY MEAL OCCASIONS 69 69
Slide 70: Ultimate Expansion
MEAT PLANT-BASED BOWLS ULTIMATE EXPANSION CREAMY & DELICIOUS 70 70
Slide 71: Plant-Based Components
MEAT VERSATILE AND DELICIOUS PLANT-BASED COMPONENTS HIGH FLAVOR | HIGH PROTEIN 71 71
Slide 72: Butter Chicken
GLOBAL CUISINE BUTTER CHICKEN INDIAN FROZEN RETAIL SALES +18% 3-YR CAGR Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 22, 2024 72
Slide 73: Plant-Based Bowls
VEGAN MEAL KIT INSPIRED PLANT-BASED BOWLS PROTEIN-POWERED 73 The Purple Carrot Trademark is being used under license from Three Limes, inc. d/b/a The Purple Carrot 73
Slide 74: Chicken Enchiladas
GLUTEN FREE | PROTEIN FORWARD CHICKEN ENCHILADAS GLOBAL CUISINE 74
Slide 75: Modern Mexican
SINGLE & MULTI-SERVE MODERN MEXICAN AWARD WINNING CHEF RICK BAYLESS 75 75
Slide 76: Crispy Tempura Chicken
RESTAURANT EXPERIENCE AT-HOME CRISPY TEMPURA CHICKEN #1 NEW MULTI-SERVE MEAL LAUNCH 76 P.F. CHANG’S and P.F. CHANG’S HOME MENU are registered trademarks owned by P.F. Chang’s China Bistro, Inc. and are used with permission. Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarc
Slide 77: Globally Inspired Vegetable Blends
GLOBALLY INSPIRED VEGETABLE BLENDS BOLD VEGGIES, EFFORTLESS PREP 77 77
Slide 78: Antioxidant Blend
CONVENIENT MODERN HEALTH ANTIOXIDANT BLEND SAVE TIME, LESS WASTE 78 78
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Slide 80: Fried Pickle Chips
NEW CATEGORY EXPANSION FRIED PICKLE CHIPS FZ APPS & SNACKS: $4B +6% 4-YR CAGR FPO 80 Note: For Placement Only, Subject to Change Source: Circana POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended December 22, 2024 80
Slide 81: Frozen Novelties
EXPAND INTO ADJACIENCIES FROZEN NOVELTIES $8.8B SPACE WITH +6% 4-YR CAGR 81 Source: Circana POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended December 22, 2024 81
Slide 82: Dolly Parton's Single Serve Meals
INTRODUCING… DOLLY PARTON’S SINGLE SERVE MEALS SOUTHERN-INSPIRED, QUALITY COMFORT FOOD 82 Dolly Parton owns all rights to the Dolly and DOLLY PARTON trademarks, as well as her name, image and likeness, which are used under license by Conagra Brands, Inc.® 82
Slide 83: Dolly Parton's Desserts
BRING HOME THE SWEETNESS OF THE SOUTH DOLLY PARTON’S DESSERTS AUTHENTIC SOUTHERN RECIPES 83 Dolly Parton owns all rights to the Dolly and DOLLY PARTON trademarks, as well as her name, image and likeness, which are used under license by Conagra Brands, Inc.® 83
Slide 84: Vlasic Pickle Balls
SERVING UP BOLD FLAVOR VLASIC PICKLE BALLS SIZES FOR ANYTIME, ANYWHERE FPO 84 Note: For Placement Only, Subject to Change 84
Slide 85: Slim Jim
CRUSH CRAVINGS ANYTIME SLIM JIM BITE SIZE | ON-THE-GO 85 85
Slide 86: Buffalo Wild Wings Meets Slim Jim
THE BOLD FLAVOR OF BUFFALO WILD WINGS MEETS SLIM JIM 86 BUFFALO WILD WINGS® and all related logos and trademarks of BUFFALO WILD WINGS, INC. Manufactured under license. 86
Slide 87: Meat the Fatty
BFY SNACKING | PORTABLE SIZES MEAT THE FATTY RETAIL DOLLAR SALES +56% vs. YA 87 Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 22, 2024 87
Slide 88: Andy Capp's Tots
HOT & CHEESY ANDY CAPP’S TOTS VERSATILE VALUE & SNACKING SIZES 88 Andy Capp ©2005 M.G.N. LTD. 88
Slide 89: Cinnamon Churro
BOLD FLAVORS ON-THE-GO CINNAMON CHURRO CHURRO FLAVOR VOLUME SALES +327% vs. 4YA 89 Source: Circana POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended November 24, 2024 89
Slide 90: Fire Seeds
BOLD & SPICY FIRE SEEDS DO FLAVOR BIGGER 90 90
Slide 91: Fruit Crumble Bars
NEW OCCASIONS Add FPO on image FRUIT CRUMBLE BARS DELICIOUS REAL FRUIT FILLING FPO FPO FPO 91 Note: For Placement Only, Subject to Change 91
Slide 92: Mango Habanero Popcorn
SWEET & SPICY MANGO HABANERO POPCORN GLOBAL FLAVORS 92 92
Slide 93: Famous Wendy's Chili
#1 NEW CHILI LAUNCH FAMOUS WENDY’S® CHILI DROVE 65% OF CATEGORY GROWTH 93 The Wendy’s name, design and Cameo logo are registered trademarks of Quality Is Our Recipe, LLC. © 2025 Quality Is Our Recipe, LLC Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, #1 New Chili La
Slide 94: The Science of Growth
THE SCIENCE OF GROWTH 1 W E S E E G R O W T H T H AT OT H E R S D O N ’ T 2 TA P P I N G I N TO T H E F U T U R E O F F R O Z E N & S N A C K I N G 3 O U R I N N O VAT I O N B R I N G S I T A L L TO L I F E 94
Slide 95: Dave Marberger, EVP & Chief Financial Officer
DAVE MARBERGER EVP & CHIEF FINANCIAL OFFICER C A G N Y 2 0 2 5 95
Slide 96: Q2 and H1 FY25 Performance Summary
Q2 and H1 FY25 Performance Summary Q2 FY25 Q2 vs. YA H1 FY25 H1 vs. YA Organic Net Sales1 $3,194 +0.3% $5,971 (1.5)% Adj. Gross Margin1 26.4% (52) bps 26.2% (104) bps Adj. Operating Margin1 15.3% (57) bps 14.8% (145) bps Adj. EPS1 $0.70 (1.4)% $1.23 (10.2)% 96 1. Non-GAAP financial measure. See the
Slide 97: Delivered Positive Top-line Growth, Outperforming Peers
Delivered Positive Top-line Growth, Outperforming Peers Retail Volume Sales (% Change vs. YA) +1.2% Top 5 (2.1)% Near-In Peers Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 97 Source: Circana POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Total Edible excluding Beverages, Fiscal Quart
Slide 98: Productivity Initiatives Continue To Drive Out Costs
Productivity Initiatives Continue To Drive Out Costs… Cost Savings 1 • Productivity has improved each year Delivering commitment of exiting COVID $1b cost savings ~4%+ • Approaching ~4% of COGS in FY25 • Technology investments across Supply Chain • Strategic sourcing • Network optimization • Stabili
Slide 99: Free Cash Flow Remains Strong, Supporting Debt Reduction
…And Free Cash Flow1 Remains Strong, Supporting Debt Reduction Free Cash Flow Conversion 1 Trailing Twelve Months 126% $600 mm Debt Reduction 117% in last 4 quarters 106% 86% 83% 82% >100% FY25 Free Cash Flow Conversion2 Guidance CAG Peer A Peer B Peer C Peer D Peer E Source: Visible Alpha. Trailing
Slide 100: Near-term Headwinds Impacting FY25, Resulting in Updated Guidance
Near-term Headwinds Impacting FY25, Resulting in Updated Guidance Headwinds Impacting FY25 Updated FY25 Guidance Metrics Organic Net Sales1 Growth ~(2.0)% (vs. FY24) • COGS inflation of ~4% Adj. Operating Margin1 ~14.4% • Transitory supply disruptions Adj. EPS1 ~$2.35 • Unfavorable FX Net Leverage R
Slide 101: Exiting FY25 With Momentum and Opportunities
Exiting FY25 With Momentum and Opportunities Strong Optimizing Productivity Supply Chain Market Share Brand Exceeding Investments Performance Investments Inflation Continuing 101
Slide 102: Committed to a Balanced Capital Allocation Approach
We Remain Committed to a Balanced Capital Allocation Approach Business Investment Disciplined M&A Targeted and prioritized Based on strategic and financial fit. investment to drive returns. • Innovation + • Trade + A&P • Technology + AI • Supply Chain Infrastructure (-) Debt Reduction Dividends & Bu
Slide 103: Long-Term Financial Algorithm
Long-Term Financial Algorithm Metric Target Organic Net Sales Growth1 Low Single Digits Adj. Operating Margin1 Mid to High Teens Adj. Diluted EPS1 from Cont. Ops. Growth Mid to High Single Digits Cash Flows from Operations > $1.2 billion annually CapEx % of Net Sales ~4% to 5% Dividend Payout Ratio
Slide 104: Why Conagra Is a Compelling Investment Opportunity
Why Conagra Is a Compelling Investment Opportunity 1 The future of Frozen and Snacks is bright 2 Underlying volume and share performance is strong 3 Superior free cash flow supports continued debt paydow n 4 Strong dividend remains key in our balanced capital allocation 104
Slide 105: Appendix
APPENDIX 4, Vy CrFa CONAGRA BRANDS-
Slide 106: Notes on Non-GAAP Financial Measures
Notes on Non-GAAP Financial Measures This document includes certain non-GAAP financial measures. Management considers GAAP financial measures as well as such non-GAAP financial information in its evaluation of the company’s financial statements and believes these non-GAAP financial measures provide
Slide 107: Reconciliation of Free Cash Flow & Conversion Rate
Reconciliation of FY24, Q2 FY24 YTD, Q2 FY25 YTD, and Q2 FY25 TTM Free Cash Flow (in millions) & Conversion Rate FY24 Q2 FY24 YTD Q2 FY25 YTD Q2 FY25 TTM (a) (b) (c) (a)-(b)+(c) Net income attributable to Conagra Brands, Inc. $ 347.2 $ 605.9 $ 751.3 $ 492.6 Restructuring plans 49.9 20.8 63.6 92.7 Ac
Slide 108: Reconciliation of Q2 FY25 Organic Net Sales
Reconciliation of Q2 FY25 Organic Net Sales (in millions) & YOY Change Q2 FY25 Total Conagra Brands Net Sales $ 3,195.1 Impact of foreign exchange 9.8 Net sales from acquired businesses (11.2) Organic Net Sales $ 3,193.7 Year-over-year change - Net Sales (0.4)% Impact of foreign exchange (pp) 0.3 Ne
Slide 109: Reconciliation of Q2 FY25 YTD Organic Net Sales
Reconciliation of Q2 FY25 YTD Organic Net Sales (in millions) & YOY Change Q2 FY25 YTD Total Conagra Brands Net Sales $ 5,990.0 1 Impact of foreign exchange 18.5 Net sales from acquired businesses (14.1) Net sales from divested businesses (23.6) Organic Net Sales $ 5,970.8 Year-over-year change - Ne
Slide 110: Reconciliation of Q2 FY25 Adj. Gross Margin and Adj. EPS
Reconciliation of Q2 FY25 Adj. Gross Margin, Adj. Gross Profit, (in millions) and Adj. EPS – YOY Change Diluted EPS from income attributable to Conagra Brands, Inc common Q2FY25 Gross profit Operating profit 1 stockholders GAAP Reported $ 846.7 $ 402.6 $ 0.59 % of Net Sales 26.5% 12.6% Restructuring
Slide 111: Reconciliation of Q2 FY24 Adj. Gross Margin and Adj. EPS
Reconciliation of Q2 FY25 Adj. Gross Margin, Adj. Gross Profit, (in millions) and Adj. EPS – YOY Change Cont. Diluted EPS from income attributable to Conagra Brands, Inc common Q2FY24 Gross profit Operating profit 1 stockholders GAAP Reported $ 846.6 $ 448.5 $ 0.60 % of Net Sales 26.4% 14.0% Restruc
Slide 112: Reconciliation of Q2 YTD FY25 Adj. Gross Margin and Adj. EPS
Reconciliation of Q2 YTD FY25 Adj. Gross Margin, Adj. Gross Profit, (in millions) and Adj. EPS – YOY Change Diluted EPS from income attributable to Conagra Brands, Inc common Q2FY25 YTD Gross profit Operating profit 1 stockholders GAAP Reported $ 1,586.0 $ 804.2 $ 1.57 % of Net Sales 26.5% 13.4% Res
Slide 113: Reconciliation of Q2 FY24 YTD Adj. Gross Margin and Adj. EPS
Reconciliation of Q2 FY25 YTD Adj. Gross Margin, Adj. Gross Profit, (in millions) and Adj. EPS – YOY Change Cont. Diluted EPS from income attributable to Conagra Brands, Inc common Q2FY24 YTD Gross profit Operating profit 1 stockholders GAAP Reported $ 1,669.7 $ 937.5 $ 1.26 % of Net Sales 27.3% 15.