Slide 1: FY26 Q4 Earnings Presentation
FY26 Q4 Earnings Presentation July 15, 2026 1
Slide 2: Legal Disclosure
Legal Disclosure Note on Forward-Looking Statements The presentation contains forward-looking statements regarding our expected future financial performance or position, results of operations, business strategy, plans and objectives, costs and cost savings, and dividends, and other statements that
Slide 3: John Brase, President and Chief Executive Officer
John Brase President and Chief Executive Officer 3
Slide 4: Early Impressions
Early Impressions Iconic brands in attractive categories Strong innovation capabilities Advanced technology foundation and roadmap to leverage AI Strong team and culture 4
Slide 5: Opportunities For Improvement
Opportunities For Improvement Focus between volume and margin is imbalanced Insufficient investments in our brands and supply chain Portfolio and supply chain are too complex Financial flexibility constrained by elevated leverage and dividend payout 5
Slide 6: Priorities to Build a Strong Foundation for Growth
Priorities to Build a Strong Foundation for Growth Increase Stabilize & Simplify & Rebalance Investment Restore Reduce Capital in Brands & Margins Complexity Allocation Supply Chain 6
Slide 7: Stabilize and Restore Margins
Stabilize and Restore Margins Deliver • Drive productivity of greater than 4% Productivity • Emphasize agility and speed across organization Strengthen • Strategic, inflation-justified pricing actions with a focus on Frozen Price/Mix • Prioritize profitable growth to support margin recovery 7
Slide 8: Increase Investment in Our Brands and Supply Chain to Drive Growth and Resiliency
Increase Investment in Our Brands and Supply Chain to Drive Growth and Resiliency • Increase A&P to ~3% of net sales, up 14% year over year Increase A&P • Drive growth in meat snacks and frozen meals • Accelerate in-sourcing and modernization to unlock cost savings Increase CapEx • Increase supply r
Slide 9: Reduce Complexity Through Simplification and Prioritization
Reduce Complexity Through Simplification and Prioritization Drive Portfolio • Actively manage SKUs for stronger growth and better margins Simplicity • Evaluate strategic options for non-core businesses • Redesign core work processes with advanced technology Drive Project Catalyst • Support working c
Slide 10: Reset Dividend to Accelerate Deleveraging and Increase Financial Flexibility
Reset Dividend to Accelerate Deleveraging and Increase Financial Flexibility Proactively realigns capital allocation to a more balanced approach Accelerates progress to 3.0x leverage target Supports key investments including increased CapEx and A&P Increases strategic flexibility and portfolio shapi
Slide 11: FY27 Guidance
FY27 Guidance Metric Guidance Organic Net Sales1 Change (vs. FY26) (3)% to (1)% Adj. Operating Margin1 10.0% to 10.5% Adj. EPS1 $1.40 to $1.50 1. Forward-looking non-GAAP financial measure. See the appendix for more information. 11
Slide 12: Dave Marberger, Executive Vice President and Chief Financial Officer
Dave Marberger Executive Vice President and Chief Financial Officer 12
Slide 13: Q4 and Full Year FY26 Results
Q4 and Full Year FY26 Results Dollars in Millions, except per share data Q4 FY26 Increase/(Decrease) Q4 FY26 vs. YA vs. YA Organic Net Sales1 $2,665 ~Flat $11,024 (0.4)% Adj. Gross Margin1 24.5% (130) bps 24.0% (175) bps Adj. Operating Margin1 11.7% (215) bps 11.3% (274) bps Adj. EPS1 $0.47 (16.1)%
Slide 14: Q4 Net Sales Bridge vs. Year Ago
Q4 Net Sales Bridge vs. Year Ago Q4 Drivers of Net Sales Change (% Change vs. YA) Organic Net Sales1: ~Flat +7.7% +3.6% +1.6% +0.5% (1.6)% (4.6)% Volume Price/Mix Foreign M&A 53rd Total Exchange Week Conagra Brands 1. Non-GAAP financial measure. See the appendix for certain definitions and reconcili
Slide 15: Q4 Net Sales by Segment
Q4 Net Sales by Segment Dollars in Millions Increase/(Decrease) Change vs. YA 1 1 Q4 Reported Q4 Organic1 Price/Mix Volume Net Sales Net Sales Grocery & Snacks $1,154 +0.5% +4.0% (3.5)% Refrigerated & Frozen 1,181 (0.5)% (0.8)% +0.3% International 244 (2.4)% +0.6% (3.0)% Foodservice 302 +1.8% +2.6%
Slide 16: Total Conagra Q4 Dollar Consumption ~Flat With Growth in Frozen and Snacks
Total Conagra Q4 Dollar Consumption ~Flat With Growth in Frozen and Snacks Total CAG Consumption: ~Flat Dollars; (2)% Volume Frozen Snacks Staples +0.4% Dollars +1.9% Dollars (2.6)% Dollars +3.0% Volume (3.0)% Volume (6.8)% Volume Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom
Slide 17: Q4 Adjusted Operating Margin Bridge
Q4 Adjusted Operating Margin1 Bridge Q4 Adjusted Operating Margin1 (% Change vs. YA) +0.9% 13.8% +2.5% +0.3% 11.7% (0.7)% (0.2)% (4.9)% 1 Q4 FY25 Price/Mix COGS Productivity, Adj. SG&A FX / M&A 53rd Q4 FY26 Inflation Net of (incl. A&P) Week Operational Offsets 1. Non-GAAP financial measure. See the
Slide 18: Q4 Segment Adjusted Operating Profit & Margin
Q4 Segment Adjusted Operating Profit1 & Margin1 Q4 Adjusted Operating Profit1 & Margin1 Dollars in Millions Increase/(Decrease) Adj. Op. Profit1 1 Adj. Op. Margin 1 1 Q4 vs. YA Q4 vs. YA Grocery & Snacks $216 (4.1)% 18.7% (87) bps Refrigerated & Frozen 139 (18.5)% 11.8% (343) bps International 33 (7
Slide 19: Q4 Adjusted EPS Bridge
Q4 Adjusted EPS1 Bridge Drivers of Q4 Adjusted EPS1 vs. YA $0.56 Flat $0.05 $0.47 $0.01 ($0.10) ($0.03) ($0.02) 1 Q4 FY25 Adj. Adj. Pension Adj. Equity Adj. FX / M&A 53rd Week Q4 FY26 1 Adj. EPS 1 Op. Profit & Interest Earnings1 Income Tax Adj. EPS 1 (inclusive of Expense 1 Ardent Mills) 1. Non-GAAP
Slide 20: Key Balance Sheet & Cash Flow Metrics
Key Balance Sheet & Cash Flow Metrics Q4 FY26 Q4 FY25 Dollars in millions Debt $7,268 $8,068 Cash $218 $68 Ending Net Debt1 $7,050 $8,000 Net Leverage Ratio2 3.83x 3.60x FY26 FY25 Dollars in millions Net Cash Flow from Operating Activities $1,402 $1,692 Capital Expenditures $423 $389 Free Cash Flow1
Slide 21: Dividend Update
Dividend Update • Board of Directors approved quarterly dividend at an annualized rate of $0.70 per share, representing a 50% reduction • Accelerates progress to 3.0x leverage target through ~$335 mm annualized increase in discretionary cash flow, increasing strategic flexibility • Resets payout rat
Slide 22: FY27 Guidance
FY27 Guidance Metric Guidance Commentary • Strategic, inflation-justified pricing with Organic Net Sales1 (3)% to (1)% elasticity-related volume impacts (Change vs. FY26) • Increasing A&P investment to ~3.0% of sales • Inflation (incl. tariff wrap) ~5-6% 1 Adj. Operating Margin 10.0% to 10.5% • Prod
Slide 23: Other Fiscal 2027 Considerations
Other Fiscal 2027 Considerations Q1 FY27 Considerations: • Organic net sales1 expected down low-single digits • Heightened inflation driven by logistics and oil-related pressures • Full year tariff wrap of ~$40 mm over-indexes to Q1 • Adj. Operating Margin1 of high-single digits Full Year Considerat
Slide 24: Closing Messages
Closing Messages Energized by the opportunities that lie ahead Taking bold action to build a strong foundation for long-term growth Focused on reducing complexity Actively developing long-term strategy; will share more in early calendar 2027 24
Slide 25: Appendix
<b VY wbx CONAGRA “BRANDS -° Appendix
Slide 26: Notes on Non-GAAP Financial Measures
Notes on Non-GAAP Financial Measures Note on Non-GAAP Financial Measures This document includes certain non-GAAP financial measures (organic net sales, adjusted gross margin, adjusted operating profit, adjusted operating margin, adjusted corporate expense, adjusted SG&A (excl A&P), adjusted EPS, adj
Slide 27: Q4 FY26 Organic Net Sales by Segment – YOY Change
Reconciliation of Q4 FY26 Organic Net Sales by Segment (in millions) – YOY Change 1 1 1. Excludes the impact of foreign exchange related to divested businesses. 27
Slide 28: FY26 Organic Net Sales by Segment – YOY Change
Reconciliation of FY26 Organic Net Sales by Segment (in millions) – YOY Change 1 1 1. Excludes the impact of foreign exchange related to divested businesses. 28
Slide 29: Q4 FY26 Adj. Operating Profit by Segment – YOY Change
Reconciliation of Q4 FY26 Adj. Operating Profit by Segment (in millions) – YOY Change 29
Slide 30: FY26 Adj. Operating Profit by Segment – YOY Change
Reconciliation of FY26 Adj. Operating Profit by Segment (in millions) – YOY Change 30
Slide 31: FY26 Adj. Operating Profit by Segment – YOY Change Cont'd.
Reconciliation of FY26 Adj. Operating Profit by Segment (in millions) – YOY Change Cont’d. 31
Slide 32: Q4 FY26 Adj. Gross Margin, Gross Profit, SG&A, Net Income and EPS
Reconciliation of Q4 FY26 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, (in millions) and Adj. EPS – YOY Change 1. Includes advertising and promotion (A&P) expense of $67.3 million and $62.1 million for Q4 FY26 and Q4 FY25, respectively. A&P as a percentage of net sales was 2.3%
Slide 33: Q4 FY26 Adj. Gross Margin, Gross Profit, SG&A, Net Income and EPS Cont.
Reconciliation of Q4 FY26 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, (in millions) and Adj. EPS – YOY Change Cont. 1. Includes advertising and promotion (A&P) expense of $67.3 million and $62.1 million for Q4 FY26 and Q4 FY25, respectively. A&P as a percentage of net sales was
Slide 34: FY26 Adj. Gross Margin, Gross Profit, SG&A, Net Income and EPS
Reconciliation of FY26 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, (in millions) and Adj. EPS – YOY Change 1. Includes advertising and promotion (A&P) expense of $279.4 million and $263.2 million for FY26 and FY25, respectively. A&P as a percentage of net sales was 2.5% and 2.3
Slide 35: FY26 Adj. Gross Margin, Gross Profit, SG&A, Net Income and EPS Cont.
Reconciliation of FY26 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, (in millions) and Adj. EPS – YOY Change Cont. 1. Includes advertising and promotion (A&P) expense of $279.4 million and $263.2 million for FY26 and FY25, respectively. A&P as a percentage of net sales was 2.5% a
Slide 36: FY25 and FY26 Free Cash Flow and Net Debt
Reconciliation of FY25 and FY26 Free Cash Flow and Net Debt (in millions) – YOY Change 36
Slide 37: FY25 and FY26 Free Cash Flow Conversion
Reconciliation of FY25 and FY26 Free Cash Flow Conversion FY25 FY26 Net income (loss) attributable to Conagra Brands, Inc. $ 1,152.4 $ (1,916.2) Restructuring plans 77.0 34.6 Acquisitions and divestitures 0.9 1.1 Corporate hedging derivative losses (gains) (6.2) (2.7) Fire related insurance recoveri
Slide 38: Q4 FY26 Net Leverage Ratio
Reconciliation of Q4 FY26 Net Leverage Ratio (in millions) 1. As of May 31, 2026. 2. Excludes comparability items related to depreciation. 3. The company defines its net debt leverage ratio as net debt divided by adjusted EBITDA for the trailing twelve-month (TTM) period. 38
Slide 39: Q4 FY25 Net Leverage Ratio
Reconciliation of Q4 FY25 Net Leverage Ratio (in millions) 1. As of May 25, 2025. 2. Excludes comparability items related to depreciation. 3. The company defines its net debt leverage ratio as net debt divided by adjusted EBITDA for the trailing twelve-month (TTM) period. 39
Slide 40: Q4 and FY26 Adj. Pension and Adj. Equity Method Investment Earnings
Reconciliation of Q4 and FY26 Adj. Pension and Adj. Equity Method Investment Earnings (in millions) 40