Conagra Brands, Inc. · NYSE:CAG
Conagra Brands — CAGNY 2026
103 slides from Conagra Brands's conference presentation, February 2026
Slide 1: Sean Connolly, CAGNY 2026
SEAN CONNOLLY PRESI DEN T AN D CHI EF EXEC UT IVE OFF I CER C A G N Y 2 0 2 6 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: Today's Agenda
Today’s Agenda 1 Wh o We Ar e & Wh er e Th i n g s S t an d Sean Connolly Pr e s id en t a nd Ch ie f E xe c uti ve Off ic er 2 W i n n i n g T h e B a t t l e f o r S . R . P. (Sup erio r R ela ti ve Provoca ti vene ss) Bob Nolan Se n ior Vic e Pr e si de nt, Gr o wth Sc ie n ce 3 Fi n a n ci a l U
Slide 4: Who We Are
Who We Are SCALED & AT T R A C T I V E M A R K E T- L E A D I N G U. S . C EN TRI C C AT E G O R I E S BRANDS Net Sales by Geography Private Label Dollar Share Share of Portfolio Revenue 26% International 8% 81 % 17% $12B Brands Ranked #1 or #2 92% Domestic Total Edible ex. Conagra Categories Bevera
Slide 5: Our Brands Offer Something for Everyone
Our Brands Offer Something for Everyone PREMIUM QUALITY G R E AT VA L U E INSURGENT BRANDS 5
Slide 6: 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 6
Slide 7: Our Portfolio Has Three Distinct Domains With Clear Strategies
Our Portfolio Has Three Distinct Domains With Clear Strategies FROZEN SN ACKS S TA P L E S G RO W T H G RO W T H CASH 7 0 % of portfolio retail sales 7 Source: Circana POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, Dollar Sales, 52 Weeks Ended December 21, 2025.
Slide 8: Scaled Portfolio That Is Highly Focused
Scaled Portfolio That Is Highly Focused U.S. CENTRICITY CORE RETAIL FOCUS 92% of net sales in Domestic U.S. ~ 60% of retail sales from Top 5 Customers 6 PLATFORMS ~ 75% portfolio share of Top 15 Brands Meals Protein Salty Snacks Sides Enhancers Sweet Treats PLATFORM ORIENTATION BRAND SCALE 8 Source:
Slide 9: Brand Building Begins With the Food
Brand Building Begins With the Food RELENTLESS CLOSE FOCUSED INNOVATION PARTNERSHIP A&P in Product & with Retail on Social Packaging Investment Customers and Digital 9
Slide 10: Portfolio Well Positioned for Health and Wellness Environment
Our Portfolio Is Well Positioned To Navigate the Current Health and Wellness Environment H E A LT H I E R PRODUCTS N O A R T I F I C I A L COLORS C L E A N INGREDIENTS 100% of Frozen portfolio 65% of portfolio retail sales Peer-leading share of sales free from artificial colors; feature cleaner labe
Slide 11: We Lead the Peer Set in Share From Healthier Products
We Lead the Peer Set in Share From Healthier Products Share of Sales From Healthier Products Access to Nutrition Initiative Global Index Peer A Peer B Peer C Peer D Peer E Peer F 11 Source: Access To Nutrition Initiative (ATNI) Global Index 2024, Comparison is to U.S. based companies assessed by ATN
Slide 12: We're Continuing To Build Momentum Across the Portfolio
We’re Continuing To Build Momentum Across the Portfolio Conagra Volume Sales Conagra Dollar Sales (% Change vs. YA) (% Change vs. YA) +4.5% +2.4% 75 % of Frozen & Snacks Portfolio Holding or Gaining Volume Share +0.1% in L13 Weeks vs. YA (1.7)% (1.6)% (2.1)% L52W L13W L4W L52W L13W L4W 12 Source: Ci
Slide 13: Investments in Frozen Have Driven Strong Volume Improvement
Investments in Frozen Have Driven Strong Volume Improvement Conagra Frozen Retail Sales (% Change vs. YA) 83 % of Frozen Holding or Gaining Volume Share in L13 Volume Dollars Weeks vs. YA Peak Supply Impacts +1.7% (0.2)% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY26 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 F
Slide 14: Snacks Performance Strong and Outperforming Broader Category
Snacks Performance Strong and Outperforming Broader Category Conagra Snacks Retail Dollar Sales (% Change vs. YA) Conagra Snacks Conagra Snacks Categories +5.3% +3.3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY26 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 FY26 FY26 To Date 14 Source: Circana Syndicated Weekly,
Slide 15: Questions We Will Address Today
Questions We Will Address Today 1 2 1 What will s epa rat e How is winne rs f rom los ers Cona gra Bra nds in the purs uit of positioned to na viga te growt h? t his e nvironme nt? 15
Slide 16: What We Want You To Take Away
What We Want You To Take Away Na viga ting c hange is not a new concept for Food CPGs…but not ev ery 1 c ompany will pe rform equa lly S uperior Re lat ive Prov oca tiv ene ss (S .R.P.) is the key to category 2 and brand vitality Winning the battle for S.R.P. is about opt imizing your ‘be nef it bun
Slide 17: Bob Nolan, CAGNY 2026
BOB NOLAN S E N I O R V I C E P R E S I D E N T, G R O W T H S C I E N C E C A G N Y 2 0 2 6 17
Slide 18: Winning the Battle for Superior Relative Provocativeness
WINNING THE BATTLE FOR SUPERIOR RELATIVE PROVOCATIVENESS
Slide 19: Winning the Battle for Superior Relative Provocativeness
WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS 1 2 3 KNOW YOUR INNOVATE AMPLIFY CONSUMER & THE BEST IMPACT IN HOW THEY ARE BUNDLE OF THE MARKET CHANGING BENEFITS 19
Slide 20: Winning the Battle for Superior Relative Provocativeness
WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS 1 2 3 KNOW YOUR INNOVATE AMPLIFY CONSUMER & THE BEST IMPACT IN HOW THEY ARE BUNDLE OF THE MARKET CHANGING BENEFITS 20
Slide 21: Knowing Your Consumer Is Critical
KNOWING YOUR CONSUMER IS CRITICAL CONSUMERS ARE UNDERSTAND PROVOCATIVE DIVERSE HOW T HEY TH IN K SOLU TI ONS WI N Consumers today Deep insight into how they Design experiences don’t fit a single mold think and what they need consumers choose in an fuels relevance overcrowded world 21
Slide 22: We Focus on Seeing & Acting Upon What Others Do Not
WE FOCUS ON SEEING & ACTING UPON WHAT OTHERS DO NOT UNLOCK POWER OF LARGE DATA TO PREDICT REAL CONSUMER BEHAVIOR 22
Slide 23: AI Accelerates Consumer Insight in Real-Time
AI ACCELERATES CONSUMER INSIGHT IN REAL-TIME E X PA N D I N G A I - G E N E R AT E D FA S T E R & S U P E R I O R O U R D A TA C O R E I NT EL LI GEN CE I NS I GHTS Cleansing, enriching and AI-models produce clear patterns, Scaled, agile opportunity connecting disparate datasets signals and decision
Slide 24: Consumer Behavior Is Changing
CONSUMER BEHAVIOR IS CHANGING WHO CONSUMERS ARE HOW CONSUMERS EAT WHERE CONSUMERS SHOP 24
Slide 25: The Middle Class Is Shrinking in Size and Buying Power
THE MIDDLE CLASS IS SHRINKING IN SIZE AND BUYING POWER SHARE OF U.S. POPULATION BY INCOME GROUP Lower Middle Upper 2023 30% 51% 19% -19pts MIDDLE CLASS share decline of HOUSEHOLD INCOME 1971 27% 61% 11% 25 Source: Pew Research Center, “The State of the American Middle Class”, 2024, Share of U.S. hou
Slide 26: Lower-Income Consumers Are Evolving
LOWER-INCOME CONSUMERS ARE EVOLVING; NAVIGATE THE DAY WITH JUST-IN-TIME EATING TWO POLES: 68% are YOUNGER habit-builders and RETIRED fixed-income consumers MAJORITY OF LOWER-INCOME consumers (~60%) do not use SNAP benefits 5 4 % JUST-IN-TIME: QUICK TRIPS with FEWER ITEMS 110 index to Upper-Income So
Slide 27: Upper-Income Consumers Invest in Building Their Pantry
UPPER-INCOME CONSUMERS INVEST IN BUILDING THEIR PANTRY DEAL SEEKERS: 66% MORE LIKELY than lower-income to buy on promotion (Frozen #1) 2X STOCK-UP FOR LATER: Twice as likely to own MULTIPLE FREEZERS BIGGER IS BETTER: Club Channel shoppers 207 index to lower-income households Source: (Top) Circana LL
Slide 28: Gen Z Is Driving Bold, Portable & Better-For-You
GEN Z IS DRIVING BOLD, PORTABLE & BETTER-FOR-YOU HOT & SPICY SNACKS 270 index to older generations FZ HANDHELDS GREW +7% Nearly a time and a half the growth rate of the category BETTER-FOR-YOU FOOD & DRINKS Energy $ Index 178 | “Super Food” $ index 209 Source: (Spicy) Circana LLC, Scan Panel, Total
Slide 29: Millennial Parents Demand Convenience
MILLENNIAL PARENTS DEMAND CONVENIENCE; BUT FAMILIES EAT ADVENTUROUSLY $98B TOTAL F&B SPEND: food expenditure peaks 67% DUAL-INCOME HOUSEHOLDS: time pressures mounting ADVENTUROUS EATS: Eat Mexican, Asian & Ramen 50%+ more often than Gen X Source: (Spend) Circana LLC, Scan Panel, Total US- All Outlet
Slide 30: Aging Adult Needs Are Diverging
AGING ADULT NEEDS ARE DIVERGING; FROM SUPPORT-DRIVEN TO ACTIVELY INDEPENDENT SENIORS DIVIDE INTO TWO SEGMENTS: NEEDING SUPPORT ACTIVE ADULTS 79 % 62 Average retirement age, Nursing Home Occupancy Rate +5 years vs. 1991 Scratch-free prep and Portion-controlled, Single-Serve soft sweet treats Meals fo
Slide 31: External Environment Impacts Where Consumers Shop
EXTERNAL ENVIRONMENT IMPACTS WHERE CONSUMERS SHOP 2020s COVID ONSET HYPER-INFLATION VIRALITY • Broad e-Comm adoption • Rebalance to value- • Rapid discovery orientation • Rise of Click & Collect, • Emerging retailers offering 3rd Party Delivery, • Mass, Club, Dollar, provocative assortments Subscrib
Slide 32: Emerging Channels Are Gaining Share
EMERGING CHANNELS ARE GAINING SHARE KEY GROWTH DRIVERS EMERGING CHANNEL VOLUME SHARE G E N E R AT I O N Z 20.7% 121 SHARE INDEX +3.4pts 18.7% Y O U N G FA M I L I E S 121 SHARE INDEX 17.3% UP PE R-INC OM E 117 SHARE INDEX November 2023 November 2024 November 2025 32 Source: Circana LLC, Scan Panel,
Slide 33: E-Comm & Social Commerce Are Leading Industry Growth
E-COMM & SOCIAL COMMERCE ARE LEADING INDUSTRY GROWTH, DRIVEN BY MULTIPLE AUDIENCES eCommerce Dollar Share 11% Index to Total Households Lower-Income 152 eComm Share of F&B Spend +1.6pts vs. YA 143 52% Gen Z 58% of Gen Z used social media to find new products they Millennial 132 eComm contribution to
Slide 34: Winning the Battle for Superior Relative Provocativeness
WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS 1 2 3 KNOW YOUR INNOVATE AMPLIFY CONSUMER & THE BEST IMPACT IN HOW THEY ARE BUNDLE OF THE MARKET CHANGING BENEFITS 34
Slide 35: Consumers Value Four Benefit Areas: Taste, Economy, Convenience, Health
CONSUMERS VALUE FOUR BENEFIT AREAS… OPTIMIZING THE MIX IS KEY KEY QUESTIONS T ASTE Do I crave it? E CONOMY Is the value compelling? C ONVENIENCE Does it make my life easier? H EALTH Is it aligned with my wellness priorities? 35
Slide 36: Global, Bold and Authentic Flavors Aligned With Future Audiences
T GLOBAL, BOLD AND AUTHENTIC FLAVORS ARE ALIGNED WITH AUDIENCES OF THE FUTURE TASTE G L O B A L DISHES $37B, +15% vs. 3YA Indian | Korean BBQ | Cajun B O L D FLAVORS $14B, +20% vs. 3YA Hot Honey | Chipotle | Habanero C O M F O R T RECIPES $101B, +8% vs. 3YA Southern | Barbeque | Italian 36 Source: C
Slide 37: Value Seeking Is Taking on Many Forms
E VALUE SEEKING IS TAKING ON MANY FORMS ECONOMY BASKET CHANNEL PRICING STRATEGIES BY INCOME GROUP LOWER & MIDDLE MEAL STRE TCHERS P R I O R I T I Z E VA L U E AFFORD ABLE OPTIONS Refrigerated Meat | Frozen Chicken +3% Dollar Channel +2% Value Tier Dry Beans & Vegetables | Rice +4% Private Label UPPE
Slide 38: Convenience Manifests in Different Ways at Different Times
C CONVENIENCE CONVENIENCE MANIFESTS IN DIFFERENT WAYS AT DIFFERENT TIMES CO NV E NI E NT PR E P F L E X I B L E F O R M AT S ESSENTIAL FOR MEAL-TIME SOLUTIONS FOR CONSUMERS INCREASINGLY ON-THE-GO 77% +12% Main Meals Prepared <15 mins Snacks Eaten On-the-Go vs. 3YA 43% +21% Nutrition & Protein Shake
Slide 39: Health Goals Are More Individualized
H HEALTH HEALTH GOALS ARE MORE INDIVIDUALIZED, MOVING BEYOND ONE UNIVERSAL PLAYBOOK TOTAL MODERN HEALTH Food and Beverage Retail Sales $324B +11% Modern Health Claims Dollar Sales vs. 3YA High Protein Fiber No Seed Oil Zero Sugar Grass Fed Weight Loss & Management 39 Source: Circana LLC, POS, Total
Slide 40: GLP-1 Usage Continues Steady Growth
H GLP-1 USAGE CONTINUES STEADY GROWTH AS ACCESSIBILITY INCREASES HEALTH EXPANDING CONSUMER EMERGING ATTRIBUTES GLP-1 PENETRATION NEEDS & USAGE 8% Portion High WEIGHT LOSS Control Protein of U.S. Adults TODAY 67% Fiber Rich Fruits & Vegetables 10%+ DIABETIC NEED of U.S. Adults TOMORROW 49% 40 Source:
Slide 41: Our Recipe for Success
OUR RECIPE FOR SUCCESS T ASTE E CONOMY C ONVENIENCE H EALTH REAL-TIME DYNAMIC T.E.C.H. PROVOCATIVE SOLUTIONS CONSUMER SIGNALS BUNDLE OPTIMIZATION Innovation | Channels | Marketing 41
Slide 42: Stimulation-Seeking Society Requires Relentless Innovation
TODAY’S STIMULATION-SEEKING SOCIETY REQUIRES INNOVATION AT A RELENTLESS PACE “Dual-Screening” TikTok virality can occur 55% 85% in as little as of Gen Z & Millennials of Gen Z are engaging with 2+ screens at a time 11s have tried a F&B item from social media 42 Source: (Dual) PWC, 2026; (Virality) T
Slide 43: More Ways To Meet Consumers Where They Are
AND MORE WAYS TO MEET CONSUMERS WHERE THEY ARE ICONIC INSURGENT BRANDS BRANDS WIN AT SCALE IN GROW IN CORE CHANNELS EMERGING CHANNELS WITH BROAD ASSORTMENT WITH CURATED ASSORTMENT 43
Slide 44: Innovation Has Been the Fuel to Our Success
INNOVATION HAS BEEN THE FUEL TO OUR SUCCESS $1.4B >$300 MM +36% SUSTAINABLE IMPACTFUL VELOCITY GR OWTH Average annual retail sales from Retail sales from innovation FY25 Launches vs. FY24 innovation launches in past 5 years launched in FY25 alone Dolly Parton owns all rights to the Dolly and DOLLY P
Slide 45: Banquet Mega XL
BOLD FLAVOR | PROTEIN PACKED BANQUET MEGA XL FROZEN HIGH PROTEIN: $13B | +13% VOL % vs. YA 45 45 Source: Circana LLC, POS, Total US - MULO+ with Convenience, Total Frozen Department, 52 Weeks Ended October 19, 2025 vs. October 20, 2024. NIQ Product Explorer, Powered by Label Insight Contains “High
Slide 46: Mega Tenders
BANQUET MEGA CHICKEN MEGA TENDERS BUILDING ON $52MM INITIAL LAUNCH 46 46 Source: Source:Circana LLC, POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 21, 2025
Slide 47: Dill Pickle Chicken Filets
BANQUET MEGA MEETS VLASIC DILL PICKLE CHICKEN FILETS PICKLE FLAVORS +21% vs. 3YA 47 47 Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. October 23, 2022. Dollar Sales % Change.
Slide 48: Mega Breakfast Bowls
BIG PROTEIN | BIG FLAVOR MEGA BREAKFAST BOWLS FZ BREAKFAST OCCASIONS +4% 4YR CAGR 48 48 Source: Circana/National Eating Trends®; Sourced from Home/Retail, Occasions, 4 Years Ended August 2025 vs. 2021 on a compound annual growth rate basis.
Slide 49: Mini Sandwiches
CRAVEABLE BREAKFAST BITES MINI SANDWICHES FZ BREAKFAST HANDHELDS $2.8B 49 49 Source: Circana LLC, POS, Total US MULO+ With Convenience, Syndicated Hierarchy, 52 Weeks Ended December 21, 2025
Slide 50: Family Size Meals
ELEVATED IN-HOME EXPERIENCE FAMILY SIZE MEALS NEW PLATFORM ALREADY $14MM 50 Source: Circana LLC, POS, Total MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 21, 2025
Slide 51: Steakhouse Sides
ELEVATED AT-HOME CONVENIENCE STEAKHOUSE SIDES STEAKHOUSE FOODSERVICE SALES $27B | +6% vs. YA 51 51 Source: Technomic, “Top 500 Chain Restaurant Report 2025”, Full-Service Steak Restaurants 2024 U.S. Sales vs. 2023
Slide 52: Protein Veggie Sides
CONVENIENT SIDES PROTEIN VEGGIE SIDES HIGH PROTEIN RETAIL SALES: $30B | VOL +9% vs. YA Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks Ended October 20, 2024. 52 52 NIQ Product Explorer, Powered by Label Insight Contains “
Slide 53: Japanese BBQ Chicken
TAKE-OUT STYLE AT HOME JAPANESE BBQ CHICKEN AUTHENTIC GLOBAL RECIPES 53 53 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.
Slide 54: Empanadas
GLOBAL FLAVOR HANDHELDS EMPANADAS EMPANADA MENU PENETRATION +8% vs. YA FPO 54 For Placement Only, Packaging subject to change Source: Datassential, Menu Trends: US Chains & Independents, 12 Months Ended Q3 CY2025 vs. 12 Months Ended Q3 CY2024
Slide 55: High Protein Bowls
AUTHENTIC GLOBAL CUISINE HIGH PROTEIN BOWLS CHIPOTLE FLAVORS: +10% VOL vs. YA FPO 55 For Placement Only, Packaging subject to change Source: Circana LLC POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks Ended October 20, 2024
Slide 56: Protein Bowls
NO SEED OIL PROTEIN BOWLS NO ARTIFICIAL INGREDIENTS 56
Slide 57: Purple Carrot
VEGETABLE-FORWARD MEALS PURPLE CARROT VEGAN RETAIL SALES: $21B | +11% 3YR $ CAGR The Purple Carrot Trademark is being used under license from Three Limes, inc. d/b/a “The Purple Carrot” 57 Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 20
Slide 58: Extra Crispy Chick'n
NO SOY INGREDIENTS & NON-GMO EXTRA CRISPY CHICK’N SOY FREE: +6% 4YR $ CAGR Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Edible excluding Beverages, 52 Weeks Ended December 21, 2025 vs. 52 Weeks December 26, 2021 on a compound annual growth rate basis; 58 58 Dollar
Slide 59: Dolly's Cookies 'n Custard Cups
SINGLE-SERVE SWEETNESS DOLLY’S COOKIES ’N CUSTARD CUPS SOUTHERN COMFORT & INDULGENCE 59 59 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.®
Slide 60: Hand Pies
CONVENIENT INDULGENCE HAND PIES SWEET HANDHELDS: $1.5B | +14% 3YR $ CAGR 60 Source: Circana LLC, POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, Frozen Handhelds, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis; Dollar Sales 3YR CA
Slide 61: Indian Cuisine
CHEF-INSPIRED INDIAN CUISINE INDIAN RETAIL SALES: $603MM +10% 3YR $ CAGR 61 Note: Marigold brand is exclusive to Canadian market. Source: Circana LLC, POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Total Edible, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound
Slide 62: Sweetwood Ranch Angus Sliders
UNLOCKING NEW CATEGORIES SWEETWOOD RANCH ANGUS SLIDERS FZ HANDHELDS & APPS: $9B 62 Source: Circana LLC, POS, Total US MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended December 21, 2025
Slide 63: Slim Jim Cheese Mode
BOLD FLAVOR ON-THE-GO SLIM JIM CHEESE MODE #1 MEAT STICK BRAND 63 63 Source: Circana LLC, POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, Meat Sticks Sub-Category, 52 Weeks Ended December 21, 2025. Ranking based on Dollar Sales.
Slide 64: Buffalo Wild Wings Meet Slim Jim
THE BOLD FLAVORS OF BUFFALO WILD WINGS MEET SLIM JIM NEW CHANNEL EXPANSION 64 64 BUFFALO WILD WINGS® and all related logos and trademarks of BUFFALO WILD WINGS, INC. Manufactured under license.
Slide 65: Grass-Fed Beef
MADE WITH ADDED BONE BROTH GRASS-FED BEEF CLUB CHANNEL EXPANSION 65 65
Slide 66: Meat the Fatty
WINNING WITH YOUNGER CONSUMERS MEAT THE FATTY RETAIL VOLUME SALES +94% vs. YA 66 66 Source: Circana LLC, POS, Total US-MULO+ with Convenience, Conagra Custom Hierarchy, 52 Weeks Ended January 18, 2026 vs. 52 Weeks Ended January19, 2025
Slide 67: Triple Blast Seeds
#1 FLAVORED SEED GOES EVEN BOLDER TRIPLE BLAST SEEDS PICKLE RANCH: +8% 3YR $ CAGR SWEET CHILI: +13% 3YR $ CAGR 67 Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis, Dol
Slide 68: Cinnamon Churro Popcorn
PERMISSIBLE INDULGENCE | BOLD FLAVORS CINNAMON CHURRO POPCORN CHURRO FLAVORS: +11% 3YR $ CAGR 68 68 Source: Circana LLC POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis; Dollar Sales 3YR C
Slide 69: Sea Salt With Avocado Oil
CLEAN LABEL SNACKING SEA SALT WITH AVOCADO OIL NO SEED OIL +120% 3YR VOL CAGR 69 69 Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks October 23, 2022 on a compound annual growth rate basis; Volume Sales 3YR CAGR NIQ Product
Slide 70: The Sweet Taste of Dr Pepper in a Snack
PERFECT PAIRINGS THE SWEET TASTE OF DR PEPPER IN A SNACK DR PEPPER RETAIL SALES: +9% vs. YA DR PEPPER is a trademark of Dr Pepper/Seven Up, Inc., used by Conagra Brands under license. ©2026 Dr Pepper/Seven Up, Inc. 70 70 Source: Circana LLC, POS, Total US-MULO+ With Convenience, Syndicated Hierarchy
Slide 71: Protein Pudding
PERMISSIBLE TREATS PROTEIN PUDDING 8G OF PROTEIN PER CUP FPO 71 71 For Placement Only: Image generated by AI for creative purposes only. Final product composition and product image may differ.
Slide 72: Snack Pack Splash
SNACK PACK SPLASH FRUIT-FLAVORED, CLEAN LABEL SNACKS: RETAIL SALES: +23% vs. 3YA 72 72 Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 vs. 52 Weeks Ended October 22, 2023; includes Fruit-flavored products within the Snacks aisle. NIQ P
Slide 73: Dolly's Blondie Bar Mix
BRINGING HOME COUNTRY BLISS DOLLY’S BLONDIE BAR MIX DOLLY BAKING MIXES: +16% $ vs. YA 73 73 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.®; Source: Circana LLC, POS, Total US MULO+
Slide 74: Peanuts Baking Mixes
FAMILY CLASSICS PEANUTS BAKING MIXES BAKING UP MEMORIES WITH SNOOPY & THE GANG 74 74 © 2026 Peanuts Worldwide LLC
Slide 75: Rebel Roots Tallow Snack Fries
ROOTED IN REAL. MADE FOR REBELS. REBEL ROOTS TALLOW SNACK FRIES MODERN HEALTH SALTY SNACKS $19.5B 75 Source: Circana LLC, Total US MULO+ With Convenience, Syndicated Hierarchy, 52 Weeks Ended October 19, 2025 NIQ Product Explorer, Powered by Label Insight Contains multiple “Modern Health” attributes
Slide 76: Chinese BBQ Sauce
BOLD RESTAURANT FLAVOR AT HOME CHINESE BBQ SAUCE ASIAN BBQ SAUCE $115MM | +14% $ vs. YA For Placement Only, Packaging subject to change 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. 76 76 Source: Circana LLC,
Slide 77: Stubb's Baked Beans
PITMASTER INSPIRED STUBB’S BAKED BEANS STUBB’S RETAIL SALES: +9% vs. 3YA 77 77 Stubb’s and (photo) logo is a trademark of One World Foods, LLC, licensed to Conagra Foods RDM, LLC. Source: Circana LLC, POS, Total US MULO+ with Convenience, Syndicated Hierarchy, 52 Weeks Ended December 21, 2025 vs. 52
Slide 78: Famous Wendy's Chili
BRING HOME THE BACONATOR FAMOUS WENDY’S® CHILI RETAIL SALES: +41% vs. YA 78 78 The Wendy’s name, design and Cameo logo are registered trademarks of Quality Is Our Recipe, LLC. © 2026 Quality Is Our Recipe, LLC Source: Circana LLC, POS, Total US MULO+ With Convenience, Syndicated Hierarchy, 52 Weeks
Slide 79: Winning the Battle for Superior Relative Provocativeness
WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS 1 2 3 KNOW YOUR INNOVATE AMPLIFY CONSUMER & THE BEST IMPACT IN HOW THEY ARE BUNDLE OF THE MARKET CHANGING BENEFITS 79
Slide 80: Market Impact Amplified Through Two Distinct Strategies
MARKET IMPACT IS AMPLIFIED THROUGH TWO DISTINCT STRATEGIES I N - S TO R E ONL INE PHYSICAL DISRUPTION AT SHELF DIGITAL PROVOCATION AT SCALE 80
Slide 81: Utilize Price-Pack Architecture
UTILIZE PRICE-PACK ARCHITECTURE TO DELIVER THE RIGHT SIZE AT THE RIGHT MOMENT L A R G E F O R M AT S M A L L F O R M AT 81 81
Slide 82: Smarter Promotions, Centered on Value
SMARTER PROMOTIONS, CENTERED ON VALUE +9pts Conagra Promo Lifts Q2 FY26 vs. YA MEALS MAKE IT FE ED THE M A D E E A SY AFFORDABLE FA M I LY REAL-TIME AI-ENABLED OPTIMIZATION TABASCO and the DIAMOND and BOTTLE LOGOS are trademarks of and licensed by Mcllhenny Company, Avery Island, Louisiana 70513 USA
Slide 83: Drive Provocativeness via Commercial Innovation
DRIVE PROVOCATIVENESS VIA COMMERCIAL INNOVATION TA P I N T O DISRUPT WITH E X PA N D C U LT U R A L M O M E N T S E Y E - C A T C H I N G D I S P L AY S BR AND R E LE VANC E 83 83 Dolly Parton owns all rights to the Dolly and DOLLY PARTON trademarks, as well as her name, image and likeness, which ar
Slide 84: We Meet Consumers Where They Are
WE MEET CONSUMERS WHERE THEY ARE SPECTRUM OF MEDIA ENGAGEMENT 5+ hours 45% 66% Gen Z average daily time on of total TV usage is of 50-67 YEAR OLDS watch SOCIAL MEDIA ST REA MING at least 3 hours daily of TELE VISION 84 Source: (Left) S&P Global Market Intelligence Kagan third-quarter 2025 Consumer I
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Slide 86: Winning S.R.P. Leads to Peer-Leading Share Growth
WINNING THE BATTLE FOR S.R.P. LEADS TO PEER-LEADING SHARE GROWTH % of Portfolio Holding or Gaining Volume Share vs. 2YA (13 Weeks Ended November 23, 2025) 60% 55% 23% 21% 19% 11% Peer A Peer B Peer C Peer D Peer E 86 Source: Circana POS, Total US-MULO+ with Convenience, Syndicated Hierarchy, Total E
Slide 87: Winning the Battle for Superior Relative Provocativeness
WINNING THE BATTLE FOR S UPERIOR R ELATIVE P ROVOCATIVENESS 1 2 3 KNOW YOUR INNOVATE AMPLIFY CONSUMER & THE BEST IMPACT IN HOW THEY ARE BUNDLE OF THE MARKET CHANGING BENEFITS 87
Slide 88: Dave Marberger, CAGNY 2026
DAVE MARBERGER EVP & CH IEF FI NAN CI AL OF F IC ER C A G N Y 2 0 2 6 88
Slide 89: Positioning Ourselves for a Strong Finish to FY26
Positioning Ourselves for a Strong Finish to FY26 Continue Deliver Focus Maintain Balanced Top Line Supply Chain Relentlessly on Capital Allocation Momentum Service & Savings Cash Flow 89
Slide 90: We're Continuing To Build Momentum Across the Portfolio
We’re Continuing To Build Momentum Across the Portfolio Conagra Volume Sales Conagra Dollar Sales (% Change vs. YA) (% Change vs. YA) +4.5% +2.4% 75 % of Frozen & Snacks Portfolio Holding or Gaining Volume Share +0.1% in L13 Weeks vs. YA (1.7)% (1.6)% (2.1)% L52W L13W L4W L52W L13W L4W 90 Source: Ci
Slide 91: Supply Chain Delivering Service Levels and Cost Savings
Supply Chain Delivering Service Levels and Cost Savings Service Levels1 Cost Savings2 ~98% ~5% ~4% Cost Savings Long-Term Ambition Incl. ~1% Tariff Mitigation FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 YTD Projection Technology & AI Network Optimization Process Improvement Strategic Sourcing 91 1. Inte
Slide 92: Free Cash Flow Conversion Strong and Leading Peers
Free Cash Flow Conversion Strong and Leading Peers Conagra Free Cash Flow Conversion1 Free Cash Flow Conversion1,2,3 (3 Year Average) ~100% ~115% ~90% 90% Prior FY26 Updated FY26 Projection Projection CAG Peers 1. Forward-looking non-GAAP financial measure. See the appendix for more information. 2.
Slide 93: Our Balanced Capital Allocation Approach Is Unchanged
Our Balanced Capital Allocation Approach Is Unchanged… Bu s ine s s In v es t m e nt Di s ci pli ne d M&A Targeted and prioritized Based on strategic and investment to drive returns. financial fit. De b t Re du ct i on Dividends & Buybacks Net leverage ratio1 target of 3.0x Strong dividend payout an
Slide 94: Demonstrated by Our Recent Capital Deployment
…And Is Demonstrated by Our Recent Capital Deployment Conagra Capital Deployment1 Capital Returned to Shareholders2 (Last 12 Months) (LTM, as a % of Adj. Net Income 3) 78% Debt Dividend 74% Paydown 35% 43% Share Repurchase 1% CapEx CAG Peer Avg. 21% 1. Source: CAG Statement of Cash Flows Q3 FY25-Q2
Slide 95: Reaffirming Fiscal 2026 Guidance
Reaffirming Fiscal 2026 Guidance Guidance Organic Net Sales1 Change (vs. FY25) (1)% to +1% Adj. Operating Margin1 ~11.0% to ~11.5% Adj. EPS1 (53 Weeks) $1.70 to $1.85 95 1. Forward-looking non-GAAP financial measure. See the appendix for more information.
Slide 96: Early Perspective on Fiscal '27
Early Perspective on Fiscal ‘27 Free Cash Flow Top Line Margin Project Conversion Momentum Recovery Catalyst Strength 96
Slide 97: Unlocking Opportunity Through Project Catalyst
Unlocking Opportunity Through Project Catalyst Reimagining ways of working Catalyst Highlights • Building upon strong data foundation Connecting • Leveraging new technology & AI to people and technology re-engineer core work processes • Multi-year effort; expected to be accretive to revenue, margin,
Slide 98: Long-Term Financial Algorithm Remains Unchanged
Long-Term Financial Algorithm Remains Unchanged Metric Target Organic Net Sales Growth 1 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% Div
Slide 99: Key Messages
Key Messages Conagra is well posit ion ed to navig ate change in 1 today’s dynam ic environm ent Our appr oach to Superior Rela tive Prov oc ative ne ss 2 (S.R.P.) p rovides the fram ework to win in the ma rketpla ce We are reaf fir ming our FY26 guidance and remain 3 relentless execut ing ag ainst
Slide 100: Appendix
APPENDIX 4, Vy CrFa CONAGRA BRANDS-
Slide 101: 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 (free cash flow and adjusted net income). This appendix provides reco nciliations of the non-GAAP financial measures included in this presentation to the most directly
Slide 102: Reconciliation of FY24 and FY25 Free Cash Flow & Conversion Rate
Reconciliation of FY24 and FY25 Free Cash Flow (in millions) & Conversion Rate FY24 FY25 Net income attributable to Conagra Brands, Inc. $ 347.2 $ 1,152.4 Restructuring plans 49.9 77.0 Acquisitions and divestitures 0.2 0.9 Corporate hedging derivative losses (gains) (12.0) (6.2) Fire related insuran
Slide 103: Reconciliation of LTM Adjusted Net Income
Reconciliation of LTM Adjusted Net Income (in millions) FY25 Q2 FY25 YTD Q2 FY26 YTD Q2 FY26 TTM (a) (b) (c) (a)-(b)+(c) Net income (loss) attributable to Conagra Brands, Inc. $ 1,152.4 $ 751.3 $ (499.1) $ (98.0) Restructuring plans 77.0 63.6 2.2 15.6 Acquisitions and divestitures 0.9 — 1.1 2.0 Corp