Slide 1: FY25 Q4 Earnings Presentation
FY25 Q4 Earnings Presentation July 10, 2025 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, and other statements that are not historical facts. Readers of th
Slide 3: Sean Connolly, President and Chief Executive Officer
Sean Connolly President and Chief Executive Officer 3
Slide 4: Agenda
Agenda FY25 Wrap-up FY26 Overview 4
Slide 5: Agenda
Agenda FY25 Wrap-up FY26 Overview 5
Slide 6: FY25 Wrap-up: Strong First Half Demonstrated Portfolio Strength
FY25 Wrap-up: Strong First Half Demonstrated Portfolio Strength • Invested behind innovation and maximizing consumer value • Strong volume improvement throughout H1 • Market share performance well ahead of peers • Delivered H1 EPS plan 6
Slide 7: Investments in FY25 Innovation Delivered
Investments in FY25 Innovation Delivered >$300 MM Retail sales from innovation launched in FY25 +27% Dollar Growth FY25 Launches vs. FY24 Launches +36% Velocity Improvement FY25 Launches vs. FY24 Launches The Wendy’s name, design and Cameo logo are registered trademarks of Quality Is Our Recipe, LLC
Slide 8: Innovation Success Supported by Return to Historic Merchandising Levels
Innovation Success Was Supported by a Return to Historic Merchandising Levels… Conagra Share of Volume Sales Sold on Promotion (Fiscal Q2) 31% 30% 29% 23% 22% 22% Q2 FY20 Q2 Q2 Q2 Q2 Q2 (Pre-Covid) FY21 FY22 FY23 FY24 FY25 Dolly Parton owns all rights to the Dolly and DOLLY PARTON trademarks, as wel
Slide 9: Return to Domestic Retail Volume Growth in Q2
…Leading to a Return to Domestic Retail Volume Growth in Q2… Total Conagra Domestic Retail Organic Volume & Consumption (% Change vs. YA) 1.0% +0.7% (0.4)% (1.2)% (1.8%) (1.0%) (1.7%) (3.5%) (2.3)% (4.5)% (6.7)% (7.0%) Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Organic Volume Consumption Source
Slide 10: Peer-Leading Share Performance
…and Peer-Leading Share Performance % of Conagra Portfolio Holding or % of Portfolio Holding or Gaining Gaining Volume Share Volume Share (H1 FY25) 66% 66% 67% 67% 57% 87% 29% In Frozen & Above Snacks Nearest 40% 38% Peer1 37% domains 31% 17% 19% 4% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Pe
Slide 11: FY25 Wrap-up: Second Half Was Challenged
FY25 Wrap-up: Second Half Was Challenged • Inflation worsened when we planned for improvement • FX headwinds emerged • Supply constraints in frozen led to missed sales and higher costs • Consumer sentiment further weakened in Q4 11
Slide 12: Inflation Worsened & FX Headwinds Emerged in H2
Inflation Worsened & FX Headwinds Emerged in H2 • H2 inflation planned at <3%; actualized at 4% INFLATION • Protein inflation persisted, and in some cases, worsened FOREIGN • Weaker Canadian Dollar and Mexican Peso impacted EXCHANGE International segment 12
Slide 13: Supply Constraints on Frozen Veg and Meals With Chicken Impacted H2
Supply Constraints on Frozen Veg and Meals With Chicken Impacted H2 Sales and Costs Service Levels Merchandising Incremental Declined Impacted Costs Conagra Frozen Incremental Volume • Increased external manufacturing • Unfavorable fixed cost absorption • Reduced efficiency & productivity H1 H2 H1 Q
Slide 14: Consumer Sentiment Weakened In Q4
Consumer Sentiment Weakened In Q4 Consumer Sentiment Index Q4 FY25 79.0 52.2 1/1/2024 3/1/2024 5/1/2024 7/1/2024 9/1/2024 11/1/2024 1/1/2025 3/1/2025 5/1/2025 Source: University of Michigan: Consumer Sentiment, Index 1966:Q1=100, Monthly, Not Seasonally Adjusted. 14
Slide 15: Agenda
Agenda FY25 Wrap-up FY26 Overview 15
Slide 16: Near-term Environment Remains Challenging
Near-term Environment Remains Challenging • Persistent and protracted Inflation & Cost Pressures • ~4% core COGS inflation expected in FY26 • Tariff rates increased & expanded vs. prior guidance Tariffs & • Incremental ~3% of COGS; annual, gross exposure >$200MM Trade Impacts • Raises total FY26 inf
Slide 17: FY26 Plan: Investing to Restore Growth While Maximizing Cash
FY26 Plan: Investing to Restore Growth While Maximizing Cash and Minimizing Cost • Grow frozen and snacks, investing margin to drive volume • Increase investment in supply chain resiliency • Targeted pricing on canned products • Actively managing for strong productivity and cash flow 17
Slide 18: Growing Frozen and Snacks Is Key
Growing Frozen and Snacks Is Key ~ 7 0 % of portfolio retail sales FROZEN SNACKS +4 % #1 +9 B 91% 40-Yr CAGR Frozen Est. Growth in of CAG Snacks Frozen Meals Manufacturer in Snack Food Growing Volume At-Home Occasions1 North America2 Occasions by 20273 Share vs. YA4 Sources: 1. Circana, National Eat
Slide 19: Investing Margin To Restore Frozen and Snacks Volume Growth
Investing Margin To Restore Frozen and Snacks Volume Growth Strong High-Quality A&P Innovation Merchandising Support 19
Slide 20: Increasing Supply Chain Resiliency Investments
Increasing Supply Chain Resiliency Investments MODERNIZE EXPAND Chicken facility modernization Increasing capacity for resolves constraints on baked fried chicken chicken Supports high-growth Frozen veg challenges innovation areas resolved 20
Slide 21: Targeted Pricing on Canned Products
Targeted Pricing on Canned Products Canned Products • Exposed to steel & aluminum tariffs • Managing margin levers, including pricing The Wendy’s name, design and Cameo logo are registered trademarks of Quality Is Our Recipe, LLC. © 2025 Quality Is Our Recipe, LLC 21
Slide 22: Actively Managing for Strong Productivity & Cash Flow
Actively Managing for Strong Productivity & Cash Flow Accelerating productivity savings Driving out stranded costs from recent divestitures Continuing cash focus, including working capital Invest in CapEx for supply chain resiliency Repay debt Maintain dividend 22
Slide 23: Dave Marberger, Executive Vice President and Chief Financial Officer
Dave Marberger Executive Vice President and Chief Financial Officer 23
Slide 24: Agenda
Agenda Q4 & FY25 Financial Results FY26 Outlook 24
Slide 25: Agenda
Agenda Q4 & FY25 Financial Results FY26 Outlook 25
Slide 26: FY25 Q4 and Full Year Results
FY25 Q4 and Full Year Results Dollars in Millions, except per share data Q4 FY25 Increase/(Decrease) Q4 FY25 vs. YA vs. YA Organic Net Sales1 $2,784 (3.5)% $11,606 (2.9%) Adj. Gross Margin1 25.8% (184) bps 25.7% (194) bps Adj. Operating Margin1 13.8% (96) bps 14.1% (188) bps Adj. EPS1 $0.56 (8.2)% $
Slide 27: 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: (3.5)% (0.2)% (0.6)% (1.0)% (2.5)% (4.3)% Volume Price/Mix Foreign M&A Total (incl. Retailer Exchange Conagra Investments) Brands 1. Non-GAAP financial measure. See the appendix for certain definiti
Slide 28: Net Sales by Segment
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 $1,150 (3.3)% (1.7)% (1.6)% Refrigerated & Frozen 1,122 (4.4)% (2.3)% (2.1)% International 230 +0.8% +4.7% (3.9)% Foodservice 280 (4.3)% +3.3%
Slide 29: Q4 Adjusted Operating Margin Bridge
Q4 Adjusted Operating Margin1 Bridge Q4 Adjusted Operating Margin1 Bridge (% Change vs. YA) Adj. Gross Margin1: (184) bps vs. YA 14.8% +0.9% 13.8% (1.1)% +2.2% (0.1)% (2.9)% 1 Q4 FY24 Price/Mix COGS Productivity, Adj. SG&A FX / M&A Q4 FY25 (incl. Retailer Inflation Net of (incl. A&P) Investments) Op
Slide 30: Segment Adjusted Operating Profit & Margin Summary
Segment Adjusted Operating Profit1 & Margin1 Summary 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 $226 (11.7)% 19.6% (214) bps Refrigerated & Frozen 171 (10.1)% 15.2% (97) bps International
Slide 31: Q4 & FY Adjusted EPS Bridge
Q4 & FY Adjusted EPS1 Bridge Drivers of Q4 Adjusted EPS1 vs. YA $0.61 $0.02 $0.01 $0.56 ($0.06) ($0.01) ($0.01) Q4 FY24 Adj. Adj. Adj. Equity Adj. Taxes 1 FX / M&A Q4 FY25 1 Adj. Op. Pension & Method Adj. 1 EPS Profit 1 Interest Investment EPS 1 Earnings 1 (Ardent Mills, etc) Drivers of FY Adjusted
Slide 32: Cash Flow Metrics
Cash Flow Metrics (dollars in millions) FY25 FY24 Net Cash Flow from Operating Activities $1,692 $2,016 Capital Expenditures $389 $388 Free Cash Flow1 $1,303 $1,628 Dividends Paid $669 $659 Share Repurchases $64 - M&A – Net Cash Outflow $154 - 1. Non-GAAP financial measure. See the appendix for cert
Slide 33: Strong Free Cash Flow Conversion Driving Continued Debt Reduction
Strong Free Cash Flow1 Conversion Driving Continued Debt Reduction Net Debt1 ($ B’s) $8.4 11 8 % Free Cash Flow1 Conversion $8.0 $364MM net debt1 reduction vs. year ago Q4 FY24 Q4 FY25 3.37x 3.60x Net Leverage Ratio2 1. Non-GAAP financial measure. See the appendix for certain definitions and reconci
Slide 34: Agenda
Agenda Q4 & FY25 Financial Results FY26 Outlook 34
Slide 35: Fiscal 2026 Guidance
Fiscal 2026 Guidance 1 1 Guidance Organic Net Sales1 Growth (vs. FY25) (1)% to +1% Adj. Operating Margin1 ~11.0% to ~11.5% Adj. EPS1 (53 Weeks) $1.70 to $1.85 1. Forward-looking non-GAAP financial measure. See the appendix for more information. 35
Slide 36: FY26 Adjusted EPS Guidance Bridge
FY26 Adjusted EPS1 Guidance Bridge Drivers of FY26 Adjusted EPS1 vs. YA $2.30 $2.19 ($0.11) $1.70 to $1.85 ~($0.25) ~($0.15) ~($0.10) • Sales growth, inclusive of targeted pricing actions • Pension, equity earnings, interest, & tax • 53rd week FY25 Divestitures FY25 Inflation & Investments Re-based
Slide 37: Additional FY26 P&L Considerations
Additional FY26 P&L Considerations • Expect H1 organic net sales1 down slightly vs. YA • Expect H2 organic net sales1 growth driven by pricing actions, wrap of supply Top Line constraints, partially offset by pricing elasticity impacts • Net M&A expected to subtract ~($540MM) from reported net sales
Slide 38: Appendix
<b VY wbx CONAGRA “BRANDS -° Appendix
Slide 39: 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 (including organic net sales, adjusted gross margin, adjusted operating margin, adjusted EPS, free cash flow). This appendix provides reconciliations of the non-GAAP fi
Slide 40: Reconciliation of Q4 FY25 Organic Net Sales by Segment
Reconciliation of Q4 FY25 Organic Net Sales by Segment (in millions) - YOY Change 40
Slide 41: Reconciliation of FY25 Organic Net Sales by Segment
Reconciliation of FY25 Organic Net Sales by Segment (in millions) - YOY Change 41
Slide 42: Reconciliation of Q4 FY25 Adj. Operating Profit by Segment
Reconciliation of Q4 FY25 Adj. Operating Profit by Segment (in millions) – YOY Change 42
Slide 43: Reconciliation of FY25 Adj. Operating Profit by Segment
Reconciliation of FY25 Adj. Operating Profit by Segment (in millions) – YOY Change 43
Slide 44: Reconciliation of Q4 FY25 Adj. Gross Margin, SG&A, Net Income, EPS
Reconciliation of Q4 FY25 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 $62.1 million and $72.8 million for Q4 FY25 and Q4 FY24, respectively. A&P as a percentage of net sales was 2.2%
Slide 45: Reconciliation of Q4 FY25 Adj. Gross Margin, SG&A, Net Income, EPS Cont.
Reconciliation of Q4 FY25 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 $62.1 million and $72.8 million for Q4 FY25 and Q4 FY24, respectively. A&P as a percentage of net sales was
Slide 46: Reconciliation of FY25 Adj. Gross Margin, SG&A, Net Income, EPS
Reconciliation of FY25 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 $263.2 million and $289.6 million for FY25 and FY24, respectively. A&P as a percentage of net sales was 2.3% and 2.4
Slide 47: Reconciliation of FY25 Adj. Gross Margin, SG&A, Net Income, EPS Cont.
Reconciliation of FY25 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 $263.2 million and $289.6 million for FY25 and FY24, respectively. A&P as a percentage of net sales was 2.3% a
Slide 48: Reconciliation of FY25 Free Cash Flow and Net Debt
Reconciliation of FY25 Free Cash Flow and Net Debt (in millions) 48
Slide 49: Reconciliation of 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 period. 49
Slide 50: Reconciliation of Q4 FY24 Net Leverage Ratio
Reconciliation of Q4 FY24 Net Leverage Ratio (in millions) 1. As of May 26, 2024. 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 period. 50
Slide 51: Reconciliation of FY25 Free Cash Flow & Conversion Rate
Reconciliation of FY25 Free Cash Flow (in millions) & Conversion Rate FY25 Net income attributable to Conagra Brands, Inc. $ 1,152.4 Restructuring plans 77.0 Acquisitions and divestitures 0.9 Corporate hedging derivative losses (gains) (6.2) Fire related insurance recoveries, net (12.8) Consulting f
Slide 52: Reconciliation of Q4 FY25 and FY25 Adj. Pension Income
Reconciliation of Q4 FY25 and FY25 Adj. Pension Income — YOY Change 52
Slide 53: Reconciliation of Q4 FY25 and FY25 Adj. Equity Method Investment Earnings
Reconciliation of Q4 FY25 and FY25 Adj. Equity Method Investment Earnings — YOY Change 53