General Mills, Inc. · NYSE:GIS
General Mills — Q1 2027 Earnings Presentation
39 slides from General Mills's earnings presentation, Sep 23, 2026
Slide 1: Fiscal 2027 Q1 Earnings
Fiscal 2027 Q1 Earnings September 23, 2026
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
Jeff Harmening Chairman and Chief Executive Officer General Mills Fiscal 2027 First Quarter 3
Slide 4: Today's Key Messages
Today’s Key Messages Encouraging Start to F27 with Improving 1 Retail Sales Momentum Delivering Industry-leading Cost Savings in a 2 Volatile Environment 3 Reaffirming Full-year Fiscal 2027 Outlook General Mills Fiscal 2027 First Quarter 4
Slide 5: First-quarter Fiscal 2027 Performance
First-quarter Fiscal 2027 Performance F27 Q1 Actual Q1 Headlines Organic Net • Q1 Results Ahead of Expectations on Sales Growth¹ Flat Top and Bottom Lines • Step Up in Remarkability Drove Adjusted Improved Retail Sales Performance in Op. Profit Growth² -11% NAR, NAF, and International • On Track on
Slide 6: Fiscal 2027 Priorities
Fiscal 2027 Priorities Strengthen Organic Sales Deliver Benefit-focused Priority 1 with a Step Change in Innovation and Remarkability Renovation Accelerate Enterprise Drive Industry-leading Priority 2 HMM and Transformation Transformation Cost Savings Drive Disciplined Capital Maintain Sharp Focus o
Slide 7: Reaffirming Fiscal 2027 Financial Outlook
Reaffirming Fiscal 2027 Financial Outlook Key Financial Metrics¹ F27 Outlook3 Organic Net Sales Growth -1.5% to +0.5% Adjusted Operating Profit Growth² -13% to -8% Adjusted Diluted EPS $3.00 to $3.20 Free Cash Flow Conversion ~95% F27 Outlook includes headwinds of approximately 9 percent on Adjusted
Slide 8: Dana McNabb
Dana McNabb Chief Operating Officer General Mills Fiscal 2027 First Quarter 8
Slide 9: North America Retail Momentum Improving
Priority 1 North America Retail Momentum Improving Q1 Highlights General Mills U.S. Retail Sales (Dollar Sales % vs. LY) ✓ Continued improvement in base volume ✓ Nielsen-measured price/mix flat; expect acceleration in year-to-go, driven primarily by -2.3% favorable mix -3.6% -4.3% -4.1% ✓ Grew house
Slide 10: Remarkability Drove Improved Cereal Results in Q1
Priority 1 Remarkability Drove Improved Cereal Results in Q1 General Mills Fiscal 2027 First Quarter 10
Slide 11: Remarkability Drove Improved Refrigerated Dough Results in Q1
Priority 1 Remarkability Drove Improved Refrigerated Dough Results in Q1 General Mills Fiscal 2027 First Quarter 11
Slide 12: Remarkability Drove Improved Cat & Fresh Feeding Results in Q1
Priority 1 Remarkability Drove Improved Cat & Fresh Feeding Results in Q1 General Mills Fiscal 2027 First Quarter 12
Slide 13: Continuing to Drive Improvement Plans on Totino's and Wilderness
Priority 1 Continuing to Drive Improvement Plans on Totino’s and Wilderness General Mills Fiscal 2027 First Quarter 13
Slide 14: Remarkability Drove Improved Foodservice & International Results in Q1
Priority 1 Remarkability Drove Improved Foodservice & International Results in Q1 Package Design General Mills Fiscal 2027 First Quarter 14
Slide 15: Targeting $3 Billion in Cost Savings by F30
Priority 2 Targeting $3 Billion in Cost Savings by F30 Near Term (F27) Long Term ($3B by F30) Impact: from Holistic • Offset ~$2B Margin Management Inflation • Fund ~$750MM Investments 4% to 5% HMM, Transformation, & Other Cost Savings • Accelerate Earnings & ~$1B from Transformation and Other Savin
Slide 16: Kofi Bruce
Kofi Bruce Chief Financial Officer General Mills Fiscal 2027 First Quarter 16
Slide 17: First-quarter Fiscal 2027 Financial Results
First-quarter Fiscal 2027 Financial Results Q1 Total General Mills $MM vs. LY Net Sales $4,390 -3% Organic Net Sales1 Flat Adjusted Operating Profit1 $634 -11%2 Adjusted Diluted EPS1 $0.75 -13%2 (1) Non-GAAP measures. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP
Slide 18: Components of First-quarter Net Sales Growth
Components of First-quarter Net Sales Growth Flat Organic Net Sales1 Flat Flat -1 pt -3 pts -3% Organic Organic Foreign Acquisitions & Total Net Sales Volume Price / Mix Exchange Divestitures as Reported (1) Non-GAAP measure General Mills Fiscal 2027 First Quarter 18
Slide 19: First-quarter Fiscal 2027 North America Retail
First-quarter Fiscal 2027 North America Retail North America Retail Q1 • Q1 organic sales lagged Nielsen- measured U.S. retail sales by ~1pt, driven Organic Net Sales¹ -3% by a previously anticipated headwind from changes in retailer inventory Segment Op. Profit² -15% • Q1 retail sales growth improv
Slide 20: First-quarter Fiscal 2027 North America Pet
First-quarter Fiscal 2027 North America Pet North America Pet Q1 • Q1 organic net sales were flat, driven by growth in cat feeding and pet treating, Organic Net Sales¹ Flat offset by a decline in dog feeding Segment Op. Profit² -12% • Q1 results included an extra month for Whitebridge as we aligned
Slide 21: First-quarter Fiscal 2027 North America Foodservice
First-quarter Fiscal 2027 North America Foodservice North America Foodservice Q1 • Q1 organic net sales growth led by cereal and frozen meals Organic Net Sales¹ +4% • Grew or held share in 100% of priority Segment Op. Profit² +12% businesses in Q1, including strong performance in K-12 schools, lodgi
Slide 22: First-quarter Fiscal 2027 International
First-quarter Fiscal 2027 International International Q1 • Q1 organic net sales growth driven by distributor markets, India, and China Organic Net Sales¹ +4% • Grew or held share in 46% of priority Segment Op. Profit² +15% businesses in Q1 • Q1 profit increase driven by higher volume and lower input
Slide 23: First-quarter Fiscal 2027 Joint Ventures
First-quarter Fiscal 2027 Joint Ventures Q1 AFTER-TAX JV EARNINGS: $19MM, +178% vs. LY • Q1 CPW net sales decline driven by a 6- Net Sales1 Q1 point divestiture headwind, partially offset by growth in Australia and Türkiye Cereal Partners Worldwide -4% • Q1 HDJ net sales declined compared to Häagen-
Slide 24: First-quarter Fiscal 2027 Margin Results
First-quarter Fiscal 2027 Margin Results Adjusted Gross Margin1 Adjusted Operating Profit Margin1 (% of Net Sales) (% of Net Sales) 40% 34.2% 33.3% 35% 30% 25% 20% 15.7% 14.4% 15% 10% 5% 0% 0% F26 Q1 F27 Q1 F26 Q1 F27 Q1 • Q1 Adj. Gross Margin decrease driven by higher input costs, partially offset
Slide 25: First-quarter Fiscal 2027 Other Income Statement Items
First-quarter Fiscal 2027 Other Income Statement Items • Adjusted Unallocated Corporate Expenses Decreased $3MM vs. LY • Net Interest Expense Increased $9MM vs. LY • Adjusted Effective Tax Rate 23.4%, -70bps vs. LY¹ • Average Diluted Shares Outstanding -1% vs. LY (1) Non-GAAP measure. See appendix f
Slide 26: First-quarter Fiscal 2027 Balance Sheet and Cash Flow
First-quarter Fiscal 2027 Balance Sheet and Cash Flow Operating Cash Flow ($ in Millions) Capital Investments $500 $90MM $450 $397 $400 $350 $300 $298 Dividends Paid $250 $200 $330MM $150 $100 $50 No Net Share Repurchases $0 F26 Q1 F27 Q1 General Mills Fiscal 2027 First Quarter 26
Slide 27: Capital Allocation Priorities
Priority 3 Capital Allocation Priorities Priorities Near-term Goal Long-term Goal Capital Investment 3-4% of Net Sales 3-4% of Net Sales Dividend Growth Maintain Current Rate Grow Dividend with Earnings per Share Deleverage Reduce Leverage Towards Maintain Strong Investment 3x Net Debt to EBITDA Gra
Slide 28: Key F27 Financial Assumptions
Key F27 Financial Assumptions • Thanksgiving Shift Impacts NAR Organic Sales Growth Phasing: 1pt Headwind to Q2 and 1pt Tailwind to Q3 • Still Expect ~LSD Net Sales Headwind in NA Pet in F27 from Retailer Inventory, Including Impact of Changes in Customer Mix • Input Cost Inflation Still Expected to
Slide 29: Reaffirming Fiscal 2027 Financial Outlook
Reaffirming Fiscal 2027 Financial Outlook Key Financial Metrics¹ F27 Outlook3 Organic Net Sales Growth -1.5% to +0.5% Adjusted Operating Profit Growth² -13% to -8% Adjusted Diluted EPS $3.00 to $3.20 Free Cash Flow Conversion ~95% F27 Outlook includes headwinds of approximately 9 percent on Adjusted
Slide 30: Today's Key Messages
Today’s Key Messages Encouraging Start to F27 with Improving 1 Retail Sales Momentum Delivering Industry-leading Cost Savings in a 2 Volatile Environment 3 Reaffirming Full-year Fiscal 2027 Outlook General Mills Fiscal 2027 First Quarter 30
Slide 31: A Reminder on Non-GAAP Guidance
A Reminder on Non-GAAP Guidance Our fiscal 2027 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 32: Appendix: North America Retail Operating Unit Results
Appendix: First-quarter Fiscal 2027 North America Retail Operating Unit Results Net Sales % vs. LY Operating Unit Q1 Big G Cereal & Canada -14% U.S. Snacks -6% U.S. Meals & Baking Solutions Flat General Mills Fiscal 2027 First Quarter 32
Slide 33: Reconciliation of Organic Net Sales Growth
Reconciliation of First-quarter Fiscal 2027 Organic Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2027 First Quarter 33
Slide 34: Reconciliation of Adjusted Operating Profit and Constant-currency Growth Rate
Reconciliation of First-quarter Fiscal 2027 Adjusted Operating Profit and Related Constant-currency Growth Rate *Table may not foot due to rounding General Mills Fiscal 2027 First Quarter 34
Slide 35: Reconciliation of Adjusted Diluted EPS and Constant-currency Growth Rate
Reconciliation of First-quarter Fiscal 2027 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 2027 First Quarter 35
Slide 36: Reconciliation of Constant-currency Segment Operating Profit Growth
Reconciliation of First-quarter Fiscal 2027 Constant-currency Segment Operating Profit Growth *Table may not foot due to rounding General Mills Fiscal 2027 First Quarter 36
Slide 37: Reconciliation of Adjusted Gross Margin
Reconciliation of First-quarter Fiscal 2027 Adjusted Gross Margin *Table may not foot due to rounding (a) Net sales less cost of sales. General Mills Fiscal 2027 First Quarter 37
Slide 38: Reconciliation of Adjusted Operating Profit Margin
Reconciliation of First-quarter Fiscal 2027 Adjusted Operating Profit Margin *Table may not foot due to rounding General Mills Fiscal 2027 First Quarter 38
Slide 39: Reconciliation of Adjusted Tax Rate
Reconciliation of First-quarter Fiscal 2027 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 2027 First Quarter 39