General Mills, Inc. · NYSE:GIS
General Mills — Investor Day (October 2025)
177 slides from General Mills's investor day presentation, Oct 14, 2025
Slide 1: General Mills 2025 Investor Day
General Mills 2025 Investor Day
Slide 2: Accelerate — Driving Remarkability
ACCELERAT., — DRIVING-REMARKABILITY,
Slide 3: 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 4: Jeff Harmening
Jeff Harmening Chairman of the Board and CEO
Slide 5: Morning Agenda
Morning Agenda Opening Remarks Jeff Harmening North America Retail Dana McNabb North America Foodservice Pankaj Sharma Q&A Discussion North America Pet Liz Mascolo International Ricardo Fernandez Capabilities Discussion Paul Gallagher Jaime Montemayor Lanette Shaffer Werner Financial Summary Kofi Br
Slide 6: Driving Remarkability to Accelerate Growth
Driving Remarkability to Accelerate GROWTH
Slide 7: Our Accelerate Strategy
Our Accelerate Strategy Our Purpose Making Food the World Loves Core Global Local Portfolio Where to Play Markets Platforms Gems Reshaping Boldly Building Relentlessly Unleashing Standing How to Win Brands Innovating Our Scale for Good Shareholder Organic Net Adj. Op. Adj. Diluted Maintain Sales1 Pr
Slide 8: Where to Play
Where to Play Core Global Local Markets Platforms Gems Cereal Pet Food Snack Bars Ice Cream Mexican
Slide 9: How to Win
How to Win Boldly Relentlessly Unleashing Standing Building Brands Innovating Our Scale for Good
Slide 10: We've Navigated Tremendous Volatility
We’ve Navigated Tremendous Volatility
Slide 11: Unleashing Our Scale with Digital Capabilities
Unleashing Our Scale with Digital Capabilities Supply Chain Data-driven Strategic Revenue Digitization Marketing Management
Slide 12: Industry Leading HMM Cost Savings
Industry Leading HMM Cost Savings Holistic Margin Management Cost Savings as % of COGS 6% 5% 5% of COGS 4% Long-term trend 3% 3% F10 - F21 F22 F23 F24 F25 F26 Average Estimate
Slide 13: Reshaping Our Portfolio for Growth
Reshaping Our Portfolio for Growth Added ~1pt to Long-term Growth Exposure Acquisitions ~30% Divestitures Nearly 30% of Net Sales Base Turned Over Since F18
Slide 14: Evolving Consumer Trends
_fisSs ai * IVING-REMARKABIL, Evolving Consumer Trends
Slide 15: Remarkable Experience Framework
REMARKABLE EXPERIENCE FRAMEWORK Superior Package Brand Omnichannel Compelling Product Design Communication Execution Value
Slide 16: Product News
Product News New Products as % of Net Sales Core Renovation 5% Premium Innovation ~3.5% Seasonal Offerings F25 F26
Slide 17: Brand Communications
Brand Communications Bigger, better ideas.
Slide 18: Brand Communications
Brand Communications Building Stronger Capabilities Iconic Digital Brands Marketing Growth Lab Capabilities
Slide 19: Increased Media and Omnichannel Investments
Increased Media and Omnichannel Investments
Slide 20: Building Momentum
ACCELERATE % > Momentum Se ~ ~Love - a *. 8 vadelresh pan
Slide 21: $600MM in Savings
Holistic Margin 1 Management Cost Savings 2 Global Transformation Initiative $600MM in Savings
Slide 22: Best Path to Shareholder Value is Profitable Organic Growth
Best Path to Shareholder Value is Profitable Organic Growth
Slide 23: Dana McNabb
Dana McNabb Group President North America Retail and North America Pet
Slide 24: North America Retail
NORTH AMERICA OPET |
Slide 25: $11B Reported Net Sales
U.S. Meals & Baking Solutions U.S. Snacks $11B Reported Net Sales Big G Cereal & Canada Fiscal 2025 net sales excluding North America Yogurt
Slide 26: Consumers want easy access to quality food
Consumers want easy access to quality food they trust to feed themselves or their family, at affordable prices
Slide 27: Build the most Remarkable Brands in Food
NAR AMBITION Build the most Remarkable Brands in Food
Slide 28: Returning to Growth
Returning to Growth 1 2 Invest in the Leverage the Remarkability Power of Our of Our Brands Portfolio
Slide 29: In F25, Price had Become a Barrier
In F25, Price had Become a Barrier
Slide 30: F25 Investments Drove Growth
F25 Investments Drove Growth Refrigerated Dough Hot Snacks Retail Pound Volume % +/- LY Retail Pound Volume % +/- LY Q1 Source: NIQ xAOC, Fiscal 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 31: Remarkable Experience Framework
REMARKABLE EXPERIENCE FRAMEWORK Remarkable Remarkable Remarkable Remarkable Remarkable Product Packaging Price/Value Omni Brand Execution Communication
Slide 32: Addressing Price/Value
Addressing Price/Value 2/3 of Portfolio Narrow Price Gaps Below Price Cliffs $4.27 $4.00 Price Cliff $3.99 Price Price Competition Remarkable Price/Value
Slide 33: Pound growth
20% 20% Pound growth Pound growth Source: NIQ xAOC F26 Q1, Totino’s hot snacks large size
Slide 34: Renovation on Core News in All Top Categories
Renovation on Core News in All Top 10 Categories Remarkable Product
Slide 35: Innovation Growing Consumer Trends
Innovation Growing Consumer Trends Better- BOLD for-You Familiar Flavors Benefits & Fun 25% sales Remarkable Product
Slide 36: Bold Taste
Bold Taste Remarkable Product
Slide 37: Tasty Protein & Better for You
Tasty Protein & Better for You Remarkable Product
Slide 38: Familiar + Fun
Familiar + Fun Remarkable Product
Slide 39: Price/Pack Architecture
Price/Pack Architecture New More Formats/ Affordability Channels $1 2X More Value Remarkable Packaging
Slide 40: Growth Across Sizes
Growth Across Sizes Remarkable Packaging
Slide 41: Seasonal & Limited Time Offers
Seasonal & Limited Time Offers 50% Remarkable Packaging
Slide 42: Remarkable Omni Execution
Remarkable Omni Execution
Slide 43: Scaled Portfolio Events
Scaled Portfolio Events Remarkable Omni Execution
Slide 44: Incremental Display Lift
Incremental Display Lift Incremental Pounds % +/- LY Display Support % +/- LY Lift % +/- LY Category Category Category +16 pts vs Category! +11 pts vs Category! +6 pts vs Category! Source: NIQ Grocery Q1 F26
Slide 45: Better Partners, Better Ideas, Better Investments
Better Better Better Partners Ideas Investments
Slide 46: Remarkable Brand Communication
Remarkable Brand Communication
Slide 47: $ Share AND Pound Share Growth
$ Share AND Pound Share Growth Remarkable Brand Communication
Slide 48: +Double Digit in Media Investment
+Double Digit in Media Investment Remarkable Brand Communication
Slide 49: Remarkability Case Study
Remarkability Case Study $1.5B Canned dough retail sales Source: NIQ xAOC
Slide 50: First Half of Fiscal '25
-1pt Household Penetration -4% Pound Volume First Half of Fiscal ‘25 -1.5 points Pound Share Source: NIQ xAOC
Slide 51: Remarkable Experience Framework
Remarkable EXPERIENCE FRAMEWORK Remarkable Remarkable Remarkable Remarkable Remarkable Product Brand Packaging Price/Value Omni Communication Execution
Slide 52: Addressing Price/Value
Addressing Price/Value Narrow Price Gaps Below Price Cliffs Price Cliff Price Price Competition Remarkable Price/Value
Slide 53: Remarkable Product
Remarkable Product
Slide 54: Remarkable Packaging
Remarkable Packaging 54
Slide 55: Remarkable Omni Execution
GO BIG ON BREAKFAST CINNAMON ROLLS
Slide 56: Remarkable Brand Communication
Remarkable Brand Communication
Slide 57: General Mills - 2025 Investor Day
General Mills - 2025 Investor Day 57
Slide 58: Remarkable Brand Communication
Remarkable Brand Communication
Slide 59: Increased Household Penetration
Increased Household Penetration +0.2pts Restored Volume Growth +4% Accelerated Pound Share Growth +2pts Source: NIQ xAOC F26 Q1
Slide 60: Returning to Growth
Returning to Growth 1 2 Invest in the Leverage the Remarkability Power of Our of Our Brands Portfolio
Slide 61: Portfolio with Unrivaled Depth & Breadth
Portfolio U.S. Meals & Baking with U.S. Snacks Solutions unrivaled depth & breadth Big G Cereal & Canada
Slide 62: Brand Cross-category Opportunity F26 Focus
Brand Cross-category Opportunity F26 Focus Bars Granola Mexican Soup Hot Ramen Meals Snacks Fruit Snacks Kid Bars Cereal Protein Protein Cereal Bars
Slide 63: nA RA DRE NO LENO
nA RA DRE NO LENO peceoanrety weenenenieinnns LaNAane dh Weed beeen webanas
Slide 64: Delivers 20g Protein 2g Sugar
Delivers 20g Protein 2g Sugar
Slide 65: Hispanic Relevant Products
Relevant Media Relevant Products Stronger Local Reach Hispanic
Slide 66: Right Taste + Health Benefits
Right Taste + Health Benefits Right Format Frozen 55+ Relevant Media
Slide 67: GLP-1 Reported Usage Rate
GLP-1 12% Reported Usage Rate for U.S. Adults and Growing Source: RAND American Life Panel survey data, April–May 2025.
Slide 68: GLP-1 Smaller Portions Nutrient-Dense
GLP-1 Smaller Portions Nutrient- Dense
Slide 69: GLP-1 Right Product, Right Message
Right Product Protein + Portion Control GLP-1 Right Message
Slide 70: Returning to Growth
Returning to Growth 1 2 Invest in the Leverage the Remarkability Power of Our of Our Brands Portfolio
Slide 71: Our Investments Are Working
Our Investments Are Working Grew Grew Household Pound Share in Improved Penetration for 8 of Top 10 Pound Growth in first time in Categories 7 of Top 10 3 Years Categories vs. F25Q4 Source: NIQ xAOC F26 Q1
Slide 72: We WILL build the most REMARKABLE brands in food
We WILL build the most REMARKABLE brands in food
Slide 73: Return to Growth
Return to GROWTH
Slide 74: Pankaj Sharma
Pankaj Sharma Segment President, North America Foodservice
Slide 75: $2.3B Solutions-Oriented Portfolio
$2.3B Solutions-Oriented Portfolio in net sales in fiscal 25
Slide 76: Solutions-Oriented Portfolio
Flour Frozen & Mix Baked Goods Solutions- Oriented Portfolio Cereal & Snacks
Slide 77: Channel Breadth
Channel Breadth
Slide 78: North America Foodservice
— ACCELERATE y North America FOODSERVICE = WINNING
Slide 79: Net Sales $2.3B
NET SALES $2.3B $1.7B F191 F20 F21 F22 F23 F24 F25 PANDEMIC RECOVERY ACCELERATE (1) Estimated Net Sales, Adjusted for Convenience Store shift to N.A. Retail
Slide 80: Growing $ Share
68% of our priority businesses have GROWING grown or held dollar share fiscal $ SHARE year-to-date Source: Circana Supply Track, F26 Q1
Slide 81: Remarkable Experiences
Remarkable EXPERIENCES BOLDLY LEAD EXPAND BREAKFAST FROZEN THROUGH BAKED NUTRITION GOODS
Slide 82: Slide 82
Slide 83: Undisputed Leader in Breakfast
BOLDLY LEAD BREAKFAST 28% SHARE THROUGH in individually NUTRITION wrapped frozen 84% breakfast items SHARE in K-12 cereal We are the UNDISPUTED LEADER in School Breakfast Source: Circana Supply Track, F26 Q1
Slide 84: +2 pts vs. LY
+2 pts vs. LY Source: Circana Supply Track, F26 Q1
Slide 85: Expand Frozen Baked Goods
EXPAND FROZEN BAKED GOODS +4% $18 BILLION CGR over next three years category in Away-from-Home channels Source: Circana Supply Track; General Mills Custom FBG Market Sizing
Slide 86: Foodservice Focus Areas
Foodservice Focus Areas Biscuits Desserts Croissants
Slide 87: North America Foodservice
— ACCELERATE nd North America FOODSERVICE
Slide 88: Liz Mascolo
Liz Mascolo Segment President, North America Pet
Slide 89: Millennials and Gen Z fastest growing segment of Pet Parents
Millennials and Gen Z are the 39% fastest growing segment of 30% more likely to include pet in annual holiday card vs 23% of boomers Pet Parents celebrate pet’s birthday vs boomers Source: General Mills Custom Pet Parent Survey, 2025
Slide 90: Room to Grow
Room to Grow $56 billion U.S. category $142 billion global category Source: Euromonitor, CY 2024
Slide 91: Pet is our Largest Growth Opportunity
PETis our LARGEST GROWTH OPPORTUNITY
Slide 92: Net Sales ($Billion)
Net Sales ($Billion) $2.5 $2.5 $2.4 $2.3 $1.7 $1.6 $1.4 $1.3 F18 F19 F20 F21 F22 F23 F24 F25
Slide 93: Treating, Dog Feeding, Cat Feeding
Treating Dog Feeding Cat Feeding Source: Fiscal 2025 Net Sales
Slide 94: Pet Food Category Opportunity
7% North America Pet Food Category Opportunity Source: NIQ Pet Retail Plus and CA Measured Channels, F26 YTD through September
Slide 95: Investing in Remarkability across the Core and Accelerators
Investing in Remarkability across the CORE and ACCELERATORS
Slide 96: Core: Chicken Recipe
Chicken Recipe
Slide 97: True Blue Promise
TRUE BLUE PROMISE Formulated with the Finest Natural Ingredients e Real Meat First Ingredient © NO Chicken (or Poultry) By-Product Meals © NO Corn, Wheat or Soy © NO Artificial Flavors or Preservatives Love them like family. Feed them like family. General Mills - 2025 Investor Day 97
Slide 98: Dog Feeding
DOG FEEDING Blue Buffalo led the way in naturalizing and humanizing Dog feeding
Slide 99: Life Protection Formula is over 70% of Dog feeding
Life Protection Formula is over 70% of our Dog feeding business Source: NIQ Pet Retail Plus, F26 YTD through September
Slide 100: Expanded brand communications
Expanded brand communications featuring Senior and Puppy formulas
Slide 101: Salmon is the fastest growing protein
Salmon is the FASTEST growing protein in Dog dry feeding Source: NIQ Pet Retail Plus, F26 YTD through September
Slide 102: Elevating Remarkable Experiences on Wilderness
Elevating Remarkable Experiences on Wilderness
Slide 103: New Packaging
Current Packaging General Mills - 2025 Investor Day 103
Slide 104: - / General Mills - 2025 Investor Day
- 4 / General Mills - 2025 Investor Day 104
Slide 105: Cat is outpacing Dog
CAT is outpacing DOG CAT FEEDING Source: NIQ Pet Retail Plus, F26 YTD through September
Slide 106: 62% say their cat sleeps in their bed
62% say their cat sleeps in their bed 19% of younger cat parents run a social account for their cat Source: General Mills Custom Pet Parent Survey, 2025
Slide 107: Retail Sales Growth
Retail Sales +Low Single Digits in fiscal 25 +Mid Single Digits in Q1 fiscal 26 Source: NIQ Pet Retail Plus
Slide 108: Adult Indoor Cat
Adult Indoor Cat , CATS PREFER Indoor Adult Chicken to Iams’ Healthy Adult Chicken
Slide 109: Get That
GET THAT 1 So tasty it stops cats in their tracks. General Mills - 2025 Investor Day 109
Slide 110: Treats
Blue Buffalo has the most humanized TREATS treating formats
Slide 111: Over 70% of Pet Parents watch sports with their pets
Over 70% of Pet Parents watch sports with their pets
Slide 112: ~2x the offerings vs. last year
~2x the offerings vs. last year
Slide 113: Investing in Remarkability across the Core and Accelerators
Investing in Remarkability across the CORE and ACCELERATORS
Slide 114: Fresh Segment
Fresh Segment $3 billion $10 billion NEXT 10 TODAY YEARS Source: General Mills Custom Research, 2024
Slide 115: Right to Play in Fresh
Right to PLAY Blue Buffalo Superior in Fresh PRODUCT Segment AWARENESS at scale
Slide 116: New from Blue Buffalo
Slide 117: Kibble + Fresh
Kibble FRESH 80% Mixing Kibble + Fresh Source: General Mills Custom Pet Survey, 2025
Slide 118: True Blue Promise
TRUE BLUE PROMISE _ Formulated with | — Love = the Finest Natural Ingredients Real Meat First Ingredient M d F h* NO Chicken (or Poultry) By-Product Meals ra € f eS NO Corn, Wheat or Soy NO Artificial Flavors or Preservatives General Mills - 2025 Investor Day 18
Slide 119: Chunky Beef Stew with Carrots & Peas
CHUNKY BEEF STEW WITH CARROTS & PEA*
Slide 120: Multiple Formats Coming in CY26
Multiple Formats Coming in CY26
Slide 121: Love Made Fresh in 5,000 Coolers
Love Made Fresh in 5,000 COOLERS by end of year
Slide 122: Blue Buffalo Brand Campaign
Slide 123: It's Love. Made Fresh.
[ 2 2 IT’S LOVE. yg oe Made Fresh. “a” > $e Node shay General Mills - 2025 Investor Day 123
Slide 124: Edgard & Cooper
Slide 125: General Mills - 2025 Investor Day
General Mills - 2025 Investor Day 125
Slide 126: dge whitebr
dge whitebr
Slide 127: Tiki Cat has grown double-digits
Tiki Cat has grown DOUBLE-DIGITS in the past 10 years 400+ SKUs 10 Sublines
Slide 128: Goal: Organic sales growth +mid-single-digit %
Goal: Organic sales growth +mid-single-digit % over the long term
Slide 129: General Mills - 2025 Investor Day
General Mills - 2025 Investor Day 129
Slide 130: Ricardo Fernandez
Ricardo Fernandez Segment President, International
Slide 131: Serving 50+ Countries, $2.8 Billion in Net Sales
SERVING 50+ COUNTRIES $2.8 BILLION IN NET SALES IN FISCAL 25 BRAZIL CHINA EUROPE, AUSTRALIA GLOBAL EMERGING & NORTH ASIA MARKETS
Slide 132: Million households, +7 Billion people across our markets
140 MILLION households +7 BILLION people across our markets
Slide 133: Remarkable Experiences
2 REMARKABLE EXPERIENCES
Slide 134: Global Platforms and Local Gems
GLOBAL LOCAL Platforms Gems ICE MEXICAN Cream Food SNACK PET Bars Food
Slide 135: Global Platforms
GLOBAL Platforms ICE MEXICAN SNACK PET Cream Food Bars Food expected to drive 75% of International’s growth over the next three years
Slide 136: Haagen-Dazs
Haagen-Dazs i. g General Mills - 2025 Investor Day 136
Slide 137: ~$90 Billion global category
~$90 BILLION global category GROWING AT 7% Source: Euromonitor, data through June 2025
Slide 138: ~$750 Million in net sales
~$750 MILLION in net sales 75% Priority markets HELD or GREW SHARE in Q4 fiscal 25 Source: NIQ, Priority Markets Priority Markets include Australia, France, Germany, Hong Kong, South Korea, Spain, Taiwan, and the United Kingdom
Slide 139: In Q1 of fiscal 26
In Q1 of fiscal 26, Retail sales +double-digits Improvement in Shops traffic and continued momentum in Foodservice channels Source: NIQ, F26 Q1
Slide 140: General Mills - 2025 Investor Day
General Mills - 2025 Investor Day 140
Slide 141: Core products
Core products ~50% of our Häagen-Dazs retail sales 76% Fair share of distribution Source: NIQ, F26 YTD through August
Slide 142: Haagen-Dazs
Haagen-Dazs ™ General Mills - 2025 Investor Day 142
Slide 143: 60% of global ice cream consumption is portable
60% of global ice cream consumption is in a portable format with retail sales growing ~8% at Source: Euromonitor, June 2025
Slide 144: Stick Bar Renovation in Europe & Asia
STICK BAR RENOVATION IN EUROPE & ASIA
Slide 145: Old El Paso
Slide 146: Mexican Food accounts for 15% of International net sales
Mexican Food accounts for 15% of International net sales $2 billion category Source: NIQ, latest 52 weeks through Aug. 2025
Slide 147: Consumers want more access to foods from around the world
Consumers want MORE ACCESS to foods from around the world
Slide 148: Leading Mexican Food Brand
Undisputed Leading Australia 66% MEXICAN Market Share FOOD France BRAND United Kingdom 63% Market Share 50% Market Share Source: NIQ, latest 52 weeks through Aug. 2025
Slide 149: Keep Growing, Emerging Opportunity
Keep Emerging GROWING OPPORTUNITY
Slide 150: Paprika & Garlic
PAPRIKA & GARLIC J 150
Slide 151: 5
5
Slide 152: Nature Valley
ATUREVALLFY s . : General Mills - 2025 Investor Day 152
Slide 153: $3 billion category
$3 billion category Growing high single digits Our leading Snack Bars brand Source: NIQ, F25
Slide 154: Pet is a $142 billion global category
Pet is a $142 billion global category
Slide 155: Have the Zoomies
rawe" HAVE THE ZOOMIES IF PETS COULD COOK.
Slide 156: HESWILD SPIRITRBBRAR
HESWILD SPIRITRBBRAR
Slide 157: cea, ay <= > &
ay <= > & cea,
Slide 158: Kofi Bruce
Kofi Bruce Chief Financial Officer
Slide 159: Long-term Growth Algorithm
Long-term Growth Algorithm Sales Margin Cash Cash Growth Expansion Conversion Returns Organic Net Sales¹ Adj. Operating Profit¹ FCF Conversion¹ Cash Returns to Shareholders +2 to 3% +MSD% 2 95%+ ~80 to 90% Adj. Diluted EPS¹ +MSD to HSD% 2 (1) Non-GAAP measures (2) Constant-currency growth rates
Slide 160: General Mills Organic Net Sales Growth
General Mills Organic Net Sales Growth1 Lockdowns High Inflation Long-term Stabilization Algorithm F19 F20 F21 F22 F23 F24 F25 F26 Guidance (1) Non-GAAP measure Mid-Point
Slide 161: Reaffirming Fiscal 2026 Financial Outlook
Reaffirming Fiscal 2026 Financial Outlook Organic Adjusted Adjusted Free Net Sales Op. Profit Diluted EPS Cash Flow Growth¹ Growth¹ Growth¹ Conversion¹ -1% to +1% -15% to -10%2 -15% to -10%2 95%+ F26 Outlook for Adjusted Op. Profit and Adjusted Diluted EPS includes headwinds of approximately 5 perce
Slide 162: Three Drivers of Improved Organic Sales Growth
Continue Improving 1 Our Competitiveness in Current Categories Three Drivers Continue Reshaping of Improved 2 Our Portfolio to Increase Our Growth Exposure Organic Sales Growth Categories Return to 3 Long-term Growth Expectations
Slide 163: Continue Improving Our Competitiveness
Continue Improving Our Competitiveness DRIVING REMARKABILITY 2 -3% ~1% Flat F26 Organic Current Long-term Net Sales 1 Category Category Midpoint Growth Growth (1) Non-GAAP measure
Slide 164: Reshaping Our Portfolio for Growth
Reshaping Our Portfolio for Growth Added ~1pt to Long-term Growth Exposure Acquisitions ~30% Divestitures Nearly 30% of Net Sales Base Turned Over Since F18
Slide 165: Categories Return to Long-term Growth Expectations
Categories Return to Long-term Growth Expectations Enterprise Growth Exposure ~2.5% Price/Mix ~1% Volume Current Long-term Category Category Growth Growth
Slide 166: Sustained Margin Performance
Sustained Margin Performance General Mills General Mills Adj. Gross Margin1 Adj. Operating Profit Margin1 +10 bps +30 bps 34.4% 34.5% 16.9% 17.2% F19 F25 F19 F25 (1) Non-GAAP measures. See appendix for reconciliation
Slide 167: Visibility to Continued Strong HMM Cost Savings
Visibility to Continued Strong HMM Cost Savings Holistic Margin Management Cost Savings as % of COGS 6% 5% 5% of COGS 4% Long-term trend 3% 3% F10 - F21 F22 F23 F24 F25 F26 Average Estimate
Slide 168: Converting Earnings to Cash
Converting Earnings to Cash General Mills Free Cash Flow1 ($ in Billions) $3.2 $2.7 $2.5 $2.5 $2.3 $2.3 $2.1 143% 115% 103% 113% 96% 97% 80% F19 F20 F21 F22 F23 F24 F25 1 Free Cash Flow Free Cash Flow Conversion (1) Non-GAAP measures. See appendix for reconciliation
Slide 169: Long-term Capital Allocation Priorities
Priorities Long-term Goal Long-term CAPEX ~4% of Net Sales Capital Dividend Grow Dividend with Growth Earnings Allocation Priorities Strategic M&A Growth and Value-accretive M&A Share ~1 to 2% Average Annual Repurchases Reduction
Slide 170: Returned Nearly $14 Billion to Shareholders between F19-F25
Returned Nearly $14 Billion to Shareholders between F19-F25 Dividends Net Share Repurchases ($ per Share) ($ in Billions) $9 Billion $5 Billion $2.40 $1.96 $1.2 F19-F21 Deleveraging Post-Blue Buffalo Acquisition F19 F20 F21 F22 F23 F24 F25 F19 F20 F21 F22 F23 F24 F25
Slide 171: Key Messages
Consistent and profitable organic sales growth drives our long-term model Investments in remarkability to restore volume-driven organic sales growth Key History of delivering on our goals of margin Messages expansion, cash conversion, and cash return Industry-leading HMM and SRM capabilities In posi
Slide 172: Accelerate — Driving Remarkability
ACCELERAT., — DRIVING-REMARKABILITY,
Slide 173: General Mills 2025 Investor Day
General Mills 2025 Investor Day
Slide 174: A Reminder on Non-GAAP Guidance
A Reminder on Non-GAAP Guidance Our fiscal 2026 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 175: Reconciliation of Adjusted Gross Margin
Reconciliation of Adjusted Gross Margin *Table may not foot due to rounding
Slide 176: Reconciliation of Adjusted Operating Profit Margin
Reconciliation of Adjusted Operating Profit Margin *Table may not foot due to rounding
Slide 177: Reconciliation of Free Cash Flow and Free Cash Flow Conversion
Reconciliation of Free Cash Flow and Free Cash Flow Conversion *Table may not foot due to rounding