General Mills, Inc. · NYSE:GIS
General Mills — Q1 2026 Earnings Presentation
40 slides from General Mills's earnings presentation, Sep 17, 2025
Slide 1: Fiscal 2026 Q1 Earnings
Fiscal 2026 Q1 Earnings September 17, 2025
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, Chairman and Chief Executive Officer
Jeff Harmening Chairman and Chief Executive Officer General Mills Fiscal 2026 First Quarter 3
Slide 4: Today's Key Messages
Today’s Key Messages First-quarter Performance Aligned with Our 1 Expectations; Strategic Investments Tracking to Plan Continued Focus on Restoring Volume-driven 2 Organic Sales Growth 3 Reaffirming Full-year Fiscal ’26 Outlook General Mills Fiscal 2026 First Quarter 4
Slide 5: First-quarter Fiscal 2026 Performance
First-quarter Fiscal 2026 Performance • Improved Pound Competitiveness in Response to Organic Organic Net Investments in Remarkability Volume Sales Growth¹ o Grew or held pound share in 8 of Top 10 U.S. categories • Q1 Organic Volume and Net Sales In Line with -1% -3% Expectations o Includes price i
Slide 6: Fiscal 2026 Priorities
Fiscal 2026 Priorities Return North Invest in Remarkable Experiences 1 America Retail to to Strengthen Pound Share and Volume Growth Household Penetration Accelerate N.A. Pet Grow Core Blue Buffalo and Drive 2 Growth with Category Expansion Opportunities Expanded Portfolio Drive Efficiencies to Deli
Slide 7: Creating Remarkable Experiences
Creating Remarkable Experiences Superior Package Brand Omnichannel Compelling Product Design Communication Execution Value Consumers’ Brand of Choice General Mills Fiscal 2026 First Quarter 7
Slide 8: Improved NAR Pound Competitiveness in Q1
Improved NAR Pound Competitiveness in Q1 Priority 1 Q1 Highlights Top 10 U.S. Categories % of Business Holding or Growing Pound Share Grew pound share in 8 of Top 10 80% categories Improved pound growth rates vs. F25 Q4 across 7 of Top 10 categories Grew household penetration for first time in
Slide 9: Investing Across All Elements of Remarkability in Q1
Investing Across All Elements of Remarkability in Q1 Priority 1 Superior Package Brand Omnichannel Product Design Communication Execution Compelling Investing to Address Price Cliffs and Gaps Across Key Categories Value General Mills Fiscal 2026 First Quarter 9
Slide 10: Remarkability Drives Results: Cinnamon Toast Crunch
Remarkability Drives Results: Cinnamon Toast Crunch Priority 1 Q1 Results New Campaign Drove 500% Increase in Social Engagement Top 5 New Product Launch (Strawberry) Pound Growth Pound and Dollar Share Growth Source: NIQ xAOC General Mills Fiscal 2026 First Quarter 10
Slide 11: Priority Expanding Remarkability in NAR in Q2
Priority 1 Expanding Remarkability in NAR in Q2 General Mills Fiscal 2026 First Quarter 11
Slide 12: Priority Driving News on Core Blue Buffalo
Priority 2 Driving News on Core Blue Buffalo General Mills Fiscal 2026 First Quarter 12
Slide 13: Good Progress on Pet Accelerators
Priority 2 Good Progress on Pet Accelerators National Launch of Love Made Fresh Edgard & Cooper in the U.S. Accelerate Tiki Cat Innovation Mixed Feeding Made Easy General Mills Fiscal 2026 First Quarter 13
Slide 14: Strong NA Foodservice Execution in Q1
Strong NA Foodservice Execution in Q1 Over +1pt of Share Driving Frozen Baked Delivering Remarkability on Growth in Cereal FYTD; Goods Share Through Biscuits with Nearly +3pts of Continued Strong Share Remarkable Innovation Share Growth FYTD Momentum in K-12 Source: Circana Supply Track, F26 Q1 thro
Slide 15: Global Platform Growth Across International in Q1
Global Platform Growth Across International in Q1 Retail Sales (ex-Shops) +DD%, Retail Sales Flat; Increasing Retail Sales +HSD%, Led by Driven by Core News and Brand Investment to Drive Strong Growth in France Innovation Awareness and Trial Source: NIQ F26 latest available through Q1 General Mills
Slide 16: Drive Efficiencies to Reinvest in Growth
Priority 3 Drive Efficiencies to Reinvest in Growth Accelerated HMM Cost Savings Global Transformation Highlight Improving Demand Forecasting General Mills HMM Cost Savings with AI and Machine Learning (as % of COGS) 6% Results YTD: 5% 5% of COGS 4% Transitioning more business to “no-touch” Long-t
Slide 17: Reaffirming Fiscal 2026 Financial Outlook
Reaffirming Fiscal 2026 Financial Outlook Key Financial Metrics¹ F26 Outlook Organic Net Sales Growth -1% to +1% Adjusted Operating Profit Growth² -15% to -10% Adjusted Diluted EPS Growth² -15% to -10% Free Cash Flow Conversion 95%+ F26 Outlook for Adjusted Op. Profit and Adjusted Diluted EPS includ
Slide 18: Kofi Bruce, Chief Financial Officer
Kofi Bruce Chief Financial Officer General Mills Fiscal 2026 First Quarter 18
Slide 19: First-quarter Fiscal 2026 Financial Results
First-quarter Fiscal 2026 Financial Results Q1 Total General Mills $MM vs. LY Net Sales $4,518 -7% Organic Net Sales1 -3% Adjusted Operating Profit1 $711 -18%2 Adjusted Diluted EPS1 $0.86 -20%2 (1) Non-GAAP measures. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP m
Slide 20: Components of First-quarter Net Sales Growth
Components of First-quarter Net Sales Growth -3% Organic Net Sales1 Flat -1 pt -2 pts -4 pts -7% Organic Organic Foreign Acquisitions & Total Net Sales Volume Price / Mix Exchange Divestitures as Reported (1) Non-GAAP measure General Mills Fiscal 2026 First Quarter 20
Slide 21: First-quarter Fiscal 2026 North America Retail
First-quarter Fiscal 2026 North America Retail North America Retail Q1 • Q1 organic net sales lagged Nielsen- measured U.S. retail sales by ~1pt, driven Organic Net Sales¹ -5% mainly by trade expense timing headwinds Segment Op. Profit² -24% • 8 of top 10 U.S. categories grew pound share in Q1 • Ope
Slide 22: First-quarter Fiscal 2026 North America Pet
First-quarter Fiscal 2026 North America Pet North America Pet Q1 • Q1 organic net sales lagged all-channel retail sales by ~4pts due primarily to Organic Net Sales¹ -5% shipment timing Segment Op. Profit² -5% • Including the Whitebridge acquisition, net sales grew DD% in cat feeding and pet treating
Slide 23: First-quarter Fiscal 2026 North America Foodservice
First-quarter Fiscal 2026 North America Foodservice North America Foodservice Q1 • Q1 organic net sales growth driven by strong performance in cereal and Organic Net Sales¹ +1% biscuits, partially offset by a 2-point headwind from index pricing on bakery Segment Op. Profit² -1% flour • Drove continu
Slide 24: First-quarter Fiscal 2026 International
First-quarter Fiscal 2026 International International Q1 • Q1 net sales and profit results included certain timing benefits that are expected Organic Net Sales¹ +4% to unwind in F26, largely in Q2 Segment Op. Profit² +196% • Q1 organic net sales growth driven by India, North Asia, and Europe • Net s
Slide 25: First-quarter Fiscal 2026 Joint Ventures
First-quarter Fiscal 2026 Joint Ventures Q1 AFTER-TAX JV EARNINGS: $7MM, -64%¹ vs. LY • Q1 CPW net sales decline driven by Latin Net Sales2 Q1 America and Europe, partially offset by growth in Asia, Oceania, and Africa Cereal Partners Worldwide -2% • Q1 HDJ net sales increase reflect growth Häagen-D
Slide 26: First-quarter Fiscal 2026 Margin Results
First-quarter Fiscal 2026 Margin Results Adjusted Gross Margin1 Adjusted Operating Profit Margin1 (% of Net Sales) (% of Net Sales) 35.4% 34.2% 45% 40% 35% 30% 17.8% 25% 15.7% 20% 15% 10% 5% 0% 0% F25 Q1 F26 Q1 F25 Q1 F26 Q1 • Q1 Adj. Gross Margin decline driven primarily by higher input costs, part
Slide 27: First-quarter Fiscal 2026 Other Income Statement Items
First-quarter Fiscal 2026 Other Income Statement Items • Adjusted Unallocated Corporate Expenses Increased $11MM vs. LY • Net Interest Expense Increased $9MM vs. LY • Adjusted Effective Tax Rate 24.1%, +220bps vs. LY¹ • Average Diluted Shares Outstanding -4% vs. LY (1) Non-GAAP measure. See appendix
Slide 28: First-quarter Fiscal 2026 Balance Sheet and Cash Flow
First-quarter Fiscal 2026 Balance Sheet and Cash Flow Operating Cash Flow Capital Investments: $110MM ($ in Millions) $800 $700 $624 Dividends Paid: $331MM $600 $500 $397 $400 $300 $1.8B Gross Proceeds from U.S. $200 Yogurt Divestiture; Majority of Net $100 Proceeds Used to Pay Down Debt $0 F25 Q1 F
Slide 29: Reaffirming Fiscal 2026 Financial Outlook
Reaffirming Fiscal 2026 Financial Outlook Key Financial Metrics¹ F26 Outlook Organic Net Sales Growth -1% to +1% Adjusted Operating Profit Growth² -15% to -10% Adjusted Diluted EPS Growth² -15% to -10% Free Cash Flow Conversion 95%+ F26 Outlook for Adjusted Op. Profit and Adjusted Diluted EPS includ
Slide 30: Today's Key Messages
Today’s Key Messages First-quarter Performance Aligned with Our 1 Expectations; Strategic Investments Tracking to Plan Continued Focus on Restoring Volume-driven 2 Organic Sales Growth 3 Reaffirming Full-year Fiscal ’26 Outlook General Mills Fiscal 2026 First Quarter 30
Slide 31: A Reminder on Non-GAAP Guidance
A Reminder on Non-GAAP Guidance Our fiscal 2026 outlook for organic net sales growth, constant-currency adjusted operating profit and adjusted diluted EPS, and free cash flow conversion are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability,
Slide 32: Appendix: North America Retail Operating Unit Results
Appendix: First-quarter Fiscal 2026 North America Retail Operating Unit Results Net Sales % vs. LY Operating Unit Q1 Big G Cereal & Canada -25% U.S. Snacks -8% U.S. Meals & Baking Solutions -3% Upon completion of the U.S. Yogurt divestiture, the former U.S. Morning Foods and Canada operating units
Slide 33: Reconciliation of Organic Net Sales Growth
Reconciliation of First-quarter Fiscal 2026 Organic Net Sales Growth *Table may not foot due to rounding General Mills Fiscal 2026 First Quarter 33
Slide 34: Reconciliation of Adjusted Operating Profit and Constant-currency Growth Rate
Reconciliation of First-quarter Fiscal 2026 Adjusted Operating Profit and Related Constant-currency Growth Rate ($ in Millions) *Table may not foot due to rounding General Mills Fiscal 2026 First Quarter 34
Slide 35: Reconciliation of Adjusted Diluted EPS and Constant-currency Growth Rate
Reconciliation of First-quarter Fiscal 2026 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 2026 First Quarter 35
Slide 36: Reconciliation of Constant-currency Segment Operating Profit Growth
Reconciliation of First-quarter Fiscal 2026 Constant-currency Segment Operating Profit Growth *Table may not foot due to rounding General Mills Fiscal 2026 First Quarter 36
Slide 37: Reconciliation of Constant-currency After-tax Earnings from Joint Ventures Growth Rate
Reconciliation of First-quarter Fiscal 2026 Constant-currency After-tax Earnings from Joint Ventures Growth Rate *Table may not foot due to rounding General Mills Fiscal 2026 First Quarter 37
Slide 38: Reconciliation of Adjusted Gross Margin
Reconciliation of First-quarter Fiscal 2026 Adjusted Gross Margin *Table may not foot due to rounding General Mills Fiscal 2026 First Quarter 38
Slide 39: Reconciliation of Adjusted Operating Profit Margin
Reconciliation of First-quarter Fiscal 2026 Adjusted Operating Profit Margin *Table may not foot due to rounding General Mills Fiscal 2026 First Quarter 39
Slide 40: Reconciliation of Adjusted Tax Rate
Reconciliation of First-quarter Fiscal 2026 Adjusted Tax Rate ($ in Millions except Per Share Data) *Table may not foot due to rounding (a) Earnings before income taxes and after-tax earnings from joint ventures General Mills Fiscal 2026 First Quarter 40