General Mills, Inc.

Improving (but still not growing) retail share momentum in Human Food (NAR / takeaway) - Management is encouraged by sequential improvement in retail trends and improved dollar sales/share, including a 2-point improvement in dollar sales and share gains in the majority of categories. - However, they’re not all the way to growth yet—expect continued work through the year. - Key “where fixes are needed”: - Totino’s: declines cut in half vs. last year; still an area of focus with renovation + innovation (e.g., *blasted rolls* and upcoming improvements). - Fruit snacks: category is growing fast (~+13% in Q1), but insurgent brands are taking distribution; GM plans to leverage Annie’s and launch Nature Pals (high-fiber fruit snack) with renovation. - Forecast / expectation: Dana expects improvement in price/mix as the company begins to lap prior Q1 price investment bases in Q2, plus continued momentum from premium innovation, price-pack architecture, and accelerated innovation/renovation.

Inflation outlook: targeting ~4% range early; step-up in Q4 - CFO Kofi Bruce said Q1 inflation came in around the low end (~4%) and expects Q1–Q3 roughly similar. - Q4 expected to be just outside the range (~6%) based on current inputs/assumptions and hedging. - Forecast / balancing: Company expects HMM (higher mix/market management productivity / pricing actions) + productivity savings to offset inflation over the full year, while acknowledging phasing/mechanical factors.

Gross margin / profit puts & takes - Near-term expectation: Gross margins net roughly flat ex a “53rd week” mechanical comparison factor in the back half. - Operating margin adds another mechanical factor: incentive comp reset. - Overall narrative: inflation is a headwind, but the company believes productivity + HMM + transformation savings manage the net effect, with important phasing to watch.