General Mills, Inc.

FY26 “2-step” strategy worked, enabling FY27 pivot to innovation-led growth - Management said FY26’s priority was reinvesting in “remarkability” via base price adjustments to prevent being under key price thresholds (“value” step). - They claim results included improving household penetration for the first time in years and base volume up ~1% by FY27 entry (vs base volume down ~10% at the point they were diagnosing last year). - FY27 is the second step: shift focus from mostly price to innovation/renovation + packaging/brand communication + stronger price/mix (emphasis on mix, not just price).

FY27 outlook: modestly tougher consumer backdrop; category flat; growth expected to improve but guidance is still down YoY - They reiterated the consumer remains pressured (more deliberate shopping, more promotion reliance, trading between pack sizes/channels). - Category backdrop assumed ~flat / roughly tracks FY26 (with some category slow down ~1 point seen exiting Q4). - Key risk/negative: despite the improvement plan, management emphasized they expect continued net headwinds early and the overall outlook remains down YoY (no promise of immediate back-half volume recovery discussed in detail). - Q1 specifics (guardrails, not full quarterly guidance): - Pet shipment timing headwinds continue into Q1 - Some reversal expected in North America Retail as Q1 starts - Yogurt comparison headwind from the June FY26 divestiture remains relevant

Cost savings and transformation: major support to margins/earnings; $3B cumulative by 2030 with $750M in FY27 - Company expects $3B cumulative cost savings over 4 years through FY2030, mainly: - ~$2B from Holistic Margin Management (HMM) (at a rate consistent with prior years) - ~$1B from global transformation acceleration, including supply chain transformation (early phase; more detail to come) - They explicitly framed savings as critical to offset inflation, fund growth investments, and support earnings/cash flow. - Inflation assumption for FY27 remains 4%–5% net inflation (inflation after cost savings), tied to ~$100/bbl oil on the uncovered portion and lagging cost conversion; guidance said oil exposure is largely covered (8–9 months).