General Mills, Inc.

FY’26 takeaway / FY’27 pivot (what changed and why): General Mills says it has completed the “price step” from FY’26—base price investments/price cliffs were corrected to improve value—and is now shifting to the “second step” in FY’27: innovation + renovation + better packaging/brand communication to drive profitable organic volume growth. Management links FY’27 confidence to FY’26 progress (e.g., household penetration up, better base volume vs. prior year, and competitive performance after the base-price work).

Guidance framing for FY’27 (growth vs inflation + gating factors): Management reiterates (without over-specifying quarterly guidance) that: - Consumer remains pressured and trade behavior persists (more promotion buying, less everyday price), with categories slow/not improving meaningfully. - They expect shipment/inventory timing headwinds in Pet in Q1 to continue, plus North America Retail reversal/improvement stepping into Q1, and net inflation negative then progressively improving through Q2 into Q3. - For full-year inflation: 4%–5% net inflation outlook (assumption framing below), and organic sales expectation depends more on execution/price-mix than category tailwinds, i.e., they believe upside comes largely from levers they control.

Cost savings / transformation (funding growth + offsetting inflation): Company expects $3B cumulative cost savings over 4 years through fiscal 2030, mainly via: - Holistic Margin Management (HMM): ~$2B (delivered at a pace consistent with recent years). - Global transformation initiative + other actions: ~$1B (includes supply chain transformation to improve flexibility for faster innovation/packaging; early phase—details to come). - FY’27 savings expected: $750M. Management emphasis: savings are intended to reinvest in product/innovation/marketing while protecting margins (HMM is the mechanism).