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Fiscal 2027 Q1 Earnings September 23, 2026
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General Mills Fiscal 2027 First Quarter 2 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 under the caption “Fiscal 2027 Financial Outlook,” and statements made by Mr. Harmening, Ms. McNabb, and Mr. Bruce, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential result s discussed in the forward-looking statements. In particular, our future results could be affected by a variety of factors, includ ing: imposed and threatened tariffs by the United States and its trading partners; disruptions or inefficiencies in the supply cha in; competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including change s in inflation rates, interest rates, tax rates, tariffs, or the availability of capital; product development and innovation; cons umer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory envir onment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwil l, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of critical accounting estimates; product quality and safety issues, including recalls and product l iability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health -related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctu ations in the cost and availability of supply chain resources, including raw materials, packaging, energy, and transportation; effec tiveness of restructuring, transformation and cost saving initiatives; volatility in the market value of derivatives used to manage pr ice risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations and tariffs; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The compa ny undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.