Prepared remarks
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GENERAL MILLS FISCAL 2027 Q1 EARNINGS CALL September 23, 2026 Pre-recorded, Available by 6:30 a.m. Central Time CORPORATE PARTICIPANTS Jeff Siemon, Vice President, Investor Relations and Corporate Finance Jeff Harmening, Chairman and Chief Executive Officer Dana McNabb, Chief Operating Officer Kofi Bruce, Chief Financial Officer PRESENTATION Jeff Siemon Hello! This is Jeff Siemon, Vice President of Investor Relations and Corporate Finance. Thank you for listening to General Mills’ prepared remarks for our fiscal 2027 first-quarter earnings. Later today, we will hold a live question-and-answer session on our first-quarter results, which you can hear via webcast on our investor relations website. Joining me for today’s presentation are Jeff Harmening, our Chairman and CEO, Dana McNabb, our Chief Operating Officer, and Kofi Bruce, our CFO. Before I hand things over to them, let me first touch on a few housekeeping items. First, on our website, you will find today’s earnings press release, along with a copy of the presentation and a transcript of these remarks. Please note that today’s remarks include forward-looking statements that are based on management’s current views and assumptions. The second slide in the presentation lists several factors that could cause our future results to be different than our current estimates. And with that, I will turn it over to Jeff. Jeff Harmening Thank you, Jeff, and hello to everyone. Let me start with the three messages I want you to take away today. First, we’re off to an encouraging start in fiscal ’27. Our Remarkability playbook is working – driving improved topline performance by delivering stronger product innovation and renovation focused on the benefits consumers are looking for today. And we have more work to do. Second, we're continuing to deliver industry-leading cost savings in a volatile environment. We are on track to deliver $750 million in savings this year between our Holistic Margin Management program, our Transformation initiative, and other efficiency efforts. This work is about more than cost mitigation and reduction…it's about making General Mills future-fit: modernizing how we operate, reimagining our supply chain, and building the flexibility to innovate faster.
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First-quarter Fiscal 2027 Earnings Webcast, September 23, 2026 2 And third, with solid first-quarter results, improving in-market momentum, and our transformation and cost savings work on track, we are reaffirming our full-year fiscal ‘27 guidance. In terms of first-quarter performance, organic net sales were flat to last year, adjusted operating profit was down 11%, and adjusted diluted EPS was down 13%. These results finished ahead of our expectations, driven largely by improved retail sales trends in North America Retail, North America Foodservice, and International, as well as a good start on our cost savings programs. We remain focused on delivering against the three key priorities we laid out on our Q4 earnings call: First, we are strengthening our organic sales growth by driving a step change in Remarkability. That means delivering benefit-focused innovation and renovation across our portfolio and improving the total consumer experience across product, packaging, brand communication, omnichannel execution, and value. Second, we are accelerating enterprise transformation. We’re simplifying our processes, reimagining our supply chain, and redesigning how work gets done so we can increase speed, efficiency, and flexibility across the business. And third, we are driving disciplined capital allocation and returns. We remain sharply focused on generating cash, paying our dividend, and reducing leverage…all while continuing to invest behind the opportunities that will create the most value for our shareholders. We remain confident in our plans to drive further improvement in the rest of the year, and we are on track to deliver our full-year guidance, which is summarized on slide 7. And with that, I will turn it over to Dana. Dana McNabb Thank you, Jeff, and hello everyone. Let me tell you how executing our Remarkability playbook is leading to stronger growth, and how we’re driving efficiency to combat inflation and enable investment in our brands. We entered fiscal ’27 with a stronger foundation due to the decisive action we took last year to bring more value to consumers by adjusting base prices to address key price cliffs and gaps. With that investment behind us, our full focus this year is on accelerating our pace of product innovation and renovation to deliver more of the lasting benefits that consumers are looking for today. This includes more protein and fiber, clean labels, bold flavors, fun and indulgence, and pet humanization. And we’ll leverage our Strategic Revenue Management toolkit to strengthen price/mix, with a particular focus on mix. I’m encouraged by the early signs of progress we’re seeing in Q1, driven by our focus on Remarkability, and it is evident in the results we delivered this quarter in North America Retail. NAR retail sales