General Mills : Fourth Quarter 2024 Presentation

Fiscal 2024

Q4 Earnings

June 26, 2024

General Mills Fiscal 2024 Fourth Quarter

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 our current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: disruptions or inefficiencies in the supply chain; 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 changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer 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 environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, 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 liability; 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; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, energy, and transportation; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price 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 political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation to publicly revise any forward- looking statement to reflect any future events or circumstances.

General Mills Fiscal 2024 Fourth Quarter	2

Jeff Harmening

Chairman and Chief Executive Officer

General Mills Fiscal 2024 Fourth Quarter

Today's Key Messages

• F24 Results Met Our Updated Annual Guidance
• Our Top Priority in F25 is to Accelerate Organic Net Sales Growth
• Targeting Strong HMM Cost Savings in F25 to Fuel Increased Brand Investment and Drive Improved Market Share

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Fiscal 2024 Full-year Performance

Organic Net Sales		Adjusted Op.		Adjusted Diluted
Growth¹		Profit Growth²		EPS Growth²

-1%+4% +6%

2-yr CGR3 +4%

2-yr CGR3 +6%

2-yr CGR3 +8%

1. • F24 results moderated versus DD% growth in F23 and met or exceeded our updated full-year F24 guidance
   • 2-yearperformance in line or ahead of our long-term algorithm
2. Non-GAAPmeasure. See appendix for reconciliation
3. Growth rates in constant currency. Non-GAAP measures. See appendix for reconciliation
4. 2-yrCGR = F22 to F24 compound growth rates. See appendix for reconciliation

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Our Fiscal 2024 Priorities

1	Continue to
Compete Effectively

Leverage Advantaged Capabilities to Adapt to New Environment

2	Improve Supply Chain
Efficiency

Drive HMM Cost Savings and Reduce Disruption-related Costs

3	Maintain Capital
Allocation Discipline

Invest in the Business, Return Cash to Shareholders, and Maintain Flexibility for Portfolio Reshaping

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F24 Priority

1

Brand-building, Innovation, and In-store Initiatives Drove Improved Volume and Market Share Trends in 2H

Increased Consumer		Strengthened
Investment		Innovation Pressure

Expanded Share of

Distribution

Cereal

Grain Snacks

Fruit Snacks

Ref. Dough

YogurtDesserts

F24 Media Spend

+LSD% vs. LY

Source: Fiscal 2024 advertising and media expense (including production and communication costs)

~40% More

Big Bets in F24

Source: F24 net sales vs. LY

F24 Distribution

+3% vs. LY

Source: U.S. Retail NIQ F24

General Mills Fiscal 2024 Fourth Quarter	7

F24 Priority

2

Improved Supply Chain Efficiency

Accelerated HMM Cost Savings

General Mills HMM Cost Savings

(as % of COGS)

			6%
4%
	3%	3%
F10 - F21	F22	F23	F24
Average

Key Drivers

• Reduced Supply Chain Disruptions
• Internalized Manufacturing
• Re-adjustedFormulas
• Optimized Logistics
• Leveraged Supply Chain Digitization

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F24 Priority

3

Maintained Capital Allocation Discipline

Invested for Growth		Continued to Reshape
and Cost Savings		Our Portfolio

F24 Capex		Edgard & Cooper
4% of Net Sales		Acquired April 2024

Returned Cash to

Shareholders

Dividends Paid + Net Share Repurchases

($ in Billions)

	$3.3
$2.5
F23	F24

General Mills Fiscal 2024 Fourth Quarter	9

F24 Priority

Progress on Standing for Good in F24

Regenerative		Climate		Packaging
Agriculture

500,000+ acres enrolled in regenerative agriculture programs

51% reduction in owned

operations (Scopes 1 and 2); 7% reduction across the full value chain

93% of our packaging recyclable or reusable by weight*

*Excludes Asia and Latin America, External Supply Chain, and Pet treat businesses

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