| Segment / Quarter                      | Q1 2025  **[0001193125-24-221344_d874379d10q.htm:22]** **[0001193125-24-221059_d805015dex99.htm:4]** **[0001193125-24-221344_d874379d10q.htm:23]** **[0001193125-24-221344_d874379d10q.htm:24]**  | Q4 2024  **[0001193125-24-168511_d786387dex99.htm:3]** **[0001193125-24-168511_d786387dex99.htm:4]**  | Q3 2024  **[0001193125-24-072690_d584889d10q.htm:22]**  | Q2 2024  **[0001193125-23-299930_d660295d10q.htm:22]**  | Q1 2024  **[0001193125-23-238563_d509747d10q.htm:19]** **[0001193125-23-238038_d488103dex99.htm:4]**  | Q4 2023  **[GIS_3383945_5]** **[GIS_3383945_6]**  | Q3 2023  **[0001193125-23-077864_d481948d10q.htm:26]** **[0001193125-23-077864_d481948d10q.htm:27]** **[0001193125-23-077864_d481948d10q.htm:29]**  | Q2 2023  **[0001193125-22-308741_d229190dex99.htm:3]** **[0001193125-22-308741_d229190dex99.htm:4]**  |
|----------------------------------------|------------------------------|-------------------|---------------|---------------|---------------------|-------------------|-------------------------|-------------------|
| **North America Retail (USD Million)** | **3,016.6**                  | **2,850**         | **3,242.1**   | **3,305**     | **3,073**           | N/A               | **3,232.0**             | **3,400**         |
| **International (USD Million)**        | **717**                      | **668**           | **680.1**     | **683**       | **716**             | N/A               | **700.6**               | **672**           |
| **North America Foodservice (USD Million)** | **536.2**              | **589**           | **551.7**     | **582**       | **536**             | N/A               | **547.8**               | **583**           |
| **Pet (USD Million)**                  | **576.1**                    | **602**           | **624.5**     | **569**       | **580**             | N/A               | **645.5**               | **593**           |

11406dd646706ae53da5ee69923198285e5c3bcd8dde93f0c9614ccac984b139

General Mills, Inc. (GIS) is a leading global manufacturer and marketer of branded consumer foods, operating in over 100 countries across six continents **[0001193125-24-168943_d764890d10k.htm:21]** **[0001193125-24-168943_d764890d10k.htm:102]**. The company manages its business through four operating segments: North America Retail, International, Pet, and North America Foodservice **[0001193125-24-168943_d764890d10k.htm:21]** **[0001193125-24-168943_d764890d10k.htm:102]**. General Mills offers a diverse range of products, including ready-to-eat cereals, yogurt, soups, meal kits, snacks, baking mixes, frozen foods, and pet food **[0001193125-24-168943_d764890d10k.htm:46]**. In fiscal 2024, the company generated approximately $20 billion in net sales, with an additional $1 billion from non-consolidated joint ventures **[0001193125-24-259737_d874566dex99.htm:1]**.

1. **North America Retail** - Offers a wide variety of grocery products, including ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and organic products.
2. **International** - Provides products such as super-premium ice cream, frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelf-stable vegetables, and pet food products.
3. **Pet** - Focuses on pet food products sold primarily in the United States and Canada, including dog and cat food made with high-quality natural ingredients.
4. **North America Foodservice** - Includes ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, baking mixes, and bakery flour, sold to distributors and operators in various customer channels.

3f4155dbe57cb1c04eb736e5749eb02a0daa06d9b0910b9f4f09b39ba53fb893

| Metric [Unit: USD Million] | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| North America Retail       | **3,016.6**  **[0001193125-24-221344_d874379d10q.htm:22]**  | **2,850.0**  **[0001193125-24-168511_d786387dex99.htm:3]**  | **3,242.1**  **[0001193125-24-072690_d584889d10q.htm:22]**  | **3,305.0**  **[0001193125-23-299930_d660295d10q.htm:22]**  | **3,073.0**  **[0001193125-23-238563_d509747d10q.htm:22]**  | **3,100.0**  **[0001193125-23-176744_d41355dex99.htm:4]**  | **3,232.0**  **[0001193125-23-077864_d481948d10q.htm:27]**  | **3,400.0**  **[0001193125-22-308741_d229190dex99.htm:3]**  |
| International              | **717.0**  **[0001193125-24-221344_d874379d10q.htm:23]**  | **668.0**  **[0001193125-24-168511_d786387dex99.htm:4]**  | **680.1**  **[0001193125-24-072690_d584889d10q.htm:22]**  | **683.0**  **[0001193125-23-299930_d660295d10q.htm:22]**  | **715.8**  **[0001193125-23-238563_d509747d10q.htm:23]**  | **700.6**  **[0001193125-23-077864_d481948d10q.htm:28]**  | **700.6**  **[0001193125-23-077864_d481948d10q.htm:28]**  | **672.0**  **[0001193125-22-308741_d229190dex99.htm:4]**  |
| Pet                        | **576.1**  **[0001193125-24-221344_d874379d10q.htm:23]**  | **602.0**  **[0001193125-24-168511_d786387dex99.htm:4]**  | **624.5**  **[0001193125-24-072690_d584889d10q.htm:22]**  | **569.0**  **[0001193125-23-299930_d660295d10q.htm:22]**  | **579.9**  **[0001193125-23-238563_d509747d10q.htm:23]**  | **N/A** | **645.5**  **[0001193125-23-077864_d481948d10q.htm:28]**  | **593.0**  **[0001193125-22-308741_d229190dex99.htm:4]**  |
| North America Foodservice  | **536.2**  **[0001193125-24-221344_d874379d10q.htm:24]**  | **589.0**  **[0001193125-24-168511_d786387dex99.htm:4]**  | **551.7**  **[0001193125-24-072690_d584889d10q.htm:22]**  | **582.0**  **[0001193125-23-299930_d660295d10q.htm:22]**  | **536.0**  **[0001193125-23-238563_d509747d10q.htm:24]**  | **N/A** | **547.8**  **[0001193125-23-077864_d481948d10q.htm:29]**  | **583.0**  **[0001193125-22-308741_d229190dex99.htm:4]**  |

9a7abaf62746074d950452cebad9983e0cfd7a9d90d3f27e295ae5332672c0e8

Organic Volume Growth Contribution

Volume Growth Contribution

00c24bfb118cd2039c3558124be98187f785497ea4cb092eee27be0b26fc1ddd

075248a57878ce7f4b62e7de59994fff2040ab13c1ce8bc7d7cda1d6bed81164

| Metric / Quarter                    | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|-------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Organic Volume Growth Contribution  |         | **-6** **[0001193125-24-168511_d786387dex99.htm:3]** | **-2** **[0001193125-24-072690_d584889d10q.htm:23]** **[GIS_3383942_4]** | **-4** **[0001193125-23-299930_d660295d10q.htm:23]** **[0001193125-23-299930_d660295d10q.htm:28]** **[GIS_3383943_5]** | **-2** **[0001193125-23-238563_d509747d10q.htm:21]** | **-6** **[GIS_3254323_4]** | **0** **[0001193125-23-077864_d481948d10q.htm:22]** | **-6** **[0001193125-22-309146_d392633d10q.htm:23]** |
| Volume Growth Contribution          | **-3** **[0001193125-24-221344_d874379d10q.htm:22]** | **-2** **[GIS_3392944_7]** | **-2** **[0001193125-24-072690_d584889d10q.htm:23]** | **-4** **[0001193125-23-299930_d660295d10q.htm:23]** | **-2** **[0001193125-23-238563_d509747d10q.htm:21]** | **-6** **[GIS_3254323_4]** | **0** **[0001193125-23-077864_d481948d10q.htm:22]** | **-6** **[0001193125-22-309146_d392633d10q.htm:23]** |

41da77093efeb43ce2bdb5654a7dca9bd82518b3bb6b74a48494c04b8df447d1

1. With input cost inflation still forecasted at 3%-4% and price/mix pressures due to mix reductions, how do you plan to manage margins if you cannot pass on additional costs to consumers?
2. Considering the stranded overhead from the yogurt divestiture that will take up to two years to eliminate, what specific measures are you implementing to address these costs, and how confident are you in achieving the projected timeline?
3. You've mentioned a focus on bolt-on acquisitions in the $1 billion to $2 billion range; can you detail which strategic areas or categories you're targeting and how these acquisitions will deliver expected growth and synergies amid a competitive M&A landscape?
4. Given the shift toward increased at-home food consumption coupled with continued value-seeking behavior, how are you adapting your product portfolio and marketing strategies to capitalize on this trend without compromising the perceived value of your premium brands?
5. Despite improvements, customer service levels and supply chain reliability are only approaching pre-pandemic levels; what are the remaining bottlenecks, and what actions are you taking to achieve sustainable improvements across all segments of your business?

54506bb61a7a0869ae7bdf3b540596f4b6019b6503045e3ccdbcfb7996a7386b

91ee7ae8c160ece834cf9ecbb058e952c3a164173aabc08708eb7666bc2e1256

### Q1 2025 Earnings Call
- **Issued Period**: Q1 2025
- **Guided Period**: FY 2025
- **Guidance**:
  - **Organic Net Sales**: Expected to range between **flat and up 1%**  **[GIS_3401893_8]** .
  - **Adjusted Operating Profit**: Expected to range between **down 2% and flat** in constant currency, including a 2-point headwind from resetting incentive compensation to target levels  **[GIS_3401893_8]** .
  - **Adjusted Diluted Earnings Per Share**: Expected to range between **down 1% and up 1%** in constant currency  **[GIS_3401893_8]** .
  - **Free Cash Flow Conversion**: Expected to be at least **95% of adjusted after-tax earnings**  **[GIS_3401893_8]** .
  - **HMM (Holistic Margin Management) Savings**: Expected to deliver approximately **4% to 5% savings** in the cost of goods sold  **[GIS_3401893_5]** .
  - **Capital Expenditures**: Expected to total approximately **3.5% of net sales**  **[GIS_3401893_5]** .

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: FY 2025
- **Guidance**:
  - **Organic Net Sales**: Expected to range between **flat and up 1%**  **[GIS_3392944_6]** .
  - **Adjusted Operating Profit**: Expected to range between **down 2% and flat** in constant currency, including a **2-point headwind** from resetting incentive compensation to target levels  **[GIS_3392944_6]** .
  - **Adjusted Diluted EPS**: Expected to range between **down 1% and up 1%** in constant currency  **[GIS_3392944_6]** .
  - **Free Cash Flow Conversion**: Expected to be at least **95% of adjusted after-tax earnings**  **[GIS_3392944_6]** .
  - **Net Interest Expense**: Expected to increase to approximately **$525 million**  **[GIS_3392944_10]** .
  - **Adjusted Effective Tax Rate**: Expected to be roughly **21%**, up about 1 point from the prior year  **[GIS_3392944_10]** .
  - **Benefit Plan Non-Service Income**: Expected to decrease to approximately **$55 million**  **[GIS_3392944_10]** .
  - **Share Repurchase Activity**: Expected to reduce average diluted shares outstanding by roughly **3%**  **[GIS_3392944_10]** .
  - **Capital Expenditures**: Expected to total approximately **3.5% of net sales**  **[GIS_3392944_6]** .
  - **Input Cost Inflation**: Forecasted at **3% to 4%** of cost of goods sold  **[GIS_3392944_9]** .
  - **HMM Cost Savings**: Expected to be **4% to 5%** of cost of goods sold  **[GIS_3392944_9]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Organic Net Sales**: Expected to range between down 1% and flat for the full fiscal year  **[GIS_3383942_5]** .
  - **Adjusted Operating Profit**: Expected to increase 4% to 5% in constant currency for the full fiscal year  **[GIS_3383942_5]** .
  - **Adjusted Diluted Earnings Per Share**: Expected to increase 4% to 5% in constant currency for the full fiscal year  **[GIS_3383942_5]** .
  - **Free Cash Flow Conversion**: Expected to be at least 95% of adjusted after-tax earnings for the full fiscal year  **[GIS_3383942_5]** .
  - **Capital Investments**: Expected to be roughly 4% of net sales for the full fiscal year  **[GIS_3383942_3]** .
  - **Average Diluted Share Count**: Expected to reduce by approximately 3% in fiscal 2024 due to share repurchases  **[GIS_3383942_3]** .
  - **Additional Assumptions**: A meaningful headwind from the comparison against favorable trade expense timing in the previous year's fourth quarter, representing a roughly 3-point headwind to net sales growth and a double-digit headwind to adjusted operating profit growth  **[GIS_3383942_5]** . Continued input cost inflation on the cost of goods sold, which they plan to address with continued strong Holistic Margin Management (HMM) cost savings  **[GIS_3383942_5]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Organic Net Sales**: Expected to range between **down 1% and flat**  **[GIS_3383943_7]** .
  - **Adjusted Operating Profit**: Expected to increase **4% to 5%** in constant currency  **[GIS_3383943_7]** .
  - **Adjusted Diluted Earnings Per Share (EPS)**: Expected to increase **4% to 5%** in constant currency  **[GIS_3383943_7]** .
  - **Free Cash Flow Conversion**: Expected to be at least **95%** of adjusted after-tax earnings  **[GIS_3383943_7]** .
  - **Input Cost Inflation**: Expected to be **5%** of the cost of goods sold, driven primarily by labor inflation  **[GIS_3383943_7]** .
  - **HMM Cost Savings**: Expected to be **5%** of the cost of goods sold  **[GIS_3383943_7]** .
  - **Average Diluted Shares Outstanding**: Expected to be reduced by roughly **3%**  **[GIS_3383943_7]** .

3a5627a600083d88fe17fdeb965646b1db59fed5105b3673870cff3bb86b3945

North America Retail

- Canada

International

United States

Non-United States

North America Pet

North America Foodservice

Europe & Australia

Asia & Latin America

Total Revenue

77b74b98a5a82e0ab151f0ae1094caa2301c19d69f60d8057f1eeb01e538736a

67696a710dd41468120c125dfa8e2627e6f1c849160ebb6ee5ad9a81f83a1104

429d2cf6d5219140d657fe64be8018a87dfeac4877f34e52a37589d6ab4845fd

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

90acd1ca2e0e2746f7e3dd8b8d95374c31acb390c45ff716494e8248f6864c55

| Name                     | Position                                                      | Start Date         | Short Bio                                                                                                                                                                                                 |
|--------------------------|---------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Jeffrey L. Harmening     | Chairman of the Board & Chief Executive Officer               | 1994               | Jeffrey L. Harmening joined General Mills in **1994** and has served in various roles, becoming CEO in June 2017 and Chairman in January 2018  **[0001193125-24-168943_d764890d10k.htm:25]** **[0001308179-24-000692_lgis2024_def14a.htm:16]** **[0001308179-23-000968_gis4206461-def14a.htm:20]** .                                                  |
| Kofi A. Bruce            | Chief Financial Officer                                       | 2009               | Kofi A. Bruce joined General Mills in **2009** and became CFO in February 2020  **[0001193125-24-168943_d764890d10k.htm:25]** **[0001193125-23-177500_d523469d10k.htm:25]** .                                                                                                                   |
| Dana M. McNabb           | Group President, North America Retail                         | January 2024       | Dana M. McNabb joined General Mills in **1999** and was named Group President, North America Retail in January **2024**  **[0001193125-24-168943_d764890d10k.htm:25]** **[0001193125-23-177500_d523469d10k.htm:25]** .                                                                           |
| Jon J. Nudi              | Group President, Pet, International, and North America Foodservice | January 2024       | Jon J. Nudi joined General Mills in **1993** and was appointed to his current position in January **2024**  **[0001193125-24-168943_d764890d10k.htm:25]** **[0001193125-24-168943_d764890d10k.htm:26]** .                                                                                        |
| Jaime Montemayor         | Chief Digital and Technology Officer                          | February 2020      | Jaime Montemayor assumed his role at General Mills in **February 2020** after a career at PepsiCo and 7-Eleven  **[0001193125-24-168943_d764890d10k.htm:25]** .                                                                                      |
| Karen Wilson Thissen     | General Counsel and Secretary                                 | June 2022          | Karen Wilson Thissen joined General Mills in **June 2022** after 17 years at Ameriprise Financial  **[0001193125-24-168943_d764890d10k.htm:26]** **[0001193125-23-177500_d523469d10k.htm:26]** .                                                                                                |
| Ricardo Fernandez        | Segment President, International                              | December 2023      | Ricardo Fernandez joined General Mills in **2000** and was appointed Segment President, International in December **2023**  **[0001193125-24-168943_d764890d10k.htm:25]** .                                                                          |
| Paul J. Gallagher        | Chief Supply Chain Officer                                    | April 2019         | Paul J. Gallagher joined General Mills in **April 2019** and became Chief Supply Chain Officer in July 2021  **[0001193125-24-168943_d764890d10k.htm:25]** **[0001193125-23-177500_d523469d10k.htm:25]** .                                                                                      |
| Lanette Shaffer Werner   | Chief Innovation, Technical, and Quality Officer              | June 2023          | Lanette Shaffer Werner joined General Mills in **1995** and was appointed to her current position in June **2023**  **[0001193125-24-168943_d764890d10k.htm:26]** **[0001193125-23-177500_d523469d10k.htm:26]** .                                                                               |
| Pankaj Sharma            | Segment President, North America Foodservice                  | February 2024      | Pankaj Sharma joined General Mills in 2014 and assumed his current position as Segment President, North America Foodservice in February **2024**  **[0001193125-24-168943_d764890d10k.htm:26]** .                                                     |
| Jacqueline Williams-Roll | Chief Human Resources Officer                                 | 1995               | Jacqueline Williams-Roll joined General Mills in **1995** and has been Chief Human Resources Officer since 2014  **[0001193125-24-168943_d764890d10k.htm:26]** **[0001193125-23-177500_d523469d10k.htm:26]** .                                                                                 |
| Wendy Unglaub            | Vice President, Treasurer                                     | N/A                | The documents do not provide specific details about Wendy Unglaub's start date or a detailed biography. However, she is mentioned as the Vice President, Treasurer of General Mills, Inc.  **[0001193125-24-263045_d873211dex41.htm:4]** **[0001193125-24-263045_d873211dex42.htm:4]** **[0001193125-24-237500_d862332dex10.htm:101]** **[0001193125-24-263045_d873211dex41.htm:7]** **[0001193125-24-263045_d873211dex1.htm:24]** . |

b4086b849271d70df33c4811277afd1fb6443e9efe1c05317c7474fabe10eded

| Program Details          | Program 1        |
|--------------------------|------------------|
| Approval Date            | June 27, 2022  **[0001193125-24-281288_d901001d10q.htm:44]** |
| End Date/Duration        | No expiration date specified  **[0001193125-24-281288_d901001d10q.htm:44]**  |
| Total additional amount  | 100,000,000 shares  **[0001193125-24-281288_d901001d10q.htm:44]**  |
| Remaining authorization amount | 46,945,305 shares  **[0001193125-24-281288_d901001d10q.htm:44]**  |
| Details                  | Authorization for repurchase of up to 100 million shares of common stock  **[0001193125-24-281288_d901001d10q.htm:44]**  |

d08555a3b17756a9b13ac055b54e5701f1402cd78da98fcae49e2a1f6ce5df21

**Annual guidance for FY 2025:**
- **Organic Net Sales**: flat to up 1%  **[GIS_3411945_7]**  (no change from prior guidance flat to up 1%  **[GIS_3401893_8]** )  
- **Adjusted Operating Profit**: down 4% to down 2%  **[GIS_3411945_7]**  (lowered from down 2% to flat  **[GIS_3401893_8]** )  
- **Adjusted Diluted EPS**: down 3% to down 1%  **[GIS_3411945_7]**  (lowered from down 1% to up 1%  **[GIS_3401893_8]** )  
- **Free Cash Flow Conversion**: at least 95% of adjusted after-tax earnings  **[GIS_3411945_7]**  (no change from prior guidance at least 95%  **[GIS_3401893_8]** )  
- **HMM (Holistic Margin Management) Cost Savings**: 5% of COGS  **[GIS_3411945_7]**  (raised from 4%–5%  **[GIS_3401893_5]** )  
- **Input cost inflation**: 4% of COGS  **[GIS_3411945_7]**  (no prior guidance)  
- **Second Half Adjusted Operating Profit**: down roughly 8%  **[GIS_3411945_7]**  (no prior guidance)  

419cdfd673a40c1b64ad9029fa94376cabe6a4be08b93adb4fea10c32bca3725

| Name       | Start Date | End Date | Reason for Change |
|------------|------------|----------|-------------------|
| KPMG LLP   | 1928  **[0001193125-24-168943_d764890d10k.htm:67]**    | Present  | Current auditor   |

c9b5b94cf3094977b064448450404f9063cd5ff69b2059c078dcb9362a81125a

ab966b556d756529a1ffcfe9b4b5d7a7884f5fc8a1cf1d7b5f3620f959a8df6b

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue (Q2 2025): $5,240.1 million (+2% YoY)  **[0001193125-23-299930_d660295d10q.htm:22]** **[0001193125-24-281288_d901001d10q.htm:8]**   
- Pet (Q2 2025): $623.8 million (**+10% YoY**)  **[0001193125-23-299930_d660295d10q.htm:22]** **[0001193125-24-281288_d901001d10q.htm:22]**   
- North America Foodservice (Q2 2025): $630.0 million (+8% YoY)  **[0001193125-23-299930_d660295d10q.htm:22]** **[0001193125-24-281288_d901001d10q.htm:22]**   
- Cereal (Q2 2025): $829.5 million (+7% YoY)  **[0001193125-23-299930_d660295d10q.htm:22]** **[0001193125-24-281288_d901001d10q.htm:22]**   
- Dough (Q2 2025): $722.6 million (**-7% YoY**)  **[0001193125-23-299930_d660295d10q.htm:22]** **[0001193125-24-281288_d901001d10q.htm:22]**   

39bc42e831988125103244c3a49a82f84d0dd7e2cf97f21b4ca83619332b1ce6

| Year | Amount Due (in millions) | Debt Type            | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|--------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2025     | $251.4 **[0001193125-24-281288_d901001d10q.htm:16]**               | U.S. Commercial Paper    | 4.8 **[0001193125-24-281288_d901001d10q.htm:16]**           | 1.7% = (251.4 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:16]**                                   |
| 2025     | $12.9 **[0001193125-24-281288_d901001d10q.htm:16]**                | Financial Institutions   | 6.7 **[0001193125-24-281288_d901001d10q.htm:16]**           | 0.1% = (12.9 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:16]**                                    |
| 2026     | €250.0 **[0001193125-24-281288_d901001d10q.htm:17]**               | Floating-Rate Notes      | Floating **[0001193125-24-281288_d901001d10q.htm:17]**      | 1.7% = (250.0 * 1.1 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:17]**                             |
| 2026     | €500.0 **[0001193125-24-281288_d901001d10q.htm:17]**               | Floating-Rate Notes      | Floating **[0001193125-24-281288_d901001d10q.htm:17]**      | 3.4% = (500.0 * 1.1 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:17]**                             |
| 2027     | $500.0 **[0001193125-24-281288_d901001d10q.htm:17]**               | Fixed-Rate Notes         | 4.7 **[0001193125-24-281288_d901001d10q.htm:17]**           | 3.4% = (500.0 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:17]**                                   |
| 2028     | $500.0 **[0001193125-24-281288_d901001d10q.htm:17]**               | Fixed-Rate Notes         | 5.5 **[0001193125-24-281288_d901001d10q.htm:17]**           | 3.4% = (500.0 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:17]**                                   |
| 2030     | $750.0 **[0001193125-24-281288_d901001d10q.htm:17]**               | Fixed-Rate Notes         | 4.875 **[0001193125-24-281288_d901001d10q.htm:17]**         | 5.2% = (750.0 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:17]**                                   |
| 2030     | €500.0 **[0001193125-24-281288_d901001d10q.htm:17]**               | Fixed-Rate Notes         | 3.65 **[0001193125-24-281288_d901001d10q.htm:17]**          | 3.4% = (500.0 * 1.1 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:17]**                             |
| 2034     | €500.0 **[0001193125-24-281288_d901001d10q.htm:17]**               | Fixed-Rate Notes         | 3.85 **[0001193125-24-281288_d901001d10q.htm:17]**          | 3.4% = (500.0 * 1.1 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:17]**                             |
| 2035     | $750.0 **[0001193125-24-281288_d901001d10q.htm:17]**               | Fixed-Rate Notes         | 5.25 **[0001193125-24-281288_d901001d10q.htm:17]**          | 5.2% = (750.0 / 14,521.6) * 100 **[0001193125-24-281288_d901001d10q.htm:10]** **[0001193125-24-281288_d901001d10q.htm:17]**                                   |

d2e643111426e34215ee8e65d03e27535f74f910b08f4a9d6cf454b9f3c95861

1. **M&A Strategy**  
   **Q:** Why focus on bolt-on deals rather than large acquisitions?  
   **A:** We see more availability of smaller assets to bolt on and enhance growth in areas where we have a competitive advantage. With the yogurt divestiture, we wanted investors to know we'll focus on bolt-on acquisitions in the **$1-2 billion** range, similar to what we've done with Tyson and Annie's, while also repurchasing shares.  **[GIS_3401808_6]** ,  **[GIS_3401808_9]** 

2. **Guidance and Competitiveness**  
   **Q:** What are your expectations for market share and competitiveness this year?  
   **A:** The first quarter played out as anticipated. We improved competitiveness in North America Retail but have more market share gains to pursue. We expect to keep getting better as the year progresses, especially starting in **Q2**, with equal contributions from volume and price/mix towards our guidance.  **[GIS_3401808_1]** ,  **[GIS_3401808_3]** ,  **[GIS_3401808_5]** 

3. **Pet Business Outlook**  
   **Q:** When will the pet segment, specifically Wilderness, see growth?  
   **A:** We saw improvement in Q1, with our dry pet food business gaining share on **60%** of the segment. For Wilderness, we expect further improvement in Q2 with new advertising, reintroducing grain-free products, adjusting sizes, and enhanced in-store features from pet specialty customers.  **[GIS_3401808_5]** 

4. **Divestiture Impact**  
   **Q:** How does the yogurt divestiture affect your cost structure?  
   **A:** There is stranded overhead from the divestiture, which will take about **two years** or less to address and remove from our cost structure. This contributes to the dilution from the transaction.  **[GIS_3401808_10]** ,  **[GIS_3401808_11]** 

5. **Challenges in China**  
   **Q:** How are sales trends in China affecting your outlook?  
   **A:** China remains challenging, particularly with Häagen-Dazs shops experiencing lower traffic due to consumers pulling back. We're not counting on an improvement there to meet our guidance, but we're pleased with other international markets like Europe and Brazil.  **[GIS_3401808_13]** 

6. **Recent Sales Data**  
   **Q:** Should investors be concerned about recent sales setbacks?  
   **A:** We're confident the first quarter played out as we expected. Recent negative scanner data is due entirely to timing of merchandising shifts, and we're not worried about it. We have strong initiatives launching in **Q2**.  **[GIS_3401808_7]** 

7. **At-Home Consumption Trends**  
   **Q:** Is increased at-home food consumption boosting sales?  
   **A:** We saw a slight uptick in food consumed at home, from **86%** to **87%**. It's broad-based but represents a small shift. This trend, combined with consumers seeking value, supports our foodservice business where we over-index in noncommercial outlets like schools and healthcare.  **[GIS_3401808_1]** ,  **[GIS_3401808_11]** 

8. **Pricing and Mix Outlook**  
   **Q:** Will North America price/mix be positive this year?  
   **A:** We expect an equal contribution from rate and volume for the year. Our price/mix was down **1%** in Q1 due to mix. Categories remain rational, and while input cost inflation has moderated, it's still forecasted at **3-4%**. We have productivity savings to offset this.  **[GIS_3401808_8]** 

4471a6b2c2bb332232e1200cdfc033797d7eb00906aec38bca267a837ff699fe

- **Price/mix challenges** persist, with **price/mix down 1%** entirely due to mix, which is difficult to predict. Input cost inflation, while moderated, is still forecasted at **3% to 4%**, potentially pressuring margins.  **[GIS_3401808_8]**
- The focus on **smaller bolt-on acquisitions** rather than larger transformative deals, coupled with returning proceeds from the yogurt divestiture to shareholders, may indicate **limited opportunities for significant growth through acquisitions**.  **[GIS_3401808_6]**
- The yogurt divestiture will result in **stranded overhead** that will take about **2 years or less** to eliminate, contributing to **short-term earnings dilution**.  **[GIS_3401808_11]**

85c4035f61359598a038f772978b837d49b158aab89e8782fd3a1b7c63042fd3

1. **Margin Outlook**  
   **Q:** How will input costs and investments impact margins?  
   **A:** Input cost inflation increased to **4%**  **[GIS_3411845_7]** , driven by higher ingredient and manufacturing costs, including lapsing advantageous contracts.  **[GIS_3411845_7]**  They are driving **5%** Holistic Margin Management (HMM) and remain confident in managing inflation.  **[GIS_3411845_7]** 

2. **Back-Half Profit Decline**  
   **Q:** What drives expected profit decline in H2?  
   **A:** They anticipate an **8-point** decline in operating profit in the back half, due to reversal of timing benefits (**3 points**), incentive compensation reset (**2 points**), and additional investments (**3 points**).  **[GIS_3411845_5]** 

3. **Targeted Investments**  
   **Q:** Are incremental investments targeted or broad?  
   **A:** Incremental investments are targeted within specific categories like refrigerated baked goods, Totino's, and fruit snacks, not across all products.  **[GIS_3411845_3]**  They believe these will provide the best return and will adjust as they learn.  **[GIS_3411845_3]** 

4. **Investment Sufficiency**  
   **Q:** Will current investments suffice for growth?  
   **A:** They are confident that targeted investments will yield returns, as initial efforts are working but require slightly more than anticipated.  **[GIS_3411845_2]**  They will monitor responses and pivot if needed.  **[GIS_3411845_3]** 

5. **Pet Segment Performance**  
   **Q:** What's the outlook for the Pet segment?  
   **A:** The Pet business is improving, with Life Protection Formula growing **high single digits**, and Wilderness improving from down **18%** last year to down **mid-single digits** this year.  **[GIS_3411845_2]**  They expect to return to growth in H2 and are gaining pound share.  **[GIS_3411845_4]** 

6. **Inventory Levels in Pet**  
   **Q:** Are there inventory issues in Pet?  
   **A:** Inventory levels at key customers are now at expected levels, and no issues are anticipated in H2.  **[GIS_3411845_4]** 

7. **Regulatory Environment Impact**  
   **Q:** How will regulations affect the business?  
   **A:** They have experience navigating regulations and will comply with new laws.  **[GIS_3411845_8]**  For California's certified colors law effective in **2027**, **85%** of their cereal portfolio is already compliant; the rest will be by **2027**.  **[GIS_3411845_8]** 

8. **M&A Activities Impact**  
   **Q:** How will recent deals affect the model?  
   **A:** The yogurt divestiture will be low single-digit dilutive, while the White Bridge acquisition is minimal.  **[GIS_3411845_11]**  Proceeds from the yogurt sale will fund share repurchases, maintaining leverage around **3x** net debt-to-EBITDA.  **[GIS_3411845_11]**  The White Bridge acquisition closed today.  **[GIS_3411845_11]** 

9. **Häagen-Dazs China Sales**  
   **Q:** What's happening with Häagen-Dazs in China?  
   **A:** Experiencing **double-digit declines** due to a tough macroeconomic environment and lower traffic.  **[GIS_3411845_6]**  Focusing on retail and foodservice channels with better margins and have closed underperforming stores.  **[GIS_3411845_6]** 

10. **U.S. Cereal Business**  
    **Q:** How is the U.S. cereal business performing?  
    **A:** Showing improvements, growing pound share through campaigns like the Kelcey Brothers promotion and Chex party mix.  **[GIS_3411845_10]**  Plan to continue similar strategies in H2.  **[GIS_3411845_10]** 

11. **Category Growth**  
    **Q:** Are categories growing as expected?  
    **A:** Categories are normalizing to pre-pandemic levels, growing around **1%**.  **[GIS_3411845_13]**  They aim to stimulate growth through competitiveness and remarkable products.  **[GIS_3411845_13]** 

12. **Pet Segment Margins**  
    **Q:** Will Pet segment margins keep improving?  
    **A:** Achieved margin gains through HMM integration and internalizing volume.  **[GIS_3411845_14]**  Expect to continue margin progress but gains may not be as large as recently.  **[GIS_3411845_14]** 

13. **Timing Benefits Reversal**  
    **Q:** How will timing benefits reversal affect Q3?  
    **A:** Most of the **6-point** benefit from timing items in Q2 will reverse in Q3, impacting profits.  **[GIS_3411845_5]** 

0d0aea0d28766e424e2303c0e2b6bf34ebf3b0c76c26ef00a70a648d7b634723

- **Adjusted operating profit is now expected to decline by 4% to 2% in constant currency for fiscal 2025**.  **[GIS_3411945_7]**  This lowered guidance reflects higher promotional investments and incremental expenses, potentially impacting profitability.
- **Second-quarter organic net sales for the International segment were down 3%, driven by declines in China and Brazil**.  **[GIS_3411945_5]** **[GIS_3411945_3]** **[GIS_3411945_4]**  **Continued double-digit traffic declines in Häagen-Dazs shops in China** could further pressure international sales.
- **Second-half adjusted operating profit is expected to be down roughly 8% in constant currency**, due to reversal of favorable timing items, increased growth investments, and a partial reset of incentive compensation.  **[GIS_3411945_7]**  This suggests weaker performance in upcoming quarters.

a94178c800c79de3cb92e84952f8878f06a5d9ab87536eb14c22ebfbb470f8f6

- **General Mills anticipates improved competitiveness and market share gains throughout the year, with significant growth starting in Q2, driven by great news on their biggest brands.**  **[GIS_3401808_3]**
- **Customer service levels have improved across most of the portfolio, moving close to pre-pandemic levels, especially in the foodservice and pet businesses, enhancing sales and customer satisfaction.**  **[GIS_3401808_4]**
- **With a strong balance sheet, General Mills plans to return excess cash to shareholders through share repurchases and pursue bolt-on acquisitions in the **$1 billion to $2 billion** range to enhance growth.**  **[GIS_3401808_6]**

3abc6c67934198a81f2f41159c31870f375725338e8a1e4cbc1bfabc31929978

- **Encouraging Progress in Volume Growth and Market Share**: General Mills has made significant strides in accelerating volume growth and improving market share trends, particularly in North America Retail and Pet segments. Over **56% of priority businesses grew or held pound share in Q2**, with improvements across all four segments.  **[GIS_3411945_1]**
- **Strong Financial Performance in Q2 Fiscal 2025**: The company reported a **7% increase in adjusted operating profit** and a **12% increase in adjusted diluted earnings per share** in constant currency for Q2 fiscal 2025. Adjusted gross margin increased by **130 basis points to 36.3%**, driven by Holistic Margin Management (HMM) cost savings and higher volume.  **[GIS_3411945_5]**
- **Strategic Portfolio Reshaping and Growth Investments**: General Mills is actively reshaping its portfolio through strategic acquisitions and divestitures, including the proposed acquisition of **Whitebridge Pet Brands**, enhancing its position in the fast-growing premium pet food segment. These actions aim to improve the company's growth profile and deliver sustainable growth in fiscal 2026 and beyond.  **[GIS_3411945_4]**

93d4a141184f7514110da66c5a9755556d0bde7e2952b4db47caa77fe48da1a4

General Mills Inc (GIS)

Financials