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General Mills CAGNY 2023.pdf

Jeff Harmening discussed General Mills' Accelerate strategy and strong execution in North America retail. The strategy focuses on core markets, global platforms, and portfolio reshaping to drive sales growth. In North America retail, exceptional brand building, innovation, and execution have led to market share gains across key categories and consistently strong financial results.

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2 2 Jeff Harmening C H A I R M A N A N D C E O
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 3 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 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: the impact of the COVID-19 pandemic on our business, suppliers, consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of the COVID-19 pandemic; 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 statements to reflect any future events or circumstances.
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 4 Key Messages Executing Our Accelerate Strategy is Making us Stronger Delivering Outstanding Results Today, Including Raising Fiscal 2023 Guidance Well Positioned to Drive Top-tier Shareholder Returns Tomorrow
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 5 Agenda Accelerate Strategy Overview Deep Dive on Key Businesses Delivering Our Shareholder Return Model
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 6 Our Accelerate Strategy Where to Play How to Win Core Markets Global Platforms Portfolio Reshaping Local Gems Boldly Building Brands Relentlessly Innovating Standing for Good Unleashing Our Scale Organic Net Sales¹ +2-3% Adj. Op. Profit¹ +MSD² Maintain Capital Discipline Adj. Diluted EPS¹ +MSD to +HSD² Our Purpose Driving Long-term Shareholder Value (1) Non-GAAP measures (2) Constant-currency growth rates
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 7 Where to Play Core Markets Local Gems Global Platforms
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 8 How to Win
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 9 Boldly Building Brands B I L L I O N D O L L A R B R A N D S Brands with $1B+ in retail sales, Source: NielsenIQ and Euromonitor
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 10 Boldly Building Brands
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 11 Relentlessly Innovating Close In White Space Invest Acquire Core Platform Innovation Mergers & Acquisitions
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 12 Unleashing Our Scale St r a t e g i c Re v e n u e M a n a g e m e n t H o l i s t i c M a r g i n M a n a g e m e n t C o n n e c t e d C o m m e r c e Enabled by Digital & Technology S u p p l y C h a i n D i g i t i z a t i o n
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 13 GHG EMISSIONS REGENERATIVE AGRICULTURE PACKAGING WATER FOOD WASTE ANIMAL WELFARE ZERO WASTE TO LANDFILL SUSTAINABLE SOURCING RENEWABLE ELECTRICITY HUMAN RIGHTS Standing for Good Four Priority Areas Progress on 10 Key Commitments Regenerating Our Planet Improving Food Security Protecting Our People Strengthening Our Communities
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 14 Driving Shareholder Value 3-yr CGR = F19 to F22 compound growth rates, (1) Non-GAAP measure. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP measures. See appendix for reconciliation Strengthened Company for the Future Improved Competitiveness Reshaped Our Portfolio and Organization Stepped up Investment in Brands and Capabilities Organic Net Sales1 Adj. Operating Profit2 Adj. Diluted EPS2 + 5%​ + 4%​ + 7%​ 3-yr CGR Delivered Outstanding Financial Performance
2023 CAGNY CONFERENCE 15 JEFF HARMENING: OUR ACCELERATE STRATEGY 63% 67% 64% 70% 56%* F19 F20 F21 F22 F23 YTD Consistently Competing Effectively General Mills % Priority Business Holding/Growing Share Sources: Pet U.S. – NielsenIQ xAOC + Pet Retail F23 FTYD thru Jan, Brazil – NielsenIQ F23 FYTD thru Nov, China – NielsenIQ +SmartPath F23 FYTD thru Dec, Other Categories/Countries – NielsenIQ xAOC F23 FYTD thru Jan Priority Businesses defined as Top 10 U.S. categories and Global Platforms/Local Gems in remaining Core Markets *Adjusted for U.S. Cereal on a 2-year basis
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 16 We’ve Reshaped Our Portfolio for Growth Turned Over Almost 20% of Our Business Since F18 Acquisitions Divestitures ~20%
2023 CAGNY CONFERENCE 17 JEFF HARMENING: OUR ACCELERATE STRATEGY Increased Net Sales Growth Exposure by >1pt F18 Growth Exposure Portfolio Reshaping Impact Current Growth Exposure Net Sales Growth Exposure + = +2 to +3% >1pt
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 18 We’ve Reshaped Our Organization for Growth Treats Integration Streamlined Focus on Foodservice Simplified Go-to-market & Structure New Team Enabling Strategy Activation Results Improved Competitiveness, Agility, and Profitable Growth Realigned Structure & Resources
JEFF HARMENING: OUR ACCELERATE STRATEGY 2023 CAGNY CONFERENCE 19 Four Levers to DeliverTop-tier Shareholder Returns Sales Growth Margin Expansion Cash Conversion Cash Returns
2023 CAGNY CONFERENCE 20 JEFF HARMENING: BUSINESS DEEP DIVES Two Key Elements of Our Sales Growth Story Largest Business in Largest Core Market Fastest Growing Global Platform
2023 CAGNY CONFERENCE 21 JEFF HARMENING: BUSINESS DEEP DIVES 61% 62% 70% 50% 64% 69%* F18 F19 F20 F21 F22 F23 YTD NAR Has Been Consistently Competing Effectively Source: NielsenIQ xAOC F23 FYTD thru Jan; Priority Businesses defined as Top 10 U.S. categories *Adjusted for U.S. Cereal on a 2-year basis Drivers of Strong Results in North America Retail Exceptional Brand Building Exceptional Innovation Exceptional Execution NAR % Priority Business Holding/Growing Share
2023 CAGNY CONFERENCE 22 JEFF HARMENING: BUSINESS DEEP DIVES F19 F22 F23 Target Exceptional Brand Building +5% CGR Increased Media Investment NAR Media Spend $ in Millions +DD% Compelling Campaigns
2023 CAGNY CONFERENCE 23 JEFF HARMENING: BUSINESS DEEP DIVES NAR Brand Building Video
2023 CAGNY CONFERENCE 24 JEFF HARMENING: BUSINESS DEEP DIVES Exceptional Innovation Remarkable Experience Framework Product Packaging Brand Love Omnichannel Availability Value
2023 CAGNY CONFERENCE 25 JEFF HARMENING: BUSINESS DEEP DIVES Top Turning Items First Months on Shelf Minis Cereal Innovation Source: NielsenIQ xAOC thru 1/28/23
2023 CAGNY CONFERENCE 26 JEFF HARMENING: BUSINESS DEEP DIVES 0.2% 0.3% 0.5% -0.4% 0.6% 1.3% 0.8% 0.4% -1.6% 1.6% Cereal Ref. Dough Snack Bars Yogurt Soup Hot Snacks Fruit Snacks Desserts Mexican Salty Snacks On-shelf Availability General Mills +/- Category Exceptional Execution Source: NielsenIQ On-shelf Availability 6 quarter average F22 Q2 to F23 Q3 through 1/21/23 Beating Competition In 8 of Top 10 U.S. Categories
2023 CAGNY CONFERENCE 27 JEFF HARMENING: BUSINESS DEEP DIVES 31.4% 34.0% F18 F19 F20 F21 F22 F23 YTD U.S. RTE Cereal Dollar Share Replace CTC Image Adjusted Images Leading Growth in Cereal Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 +4% 5-yr CGR Retail Sales
2023 CAGNY CONFERENCE 28 JEFF HARMENING: BUSINESS DEEP DIVES U.S. Ref. Dough Dollar Share Leading Growth in Ref. Dough 66.5% 74.1% F18 F19 F20 F21 F22 F23 YTD Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 +10% 5-yr CGR Retail Sales
2023 CAGNY CONFERENCE 29 JEFF HARMENING: BUSINESS DEEP DIVES U.S. Fruit Snacks Dollar Share +11% 5-yr CGR Retail Sales Leading Growth in Fruit Snacks 49.2% 53.3% F18 F19 F20 F21 F22 F23 YTD Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18
2023 CAGNY CONFERENCE 30 JEFF HARMENING: BUSINESS DEEP DIVES U.S. Mexican Dollar Share Leading Growth in Mexican Food 16.6% 18.0% F18 F19 F20 F21 F22 F23 YTD Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 +9% 5-yr CGR Retail Sales
2023 CAGNY CONFERENCE 31 JEFF HARMENING: BUSINESS DEEP DIVES Source: NielsenIQ xAOC ¹ 52 weeks ending 11/26/22 vs 52wks ending 11/25/17 U.S. Hot Snacks Dollar Share Strong Growth in Hot Snacks 11.9% 11.7% F18 F19 F20 F21 F22 F23 YTD +8% 5-yr CGR Retail Sales Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18
2023 CAGNY CONFERENCE 32 JEFF HARMENING: BUSINESS DEEP DIVES More Work to Do on Snack Bars and Yogurt
2023 CAGNY CONFERENCE 33 JEFF HARMENING: BUSINESS DEEP DIVES Technology is CHANGING Consumer Behaviors and the Operating Environment
2023 CAGNY CONFERENCE 34 JEFF HARMENING: BUSINESS DEEP DIVES Building New Capabilities for the Future in NAR Enabled by Digital & Technology Strategic Revenue Management Connected Commerce S up p ly Ch a in Digitiza tion
2023 CAGNY CONFERENCE 35 JEFF HARMENING: BUSINESS DEEP DIVES Connected Commerce Leveraging Data & Insights to Meet Consumers Across the Physical and Digital World
2023 CAGNY CONFERENCE 36 JEFF HARMENING: BUSINESS DEEP DIVES F19 F22 Excellence at the Digital Shelf Organically Improving Digital Visibility Leadership in E-commerce Source: E-commerce Retail Sales Nielsen IQ and other customer reporting, (1) F23 FYTD thru Dec +3x Fruit Snacks +51% E-commerce Retail Sales FYTD¹ U.S. Retail E-commerce % of Retail Sales LSD% LDD%
2023 CAGNY CONFERENCE 37 JEFF HARMENING: BUSINESS DEEP DIVES Building 1:1 Relationships New Loyalty Program with Fetch 2 MM Good Rewards Members 60 MM Lines of Data Per Day Growing Our Sources of 1st Party Data 14MM Aggregate Monthly Active Users
2023 CAGNY CONFERENCE 38 JEFF HARMENING: BUSINESS DEEP DIVES Strategic Revenue Management Optimal Price Promotion Optimization Mix Management Price Pack Architecture Leveraging Full Suite of Levers
2023 CAGNY CONFERENCE 39 JEFF HARMENING: BUSINESS DEEP DIVES Key Branded Competitor General Mills F21 F22 F23 Target Strategic Revenue Management Results Driving SRM in Response to Increased Inflation Delivering Leading Elasticity 27% Better Source: Nielsen IQ xAOC 52wks ending 1/28/23 North America Retail Organic Price/Mix +DD% +HSD% +LSD% Implied Elasticity in Top 10 U.S. Categories
2023 CAGNY CONFERENCE 40 JEFF HARMENING: BUSINESS DEEP DIVES Supply Chain Digitization
2023 CAGNY CONFERENCE 41 JEFF HARMENING: BUSINESS DEEP DIVES Supply Chain Digitization Logistics End-to-end Logistics Flow Sourcing Real-time Line Analytics Manufacturing 1 0 1 0 1 0 0 1 0 1 1 1 1 1 0 0 1 0 1 0 1 0 0 0 1 0 1 0 0 0 1 0 1 Significant Opportunity to Eliminate Waste Should Cost Modeling Current Cost Should Cost GAP
2023 CAGNY CONFERENCE 42 JEFF HARMENING: BUSINESS DEEP DIVES Consistent, Profitable Growth Ahead for NAR Continue to Compete Effectively in Growing Categories Invest in Bold Brand Building Delight Consumers with Remarkable Innovation Leverage Full Suite of Differentiated, Modern Capabilities Assess Opportunities for Further Portfolio Reshaping (Acquisitions and/or Divestitures)
2023 CAGNY CONFERENCE 43 JEFF HARMENING: BUSINESS DEEP DIVES Two Key Elements of Our Sales Growth Story Largest Business in Largest Core Market Fastest Growing Global Platform
2023 CAGNY CONFERENCE 44 JEFF HARMENING: BUSINESS DEEP DIVES Attractive, Growing Global Pet Food Category $84B $119B 2017 2022 +7% CGR Global Pet Food Category Large Pet Food Categories Across Our Core Markets United States China Brazil U.K. France Canada Australia India All Other Global Pet Category 2022 Source: Euromonitor Current Prices
2023 CAGNY CONFERENCE 45 JEFF HARMENING: BUSINESS DEEP DIVES U.S. Pet Food Also Growing Rapidly $35.6B $44.3B 2017 2022 U.S. Pet Population Consistently Growing 1-2% Elevating Role of Pets Strong Growth in U.S. Pet Food 2013 2022 4% 2% 45% 57% 63% Boomers GenX Millennials U.S. Pet Population YOY Growth % of Pet Parents Who Say They Treat Dog or Cat Like a Child Source: Euromonitor Source: Euromonitor Source: Custom Survey Aug 2022 n=1800 dog and cat parents +4.5% CGR
2023 CAGNY CONFERENCE 46 JEFF HARMENING: BUSINESS DEEP DIVES Blue Buffalo #1 Natural Pet Food Brand Brand Most Likely to Recommend Brand Pet Parents Willing to Pay More For Most Loved & Trusted Natural Brand Sources: NielsenIQ xAOC + Pet Retail F23 FYTD thru Jan, General Mills Brand Equity Study, January - November 2022 n=18k
2023 CAGNY CONFERENCE 47 JEFF HARMENING: BUSINESS DEEP DIVES Blue Buffalo Has Delivered Strong Growth Distribution Household Penetration Net Sales Blue Buffalo % ACV in FDM Blue Buffalo Household Penetration 22% 88% 2017 2022 +4x 8% 18% 2017 2022 >+2x $1.3B¹ $2.3B² F18 Pro Forma F22 +15% CGR Source: NielsenIQ xAOC (1) Blue Buffalo Pro Forma Net Sales as disclosed at acquisition (2) Pet Segment Net Sales Source: NielsenIQ Homescan
2023 CAGNY CONFERENCE 48 JEFF HARMENING: BUSINESS DEEP DIVES And is Well Positioned for Continued Growth $2B+ Blue Buffalo Retail Sales Opportunity in U.S. Pet Food 2022 Future U.S. Pet Food Category Retail Sales 2017 $31B Category $44B Category $60B Category Source: 2017 and 2022 – Euromonitor; Future - company estimates 50% 41% 45% Premium Segment
2023 CAGNY CONFERENCE 49 JEFF HARMENING: BUSINESS DEEP DIVES Three Growth Drivers for Blue Buffalo in U.S. Blue Buffalo Growth Opportunities Lead Humanization in Dog Feeding Capitalize on #1 Natural Treating Brand Naturalize Cat Feeding 50%
2023 CAGNY CONFERENCE 50 JEFF HARMENING: BUSINESS DEEP DIVES Leading Humanization in Dog Feeding Wilderness Dry Dog Food Core Renovation Super-premium Innovation for Pet Specialty Channel Fresh Dog Food 200 Store Test
2023 CAGNY CONFERENCE 51 JEFF HARMENING: BUSINESS DEEP DIVES Capitalizing on #1 Natural Treating Brand #1 Natural Treating Portfolio New Master Brand Campaign Human Food Inspired Innovation
2023 CAGNY CONFERENCE 52 JEFF HARMENING: BUSINESS DEEP DIVES 51% 23% Dog Cat Naturalizing Cat Feeding Significant White Space for Naturalization of Cat Food Fully Renovated Cat Food Portfolio Natural Portion of Category (Retail Sales $) Source: NielsenIQ xAOC + Pet Retail 2022, Nielsen Natural Definition
2023 CAGNY CONFERENCE 53 JEFF HARMENING: BUSINESS DEEP DIVES Pet Brand Building Video
2023 CAGNY CONFERENCE 54 JEFF HARMENING: BUSINESS DEEP DIVES Pet Segment F23 H2 Outlook Strong Acceleration in Customer Orders QTD On Track to Deliver Double-digit Organic Net Sales Growth in Q3 and H2 Expect Improved H2 Segment Op. Profit Margin vs F23 Q2
2023 CAGNY CONFERENCE 55 JEFF HARMENING: BUSINESS DEEP DIVES Significant Opportunity to Expand Globally Large and Fast-growing Pet Food Category in Our Core Markets Core Markets ex U.S. $31B, 5-yr CGR +8% Core Market Dynamics Growing Pet Populations Humanization Trend China is Most Attractive: $8B, 5-yr CGR +20% United States China Brazil U.K. France Canada Australia India All Other Global Pet Category 2022 Source: Euromonitor CGR 2017 to 2022 Current Prices
2023 CAGNY CONFERENCE 56 JEFF HARMENING: BUSINESS DEEP DIVES International a New Growth Vector for Pet Currently Testing Blue Buffalo in China F24 Plan: Expand in China and Test in Other Markets
2023 CAGNY CONFERENCE 57 JEFF HARMENING: BUSINESS DEEP DIVES Continued Differentiated Growth Ahead for Pet Attractive, Growing Global Pet Food Category Blue Buffalo Well Positioned for Continued Growth in U.S. Leading Humanization in Dog Feeding Extending #1 Position in Natural Treating Naturalizing Cat Feeding International a New Growth Vector
58 58 Kofi Bruce C H I E F F I N A N C I A L O F F I C E R
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 59 Four Levers to Drive Top-tier Shareholder Returns Sales Growth Margin Expansion Cash Conversion Cash Returns Cash Returns to Shareholders ~80-90% Adj. Diluted EPS¹ +MSD to +HSD² Organic Net Sales¹ +2 to +3% Adj. Operating Profit¹ +MSD² FCF Conversion¹ 95%+ (1) Non-GAAP measures (2) Constant-currency growth rates
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 60 +5% CGR¹ General Mills Organic Net Sales Growth Growing Sales Recent Performance has Exceeded Our Long-term Target of +2 to +3% F19 F22 (1) Non-GAAP measure. See appendix for reconciliation
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 61 F18 Growth Exposure Portfolio Reshaping Impact Current Growth Exposure Portfolio Reshaping Has Increased Our Growth Exposure Net Sales Growth Exposure + = +2 to +3% >1pt Goal: Move to High End of Range with Continued Portfolio Reshaping
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 62 General Mills Adj. Op. Profit Growth Growing Profit Delivering on Long-term Target +MSD% +4% CGR¹ F19 F22 (1) Constant-currency growth rate. Non-GAAP measure. See appendix for reconciliation
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 63 Opportunity Ahead for Gross Margin Recovery 34.4% 33.0% 16.9% 16.9% F19 F22 Adj. Gross Margin¹ Adj. Operating Margin¹ Margin Opportunities Reduce Supply Chain Disruption Costs Accelerate HMM Savings Near-term Improvement in International & Pet General Mills Margin Performance (1) Non-GAAP measures. See appendix for reconciliation
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 64 General Mills Adj. Diluted EPS Growing Earnings Delivering on Long-term Target +MSD to +HSD +7% CGR¹ F19 F22 (1) Constant-currency growth rate. Non-GAAP measure. See appendix for reconciliation
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 65 Converting Earnings to Cash Delivering on Long-term Target 95%+ $6.2 $7.7 $7.9 $8.4 109% 127% 120% 119% F17-F19 F18-F20 F19-F21 F20-F22 Free Cash Flow Free Cash Flow Conversion¹ General Mills Free Cash Flow¹ 3-Year Rolling, $ in Billions (1) Non-GAAP measures. See appendix for reconciliation
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 66 4.2x 3.9x 3.2x 2.9x 2.8x F18 Pro Forma F19 F20 F21 F22 Balance Sheet Enabling Capital Allocation Strong Balance Sheet Position Long-term Capital Allocation Priorities Net Debt to Trailing 12-Month Adj.-EBITDA Ratio¹ CAPEX ~4% of Net Sales Grow Dividends with Earnings Strategic M&A Share Repurchases (1) Non-GAAP measure. See appendix for reconciliation
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 67 Long History of Generating Top-tier TSR Total Shareholder Return Please see F22 proxy statement for list of peer companies Stock Price Appreciation plus Dividends, CGR through 2/1/23 9% 8% 6% 6% 2% 10% 10% 10% 18% 17% 20 Years 10 Years 5 Years 3 Years 1 Year CPG Peer Median GIS
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 68 Raising Guidance for Fiscal 2023 1 Includes 3-pt Net Headwind from Divestitures and Acquisitions 2 Includes 1-pt Headwind from Ice Cream Recall KEY FINANCIAL METRICS* PREVIOUS F23 OUTLOOK UPDATED F23 OUTLOOK Organic Net Sales Growth +8 to +9% ~+10% Adjusted Operating Profit Growth† +3 to +5%1,2 +6 to +7%1,2 Adjusted Diluted EPS Growth† +4 to +6%1,2 +7 to +8%1,2 Free Cash Flow Conversion 90%+ 90%+ * Non-GAAP measures † Growth rates in constant currency. Non-GAAP measures
KOFI BRUCE: SHAREHOLDER RETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 69 Key Messages Executing Our Accelerate Strategy is Making us Stronger Delivering Outstanding Results Today, Including Raising Fiscal 2023 Guidance Well Positioned to Drive Top-tier Shareholder Returns Tomorrow
2023 CAGNY CONFERENCE 71 A Reminder on Non-GAAP Guidance The company’s outlook for organic net sales growth, adjusted operating profit growth, adjusted diluted EPS growth, and free cash flow conversion are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate fluctuations, acquisitions, divestitures, and a 53rd week, when applicable. General Mills is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measure without unreasonable efforts because it is unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates or the timing of acquisitions and divestitures throughout fiscal 2023. The unavailable information could have a significant impact on the company’s fiscal 2023 GAAP financial results. For fiscal 2023, we currently expect: foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions) and completed acquisitions and divestitures to reduce net sales growth by approximately 4.5 percent; foreign currency exchange rates to reduce adjusted operating profit and adjusted diluted EPS growth by approximately 1 percent; and restructuring charges and project-related costs, transaction and acquisition integration costs related to actions previously announced, and product disposal charges related to the ice cream recall to total approximately $55 million to $60 million.
2023 CAGNY CONFERENCE 72 Reconciliation of Organic Net Sales Compound Growth Rates *Table may not foot due to rounding
2023 CAGNY CONFERENCE 73 Reconciliation of Adjusted Operating Profit Constant-currency Growth Rates *Table may not foot due to rounding ($ IN MILLIONS)
2023 CAGNY CONFERENCE 74 Reconciliation of Adjusted Diluted EPS and Related Constant-currency Growth Rates *Table may not foot due to rounding ** See reconciliation of income taxes on adjusting items
2023 CAGNY CONFERENCE 75 Reconciliation of Adjusted Gross Margin *Table may not foot due to rounding
2023 CAGNY CONFERENCE 76 Reconciliation of Adjusted Operating Profit Margin *Table may not foot due to rounding
2023 CAGNY CONFERENCE 77 Reconciliation of Free Cash Flow and Free Cash Flow Conversion (FISCAL YEARS, $ IN MILLIONS) *Table may not foot due to rounding ** See reconciliation of income taxes on adjusting items
2023 CAGNY CONFERENCE 78 Reconciliation of Net Debt-to-Adjusted EBITDA Ratio ($ IN MILLIONS) *Table may not foot due to rounding ** On a Pro Forma basis
2023 CAGNY CONFERENCE 79 Reconciliation of Income Taxes on Adjusting Items ($ IN MILLIONS) *Table may not foot due to rounding ** Earnings before income taxes and after-tax earnings from joint ventures

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General Mills CAGNY 2023.pdf

  • 2.
    2 2 Jeff Harmening C HA I R M A N A N D C E O
  • 3.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 3 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 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: the impact of the COVID-19 pandemic on our business, suppliers, consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of the COVID-19 pandemic; 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 statements to reflect any future events or circumstances.
  • 4.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 4 Key Messages Executing Our Accelerate Strategy is Making us Stronger Delivering Outstanding Results Today, Including Raising Fiscal 2023 Guidance Well Positioned to Drive Top-tier Shareholder Returns Tomorrow
  • 5.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 5 Agenda Accelerate Strategy Overview Deep Dive on Key Businesses Delivering Our Shareholder Return Model
  • 6.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 6 Our Accelerate Strategy Where to Play How to Win Core Markets Global Platforms Portfolio Reshaping Local Gems Boldly Building Brands Relentlessly Innovating Standing for Good Unleashing Our Scale Organic Net Sales¹ +2-3% Adj. Op. Profit¹ +MSD² Maintain Capital Discipline Adj. Diluted EPS¹ +MSD to +HSD² Our Purpose Driving Long-term Shareholder Value (1) Non-GAAP measures (2) Constant-currency growth rates
  • 7.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 7 Where to Play Core Markets Local Gems Global Platforms
  • 8.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 8 How to Win
  • 9.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 9 Boldly Building Brands B I L L I O N D O L L A R B R A N D S Brands with $1B+ in retail sales, Source: NielsenIQ and Euromonitor
  • 10.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 10 Boldly Building Brands
  • 11.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 11 Relentlessly Innovating Close In White Space Invest Acquire Core Platform Innovation Mergers & Acquisitions
  • 12.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 12 Unleashing Our Scale St r a t e g i c Re v e n u e M a n a g e m e n t H o l i s t i c M a r g i n M a n a g e m e n t C o n n e c t e d C o m m e r c e Enabled by Digital & Technology S u p p l y C h a i n D i g i t i z a t i o n
  • 13.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 13 GHG EMISSIONS REGENERATIVE AGRICULTURE PACKAGING WATER FOOD WASTE ANIMAL WELFARE ZERO WASTE TO LANDFILL SUSTAINABLE SOURCING RENEWABLE ELECTRICITY HUMAN RIGHTS Standing for Good Four Priority Areas Progress on 10 Key Commitments Regenerating Our Planet Improving Food Security Protecting Our People Strengthening Our Communities
  • 14.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 14 Driving Shareholder Value 3-yr CGR = F19 to F22 compound growth rates, (1) Non-GAAP measure. See appendix for reconciliation (2) Growth rates in constant currency. Non-GAAP measures. See appendix for reconciliation Strengthened Company for the Future Improved Competitiveness Reshaped Our Portfolio and Organization Stepped up Investment in Brands and Capabilities Organic Net Sales1 Adj. Operating Profit2 Adj. Diluted EPS2 + 5%​ + 4%​ + 7%​ 3-yr CGR Delivered Outstanding Financial Performance
  • 15.
    2023 CAGNY CONFERENCE15 JEFF HARMENING: OUR ACCELERATE STRATEGY 63% 67% 64% 70% 56%* F19 F20 F21 F22 F23 YTD Consistently Competing Effectively General Mills % Priority Business Holding/Growing Share Sources: Pet U.S. – NielsenIQ xAOC + Pet Retail F23 FTYD thru Jan, Brazil – NielsenIQ F23 FYTD thru Nov, China – NielsenIQ +SmartPath F23 FYTD thru Dec, Other Categories/Countries – NielsenIQ xAOC F23 FYTD thru Jan Priority Businesses defined as Top 10 U.S. categories and Global Platforms/Local Gems in remaining Core Markets *Adjusted for U.S. Cereal on a 2-year basis
  • 16.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 16 We’ve Reshaped Our Portfolio for Growth Turned Over Almost 20% of Our Business Since F18 Acquisitions Divestitures ~20%
  • 17.
    2023 CAGNY CONFERENCE17 JEFF HARMENING: OUR ACCELERATE STRATEGY Increased Net Sales Growth Exposure by >1pt F18 Growth Exposure Portfolio Reshaping Impact Current Growth Exposure Net Sales Growth Exposure + = +2 to +3% >1pt
  • 18.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 18 We’ve Reshaped Our Organization for Growth Treats Integration Streamlined Focus on Foodservice Simplified Go-to-market & Structure New Team Enabling Strategy Activation Results Improved Competitiveness, Agility, and Profitable Growth Realigned Structure & Resources
  • 19.
    JEFF HARMENING: OURACCELERATE STRATEGY 2023 CAGNY CONFERENCE 19 Four Levers to DeliverTop-tier Shareholder Returns Sales Growth Margin Expansion Cash Conversion Cash Returns
  • 20.
    2023 CAGNY CONFERENCE20 JEFF HARMENING: BUSINESS DEEP DIVES Two Key Elements of Our Sales Growth Story Largest Business in Largest Core Market Fastest Growing Global Platform
  • 21.
    2023 CAGNY CONFERENCE21 JEFF HARMENING: BUSINESS DEEP DIVES 61% 62% 70% 50% 64% 69%* F18 F19 F20 F21 F22 F23 YTD NAR Has Been Consistently Competing Effectively Source: NielsenIQ xAOC F23 FYTD thru Jan; Priority Businesses defined as Top 10 U.S. categories *Adjusted for U.S. Cereal on a 2-year basis Drivers of Strong Results in North America Retail Exceptional Brand Building Exceptional Innovation Exceptional Execution NAR % Priority Business Holding/Growing Share
  • 22.
    2023 CAGNY CONFERENCE22 JEFF HARMENING: BUSINESS DEEP DIVES F19 F22 F23 Target Exceptional Brand Building +5% CGR Increased Media Investment NAR Media Spend $ in Millions +DD% Compelling Campaigns
  • 23.
    2023 CAGNY CONFERENCE23 JEFF HARMENING: BUSINESS DEEP DIVES NAR Brand Building Video
  • 24.
    2023 CAGNY CONFERENCE24 JEFF HARMENING: BUSINESS DEEP DIVES Exceptional Innovation Remarkable Experience Framework Product Packaging Brand Love Omnichannel Availability Value
  • 25.
    2023 CAGNY CONFERENCE25 JEFF HARMENING: BUSINESS DEEP DIVES Top Turning Items First Months on Shelf Minis Cereal Innovation Source: NielsenIQ xAOC thru 1/28/23
  • 26.
    2023 CAGNY CONFERENCE26 JEFF HARMENING: BUSINESS DEEP DIVES 0.2% 0.3% 0.5% -0.4% 0.6% 1.3% 0.8% 0.4% -1.6% 1.6% Cereal Ref. Dough Snack Bars Yogurt Soup Hot Snacks Fruit Snacks Desserts Mexican Salty Snacks On-shelf Availability General Mills +/- Category Exceptional Execution Source: NielsenIQ On-shelf Availability 6 quarter average F22 Q2 to F23 Q3 through 1/21/23 Beating Competition In 8 of Top 10 U.S. Categories
  • 27.
    2023 CAGNY CONFERENCE27 JEFF HARMENING: BUSINESS DEEP DIVES 31.4% 34.0% F18 F19 F20 F21 F22 F23 YTD U.S. RTE Cereal Dollar Share Replace CTC Image Adjusted Images Leading Growth in Cereal Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 +4% 5-yr CGR Retail Sales
  • 28.
    2023 CAGNY CONFERENCE28 JEFF HARMENING: BUSINESS DEEP DIVES U.S. Ref. Dough Dollar Share Leading Growth in Ref. Dough 66.5% 74.1% F18 F19 F20 F21 F22 F23 YTD Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 +10% 5-yr CGR Retail Sales
  • 29.
    2023 CAGNY CONFERENCE29 JEFF HARMENING: BUSINESS DEEP DIVES U.S. Fruit Snacks Dollar Share +11% 5-yr CGR Retail Sales Leading Growth in Fruit Snacks 49.2% 53.3% F18 F19 F20 F21 F22 F23 YTD Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18
  • 30.
    2023 CAGNY CONFERENCE30 JEFF HARMENING: BUSINESS DEEP DIVES U.S. Mexican Dollar Share Leading Growth in Mexican Food 16.6% 18.0% F18 F19 F20 F21 F22 F23 YTD Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18 +9% 5-yr CGR Retail Sales
  • 31.
    2023 CAGNY CONFERENCE31 JEFF HARMENING: BUSINESS DEEP DIVES Source: NielsenIQ xAOC ¹ 52 weeks ending 11/26/22 vs 52wks ending 11/25/17 U.S. Hot Snacks Dollar Share Strong Growth in Hot Snacks 11.9% 11.7% F18 F19 F20 F21 F22 F23 YTD +8% 5-yr CGR Retail Sales Sources: NielsenIQ xAOC F23 FYTD thru Jan; 52wks ending 2/4/23 vs 52wks ending 2/3/18
  • 32.
    2023 CAGNY CONFERENCE32 JEFF HARMENING: BUSINESS DEEP DIVES More Work to Do on Snack Bars and Yogurt
  • 33.
    2023 CAGNY CONFERENCE33 JEFF HARMENING: BUSINESS DEEP DIVES Technology is CHANGING Consumer Behaviors and the Operating Environment
  • 34.
    2023 CAGNY CONFERENCE34 JEFF HARMENING: BUSINESS DEEP DIVES Building New Capabilities for the Future in NAR Enabled by Digital & Technology Strategic Revenue Management Connected Commerce S up p ly Ch a in Digitiza tion
  • 35.
    2023 CAGNY CONFERENCE35 JEFF HARMENING: BUSINESS DEEP DIVES Connected Commerce Leveraging Data & Insights to Meet Consumers Across the Physical and Digital World
  • 36.
    2023 CAGNY CONFERENCE36 JEFF HARMENING: BUSINESS DEEP DIVES F19 F22 Excellence at the Digital Shelf Organically Improving Digital Visibility Leadership in E-commerce Source: E-commerce Retail Sales Nielsen IQ and other customer reporting, (1) F23 FYTD thru Dec +3x Fruit Snacks +51% E-commerce Retail Sales FYTD¹ U.S. Retail E-commerce % of Retail Sales LSD% LDD%
  • 37.
    2023 CAGNY CONFERENCE37 JEFF HARMENING: BUSINESS DEEP DIVES Building 1:1 Relationships New Loyalty Program with Fetch 2 MM Good Rewards Members 60 MM Lines of Data Per Day Growing Our Sources of 1st Party Data 14MM Aggregate Monthly Active Users
  • 38.
    2023 CAGNY CONFERENCE38 JEFF HARMENING: BUSINESS DEEP DIVES Strategic Revenue Management Optimal Price Promotion Optimization Mix Management Price Pack Architecture Leveraging Full Suite of Levers
  • 39.
    2023 CAGNY CONFERENCE39 JEFF HARMENING: BUSINESS DEEP DIVES Key Branded Competitor General Mills F21 F22 F23 Target Strategic Revenue Management Results Driving SRM in Response to Increased Inflation Delivering Leading Elasticity 27% Better Source: Nielsen IQ xAOC 52wks ending 1/28/23 North America Retail Organic Price/Mix +DD% +HSD% +LSD% Implied Elasticity in Top 10 U.S. Categories
  • 40.
    2023 CAGNY CONFERENCE40 JEFF HARMENING: BUSINESS DEEP DIVES Supply Chain Digitization
  • 41.
    2023 CAGNY CONFERENCE41 JEFF HARMENING: BUSINESS DEEP DIVES Supply Chain Digitization Logistics End-to-end Logistics Flow Sourcing Real-time Line Analytics Manufacturing 1 0 1 0 1 0 0 1 0 1 1 1 1 1 0 0 1 0 1 0 1 0 0 0 1 0 1 0 0 0 1 0 1 Significant Opportunity to Eliminate Waste Should Cost Modeling Current Cost Should Cost GAP
  • 42.
    2023 CAGNY CONFERENCE42 JEFF HARMENING: BUSINESS DEEP DIVES Consistent, Profitable Growth Ahead for NAR Continue to Compete Effectively in Growing Categories Invest in Bold Brand Building Delight Consumers with Remarkable Innovation Leverage Full Suite of Differentiated, Modern Capabilities Assess Opportunities for Further Portfolio Reshaping (Acquisitions and/or Divestitures)
  • 43.
    2023 CAGNY CONFERENCE43 JEFF HARMENING: BUSINESS DEEP DIVES Two Key Elements of Our Sales Growth Story Largest Business in Largest Core Market Fastest Growing Global Platform
  • 44.
    2023 CAGNY CONFERENCE44 JEFF HARMENING: BUSINESS DEEP DIVES Attractive, Growing Global Pet Food Category $84B $119B 2017 2022 +7% CGR Global Pet Food Category Large Pet Food Categories Across Our Core Markets United States China Brazil U.K. France Canada Australia India All Other Global Pet Category 2022 Source: Euromonitor Current Prices
  • 45.
    2023 CAGNY CONFERENCE45 JEFF HARMENING: BUSINESS DEEP DIVES U.S. Pet Food Also Growing Rapidly $35.6B $44.3B 2017 2022 U.S. Pet Population Consistently Growing 1-2% Elevating Role of Pets Strong Growth in U.S. Pet Food 2013 2022 4% 2% 45% 57% 63% Boomers GenX Millennials U.S. Pet Population YOY Growth % of Pet Parents Who Say They Treat Dog or Cat Like a Child Source: Euromonitor Source: Euromonitor Source: Custom Survey Aug 2022 n=1800 dog and cat parents +4.5% CGR
  • 46.
    2023 CAGNY CONFERENCE46 JEFF HARMENING: BUSINESS DEEP DIVES Blue Buffalo #1 Natural Pet Food Brand Brand Most Likely to Recommend Brand Pet Parents Willing to Pay More For Most Loved & Trusted Natural Brand Sources: NielsenIQ xAOC + Pet Retail F23 FYTD thru Jan, General Mills Brand Equity Study, January - November 2022 n=18k
  • 47.
    2023 CAGNY CONFERENCE47 JEFF HARMENING: BUSINESS DEEP DIVES Blue Buffalo Has Delivered Strong Growth Distribution Household Penetration Net Sales Blue Buffalo % ACV in FDM Blue Buffalo Household Penetration 22% 88% 2017 2022 +4x 8% 18% 2017 2022 >+2x $1.3B¹ $2.3B² F18 Pro Forma F22 +15% CGR Source: NielsenIQ xAOC (1) Blue Buffalo Pro Forma Net Sales as disclosed at acquisition (2) Pet Segment Net Sales Source: NielsenIQ Homescan
  • 48.
    2023 CAGNY CONFERENCE48 JEFF HARMENING: BUSINESS DEEP DIVES And is Well Positioned for Continued Growth $2B+ Blue Buffalo Retail Sales Opportunity in U.S. Pet Food 2022 Future U.S. Pet Food Category Retail Sales 2017 $31B Category $44B Category $60B Category Source: 2017 and 2022 – Euromonitor; Future - company estimates 50% 41% 45% Premium Segment
  • 49.
    2023 CAGNY CONFERENCE49 JEFF HARMENING: BUSINESS DEEP DIVES Three Growth Drivers for Blue Buffalo in U.S. Blue Buffalo Growth Opportunities Lead Humanization in Dog Feeding Capitalize on #1 Natural Treating Brand Naturalize Cat Feeding 50%
  • 50.
    2023 CAGNY CONFERENCE50 JEFF HARMENING: BUSINESS DEEP DIVES Leading Humanization in Dog Feeding Wilderness Dry Dog Food Core Renovation Super-premium Innovation for Pet Specialty Channel Fresh Dog Food 200 Store Test
  • 51.
    2023 CAGNY CONFERENCE51 JEFF HARMENING: BUSINESS DEEP DIVES Capitalizing on #1 Natural Treating Brand #1 Natural Treating Portfolio New Master Brand Campaign Human Food Inspired Innovation
  • 52.
    2023 CAGNY CONFERENCE52 JEFF HARMENING: BUSINESS DEEP DIVES 51% 23% Dog Cat Naturalizing Cat Feeding Significant White Space for Naturalization of Cat Food Fully Renovated Cat Food Portfolio Natural Portion of Category (Retail Sales $) Source: NielsenIQ xAOC + Pet Retail 2022, Nielsen Natural Definition
  • 53.
    2023 CAGNY CONFERENCE53 JEFF HARMENING: BUSINESS DEEP DIVES Pet Brand Building Video
  • 54.
    2023 CAGNY CONFERENCE54 JEFF HARMENING: BUSINESS DEEP DIVES Pet Segment F23 H2 Outlook Strong Acceleration in Customer Orders QTD On Track to Deliver Double-digit Organic Net Sales Growth in Q3 and H2 Expect Improved H2 Segment Op. Profit Margin vs F23 Q2
  • 55.
    2023 CAGNY CONFERENCE55 JEFF HARMENING: BUSINESS DEEP DIVES Significant Opportunity to Expand Globally Large and Fast-growing Pet Food Category in Our Core Markets Core Markets ex U.S. $31B, 5-yr CGR +8% Core Market Dynamics Growing Pet Populations Humanization Trend China is Most Attractive: $8B, 5-yr CGR +20% United States China Brazil U.K. France Canada Australia India All Other Global Pet Category 2022 Source: Euromonitor CGR 2017 to 2022 Current Prices
  • 56.
    2023 CAGNY CONFERENCE56 JEFF HARMENING: BUSINESS DEEP DIVES International a New Growth Vector for Pet Currently Testing Blue Buffalo in China F24 Plan: Expand in China and Test in Other Markets
  • 57.
    2023 CAGNY CONFERENCE57 JEFF HARMENING: BUSINESS DEEP DIVES Continued Differentiated Growth Ahead for Pet Attractive, Growing Global Pet Food Category Blue Buffalo Well Positioned for Continued Growth in U.S. Leading Humanization in Dog Feeding Extending #1 Position in Natural Treating Naturalizing Cat Feeding International a New Growth Vector
  • 58.
    58 58 Kofi Bruce C HI E F F I N A N C I A L O F F I C E R
  • 59.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 59 Four Levers to Drive Top-tier Shareholder Returns Sales Growth Margin Expansion Cash Conversion Cash Returns Cash Returns to Shareholders ~80-90% Adj. Diluted EPS¹ +MSD to +HSD² Organic Net Sales¹ +2 to +3% Adj. Operating Profit¹ +MSD² FCF Conversion¹ 95%+ (1) Non-GAAP measures (2) Constant-currency growth rates
  • 60.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 60 +5% CGR¹ General Mills Organic Net Sales Growth Growing Sales Recent Performance has Exceeded Our Long-term Target of +2 to +3% F19 F22 (1) Non-GAAP measure. See appendix for reconciliation
  • 61.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 61 F18 Growth Exposure Portfolio Reshaping Impact Current Growth Exposure Portfolio Reshaping Has Increased Our Growth Exposure Net Sales Growth Exposure + = +2 to +3% >1pt Goal: Move to High End of Range with Continued Portfolio Reshaping
  • 62.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 62 General Mills Adj. Op. Profit Growth Growing Profit Delivering on Long-term Target +MSD% +4% CGR¹ F19 F22 (1) Constant-currency growth rate. Non-GAAP measure. See appendix for reconciliation
  • 63.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 63 Opportunity Ahead for Gross Margin Recovery 34.4% 33.0% 16.9% 16.9% F19 F22 Adj. Gross Margin¹ Adj. Operating Margin¹ Margin Opportunities Reduce Supply Chain Disruption Costs Accelerate HMM Savings Near-term Improvement in International & Pet General Mills Margin Performance (1) Non-GAAP measures. See appendix for reconciliation
  • 64.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 64 General Mills Adj. Diluted EPS Growing Earnings Delivering on Long-term Target +MSD to +HSD +7% CGR¹ F19 F22 (1) Constant-currency growth rate. Non-GAAP measure. See appendix for reconciliation
  • 65.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 65 Converting Earnings to Cash Delivering on Long-term Target 95%+ $6.2 $7.7 $7.9 $8.4 109% 127% 120% 119% F17-F19 F18-F20 F19-F21 F20-F22 Free Cash Flow Free Cash Flow Conversion¹ General Mills Free Cash Flow¹ 3-Year Rolling, $ in Billions (1) Non-GAAP measures. See appendix for reconciliation
  • 66.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 66 4.2x 3.9x 3.2x 2.9x 2.8x F18 Pro Forma F19 F20 F21 F22 Balance Sheet Enabling Capital Allocation Strong Balance Sheet Position Long-term Capital Allocation Priorities Net Debt to Trailing 12-Month Adj.-EBITDA Ratio¹ CAPEX ~4% of Net Sales Grow Dividends with Earnings Strategic M&A Share Repurchases (1) Non-GAAP measure. See appendix for reconciliation
  • 67.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 67 Long History of Generating Top-tier TSR Total Shareholder Return Please see F22 proxy statement for list of peer companies Stock Price Appreciation plus Dividends, CGR through 2/1/23 9% 8% 6% 6% 2% 10% 10% 10% 18% 17% 20 Years 10 Years 5 Years 3 Years 1 Year CPG Peer Median GIS
  • 68.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 68 Raising Guidance for Fiscal 2023 1 Includes 3-pt Net Headwind from Divestitures and Acquisitions 2 Includes 1-pt Headwind from Ice Cream Recall KEY FINANCIAL METRICS* PREVIOUS F23 OUTLOOK UPDATED F23 OUTLOOK Organic Net Sales Growth +8 to +9% ~+10% Adjusted Operating Profit Growth† +3 to +5%1,2 +6 to +7%1,2 Adjusted Diluted EPS Growth† +4 to +6%1,2 +7 to +8%1,2 Free Cash Flow Conversion 90%+ 90%+ * Non-GAAP measures † Growth rates in constant currency. Non-GAAP measures
  • 69.
    KOFI BRUCE: SHAREHOLDERRETURN MODEL AND F23 OUTLOOK 2023 CAGNY CONFERENCE 69 Key Messages Executing Our Accelerate Strategy is Making us Stronger Delivering Outstanding Results Today, Including Raising Fiscal 2023 Guidance Well Positioned to Drive Top-tier Shareholder Returns Tomorrow
  • 71.
    2023 CAGNY CONFERENCE71 A Reminder on Non-GAAP Guidance The company’s outlook for organic net sales growth, adjusted operating profit growth, adjusted diluted EPS growth, and free cash flow conversion are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate fluctuations, acquisitions, divestitures, and a 53rd week, when applicable. General Mills is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measure without unreasonable efforts because it is unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates or the timing of acquisitions and divestitures throughout fiscal 2023. The unavailable information could have a significant impact on the company’s fiscal 2023 GAAP financial results. For fiscal 2023, we currently expect: foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions) and completed acquisitions and divestitures to reduce net sales growth by approximately 4.5 percent; foreign currency exchange rates to reduce adjusted operating profit and adjusted diluted EPS growth by approximately 1 percent; and restructuring charges and project-related costs, transaction and acquisition integration costs related to actions previously announced, and product disposal charges related to the ice cream recall to total approximately $55 million to $60 million.
  • 72.
    2023 CAGNY CONFERENCE72 Reconciliation of Organic Net Sales Compound Growth Rates *Table may not foot due to rounding
  • 73.
    2023 CAGNY CONFERENCE73 Reconciliation of Adjusted Operating Profit Constant-currency Growth Rates *Table may not foot due to rounding ($ IN MILLIONS)
  • 74.
    2023 CAGNY CONFERENCE74 Reconciliation of Adjusted Diluted EPS and Related Constant-currency Growth Rates *Table may not foot due to rounding ** See reconciliation of income taxes on adjusting items
  • 75.
    2023 CAGNY CONFERENCE75 Reconciliation of Adjusted Gross Margin *Table may not foot due to rounding
  • 76.
    2023 CAGNY CONFERENCE76 Reconciliation of Adjusted Operating Profit Margin *Table may not foot due to rounding
  • 77.
    2023 CAGNY CONFERENCE77 Reconciliation of Free Cash Flow and Free Cash Flow Conversion (FISCAL YEARS, $ IN MILLIONS) *Table may not foot due to rounding ** See reconciliation of income taxes on adjusting items
  • 78.
    2023 CAGNY CONFERENCE78 Reconciliation of Net Debt-to-Adjusted EBITDA Ratio ($ IN MILLIONS) *Table may not foot due to rounding ** On a Pro Forma basis
  • 79.
    2023 CAGNY CONFERENCE79 Reconciliation of Income Taxes on Adjusting Items ($ IN MILLIONS) *Table may not foot due to rounding ** Earnings before income taxes and after-tax earnings from joint ventures