ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

EXECUTIVE OVERVIEW We are a global packaged foods company. We develop distinctive value-added food products and market them under unique brand names. We work continuously to improve our core products and to create new products that meet consumers’ evolving needs and preferences. In addition, we build the equity of our brands over time with strong consumer-directed marketing, innovative new products, and effective merchandising. We believe our brand-building approach is the key to winning and sustaining leading share positions in markets around the globe. Our fundamental financial goal is to generate competitively differentiated returns for our shareholders over the long term. We believe achieving that goal requires us to generate a consistent balance of net sales growth, margin expansion, cash conversion, and cash return to shareholders over time. Our long-term growth objectives are to deliver the following performance on average over time: ● 2 to 3 percent annual growth in organic net sales; ● mid-single-digit annual growth in adjusted operating profit; ● mid- to high-single-digit annual growth in adjusted diluted earnings per share (EPS); ● free cash flow conversion of at least 95 percent of adjusted net earnings after tax; and ● cash return to shareholders of 80 to 90 percent of free cash flow, including an attractive dividend yield. Guided by our purpose to make food the world loves, we are executing our Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the long term. The strategy focuses on four pillars to create competitive advantages and win: boldly building brands, relentlessly innovating, unleashing our scale, and standing for good. We are prioritizing our core markets, global platforms, and local gem brands that have the best prospects for profitable growth, and we are committed to reshaping our portfolio with strategic acquisitions and divestitures to further enhance our growth profile. Our consolidated net sales for fiscal 2025 declined 2 percent to $19.5 billion. On an organic basis, net sales decreased 2 percent compared to year-ago levels. Operating profit of $3.3 billion decreased 4 percent. Adjusted operating profit of $3.4 billion decreased 7 percent on a constant-currency basis. Diluted EPS declined 5 percent to $4.10. Adjusted diluted EPS of $4.21 decreased 7 percent on a constant-currency basis (See the “Non-GAAP Measures” section below for a description of our use of measures not defined by generally accepted accounting principles (GAAP)). Net cash provided by operations totaled $2,918 million in fiscal 2025 representing a conversion rate of 126 percent of net earnings, including earnings attributable to noncontrolling interests. This cash generation supported capital investments totaling $625 million, and our resulting free cash flow was $2,293 million at a conversion rate of 97 percent of adjusted net earnings, including earnings attributable to noncontrolling interests. We returned cash to shareholders through dividends totaling $1,339 million and share repurchases totaling $1,203 million (See the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP). In fiscal 2025, the operating environment was characterized by significant volatility and uncertainty, resulting in value-seeking behaviors by consumers that were deeper and more prolonged than we expected. As a result, we made important changes to adapt to the evolving environment and put our business on a path back to growth. We increased investment to bring consumers greater value, which strengthened our pound volume performance as we exited the year. While the level of incremental investment resulted in fiscal 2025 financial results below our targeted ranges, we expect the improved pound volume and household penetration trends will translate into stronger top- and bottom-line performance over the long term. We delivered mixed performance against the three priorities we established at the beginning of the year: We did not achieve our objective of accelerating organic net sales growth, with full-year organic net sales declining 2 percent driven primarily by unfavorable organic net price realization and mix resulting from our increased investments in consumer value (see the ‘Non-GAAP Measures” section below for our use of this measure not defined by GAAP). We successfully created fuel for our investments, including generating industry-leading Holistic Margin Management (HMM) cost savings by increasingly applying digital and technology capabilities throughout our supply chain. We successfully drove strong cash generation, with free cash flow conversion finishing at 97 percent, which was above our full-year target of 95 percent. This enabled us to fund capital investment, raise our dividend, and continue our share repurchase activity. We also continued to reshape our portfolio, including acquisitions and divestitures that further improved 18 our portfolio’s ability to generate profitable growth over the long term (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP). A detailed review of our fiscal 2025 performance compared to fiscal 2024 appears below in the section titled “Fiscal 2025 Consolidated Results of Operations.” A detailed review of our fiscal 2024 performance compared to our fiscal 2023 performance is set forth in Part II, Item 7 of our Form 10-K for the fiscal year ended May 26, 2024 under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Fiscal 2024 Consolidated Results of Operations,” which is incorporated herein by reference. In fiscal 2026, we plan to continue advancing our Accelerate strategy. Our key priorities are to return North America Retail to volume growth, Accelerate North America Pet growth with an expanded portfolio, and drive efficiencies to reinvest in growth. We expect category growth to be below our long-term projections, reflecting less benefit from net price realization and mix amid a continued challenging consumer backdrop. To strengthen our categories and market share performance, we plan to increase investment in consumer value, product news, innovation, and brand building, guided by our remarkable experience framework. This includes a significant strategic investment to launch Blue Buffalo into the fast-growing U.S. fresh pet food sub-category in calendar 2025. We expect the combination of these growth investments, input cost inflation, and a reset of corporate incentive will outpace expected HMM cost savings of 5 percent of cost of goods sold, savings from our global transformation initiative, and benefits from a 53rd week in fiscal 2026. In addition, we expect the net impact of the divestiture of our North American yogurt businesses and the Whitebridge Pet Brands acquisition will reduce adjusted operating profit growth by approximately 5 points in fiscal 2026. Based on these assumptions, our key full-year fiscal 2026 targets are summarized below: ● Organic net sales are expected to range between down 1 percent and up 1 percent. ● Adjusted operating profit is expected to be down 10 to 15 percent in constant currency from the base of $3.4 billion reported in fiscal 2025. ● Adjusted diluted EPS is expected to be down 10 to 15 percent in constant currency from the base of $4.21 earned in fiscal 2025. ● Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax earnings. See the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP. Certain terms used throughout this report are defined in a glossary in Item 8 of this report. FISCAL 2025 CONSOLIDATED RESULTS OF OPERATIONS In fiscal 2025, net sales and organic net sales decreased 2 percent compared to fiscal 2024. Operating profit of $3,305 million decreased 4 percent compared to fiscal 2024, primarily driven by unfavorable net price realization and mix, an increase in selling, general, and administrative (SG&A) expenses, legal and voluntary recall net recoveries recorded in fiscal 2024, a decrease in contributions from volume growth, higher restructuring and transformation charges, higher acquisition and divestiture transaction and integration costs, and an unfavorable change in the mark -to-market valuation of certain commodity positions and grain inventories. These impacts were partially offset by impairment charges recorded in fiscal 2024, a divestiture gain related to the sale of our Canada yogurt business in fiscal 2025, and lower input costs. Operating profit margin of 17.0 percent decreased 30 basis points. Adjusted operating profit of $3,353 million decreased 7 percent on a constant-currency basis, primarily driven by unfavorable net price realization and mix, an increase in SG&A expenses, and a decrease in contributions from volume growth, partially offset by lower input costs. Adjusted operating profit margin decreased 90 basis points to 17.2 percent. Diluted earnings per share of $4.10 decreased 5 percent compared to fiscal 2024. Adjusted diluted earnings per share of $4.21 decreased 7 percent on a constant-currency basis (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP). 19 A summary of our consolidated financial results for fiscal 2025 follows: Fiscal 2025 In millions, except per share Fiscal 2025 vs. Fiscal 2024 Percent of Net Sales Constant- Currency Growth (a) Net sales $ 19,486.6 (2) % Operating profit 3,304.8 (4) % 17.0 % Net earnings attributable to General Mills 2,295.2 (8) % Diluted earnings per share $ 4.10 (5) % Organic net sales growth rate (a) (2) % Adjusted operating profit (a) 3,352.6 (7) % 17.2 % (7) % Adjusted diluted earnings per share (a) $ 4.21 (7) % (7) % (a) See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP. Consolidated net sales were as follows: Fiscal 2025 Fiscal 2025 vs. Fiscal 2024 Fiscal 2024 Net sales (in millions) $ 19,486.6 (2) % $ 19,857.2 Contributions from volume growth (a) (1) pt Net price realization and mix (1) pt Foreign currency exchange Flat Note: Table may not foot due to rounding (a) Measured in tons based on the stated weight of our product shipments. Net sales in fiscal 2025 decreased 2 percent compared to fiscal 2024, driven by a decrease in contributions from volume growth and unfavorable net price realization and mix. Components of organic net sales growth are shown in the following table: Fiscal 2025 vs. Fiscal 2024 Contributions from organic volume growth (a) Flat Organic net price realization and mix (1) pt Organic net sales growth (2) pts Foreign currency exchange Flat Acquisitions and divestiture Flat Net sales growth (2) pts Note: Table may not foot due to rounding (a) Measured in tons based on the stated weight of our product shipments. Organic net sales in fiscal 2025 decreased 2 percent compared to fiscal 2024, driven by unfavorable organic net price realization and mix. Cost of sales decreased $172 million in fiscal 2025 to $12,754 million. The decrease was primarily driven by a $95 million decrease attributable to lower volume and an $89 million decrease attributable to product rate and mix. We recorded a $16 million net decrease in cost of sales related to the mark-to-market valuation of certain commodity positions and grain inventories in fiscal 2025, compared to a net decrease of $39 million in fiscal 2024 (please refer to Note 8 to the Consolidated Financial Statements in Item 8 of this report for additional information). We also recorded $9 million of restructuring charges in fiscal 2025 compared to $18 million of restructuring charges and $2 million of restructuring initiative project-related costs in cost of sales in fiscal 2024 (please refer to Note 4 to the Consolidated Financial Statements in Item 8 of this report for additional information). Gross margin decreased 3 percent in fiscal 2025 compared to fiscal 2024. Gross margin as a percent of net sales of 34.6 percent decreased 30 basis points compared to fiscal 2024. SG&A expenses increased $187 million to $3,446 million in fiscal 2025 compared to fiscal 2024 primarily driven by a legal recovery in fiscal 2024, transaction and integration costs recorded in fiscal 2025 related to the definitive agreements to sell our North American yogurt businesses and costs related to the Whitebridge Pet Brands acquisition, the addition of a pet food business in Europe in fiscal 20 2024, and net recoveries recorded in fiscal 2024 from the fiscal 2023 voluntary recall on certain international Häagen-Dazs ice cream products. SG&A expenses as a percent of net sales in fiscal 2025 increased 130 basis points compared to fiscal 2024. Divestitures gain, net totaled $96 million in fiscal 2025 related to the sale of our Canada yogurt business (please refer to Note 3 to the Consolidated Financial Statements in Item 8 of this report). Restructuring, transformation, impairment, and other exit costs totaled $78 million in fiscal 202 5 compared to $241 million in fiscal 2024. In fiscal 2025, we approved a multi-year global transformation initiative to drive increased productivity by enhancing end- to-end business processes, enabled by targeted organizational actions, and as a result, we recorded $70 million of charges in fiscal 2025. We also recorded $8 million of restructuring charges in fiscal 2025 related to actions previously announced. In fiscal 2024, we recorded a $117 million non-cash goodwill impairment charge related to our Latin America reporting unit and $103 million of non- cash impairment charges related to our Top Chews , True Chews , and EPIC brand intangible assets. In fiscal 2024, we approved restructuring actions to enhance the go-to-market commercial strategy and associated organizational structure of our North America Pet segment, and as a result, we recorded $17 million of charges in fiscal 2024. Please refer to Note 4 to the Consolidated Financial Statements in Item 8 of this report for additional information. Benefit plan non-service income totaled $54 million in fiscal 2025 compared to $76 million in fiscal 2024, primarily reflecting higher amortization of losses and higher interest costs (please refer to Note 14 to the Consolidated Financial Statements in Item 8 of this report for additional information). Interest, net for fiscal 2025 totaled $524 million, $45 million higher than fiscal 2024, primarily driven by higher average long-term debt levels. Our effective tax rate for fiscal 2025 was 20.2 percent compared to 19.6 percent in fiscal 2024. The 0.6 percentage point increase was primarily driven by certain nonrecurring tax benefits in fiscal 2024, partially offset by favorable earnings mix by jurisdiction in fiscal 2025. Our adjusted effective tax rate was 20.6 percent in fiscal 2025 compared to 20.1 percent in fiscal 2024 (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP). The 0.5 percentage point increase was primarily due to certain nonrecurring tax benefits in fiscal 2024, partially offset by favorable earnings mix by jurisdiction in fiscal 2025. After-tax earnings from joint ventures decreased to $58 million in fiscal 2025 compared to $85 million in fiscal 2024, primarily driven by our share of asset impairment charges at CPW in fiscal 2025. On a constant -currency basis, after-tax earnings from joint ventures decreased 29 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP). The components of our joint ventures’ net sales growth are shown in the following table: Fiscal 2025 vs. Fiscal 2024 CPW HDJ Total Contributions from volume growth (a) (4) pts 4 pts Net price realization and mix 3 pts (1) pt Net sales growth in constant currency (1) pts 3 pts (1) pt Foreign currency exchange (3) pts (2) pts (3) pts Net sales growth (4) pts 1 pt (3) pts Note: Table may not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. Net earnings attributable to noncontrolling interests increased to $24 million in fiscal 2025 compared to $22 million in fiscal 2024. Average diluted shares outstanding decreased by 22 million in fiscal 2025 from fiscal 2024 primarily due to share repurchase s. RESULTS OF SEGMENT OPERATIONS Our businesses are organized into four operating segments: North America Retail, International, North America Pet, and North America Foodservice. 21 The following tables provide the dollar amount and percentage of net sales and operating profit from each segment for fiscal 2025 and fiscal 2024: Fiscal Year 2025 2024 In Millions Dollars Percent of Total Dollars Percent of Total Net Sales North America Retail $ 11,907.0 61 % $ 12,473.4 63 % International 2,797.8 14 2,746.5 14 North America Pet 2,470.8 13 2,375.8 12 North America Foodservice 2,300.9 12 2,258.7 11 Total $ 19,476.5 100 % $ 19,854.4 100 % Segment Operating Profit North America Retail $ 2,729.9 73 % $ 3,080.4 77 % International 96.4 3 125.2 3 North America Pet 501.0 14 485.9 12 North America Foodservice 355.4 10 315.5 8 Total $ 3,682.7 100 % $ 4,007.0 100 % Net sales of $10.1 million in fiscal 2025 and $2.8 million in fiscal 2024 related to a business managed by our Strategic Growth Office are included within corporate and other net sales, which is reported separately from segment net sales. Segment operating profit as reviewed by our executive management excludes unallocated corporate items, net gain or loss on divestitures, and restructuring, transformation, impairment, and other exit costs that are centrally managed. NORTH AMERICA RETAIL SEGMENT Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product categories in this business segment are 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 a wide variety of organic products including ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks and snack bars. North America Retail net sales were as follows: Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 Net sales (in millions) $ 11,907.0 (5) % $ 12,473.4 Contributions from volume growth (a) (4) pts Net price realization and mix Flat Foreign currency exchange Flat Note: Table may not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. North America Retail net sales decreased 5 percent in fiscal 2025 compared to fiscal 2024, driven by a decrease in contributions from volume growth. 22 The components of North America Retail organic net sales growth are shown in the following table: Fiscal 2025 vs. 2024 Percentage Change Contributions from organic volume growth (a) (2) pts Organic net price realization and mix (1) pt Organic net sales growth (3) pts Foreign currency exchange Flat Divestiture (b) (1) pt Net sales growth (5) pts Note: Table may not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. (b) Divestiture of Canada yogurt business in the third quarter of fiscal 2025. Please refer to Note 3 to the Consolidated Financial Statements in Part II, Item 8 of this report. North America Retail organic net sales decreased 3 percent in fiscal 2025 compared to fiscal 2024, driven by a decrease in contributions from organic volume growth and unfavorable organic net price realization and mix. Net sales for our North America Retail operating units are shown in the following table: In Millions Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 U.S. Meals & Baking Solutions $ 4,238.9 (2) % $ 4,324.3 U.S. Morning Foods 3,439.9 (3) % 3,561.8 U.S. Snacks 3,356.3 (5) % 3,538.9 Canada (a) 871.9 (17) % 1,048.4 Total $ 11,907.0 (5) % $ 12,473.4 (a) On a constant currency basis, Canada operating unit net sales decreased 14 percent in fiscal 2025. See the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP. Segment operating profit decreased 11 percent to $2,730 million in fiscal 2025 compared to $3,080 million in fiscal 2024, primarily driven by a decrease in contributions from volume growth, higher input costs, and unfavorable net price realization and mix, partially offset by lower SG&A expenses. Segment operating profit decreased 11 percent on a constant-currency basis in fiscal 2025 compared to fiscal 2024 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP). INTERNATIONAL SEGMENT Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product categories include super-premium ice cream and frozen desserts, meal kits, salty snacks , snack bars, dessert and baking mixes, shelf-stable vegetables, and pet food products. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenu es from export activities are reported in the region or country where the end customer is located. International net sales were as follows: Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 Net sales (in millions) $ 2,797.8 2 % $ 2,746.5 Contributions from volume growth (a) 3 pts Net price realization and mix 1 pt Foreign currency exchange (2) pts Note: Table may not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. International net sales increased 2 percent in fiscal 2025 compared to fiscal 2024, driven by an increase in contributions from volume growth and favorable net price realization and mix, partially offset by unfavorable foreign currency exchange. 23 The components of International organic net sales growth are shown in the following table: Fiscal 2025 vs. 2024 Percentage Change Contributions from organic volume growth (a) 1 pt Organic net price realization and mix Flat Organic net sales growth Flat Foreign currency exchange (2) pts Acquisition (b) 4 pts Net sales growth 2 pts Note: Table may not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. (b) Acquisition of a pet food business in Europe in fiscal 2024. Please refer to Note 3 to the Consolidated Financial Statements in Part II, Item 8 of this report. International organic net sales in fiscal 2025 essentially matched fiscal 2024. Segment operating profit decreased 23 percent to $96 million in fiscal 2025 compared to $125 million in 2024, primarily driven by higher SG&A expenses and unfavorable net price realization and mix, partially offset by lower input costs and an increase in contributions from volume growth. Segment operating profit decreased 33 percent on a constant-currency basis in fiscal 2025 compared to fiscal 2024 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP). NORTH AMERICA PET SEGMENT Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Our product categories include dog and cat food (dry foods, wet foods, and treats) made with whole meats, fruits, and vegetables and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life- stage needs and span different product types, diet types, breed sizes for dogs, life stages, flavors, product functions, and textures and cuts for wet foods. North America Pet net sales were as follows: Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 Net sales (in millions) $ 2,470.8 4 % $ 2,375.8 Contributions from volume growth (a) 4 pts Net price realization and mix Flat Foreign currency exchange Flat Note: Table may not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. North America Pet net sales increased 4 percent in fiscal 2025 compared to fiscal 2024, driven by an increase in contributions from volume growth. 24 The components of North America Pet organic net sales growth are shown in the following table: Fiscal 2025 vs. 2024 Percentage Change Contributions from organic volume growth (a) 3 pts Organic net price realization and mix (2) pts Organic net sales growth Flat Foreign currency exchange Flat Acquisition (b) 4 pts Net sales growth 4 pts Note: Table may not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. (b) Acquisition of Whitebridge Pet Brands business in fiscal 2025. Please refer to Note 3 to the Consolidated Financial Statements in Part II, Item 8 of this report. North America Pet organic net sales in fiscal 2025 essentially matched fiscal 2024. North America Pet operating profit increased 3 percent to $501 million in fiscal 2025, compared to $486 million in fiscal 2024, primarily driven by an increase in contributions from volume growth and lower input costs, partially offset by higher SG&A expenses, including increased media and advertising expenses, and unfavorable net price realization and mix. Segment operating profit increased 3 percent on a constant-currency basis in fiscal 2025 compared to fiscal 2024 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP). NORTH AMERICA FOODSERVICE SEGMENT Our North America Foodservice segment consists of foodservice businesses in the United States and Canada. Our major product categories in our North America Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, baking mixes, and bakery flour. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, vending, and supermarket bakeries. North America Foodservice net sales were as follows: Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 Net sales (in millions) $ 2,300.9 2 % $ 2,258.7 Contributions from volume growth (a) 1 pt Net price realization and mix 1 pt Foreign currency exchange Flat Note: Table may not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. North America Foodservice net sales increased 2 percent in fiscal 2025 compared to fiscal 2024, driven by an increase in contributions from volume growth and favorable net price realization and mix. The components of North America Foodservice organic net sales growth are shown in the following table: Fiscal 2025 vs. 2024 Percentage Change Contributions from organic volume growth (a) 1 pt Organic net price realization and mix 1 pt Organic net sales growth 2 pts Foreign currency exchange Flat Net sales growth 2 pts Note: Table may not foot due to rounding. (a) Measured in tons based on the standard weight of our product shipments. 25 North America Foodservice organic net sales increased 2 percent in fiscal 2025 compared to fiscal 2024, driven by an increase in contributions from organic volume growth and favorable organic net price realization and mix. Segment operating profit increased 13 percent to $355 million in fiscal 2025, compared to $316 million in fiscal 2024, primarily driven by favorable net price realization and mix. Segment operating profit increased 13 percent on a constant-currency basis in fiscal 2025 compared to fiscal 2024 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP). UNALLOCATED CORPORATE ITEMS Unallocated corporate items include corporate overhead expenses, variances to planned domestic employee benefits and incentives, certain charitable contributions, restructuring initiative project-related costs, gains and losses on corporate investments, results from certain businesses managed by our Strategic Growth Office, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark- to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment. Unallocated corporate expense totaled $396 million in fiscal 2025 , compared to $334 million last year. In fiscal 2024, we recorded a $53 million legal recovery. We recorded $49 million of transaction costs related to the definitive agreements to sell our North American yogurt businesses and the Whitebridge Pet Brands acquisition in fiscal 2025, compared to $14 million of transaction costs in fiscal 2024, primarily related to our acquisition of a pet food business in Europe. We also recorded $14 million of integration costs in fiscal 2025, related to the acquisition of Whitebridge Pet Brands and the acquisition of a pet food business in Europe. In fiscal 2024, we recorded $30 million of net recoveries related to a voluntary recall on certain international Häagen-Dazs ice cream products in fiscal 2023. We recorded a $16 million net decrease in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in fiscal 2025, compared to a $39 million net decrease in expense last year. In addition, we recorded $8 million of net losses related to valuation adjustments in fiscal 2025, compared to $18 million of net losses related to valuation adjustments and the sale of corporate investments in fiscal 2024. We recorded $9 million of restructuring charges and $1 million of restructuring initiative project-related costs in cost of sales in fiscal 2025, compared to $18 million of restructuring charges and $2 million of restructuring initiative project-related costs in cost of sales in fiscal 2024. Certain compensation and benefit related expenses decreased in fiscal 2025 compared to fiscal 2024. IMPACT OF INFLATION We experienced broad-based global input cost inflation of 4 percent in fiscal 2025 and fiscal 2024. We expect approximately 3 percent input cost inflation in fiscal 2026 before the impact of newly enacted tariffs. We expect the gross risk of newly enacted tariffs to be 1 to 2 percent of cost of goods sold, and we are attempting to mitigate tariff risk through various methods. We attempt to minimize the effects of inflation through HMM, Strategic Revenue Management (SRM), planning, and operating practices. Our market risk management practices are discussed in Item 7A of this report. LIQUIDITY AND CAPITAL RESOURCES The primary source of our liquidity is cash flow from operations. Over the most recent two-year period, our operations have generated $6.2 billion in cash. A substantial portion of this operating cash flow has been returned to shareholders through dividends and share repurchases. We also use cash from operations to fund our capital expenditures, acquisitions, and debt service. We typically use a combination of cash, notes payable, and long-term debt, and occasionally issue shares of common stock, to finance significant acquisitions. As of May 25, 2025, we had $316 million of cash and cash equivalents held in foreign jurisdictions. In anticipation of repatriating funds from foreign jurisdictions, we record local country withholding taxes on our international earnings, as applicable. We may repatriate our cash and cash equivalents held by our foreign subsidiaries without such funds being subject to further U.S. income tax liability. Earnings prior to fiscal 2018 from our foreign subsidiaries remain permanently reinvested in those jurisdictions. 26 Cash Flows from Operations Fiscal Year In Millions 2025 2024 Net earnings, including earnings attributable to noncontrolling interests $ 2,318.9 $ 2,518.6 Depreciation and amortization 539.0 552.7 After-tax earnings from joint ventures (57.6) (84.8) Distributions of earnings from joint ventures 44.6 50.4 Stock-based compensation 91.7 95.3 Deferred income taxes (120.9) (48.5) Pension and other postretirement benefit plan contributions (30.8) (30.1) Pension and other postretirement benefit plan costs (12.7) (27.0) Divestitures gain, net (95.9)

Restructuring, transformation, impairment, and other exit costs 74.3 223.5 Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures 192.4 10.6 Other, net (24.8) 41.9 Net cash provided by operating activities $ 2,918.2 $ 3,302.6 During fiscal 2025, cash provided by operations was $2,918 million compared to $3,303 million in the same period last year. The $384 million decrease was primarily driven by a $296 million decrease in net earnings excluding the impact of the divestiture in fiscal 2025, and a $149 million change in restructuring, transformation, impairment, and other exit costs. We strive to grow core working capital at or below the rate of growth in our net sales. For fiscal 2025, core working capital net liability decreased 23 percent, compared to a net sales decrease of 2 percent. The core working capital net liability decreased $90 million from $393 million in fiscal 2024 to $303 million in fiscal 2025, primarily due to an increase in receivables, partially offset by an increase in accounts payable. Cash Flows from Investing Activities Fiscal Year In Millions 2025 2024 Purchases of land, buildings, and equipment $ (625.3) $ (774.1) Acquisitions, net of cash acquired (1,419.3) (451.9) Investments in affiliates, net 13.3 (2.7) Proceeds from disposal of land, buildings, and equipment 1.1 0.8 Proceeds from divestitures, net of cash divested 241.8

Other, net (6.5) 30.5 Net cash used by investing activities $ (1,794.9) $ (1,197.4) In fiscal 2025, we used $1,795 million of cash through investing activities compared to $1,197 million in fiscal 2024. We invested $625 million in land, buildings, and equipment in fiscal 2025, a decrease of $149 million from fiscal 2024. During fiscal 2025, we acquired Whitebridge Pet Brands for $1,412 million cash, net of cash acquired. During fiscal 2025, we completed the sale of our Canada yogurt business for $242 million cash. During fiscal 2024, we acquired a pet food business in Europe for $426 million cash, net of cash acquired, and we paid an additional $8 million purchase price holdback after certain closing conditions were met in fiscal 2025. We expect capital expenditures to be approximately 3.5 percent of reported net sales in fiscal 2026. These expenditures will fund initiatives that are expected to fuel growth, support innovative products, and continue HMM initiatives throughout the supply chain. 27 Cash Flows from Financing Activities Fiscal Year In Millions 2025 2024 Change in notes payable $ 667.1 $ (20.5) Issuance of long-term debt 2,354.9 2,065.2 Payment of long-term debt (1,300.0) (901.5) Repurchase of Class A limited membership interests in General Mills Cereals, LLC (252.8)

Proceeds from common stock issued on exercised options 43.0 25.5 Purchases of common stock for treasury (1,202.9) (2,002.4) Dividends paid (1,338.7) (1,363.4) Distributions to noncontrolling interest holders (21.6) (21.3) Other, net (129.1) (53.9) Net cash used by financing activities $ (1,180.1) $ (2,272.3) Financing activities used $1,180 million of cash in fiscal 2025 compared to $2,272 million in fiscal 2024. We had $1,722 million of net debt issuances in fiscal 2025 compared to $1,143 million of net debt issuances in fiscal 2024. For more information on our debt issuances and payments, please refer to Note 9 to the Consolidated Financial Statements in Item 8 of this report. During fiscal 2025, we received $43 million of net proceeds from common stock issued on exercised options compared to $26 million in fiscal 2024. During fiscal 2025, we purchased the outstanding Class A limited membership interests in General Mills Cereals, LLC (GMC Class A Interests) from the third-party holder for $253 million. For more information, please refer to Note 10 to the Consolidated Financial Statements in Item 8 of this report. During fiscal 2025, we repurchased 19 million shares of our common stock for $1,203 million. During fiscal 2024, we repurchased 29 million shares of our common stock for $2,002 million. Dividends paid in fiscal 2025 totaled $1,339 million, or $2.40 per share. Dividends paid in fiscal 2024 totaled $1,363 million, or $2.36 per share. Selected Cash Flows from Joint Ventures Selected cash flows from our joint ventures are set forth in the following table: Fiscal Year Inflow (Outflow), in Millions 2025 2024 Investments in affiliates, net $ 13.3 $ (2.7) Dividends received 44.6 50.4 The following table details the credit facilities and lines of credit we had available as of May 25, 2025: In Millions Borrowing Capacity Borrowed Amount Committed credit facility expiring October 2029 $ 2,700.0 $

Uncommitted credit facilities and lines of credit 703.7 7.6 Total $ 3,403.7 $ 7.6 To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States and Europe. Certain of our long-term debt agreements and our credit facilities contain restrictive covenants. As of May 25, 2025, we were in compliance with all of these covenants. We have $1,528 million of long-term debt maturing in the next 12 months that is classified as current, including €500 million of 0.125 percent fixed-rate notes due November 15, 2025, €600 million of 0.45 percent fixed-rate notes due January 15, 2026, and €250 million 28 of floating-rate notes due April 22, 2026. We believe that cash flows from operations, together with available short- and long-term debt financing, will be adequate to meet our material contractual obligations and overall liquidity and capital needs for at least the next 12 months. As of May 25, 2025, our total debt, including the impact of derivative instruments designated as hedges, was 74 percent in fixed-rate and 26 percent in floating-rate instruments, compared to 85 percent in fixed-rate and 15 percent in floating-rate instruments on May 26, 2024. CRITICAL ACCOUNTING ESTIMATES For a complete description of our significant accounting policies, please see Note 2 to the Consolidated Financial Statements in Item 8 of this report. Our critical accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations. These estimates include our accounting for revenue recognition, valuation of long-lived assets, intangible assets, income taxes, and defined benefit pension, other postretirement benefit, and postemployment benefit plans. Revenue Recognition Our revenues are reported net of variable consideration and consideration payable to our customers, including trade promotion, consumer coupon redemption, and other reductions to the transaction price, including estimated allowances for returns, unsalable product, and prompt pay discounts. Trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale. Differences between the estimated and actual reduction to the transaction price are recognized as a change in estimate in a subsequent period. Our accrued trade and coupon promotion liabilities were $470 million as of May 25, 2025, and $425 million as of May 26, 2024. Because these amounts are significant, if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. Valuation of Long-Lived Assets We estimate the useful lives of long -lived assets and make estimates concerning undiscounted cash flows to review for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Fair value is measured using discounted cash flows or independent appraisals, as appropriate. Intangible Assets Goodwill and other indefinite-lived intangible assets are not subject to amortization and are tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. Our estimates of fair value for goodwill impairment testing are determined based on a discounted cash flow model. We use inputs from our long-range planning process to determine growth rates for sales and profits. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. We evaluate the useful lives of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets. Intangible assets that are deemed to have finite lives are amortized on a straight-line basis over their useful lives, generally ranging from 4 to 30 years. Our estimate of the fair value of our brand assets is based on a discounted cash flow model using inputs which include projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. As of May 25, 2025, we had $22 billion of goodwill and indefinite-lived intangible assets. While we currently believe that the fair value of each intangible exceeds its carrying value, and that those intangibles will contribute indefinitely to our cash flows, materially different assumptions regarding future performance of our businesses or a different weighted-average cost of capital could result in material impairment losses and amortization expense. We performed our fiscal 2025 assessment of our intangible assets as of the first day of the second quarter of fiscal 2025, and we determined there was no impairment of our intangible assets as their related fair values were substantially in excess of the carrying values, except for the Uncle Toby’s brand intangible asset. In addition, while having significant coverage as of our fiscal 2025 assessment date, the Progresso , Nudges , True Chews , and Kitano brand intangible assets had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment . Income Taxes We apply a more-likely-than-not threshold to the recognition and derecognition of uncertain tax positions. Accordingly, we recognize the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect earnings in the period of such change. For more information on income taxes, please see Note 15 to the Consolidated Financial Statements in Item 8 of this report. 29 Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans We have defined benefit pension plans covering many employees in the United States, Canada, Switzerland, and the United Kingdom. We also sponsor plans that provide health care benefits to many of our retirees in the United States, Canada, and Brazil. Under certain circumstances, we also provide accruable benefits, primarily severance, to former and inactive employees in the United States, Canada, and Mexico. Please see Note 14 to the Consolidated Financial Statements in Item 8 of this report for a description of our defined benefit pension, other postretirement benefit, and postemployment benefit plans. We recognize benefits provided during retirement or following employment over the plan participants’ active working lives. Accordingly, we make various assumptions to predict and measure costs and obligations many years prior to the settlement of our obligations. Assumptions that require significant management judgment and have a material impact on the measurement of our net periodic benefit expense or income and accumulated benefit obligations include the long-term rates of return on plan assets, the interest rates used to discount the obligations for our benefit plans, and health care cost trend rates. Expected Rate of Return on Plan Assets Our expected rate of return on plan assets is determined by our asset allocation, our historical long-term investment performance, our estimate of future long-term returns by asset class (using input from our actuaries, investment services, and investment managers), and long-term inflation assumptions. We review this assumption annually for each plan; however, our annual investment performance for one particular year does not, by itself, significantly influence our evaluation. Our historical investment returns (compound annual growth rates) for our United States defined benefit pension and other postretirement benefit plan assets were 4.0 percent in the 1-year period ended May 25, 2025, and returns of 0.2 percent, 4.3 percent, 6.7 percent, and 6.2 percent for the 5, 10, 15, and 20-year periods ended May 25, 2025. On a weighted -average basis, the expected rate of return for all defined benefit plans and other postretirement plans was 7.63 percent and 7.79 percent for fiscal 2025, 7.13 percent and 7.34 percent for fiscal 2024, and 6.70 percent and 6.76 percent for fiscal 2023. For fiscal 2026, we decreased our weighted-average expected rate of return on plan assets due to an increase in bond asset allocation policy for our principal defined benefit pension and other postretirement plans in the United States to 7.60 percent and 7.40 percent, respectively. Lowering the expected long-term rate of return on assets by 100 basis points would increase our net pension and postretirement expense by $57 million for fiscal 2026. A market-related valuation basis is used to reduce year-to-year expense volatility. The market- related valuation recognizes certain investment gains or losses over a five-year period from the year in which they occur. Investment gains or losses for this purpose are the difference between the expected return calculated using the market-related value of assets and the actual return based on the market-related value of assets. Our outside actuaries perform these calculations as part of our determination of annual expense or income. Discount Rates We estimate the service and interest cost components of the net periodic benefit expense for our United States and most of our international defined benefit pension, other postretirement benefit, and postemployment benefit plans utilizing a full yield curve approach by applying the specific spot rates along the yield curve used to determine the benefit obligation to the relevant projected cash flows. Our discount rate assumptions are determined annually as of May 31 for our defined benefit pension, other postretirement benefit, and postemployment benefit plan obligations. We work with our outside actuaries to determine the timing and amount of expected future cash outflows to plan participants and, using the Aa Above Median corporate bond yield, to develop a forward interest rate curve, including a margin to that index based on our credit risk. This forward interest rate curve is applied to our expected future cash outflows to determine our discount rate assumptions. 30 Our weighted-average discount rates were as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Effective rate for fiscal 2026 service costs 6.02 % 6.11 % 5.42 % Effective rate for fiscal 2026 interest costs 5.32 % 5.34 % 4.91 % Obligations as of May 31, 2025 5.79 % 5.67 % 5.04 % Effective rate for fiscal 2025 service costs 5.58 % 5.48 % 5.37 % Effective rate for fiscal 2025 interest costs 5.40 % 5.28 % 5.05 % Obligations as of May 31, 2024 5.52 % 5.52 % 5.05 % Effective rate for fiscal 2024 service costs 5.27 % 5.15 % 5.00 % Effective rate for fiscal 2024 interest costs 5.06 % 4.96 % 4.61 % Lowering the discount rates by 100 basis points would increase our net defined benefit pension, other postretirement benefit, and postemployment benefit plan expense for fiscal 2026 by approximately $27 million. All obligation-related experience gains and losses are amortized using a straight-line method over the average remaining service period of active plan participants or over the average remaining lifetime of the remaining plan participants if the plan is viewed as “all or almost all” inactive participants. Health Care Cost Trend Rates We review our health care cost trend rates annually. Our review is based on data we collect about our health care claims experience and information provided by our actuaries. This information includes recent plan experience, plan design, overall industry experience and projections, and assumptions used by other similar organizations. Our initial health care cost trend rate is adjusted as necessary to remain consistent with this review, recent experiences, and short-term expectations. Our initial health care cost trend rate assumption is 7.9 percent for retirees age 65 and over and 7.9 percent for retirees under age 65 at the end of fiscal 2025. Rates are graded down annually until the ultimate trend rate of 4.5 percent is reached in 2034 for all retirees. The trend rates are applicable for calculations only if the retirees’ benefits increase as a result of health care inflation. The ultimate trend rate is adjusted annually, as necessary, to approximate the current economic view on the rate of long-term inflation plus an appropriate health care cost premium. Assumed trend rates for health care costs have an important effect on the amounts reported for the other postretirement benefit plans. Any arising health care claims cost-related experience gain or loss is recognized in the calculation of expected future claims. Once recognized, experience gains and losses are amortized using a straight-line method over the average remaining service period of active plan participants or over the average remaining lifetime of the remaining plan participants if the plan is viewed as “all or almost all” inactive participants. Financial Statement Impact In fiscal 2025, we recorded net defined benefit pension, other postretirement benefit, and postemployment benefit plan expense of $9 million compared to $11 million of income in fiscal 2024 and $6 million of income in fiscal 2023. As of May 25, 2025, we had cumulative unrecognized actuarial net losses of $2 billion on our defined benefit pension plans and cumulative unrecognized actuarial net gains of $209 million on our postretirement and postemployment benefit plans. These net unrecognized actuarial losses will result in increases in our future net pension and postretirement benefit expenses because they currently exceed the corridors defined by GAAP. Actual future net defined benefit pension, other postretirement benefit, and postemployment benefit plan income or expense will depend on investment performance, changes in future discount rates, changes in health care cost trend rates, and other factors related to the populations participating in these plans. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03 requiring additional income statement disclosures. The ASU requires the disaggregation of specific categories of expenses underlying the line items presented on the income statement. Additionally, the ASU requires enhanced disclosure of selling expenses. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. For us, annual reporting requirements will be effective for our fiscal 2028 Form 10-K and interim reporting requirements will be effective beginning with our first quarter of fiscal 2029. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. We are in the process of analyzing the impact of the ASU on our related disclosures. 31 In December 2023, the FASB issued ASU 2023-09 requiring enhanced income tax disclosures. The ASU requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, which for us is fiscal 2026. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. We are in the process of analyzing the impact of the ASU on our related disclosures. NON-GAAP MEASURES We have included in this report measures of financial performance that are not defined by GAAP. We believe that these measures provide useful information to investors and include these measures in other communications to investors. For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful information to investors, and any additional material purposes for which our management or Board of Directors uses the non-GAAP measure. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. Significant Items Impacting Comparability Several measures below are presented on an adjusted basis. The adjustments are either items resulting from infrequently occurring events or items that, in management’s judgment, significantly affect the year-to-year assessment of operating results. The following are descriptions of significant items impacting comparability of our results. Divestiture gain Divestiture gain related to the sale of our Canada yogurt business in fiscal 2025. Please refer to Note 3 to the Consolidated Financial Statements in Item 8 of this report. Restructuring and transformation charges Restructuring and transformation charges related to global transformation actions and previously announced restructuring actions in fiscal 2025. Restructuring charges related to commercial strategy restructuring actions and previously announced restructuring actions in fiscal 2024. Please refer to Note 4 to the Consolidated Financial Statements in Item 8 of this report. Transaction costs Fiscal 2025 transaction costs related to the definitive agreements to sell our North American yogurt businesses and the Whitebridge Pet Brands acquisition. Transaction costs primarily related to the acquisition of a pet food business in Europe in fiscal 2024. Please refer to Note 3 to the Consolidated Financial Statements in Item 8 of this report. CPW asset impairments CPW impairment charges related to certain long-lived assets recorded in fiscal 2025. Mark-to-market effects Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Please refer to Note 8 to the Consolidated Financial Statements in Item 8 of this report. Acquisition integration costs Integration costs related to the acquisitions of Whitebridge Pet Brands and a pet food business in Europe recorded in fiscal 2025. Integration costs primarily resulting from the acquisition of TNT Crust in fiscal 2024. Please refer to Note 3 to the Consolidated Financial Statements in Item 8 of this report. Capital appreciation paid on GMC Class A Interests Capital account appreciation attributable and paid to the third-party holder of GMC Class A Interests in fiscal 2025. Please refer to Note 10 to the Consolidated Financial Statements in Item 8 of this report. 32 Investment activity, net Valuation adjustments of certain corporate investments in fiscal 2025. Valuation adjustments and the gain on sale of certain corporate investments in fiscal 2024. Project-related costs Restructuring initiative project-related costs related to previously announced restructuring actions recorded in fiscal 2025 and fiscal 2024. Please refer to Note 4 to the Consolidated Financial Statements in Item 8 of this report. Goodwill and other intangible assets impairments Non-cash impairment charges related to our Latin America reporting unit goodwill and our Top Chews , True Chews , and EPIC brand intangible assets in fiscal 2024. Please refer to Note 6 to the Consolidated Financial Statements in Item 8 of this report. Legal recovery Legal recovery recorded in fiscal 2024. Product recall, net Recoveries recorded in fiscal 2024 related to the fiscal 2023 voluntary recall of certain international Häagen-Dazs ice cream products, net of costs incurred. Organic Net Sales Growth Rates We provide organic net sales growth rates for our consolidated net sales and segment net sales. This measure is used in reporting to our Board of Directors and executive management and as a component of the measurement of our performance for incentive compensation purposes. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, as well as acquisitions, divestitures, and a 53 rd week, when applicable, have on year-to-year comparability. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Consolidated Results of Operations and Results of Segment Operations discussions in the MD&A above. Adjusted Operating Profit and Related Constant-currency Growth Rate This measure is used in reporting to our Board of Directors and executive management and as a component of the measurement of our performance for incentive compensation purposes. We believe that this measure provides useful information to investors because it is the operating profit measure we use to evaluate operating profit performance on a comparable year-to-year basis. Additionally, the measure is evaluated on a constant-currency basis by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given the volatility in foreign currency exchange rates. Our adjusted operating profit growth on a constant-currency basis is calculated as follows: Fiscal Year 2025 2024 Change Operating profit as reported $ 3,304.8 $ 3,431.7 (4) % Divestiture gain (95.9)

Restructuring and transformation charges 87.5 38.8 Transaction costs 49.1 14.0 Mark-to-market effects (15.7) (39.1) Acquisition integration costs 13.9 0.2 Investment activity, net 8.3 18.5 Project-related costs 0.5 2.0 Goodwill and other intangible assets impairments

220.2 Legal recovery

(53.2) Product recall, net

(30.3) Adjusted operating profit $ 3,352.6 $ 3,602.7 (7) % Foreign currency exchange impact Flat Adjusted operating profit growth, on a constant-currency basis (7) % Note: Table may not foot due to rounding. For more information on the reconciling items, see the Significant Items Impacting Comparability section above. 33 Adjusted Diluted EPS and Related Constant-currency Growth Rate This measure is used in reporting to our Board of Directors and executive management. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-to-year basis. The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted EPS and the related constant-currency growth rate follows: Fiscal Year Per Share Data 2025 2024 Change Diluted earnings per share, as reported $ 4.10 $ 4.31 (5) % Divestiture gain (0.15)

Restructuring and transformation charges 0.12 0.05 Transaction costs 0.07 0.02 CPW asset impairments 0.04

Mark-to-market effects (0.02) (0.05) Acquisition integration costs 0.02

Capital appreciation paid on GMC Class A Interests 0.02

Investment activity, net 0.01 0.02 Goodwill and other intangible assets impairments

0.28 Legal recovery

(0.07) Product recall, net

(0.04) Adjusted diluted earnings per share $ 4.21 $ 4.52 (7) % Foreign currency exchange impact Flat Adjusted diluted earnings per share growth, on a constant-currency basis (7) % Note: Table may not foot due to rounding. For more information on the reconciling items, see the Significant Items Impacting Comparability section above. See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability. 34 Free Cash Flow Conversion Rate We believe this measure provides useful information to investors because it is important for assessing our efficiency in converting earnings to cash and returning cash to shareholders. The calculation of free cash flow conversion rate and net cash provided by operating activities conversion rate, its equivalent GAAP measure, follows: In Millions Fiscal 2025 Net earnings, including earnings attributable to noncontrolling interests, as reported $ 2,318.9 Divestiture gain, net of tax (84.8) Restructuring and transformation charges, net of tax 67.2 Transaction costs, net of tax 37.8 CPW asset impairments, net of tax 23.3 Mark-to-market effects, net of tax (12.1) Acquisition integration costs, net of tax 11.9 Investment activity, net, net of tax 6.4 Project-related costs, net of tax 0.4 Adjusted net earnings, including earnings attributable to noncontrolling interests $ 2,369.1 Net cash provided by operating activities 2,918.2 Purchases of land, buildings, and equipment (625.3) Free cash flow $ 2,292.9 Net cash provided by operating activities conversion rate 126% Free cash flow conversion rate 97% Note: Table may not foot due rounding. For more information on the reconciling items, see the Significant Items Impacting Comparability section above. See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability. 35 Adjusted Operating Profit as a Percent of Net Sales (Adjusted Operating Profit Margin) We believe this measure provides useful information to investors because it is important for assessing our operating profit margin on a comparable year-to-year basis. Our adjusted operating profit margins are calculated as follows: Fiscal Year Percent of Net Sales 2025 2024 Operating profit as reported $ 3,304.8 17.0 % $ 3,431.7 17.3 % Divestiture gain (95.9) (0.5) %

% Restructuring and transformation charges 87.5 0.4 % 38.8 0.2 % Transaction costs 49.1 0.3 % 14.0 0.1 % Mark-to-market effects (15.7) (0.1) % (39.1) (0.2) % Acquisition integration costs 13.9 0.1 % 0.2

% Investment activity, net 8.3

% 18.5 0.1 % Project-related costs 0.5

% 2.0

% Goodwill and other intangible assets impairments

% 220.2 1.1 % Legal recovery

% (53.2) (0.3) % Product recall, net

% (30.3) (0.2) % Adjusted operating profit $ 3,352.6 17.2 % $ 3,602.7 18.1 % Note: Table may not foot due to rounding. For more information on the reconciling items, see the Significant Items Impacting Comparability section above. 36 Adjusted Effective Income Tax Rates We believe this measure provides useful information to investors because it presents the adjusted effective income tax rate on a comparable year-to-year basis. Adjusted effective income tax rates are calculated as follows: Fiscal Year Ended 2025 2024 In Millions (Except Per Share Data) Pretax Earnings (a) Income Taxes Pretax Earnings (a) Income Taxes As reported $ 2,835.0 $ 573.7 $ 3,028.3 $ 594.5 Divestiture gain (95.9) (11.1)

Restructuring and transformation charges 87.5 20.2 38.8 10.4 Transaction costs 49.1 11.3 14.0 2.1 Mark-to-market effects (15.7) (3.6) (39.1) (9.0) Acquisition integration costs 13.9 2.0 0.2 0.1 Investment activity, net 8.3 1.9 18.5 5.9 Project-related costs 0.5 0.2 2.0 0.7 Goodwill and other intangible assets impairments

220.2 58.4 Legal recovery

(53.2) (12.9) Product recall, net

(30.3) (7.0) As adjusted $ 2,882.7 $ 594.6 $ 3,199.4 $ 643.1 Effective tax rate: As reported 20.2% 19.6% As adjusted 20.6% 20.1% Sum of adjustments to income taxes $ 20.9 $ 48.6 Average number of common shares - diluted EPS 557.5 579.5 Impact of income tax adjustments on adjusted diluted EPS $ (0.04) $ (0.08) Note: Table may not foot due to rounding. (a) Earnings before income taxes and after-tax earnings from joint ventures. For more information on the reconciling items, see the Significant Items Impacting Comparability section above. 37 Constant-currency After-Tax Earnings from Joint Ventures Growth Rate We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our joint ventures by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. After-tax earnings from joint ventures growth rate on a constant-currency basis are calculated as follows: Fiscal 2025 Percentage change in after-tax earnings from joint ventures as reported (32) % Impact of foreign currency exchange (3) pts Percentage change in after-tax earnings from joint ventures on a constant-currency basis (29) % Note: Table may not foot due to rounding. Net Sales Growth Rate for Canada Operating Unit on a Constant-currency Basis We believe this measure of our Canada operating unit net sales provides useful information to investors because it provides transparency to the underlying performance for the Canada operating unit within our North America Retail segment by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. Net sales growth rate for our Canada operating unit on a constant-currency basis is calculated as follows: Fiscal 2025 Percentage change in net sales as reported (17) % Impact of foreign currency exchange (3) pts Percentage change in net sales on a constant-currency basis (14) % Note: Table may not foot due to rounding. Constant-currency Segment Operating Profit Growth Rates We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. Our segments’ operating profit growth rates on a constant-currency basis are calculated as follows: Fiscal 2025 Percentage Change in Operating Profit as Reported Impact of Foreign Currency Exchange Percentage Change in Operating Profit on Constant- Currency Basis North America Retail (11) % Flat (11) % International (23) % 10 pts (33) % North America Pet 3 % Flat 3 % North America Foodservice 13 % Flat 13 % Note: Table may not foot due to rounding. Forward-Looking Financial Measures Our fiscal 2026 outlook for organic net sales growth, constant-currency adjusted operating profit and adjusted diluted EPS, 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, restructuring and transformation charges, acquisition transaction and integration costs, acquisitions, divestitures, mark-to-market effects, and a 53rd week. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of acquisitions, divestitures, and restructuring and transformation actions throughout fiscal 2026. The unavailable information could have a significant impact on our fiscal 2026 GAAP financial results. 38 For fiscal 2026, we currently expect: the net impact from foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions), acquisitions and divestitures completed prior to fiscal 2026 and those expected to close in fiscal 2026, and a 53rd week to reduce net sales growth by approximately 4 percent; foreign currency exchange rates to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth; and restructuring and transformation charges and transaction and acquisition integration costs related to actions previously announced to total approximately $90 million to $95 million. ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK We are exposed to market risk stemming from changes in interest and foreign exchange rates and commodity and equity prices. Changes in these factors could cause fluctuations in our earnings and cash flows. In the normal course of business, we actively manage our exposure to these market risks by entering into various hedging transactions, authorized under established policies that place controls on these activities. The counterparties in these transactions are generally highly rated institutions. We establish credit limits for each counterparty. Our hedging transactions include but are not limited to a variety of derivative financial instruments. For information on interest rate, foreign exchange, commodity price, and equity instrument risk, please see Note 8 to the Consolidated Financial Statements in Item 8 of this report. VALUE AT RISK The estimates in the table below are intended to measure the maximum potential fair value we could lose in one day from adverse changes in market interest rates, foreign exchange rates, commodity prices, and equity prices under normal market conditions. A Monte Carlo value-at-risk (VAR) methodology was used to quantify the market risk for our exposures. The models assumed normal market conditions and used a 95 percent confidence level. The VAR calculation used historical interest and foreign exchange rates, and commodity and equity prices from the past year to estimate the potential volatility and correlation of these rates in the future. The market data were drawn from the RiskMetrics™ data set. The calculations are not intended to represent actual losses in fair value that we expect to incur. Further, since the hedging instrument (the derivative) inversely correlates with the underlying exposure, we would expect that any loss or gain in the fair value of our derivatives would be generally offset by an increase or decrease in the fair value of the underlying exposure. The positions included in the calculations were: debt; investments; interest rate swaps; foreign exchange forwards; commodity swaps, futures, and options; and equity instruments. The calculations do not include the underlying foreign exchange and commodities or equity-related positions that are offset by these market-risk-sensitive instruments. The table below presents the estimated maximum potential VAR arising from a one-day loss in fair value for our interest rate, foreign currency, commodity, and equity market-risk-sensitive instruments outstanding as of May 25, 2025. In Millions May 25, 2025 Average During Fiscal 2025 May 26, 2024 Analysis of Change Interest rate instruments $ 46 $ 47 $ 54 Decrease in interest rates Foreign currency instruments 51 40 30 Increase in rate volatility Commodity instruments 3 3 4 Immaterial Equity instruments 3 2 2 Immaterial 39 CAUTIONARY STATEMENT RELEVANT TO FORWARD -LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This report contains or incorporates by reference forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and assumptions. We also may make written or oral forward-looking statements, including statements contained in our filings with the SEC and in our reports to stockholders. The words or phrases “will likely result,” “are expected to,” “may continue,” “is anticipated,” “estimate,” “plan,” “project,” or similar expressions identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those currently anticipated or projected. We caution you not to place undue reliance on any such forward-looking statements. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are identifying important factors that could affect our financial performance and could cause our actual results in future periods to differ materially from any current opinions or statements. Our future results could be affected by a variety of factors, such as: imposed and threatened tariffs by the United States and its trading partners; 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, tariffs, 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, transformation, 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. You should also consider the risk factors that we identify in Item 1A of this report, which could also affect our future results. We undertake no obligation to publicly revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events. 40 ITEM 8 - Financial Statements and Supplementary Data