Conagra Brands : at CAGNY 2024 Conference Slides

SEAN CONNOLLY

P R E S I D E N T A N D C H I E F E X E C U T I V E O F F I C E R

C A G N Y 2 0 2 4

Legal Disclosure

Note on Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Readers of this document should understand that these statements are not guarantees

of performance or results. Many factors could affect our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this document. These risks, uncertainties, and factors include, among other things: risks associated with general economic and industry conditions, including inflation, rising interest rates, decreased availability of capital, volatility in financial markets, declining consumer spending rates, recessions, decreased energy availability, increased energy costs (including fuel surcharges), supply chain challenges, labor shortages, and geopolitical conflicts (including the ongoing conflict between Russia and Ukraine); negative impacts caused by public health crises; risks related to our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; risks related to the company's competitive environment, cost structure, and related market conditions; risks related to our ability to execute operating and value creation plans and achieve returns on our investments and targeted operating efficiencies from cost-saving initiatives, and to benefit from trade optimization programs; risks related to the availability and prices of commodities and other supply chain resources, including raw materials, packaging, energy, and transportation, including any negative effects caused by changes in levels of inflation and interest rates, weather conditions, health pandemics or outbreaks of disease, actual or threatened hostilities or war, or other geopolitical uncertainty; risks related to the effectiveness of our hedging activities and ability to respond to volatility in commodities; disruptions or inefficiencies in our supply chain and/or operations; risks related to the ultimate impact of, including reputational harm caused by, any product recalls and product liability or labeling litigation, including litigation related to lead-based paint and pigment and cooking spray; risks related to our ability to respond to changing consumer preferences and the success of our innovation and marketing investments; risks associated with actions by our customers, including changes in distribution and purchasing terms; risks related to the seasonality of our business; risks associated with our co-manufacturing arrangements and other third-party service provider dependencies; risks associated with actions of governments and regulatory bodies that affect our businesses, including the ultimate impact of new or revised regulations or interpretations including to address climate change or implement changes to taxes and tariffs; risks related to the company's ability to execute on its strategies or achieve expectations related to environmental, social, and governance matters, including as a result of evolving legal, regulatory, and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon pricing or carbon taxes; risks related to a material failure in or breach of our or our vendors' information technology systems and other cybersecurity incidents; risks related to our ability to identify, attract, hire, train, retain and develop qualified personnel; risk of increased pension, labor or people-related expenses; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; risk relating to our ability to protect our intellectual property rights; risks relating to acquisition, divestiture, joint venture or investment activities; the amount and timing of future dividends, which remain subject to Board approval and depend on market and other conditions; and other risks described in our reports filed from time to time with the Securities and Exchange Commission.

We caution readers not to place undue reliance on any forward-looking statements included in this document, which speak only as of the date of this document. We undertake no responsibility to update these statements, except as required by law.

Additional Notes

This presentation may contain references to industry market data. Although we believe industry information to be accurate, it is not independently verified by us and we do not make any representation as to the accuracy of that information.

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Today's Agenda

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		T h e B i g P i c t u r e
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	S t a t e o f t h e P o r t f o l i o
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		M o d e r n i z i n g t h e S u p p l y C h a i n
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		F i n a n c i a l O u t l o o k

S e a n C o n n o l l y

Pr esident and Chief Execut ive O ff icer

To m M c G o u g h

Execut ive Vice Pr esident and Co - Chief O per at ing O ff icer

A l e E b o l i

Execut ive Vice Pr esident and Chief Supply Chain O ff icer

D a v e M a r b e r g e r

Execut ive Vice Pr esident and Chief Financial O ff icer

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Why Conagra Is a Compelling Investment Opportunity

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2

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W e ' v e c u r a t e d a n a t t r a c t i v e p o r t f o l i o - f u e l e d b y a c u l t u r e o f e x t e r n a l f o c u s a n d a g i l i t y

W e a r e w e l l - p o s i t i o n e d t o r e t u r n t o g r o w t h i n 2 0 2 4

W e h a v e m e a n i n g f u l m a r g i n e x p a n s i o n o p p o r t u n i t i e s

W e e x p e c t s t r o n g c a s h f l o w a n d d e b t r e d u c t i o n n e a r - t e r m ,

a n d a n a r r a y o f a t t r a c t i v e c a p i t a l a l l o c a t i o n o p t i o n s l o n g - t e r m

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Over the Past 8+ Years, We Architected a New Conagra Brands

2 0 1 6 - 2 0 1 7	2 0 1 8 - 2 0 1 9	2 0 2 0 - 2 0 2 5
Tr a n s f o r m	B u i l d	A c c e l e r a t e

U N W I N D	I N F U S E
9 5 y e a r s o f	m o d e r n i t y, p e o p l e , p r o c e s s ,
s t r u c t u r e a n d n o r m s	c a p a b i l i t i e s a n d c u l t u r e

W I N

i n t h e m a r k e t p l a c e a n d t h e w o r k p l a c e

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Overhauled Our Portfolio, Capabilities and Culture

C o m p e t i t i v e l y A d v a n t a g e d

B u s i n e s s

S u s t a i n a b l e & S c a l e d

G r o w t h M o d e l

P o r t f o l i o

C a p a b i l i t i e s

C u l t u r e

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Overhauled Our Portfolio, Capabilities and Culture

C o m p e t i t i v e l y A d v a n t a g e d

B u s i n e s s

S u s t a i n a b l e & S c a l e d

G r o w t h M o d e l

P o r t f o l i o

C a p a b i l i t i e s

C u l t u r e

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Perpetually Reshaping Our Portfolio for Better Growth and Margins

S t r e n g t h e n t h e

B u s i n e s s e s We O w n

A c q u i s i t i o n s

D i v e s t i t u r e s / S p i n s

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…And We've Done a Lot

S t r e n g t h e n t h e		A c q u i s i t i o n s /		D i v e s t i t u r e s /
B u s i n e s s e s W e O w n		L i c e n s e s		S p i n s

Transformed

F r o z e n

Transformed

S n a c k s

Modernized

S t a p l e s

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Dolly Parton owns all rights to the Dolly™ and DOLLY PARTON™ trademarks, as well as her name, image and likeness, which are used under license by Conagra; The Wendy's name and design and Cameo design are registered trademarks of Quality Is Our Recipe, LLC, used with permission

Overhauled Our Portfolio, Capabilities and Culture

C o m p e t i t i v e l y A d v a n t a g e d

B u s i n e s s

S u s t a i n a b l e & S c a l e d

G r o w t h M o d e l

P o r t f o l i o

C a p a b i l i t i e s

C u l t u r e

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