General Mills : Q2 Presentation(opens in new window)

Fiscal 2022 Q2 Earnings

December 21, 2021

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 significant 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.

General Mills Second Quarter Fiscal 2022

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Jeff Harmening

Chairman and

Chief Executive Officer

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Today's Key Messages

• Competing Effectively and Executing Well Amid Unprecedented Inflation and Supply Chain Disruptions
• Advancing Our Accelerate Strategy, Including Further Progress on Portfolio Reshaping
• Updating Fiscal 2022 Financial Guidance

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Second-quarter and YTD Performance

	Q2	YTD
Organic Net Sales1	+ 5%	+ 4%
	2-yr CGR +6%	2-yr CGR +6%

Adjusted Operating Profit2	- 6%	- 4%
	2-yr CGR Flat	2-yr CGR +4%

Adjusted Diluted EPS2	- 7%	- 4%
	2-yr CGR +1%	2-yr CGR +6%

1. Non-GAAPmeasure. See appendix for reconciliation
2. Growth rates in constant currency. Non-GAAP measures. See appendix for reconciliation

2-yr CGR = F20 to F22 compound growth rates

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