General Mills (GIS) 23rd annual dbAccess Global Consumer Conference summary

Strategic priorities and growth framework

• Focus on restoring long-term shareholder value through profitable organic growth, cost efficiency, and disciplined capital management.

• Emphasis on the Remarkability framework to enhance brand value, with investments in product, packaging, and communications.

• Innovation and renovation planned for all eight billion-dollar brands, including new product launches and expansion into growing categories.

• Digital marketing and influencer strategies are delivering strong ROI, with further step changes planned.

• Growth targets for fiscal 2027 are built on a foundation of improved base volume and competitiveness.

Cost management and transformation initiatives

• Holistic Margin Management (HMM) program continues to deliver industry-leading productivity, averaging 4-5% annually.

• Multi-year transformation initiative delivered $100 million in savings in fiscal 2026, with similar or greater savings expected in fiscal 2027 and beyond.

• Transformation aims to simplify operations, accelerate decision-making, and improve cost structure, with a focus on supply chain modernization.

• Supply chain transformation will be phased over multiple years, with benefits expected to begin in fiscal 2027.

• Free cash flow conversion remains strong, supporting investment, dividends, and debt reduction.

Consumer environment and category performance

• U.S. consumer remains stressed due to inflation, SNAP reductions, and gas prices; categories slowed by about a point in Q4.

• Fiscal 2027 planning assumes continued softness in categories, with a focus on gaining share and leading category improvement.

• Price Pack Architecture and targeted innovation address both value-seeking and premium consumers.

• Cereal category focus is on protein and granola segments, with new offerings driving share gains.

• Snacks and Totino’s are being stabilized through packaging corrections and bold flavor innovation.