General Mills (GIS) Barclays 17th Annual Global Consumer Staples Conference summary

Long-term growth strategy and confidence

• Targets 2%-3% organic net sales growth by holding or gaining share in growing categories, supported by strong brands and increased marketing investment.

• Marketing spend increased 43% over five years, with focus on Strategic Revenue Management and media capabilities.

• Market share has improved in recent periods, with ongoing efforts to regain pre-pandemic momentum.

Industry environment and recent performance

• Category volumes are recovering, with a 1% increase in pounds and in-home food consumption rising to 87%.

• Gradual improvement in category performance attributed to normalized pricing, pantry destocking, and SNAP benefit adjustments.

North America Retail leadership and approach

• New leadership brings deep operating and strategic experience, emphasizing demand generation and household penetration, especially with kids.

• Focus on product innovation, advertising, in-store execution, and data-driven marketing to regain growth.