GENERAL MILLS INC (GIS)

Fiscal 2027 Outlook Includes Improved Organic Growth and Increased Efficiency; Targeting $3 Billion Cost Savings by Fiscal 2030 Board Declares Quarterly Dividend at Prevailing Rate Fourth Quarter Highlights • Net sales of $4.6 billion were up 1 percent; organic net sales¹ were in line with last year • Operating loss totaled $2.1 billion, driven by certain non-cash goodwill and brand intangible asset charges and a non-cash valuation loss related to the planned divestiture of the Brazil business; adjusted operating profit of $705 million was up 13 percent in constant currency • Diluted loss per share totaled $3.74 compared to earnings per share (EPS) of $0.53 last year; adjusted diluted EPS of $0.95 was up 27 percent in constant currency Full Year Highlights • Net sales of $18.4 billion were down 5 percent, including a 6-point headwind from the net impact of divestitures and acquisitions and a 2-point benefit from the 53rd week; organic net sales¹ were down 2 percent • Operating profit of $886 million was down 73 percent, driven primarily by the goodwill and brand intangible asset charges and the valuation loss; adjusted operating profit of $2.8 billion was down 16 percent in constant currency • Diluted loss per share totaled $0.16 compared to EPS of $4.10 last year; adjusted diluted EPS of $3.55 was down 16 percent in constant currency 1 Please see Note 7 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release.