GIS

EX-99

2 a20260923ex99.htm

EX-99

Document

Exhibit 99

FOR IMMEDIATE RELEASE

September 23, 2026

General Mills Reports Fiscal 2027 First-quarter Results and Reaffirms Full-year Outlook

•Net sales of $4.4 billion were down 3 percent due to the U.S. yogurt divestiture; organic net sales¹ were flat

•Operating profit of $634 million was down 63 percent, driven largely by a $1 billion gain on the yogurt divestiture a year ago; adjusted operating profit of $634 million was down 11 percent in constant currency

•Diluted earnings per share (EPS) of $0.74 were down 67 percent; adjusted diluted EPS of $0.75 was down 13 percent in constant currency

•Company reaffirms full-year fiscal 2027 outlook

1Please see Note 7 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release.

MINNEAPOLIS (September 23, 2026) – General Mills, Inc. (NYSE: GIS) today reported results for its first quarter ended August 30, 2026.

“We are off to an encouraging start in fiscal 2027, driving improved topline performance with stronger product innovation and renovation focused on the benefits consumers are looking for today,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “We are also executing with discipline in a volatile environment, including delivering industry-leading cost savings through our Holistic Margin Management program and our global Transformation initiative. Based on our progress and the actions underway, we remain confident in our ability to deliver our fiscal 2027 guidance.”

Building More Remarkable Brands

General Mills is investing in its brands to restore profitable organic net sales growth, with initiatives that touch all elements of the company’s Remarkable Experience Framework: product, packaging, brand communication, omnichannel execution, and consumer value. With stronger and more remarkable brands, the company is better positioned to deliver sustainable, profitable growth and value creation over the long term.

First Quarter Results Summary

•Net sales were down 3 percent to $4.4 billion, driven by the impact of the U.S. yogurt divestiture. Organic net sales essentially matched year-ago levels.

•Gross margin was unchanged at 33.9 percent of net sales, with higher input costs offset by favorable mark-to-market effects and favorable net price realization and mix. Adjusted gross margin was down 90 basis points to 33.3 percent of net sales, driven by higher input costs, partially offset by favorable net price realization and mix.

•Operating profit of $634 million was down 63 percent, driven primarily by a $1 billion gain on the yogurt divestiture a year ago and lower gross profit dollars in fiscal 2027. Operating profit margin of 14.4 percent was down 2,380 basis points. Adjusted operating profit of $634 million was down 11 percent in constant currency, driven by higher input costs and lower volume, partially offset by favorable net price realization and mix. Adjusted operating profit margin was down 130 basis points to 14.4 percent.

•Net earnings attributable to General Mills of $397 million were down 67 percent and diluted EPS was down 67 percent to $0.74, driven primarily by lower operating profit. Adjusted diluted EPS of $0.75 was down 13 percent in constant currency, driven primarily by lower adjusted operating profit and higher net interest expense.

Operating Segment Results

•The divestiture of the U.S. Yogurt business in the first quarter of fiscal 2026 was the only significant transaction impacting the comparability of financial results between fiscal 2026 and fiscal 2027. The Brazil divestiture was completed on September 2, 2026, subsequent to the end of the first quarter of fiscal 2027.

•Tables may not foot due to rounding.

1

Components of Fiscal 2027 Reported Net Sales Growth

First QuarterVolumePrice/MixForeign ExchangeReported Net Sales

North America Retail(9) pts2 pts--(7)%

North America Pet(6) pts7 pts--Flat

North America Foodservice(3) pts4 pts--1%

International6 pts(3) pts1 pt4%

Total(4) pts1 pt--(3)%

Components of Fiscal 2027 Organic Net Sales Growth

First QuarterOrganic VolumeOrganic Price/MixOrganic Net SalesForeign ExchangeAcquisitions & DivestituresReported Net Sales

North America Retail(2) pts(1) pt(3)%--(4) pts(7)%

North America Pet(6) pts7 ptsFlat----Flat

North America Foodservice(1) pt5 pts4%--(2) pts1%

International6 pts(3) pts4%1 pt--4%

Total(1) pt--Flat--(3) pts(3)%

Fiscal 2027 Segment Operating Profit Growth

First Quarter% Change as Reported% Change in Constant Currency

North America Retail(15)%(15)%

North America Pet(12)%(12)%

North America Foodservice12%12%

International14%15%

Total(10)%(10)%

North America Retail Segment

First-quarter net sales for General Mills’ North America Retail segment were down 7 percent to $2.4 billion, including a 4-point headwind from the U.S. Yogurt divestiture. Net sales were down double digits for the Big G Cereal & Canada operating unit,

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