General Mills, Inc.

“We are a leading global manufacturer and marketer of branded consumer foods with more than 100 brands in 100 countries across six continents.”

“We manage and review the financial results of our business under four operating segments: North America Retail; International; North America Pet; and North America Foodservice.”

“Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals.”

“Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada.”

“We sell to distributors and operators in many customer channels including foodservice, vending, and supermarket bakeries.”

“Our primary customers are grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, e-commerce retailers, commercial and noncommercial foodservice distributors and operators, restaurants, convenience stores, and pet specialty stores.”

“We generally sell to these customers through our direct sales force. We use broker and distribution arrangements for certain products and to serve certain types of customers and certain markets.”

“Our business is focused on the following large, global categories: •snacks... •ready-to-eat cereal; •convenient meals...; •wholesome natural pet food; •refrigerated and frozen dough; •baking mixes and ingredients; and •super-premium ice cream.”

“Some of the more important trademarks used in our global operations (set forth in italics in this report) include Annie's, Betty Crocker, Bisquick, Blue Buffalo, Bugles, Cascadian Farm, Cheerios...”

“The Häagen-Dazs trademark is licensed royalty-free and exclusively to Nestlé and authorized sublicensees for ice cream and other frozen dessert products in the United States and Canada.”

“North America Foodservice net sales decreased 6 percent in fiscal 2026 compared to fiscal 2025, driven by a decrease in contributions from volume growth and unfavorable net price realization and mix, both of which include the impact from the Divestitures.”

“International net sales increased 9 percent in fiscal 2026 compared to fiscal 2025, driven by favorable foreign currency exchange impacts, an increase in contributions from volume growth, and favorable net price realization and mix.”

“North America Pet net sales increased 6 percent in fiscal 2026 compared to fiscal 2025, driven by favorable net price realization and mix, which includes the impact of the Acquisition.”

“Segment operating profit decreased 20 percent to $2,189 million in fiscal 2026, including the impact of the Divestitures, compared to $2,730 million in fiscal 2025.”

“The principal raw materials that we use are grains (wheat, oats, and corn), meat, vegetable oils, sugar, vegetables, fruits, nuts, and other agricultural products.”

“We also have a grain merchandising operation that provides us efficient access to, and more informed knowledge of, various commodity markets, principally wheat and oats.”

“During the third quarter of fiscal 2025, we acquired NX Pet Holding, Inc., representing Whitebridge Pet Brands' North American premium cat feeding and pet treating business, for a purchase price of $1.4 billion (Whitebridge Pet Brands acquisition).”

“During the fourth quarter of fiscal 2024, we acquired a pet food business in Europe, for a purchase price of $434.1 million, net of cash acquired.”

“Our principal strategies for competing in each of our segments include unique consumer insights, effective customer relationships, superior product quality, innovative advertising, product promotion, product innovation aligned with consumers' needs, an efficient supply chain, and price.”

“within our North America Retail segment demand for refrigerated dough, frozen baked goods, and baking products is stronger in the fourth calendar quarter.”

“During the first quarter of fiscal 2026, we completed the sale of our United States yogurt business to Groupe Lactalis S.A. and recorded a pre-tax gain of $1,046.5 million.”

“During the fourth quarter of fiscal 2026, we entered into a definitive agreement to sell our business in Brazil to Café Três Corações S.A. (3corações) for a base price of R$800.0 million.”

“During the third quarter of fiscal 2025, we completed the sale of our Canada yogurt business to Sodiaal International and recorded a pre-tax gain of $95.9 million.”

“In fiscal 2026, we approved a multi-year organizational initiative to increase the competitiveness of our supply chain. We expect to incur approximately $101 million of restructuring charges related to these actions, of which approximately $33 million will be cash.”

“As of May 31, 2026, our total debt, including the impact of derivative instruments designated as hedges, was 83 percent in fixed-rate and 17 percent in floating-rate instruments.”

“we issued €1.0 billion of 4.75 percent fixed-to-fixed reset rate Series A junior subordinated notes and €700.0 million of 5.25 percent fixed-to-fixed reset rate Series B junior subordinated notes, each due July 16, 2056.”

“If our debt were to fall below investment grade, the counterparties to the derivative instruments could request full collateralization on derivative instruments in net liability positions.”

“We expect capital expenditures to be approximately 3 percent of reported net sales in fiscal 2027.”

“During fiscal 2026, cash provided by operations was $2,166 million compared to $2,918 million in the same period last year.”

“As of May 31, 2026, we had $446 million of cash and cash equivalents in foreign jurisdictions.”

“A Monte Carlo value-at-risk (VAR) methodology was used to quantify the market risk for our exposures. The models assumed normal market conditions and used a 95 percent confidence level.”

“As of May 31, 2026, $1,356.5 million of our obligations were included in accounts payable and $43.1 million were included in liabilities held for sale.”

“Our accrued trade and coupon promotion liabilities were $493 million as of May 31, 2026, and $470 million as of May 25, 2025.”

“In fiscal 2026, we recorded a $1,500.0 million non-cash goodwill impairment charge related to our North America Pet reporting unit and $302.9 million of non-cash impairment charges related to our Nudges, Uncle Toby's, and True Chews brand intangible assets.”

“We do not fully hedge against changes in commodity prices, and the risk management procedures that we do use may not always work as we intend.”

“Many of our product lines are manufactured at a single location or sourced from a single supplier.”

“There has been significant consolidation in the grocery industry, resulting in customers with increased purchasing power.”

“Our success depends in part on our ability to anticipate the tastes, eating habits (including the impact of weight loss drugs), and purchasing behaviors of consumers.”

“imposed and threatened tariffs by the United States and its trading partners; disruptions or inefficiencies in the supply chain; competitive dynamics in the consumer foods industry”