Financial Data and Key Metrics Changes - The revenue for the first half of 2025 was PLN 17.3 billion, slightly down from the previous year, with a significant drop in compensation payments from PLN 2.1 billion to PLN 630 million [28][29] - EBITDA reached a historical high of PLN 4.2 billion, compared to previous years where such figures were only seen for the full year [29][30] - Net profit exceeded PLN 2 billion, with no impairment charges related to coal assets this year, contrasting with the previous year [30][31] - The net debt to EBITDA ratio improved significantly due to the increase in EBITDA, with financial debt decreasing by approximately PLN 1.5 billion year over year [31][38] Business Line Data and Key Metrics Changes - The distribution segment generated 60% of the group's EBITDA, amounting to nearly PLN 2.5 billion, driven by a higher regulatory asset base and a positive regulatory account [32][34] - The generation segment saw a positive surprise with increased margins due to lower coal prices and better balancing market revenue [35] - The renewables segment experienced a decline in revenue and EBITDA due to lower market prices and adverse weather conditions affecting production [35] Market Data and Key Metrics Changes - The share of renewables in the Polish energy mix remained stable at 28%, with a 17% increase in installed capacity for renewables [12][11] - National electricity consumption was slightly lower than the previous year, while production increased by 1.5%, resulting in a net export of 1 terawatt hour [11][12] - The average electricity price for 2025 was around PLN 488, with spot market prices at PLN 427 [18] Company Strategy and Development Direction - The company is focused on heat decarbonization, growth in distribution, and expansion in renewable energy sales [5][6] - A significant portion of CAPEX, estimated between PLN 100 billion to 130 billion, will be financed through preferential sources, with PLN 17 billion already secured [40][41] - The company is preparing for the 2027-2028 capacity market auction, emphasizing the need for social acceptance of energy transition projects [56][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on strategic promises, highlighting the importance of financial stability for future investments [57][58] - The outlook for EBITDA is expected to improve year over year, driven by better performance in generation and heat segments [54] - The company is actively engaging with local communities to ensure social acceptance of its projects, which is deemed crucial for successful implementation [61] Other Important Information - The company has increased its renewables grid connection capacity by 510 megawatts and installed 460,000 new remote readout meters in the first half of 2025 [26] - The regulatory asset base for distribution rose to PLN 24.6 billion, reflecting a PLN 2.7 billion increase from the previous year [25] - The company is committed to workforce development and improving customer service as part of its long-term strategy [60] Q&A Session Summary Question: What are the expectations for future EBITDA growth? - Management expects EBITDA to improve year over year, driven by better performance in generation and heat segments, despite a decline in supply volume [54][55] Question: How is the company addressing the challenges in the renewables segment? - The company is focusing on increasing its in-house development capabilities and expanding its project pipeline, particularly in wind and energy storage [52][48] Question: What steps are being taken to ensure social acceptance of energy transition projects? - Management emphasized the importance of engaging with local communities and demonstrating the benefits of projects to gain social approval [61]

Financial Data and Key Metrics Changes - The company expects profit results in Q1 to be significantly pressured by increased investment and the impact from the yogurt divestiture, with expectations of improvement in the back half of the year [9][60] - The profit performance in Q1 was better than expected, with gross margin benefiting from lighter inflation phasing and trade expense timing [57][58] Business Line Data and Key Metrics Changes - The company has strengthened its pound share in eight of its top ten categories and is holding pound share in the Pet segment [8][11] - New product volumes are up 25%, with strong performance expected in categories like baking and soup during key seasons [10][11] Market Data and Key Metrics Changes - The North America Retail category saw volume improvements in Q1, with the top ten categories performing slightly better than expected [91] - The company noted a shipment timing headwind in the Pet segment, impacting total company pounds in the quarter [29] Company Strategy and Development Direction - The company is focused on returning to profitable organic growth as the best way to create value for shareholders, with significant investments in innovation and new product launches [5][7] - The strategy includes adjusting base shelf prices and enhancing product offerings to meet consumer demand [47][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's approach, noting that while external factors impact the industry, many elements remain within the company's control [15][17] - The company anticipates continued pressure from inflation but expects to see improvements in the second half of the fiscal year [9][60] Other Important Information - The company is actively working on reformulating products to meet consumer preferences, including the removal of artificial dyes and other additives [74][78] - The company is leveraging technology for better demand planning and forecasting, which is expected to enhance marketing effectiveness [68][70] Q&A Session Summary Question: What is the outlook for volume growth? - Management expects volume growth to return by Q4, with current category volumes being flat but holding or gaining share in eight out of ten categories [22][23] Question: What are the trends in dog food and pet treats? - The core Pet business held pound share, with positive growth in Blue Life Protection Formula and Tiki Cat, while the Wilderness business needs improvement [32][34][36] Question: How is the company addressing pricing and competition? - The company is adjusting pricing strategies to remain competitive, particularly in the face of inflation and consumer demand for value [46][48] Question: What categories drove household penetration gains? - Household penetration improved in bars, fruit snacks, and cereals, driven by effective pricing adjustments and strong product innovation [64][66] Question: How is the company managing supply chain and demand planning? - The company is utilizing AI for better forecasting, allowing marketing teams to focus on demand generation rather than just forecasting [68][70] Question: What is the company's approach to reformulation and regulatory challenges? - The company is proactively reformulating products to align with consumer preferences and is confident in navigating regulatory changes [78][80]

Company Performance - Workday experienced a significant gain of 6.9% after Elliott Investment Management disclosed a stake of over USD 2 billion and expressed support for its management [1][11] - General Mills reported better-than-expected profits for the latest quarter, but its revenue only matched forecasts, leading to a 1.9% drop in its stock [2][11] - RCI Hospitality Holdings saw a sharp decline of 10.2% following accusations of bribery and tax evasion by New York's attorney general [8][12] Market Overview - The S&P 500 remained virtually unchanged, hovering near its record set earlier in the week, while the Dow Jones Industrial Average rose by 211 points, or 0.5% [1][11] - The upcoming Federal Reserve interest rate decision is anticipated to be a key event, with expectations of a quarter-point cut [5][12] - International markets showed mixed results, with Japan's Nikkei 225 slipping 0.2% due to a 13.8% drop in exports to the US [9][10][12] Investment Activities - Workday announced an increase in its stock buyback program, allowing for up to USD 4 billion in purchases to return cash to investors [1][11] - StubHub is set to debut on the New York Stock Exchange with an initial public offering price of USD 23.50 per share [9][12]

Core Viewpoint - General Mills reported quarterly earnings of $0.86 per share, exceeding the Zacks Consensus Estimate of $0.81 per share, but down from $1.07 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was +6.17%, with the company having surpassed consensus EPS estimates in all four of the last quarters [2] - Revenues for the quarter ended August 2025 were $4.52 billion, surpassing the Zacks Consensus Estimate by 0.42%, but down from $4.85 billion year-over-year [3] Stock Performance - General Mills shares have declined approximately 22.3% since the beginning of the year, contrasting with the S&P 500's gain of 12.3% [4] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.09 on revenues of $4.81 billion, and for the current fiscal year, it is $3.65 on revenues of $18.65 billion [8] - The outlook for the industry, particularly the Food - Miscellaneous sector, is unfavorable, ranking in the bottom 30% of over 250 Zacks industries [9]

Financial Performance - General Mills' Q1 Fiscal Year 2026 net sales reached $4518 million, a decrease of 7% compared to the previous year[82] - Organic net sales decreased by 3%[82] - Adjusted operating profit was $711 million, an 18% decrease[82] - Adjusted diluted EPS was $0.86, a 20% decrease[82] - The company reaffirms its full-year fiscal 2026 outlook, expecting organic net sales growth between -1% and +1%, adjusted operating profit growth between -15% and -10%, and adjusted diluted EPS growth between -15% and -10%[10, 77] Segment Performance - North America Retail organic net sales decreased by 5%[88] - North America Pet organic net sales decreased by 5%[91] - North America Foodservice organic net sales increased by 1%[93] - International organic net sales increased by 4%[95] Strategic Initiatives - The company is focused on restoring volume-driven organic sales growth[8, 116] - General Mills aims to return North America Retail to volume growth by investing in remarkable experiences to strengthen pound share and household penetration[20] - The company intends to accelerate N A Pet growth with an expanded portfolio, growing Core Blue Buffalo and driving category expansion opportunities[21, 22] - General Mills is driving efficiencies to reinvest in growth, delivering best-in-class HMM cost savings and executing a global transformation initiative[24]

Exhibit 99 FOR IMMEDIATE RELEASE September 17, 2025 General Mills Reports Fiscal 2026 First-quarter Results and Reaffirms Full-year Outlook MINNEAPOLIS (September 17, 2025) – General Mills, Inc. (NYSE: GIS) today reported results for its first quarter ended August 24, 2025. "Our primary goal in fiscal 2026 is to restore organic sales growth by investing in greater value, innovation, and product news for consumers," said General Mills Chairman and Chief Executive Officer Jeff Harmening. "I'm pleased that we' ...

General Mills beat quarterly sales estimates on Wednesday, as price cuts taken in past on select products lifted demand. ...

Group 1 - General Mills Inc. is expected to report quarterly earnings of 81 cents per share on revenue of $4.51 billion [2] - Diversified Energy Company PLC announced a proposed secondary offering of 5,713,353 ordinary shares, leading to an 8.8% decline in its share price to $14.06 [2] - Manchester United PLC is anticipated to post a quarterly loss of 6 cents per share on revenue of $225.80 million, with shares slightly increasing by 0.1% to $16.42 [2] - New Fortress Energy Inc. has secured a long-term gas supply agreement with the Puerto Rican government, resulting in a 35% surge in its share price to $2.70 [2] - Cracker Barrel Old Country Store Inc. is projected to report quarterly earnings of 80 cents per share on revenue of $855.29 million [2]

Group 1 - General Mills, Inc is set to release its first-quarter earnings on September 17, with analysts expecting earnings of 82 cents per share, a decrease from $1.07 per share in the same period last year [1] - The company projects quarterly revenue of $4.52 billion, down from $4.85 billion generated in the previous year [1] - General Mills reaffirmed its fiscal 2026 outlook on September 2 [1] Group 2 - General Mills shares fell by 1.4%, closing at $49.92 on the last trading day [1] Group 3 - Morgan Stanley analyst maintained an Underweight rating and reduced the price target from $51 to $49 [4] - Goldman Sachs downgraded the stock from Buy to Neutral, lowering the price target from $68 to $58 [4] - Mizuho maintained a Neutral rating and cut the price target from $62 to $60 [4] - JP Morgan maintained a Neutral rating and slashed the price target from $60 to $54 [4] - Jefferies maintained a Hold rating and raised the price target from $58 to $62 [4]

Group 1 - General Mills, Inc is set to release its first-quarter earnings on September 17, with analysts expecting earnings of 82 cents per share, a decrease from $1.07 per share in the same period last year [1] - The company projects quarterly revenue of $4.52 billion, down from $4.85 billion generated in the previous year [1] - On September 2, General Mills reaffirmed its fiscal 2026 outlook [1] Group 2 - General Mills shares experienced a decline of 1.4%, closing at $49.92 on the previous Friday [1] Group 3 - Morgan Stanley analyst maintained an Underweight rating and reduced the price target from $51 to $49 [4] - Goldman Sachs downgraded the stock from Buy to Neutral, lowering the price target from $68 to $58 [4] - Mizuho maintained a Neutral rating and cut the price target from $62 to $60 [4] - JP Morgan maintained a Neutral rating and slashed the price target from $60 to $54 [4] - Jefferies maintained a Hold rating and raised the price target from $58 to $62 [4]