General Mills(GIS) - 2025 Q4 - Earnings Call Presentation

Fiscal Year 2025 Performance - General Mills' organic net sales decreased by 2%[10], adjusted operating profit decreased by 7%[10], and adjusted diluted EPS decreased by 7%[10] in constant currency - Organic volume was flat compared to the previous year, a 3-point improvement from fiscal year 2024[11] Q4 2025 Results - Net sales were $4.556 billion, a decrease of 3%[67] - Adjusted operating profit was $622 million, a decrease of 22%[67] in constant currency - Adjusted diluted EPS was $0.74, a decrease of 27%[67] in constant currency Segment Performance - North America Retail organic net sales decreased by 7%[71] for Q4 and 3%[71] for the full year, with segment operating profit down 29%[71] and 11%[71] respectively - North America Pet organic net sales increased by 3%[75] for Q4 and were flat for the full year[75], with segment operating profit down 3%[75] and up 3%[75] respectively - North America Foodservice organic net sales decreased by 1%[80] for Q4 and increased by 2%[80] for the full year, with segment operating profit up 5%[80] and 13%[80] respectively - International organic net sales increased by 9%[85] for Q4 and were flat for the full year[85], with segment operating profit up 42%[85] and down 33%[85] respectively Key Priorities and Initiatives - The company aims to restore volume-driven organic growth in fiscal year 2026, supported by increased investment[8, 102] - General Mills is focused on delivering remarkable experiences across its portfolio to improve competitiveness[12] - The company plans to drive efficiencies through Holistic Margin Management (HMM) cost savings, targeting approximately 5% of COGS in fiscal year 2026[61] - A global transformation initiative is being launched to streamline processes and generate $100 million in cost savings for reinvestment[63] Cash Flow and Capital Allocation - The company returned $2.5 billion to shareholders through dividends and net share repurchases[29] - Free cash flow conversion was 97%, exceeding the long-term target of 95%+[29] Fiscal Year 2026 Outlook - Organic net sales growth is projected to be between -1% and +1%[101] - Adjusted operating profit growth is expected to be between -15% and -10%[101] in constant currency - Adjusted diluted EPS growth is also projected to be between -15% and -10%[101] in constant currency