General Mills, Inc.

Hello, everyone. Thank you for joining us and welcome to General Mills Fiscal 2026 Q4 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Jeff Siemon, Vice President, Investor Relations and Corporate Finance. Jeff, please go ahead.

Thank you, Samantha, and good morning to everyone. Thanks for joining us today for our live Q&A session on our Q4 full-year fiscal 26 results. I hope you all had time to review our press release, listen to the prepared remarks, and view our presentation materials, which we made available this morning on our investor relations website. It's important to note that in our Q&A session, we may make forward-looking statements that are based on management's current views and assumptions. So please refer to this morning's press release for factors that could impact forward-looking statements and for reconciliations of non-GAAP information, which may be discussed on today's call. I'm here with Jeff Harmening, our Chairman and CEO, Dana McNabb, our COO, and Kofi Bruce, our CFO. Now let me turn it over to Jeff for some opening remarks.

Thanks, Jeff, and good morning, everybody. Before we get going today, I thought I'd provide a brief summary of some of the main messages for today. Really how we finished fiscal 26 and then where General Mills is headed in fiscal 27. And so, recall as we entered fiscal 26, we made a bold decision to reinvest in remarkability. And most importantly, I think, was adjusting our base prices across a meaningful part of our portfolio to strengthen the fundamentals of our business. And we certainly encountered some challenges this past fiscal year, including a more difficult consumer backdrop that impacted the pace and the cost of the volume improvement. As well as some specific headwinds on a couple of key businesses, namely Totino's and Wilderness, I can confidently say that we exit the year with a stronger foundation with encouraging improvements in household penetration and base volume and innovation that gives us confidence as we look to the path ahead, specifically to F27. So I'm equally confident that fiscal 27 will be a better year for General Mills, and our priorities for the coming year, I think, are quite clear. First, we're focused on improving our top-line growth by driving a step change in the remarkability of our brands. Also importantly, with our base price investments behind us, we're shifting our focus more toward innovation and renovation to packaging and brand communication that deliver the benefits that matter to most of today's consumers, supported by stronger price mix, with a heavy emphasis on mix, from premium innovation, price-back architecture, to trade efficiency. And so whether it's Cheerios or Blue Buffalo or Haagen-Dazs or Annie's, we have really good plans going into fiscal 27 to meet consumers where they are on the brands and benefits that they deliver to their needs. And so second, as we accelerate and expand our enterprise transformation efforts to drive greater speed and efficiency and the flexibility across our business, we expect to deliver We will stay disciplined on capital allocation Our focus is on driving cash flow, working on leverage, and restoring profitable growth over time. While fiscal 27 will include elevated inflation and some mechanical headwinds, we believe the combination of stronger brand remarkability, sharper execution, and a more aggressive productivity agenda positions us to build momentum and create sustainable shareholder value over the long term. And so with that, operator, can you go ahead and let's get started on Q&A.