GENERAL MILLS INC (GIS) Business

ITEM 1 - Business

COMPANY OVERVIEW

For 160 years, General Mills has been making food the world loves. We are a leading global manufacturer and marketer of branded

consumer foods with more than 100 brands in 100 countries across six continents. In addition to our consolidated operations, we have

50 percent interests in two strategic joint ventures that manufacture and market food products sold in approximately 120 countries

worldwide.

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. See Management’s Discussion and Analysis of Financial Condition and Results of

Operations (MD&A) in Item 7 of this report for a description of our segments.

We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the

world. Our business is focused on the following large, global categories:

•snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks;

•ready-to-eat cereal;

•convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees;

•wholesome natural pet food;

•refrigerated and frozen dough;

•baking mixes and ingredients; and

•super-premium ice cream.

Our Cereal Partners Worldwide (CPW) joint venture with Nestlé S.A. (Nestlé) competes in the ready-to-eat cereal category in markets

outside North America, and our Häagen-Dazs Japan, Inc. (HDJ) joint venture competes in the super-premium ice cream category in

Japan. For net sales contributed by each class of similar products, please see Note 17 to the Consolidated Financial Statements in Item

8 of this report.

The terms “General Mills,” “Company,” “registrant,” “we,” “us,” and “our” mean General Mills, Inc. and all subsidiaries included in

the Consolidated Financial Statements in Item 8 of this report unless the context indicates otherwise.

Certain terms used throughout this report are defined in a glossary in Item 8 of this report.

Customers

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. For further information on our customer

credit and product return practices, please refer to Note 2 to the Consolidated Financial Statements in Item 8 of this report. During

fiscal 2026, Walmart Inc. and its affiliates (Walmart) accounted for 22 percent of our consolidated net sales and 31 percent of net sales

of our North America Retail segment. No other customer accounted for 10 percent or more of our consolidated net sales. For further

information on significant customers, please refer to Note 8 to the Consolidated Financial Statements in Item 8 of this report.

Competition

The human and pet food categories are highly competitive, with numerous manufacturers of varying sizes in the United States and

throughout the world. The categories in which we participate also are very competitive. Our principal competitors in these categories

are manufacturers, as well as retailers with their own branded products. Competitors market and sell their products through brick-and-

mortar stores and e-commerce. All our principal competitors have substantial financial, marketing, and other resources. Competition in

our product categories is based on product innovation, product quality, price, brand recognition and loyalty, effectiveness of

marketing, promotional activity, convenient ordering and delivery to the consumer, and the ability to identify and satisfy consumer

preferences. 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. In most product categories, we compete not only with other widely advertised, branded products,

but also with regional brands and with generic and private label products that are generally sold at lower prices. Internationally, we

compete with both multi-national and local manufacturers, and each country includes a unique group of competitors.

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Raw materials, ingredients, and packaging

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 use substantial quantities of carton board, corrugated, plastic, and metal packaging materials,

operating supplies, and energy. Most of these inputs for our domestic and Canadian operations are purchased from suppliers in the

United States. In our other international operations, inputs that are not locally available in adequate supply may be imported from

other countries. The cost of these inputs may fluctuate widely due to external conditions such as weather, climate change, product

scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs, pandemics, war, and changes

in governmental agricultural and energy policies and regulations. We believe that we will be able to obtain an adequate supply of

needed inputs. Occasionally and where possible, we make advance purchases of items significant to our business to ensure continuity

of operations. Our objective is to procure materials meeting both our quality standards and our production needs at price levels that

allow a targeted profit margin. Since these inputs generally represent the largest variable cost in manufacturing our products, to the

extent possible, we often manage the risk associated with adverse price movements for some inputs using a variety of risk

management strategies. 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. This operation holds physical inventories that are carried at net

realizable value and uses derivatives to manage its net inventory position and minimize its market exposures.

TRADEMARKS AND PATENTS

Our products are marketed under a variety of valuable trademarks. 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, Chex, Cinnamon Toast Crunch, Cocoa Puffs, Cookie Crisp, Dunkaroos, Edgard & Cooper, Fiber One, Fruit by the Foot,

Fruit Gushers, Fruit Roll-Ups, Gardetto’s, Gold Medal, Golden Grahams, Häagen-Dazs, Kitano, Kix, Lärabar, Latina, Lucky

Charms, Nature Valley, Nudges, Oatmeal Crisp, Old El Paso, Pillsbury, Progresso, Tastefuls, Tiki Pets, Total, Totino’s, Trix, True

Solutions, Wanchai Ferry, Wheaties, Wilderness, and Yoki. We protect these trademarks as appropriate through registrations in the

United States and other jurisdictions. Depending on the jurisdiction, trademarks are generally valid as long as they are in use or their

registrations are properly maintained and they have not been found to have become generic. Registrations of trademarks can also

generally be renewed indefinitely for as long as the trademarks are in use.

Some of our products are marketed under or in combination with trademarks that have been licensed from others for both long-

standing products (e.g., Reese’s Puffs for cereal and Green Giant for vegetables in certain countries), and shorter term promotional

products (e.g., cereal, fruit snacks, and baking mixes sold in combination with various third-party equities).

Our cereal trademarks are licensed to CPW and may be used in association with the Nestlé trademark. Nestlé licenses certain of its

trademarks to CPW, including the Nestlé and Uncle Toby’s trademarks. 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.

The Häagen-Dazs trademark is also licensed to HDJ in Japan. The Pillsbury brand and the Pillsbury Doughboy character are subject

to an exclusive, royalty-free license that was granted to a third party and its successors in the shelf-stable baking categories in the

United States and under limited circumstances in Canada and Mexico.

We continue our focus on developing and marketing innovative, proprietary products, many of which use proprietary expertise,

recipes and formulations, and are patent protected. We consider the collective rights under our various patents, which expire from time

to time, to be a valuable asset, but we do not believe that our businesses are materially dependent upon any single patent or group of

related patents.

SEASONALITY

In general, demand for our products is evenly balanced throughout the year. However, within our North America Retail segment

demand for refrigerated dough, frozen baked goods, and baking products is stronger in the fourth calendar quarter. Demand for

Progresso soup is higher during the fall and winter months. Within our International segment, demand for Häagen-Dazs ice cream is

higher during the summer months and demand for baking mix increases during winter months. Due to the offsetting impact of these

demand trends, as well as the different seasons in the northern and southern hemispheres, our International segment’s net sales are

generally evenly balanced throughout the year.

QUALITY AND SAFETY REGULATION

The manufacture and sale of human and pet food products is highly regulated. In the United States, our activities are subject to

regulation by various federal government agencies, including the Food and Drug Administration, Department of Agriculture, Federal

Trade Commission, Department of Commerce, Occupational Safety and Health Administration, and Environmental Protection

Agency, as well as various federal, state, and local agencies relating to the production, packaging, labelling, marketing, storage,

distribution, quality, and safety of food and pet products and the health and safety of our employees. Our business is also regulated by

similar agencies outside of the United States.

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ENVIRONMENTAL MATTERS

As of May 31, 2026, we were involved with two response actions associated with the alleged or threatened release of hazardous

substances or wastes located in Minneapolis, Minnesota and Moonachie, New Jersey.

Our operations are subject to the Clean Air Act, Clean Water Act, Resource Conservation and Recovery Act, Comprehensive

Environmental Response, Compensation, and Liability Act, and the Federal Insecticide, Fungicide, and Rodenticide Act, and all

similar state, local, and foreign environmental laws and regulations applicable to the jurisdictions in which we operate.

Based on current facts and circumstances, we believe that neither the results of our environmental proceedings nor our compliance in

general with environmental laws or regulations will have a material adverse effect upon our capital expenditures, earnings, or

competitive position.

HUMAN CAPITAL MANAGEMENT

Recruiting, developing, engaging, and protecting our workforce is critical to executing our strategy and achieving business success. As

of May 31, 2026, we had approximately 30,000 employees around the globe, with approximately 15,000 in the U.S. and

approximately 15,000 located in our markets outside of the U.S. Our workforce is divided between approximately 12,000 employees

dedicated to the production of our products and approximately 18,000 non-production employees.

The efficient production of high-quality products and successful execution of our strategy requires a talented, skilled, and engaged

team of employees. We work to equip our employees with critical skills and expand their contributions over time by providing a range

of training and career development opportunities, including hands-on experiences via challenging work assignments and job rotations,

coaching and mentoring opportunities, and training programs. To foster employee engagement and commitment, we follow a robust

process to listen to employees, take action, and measure our progress with on-going employee conversations, transparent

communications, and employee engagement surveys.

We believe that fostering a culture of belonging is the right thing to do for our employees and business. It strengthens our ability to

recruit talent and provides all of our employees with an environment where they have an opportunity to thrive and succeed. Champion

Belonging – a Company value – helps bring to life our culture of belonging through respecting and including all voices, ideas, and

perspectives. We embed our culture of belonging into our day-to-day ways of working through a number of programs to foster

discussion, build empathy, and increase understanding.

We are committed to maintaining a safe and secure workplace for our employees. We set specific safety standards to identify and

manage critical risks. We use global safety management systems and employee training to ensure consistent implementation of safety

protocols and accurate measurement and tracking of incidents. To provide a safe and secure working environment for our employees,

we prohibit workplace discrimination, and we do not tolerate abusive conduct or harassment. Our attention to the health and safety of

our workforce extends to the workers and communities in our supply chain. We believe that respect for human rights is fundamental to

our strategy and to our commitment to ethical business conduct.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The section below provides information regarding our executive officers as of July 1, 2026.

Kofi A. Bruce, age 56, is Chief Financial Officer. Mr. Bruce joined General Mills in 2009 as Vice President, Treasurer after serving in

a variety of senior management positions with Ecolab and Ford Motor Company. He served as Treasurer until 2010 when he was

named Vice President, Finance for Yoplait. Mr. Bruce reassumed his role as Vice President, Treasurer from 2012 until 2014 when he

was named Vice President, Finance for Convenience Stores & Foodservice. He was named Vice President, Controller in 2017, Vice

President, Financial Operations in 2019, and to his present position in 2020.

Ricardo Fernandez, age 53, is Segment President, International. Mr. Fernandez joined General Mills in 2000 as an Associate

Marketing Manager and held various marketing roles of increasing responsibility until being named Vice President, Marketing, Frozen

Frontier in 2012, Vice President, CPW Marketing in 2014, President, Latin America in 2016, and President, Morning Foods in 2020.

He was named to his present position in December 2023.

Jeffrey L. Harmening, age 59, is Chairman of the Board and Chief Executive Officer. Mr. Harmening joined General Mills in 1994

and served in various marketing roles in the Betty Crocker, Yoplait, and Big G cereal divisions. He was named Vice President,

Marketing for CPW in 2003 and Vice President of the Big G cereal division in 2007. In 2011, he was promoted to Senior Vice

President for the Big G cereal division. Mr. Harmening was appointed Senior Vice President, Chief Executive Officer of CPW in

2012. Mr. Harmening returned from CPW in 2014 and was named Executive Vice President, Chief Operating Officer, U.S. Retail. He

became President, Chief Operating Officer in 2016. He was named Chief Executive Officer in 2017 and Chairman of the Board in

2018. Mr. Harmening is a director of The Toro Company.

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Elizabeth A. Mascolo, age 51, is Segment President, North America Pet. Ms. Mascolo joined General Mills in 2002 and held various

marketing roles in Cereals, Meals, and Snacks before serving as Global Marketing Director for CPW from 2014 through 2017. Ms.

Mascolo was named Business Unit Director for Cheerios & Strategic Revenue Management in 2017; Vice President, Business Unit

Director, Pillsbury, in 2020; and President, North America Blue Buffalo in February 2023. She was named to her present position in

March 2025.

Dana M. McNabb, age 50, is Chief Operating Officer and a director of General Mills. Ms. McNabb joined General Mills in 1999 and

held a variety of marketing roles in Cereal, Snacks, Meals, and New Products before becoming Vice President, Marketing for CPW in

2011 and Vice President, Marketing for the Circle of Champions Business Unit in 2015. She became President, U.S. Cereal Operating

Unit in 2016, Group President, Europe & Australia in 2020, Chief Strategy & Growth Officer in July 2021, Group President, North

America Retail in January 2024, Group President, North America Retail and North America Pet in June 2025, and was named to her

present position in June 2026.

Jaime Montemayor, age 62, is Chief Digital, Technology and Transformation Officer. He spent 21 years at PepsiCo, Inc., serving in

roles of increasing responsibility, including most recently as Senior Vice President and Chief Information Officer of PepsiCo’s

Americas Foods segment from 2013 to 2015, and Senior Vice President and Chief Information Officer, Digital Innovation, Data and

Analytics, PepsiCo from 2015 to 2016. Mr. Montemayor served as Chief Technology Officer of 7-Eleven Inc. in 2017. He assumed

the role of our Chief Digital and Technology Officer in 2020 after founding and operating a digital technology consulting company

from 2017 until 2020. He was named to his present position in March 2026.

Jonathan Ness, age 50, is Chief Supply Chain Officer. Mr. Ness joined General Mills in 2007 and has held various roles of increasing

responsibility in Global Finance, Supply Chain Strategy, and Transformation. He was named Finance Director in 2016, Senior Finance

Director, Global Supply Chain in March 2022, and Vice President, Global Supply Chain Finance & Strategy in June 2023. He was

named to his present position in March 2026.

Mark A. Pallot, age 53, is Vice President, Chief Accounting Officer. Mr. Pallot joined General Mills in 2007 and served as Director,

Financial Reporting until 2017, when he was named Vice President, Assistant Controller. He was elected to his present position in

2020. Prior to joining General Mills, Mr. Pallot held accounting and financial reporting positions at Residential Capital, LLC, Metris,

Inc., CIT Group Inc., and Ernst & Young, LLP.

Asheesh Saksena, age 62, is Chief Strategy and Growth Officer. Mr. Saksena joined General Mills in August 2024. Prior to joining

General Mills, Mr. Saksena served as Executive Vice President, Chief Strategy Officer at Cox Communications, a wholly owned

subsidiary of Cox Enterprises, Inc., from 2011 to 2016; Chief Strategic Growth Officer at Best Buy Co., Inc. from 2016 to 2018;

President, Best Buy Health, Best Buy Co., Inc. from 2018 to 2020; Senior Advisor to the Chief Executive Officer of Best Buy Co.,

Inc. in 2020; and Chief Growth Officer at Gap Inc. from January 2021 to March 2023.

Lanette Shaffer Werner, age 55, is Chief Innovation, Technology and Quality Officer. Ms. Shaffer Werner joined General Mills in

1995 and held various R&D roles in Frozen Desserts, Pillsbury, and Baking before serving as Director of One Global Dairy and Sr.

Director for One Global Cereal. In July 2021, Ms. Shaffer Werner was named as Vice President, Innovation, Technology and Quality,

U.S. Meals & Baking Solutions. She was named to her present position in June 2023.

Pankaj Sharma, age 53, is Segment President, North America Foodservice. Mr. Sharma joined General Mills in 2014 and served as a

Marketing Director until 2017, when he was named Vice President, Marketing, Europe & Australia. He was promoted to President,

U.S. Yogurt in 2018 and President, U.S. Meals & Baking Solutions in 2019. He was named to his present position in February 2024.

Jacqueline Williams-Roll, age 57, is Chief Human Resources Officer. In this capacity, she also has responsibility for Corporate

Communications and Community Impact. Ms. Williams-Roll joined General Mills in 1995. She held human resources leadership roles

in Supply Chain, Finance, Marketing, and Organization Effectiveness and worked a large part of her career on businesses outside of

the United States. She was named Vice President, Human Resources, International in 2010, and then promoted to Senior Vice

President, Human Resources Operations in 2013. She was named to her present position in 2014. Prior to joining General Mills, she

held sales and management roles with Jenny Craig International.

Karen Wilson Thissen, age 59, is General Counsel and Secretary. Ms. Wilson Thissen joined General Mills in June 2022. Prior to

joining General Mills, she was a partner at the law firm of Faegre Drinker (formerly Faegre & Benson LLP), and then spent 17 years

at Ameriprise Financial, Inc., serving in roles of increasing responsibility, including Executive Vice President and Deputy General

Counsel from 2014 to 2017, and most recently as Executive Vice President and General Counsel from 2017 to June 2022.

WEBSITE ACCESS

Our website is https://www.generalmills.com. We make available, free of charge in the “Investors” portion of this website, annual

reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or

furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (1934 Act) as soon as reasonably practicable after

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we electronically file such material with, or furnish it to, the Securities and Exchange Commission (SEC). All such filings are

available on the SEC’s website at https://www.sec.gov. Reports of beneficial ownership filed pursuant to Section 16(a) of the 1934

Act are also available on our website.