General Mills: Fiscal 4Q26 Earnings Prep

Research evidence excerpt

General Mills: Fiscal 4Q26 Earnings Prep

Barclays | General Mills

°° Fruit Snacks: GIS is going to add more capacity that will come to market in a year. (updated

F1Q22) GIS expects to invest further in capacity to support what it sees as a long runway of

continued growth. (updated F2Q22)

°° Pet Food: Focused on leading and expanding its presence in high-quality natural feeding

and treating for dogs and for cats. To begin to capture that opportunity, GIS believes it will

need to do three things: Continue to lead the humanization of dog feeding, capitalize on its

number one position in natural treating, and drive the naturalization of cat feeding.

(updated CAGNY 2023)

■■Blue Buffalo: As the humanization trend continues to drive increased share of premium

pet food within the broader category, GIS sees an opportunity for an additional $2bn in

Blue Buffalo retail sales over time if it can continue to grow its household penetration

and increase its share within the premium segment. (updated CAGNY 2023)

■■Master Brand Approach: Recently brought the pet food portfolio together under the Blue

Buffalo master brand with a packaging refresh that elevates attributes like natural,

premium, and trust, and now turning on new master brand advertising, including treat

products, and see plenty of opportunity to expand distribution, which should drive

increased awareness and sales. (updated CAGNY 2023)

■Category:■ Recent trends point to continued +MSD YOY growth for the US pet food

category going forward and the natural segment is expected to continue to drive

category growth in the years ahead. (updated F3Q21)

•• Wholesome Natural: The wholesome natural segment of the pet food category is

growing at +HSD YOY rate and GIS expects this strong growth trajectory to continue.