RESTRUCTURING ACTIVITIES

3 Months Ended

Aug. 24, 2025

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES

4. RESTRUCTURING ACTIVITIES

See our Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025 for additional information on our restructuring activities.

Conagra Restructuring Plan

From fiscal 2019 through August 24, 2025, we have approved and expect to incur $349.0 million ($102.1 million of cash charges and $246.9 million of non-cash charges) and recognized cumulative charges of $325.6 million as part of a restructuring plan to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network (the “Conagra Restructuring Plan”). In the first quarter of fiscal 2026 and 2025, we recognized charges of $4.4 million and $4.3 million, respectively, in connection with the Conagra Restructuring Plan. We anticipate that we will recognize costs related to the Conagra Restructuring Plan through the end of fiscal 2026.

During the first quarter of fiscal 2026, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

	Grocery &		Refrigerated
	Snacks		& Frozen		International		Corporate		Total
Accelerated depreciation	$	0.4	$	—	$	—	$	—	$	0.4
Other cost of goods sold		0.2		0.1		—		—		0.3
Total cost of goods sold		0.6		0.1		—		—		0.7
Severance and related costs		—		—		0.3		1.0		1.3
Asset impairment (net of gains on disposal)		0.2		0.6		—		—		0.8
Contract/lease termination		—		—		—		0.1		0.1
Other SG&A		1.2		0.3		—		—		1.5
Total SG&A		1.4		0.9		0.3		1.1		3.7
Total	$	2.0	$	1.0	$	0.3	$	1.1	$	4.4

Included in the above results are $3.2 million of charges that have resulted or will result in cash outflows and $1.2 million in non-cash charges.

Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first quarter of fiscal 2026 were as follows:

			Costs
			Incurred and
	Balance at		Charged to		Costs Paid or		Balance at
	May 25, 2025		Expense		Otherwise Settled		August 24, 2025
Severance and related costs	$	14.6	$	1.3	$	(3.9)	$	12.0
Contract/lease termination		—		0.1		(0.1)		—
Other costs		2.8		1.8		(2.8)		1.8
Total	$	17.4	$	3.2	$	(6.8)	$	13.8