RESTRUCTURING ACTIVITIES

6 Months Ended

Nov. 23, 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 November 23, 2025, we have approved and expect to incur $357.3 million ($110.8 million of cash charges and $246.5 million of non-cash charges) and recognized cumulative charges of $324.1 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”). We recognized a benefit of $1.5 million and charges of $2.9 million in the second quarter and first half of fiscal 2026, respectively, in connection with the Conagra Restructuring Plan. In the second quarter and first half of fiscal 2025, we recognized charges of $79.5 million and $83.8 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 half 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		0.7		0.1		—		—		0.8
Total cost of goods sold		1.1		0.1		—		—		1.2
Severance and related costs		(0.1)		—		0.3		6.8		7.0
Asset impairment (net of gains on disposal)		(0.6)		(7.3)		—		(0.4)		(8.3)
Contract/lease termination		—		—		—		0.2		0.2
Other SG&A		2.1		0.5		—		0.2		2.8
Total SG&A		1.4		(6.8)		0.3		6.8		1.7
Total	$	2.5	$	(6.7)	$	0.3	$	6.8	$	2.9

Included in the above results are $10.8 million of charges that have resulted or will result in cash outflows and a $7.9 million non-cash net benefit.

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

			Costs
			Incurred and
	Balance as of		Charged to		Costs Paid or		Changes in		Balance as of
	May 25, 2025		Expense		Otherwise Settled		Estimates		November 23, 2025
Severance and related costs	$	14.6	$	7.6	$	(6.4)	$	(0.6)	$	15.2
Contract/lease termination		—		0.2		(0.2)		—		—
Other costs		2.8		3.6		(4.9)		—		1.5
Total	$	17.4	$	11.4	$	(11.5)	$	(0.6)	$	16.7