BUSINESS SEGMENTS AND RELATED INFORMATION

6 Months Ended

Nov. 23, 2025

BUSINESS SEGMENTS AND RELATED INFORMATION

BUSINESS SEGMENTS AND RELATED INFORMATION

17. BUSINESS SEGMENTS AND RELATED INFORMATION

We reflect our results of operations in four reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.

The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States.

The Refrigerated & Frozen reporting segment includes branded, temperature-controlled food products sold in various retail channels in the United States.

The International reporting segment principally includes branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States.

The Foodservice reporting segment includes branded and customized food products, including meals, entrees, sauces, and a variety of custom-manufactured culinary products packaged for sale to restaurants and other foodservice establishments primarily in the United States.

We do not aggregate operating segments when determining our reporting segments.

Our chief operating decision maker (“CODM”) is identified as our Chief Executive Officer. Our CODM uses segment operating profit in the annual plan and forecasting process and considers year-over-year performance when making decisions about allocating resources to our segments. The CODM also uses segment operating profit as an input to the overall compensation measures under our incentive compensation plans. We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating profit is defined as operating profit excluding the effect of items impacting comparability. Items impacting comparability are gains or losses that our CODM believes have had, or are likely to have, a significant impact on segment operating profit and are not indicative of our core operating results. Items impacting comparability include, when they occur, the impacts of gain or loss on divestitures, restructuring activities, deal costs, unrealized gains/(losses) on commodity and foreign exchange hedges (the unrealized gains and losses are recorded in general corporate expenses until realized; once realized, the gains and losses are recorded in the applicable segment’s operating results), impairment losses, certain non-ordinary course legal and regulatory matters, and other unusual gains or losses that are not part of our measurement of segment performance. Corporate unallocated expense; Pension and postretirement non-service income; Interest expense, net; and Equity method investment earnings are centrally managed costs and have been excluded from segment operating profit.

	Thirteen Weeks Ended November 23, 2025
			Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Total
Net sales		$	1,209.1	$	1,251.2	$	230.4	$	288.4	$	2,979.1
Segment cost of goods sold1			863.5		1,011.3		170.1		236.3		2,281.2
Segment SG&A expenses2			114.4		112.4		28.2		20.8		275.8
Segment operating profit		$	231.2	$	127.5	$	32.1	$	31.3	$	422.1
General corporate expenses3											58.4
Other intangible asset impairment charges											197.0
Goodwill impairment charges											771.3
Loss on divestitures											0.2
Other charges, net4											(7.2)
Operating loss										$	(597.6)
Pension and postretirement non-service income											6.1
Interest expense, net											96.0
Equity method investment earnings											32.2
Loss before income taxes										$	(655.3)

	Thirteen Weeks Ended November 24, 2024
			Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Total
Net sales		$	1,321.0	$	1,338.5	$	243.4	$	292.2	$	3,195.1
Segment cost of goods sold1			906.6		1,034.8		175.3		236.4		2,353.1
Segment SG&A expenses2			118.7		105.6		28.7		20.0		273.0
Segment operating profit		$	295.7	$	198.1	$	39.4	$	35.8	$	569.0
General corporate expenses3											69.9
Other intangible asset impairment charges											18.9
Other charges, net4											77.6
Operating profit										$	402.6
Pension and postretirement non-service income											3.1
Interest expense, net											108.2
Equity method investment earnings											48.5
Income before income taxes										$	346.0

	Twenty-Six Weeks Ended November 23, 2025
			Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Total
Net sales		$	2,288.7	$	2,327.4	$	442.7	$	552.9	$	5,611.7
Segment cost of goods sold1			1,616.4		1,878.2		321.5		454.2		4,270.3
Segment SG&A expenses2			220.3		207.3		51.4		39.7		518.7
Segment operating profit		$	452.0	$	241.9	$	69.8	$	59.0	$	822.7
General corporate expenses3											150.7
Other intangible asset impairment charges											197.0
Goodwill impairment charges											771.3
Gain on divestitures											(42.2)
Other charges, net4											(3.9)
Operating loss										$	(250.2)
Pension and postretirement non-service income											12.2
Interest expense, net											189.8
Equity method investment earnings											61.6
Loss before income taxes										$	(366.2)

	Twenty-Six Weeks Ended November 24, 2024
			Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Total
Net sales		$	2,503.7	$	2,424.9	$	502.5	$	558.9	$	5,990.0
Segment cost of goods sold1			1,734.8		1,869.5		368.1		449.9		4,422.3
Segment SG&A expenses2			219.9		198.2		59.2		38.1		515.4
Segment operating profit		$	549.0	$	357.2	$	75.2	$	70.9	$	1,052.3
General corporate expenses3											162.1
Other intangible asset impairment charges											18.9
Loss on divestitures											2.3
Other charges, net4											64.8
Operating profit										$	804.2
Pension and postretirement non-service income											6.2
Interest expense, net											214.0
Equity method investment earnings											77.6
Income before income taxes										$	674.0

¹ Segment cost of goods sold does not include items recorded in the Cost of goods sold line on our Condensed Consolidated Statements of Operations that are presented in the Other charges, net line of this table.

² Segment SG&A expenses are regularly provided to the CODM as a percent of net sales. Segment SG&A expenses do not include items recorded in the Selling, general and administrative expenses line of our Condensed Consolidated Statements of Operations that are presented in the Other charges, net line of this table.

³ General corporate expenses relate to certain costs that are shared across multiple segments but are not directly attributable, which include executive compensation, share-based payment expense, and costs associated with certain corporate functions.

⁴ Other charges include net charges related to our restructuring plans and fire related insurance recoveries.

The following table presents further disaggregation of our net sales:

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Frozen	$	1,055.2	$	1,140.2	$	1,953.7	$	2,053.6
Staples
Other shelf-stable		625.2		751.0		1,193.7		1,441.3
Refrigerated		196.0		198.3		373.7		371.3
Snacks		583.9		570.0		1,095.0		1,062.4
International		230.4		243.4		442.7		502.5
Foodservice		288.4		292.2		552.9		558.9
Total net sales	$	2,979.1	$	3,195.1	$	5,611.7	$	5,990.0

To be consistent with how we present certain disaggregated net sales information to investors, we have categorized certain net sales of our segments as “Staples”, which includes all of our U.S. domestic retail refrigerated products and other shelf-stable grocery products. Management continues to regularly review financial results and make decisions about allocating resources based upon the four reporting segments outlined above.

Assets by Segment

The majority of our manufacturing assets are shared across multiple reporting segments. Output from these facilities used by each reporting segment can change over time. Also, working capital balances are not tracked by reporting segment. Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets and capital expenditures by segment. Our CODM does not use assets by segment to evaluate performance or allocate resources. Depreciation and amortization are allocated to our reporting segments based on the output of each reporting segment per facility during each reporting period. Total depreciation expense for the second quarter and first half of fiscal 2026 was $86.2 million and $170.7 million, respectively. Total depreciation expense for the second quarter and first half of fiscal 2025 was $84.0 million and $169.7 million, respectively.

The following table presents depreciation and amortization by segment:

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Grocery & Snacks	$	36.7	$	38.2	$	72.8	$	76.7
Refrigerated & Frozen		41.1		41.1		81.8		83.1
International		3.6		3.4		7.1		7.5
Foodservice		11.7		11.3		22.9		22.2
Total Reporting Segments		93.1		94.0		184.6		189.5
Corporate		3.9		3.5		7.7		7.1
Total Company	$	97.0	$	97.5	$	192.3	$	196.6