Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 1

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 1
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, and a question-and-answer session.Looking back at fiscal year 2025, we managed a challenging macro-environment and encountered several external obstacles. Throughout this period, we remained steadfast in advancing our long-term strategic objectives and building a strong foundation for the future.  During the year, we launched a robust slate of innovative new products, saw strong share gains, and delivered solid free cash flow.  We also continued to take meaningful steps to reshape our portfolio including the acquisition of FATTY Smoked Meat Sticks and the divestiture of our India joint venture. Most recently, in fiscal 2026, we completed the divestitures of the Chef Boyardee, Van de Kamp’s, and Mrs. Paul brands.  Together, these actions deepen our focus on our leading, growth-oriented frozen and healthy snacking businesses which remain key to our strategy.  I am proud of the progress we have made, and the resiliency, agility, and adaptability our team has displayed throughout the year.Our business generated $1.7 billion in net cash flow from operating activities this year, further strengthening our balance sheet.  This allowed us to reduce our net debt1 by $364 million and pay dividends of $669 million while maintaining significant levels of investment in our business. Our achievements would not have been possible without the dedication and hard work of our employees who consistently demonstrate a commitment to excellence, our business, our communities, and the world.In further recognition of that commitment, I’m proud of the further progress we made across our four citizenship pillars: Good Food, Responsible Sourcing, Better Planet, and Stronger Communities, the details of which you can find each year in our Citizenship Report.  In fiscal 2025, our employees volunteered more than 10,000 hours of their time across our local communities in addition to raising more than $500,000 to benefit the United Way and other non-profits.Of course, innovation continued to be a top priority in fiscal 2025. Our innovation strategy is fueled by our understanding of consumers’ food priorities. Many consumers are looking for foods that support their health and wellness goals, fit their diverse lifestyles, and provide for their nutritional needs. Our portfolio excels in offering convenient access to a variety of food groups including whole vegetables, portion-controlled frozen meals, whole grain popcorn, and quality protein. Brands like Birds Eye®, with many of its innovative frozen vegetable options, and Healthy Choice®, offering a variety of healthy meals to support consumers’ nutrition goals, exemplify how we support healthy eating