Company: CAG
Filing Date: 2025-08-06
Form Type: DEF 14A
Source: 0000023217-25-000054
Chunk: 7

Company: CONAGRA BRANDS INC.
Filing Date: 2025-08-06
Form: DEF 14A
Chunk 7
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 in advancing our long-term strategic objectives and building a strong foundation for the future despite the challenging macro-environment and several external obstacles.

| ​                 |                        ​ | ​                         | ​                                       |
| ​                 |                        ​ | ​                         | ​                                       |
| Net Sales         | Earnings Per Share (EPS) | Operating Profit          | Net Cash Flow from Operating Activities |
| $11.6B            |                    $2.40 | $1.4B                     | $1.7B                                   |
| OrganicNet Sales1 |             AdjustedEPS1 | AdjustedOperating Profit1 | Free Cash Flow1                         |
| $11.6B            |                    $2.30 | $1.6B                     | $1.3B                                   |

Improved Efficiency, Strong Cash Flow, Debt Reduction, and Continued Return of Capital to Shareholders In fiscal 2025, we reached our “Fuel for Growth” $1 billion efficiency target, accomplished through initiatives such as network optimization and integrated margin management. Our net cash flow from operating activities was $1,692 million, our free cash flow¹ was $1,303 million, and our free cash flow conversion rate 1was 118% in fiscal 2025. During the year, we reduced our net debt 1by $364 million and returned $669 million in dividends to shareholders. Active Portfolio Reshaping Fiscal 2025 was an active year for Conagra Brands portfolio reshaping. We divested our stake in Agro Tech Foods Limited (ATFL), an Indian joint venture. Additionally, we acquired Sweetwood Smoke & Co., maker of FATTY Smoked Meat Sticks, protein-packed, better-for-you snacks made with high-quality pork and beef smoked with real hickory wood. Continuing these efforts, in the first quarter of fiscal 2026, we completed the sales of our Chef Boyardee, Van de Kamp’s and Mrs. Paul’s brands. Successful Innovation Our innovation slate for fiscal 2025 drove more than $300 million in retail sales and featured a host of successful launches. From better-for-you, low sugar meat snacks from FATTY and new varieties of Healthy Choice Power Bowls, to more indulgent fare from our new Dolly Parton line of southern favorites, Conagra Brands launched something for everyone in fiscal 2025. Focus on Modern Health Trends Throughout fiscal 2025, we continued to focus on what our consumers want, which increasingly is provocative products with modern health benefits. In December, we launched