Segment operating profit decreased 20 percent to $2,189 million in fiscal 2026, including the impact of the Divestitures, compared to $2,730 million in fiscal 2025, primarily driven by a decrease in contributions from volume growth and higher input costs, partially offset by favorable net price realization and mix and lower SG&A expenses. Segment operating profit decreased 20 percent on a constant-currency basis in fiscal 2026 compared to fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP). INTERNATIONAL SEGMENT Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelf- stable vegetables, and pet food products. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from export activities are reported in the region or country where the end customer is located. 22 International net sales were as follows: Fiscal 2026 Fiscal 2026 vs. 2025 Percentage Change Fiscal 2025 Net sales (in millions) $3,043.8 9 % $2,797.8 Contributions from volume growth (a) 3 pts Net price realization and mix 2 pts Foreign currency exchange 4 pts Note: Table may not foot due to rounding. (a)Measured in tons based on the stated weight of our product shipments. International net sales increased 9 percent in fiscal 2026 compared to fiscal 2025, driven by favorable foreign currency exchange impacts, an increase in contributions from volume growth, and favorable net price realization and mix. The components of International organic net sales growth are shown in the following table: Fiscal 2026 vs. 2025 Percentage Change Contributions from organic volume growth (a) 2 pts Organic net price realization and mix 1 pt Organic net sales growth 3 pts Foreign currency exchange 4 pts 53rd week 2 pts Net sales growth 9 pts Note: Table may not foot due to rounding. (a)Measured in tons based on the stated weight of our product shipments. International organic net sales increased 3 percent in fiscal 2026 compared to fiscal 2025, driven by an increase in contributions from organic volume growth and favorable organic net price realization and mix. Segment operating profit increased 96 percent to $189 million in fiscal 2026 compared to $96 million in 2025, primarily driven by favorable net price realization and mix and an increase in contributions from volume growth, partially offset by higher input costs and higher SG&A expenses, including increased media and advertising expenses. Segment operating profit increased 90 percent on a constant-currency basis in fiscal 2026 compared to fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP). NORTH AMERICA PET SEGMENT Our North America Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Our product categories include dog and cat food (dry foods, wet foods, fresh foods, and treats) made with whole meats, fruits, and vegetables and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs and span different product types, diet types, breed sizes for dogs, life stages, flavors, product functions, and textures and cuts for wet and fresh foods. North America Pet net sales were as follows: Fiscal 2026 Fiscal 2026 vs. 2025 Percentage Change Fiscal 2025 Net sales (in millions) $2,613.3 6 % $2,470.8 Contributions from volume growth (a) Flat Net price realization and mix 5 pts Foreign currency exchange Flat Note: Table may not foot due to rounding. (a)Measured in tons based on the stated weight of our product shipments. North America Pet net sales increased 6 percent in fiscal 2026 compared to fiscal 2025, driven by favorable net price realization and mix, which includes the impact of the Acquisition. 23 The components of North America Pet organic net sales growth are shown in the following table: Fiscal 2026 vs. 2025 Percentage Change Contributions from organic volume growth (a) (5) pts Organic net price realization and mix 2 pts Organic net sales growth (3) pts Foreign currency exchange Flat Acquisition (b) 6 pts 53rd week 2 pts Net sales growth 6 pts Note: Table may not foot due to rounding. (a)Measured in tons based on the stated weight of our product shipments. (b)Acquisition of Whitebridge Pet Brands business in the third quarter of fiscal 2025. Please refer to Note 3 to the Consolidated Financial Statements in Part II, Item 8 of this report. North America Pet organic net sales decreased 3 percent in fiscal 2026 compared to fiscal 2025, driven by a decrease in contributions from organic volume growth, partially offset by favorable organic net price realization and mix. North America Pet operating profit was essentially flat at $499 million in fiscal 2026, including the impact of the Acquisition, compared to $501 million in fiscal 2025. Segment operating profit was essentially flat on a constant-currency basis in fiscal 2026 compared to fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP). NORTH AMERICA FOODSERVICE SEGMENT Our North America Foodservice segment consists of foodservice businesses in the United States and Canada. Our major product categories in our North America Foodservice operating segment are ready-to-eat cereals, snacks, frozen meals, unbaked and fully baked frozen dough products, baking mixes, and bakery flour. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, vending, and supermarket bakeries. North America Foodservice net sales were as follows: Fiscal 2026 Fiscal 2026 vs. 2025 Percentage Change Fiscal 2025 Net sales (in millions) $2,169.5 (6) % $2,300.9 Contributions from volume growth (a) (4) pts Net price realization and mix (2) pts Foreign currency exchange Flat Note: Table may not foot due to rounding. (a)Measured in tons based on the stated weight of our product shipments. North America Foodservice net sales decreased 6 percent in fiscal 2026 compared to fiscal 2025, driven by a decrease in contributions from volume growth and unfavorable net price realization and mix, both of which include the impact from the Divestitures. 24 The components of North America Foodservice organic net sales growth are shown in the following table: Fiscal 2026 vs. 2025 Percentage Change Contributions from organic volume growth (a) (2) pts Organic net price realization and mix 1 pt Organic net sales growth (1) pt Foreign currency exchange Flat Divestitures (b) (7) pts 53rd week 2 pts Net sales growth (6) pts Note: Table may not foot due to rounding. (a)Measured in tons based on the stated weight of our product shipments. (b)Divestiture of the United States yogurt business in the first quarter of fiscal 2026 and the Canada yogurt business in the third quarter of fiscal 2025. Please refer to Note 3 to the Consolidated Financial Statements in Part II, Item 8 of this report. North America Foodservice organic net sales decreased 1 percent in fiscal 2026 compared to fiscal 2025, driven by a decrease in contributions from organic volume growth, partially offset by favorable organic net price realization and mix. Segment operating profit decreased 6 percent to $333 million in fiscal 2026, including the impact from the Divestitures, compared to $355 million in fiscal 2025, primarily driven by a decrease in contributions from volume growth and higher input costs, partially offset by favorable net price realization and mix. Segment operating profit decreased 6 percent on a constant-currency basis in fiscal 2026 compared to fiscal 2025 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP). UNALLOCATED CORPORATE ITEMS Unallocated corporate items include corporate overhead expenses, variances to planned domestic employee benefits and incentives, certain charitable contributions, restructuring initiative project-related costs, gains and losses on corporate investments, results from certain businesses managed by our Strategic Growth Office, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark- to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment. Unallocated corporate expense totaled $402 million in fiscal 2026, compared to $396 million last year. In fiscal 2026, certain compensation and benefits expenses increased compared to fiscal 2025, including the impact of the 53rd week. We recorded $19 million of restructuring charges in cost of sales in fiscal 2026, compared to $9 million of charges in cost of sales in fiscal 2025. Additionally, we recorded a $48 million net decrease in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in fiscal 2026, compared to a $16 million net decrease last year. In fiscal 2026, we also recorded $31 million of transaction costs, primarily related to the Divestitures and the definitive agreement to sell our Brazil business, compared to $49 million of transaction costs related to the Divestitures and the Acquisition last year. IMPACT OF INFLATION We experienced broad-based global input cost inflation of 4 percent in fiscal 2026 and 4 percent in fiscal 2025. We expect approximately 4 percent to 5 percent input cost inflation in fiscal 2027. We attempt to minimize the effects of inflation through HMM, Strategic Revenue Management (SRM), planning, and operating practices. Our market risk management practices are discussed in