Investor Presentaiton

Performance Summary Dollars in Millions, except per share data Q3 Increase/(Decrease) vs. YA Reported Net Sales Organic Net Sales¹ $2,771 +8.5% 2,763 +9.7% Adj. Gross Profit 761 +8.9% Adj. Gross Margin 27.5% +12 bps A&P 73 +11.8% A&P as % of NS 2.6% +8 bps Adj. SG&A 244 +5.2% Adj. SG&A as % of NS 8.8% (27) bps Adj. Op. Profit² 444 +10.6% Adj. Op. Margin² 16.0% +31 bps Adj. Net Income 287 +24.1% Adj. EBITDA³ 566 +9.9% Adj. Diluted EPS from cont. ops. $0.59 +25.5% CONAGRA BRANDS. 1. Note: "Adjusted" financial measures and organic net sales are non-GAAP. See the end of this presentation for a reconciliation of these measures to the most directly comparable GAAP measures. Organic net sales excludes the impact of foreign exchange and divested businesses, as well as acquisitions (until the anniversary date of the acquisitions). Organic net sales growth excludes the impact of fiscal 2020's 53rd week, which was calculated as one-sixth of our last month's net sales (which included a total of six weeks). 23 Adjusted operating profit and adjusted operating margin exclude equity method investment earnings and pension and postretirement non-service expense (income). Adjusted EBITDA includes equity method investment earnings and pension and postretirement non-service income. 37

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