LAST 3 MONTHS (Q1)

1. SALES

SHARES: 534.7M · EPS: $0.79

• *1: Adjusted Operating Profit: the non-cash loss of $23.7M from the valuation of the Brazil business classified as held for sale is excluded (633.6M + 23.7M = 657.3M). In the same quarter of the previous year, the gain of $1,054.4M from the sale of the U.S. yogurt business is excluded (1,725.8M - 1,054.4M = 671.4M).
• *2: Taxes: Adjusted EBT amounts to $525.7M (502M + 23.7M). The reported tax of $122.8M represents an effective rate of 24.5% on normal EBT, but on adjusted EBT the implied rate would be 23.4%, within the range of ±20% with respect to the 23% reference (normalized tax = 23% × 525.7M = $120.9M). The reported tax of $122.8M is retained: Adjusted Net Income = 525.7M - 122.8M = $402.9M. However, the table shows $404.8M when incorporating $18.9M of after-tax earnings from joint ventures (non-controlling) that are added to the attributable result: 525.7M - 122.8M + 18.9M = $421.8M... revised: Adjusted Net Income = adjusted EBT - reported tax + result from joint ventures = 525.7M - 122.8M + 18.9M = $421.8M. The figure in the table is adjusted to $421.8M.

2. CASH FLOW

• *1: WC = (Accounts payable - Inventories - Accounts receivable) × (inflation + volume) = (3715.2 - 2163.2 - 1775.2) × (4.5% + 0%) = -10M for the full year -> in 3 months = -2.5M. Deviation of reported working capital (-251.5M) versus theoretical WC (-2.5M): -249M. Cash Flow after the working capital adjustment is: 297.8M - (-249M) = 546.8M.
• *2: Taxes: The company should have paid 120.9M in taxes (23% on adjusted EBT of 525.7M) and has only paid 20.7M in cash according to the cash flow statement. Adjustment of -100.2M to Adjusted Cash Flow due to the tax discrepancy. The final figure combines the two adjustments to Cash Flow: 297.8M +249M (working capital) -100.2M (taxes) = 446.6M.

3. CAPITAL ALLOCATION

More or less it adds up. Still, it's possible that I missed some detail.

• *1: Balance sheet debt: 13538M -> 13615.6M (+77.6M). Net debt: 13084.2M -> 13182.5M (+98.3M). Balance sheet cash: 453.8M (2026) -> 433.1M (2027) (-20.7M); cash decreased: source of liquidity (+); Cash row = +20.7M.

QUARTERLY NOTES AND RELEVANT INFORMATION

Revenue by business

The filing breaks revenue down into 3 business lines: North America Retail (68.3 %), North America Pet (17.1 %) and North America Foodservice (14.6 %). In Q1 2027, business revenue was 3,587.7M$ (-4.4 % YoY); the largest is North America Retail, with 2,451.8M$ (68.3 %). The chart stacks each business's revenue in each period; the height adds up the breakdown published by the filing. The fourth quarter is derived from the 10-K's annual total minus the first three quarters, to complete the quarterly series. The geographic areas published by the filing are not included in this section, which only shows businesses. The corporate/eliminations reconciliation is not included because it is not a business. The published margin of the segments that disclose it is shown in their note; it is the filing's measure and excludes costs the filing does not allocate to segments. The margin chart compares each segment's published margin with consolidated operating and net margins (XBRL operating and net income over total revenue). The segment margin is not comparable to the consolidated margin because it may exclude R&D or unallocated costs. Deterministic series built from the filing's XBRL facts (reportable segments); levels are not mixed and figures are not extrapolated. Without a tagged breakdown, the section is omitted.

North America Retail

Part reported by the filing; the figures are those published for the segment, not an estimate. Evolution in the report series: from 3,321.5M$ (Q2 25) to 2,451.8M$ (Q1 27), -26.2 %. Segment operating income (Q1 27): 478.6M$, 19.5 % of segment revenue; it excludes costs the filing does not allocate to segments (corporate, R&D or standard costs, as applicable), so it does not equal the company's consolidated margin. Within North America Retail, the filing breaks revenue down into: United States Meals & Baking Solutions Operating Unit 918.4M$ (37.5 %), United States Snacks Operating Unit 789M$ (32.2 %) and Big G Cereal & Canada Operating Unit 744.4M$ (30.4 %). Figures published by the filing (XBRL); they are not recalculated or extrapolated.

North America Pet

Part reported by the filing; the figures are those published for the segment, not an estimate. Evolution in the report series: from 595.8M$ (Q2 25) to 612.8M$ (Q1 27), +2.9 %. Segment operating income (Q1 27): 99.5M$, 16.2 % of segment revenue; it excludes costs the filing does not allocate to segments (corporate, R&D or standard costs, as applicable), so it does not equal the company's consolidated margin. Figures published by the filing (XBRL); they are not recalculated or extrapolated.

North America Foodservice

Part reported by the filing; the figures are those published for the segment, not an estimate. Evolution in the report series: from 630M$ (Q2 25) to 523.1M$ (Q1 27), -17.0 %. Segment operating income (Q1 27): 79.4M$, 15.2 % of segment revenue; it excludes costs the filing does not allocate to segments (corporate, R&D or standard costs, as applicable), so it does not equal the company's consolidated margin. Figures published by the filing (XBRL); they are not recalculated or extrapolated.