Exhibit 99.1

						News Release   For more information, please contact: MEDIA: Mike Cummins 312-549-5257 Michael.Cummins@conagra.com   INVESTORS: Brian Kearney 312-549-5002 IR@conagra.com       FOR IMMEDIATE RELEASE

CONAGRA BRANDS REPORTS THIRD QUARTER RESULTS

Now Expects to Exceed Full-Year Sales and Profit Guidance

CHICAGO, March 31, 2020 — Today Conagra Brands, Inc. (NYSE: CAG) reported results for the third quarter of fiscal year 2020, which ended on February 23, 2020. All comparisons are against the prior-year fiscal period, unless otherwise noted. Certain terms used in this release, including “Organic net sales,” “EBITDA,” “Free cash flow,” “Big 3 brands,” and certain “adjusted” results, are defined under the section entitled “Definitions.” See page 5 for more information.

Third Quarter Highlights

Fourth Quarter and Full Year Outlook Highlights

CEO Perspective

Sean Connolly, president and chief executive officer of Conagra Brands, commented, “Through the third quarter, we remained squarely on-track to deliver on our fiscal 2020 operational objectives, and our third quarter results were in-line with our updated expectations.”

He continued, “In more recent weeks, the entire team at Conagra Brands has been focused on supporting our customers, consumers, employees, and communities in the face of the COVID-19 pandemic. While we are still early in our fourth quarter, we have seen significantly elevated demand for our retail products as consumers have started filling their pantries for more at-home eating. On a quarter-to-date basis, shipments and consumption in our domestic retail business have increased approximately 50%, which have more than offset the impact of worsening trends in our foodservice business. Our teams have remained agile in responding to the elevated demand, and our supply chain has performed extremely well to fulfill customer orders. I’d like to thank our front-line employees who continue to work tirelessly to provide much-needed

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food to consumers in this unprecedented time – their efforts have been inspiring. Although the situation remains highly dynamic and our ultimate results depend on an effective and uninterrupted supply chain, we now believe that we will exceed our fiscal 2020 sales and profit guidance.”

Total Company Third Quarter Results

In the quarter, net sales decreased 5.6% to $2.6 billion. The decline in reported net sales primarily reflects:

The 1.7% decrease in organic net sales was driven by a 1.3% decline in volume and an unfavorable price/mix impact of 0.4%. Volume was below planned levels in the quarter as the Company’s retail and foodservice businesses experienced broad-based category softness early in the quarter. Price/mix was unfavorable as additional price promotions and increased retailer investments more than offset favorable mix.

Gross profit decreased 9.0% to $684 million in the quarter, and adjusted gross profit decreased 10.5% to $699 million. The decreases were primarily driven by higher input costs, higher levels of brand-building investments with retailers, lower sales volume, higher inventory write-offs, and the lost profit associated with the Sold Businesses, partially offset by realized productivity and cost synergies.

Selling, general, and administrative expenses (SG&A), which include advertising and promotional (A&P) expense, decreased 4.2% to $320 million in the quarter. Adjusted SG&A, which excludes A&P expense, decreased 15.1% to $233 million, primarily as a result of incremental synergies associated with the Pinnacle Foods acquisition achieved in the quarter and the removal of costs associated with the Sold Businesses. These benefits were partially offset by higher stock-based compensation expense. A&P expense for the quarter was essentially flat at $66 million.

Net interest expense was $118 million in the quarter. Compared to the prior-year period, net interest expense decreased $13 million, driven by lower levels of debt outstanding.

The Company’s 489 million average diluted shares outstanding was an increase of approximately 1 million shares versus the prior-year period.

In the quarter, net income attributable to Conagra Brands decreased 15.6% to $204 million, or $0.42 per diluted share. Adjusted net income attributable to Conagra Brands decreased 7.5% to $232 million, or $0.47 per diluted share, in the quarter. The decrease in adjusted net income attributable to Conagra Brands was driven primarily by the decrease in operating profit, lower equity method investment earnings, and higher income tax rate, partially offset by higher pension and postretirement non-service income and lower interest expense. The decrease in adjusted EPS in the quarter was primarily driven by the decrease in adjusted net income.

Adjusted EBITDA, which includes equity method investment earnings and pension and postretirement non-service income, decreased 7.1% to $515 million in the quarter.

Grocery & Snacks Segment Third Quarter Results

Net sales for the Grocery & Snacks segment decreased 9.5% to $1.02 billion in the quarter, with the divestiture of the Wesson oil and DSD snacks businesses, and the exit of private label peanut butter subtracting 5.9%. On an organic basis, volume decreased 1.7% and price/mix decreased 1.9%. Volume decreased across

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multiple categories more than the Company planned, reflecting softer-than-expected consumer takeaway trends. The Company believes that year-over-year category performance early in the third quarter was negatively impacted by a relatively warmer winter. The unfavorable price/mix was primarily driven by unfavorable mix and increased promotional support on Chef Boyardee and the Hunts tomatoes business. Several snack brands, including Slim Jim, ACT II, Snack Pack, Angie’s, BIGS, and DAVID Seeds, experienced growth.

Operating profit for the segment decreased 11.4% to $199 million in the quarter. Adjusted operating profit decreased 14.5% to $210 million, primarily driven by input cost inflation, the lost profit from the Sold Businesses, higher inventory write-offs, and lower sales volume, partially offset by favorable realized productivity and cost synergies.

Refrigerated & Frozen Segment Third Quarter Results

Net sales for the Refrigerated & Frozen segment decreased 1.6% to $1.08 billion in the quarter, with the divestiture of the Gelit and Lender’s Bagel businesses subtracting 1.9%. Organic net sales increased 0.3%. On an organic net sales basis, volume decreased 0.4% and price/mix increased 0.7%. In the frozen business, several brands such as Birds Eye, Healthy Choice, and Gardein, continued to report solid organic growth in the quarter, and the fiscal 2020 frozen innovation, which was launched earlier in the fiscal year across multiple brands, continued to perform well in-market. Several businesses, however, including frozen single serve meals, experienced softer-than-expected growth associated with unfavorable category dynamics and a relatively warmer winter. Several refrigerated brands also declined in the quarter. Increased price/mix in the segment was primarily driven by favorable mix from the continued strength in the Company’s innovation.

Operating profit for the segment increased 0.8% to $191 million in the quarter. Adjusted operating profit decreased 0.3% to $201 million as the benefit of realized productivity improvements and cost synergies were more than offset by higher input costs, the lost profit from the Sold Businesses, and higher inventory write-offs.

International Segment Third Quarter Results

Net sales for the International segment decreased 3.2% to $221 million in the quarter reflecting:

On an organic net sales basis, volume decreased 0.9% and price/mix decreased 1.0%. During the quarter, the segment continued to benefit from growth in the Canadian snacks and frozen businesses as well as improvement in the Indian operation. These benefits were more than offset by planned value-over-volume actions in the export business and the impact of economic softness in Mexico.

Operating profit for the segment decreased 25.3% to $22 million in the quarter. Adjusted operating profit decreased 20.4% to $22 million as higher input costs, increased retailer investments, and the lost profit from the Sold Businesses more than offset the benefits of realized productivity and cost synergies.

Foodservice Segment Third Quarter Results

Net sales for the Foodservice segment decreased 8.0% to $234 million in the quarter, with the divestitures of the Wesson oil and Lender’s Bagel businesses, and the exit of private label peanut butter subtracting 5.8% of net sales growth. Organic net sales decreased 2.2%. On an organic net sales basis, volume decreased 4.6% and price/mix increased 2.4% in the quarter. The impact of unplanned softness in restaurant industry traffic trends early in the quarter was partially offset by inflation-related pricing.

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Operating profit decreased 25.9% to $27 million in the quarter, as cost synergies captured in the quarter and realized productivity improvements were more than offset by lower organic net sales, higher input costs, the lost profit from the Sold Businesses, and higher inventory write-offs.

Other Third Quarter Items

Corporate expenses increased 19.8% to $75 million in the quarter. Adjusted corporate expenses decreased 17.1% to $60 million in the quarter as cost synergies more than offset higher stock-based compensation expense.

Pension and post-retirement non-service income was $16 million in the quarter, an increase of approximately $7 million compared to the prior-year period. Adjusted pension and post-retirement non-service income increased $5 million to $15 million as a result of lower interest costs due to pension remeasurements throughout the year.

Equity method investment earnings decreased 17.3% to $10 million in the quarter and adjusted equity method investment earnings decreased 12.5% to $11 million in the quarter. Unfavorable market conditions led to a year-over-year performance decline in the Ardent Mills joint venture.

In the quarter, the effective tax rate was 25.2%, and the adjusted effective tax rate was 24.8%.

In the quarter, the Company paid a dividend of $0.2125 per share.

The Company remains on-schedule with its de-leveraging targets and remains committed to a solid investment grade credit rating. Since the closing of the Pinnacle acquisition through the end of the third quarter, Conagra Brands has reduced total gross debt by more than $1.5 billion.

Portfolio Update

As previously disclosed, on January 2, 2020, the Company completed the divestiture of its Lender’s Bagel business.

Additionally, on the first day of the third quarter of fiscal 2020, the Company completed the sale of its peanut butter manufacturing facility in Streator, Illinois as part of its broader initiative to optimize the Company’s peanut butter business. This initiative includes the exit of the manufacture and sale of private label peanut butter.

Fiscal 2020 Outlook

The impact that the COVID-19 pandemic will have on the Company’s fiscal 2020 consolidated results of operations is uncertain. The dynamic nature of the current situation makes it challenging for management to estimate future performance of the businesses, particularly over the near term.

To-date in the fourth quarter, the Company has seen significantly increased demand in its retail business. The Company has also started to see reduced demand for its foodservice products and expects a 50-60% decline in Foodservice organic net sales in the fourth quarter. The Company’s supply chain has effectively serviced demand to-date.

As shown in the table below, the Company now expects to exceed prior full-year guidance for total-company sales and profit metrics, assuming the end-to-end supply chain continues to operate effectively.

Note that organic net sales growth excludes the impact of fiscal 2020’s 53^rd week. All other metrics include the impact of the 53rd week.

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The inability to predict the amount and timing of the impacts of foreign exchange, acquisitions, divestitures, and other items impacting comparability makes a detailed reconciliation of forward-looking non-GAAP financial measures impracticable. Please see the end of this release for more information.

Items Affecting Comparability of EPS

The following are included in the $0.42 diluted EPS from continuing operations for the third quarter of fiscal 2020 (EPS amounts rounded and after tax). Please see the reconciliation schedules at the end of this release for additional details.

The following are included in the $0.50 diluted EPS from continuing operations for the third quarter of fiscal 2019 (EPS amounts rounded and after tax). Please see the reconciliation schedules at the end of this release for additional details.

Definitions

Organic net sales excludes, from reported net sales, the impacts of foreign exchange, divested businesses and acquisitions, including the Pinnacle acquisition (until the anniversary date of the acquisitions), as well as the impact of any 53^rd week. All references to changes in volume and price/mix throughout this release are on an organic net sales basis.

References to adjusted items throughout this release refer to measures computed in accordance with GAAP less the impact of items impacting comparability. Items impacting comparability are income or expenses (and related tax impacts) that management believes have had, or are likely to have, a significant impact on the earnings of the applicable business segment or on the total corporation for the period in which the item is recognized, and are not indicative of the Company’s core operating results. These items thus affect the comparability of underlying results from period to period.

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References to earnings before interest, taxes, depreciation, and amortization (EBITDA) refer to net income attributable to Conagra Brands before the impacts of discontinued operations, income tax expense (benefit), interest expense, depreciation, and amortization. References to adjusted EBITDA refer to EBITDA before the impacts of items impacting comparability.

Free cash flow is defined as net cash flow from operating activities from continuing operations less additions to property, plant, and equipment.

References to the Big 3 brands refer to the Birds Eye, Wish-Bone, and Duncan Hines brands acquired in the Pinnacle Foods acquisition.

Discussion of Results

Conagra Brands will host a webcast and conference call at 9:30 a.m. Eastern time today to discuss the results. The live audio webcast and presentation slides will be available on www.conagrabrands.com/investor-relations under Events & Presentations. The conference call may be accessed by dialing 1-877-883-0383 for participants in the U.S. and 1-412-902-6506 for all other participants and using passcode 1355629. Please dial in 10 to 15 minutes prior to the call start time. Following the Company’s remarks, the conference call will include a question-and-answer session with the investment community.

A replay of the webcast will be available on www.conagrabrands.com/investor-relations under Events & Presentations until March 31, 2021.

About Conagra Brands

Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, is one of North America’s leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company’s portfolio is evolving to satisfy people’s changing food preferences. Conagra’s iconic brands, such as Birds Eye®, Marie Callender’s®, Banquet®, Healthy Choice®, Slim Jim®, Reddi-wip®, and Vlasic®, as well as emerging brands, including Angie’s® BOOMCHICKAPOP®, Duke’s®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion. For more information, visit www.conagrabrands.com.

Note on Forward-looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Readers of this document should understand that these statements are not guarantees of performance or results. Many factors could affect our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this document. These risks, uncertainties, and factors include, among other things: the risk that the cost savings and any other synergies from the acquisition of Pinnacle Foods Inc. (the “Pinnacle acquisition”) may not be fully realized or may take longer to realize than expected; the risk that the Pinnacle acquisition may not be accretive within the expected timeframe or to the extent anticipated; the risks that the Pinnacle acquisition and related integration will create disruption to the Company and its management and impede the achievement of business plans; the risk that the Pinnacle acquisition will negatively impact the ability to retain and hire key personnel and maintain relationships with customers, suppliers, and other third parties; risks related to our ability to successfully address Pinnacle’s business challenges; risks related to our ability to achieve the intended benefits of other recent acquisitions and divestitures; risks associated with general economic and industry conditions; risks associated with our ability to successfully execute our long-term value creation strategies, including those in place for specific brands at Pinnacle before the Pinnacle acquisition; risks related to our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; risks related to our ability to execute operating and restructuring plans and achieve targeted operating efficiencies from

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cost-saving initiatives, related to the Pinnacle acquisition and otherwise, and to benefit from trade optimization programs, related to the Pinnacle acquisition and otherwise; risks related to the effectiveness of our hedging activities and ability to respond to volatility in commodities; risks related to the Company’s competitive environment and related market conditions; risks related to our ability to respond to changing consumer preferences and the success of its innovation and marketing investments; risks related to the ultimate impact of any product recalls and litigation, including litigation related to the lead paint and pigment matters, as well as any securities litigation, including securities class action lawsuits; risk associated with actions of governments and regulatory bodies that affect our businesses, including the ultimate impact of new or revised regulations or interpretations; risks related to the impact of the recent coronavirus (COVID-19) outbreak on our business, suppliers, consumers, customers and employees; risks related to the availability and prices of raw materials, including any negative effects caused by inflation, weather conditions or health pandemics; disruptions or inefficiencies in our supply chain and/or operations, including from the recent COVID-19 outbreak; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges, related to the Pinnacle acquisition or otherwise; the costs, disruption, and diversion of management’s attention due to the integration of the Pinnacle acquisition; and other risks described in our reports filed from time to time with the Securities and Exchange Commission (the “SEC”). We caution readers not to place undue reliance on any forward-looking statements included in this report, which speak only as of the date of this report. We undertake no responsibility to update these statements, except as required by law.

Note on Non-GAAP Financial Measures

This document includes certain non-GAAP financial measures, including adjusted EPS, organic net sales, adjusted gross profit, adjusted operating profit, adjusted SG&A, adjusted corporate expenses, adjusted gross margin, adjusted operating margin, adjusted effective tax rate, adjusted net income, adjusted pension and post-retirement non-service income, adjusted net interest expense, free cash flow, net debt, adjusted equity method investment earnings, and adjusted EBITDA. Management considers GAAP financial measures as well as such non-GAAP financial information in its evaluation of the Company’s financial statements and believes these non-GAAP measures provide useful supplemental information to assess the Company’s operating performance and financial position. These measures should be viewed in addition to, and not in lieu of, the Company’s diluted earnings per share, operating performance and financial measures as calculated in accordance with GAAP.

Certain of these non-GAAP measures, such as organic net sales, adjusted operating margin, adjusted effective tax rate, adjusted net interest expense, adjusted EPS, net debt, and free cash flow, are forward-looking. Historically, the Company has excluded the impact of certain items impacting comparability, such as, but not limited to, restructuring expenses, the impact of the extinguishment of debt, the impact of foreign exchange, the impact of acquisitions and divestitures, hedging gains and losses, impairment charges, the impact of legacy legal contingencies, and the impact of unusual tax items, from the non-GAAP financial measures it presents. Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Hedge gains and losses are generally aggregated, and net amounts are reclassified from unallocated corporate expense to the operating segments when the underlying commodity or foreign currency being hedged is expensed in segment cost of goods sold. The Company identifies these amounts as items that impact comparability within the discussion of unallocated Corporate results.

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Conagra Brands, Inc.

Consolidated Statements of Earnings

(in millions)

(unaudited)

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Conagra Brands, Inc.

Consolidated Statements of Earnings

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(unaudited)

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Conagra Brands, Inc.

Consolidated Balance Sheets

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(unaudited)

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Conagra Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

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(unaudited)

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Conagra Brands, Inc.

Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures

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Conagra Brands, Inc.

Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures

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Conagra Brands, Inc.

Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures

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Conagra Brands, Inc.

Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures

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