Kellanova, adjustment to net income attributable to Kellanova

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Net income attributable to Kellanova (as reported)	951)	960)	1,488)	1,251)	960)
Add: Available-for-sale securities	4)	(4)	(3)	3)	—)
Net income attributable to Kellanova (adjusted)	955)	956)	1,485)	1,254)	960)

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Kellanova, adjusted profitability ratios

	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Net Profit Margin
Reported net profit margin	7.25%	6.27%	10.49%	9.08%	7.07%
Adjusted net profit margin	7.28%	6.24%	10.47%	9.11%	7.07%
Return on Equity (ROE)
Reported ROE	29.95%	24.36%	40.00%	40.20%	34.95%
Adjusted ROE	30.08%	24.26%	39.92%	40.30%	34.95%
Return on Assets (ROA)
Reported ROA	6.09%	5.19%	8.19%	6.95%	5.47%
Adjusted ROA	6.11%	5.17%	8.17%	6.97%	5.47%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Kellanova adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Kellanova adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Kellanova adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

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	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova	951)	960)	1,488)	1,251)	960)
Net sales	13,122)	15,315)	14,181)	13,770)	13,578)
Profitability Ratio
Net profit margin¹	7.25%	6.27%	10.49%	9.08%	7.07%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Kellanova	955)	956)	1,485)	1,254)	960)
Net sales	13,122)	15,315)	14,181)	13,770)	13,578)
Profitability Ratio
Adjusted net profit margin²	7.28%	6.24%	10.47%	9.11%	7.07%

2023 Calculations

¹ Net profit margin = 100 × Net income attributable to Kellanova ÷ Net sales
= 100 × 951 ÷ 13,122 = 7.25%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Kellanova ÷ Net sales
= 100 × 955 ÷ 13,122 = 7.28%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Kellanova adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova	951)	960)	1,488)	1,251)	960)
Total Kellanova equity	3,175)	3,941)	3,720)	3,112)	2,747)
Profitability Ratio
ROE¹	29.95%	24.36%	40.00%	40.20%	34.95%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Kellanova	955)	956)	1,485)	1,254)	960)
Total Kellanova equity	3,175)	3,941)	3,720)	3,112)	2,747)
Profitability Ratio
Adjusted ROE²	30.08%	24.26%	39.92%	40.30%	34.95%

2023 Calculations

¹ ROE = 100 × Net income attributable to Kellanova ÷ Total Kellanova equity
= 100 × 951 ÷ 3,175 = 29.95%

² Adjusted ROE = 100 × Adjusted net income attributable to Kellanova ÷ Total Kellanova equity
= 100 × 955 ÷ 3,175 = 30.08%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Kellanova adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova	951)	960)	1,488)	1,251)	960)
Total assets	15,621)	18,496)	18,178)	17,996)	17,564)
Profitability Ratio
ROA¹	6.09%	5.19%	8.19%	6.95%	5.47%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Kellanova	955)	956)	1,485)	1,254)	960)
Total assets	15,621)	18,496)	18,178)	17,996)	17,564)
Profitability Ratio
Adjusted ROA²	6.11%	5.17%	8.17%	6.97%	5.47%

2023 Calculations

¹ ROA = 100 × Net income attributable to Kellanova ÷ Total assets
= 100 × 951 ÷ 15,621 = 6.09%

² Adjusted ROA = 100 × Adjusted net income attributable to Kellanova ÷ Total assets
= 100 × 955 ÷ 15,621 = 6.11%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Kellanova adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Kellanova (NYSE:K)

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