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Key Takeaways POST shares fell 11.8% in four weeks as retail volume pressure weighed on the stock.Foodservice volumes rose 4.3%, while nine-month adjusted EBITDA increased 17.1% to $435.2 million.Inflation, delayed pricing actions and higher interest expense continue to pressure the outlook. Post Holdings, Inc. (POST - Free Report) shares have plunged 11.8% over the past month, extending a difficult stretch for a stock that is also down 28.3% over the past year. The dip raises a straightforward question: Has the weakness created a better entry point, or are operating risks still too prominent?

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The answer remains mixed. Foodservice execution and efficiency initiatives provide support, but retail volume pressure, inflation and financing costs continue to limit the near-term case.

POST’s 11.8% Monthly Decline Signals Persistent PressureThe recent stock decline comes as Post Consumer Brands continues to face soft demand in pet food and cereal and granola. Distribution losses and category declines remain important pressure points across these businesses.

That weakness matters because the retail portfolio is still working through volume challenges even as cost actions support profitability. The stock’s 11.8% four-week decline therefore reflects a setup where operating improvement has not fully offset category pressure.

Post Holdings Faces Weak Retail Volume TrendsExcluding the benefit from 8th Avenue, Post Consumer Brands volumes fell 7.1% in the third quarter of fiscal 2026. Pet food volumes declined 7.8%, primarily because of distribution losses and category declines.

Cereal and granola volumes decreased 5.5%, due to category declines, distribution losses in value cereal and pack-size changes. Segment adjusted EBITDA still rose 11.2% to $197.3 million as 8th Avenue contributions and cost reductions more than offset lower volumes.

POST Has Foodservice Momentum to Offset WeaknessFoodservice provides the clearest operating counterweight. Third-quarter volumes increased 4.3%, supported by improved customer service levels and higher production of protein-based shakes.

For the first nine months of fiscal 2026, Foodservice adjusted EBITDA increased 17.1% to $435.2 million. Management views $500 million as a normalized annual earnings run rate and expects growth from that base, while $80-$90 million of fiscal 2026 expansion spending supports cage-free egg and precooked egg capacity.

Post Holdings Sees Pricing Delayed by InflationInflation is another constraint heading into fiscal 2027. Management expects inflation to run near the high end of prior expectations, while pricing actions are expected later in the fiscal year, mainly within Post Consumer Brands.

That timing creates a potential margin gap because cost pressure can arrive before pricing catches up. Refrigerated Retail is already facing higher fuel and freight costs, adding another layer of sensitivity to the company’s near-term earnings outlook.

POST’s Valuation Offers Support but Debt Limits FlexibilityPOST’s forward price-to-earnings ratio is 11.74 compared with its five-year median of 17.74; these readings provide valuation support, but the company’s debt-to-capital ratio of 71.18% and higher interest expense temper the appeal.

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Third-quarter net interest expense rose to $108.2 million from $88.5 million a year earlier. General Mills, Inc. (GIS - Free Report) , which produces and markets more than 100 consumer brands, offers another diversified packaged-food reference point. The J.M. Smucker Co. (SJM - Free Report) also spans pet food, coffee, spreads, frozen handheld foods and sweet baked snacks, making category mix and pricing relevant comparison factors.

POST’s Hold Signal Fits a Mixed Fundamental SetupThe bottom line is that the 11.8% monthly decline improves the valuation backdrop, but it does not remove the operating risks. Foodservice momentum is encouraging, while retail volumes, inflation timing and financing costs argue against treating the pullback as a clear-cut turnaround.

POST currently carries a Zacks Rank #3 (Hold), along with a Value Score of A, a Growth Score of D, a Momentum Score of C and a VGM Score of B. The favorable value and composite scores are offset by weaker growth characteristics and middling momentum. Because the Style Scores complement the Zacks Rank, the combination supports a measured stance rather than the stronger confirmation associated with top-ranked stocks. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

MP Materials Is Quietly Building a Rare Earth PowerhousePost NYSE: POST said its third-quarter fiscal 2026 results came in slightly ahead of its expectations, aided by stronger-than-anticipated food service performance, while management maintained the midpoint of its full-year adjusted EBITDA outlook and narrowed its guidance range.

Chief Operating Officer Nico Catoggio said the company also repurchased 4% of its outstanding shares during the quarter, bringing its fiscal year-to-date share-count reduction to about 17%. Going forward, however, Post expects to place greater emphasis on debt reduction as higher interest rates raise the potential cost of future refinancing.

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Fiscal 2027 Outlook Calls for Flat Comparable EBITDA 5 Under-the-Radar Consumer Staples Stocks With Pricing PowerPost provided preliminary context for fiscal 2027, though management said its budget remains under development. After adjusting fiscal 2026 expectations for roughly $80 million in items affecting comparability, the company said it is entering fiscal 2027 with a comparable adjusted EBITDA base of approximately $1.48 billion.

Management’s preliminary expectation is for fiscal 2027 adjusted EBITDA to be relatively consistent with that level. Catoggio said targeted pricing actions, cost savings and food service margin-rate growth are expected to offset normalizing food service earnings, the absence of divested businesses, anticipated inflation and continued volume pressure.

These 4 Mid-Caps Just Announced Big Buyback Plans“We currently expect targeted pricing actions, cost savings, and food service margin rate growth to support fiscal 2027 underlying EBITDA generally flat” compared with the approximately $1.48 billion comparable base, Catoggio said.

Management indicated that inflation is trending toward the higher end of its earlier expected range. Catoggio said the company expects to “chase inflation” in its retail businesses, meaning pricing may follow cost increases rather than precede them. He said the company’s current assumption is that pricing actions would occur more toward the end of fiscal 2027 and that Post Consumer Brands, or PCB, is where it currently sees the most inflation and potential pricing.

Capital Allocation Shifts Toward Debt Reduction Chief Financial Officer Matt Mainer said Post’s reduced pace of share repurchases is principally tied to the interest-rate environment rather than a change in its broader capital-allocation framework. While the company has no bond maturity for four years, it is evaluating the free-cash-flow implications of refinancing debt at currently higher rates.

Mainer said Post’s benchmark 10-year refinancing rate rose 50 basis points during the most recent quarter. If rates remain elevated, he said the company expects to allocate a larger share of cash flow toward debt reduction and a smaller share toward repurchases, while retaining the ability to buy back stock opportunistically.

Post views leverage in the mid-4x range as a comfortable level, Mainer said, but does not want leverage to rise because that could reduce flexibility for cash-funded acquisitions. He added that a lower refinancing-rate environment could alter the company’s view.

Food Service Remains Above Normalized Run Rate Post said food service earnings remained strong in the third quarter, though it continues to view approximately $500 million as the segment’s normalized annualized EBITDA run rate. Mainer said the company has brought its own supply-demand balance and inventories back to desired levels following disruptions related to highly pathogenic avian influenza, or HPAI.

What remains, he said, is a disconnect between market egg prices and grain-based egg costs. Post believes industry oversupply should eventually correct because producers cannot sustain conditions where chicken feed costs exceed what can be earned in the open market.

Catoggio said Post benefited more than anticipated from market conditions during the third quarter and exited the period with high inventories. Despite expectations for food service results to normalize, Mainer said the company believes the business can grow from its $500 million run rate in fiscal 2027.

For the fourth quarter, Mainer said the company expects some improvement in refrigerated retail following a greater-than-expected pullback after an Easter-related benefit in the second quarter. He characterized the remainder of the portfolio as broadly flat sequentially.

PCB Focuses on Pet, Cereal and Footprint Optimization In pet food, Catoggio said Post is becoming more confident that the business is stabilizing and has reached about a 30% market share. The company is beginning to build a pipeline of cost-saving opportunities, including portfolio simplification, formula harmonization and eventual footprint optimization.

Catoggio said about 60% of the pet business’s year-over-year decline came from value brands, primarily 9Lives. The company relaunched roughly one-third of the 9Lives brand that had not been profitable, though price elasticities were higher than expected. He said competitive promotions in cat food have pressured 9Lives, but Post does not plan to match competitors that have priced below the brand.

For Nutrish, Catoggio said results are improving where the relaunch is fully implemented and the assortment has been concentrated on core beef, chicken and salmon products. At one large retailer, Nutrish moved from losing market share to gaining share over the latest 13-week period in dry dog food, he said.

Post also sees opportunities in premium private-label pet products, a segment Catoggio said is growing. E-commerce is outperforming brick-and-mortar channels in pet, while mass retail is performing somewhat better than the category average and pet specialty is underperforming, he said.

In cereal, Catoggio said Post expects volume performance to move closer to category trends in fiscal 2027. He attributed part of the company’s recent underperformance versus the category to deliberate assortment and promotional-efficiency changes, as well as lost distribution for lower-velocity Malt-O-Meal products. He said Post’s premium cereal portfolio is gaining market share and noted that category trends have been gradually improving toward what management views as a longer-term decline of roughly 1% to 2%.

Post is also pursuing additional manufacturing-network actions. Catoggio said the company has decided to close two peanut butter plants as it integrates the 8th Avenue business and exits unprofitable business. He said the actions are expected to affect fiscal 2028 and would be similar in magnitude to prior cereal plant closures.

About Post (NYSE:POST)Post Holdings, Inc is a consumer packaged goods company that operates as a holding company for a diverse portfolio of food and beverage brands. The company's principal activities include the production, marketing and distribution of ready-to-eat cereal, refrigerated and frozen foods, and nutritional beverages. Through its operating segments—Post Consumer Brands, Foodservice, Refrigerated Side Dishes & Bakery, and Active Nutrition—Post Holdings delivers a broad array of products to retail grocers, convenience stores, foodservice operators and e-commerce channels.

The Post Consumer Brands segment features a variety of hot and cold cereals under names such as Honey Bunches of Oats, Shredded Wheat and Pebbles.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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, /PRNewswire/ -- Post Holdings, Inc. (NYSE: POST), a consumer packaged goods holding company, today reported results for the third fiscal quarter ended June 30, 2026.

Highlights:

Third quarter net sales of $1.9 billion Operating profit of $189.3 million; net earnings of $63.4 million and Adjusted EBITDA (non-GAAP)* of $377.3 million Narrowed fiscal year 2026 Adjusted EBITDA (non-GAAP)* outlook to $1,560-$1,570 million; provided preliminary fiscal year 2027 Adjusted EBITDA commentary *For additional information regarding non-GAAP measures, such as Adjusted EBITDA, Adjusted net earnings, Adjusted diluted earnings per common share and segment Adjusted EBITDA, see the related explanations presented under "Use of Non-GAAP Measures" later in this release. Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including the adjustments described under "Outlook" below.

Basis of Presentation

On May 1, 2026, Post completed its sale of substantially all of the assets of Crystal Farms Dairy Company (the "Crystal Farms Business"), the results of which were reported in the Refrigerated Retail segment prior to the sale. On July 1, 2025, Post completed its acquisition of 8th Avenue Food & Provisions, Inc. ("8th Avenue"), the results of which are included in the Post Consumer Brands segment. On December 1, 2025, Post completed its sale of the pasta business of 8th Avenue; its operating results prior to the sale were reported in the Post Consumer Brands segment.

Third Quarter Consolidated Operating Results

Net sales were $1,948.0 million, a decrease of 1.8%, or $36.3 million, compared to $1,984.3 million in the prior year period and included $141.8 million in net sales from 8th Avenue in the current year period. Excluding contributions from acquisitions and divestitures in the current and prior year periods, net sales declined across Post Consumer Brands (driven by pet food and value cereal volume declines), Foodservice (driven by the lapping of avian influenza driven pricing in the prior year) and Refrigerated Retail (driven primarily by the lapping of avian influenza driven pricing and demand in the prior year). Weetabix sales were flat. Gross profit was $566.3 million, or 29.1% of net sales, a decrease of 5.0%, or $29.9 million, compared to $596.2 million, or 30.0% of net sales, in the prior year period.

Selling, general and administrative ("SG&A") expenses were $326.1 million, or 16.7% of net sales, an increase of 4.5%, or $14.0 million, compared to $312.1 million, or 15.7% of net sales, in the prior year period. Operating profit was $189.3 million, a decrease of 19.3%, or $45.3 million, compared to $234.6 million in the prior year period.

Net earnings were $63.4 million, a decrease of 41.7%, or $45.4 million, compared to $108.8 million in the prior year period.

Diluted earnings per common share were $1.29, compared to $1.79 in the prior year period. Adjusted net earnings (non-GAAP)* were $91.1 million, compared to $126.4 million in the prior year period. Adjusted diluted earnings per common share (non-GAAP)* were $1.78, compared to $2.03 in the prior year period.

Adjusted EBITDA was $377.3 million, a decrease of 5.0%, or $19.7 million, compared to $397.0 million in the prior year period.

Nine Month Consolidated Operating Results

Net sales were $6,165.5 million, an increase of $254.4 million, compared to $5,911.1 million in the prior year period. Gross profit was $1,822.4 million, or 29.6% of net sales, an increase of 4.9%, or $85.1 million, compared to $1,737.3 million, or 29.4% of net sales, in the prior year period.

SG&A expenses were $1,009.6 million, or 16.4% of net sales, an increase of 5.3%, or $51.1 million, compared to $958.5 million, or 16.2% of net sales, in the prior year period. Operating profit was $639.6 million, an increase of 1.4%, or $8.7 million, compared to $630.9 million in the prior year period.

Net earnings were $242.1 million, a decrease of 15.0%, or $42.6 million, compared to $284.7 million in the prior year period. Net earnings included the following:

Nine Months Ended June 30,

(in millions)

2026

2025

Loss on extinguishment of debt, net (1)

$           17.5

$             5.8

Income on swaps, net (1)

(6.9)

(7.3)

(1) Discussed later in this release and treated as adjustments for non-GAAP measures.

Diluted earnings per common share were $4.59, compared to $4.60 in the prior year period. Adjusted net earnings were $319.5 million, compared to $327.1 million in the prior year period. Adjusted diluted earnings per common share were $5.86, compared to $5.14 in the prior year period.

Adjusted EBITDA was $1,190.5 million, an increase of 6.9%, or $77.1 million, compared to $1,113.4 million in the prior year period.

Post Consumer Brands

Primarily North American ready-to-eat ("RTE") cereal and granola, pet food and nut butters.

For the third quarter, net sales were $974.2 million, an increase of 6.6%, or $60.2 million, compared to the prior year period. Net sales included $141.8 million in the third quarter attributable to 8th Avenue. Excluding the benefit of 8th Avenue in the current year period, volumes decreased 7.1% as pet food volumes declined 7.8% and cereal and granola volumes declined 5.5%. Pet food volume losses were primarily driven by distribution losses and category declines. Cereal and granola volume losses were primarily driven by category declines, distribution losses in value cereal and pack size changes. Segment profit was $127.3 million, an increase of 5.6%, or $6.8 million, compared to the prior year period. Segment Adjusted EBITDA (non-GAAP)* was $197.3 million, an increase of 11.2%, or $19.8 million, compared to the prior year period.

For the nine months ended June 30, 2026, net sales were $3,122.9 million, an increase of 9.0%, or $257.1 million, compared to the prior year period. Segment profit was $393.6 million, an increase of 0.6%, or $2.5 million, compared to the prior year period. Segment Adjusted EBITDA was $600.8 million, an increase of 2.5%, or $14.7 million, compared to the prior year period.

Foodservice

Primarily egg and potato products.

For the third quarter, net sales were $652.9 million, a decrease of 6.5%, or $45.6 million, compared to the prior year period. Volumes increased 4.3%, driven by improved customer service levels and improved production in protein-based shakes. Segment profit was $100.8 million, a decrease of 18.6%, or $23.1 million, compared to the prior year period. Segment Adjusted EBITDA was $140.8 million, a decrease of 11.4%, or $18.2 million, compared to the prior year period. Declines in net sales, segment profit and segment Adjusted EBITDA reflect the lapping of avian influenza pricing in the prior year period.

For the nine months ended June 30, 2026, net sales were $1,949.4 million, an increase of 1.4%, or $26.4 million, compared to the prior year period. Segment profit was $328.1 million, an increase of 20.8%, or $56.6 million, compared to the prior year period. Segment Adjusted EBITDA was $435.2 million, an increase of 17.1%, or $63.4 million, compared to the prior year period.

Refrigerated Retail

Primarily side dish, egg and sausage products.

For the third quarter, net sales were $184.5 million, a decrease of 21.1%, or $49.4 million, compared to the prior year period. Net sales included $10.3 million and $37.1 million in the third fiscal quarters of 2026 and 2025, respectively, related to the Crystal Farms Business. Excluding contributions from the Crystal Farms Business in both periods, volumes decreased 4.9%, primarily due to the shifting of Easter demand out of the quarter and the normalization of egg demand in the current year period. Volume information by product is disclosed in a table presented later in this release. Segment profit was $9.5 million, a decrease of 61.2%, or $15.0 million, compared to the prior year period. Segment Adjusted EBITDA was $26.6 million, a decrease of 41.3%, or $18.7 million, compared to the prior year period. Declines in net sales, segment profit and segment Adjusted EBITDA primarily reflect the sale of the Crystal Farms Business in the current year period and the lapping of avian influenza pricing in the prior year period.

For the nine months ended June 30, 2026, net sales were $686.4 million, a decrease of 5.3%, or $38.7 million, compared to the prior year period. Segment profit was $62.0 million, a decrease of 4.5%, or $2.9 million, compared to the prior year period. Segment Adjusted EBITDA was $117.5 million, a decrease of 3.4%, or $4.1 million, compared to the prior year period.

Weetabix

Primarily United Kingdom RTE cereal, muesli and protein-based shakes.

For the third quarter, net sales were $137.1 million, a decrease of 0.6%, or $0.8 million, compared to the prior year period. Net sales reflected a foreign currency exchange rate tailwind of approximately 40 basis points. Volumes decreased 3.8%, primarily driven by declines in private label products. Segment profit was $26.1 million, an increase of 35.2%, or $6.8 million, compared to the prior year period. Segment Adjusted EBITDA was $37.3 million, an increase of 13.7%, or $4.5 million, compared to the prior year period.

For the nine months ended June 30, 2026, net sales were $411.1 million, an increase of 3.5%, or $13.9 million, compared to the prior year period. Segment profit was $68.6 million, an increase of 28.5%, or $15.2 million, compared to the prior year period. Segment Adjusted EBITDA was $102.7 million, an increase of 12.7%, or $11.6 million, compared to the prior year period.

Interest, Loss on Extinguishment of Debt, (Income) Expense on Swaps and Income Tax

Interest expense, net was $108.2 million and $317.3 million in the three and nine months ended June 30, 2026, respectively, compared to $88.5 million and $259.6 million in the three and nine months ended June 30, 2025, respectively. The increase in interest expense, net in the current year periods was driven by higher average outstanding principal amounts of debt, a higher weighted-average interest rate and lower interest income compared to the prior year periods.

There was no gain or loss on extinguishment of debt in the third quarter of fiscal year 2026 or 2025. Loss on extinguishment of debt, net of $17.5 million was recorded in the nine months ended June 30, 2026 in connection with Post's redemption of its 5.50% senior notes due December 2029. Loss on extinguishment of debt, net of $5.8 million was recorded in the nine months ended June 30, 2025 in connection with Post's redemption of its 5.625% senior notes due January 2028.

(Income) expense on swaps, net relates to mark-to-market adjustments and settlements on interest rate swaps. Income on swaps, net was $3.3 million in the third quarter of fiscal year 2026 compared to an expense of $2.6 million in the prior year period. Income on swaps, net was $6.9 million in the nine months ended June 30, 2026 compared to $7.3 million in the prior year period.

Income tax expense was $23.1 million in the third quarter of fiscal year 2026, an effective income tax rate of 26.7%, compared to $34.7 million in the third quarter of fiscal year 2025, an effective income tax rate of 24.2%. Income tax expense was $78.5 million in the nine months ended June 30, 2026, an effective income tax rate of 24.5%, compared to $86.8 million in the prior year period, an effective income tax rate of 23.4%.

Share Repurchases

During the third quarter of fiscal year 2026, Post repurchased 2.1 million shares of its common stock for $198.9 million at an average price of $98.86 per share. During the nine months ended June 30, 2026, Post repurchased 9.1 million shares for $908.8 million at an average price of $100.34 per share. Subsequent to the end of the third quarter of fiscal year 2026 through August 5, 2026, Post repurchased 0.4 million shares for $39.3 million at an average price of $88.80 per share. As of August 5, 2026, Post had $490.7 million remaining under its share repurchase authorization.

Outlook

Post management narrowed its guidance range for fiscal year 2026 Adjusted EBITDA to $1,560-$1,570 million from $1,550-$1,580 million.

Post's fiscal year 2026 guidance includes two items affecting comparability that should be excluded to provide context for fiscal year 2027:

Approximately $60 million in Foodservice earnings above the segment's $500 million normalized annual run rate Approximately $20 million in contributions from fiscal year 2026 divestitures Excluding these items, Post's fiscal year 2026 guidance implies entering fiscal year 2027 with Adjusted EBITDA of approximately $1.48 billion.

While Post's fiscal year 2027 budget is in development, management currently expects that growth in Foodservice off its $500 million run rate, pricing actions and productivity initiatives will largely offset inflationary pressures and continued volume softness in certain categories. As a result, management's preliminary fiscal year 2027 outlook is generally flat versus this comparable Adjusted EBITDA level of approximately $1.48 billion.

Post management expects fiscal year 2026 capital expenditures to range between $370-$390 million, which includes continued Foodservice investment in cage-free egg facility expansion and the completion of the Norwalk, Iowa precooked egg facility expansion for aggregate expenditures of $80-$90 million.

Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for income/expense on swaps, net, integration and transaction costs, mark-to-market adjustments on equity security investments, mark-to-market adjustments on commodity and foreign exchange hedges, gain/loss on extinguishment of debt, net, equity method investment adjustment and other items reflected in Post's reconciliations of historical numbers, the amounts of which, based on historical experience, could be significant. For additional information regarding Post's non-GAAP measures, see the related explanations presented under "Use of Non-GAAP Measures."

Use of Non-GAAP Measures

Post uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). These non-GAAP measures include Adjusted net earnings/loss, Adjusted diluted earnings/loss per common share, Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales, segment Adjusted EBITDA as a percentage of Net Sales, free cash flow, net leverage as calculated under Post's credit agreement and consolidated interest coverage ratio as calculated under Post's credit agreement. The reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is provided later in this release under "Explanation and Reconciliation of Non-GAAP Measures."

Management uses certain of these non-GAAP measures, including Adjusted EBITDA and segment Adjusted EBITDA, as key metrics in the evaluation of underlying company and segment performance, in making financial, operating and planning decisions and, in part, in the determination of bonuses for its executive officers and employees. Additionally, Post is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Management believes the use of these non-GAAP measures provides increased transparency and assists investors in understanding the underlying operating performance of Post and its segments and in the analysis of ongoing operating trends. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described later in this release. These non-GAAP measures may not be comparable to similarly titled measures of other companies. For additional information regarding Post's non-GAAP measures, see the related explanations provided under "Explanation and Reconciliation of Non-GAAP Measures."

Conference Call to Discuss Earnings Results and Outlook

Shortly following this release, Post will publish prepared remarks related to this release in the Investors section of its website (www.postholdings.com) under the Investor Events & Presentations and the Quarterly Results sections. Post will host a conference call on Friday, August 7, 2026 at 9:00 a.m. ET to respond to questions. Robert V. Vitale, Chairman, President and Chief Executive Officer, Nicolas Catoggio, Chief Operating Officer, and Matthew J. Mainer, Chief Financial Officer and Treasurer, will participate in the call.

Interested parties may join the conference call by dialing (800) 579-2543 in the United States and (785) 424-1789 from outside of the United States. The conference identification number is POSTQ326. Interested parties are invited to listen to the webcast of the conference call, which can be accessed by visiting the Investors section of Post's website.

A replay of the conference call will be available through Friday, August 14, 2026 by dialing (800) 839-7410 in the United States and (402) 220-6067 from outside of the United States. A webcast replay also will be available for a limited period on Post's website in the Investors section.

Prospective Financial Information

Prospective financial information is necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the prospective financial information described above will not materialize or will vary significantly from actual results. For further discussion of some of the factors that may cause actual results to vary materially from the prospective financial information provided in this release, see "Forward-Looking Statements" below. Accordingly, the prospective financial information provided in this release is only an estimate of what Post's management believes is realizable as of the date of this release. It also should be recognized that the reliability of any forecasted financial data diminishes the further in the future that the data is forecasted. In light of the foregoing, the information should be viewed in context and undue reliance should not be placed upon it.

Forward-Looking Statements

Certain matters discussed in this release, in the prepared remarks published on Post's website and on Post's conference call are forward-looking statements, including Post's Adjusted EBITDA outlook for fiscal years 2026 and 2027 and Post's capital expenditure outlook for fiscal year 2026. These forward-looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipate," "aim," "intend," "plan," "forecast," "target," "is likely," "will," "can," "may" or "would" or the negative of these terms or similar expressions, and include all statements regarding future performance, earnings projections, events or developments. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks and uncertainties include, but are not limited to, the following:

volatility in the cost or availability of inputs to Post's businesses (including raw materials, energy and other supplies and freight); disruptions or inefficiencies in Post's supply chain, tariffs, inflation, highly pathogenic avian influenza and other agricultural diseases and pests, labor shortages, public health crises, weather events and fires and other events beyond Post's control; changes in economic conditions, financial instability, disruptions in capital and credit markets, changes in interest rates and fluctuations in foreign currency exchange rates; Post's and its customers' ability to compete in their respective product categories, including the success of pricing, advertising and promotional programs, declines in demand for Post's products and the ability to anticipate and respond to changes in consumer and customer preferences and behaviors; Post's ability to hire and retain talented personnel, leadership transitions, increases in labor-related costs, employee safety, labor strikes, work stoppages, unionization efforts and other labor disruptions; Post's high leverage, its ability to obtain additional financing and service its outstanding debt (including covenants restricting the operation of its businesses) and a potential downgrade in Post's credit ratings; Post's ability to successfully implement business strategies to reduce costs or optimize its network; allegations that Post's products cause injury or illness, product recalls and withdrawals, product liability claims and other related litigation; the success of new product introductions; compliance with new, existing and changing laws and regulations; Post's reliance on third parties and others for the manufacture of many of its products; costs, business disruptions and reputational damage associated with information technology failures, cybersecurity incidents, information security breaches or enterprise resource planning system implementations; the impact of litigation; Post's ability to identify, complete and integrate or otherwise effectively execute acquisitions, including the pet food assets and operations acquired in April 2023 and December 2023 and 8th Avenue, or other strategic transactions; the loss of, a significant reduction of purchases by or the bankruptcy of a major customer; differences in Post's actual operating results from any of its guidance regarding its future performance; impairment in the carrying value of goodwill, other intangibles or long-lived assets or changes in critical accounting estimates; risks associated with Post's international businesses; business disruption or other losses resulting from changes in governmental administrations or regulatory priorities, political instability, terrorism, war or armed hostilities or geopolitical tensions; risks related to the intended tax treatment of Post's divestitures of its interest in BellRing Brands, Inc.; Post's ability to protect its intellectual property and other assets and to license third-party intellectual property; costs associated with the obligations of Bob Evans Farms, Inc. ("Bob Evans") in connection with the 2017 sale of its restaurants business, including certain indemnification obligations and Bob Evans's payment and performance obligations as a guarantor for certain leases; losses or increased funding and expenses related to Post's qualified pension or other postretirement plans; conflicting interests or the appearance of conflicting interests resulting from any of Post's directors or officers also serving as directors or officers of other companies; and other risks and uncertainties described in Post's filings with the Securities and Exchange Commission. These forward-looking statements represent Post's judgment as of the date of this release. Post disclaims, however, any intent or obligation to update these forward-looking statements.

About Post Holdings, Inc.

Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories. Its businesses include Post Consumer Brands, Michael Foods, Bob Evans Farms and Weetabix. Post Consumer Brands is a leader in the North American branded and private label ready-to-eat cereal and granola, pet food and nut butter categories. Michael Foods and Bob Evans Farms are leaders in refrigerated foods, delivering innovative, value-added egg and refrigerated potato side dish products to the foodservice and retail channels. Weetabix is home to the United Kingdom's number one selling ready-to-eat cereal brand, Weetabix®. For more information, visit www.postholdings.com.

Contact:
Investor Relations
Daniel O'Rourke
[email protected]
(314) 806-3959

Media Relations
Tara Gray
[email protected]
(314) 644-7648

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except per share data)

Three Months Ended
June 30,

Nine Months Ended

June 30,

2026

2025

2026

2025

Net Sales

$ 1,948.0

$ 1,984.3

$ 6,165.5

$ 5,911.1

Cost of goods sold

1,381.7

1,388.1

4,343.1

4,173.8

Gross Profit

566.3

596.2

1,822.4

1,737.3

Selling, general and administrative expenses

326.1

312.1

1,009.6

958.5

Amortization of intangible assets

49.6

49.4

152.3

147.6

Other operating expense, net

1.3

0.1

20.9

0.3

Operating Profit

189.3

234.6

639.6

630.9

Interest expense, net

108.2

88.5

317.3

259.6

Loss on extinguishment of debt, net

—

—

17.5

5.8

(Income) expense on swaps, net

(3.3)

2.6

(6.9)

(7.3)

Other (income) expense, net

(2.2)

0.2

(8.8)

1.7

Earnings before Income Taxes and Equity Method Earnings

86.6

143.3

320.5

371.1

Income tax expense

23.1

34.7

78.5

86.8

Equity method earnings, net of tax

(0.1)

(0.1)

(0.6)

(0.4)

Net Earnings Including Noncontrolling Interest

63.6

108.7

242.6

284.7

Less: Net earnings (loss) attributable to noncontrolling interest

0.2

(0.1)

0.5

—

Net Earnings

$      63.4

$    108.8

$    242.1

$    284.7

Earnings per Common Share:

Basic

$      1.41

$      1.95

$      5.02

$      5.01

Diluted

$      1.29

$      1.79

$      4.59

$      4.60

Weighted-Average Common Shares Outstanding:

Basic

45.1

55.7

48.2

56.8

Diluted

51.3

62.4

54.5

63.6

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions)

June 30, 2026

September 30, 2025

ASSETS

Current Assets

Cash and cash equivalents

$              265.6

$               176.7

Restricted cash

6.9

6.1

Receivables, net

699.3

735.4

Inventories

929.7

875.0

Current assets held for sale

—

116.3

Prepaid expenses and other current assets

93.0

115.4

Total Current Assets

1,994.5

2,024.9

Property, net

2,648.8

2,698.7

Goodwill

4,831.7

4,844.7

Other intangible assets, net

2,788.6

3,014.6

Other assets held for sale

3.0

424.8

Other assets

586.1

520.7

Total Assets

$         12,852.7

$          13,528.4

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

Current portion of long-term debt

$                  1.3

$                   1.2

Accounts payable

558.7

624.0

Current liabilities held for sale

—

55.5

Other current liabilities

517.3

532.4

Total Current Liabilities

1,077.3

1,213.1

Long-term debt

7,631.3

7,421.7

Deferred income taxes

651.0

638.5

Other liabilities held for sale

0.3

119.7

Other liabilities

403.6

371.6

Total Liabilities

9,763.5

9,764.6

Shareholders' Equity

Common stock

0.9

0.9

Additional paid-in capital

5,396.2

5,370.7

Retained earnings

2,361.0

2,118.9

Accumulated other comprehensive (loss) income

(16.6)

8.7

Treasury stock, at cost

(4,663.5)

(3,746.1)

Total Shareholders' Equity Excluding Noncontrolling Interest

3,078.0

3,753.1

Noncontrolling interest

11.2

10.7

Total Shareholders' Equity

3,089.2

3,763.8

Total Liabilities and Shareholders' Equity

$         12,852.7

$          13,528.4

SELECTED CONDENSED CONSOLIDATED CASH FLOWS

INFORMATION (Unaudited)

(in millions)

Nine Months Ended

June 30,

2026

2025

Cash provided by (used in):

Operating activities

$   691.3

$   697.0

Investing activities, including capital expenditures of $289.8 and $360.5

166.0

(473.4)

Financing activities

(766.5)

47.3

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(1.1)

2.2

Net increase in cash, cash equivalents and restricted cash

$     89.7

$   273.1

SEGMENT INFORMATION (Unaudited)

(in millions)

Three Months Ended
June 30,

Nine Months Ended

June 30,

2026

2025

2026

2025

Net Sales

Post Consumer Brands

$   974.2

$   914.0

$ 3,122.9

$ 2,865.8

Foodservice

652.9

698.5

1,949.4

1,923.0

Refrigerated Retail

184.5

233.9

686.4

725.1

Weetabix

137.1

137.9

411.1

397.2

Corporate and eliminations

(0.7)

—

(4.3)

—

Total

$ 1,948.0

$ 1,984.3

$ 6,165.5

$ 5,911.1

Segment Profit

Post Consumer Brands

$    127.3

$    120.5

$    393.6

$    391.1

Foodservice

100.8

123.9

328.1

271.5

Refrigerated Retail

9.5

24.5

62.0

64.9

Weetabix

26.1

19.3

68.6

53.4

SUPPLEMENTAL REFRIGERATED RETAIL SEGMENT INFORMATION (Unaudited)

The below table presents volume percentage changes for the current quarter compared to the prior year quarter for products within the Refrigerated Retail segment.

Product

Volume Percentage Change

All(1)

(4.9 %)

Side dishes

(2.8 %)

Egg

(9.1 %)

Sausage

(12.2 %)

(1) Excludes the contribution from the Crystal Farms Business in all periods.

EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES

Post uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with U.S. GAAP. These non-GAAP measures include Adjusted net earnings/loss, Adjusted diluted earnings/loss per common share, Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales, segment Adjusted EBITDA as a percentage of Net Sales, free cash flow, net leverage as calculated under Post's credit agreement and consolidated interest coverage ratio as calculated under Post's credit agreement. The reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is provided in the tables following this section. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described below. These non-GAAP measures may not be comparable to similarly titled measures of other companies.

Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share
Post believes Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share are useful to investors in evaluating Post's operating performance because they exclude items that affect the comparability of Post's financial results and could potentially distort an understanding of the trends in business performance.

Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share are adjusted for the following items:

a.

Loss on amounts held for sale: Post has excluded losses recorded to adjust the carrying value of businesses, facilities and other assets and liabilities classified as held for sale as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these losses do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

b.

Restructuring and facility closure costs, including accelerated depreciation, net: Post has excluded certain costs associated with facility closures and the gains and losses recorded on the sales of such facilities as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

c.

Mark-to-market adjustments on commodity and foreign exchange hedges: Post has excluded the impact of mark-to-market adjustments on commodity and foreign exchange hedges due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates. Additionally, these adjustments are primarily non-cash items, and the amount and frequency of such adjustments are not consistent.

d.

Debt premiums paid/discounts received, net: Post has excluded payments and other expenses for premiums on debt extinguishment, net of gains realized on debt repurchased at a discount, as such payments are inconsistent in amount and frequency. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

e.

Integration costs and transaction costs: Post has excluded transaction costs related to professional service fees and other related costs associated with signed and closed business combinations and closed divestitures and integration costs incurred to integrate acquired or to-be-acquired businesses or assets as Post believes that these exclusions allow for more meaningful evaluation of Post's current operating performance and comparisons of Post's operating performance to other periods. Post believes such costs are generally not relevant to assessing or estimating the long-term performance of acquired businesses or assets as part of Post or the performance of Post subsequent to the divestiture of the businesses or assets, and such costs are not factored into management's evaluation of potential acquisitions or Post's performance after completion of an acquisition or the evaluation to divest a business or asset. In addition, the frequency and amount of such charges varies significantly based on the size and timing of the transaction and the maturity of any businesses being acquired or divested. Also, the size, complexity and/or volume of past transactions, which often drive the magnitude of such expenses, may not be indicative of the size, complexity and/or volume of future transactions. By excluding these expenses, management is better able to evaluate Post's ability to utilize its existing assets and estimate the long-term value that acquired businesses or assets will generate for Post.

f.

Mark-to-market adjustments on equity security investments: Post has excluded the impact of mark-to-market adjustments on equity security investments due to the inherent volatility associated with such amounts based on changes in market pricing variations and as the amount and frequency of such adjustments are not consistent. Additionally, these adjustments are primarily non-cash items and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

g.

Income/expense on swaps, net: Post has excluded the impact of mark-to-market adjustments and cash settlements on interest rate swaps due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to estimates of fair value and economic conditions and as the amount and frequency of such adjustments are not consistent.

h.

Gain/loss on sale of business: Post has excluded gains and losses recorded on divestitures as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

i.

Asset disposal costs: Post has excluded costs recorded in connection with the disposal of certain assets which were never put into use and/or the demolition and site remediation of unused facilities as the amount and frequency of these costs are not consistent. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

j.

Provision for legal settlements: Post has excluded gains and losses recorded to recognize the anticipated or actual resolution of certain litigation as Post believes such gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

k.

Costs expected to be indemnified, net: Post has excluded certain costs incurred and expected to be indemnified in connection with damaged assets and gains related to indemnification proceeds received above the carrying value of damaged assets as Post believes such gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

l.

Advisory income: Post has excluded advisory income received from 8th Avenue prior to Post's acquisition of 8th Avenue as Post believes such income did not contribute to a meaningful evaluation of Post's operating performance or comparisons of Post's operating performance to other periods.

m.

Income tax effect on adjustments: Post has included the income tax impact of the non-GAAP adjustments using a rate described in the applicable footnote of the reconciliation tables to be consistent with the treatment of these adjustments in the calculation of the non-GAAP measure.

Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales
Post believes that Adjusted EBITDA is useful to investors in evaluating Post's operating performance and liquidity because (i) Post believes it is widely used to measure a company's operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, (ii) it presents a measure of corporate performance exclusive of Post's capital structure and the method by which the assets were acquired and (iii) it is a financial indicator of a company's ability to service its debt, as Post is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Post believes that segment Adjusted EBITDA is useful to investors in evaluating Post's operating performance because it allows for assessment of the operating performance of each reportable segment. Management uses Adjusted EBITDA to provide forward-looking guidance and uses Adjusted EBITDA and segment Adjusted EBITDA to forecast future results. Post believes that Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales are measures useful to investors in evaluating Post's operating performance because they allow for meaningful comparison of operating performance across periods.

Adjusted EBITDA and segment Adjusted EBITDA reflect adjustments for interest expense, net, income tax expense/benefit, and depreciation and amortization, and the following adjustments discussed above: loss on amounts held for sale, restructuring and facility closure costs, net, mark-to-market adjustments on commodity and foreign exchange hedges, integration costs and transaction costs, mark-to-market adjustments on equity security investments, income/expense on swaps, net, gain/loss on sale of business, asset disposal costs, provision for legal settlements, costs expected to be indemnified, net and advisory income. Additionally, Adjusted EBITDA and segment Adjusted EBITDA reflect adjustments for the following items:

n.

Stock-based compensation: Post's compensation strategy includes the use of stock-based compensation to attract and retain executives and employees by aligning their long-term compensation interests with shareholders' investment interests. Post has excluded stock-based compensation as stock-based compensation can vary significantly based on reasons such as the timing, size and nature of the awards granted and subjective assumptions which are unrelated to operational decisions and performance in any particular period and does not contribute to meaningful comparisons of Post's operating performances to other periods.

o.

Gain/loss on extinguishment of debt, net: Post has excluded gains and losses recorded on extinguishment of debt, inclusive of payments for premiums and tender fees and the write-off of debt issuance costs, net of gains realized on the write-off of unamortized debt premiums and debt repurchased at a discount, as such gains and losses are inconsistent in amount and frequency. Additionally, Post believes that these gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

p.

Equity method investment adjustment: Post has included adjustments for its portion of income tax expense/benefit, interest expense, net and depreciation and amortization for Weetabix's unconsolidated investment accounted for using equity method accounting as Post believes these adjustments contribute to a more meaningful evaluation of Post's current operating performance.

q.

Noncontrolling interest adjustment: Post has included adjustments for income tax expense/benefit, interest expense, net and depreciation and amortization for Weetabix's consolidated investment which is attributable to the noncontrolling owners of Weetabix's consolidated investment as Post believes these adjustments contribute to a more meaningful evaluation of Post's current operating performance.

Free cash flow
Free cash flow is a non-GAAP measure which represents net cash provided by operating activities less capital expenditures. Post believes free cash flow is useful to investors in evaluating Post's ability to service debt and repurchase shares of its common stock.

Net leverage as calculated under Post's credit agreement
Net leverage as calculated under Post's credit agreement is a non-GAAP measure which represents principal debt less cash and cash equivalents divided by Adjusted EBITDA for the last twelve months adjusted for certain items as provided in Post's credit agreement. Post believes this measure is useful to investors in determining Post's debt levels and ability to service debt. Adjusted EBITDA for the last twelve months reflects the adjustments for Adjusted EBITDA and segment Adjusted EBITDA discussed within the Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales section above, as well as adjustments for the following items (which were relevant for the year ended September 30, 2025):

r.

Impairment of goodwill: Post has excluded expenses for impairment of the Cheese and Dairy reporting unit as such non-cash amounts are inconsistent in amount and frequency and Post believes that these expenses do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.

s.

Inventory revaluation adjustment on acquired businesses: Post has excluded the impact of fair value step-up adjustments to inventory in connection with business combinations as such adjustments represent non-cash items, are not consistent in amount and frequency and are significantly impacted by the timing and size of Post's acquisitions.

Consolidated interest coverage ratio as calculated under Post's credit agreement
Consolidated interest coverage ratio as calculated under Post's credit agreement is a non-GAAP measure which represents Adjusted EBITDA for the last twelve months adjusted for certain items as provided in Post's credit agreement (which reflects the adjustments for Adjusted EBITDA discussed under the Net leverage as calculated under Post's credit agreement section above) divided by interest expense, net for the last twelve months. Post believes this measure is useful to investors in determining Post's ability to service debt.

RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS (Unaudited)

(in millions)

Three Months Ended
June 30,

Nine Months Ended

June 30,

2026

2025

2026

2025

Net Earnings

$    63.4

$   108.8

$   242.1

$   284.7

Adjustments:

Loss on amounts held for sale

15.0

—

43.3

—

Restructuring and facility closure costs, including accelerated
depreciation, net

(5.1)

12.3

31.3

26.9

Mark-to-market adjustments on commodity and foreign exchange
hedges

9.2

(1.5)

(8.2)

(5.9)

Debt premiums paid

—

—

22.6

4.4

Integration costs

5.6

3.6

13.2

24.3

Mark-to-market adjustments on equity security investments

—

3.8

(1.7)

10.4

(Income) expense on swaps, net

(3.3)

2.6

(6.9)

(7.3)

Loss (gain) on sale of business

7.0

—

(2.7)

—

Asset disposal costs

2.5

1.6

7.7

2.0

Transaction costs

2.3

0.9

4.7

1.9

Provision for legal settlements

2.0

—

2.1

0.1

Costs expected to be indemnified, net

—

—

(1.0)

—

Advisory income

—

(0.1)

—

(0.4)

Total Net Adjustments

35.2

23.2

104.4

56.4

Income tax effect on adjustments (1)

(7.5)

(5.6)

(27.0)

(14.0)

Adjusted Net Earnings

$    91.1

$   126.4

$   319.5

$   327.1

(1) Income tax effect on adjustments was calculated on all items, except income/expense on swaps, net and the gain/loss on sale of business related to the sale of the pasta business, using a rate of 24.5%, the sum of Post's U.S. federal corporate income tax rate plus Post's blended state income tax rate, net of federal income tax benefit. Income tax effect for income/expense on swaps, net was calculated using a rate of 21.5%. Income tax effect for the loss (gain) on sale of business related to the pasta business, which was $4.9 million and $(4.8) million during the three and nine months ended June 30, 2026, respectively, was calculated using a rate of 0.0%.

RECONCILIATION OF DILUTED EARNINGS PER COMMON SHARE

TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (Unaudited)

Three Months Ended
June 30,

Nine Months Ended

June 30,

2026

2025

2026

2025

Diluted Earnings per Common Share

$     1.29

$     1.79

$     4.59

$     4.60

Adjustment to Diluted Earnings per Common Share for impact of
interest expense, net of tax, related to convertible senior notes (1)

(0.05)

(0.05)

(0.15)

(0.13)

Adjustments:

Loss on amounts held for sale

0.29

—

0.80

—

Restructuring and facility closure costs, including accelerated
depreciation, net

(0.10)

0.20

0.57

0.42

Mark-to-market adjustments on commodity and foreign exchange
hedges

0.18

(0.02)

(0.15)

(0.09)

Debt premiums paid

—

—

0.42

0.07

Integration costs

0.11

0.06

0.24

0.38

Mark-to-market adjustments on equity security investments

—

0.06

(0.03)

0.17

(Income) expense on swaps, net

(0.06)

0.04

(0.13)

(0.11)

Loss (gain) on sale of business

0.14

—

(0.05)

—

Asset disposal costs

0.05

0.03

0.14

0.03

Transaction costs

0.04

0.01

0.09

0.03

Provision for legal settlements

0.04

—

0.04

—

Costs expected to be indemnified, net

—

—

(0.02)

—

Advisory income

—

—

—

(0.01)

Total Net Adjustments

0.69

0.38

1.92

0.89

Income tax effect on adjustments (2)

(0.15)

(0.09)

(0.50)

(0.22)

Adjusted Diluted Earnings per Common Share

$     1.78

$     2.03

$     5.86

$     5.14

(1) Represents the exclusion of interest expense, net of tax, associated with Post's convertible senior notes, which was treated as an adjustment to income available to common shareholders for diluted earnings per common share. Post believes this exclusion allows for more meaningful comparison of performance to other periods.

(2) Income tax effect on adjustments was calculated on all items, except income/expense on swaps, net and the gain/loss on sale of business related to the sale of the pasta business, using a rate of 24.5%, the sum of Post's U.S. federal corporate income tax rate plus Post's blended state income tax rate, net of federal income tax benefit. Income tax effect for income/expense on swaps, net was calculated using a rate of 21.5%. Income tax effect for the loss (gain) on sale of business related to the pasta business, which was $4.9 million and $(4.8) million during the three and nine months ended June 30, 2026, respectively, was calculated using a rate of 0.0%.

RECONCILIATION OF NET EARNINGS TO ADJUSTED EBITDA (Unaudited)

($ in millions)

Three Months Ended
June 30,

Nine Months Ended

June 30,

2026

2025

2026

2025

Net Earnings

$   63.4

$ 108.8

$     242.1

$     284.7

Interest expense, net

108.2

88.5

317.3

259.6

Income tax expense

23.1

34.7

78.5

86.8

Depreciation and amortization

133.5

132.2

424.2

378.1

Stock-based compensation

19.7

20.1

61.6

60.2

Loss on amounts held for sale

15.0

—

43.3

—

Loss on extinguishment of debt, net

—

—

17.5

5.8

Restructuring and facility closure costs, excluding accelerated
depreciation, net

(10.8)

1.9

(1.1)

13.1

Mark-to-market adjustments on commodity and foreign exchange
hedges

9.2

(1.5)

(8.2)

(5.9)

Integration costs

5.6

3.6

13.2

24.3

Mark-to-market adjustments on equity security investments

—

3.8

(1.7)

10.4

(Income) expense on swaps, net

(3.3)

2.6

(6.9)

(7.3)

Loss (gain) on sale of business

7.0

—

(2.7)

—

Asset disposal costs

2.5

1.6

7.7

2.0

Transaction costs

2.3

0.9

4.7

1.9

Provision for legal settlements

2.0

—

2.1

0.1

Costs expected to be indemnified, net

—

—

(1.0)

—

Advisory income

—

(0.1)

—

(0.4)

Equity method investment adjustment

0.1

0.1

0.3

0.3

Noncontrolling interest adjustment

(0.2)

(0.2)

(0.4)

(0.3)

Adjusted EBITDA

$ 377.3

$ 397.0

$  1,190.5

$  1,113.4

Net Earnings as a percentage of Net Sales

3.3 %

5.5 %

3.9 %

4.8 %

Adjusted EBITDA as a percentage of Net Sales

19.4 %

20.0 %

19.3 %

18.8 %

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)

THREE MONTHS ENDED JUNE 30, 2026

($ in millions)

Post
Consumer
Brands

Foodservice

Refrigerated
Retail

Weetabix

Corporate/
Other

Segment Profit

$  127.3

$  100.8

$     9.5

$   26.1

$        —

General corporate expenses and other

—

—

—

—

(72.2)

Other income, net

—

—

—

—

(2.2)

Operating Profit

127.3

100.8

9.5

26.1

(74.4)

Other income, net

—

—

—

—

2.2

Depreciation and amortization

62.4

36.0

17.1

11.3

6.7

Stock-based compensation

—

—

—

—

19.7

Loss on amounts held for sale

—

—

—

—

15.0

Restructuring and facility closure costs, excluding
accelerated depreciation, net

—

—

—

—

(10.8)

Loss on sale of business

—

—

—

—

7.0

Mark-to-market adjustments on commodity and foreign
exchange hedges

—

4.0

—

0.1

5.1

Integration costs

5.6

—

—

—

—

Asset disposal costs

—

—

—

—

2.5

Transaction costs

—

—

—

—

2.3

Provision for legal settlements

2.0

—

—

—

—

Equity method investment adjustment

—

—

—

0.2

—

Noncontrolling interest adjustment

—

—

—

(0.4)

—

Adjusted EBITDA

$  197.3

$  140.8

$   26.6

$   37.3

$    (24.7)

Segment Profit as a percentage of Net Sales

13.1 %

15.4 %

5.1 %

19.0 %

—

Adjusted EBITDA as a percentage of Net Sales

20.3 %

21.6 %

14.4 %

27.2 %

—

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)

THREE MONTHS ENDED JUNE 30, 2025

($ in millions)

Post
Consumer
Brands

Foodservice

Refrigerated
Retail

Weetabix

Corporate/
Other

Segment Profit

$  120.5

$  123.9

$   24.5

$   19.3

$        —

General corporate expenses and other

—

—

—

—

(53.8)

Other expense, net

—

—

—

—

0.2

Operating Profit

120.5

123.9

24.5

19.3

(53.6)

Other expense, net

—

—

—

—

(0.2)

Depreciation and amortization

55.4

33.5

18.9

13.2

11.2

Stock-based compensation

—

—

—

—

20.1

Restructuring and facility closure costs, excluding
accelerated depreciation, net

—

—

—

—

1.9

Mark-to-market adjustments on commodity and foreign
exchange hedges

—

1.6

—

0.1

(3.2)

Integration costs

1.6

—

1.9

0.1

—

Mark-to-market adjustments on equity security
investments

—

—

—

—

3.8

Asset disposal costs

—

—

—

—

1.6

Transaction costs

—

—

—

—

0.9

Advisory income

—

—

—

—

(0.1)

Equity method investment adjustment

—

—

—

0.2

—

Noncontrolling interest adjustment

—

—

—

(0.1)

—

Adjusted EBITDA

$  177.5

$  159.0

$   45.3

$   32.8

$    (17.6)

Segment Profit as a percentage of Net Sales

13.2 %

17.7 %

10.5 %

14.0 %

—

Adjusted EBITDA as a percentage of Net Sales

19.4 %

22.8 %

19.4 %

23.8 %

—

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)

NINE MONTHS ENDED JUNE 30, 2026

($ in millions)

Post
Consumer
Brands

Foodservice

Refrigerated
Retail

Weetabix

Corporate/
Other

Segment Profit

$  393.6

$  328.1

$   62.0

$    68.6

$        —

General corporate expenses and other

—

—

—

—

(203.9)

Other income, net

—

—

—

—

(8.8)

Operating Profit

393.6

328.1

62.0

68.6

(212.7)

Other income, net

—

—

—

—

8.8

Depreciation and amortization

192.6

107.3

54.8

34.1

35.4

Stock-based compensation

—

—

—

—

61.6

Loss on amounts held for sale

—

—

—

—

43.3

Restructuring and facility closure costs, excluding
accelerated depreciation, net

—

—

—

—

(1.1)

Mark-to-market adjustments on commodity and foreign
exchange hedges

—

0.8

—

—

(9.0)

Integration costs

12.5

—

0.7

—

—

Mark-to-market adjustments on equity security
investments

—

—

—

—

(1.7)

Gain on sale of business

—

—

—

—

(2.7)

Asset disposal costs

—

—

—

—

7.7

Transaction costs

—

—

—

—

4.7

Provision for legal settlements

2.1

—

—

—

—

Costs expected to be indemnified, net

—

(1.0)

—

—

—

Equity method investment adjustment

—

—

—

0.9

—

Noncontrolling interest adjustment

—

—

—

(0.9)

—

Adjusted EBITDA

$  600.8

$  435.2

$  117.5

$  102.7

$    (65.7)

Segment Profit as a percentage of Net Sales

12.6 %

16.8 %

9.0 %

16.7 %

—

Adjusted EBITDA as a percentage of Net Sales

19.2 %

22.3 %

17.1 %

25.0 %

—

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)

NINE MONTHS ENDED JUNE 30, 2025

($ in millions)

Post
Consumer
Brands

Foodservice

Refrigerated
Retail

Weetabix

Corporate/
Other

Segment Profit

$  391.1

$  271.5

$   64.9

$   53.4

$        —

General corporate expenses and other

—

—

—

—

(151.7)

Other expense, net

—

—

—

—

1.7

Operating Profit

391.1

271.5

64.9

53.4

(150.0)

Other expense, net

—

—

—

—

(1.7)

Depreciation and amortization

173.0

97.3

54.4

37.0

16.4

Stock-based compensation

—

—

—

—

60.2

Restructuring and facility closure costs, excluding
accelerated depreciation, net

—

—

—

—

13.1

Mark-to-market adjustments on commodity and foreign
exchange hedges

—

3.0

—

0.2

(9.1)

Integration costs

22.0

—

2.2

0.1

—

Mark-to-market adjustments on equity security
investments

—

—

—

—

10.4

Asset disposal costs

—

—

—

—

2.0

Transaction costs

—

—

—

—

1.9

Provision for legal settlements

—

—

0.1

—

—

Advisory income

—

—

—

—

(0.4)

Equity method investment adjustment

—

—

—

0.7

—

Noncontrolling interest adjustment

—

—

—

(0.3)

—

Adjusted EBITDA

$  586.1

$  371.8

$  121.6

$   91.1

$    (57.2)

Segment Profit as a percentage of Net Sales

13.6 %

14.1 %

9.0 %

13.4 %

—

Adjusted EBITDA as a percentage of Net Sales

20.5 %

19.3 %

16.8 %

22.9 %

—

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (Unaudited)

(in millions)

Nine Months Ended

June 30,

2026

2025

Net cash provided by operating activities

$   691.3

$   697.0

Less: Capital expenditures

289.8

360.5

Free Cash Flow

$   401.5

$   336.5

RECONCILIATION OF NET EARNINGS TO NET LEVERAGE

AND CONSOLIDATED INTEREST COVERAGE RATIO (Unaudited)

($ in millions)

Year Ended

September 30,

Nine Months Ended

June 30,

Twelve Months

Ended June 30,

2025

2026

2025

2026

Net Earnings

$            335.7

$    242.1

$    284.7

$            293.1

Interest expense, net

361.4

317.3

259.6

419.1

Income tax expense

108.7

78.5

86.8

100.4

Depreciation and amortization

524.3

424.2

378.1

570.4

Stock-based compensation

81.6

61.6

60.2

83.0

Loss on amounts held for sale

—

43.3

—

43.3

Loss on extinguishment of debt, net

5.8

17.5

5.8

17.5

Restructuring and facility closure costs, excluding accelerated
depreciation, net

23.4

(1.1)

13.1

9.2

Mark-to-market adjustments on commodity and foreign
exchange hedges

(5.0)

(8.2)

(5.9)

(7.3)

Integration costs

38.7

13.2

24.3

27.6

Mark-to-market adjustments on equity security investments

6.6

(1.7)

10.4

(5.5)

Income on swaps, net

(6.9)

(6.9)

(7.3)

(6.5)

Gain on sale of business

—

(2.7)

—

(2.7)

Asset disposal costs

6.3

7.7

2.0

12.0

Transaction costs

6.2

4.7

1.9

9.0

Provision for legal settlements

0.7

2.1

0.1

2.7

Costs expected to be indemnified, net

—

(1.0)

—

(1.0)

Advisory income

(0.5)

—

(0.4)

(0.1)

Equity method investment adjustment

0.4

0.3

0.3

0.4

Noncontrolling interest adjustment

(0.4)

(0.4)

(0.3)

(0.5)

Impairment of goodwill

29.8

—

—

29.8

Inventory revaluation adjustment on acquired businesses

22.0

—

—

22.0

Adjusted EBITDA

$         1,538.8

$ 1,190.5

$ 1,113.4

$         1,615.9

June 30, 2026

Long-term debt

$         7,631.3

Plus: Current portion of long-term debt

1.3

Debt issuance costs, net

56.0

Less: Unamortized premium, net

12.6

Total principal debt

7,676.0

Less: Cash and cash equivalents

265.6

Net Debt

$         7,410.4

Adjusted EBITDA for the twelve months ended June 30, 2026

$         1,615.9

Credit agreement adjustments to Adjusted EBITDA for the twelve months ended June 30, 2026

(18.6)

Adjusted EBITDA for the twelve months ended June 30, 2026 as calculated under Post's credit agreement

$         1,597.3

Net leverage as calculated under Post's credit agreement

4.6x

Adjusted EBITDA for the twelve months ended June 30, 2026 as calculated under Post's credit agreement

$         1,597.3

Interest expense, net for the twelve months ended June 30, 2026

419.1

Consolidated interest coverage ratio as calculated under Post's credit agreement

3.8x

SOURCE Post Holdings, Inc.

Key Takeaways Post Holdings is rebuilding its pet food portfolio as weak dry dog food demand weighs on results.POST expects the Nutrish relaunch to support improving category trends by the fourth quarter of fiscal 2026.POST is refining pricing on key brands to stabilize volumes and strengthen pet food performance. Post Holdings, Inc. (POST - Free Report) is rebuilding its pet food business through the Nutrish relaunch alongside targeted pricing actions across selected brands. The company indicated that category demand has been weaker than anticipated, with dry dog food experiencing particular softness. As dry dog food accounts for approximately 60% of its portfolio, weakness in that category has weighed on pet food performance.

The Nutrish relaunch is expected to take most of the third quarter of fiscal 2026 to be fully reflected across the market, particularly in the food channel. The relaunch features updated positioning, packaging and price points as part of the brand's refresh. Management reported encouraging sequential improvement at a major retailer where the rollout is complete, indicating a positive early response. The company expects Nutrish's performance to improve to roughly flat or slight year-over-year growth by the fourth quarter of fiscal 2026.

Post Holdings noted that price increases on roughly one-third of the 9Lives brand resulted in higher-than-expected price elasticity and the loss of placement at a couple of retailers. The company believes the issue can be addressed using the same approach applied to Gravy Train, combining short-term price rollbacks with longer-term price-pack architecture adjustments. The company noted that Gravy Train is now growing about 40% in pounds at one of its largest retailers following those changes.

Overall, Post Holdings is rebuilding its pet food portfolio through disciplined brand repositioning and pricing adjustments. The company expects these initiatives to strengthen brand performance and support improving category trends as the Nutrish relaunch reaches broader distribution.

The Zacks Rundown for POSTShares of this Zacks Rank #4 (Sell) company have lost 10% in the past six months compared with the industry’s 3.2% decline.

Image Source: Zacks Investment Research

From a valuation standpoint, POST trades at a forward price-to-earnings ratio of 10.66, lower than the industry’s average of 14.55.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for POST’s current and next fiscal year earnings implies a year-over-year increase of 4.7% and 11.8%, respectively.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks have been discussed below:

United Natural Foods Inc. (UNFI - Free Report) distributes natural, organic, specialty, produce, and conventional grocery and non-food products in the United States and Canada. It presently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for UNFI’s current fiscal-year sales indicates a decline of 2.1%, and the same for earnings indicates growth of 254.9% from the prior-year reported levels. UNFI delivered a trailing four-quarter earnings surprise of nearly 30%, on average.

Medifast, Inc. (MED - Free Report) operates as a health and wellness company that provides habit-based and coach-guided lifestyle solutions to address obesity and support a healthy life in the United States. MED currently carries a Zacks Rank of 1.

The Zacks Consensus Estimate for MED's current fiscal-year sales and earnings implies a decline of 25.9% and 140.2%, respectively, from the year-ago actuals. MED delivered a trailing four-quarter negative earnings surprise of 635%, on average.

Mama’s Creations, Inc. (MAMA - Free Report) , together with its subsidiaries, manufactures and markets fresh deli-prepared foods in the United States. MAMA currently carries a Zacks Rank of 2 (Buy).

The Zacks Consensus Estimate for MAMA's current fiscal-year sales & earnings implies growth of 30% and 73.3%, respectively, from the year-ago actuals. MAMA delivered a trailing four-quarter negative earnings surprise of 129.2%, on average.

Key Takeaways POST said cereal volume declines moderated, with April showing improving category trends.POST expects second-half cereal volumes to benefit as the Oreo O's licensing impact rolls off.POST maintained a flat dollar market share while balancing branded and private-label offerings. Post Holdings, Inc. (POST - Free Report) highlighted continued improvement in cereal category trends compared with the prior year. Category volume declined 3% in the second quarter of fiscal 2026, while the decline moderated to 2.5% in April, indicating that demand is gradually recovering. Although category performance remains below pre-pandemic levels, management stated that category trends have continued to improve compared with a year ago.

Post Holdings expects year-over-year cereal volume performance to improve in the second half of the year as the impact of the Oreo O’s licensing agreement rolls off. In addition, the company noted that the U.K. cereal category has returned to a relatively flat trend, which management views as a historically normal demand environment and a more supportive backdrop for future volume performance.

POST also expressed confidence in the strength of its portfolio despite continuing assortment changes in the second quarter, particularly within the food channel. The company remained focused on optimizing promotional spending, resulting in slightly lower promotional activity compared with the prior year. Despite this disciplined approach, Post Holdings was the only large player to maintain a flat dollar market share year over year, reflecting continued stability in its portfolio.

Furthermore, Post Holdings continues to benefit from a balanced portfolio of branded and private label products, with private label representing approximately 20% of the Post Consumer Brands’ business. The Zacks Rank #3 (Hold) company also maintains a strong position in key categories, including cereal, granola and peanut butter. Overall, as cereal category trends continue to improve, Post Holdings appears positioned to benefit from its balanced portfolio, stable market share and disciplined promotional strategy.

The Zacks Rundown for POSTThe company’s shares have lost 11.4% in the past six months compared with the industry’s 0.4% decline.

Image Source: Zacks Investment Research

From a valuation standpoint, POST trades at a forward price-to-earnings ratio of 10.72, lower than the industry’s average of 14.42.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for POST’s current and next fiscal year earnings implies a year-over-year increase of 4.7% and 11.8%, respectively.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks have been discussed below:

B&G Foods, Inc. (BGS - Free Report) manufactures, sells and distributes a portfolio of shelf-stable and frozen foods and household products. BGS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for B&G Foods’ current fiscal-year earnings implies growth of 11.8% from the year-ago actuals. BGS delivered a trailing four-quarter negative earnings surprise of 1.7%, on average.

Armanino Foods of Distinction, Inc. (AMNF - Free Report) produces and markets frozen food products in the United States. AMNF currently carries a Zacks Rank of 2.

The Zacks Consensus Estimate for Armanino Foods' current fiscal-year sales and earnings indicates growth of 7.1% and 1.7%, respectively, from the year-ago actuals. AMNF delivered a trailing four-quarter earnings surprise of 23.1%, on average.

Mama’s Creations, Inc. (MAMA - Free Report) , together with its subsidiaries, manufactures and markets fresh deli-prepared foods in the United States. MAMA currently carries a Zacks Rank of 2.

The Zacks Consensus Estimate for MAMA's current fiscal-year sales & earnings implies growth of 30% and 73.3%, respectively, from the year-ago actuals. MAMA delivered a trailing four-quarter negative earnings surprise of 129.2%, on average.