Post : Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and capital resources of Post Holdings, Inc. This discussion should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto included herein, our audited consolidated financial statements and notes thereto found in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and the "Cautionary Statement on Forward-Looking Statements" section included below. The terms "our," "we," "us," "Company" and "Post" as used herein refer to Post Holdings, Inc. and its subsidiaries.

OVERVIEW

We are a consumer packaged goods holding company operating in four reportable segments. Our products are sold through a variety of channels, including grocery, club and drug stores, mass merchandisers, foodservice, food ingredient and eCommerce.

At March 31, 2026, our reportable segments were as follows:

•Post Consumer Brands: primarily North American ready-to-eat ("RTE") cereal and granola, pet food and nut butters;

•Foodservice: primarily egg and potato products;

•Refrigerated Retail: primarily side dish, egg, cheese and sausage products; and

•Weetabix: primarily United Kingdom (the "U.K.") RTE cereal, muesli and protein-based shakes.

Acquisitions

Fiscal 2025

On July 1, 2025, we completed our acquisition of all of the preferred stock and the remaining common equity interest that we did not already own in 8th Avenue Food & Provisions, Inc. ("8th Avenue"). 8th Avenue is a manufacturer and distributor of private label nut butters, granola and dried fruit and nut products and was previously also a manufacturer and distributor of branded and private label pasta, which we divested during the first quarter of fiscal 2026 (see "Business Divestitures" below within this section). 8th Avenue is reported in our Post Consumer Brands segment.

On March 3, 2025, we completed our acquisition of Potato Products of Idaho, L.L.C. ("PPI"), a manufacturer and packager of refrigerated and frozen potato products, which is reported in our Refrigerated Retail and Foodservice segments.

For additional information on these acquisitions, refer to Note 4 within "Notes to Condensed Consolidated Financial Statements."

Business Divestitures

On December 1, 2025, we completed our previously announced sale of 8th Avenue's pasta business (the "Pasta Business"). Prior to the sale, the Pasta Business's operating results were reported in the Post Consumer Brands segment and its assets and liabilities were classified as held for sale as of September 30, 2025.

In March 2026, we entered into an agreement to sell substantially all of the assets of Crystal Farms Dairy Company (the "Crystal Farms Business"), which closed on May 1, 2026, subsequent to the end of the period covered by this report. The Crystal Farms Business's operating results are reported in our Refrigerated Retail segment, and its assets and liabilities were classified as held for sale as of March 31, 2026.

For additional information on these business divestitures, refer to Notes 6 and 19 within "Notes to Condensed Consolidated Financial Statements."

Market and Company Trends

Our Company, as well as the consumer packaged goods industry in which we operate, has been impacted by the following trends which have impacted our results of operations and may continue to impact our results of operations in the future, including:

•outbreaks of highly pathogenic avian influenza ("HPAI"), which impacted our Foodservice and Refrigerated Retail segments. We experienced volatility in our egg supply due to HPAI outbreaks across the industry, which impacted our results of operations in fiscal 2025. Future outbreaks of HPAI could have a materially adverse impact on our results of operations if we are unable to mitigate the impact on our businesses; and

•inflationary pressures on input costs, which impacted all segments across our business. During fiscal 2025, inflationary pressures on certain input costs eased while other input costs continued to face inflationary pressures. In addition, we anticipate that any future modifications to or incremental tariffs could increase supply chain challenges, commodity cost volatility and consumer and economic uncertainty due to rapid changes in global trade policies. This could impact the cost of, and consumer demand for, our products, including as a result of any potential pricing actions taken to offset increased costs. In February 2026, the United States Supreme Court ruled against certain of these tariffs that had been put in place during fiscal 2025, and we anticipate collecting certain refunds, although such refunds are not expected to be material. Finally, the conflict in Iran has had, and may continue to have, an adverse impact on energy and freight costs. Our businesses have been, and may continue to be, negatively impacted by escalating energy and fuel prices, which have increased certain input costs. We expect certain of these input costs to remain elevated as a result of the ongoing conflict. Future inflationary pressures, including tariffs and escalating energy and fuel prices due to the ongoing conflict in Iran, could have a materially adverse impact on our results of operations if we are unable to mitigate the impact on our businesses.

RESULTS OF OPERATIONS

			Three Months Ended March 31,												Change in												Six Months Ended March 31,												Change in
dollars in millions			2026						2025						$						%						2026						2025						$						%
Net Sales			$	2,042.9					$	1,952.1					$	90.8					5		%				$	4,217.5					$	3,926.8					$	290.7					7		%
Operating Profit			$	211.9					$	182.2					$	29.7					16		%				$	450.3					$	396.3					$	54.0					14		%
Interest expense, net			105.7						87.0						18.7						21		%				209.1						171.1						38.0						22		%
Loss on extinguishment of debt, net			-						-						-						-		%				17.5						5.8						11.7						202		%
(Income) expense on swaps, net			(1.7)						5.5						(7.2)						(131)		%				(3.6)						(9.9)						6.3						64		%
Other (income) expense, net			(2.0)						7.3						(9.3)						(127)		%				(6.6)						1.5						(8.1)						(540)		%
Income tax expense			28.1						20.0						8.1						41		%				55.4						52.1						3.3						6		%
Equity method earnings, net of tax			(0.2)						(0.2)						-						-		%				(0.5)						(0.3)						(0.2)						(67)		%
Less: Net earnings attributable to noncontrolling interest			0.1						-						0.1						n/a						0.3						0.1						0.2						200		%
Net Earnings			$	81.9					$	62.6					$	19.3					31		%				$	178.7					$	175.9					$	2.8					2		%

Net Sales

Net sales increased $90.8 million, or 5%, during the three months ended March 31, 2026, when compared to the prior year period, as a result of higher net sales across all segments.

Net sales increased $290.7 million, or 7%, during the six months ended March 31, 2026, when compared to the prior year period, as a result of higher net sales across all segments.

For further discussion, refer to "Segment Results" within this section.

Operating Profit

Operating profit increased $29.7 million, or 16%, during the three months ended March 31, 2026, when compared to the prior year period, driven by higher segment profit within our Foodservice, Refrigerated Retail and Weetabix segments, partially offset by higher general corporate expenses and lower segment profit within our Post Consumer Brands segment.

Operating profit increased $54.0 million, or 14%, during the six months ended March 31, 2026, when compared to the prior year period, driven by higher segment profit within our Foodservice, Refrigerated Retail and Weetabix segments, partially offset by higher general corporate expenses and lower segment profit within our Post Consumer Brands segment.

For further discussion, refer to "Segment Results" within this section.

Interest Expense, Net

Interest expense, net increased $18.7 million, or 21%, during the three months ended March 31, 2026, when compared to the prior year period. This increase 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 period. Our weighted-average interest rate on our total outstanding debt was 5.5% and 5.3% for the three months ended March 31, 2026 and 2025, respectively.

Interest expense, net increased $38.0 million, or 22%, during the six months ended March 31, 2026, when compared to the prior year period. This increase was driven by higher average outstanding principal amounts of debt, lower interest income and a higher weighted-average interest rate compared to the prior year period. Our weighted-average interest rate on our total outstanding debt was 5.4% and 5.3% for the six months ended March 31, 2026 and 2025, respectively.

For additional information on our debt, refer to Note 14 within "Notes to Condensed Consolidated Financial Statements."

Loss on Extinguishment of Debt, Net

Fiscal 2026

During the six months ended March 31, 2026, we recognized a net loss of $17.5 million related to the redemption of our outstanding 5.50% senior notes. The net loss included debt premiums paid of $22.6 million and the write-off of debt issuance costs of $4.4 million, partially offset by the write-off of unamortized premiums of $9.5 million.

Fiscal 2025

During the six months ended March 31, 2025, we recognized a net loss of $5.8 million related to the redemption of our outstanding 5.625% senior notes. The net loss included debt premiums paid of $4.4 million and the write-off of debt issuance costs of $1.4 million.

For additional information on our debt, refer to Note 14 within "Notes to Condensed Consolidated Financial Statements."

(Income) Expense on Swaps, Net

During the three and six months ended March 31, 2026, we recognized income on swaps, net of $1.7 million and $3.6 million, respectively, related to mark-to-market adjustments and settlements on our interest rate swaps.

During the three and six months ended March 31, 2025, we recognized expense (income) on swaps, net of $5.5 million and $(9.9) million, respectively, related to mark-to-market adjustments and settlements on our interest rate swaps.

For additional information on our interest rate swap contracts and exposure to risk related to interest rate swaps, refer to Note 12 within "Notes to Condensed Consolidated Financial Statements" and "Quantitative and Qualitative Disclosures About Market Risk" below, respectively.

Income Tax Expense

The effective income tax rate was 25.6% and 23.7% for the three and six months ended March 31, 2026, respectively, and 24.3% and 22.9% for the three and six months ended March 31, 2025, respectively.

SEGMENT RESULTS

We evaluate each segment's performance based on its segment profit, which for all segments is its earnings/loss before income taxes and equity method earnings/loss before impairment of property, goodwill and other intangible assets, facility closure related costs, restructuring expenses, loss on amounts held for sale, gain/loss on sale of businesses and facilities, demolition and site remediation costs related to unused facilities, gain on/adjustment to bargain purchase, interest expense and other unallocated corporate income and expenses.

Post Consumer Brands

			Three Months Ended March 31,												Change in												Six Months Ended March 31,												Change in
dollars in millions			2026						2025						$						%						2026						2025						$						%
Net Sales			$	1,044.9					$	987.9					$	57.0					6		%				$	2,148.7					$	1,951.8					$	196.9					10		%
Segment Profit			$	134.1					$	139.6					$	(5.5)					(4)		%				$	266.3					$	270.6					$	(4.3)					(2)		%
Segment Profit Margin			13		%				14		%																12		%				14		%

Net sales for the Post Consumer Brands segment increased $57.0 million, or 6%, for the three months ended March 31, 2026, when compared to the prior year period, driven by the inclusion of three months of 8th Avenue net sales of $145.0

million. Nut butters product sales were up $80.7 million, or 394%, primarily due to the inclusion of three months of 8th Avenue. Cereal and granola product sales were up $25.7 million, or 5%, driven by the inclusion of three months of 8th Avenue, partially offset by category declines. Pet food product sales were down $86.4 million, or 20%, driven by 14% lower volumes and lower average net selling prices. Pet food volumes decreased primarily due to distribution losses and lapping prior year shifts in customer inventory levels. Pet food average net selling prices decreased primarily due to unfavorable product mix. Other product sales were up $37.0 million, driven by the inclusion of three months of 8th Avenue.

Net sales for the Post Consumer Brands segment increased $196.9 million, or 10%, for the six months ended March 31, 2026, when compared to the prior year period, driven by the inclusion of six months of 8th Avenue net sales of $362.2 million. Nut butters product sales were up $158.4 million, or 325%, primarily due to the inclusion of six months of 8th Avenue. Cereal and granola product sales were up $26.8 million, or 3%, driven by the inclusion of six months of 8th Avenue, partially offset by category declines and lower promotional activity. Pet food product sales were down $134.9 million, or 16%, driven by 10% lower volumes and lower average net selling prices. Pet food volumes decreased primarily due to distribution losses, lapping prior year shifts in customer inventory levels and reductions in co-manufactured and private label products. Pet food average net selling prices decreased primarily due to increased promotional activity and unfavorable product mix. Other product sales were up $146.6 million, driven by the inclusion of six months of 8th Avenue.

Segment profit for the three months ended March 31, 2026 decreased $5.5 million, or 4%, when compared to the prior year period. This decrease was driven by higher product costs of $57.6 million (which was primarily driven by the inclusion of three months of 8th Avenue product costs of $124.6 million, partially offset by lower pet food volumes). This negative impact was partially offset by higher net sales, as previously discussed, and lower advertising and consumer spending of $9.6 million.

Segment profit for the six months ended March 31, 2026 decreased $4.3 million, or 2%, when compared to the prior year period. This decrease was driven by higher product costs of $198.3 million (which was primarily driven by the inclusion of six months of 8th Avenue product costs of $303.0 million, partially offset by lower pet food volumes) and higher warehousing costs of $12.0 million. These negative impacts were partially offset by higher net sales, as previously discussed, lower advertising and consumer spending of $20.1 million and lower integration costs of $13.4 million.

Foodservice

			Three Months Ended March 31,												Change in												Six Months Ended March 31,												Change in
dollars in millions			2026						2025						$						%						2026						2025						$						%
Net Sales			$	627.4					$	607.9					$	19.5					3		%				$	1,296.5					$	1,224.5					$	72.0					6		%
Segment Profit			$	109.8					$	61.5					$	48.3					79		%				$	227.3					$	147.6					$	79.7					54		%
Segment Profit Margin			18		%				10		%																18		%				12		%

Net sales for the Foodservice segment increased $19.5 million, or 3%, for the three months ended March 31, 2026, when compared to the prior year period. Sales of side dishes were up $10.4 million, or 16%, driven by 17% higher volumes primarily due to the inclusion of two incremental months of PPI. Egg product sales were up $5.3 million, or 1%, driven by 6% higher volumes primarily due to improved customer service levels, partially offset by lower average net selling prices primarily due to a reduction in HPAI pricing. Sales of all other products were up $3.8 million, primarily driven by protein-based shake sales.

Net sales for the Foodservice segment increased $72.0 million, or 6%, for the six months ended March 31, 2026, when compared to the prior year period. Egg product sales were up $38.2 million, or 4%, driven by 6% higher volumes primarily due to improved customer service levels, partially offset by lower average net selling prices primarily due to a reduction in HPAI pricing. Sales of side dishes were up $18.7 million, or 13%, driven by 14% higher volumes primarily due to the inclusion of five incremental months of PPI. Sales of all other products were up $15.1 million, primarily driven by protein-based shake sales.

Segment profit for the three months ended March 31, 2026 increased $48.3 million, or 79%, when compared to the prior year period, driven by lower raw material costs of $89.4 million, primarily due to lower egg costs compared to the prior year period, and higher net sales, as previously discussed. These positive impacts were partially offset by higher manufacturing costs of $8.8 million.

Segment profit for the six months ended March 31, 2026 increased $79.7 million, or 54%, when compared to the prior year period, driven by lower raw material costs of $115.4 million, primarily due to lower egg costs compared to the prior year period, and higher net sales, as previously discussed. These positive impacts were partially offset by higher manufacturing costs of $9.0 million.

Refrigerated Retail

			Three Months Ended March 31,												Change in												Six Months Ended March 31,												Change in
dollars in millions			2026						2025						$						%						2026						2025						$						%
Net Sales			$	235.3					$	224.6					$	10.7					5		%				$	501.9					$	491.2					$	10.7					2		%
Segment Profit			$	22.1					$	16.2					$	5.9					36		%				$	52.5					$	40.4					$	12.1					30		%
Segment Profit Margin			9		%				7		%																10		%				8		%

Net sales for the Refrigerated Retail segment increased $10.7 million, or 5%, for the three months ended March 31, 2026, when compared to the prior year period. Sales of side dishes increased $13.8 million, or 13%, driven by 12% higher volumes primarily due to new private label product introductions and the shifting of Easter demand into the second quarter of fiscal 2026 (compared to the third quarter of fiscal 2025). Sausage sales increased $1.5 million, or 4%, driven by higher average net selling prices due to prior year price increases and 1% higher volumes. Egg product sales were down $2.0 million, or 5%, on 2% higher volumes, driven by lower average net selling prices primarily due to a reduction in HPAI pricing. Cheese and other dairy product sales decreased $1.2 million, or 3%, on 1% higher volumes. Sales of all other products were down $1.4 million.

Net sales for the Refrigerated Retail segment increased $10.7 million, or 2%, for the six months ended March 31, 2026, when compared to the prior year period. Sales of side dishes increased $14.7 million, or 6%, driven by 7% higher volumes primarily due to new private label product introductions and shifting Easter demand into the second quarter of fiscal 2026 (compared to the third quarter of fiscal 2025). Sausage sales increased $4.5 million, or 5%, on 2% lower volumes, driven by higher average net selling prices due to prior year price increases. Egg product sales were down $4.9 million, or 6%, on 2% lower volumes, driven by lower average net selling prices primarily due to unfavorable product mix. Cheese and other dairy product sales decreased $2.6 million, or 3%, driven by 3% lower volumes. Sales of all other products were down $1.0 million.

Segment profit for the three months ended March 31, 2026 increased $5.9 million, or 36%, when compared to the prior year period, primarily driven by higher net sales, as previously discussed, and lower raw material costs of $3.7 million.

Segment profit for the six months ended March 31, 2026 increased $12.1 million, or 30%, when compared to the prior year period, primarily driven by higher net sales, as previously discussed, lower raw material costs of $6.2 million and lower manufacturing costs of $3.1 million.

Weetabix

			Three Months Ended March 31,												Change in												Six Months Ended March 31,												Change in
dollars in millions			2026						2025						$						%						2026						2025						$						%
Net Sales			$	136.1					$	131.7					$	4.4					3		%				$	274.0					$	259.3					$	14.7					6		%
Segment Profit			$	20.8					$	18.2					$	2.6					14		%				$	42.5					$	34.1					$	8.4					25		%
Segment Profit Margin			15		%				14		%																16		%				13		%

Net sales for the Weetabix segment increased $4.4 million, or 3%, for the three months ended March 31, 2026, when compared to the prior year period, driven by a favorable foreign currency exchange impact of $9.0 million, partially offset by 3% lower volumes. Volumes decreased primarily due to discontinued products, partially offset by increased protein-based shakes volumes.

Net sales for the Weetabix segment increased $14.7 million, or 6%, on flat volumes for the six months ended March 31, 2026, when compared to the prior year period, primarily driven by a favorable foreign currency exchange impact of $14.1 million.

Segment profit for the three months ended March 31, 2026 increased $2.6 million, or 14%, when compared to the prior year period, primarily driven by a favorable foreign currency exchange impact of $1.4 million.

Segment profit for the six months ended March 31, 2026 increased $8.4 million, or 25%, when compared to the prior year period, primarily driven by favorable product mix toward higher margin products and a favorable foreign currency exchange impact of $2.2 million.

General Corporate Expenses and Other

			Three Months Ended March 31,												Change in												Six Months Ended March 31,												Change in
dollars in millions			2026						2025						$						%						2026						2025						$						%
General corporate expenses and other			$	72.9					$	60.6					$	12.3					20		%				$	131.7					$	97.9					$	33.8					35		%

General corporate expenses and other increased $12.3 million, or 20%, for the three months ended March 31, 2026, when compared to the prior year period. This increase was primarily driven by a loss of $28.3 million on amounts held for sale related to our Crystal Farms Business, partially offset by higher net gains of $15.4 million related to mark-to-market adjustments on economic hedges and lower net losses of $9.4 million related to mark-to-market adjustments on equity security investments.

General corporate expenses and other increased $33.8 million, or 35%, for the six months ended March 31, 2026, when compared to the prior year period. This increase was primarily driven by a loss of $28.3 million on amounts held for sale related to our Crystal Farms Business and higher restructuring and facility closure costs (including accelerated depreciation) of $21.8 million primarily related to our Post Consumer Brands segment. These negative impacts were partially offset by a gain of $9.7 million related to our sale of the Pasta Business, net gains related to mark-to-market adjustments on equity security investments of $8.3 million (compared to net losses in the prior year period) and higher net gains related to mark-to-market adjustments on economic hedges of $8.2 million.

LIQUIDITY AND CAPITAL RESOURCES

We completed the following activities during the six months ended March 31, 2026 (for additional information, see Notes 14 and 17 within "Notes to Condensed Consolidated Financial Statements") impacting our liquidity and capital resources:

•$1,300.0 million principal value issued of 6.50% senior notes;

•$600.0 million additional principal value issued of 6.250% senior notes at a premium of $4.5 million;

•$1,235.0 million principal value of our 5.50% senior notes redeemed at a premium of $22.6 million;

•$320.0 million borrowed under our revolving credit facility (the "Revolving Credit Facility") provided for under our second amended and restated credit agreement (as amended, restated or amended and restated, the "Credit Agreement");

•$760.0 million repaid under our Revolving Credit Facility; and

•7.0 million shares of our common stock repurchased at an average share price of $100.76 per share and at a total cost, including accrued excise tax and broker's commissions, of $716.5 million.

In addition, on May 1, 2026, subsequent to the end of the period covered by this report, we completed the sale of the Crystal Farms Business for a preliminary purchase price of $50.0 million. For additional information, refer to Notes 6 and 19 within "Notes to Condensed Consolidated Financial Statements."

Historically, we have generated and expect to continue to generate positive cash flows from operations. We believe our cash on hand, cash flows from operations and current and possible future credit facilities will be sufficient to satisfy our working capital requirements, purchase commitments, interest payments, research and development activities, capital expenditures, pension contributions and benefit payments and other financing requirements for the foreseeable future. We are currently not aware of any existing trends or demands, commitments, events or uncertainties that will result in, or that are reasonably likely to result in, our liquidity increasing or decreasing in any material way that will impact meeting our capital needs during or beyond the next twelve months. Our ability to generate positive cash flows from operations is dependent on general economic conditions, competitive pressures and other business risk factors. We believe that we have sufficient liquidity and cash on hand to satisfy our cash needs. If we are unable to generate sufficient cash flows from operations, or are otherwise unable to comply with the terms of our credit facilities, we may be required to seek additional financing alternatives, which may require waivers under our Credit Agreement and our indentures governing our senior notes, in order to generate additional cash. There can be no assurance that we would be able to obtain additional financing or any such waivers on terms acceptable to us or at all. For additional information on our debt, refer to Note 14 within "Notes to Condensed Consolidated Financial Statements."

Short-term financing needs primarily consist of working capital requirements and interest payments on our long-term debt. Long-term financing needs will depend largely on potential growth opportunities, including acquisition activity and other strategic transactions, repayment or refinancing of our long-term debt obligations and capital expenditures related to ongoing projects. We may, from time to time, seek to retire or purchase our outstanding debt through cash purchases in open market transactions, privately negotiated transactions or otherwise. Additionally, we may continue to repurchase shares of our common

stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Obligations under our Credit Agreement are unconditionally guaranteed by our existing and subsequently acquired or organized subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries) and are secured by security interests in substantially all of our assets and the assets of our subsidiary guarantors, but excluding, in each case, real property. The guarantees of our subsidiaries are subject to release in certain circumstances.

Our senior notes, other than certain of our senior notes described below, are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by each of our existing and subsequently acquired or organized domestic subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries). Our 6.25% senior secured notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis, by each of our existing and subsequently acquired or organized domestic subsidiaries that guarantee the Credit Agreement or certain of our other indebtedness (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries). These guarantees are subject to release in certain circumstances.

Our 2.50% convertible senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by each of our existing domestic subsidiaries that have guaranteed our other senior notes, which excludes certain immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries under our other senior notes indentures. If, after the date our 2.50% convertible senior notes were issued, any domestic wholly-owned subsidiary guarantees any of our existing senior notes or any other debt securities we may issue in the form of senior unsecured notes or convertible or exchangeable notes, then we must cause such subsidiary to become a guarantor for the 2.50% convertible senior notes as well.

The following table presents select cash flow data, which is discussed below.

			Six Months Ended March 31,
dollars in millions			2026						2025
Cash provided by (used in):
Operating activities			$	478.0					$	471.1
Investing activities			172.7						(342.2)
Financing activities			(561.6)						(292.7)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(0.5)						(1.8)
Net increase (decrease) in cash, cash equivalents and restricted cash			$	88.6					$	(165.6)

Operating Activities

Cash provided by operating activities for the six months ended March 31, 2026 increased $6.9 million compared to the prior year period. This increase was primarily driven by cash inflows related to fluctuations in the timing of sales and collections of trade receivables within our Post Consumer Brands and Foodservice segments, higher proceeds from the sale of equity security investments of $55.3 million (compared to purchases in the prior year period) and lower tax payments of $11.6 million. These positive impacts were partially offset by cash outflows related to fluctuations in timing of payments of trade payables within our Post Consumer Brands segment, inventory purchases within our Foodservice and Post Consumer Brands segments and higher interest payments of $27.0 million.

Investing Activities

Six months ended March 31, 2026

Cash provided by investing activities for the six months ended March 31, 2026 was $172.7 million, primarily driven by proceeds from the sale of the Pasta Business of $378.5 million, partially offset by capital expenditures of $207.7 million. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Six months ended March 31, 2025

Cash used in investing activities for the six months ended March 31, 2025 was $342.2 million, primarily driven by net cash payments of $124.3 million related to the PPI acquisition and capital expenditures of $229.5 million, partially offset by proceeds from the sale of property of $12.1 million. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Financing Activities

Six months ended March 31, 2026

Cash used in financing activities for the six months ended March 31, 2026 was $561.6 million. We received proceeds of $1,300.0 million from the issuance of our 6.50% senior notes, $600.0 million from the additional issuance of our 6.250% senior notes and $320.0 million from borrowings under our Revolving Credit Facility. We redeemed $1,235.0 million principal value of our 5.50% senior notes, repaid $760.0 million under our Revolving Credit Facility and repaid $1.2 million principal value of our municipal bond. In addition, we paid $711.7 million, including broker's commissions and excise tax payments, for the repurchase of shares of our common stock, paid $19.2 million of debt issuance costs in connection with the issuance of our 6.50% senior notes and the additional issuance of our 6.250% senior notes, paid $22.6 million of debt premiums related to the redemption of our 5.50% senior notes and received $4.5 million of debt premiums from the additional issuance of our 6.250% senior notes.

Six months ended March 31, 2025

Cash used in financing activities for the six months ended March 31, 2025 was $292.7 million. We received proceeds of $600.0 million from the issuance of our 6.250% senior notes, redeemed $464.9 million principal value of our 5.625% senior notes and repaid $1.2 million principal value of our municipal bond. In addition, we paid $375.1 million, including broker's commissions and excise tax payments, for the repurchase of shares of our common stock, paid $5.2 million of debt issuance costs in connection with the issuance of our 6.250% senior notes and paid $4.4 million of debt premiums related to the redemption of our 5.625% senior notes.

Debt Covenants

Under the terms of our Credit Agreement, we are required to comply with a financial covenant consisting of a secured net leverage ratio (as defined in the Credit Agreement) not to exceed 4.25 to 1.00, measured as of the last day of any fiscal quarter, if, as of the last day of such fiscal quarter, the aggregate outstanding amount of all revolving credit loans, swing line loans and letter of credit obligations (subject to certain exceptions specified in the Credit Agreement) exceeds 30% of our revolving credit commitments. As of March 31, 2026, we were in compliance with this financial covenant. We do not believe non-compliance is reasonably likely in the foreseeable future.

Our Credit Agreement provides for incremental revolving and term loan facilities, and also permits other secured or unsecured debt, if, among other conditions, certain financial ratios are met, as defined and specified in the Credit Agreement.

CRITICAL ACCOUNTING ESTIMATES

Our critical accounting estimates are more fully described in our Annual Report on Form 10-K for the year ended September 30, 2025, as filed with the Securities and Exchange Commission (the "SEC") on November 21, 2025. There have been no significant changes to our critical accounting estimates since September 30, 2025.

RECENTLY ISSUED ACCOUNTING STANDARDS

See Note 2 within "Notes to Condensed Consolidated Financial Statements" for a discussion regarding recently issued accounting standards.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

Forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, are made throughout this report. 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 elsewhere in this report. Our financial condition, results of operations and cash flows may differ materially from the forward-looking statements in this report. Such statements are based on management's current views and assumptions and involve risks and uncertainties that could affect expected results. Those risks and uncertainties include, but are not limited to, the following:

•volatility in the cost or availability of inputs to our businesses (including raw materials, energy and other supplies and freight);

•disruptions or inefficiencies in our 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 our control;

•changes in economic conditions, financial instability, disruptions in capital and credit markets, changes in interest rates and fluctuations in foreign currency exchange rates;

•our and our customers' ability to compete in our respective product categories, including the success of pricing, advertising and promotional programs, declines in demand for our products and the ability to anticipate and respond to changes in consumer and customer preferences and behaviors;

•our ability to hire and retain talented personnel, increases in labor-related costs, employee safety, labor strikes, work stoppages, unionization efforts and other labor disruptions;

•our high leverage, our ability to obtain additional financing and service our outstanding debt (including covenants restricting the operation of our businesses) and a potential downgrade in our credit ratings;

•our ability to successfully implement business strategies to reduce costs or optimize our network;

•allegations that our 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;

•our reliance on third parties and others for the manufacture of many of our 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;

•our 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 our actual operating results from any of our guidance regarding our future performance;

•impairment in the carrying value of goodwill, other intangibles or long-lived assets or changes in critical accounting estimates;

•risks associated with our 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 our divestitures of our interest in BellRing Brands, Inc.;

•our ability to protect our 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 our qualified pension or other postretirement plans;

•conflicting interests or the appearance of conflicting interests resulting from any of our directors or officers also serving as directors or officers of other companies; and

•other risks and uncertainties included under "Risk Factors" in Item 1A of Part II of this report and in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the SEC on November 21, 2025.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to changes in our expectations.