Post Holdings Reports Results for the Second Quarter of Fiscal Year 2026; Affirms Fiscal Year 2026 Outlook

ST. LOUIS, May 7, 2026 /PRNewswire/ -- Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding company, today reported results for the second fiscal quarter ended March 31, 2026.

Highlights:

*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 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.

On March 3, 2025, Post completed its acquisition of Potato Products of Idaho, L.L.C. ("PPI"), the results of which are included in the Refrigerated Retail and Foodservice segments.

Second Quarter Consolidated Operating Results

Net sales were $2,042.9 million, an increase of 4.7%, or $90.8 million, compared to $1,952.1 million in the prior year period and included $152.3 million in net sales from acquisitions in the current year period. Excluding the benefit from acquisitions in the current year period, net sales declines in Post Consumer Brands (driven by pet food distribution losses and the lapping of customer inventory shifts) were partially offset by growth in Foodservice (primarily driven by volume growth in eggs and protein-based shakes), Refrigerated Retail (driven by new product introductions and the shifting of Easter demand into the quarter) and Weetabix (driven by favorable foreign currency exchange rates). Gross profit was $617.6 million, or 30.2% of net sales, an increase of 13.2%, or $71.8 million, compared to $545.8 million, or 28.0% of net sales, in the prior year period.

Selling, general and administrative ("SG&A") expenses were $326.2 million, or 16.0% of net sales, an increase of 3.6%, or $11.4 million, compared to $314.8 million, or 16.1% of net sales, in the prior year period. Operating profit was $211.9 million, an increase of 16.3%, or $29.7 million, compared to $182.2 million in the prior year period. Operating profit in the second quarter of fiscal year 2026 included a loss on amounts held for sale of $28.3 million related to Crystal Farms Dairy Company, which was treated as an adjustment for non-GAAP measures.

Net earnings were $81.9 million, an increase of 30.8%, or $19.3 million, compared to $62.6 million in the prior year period.

Diluted earnings per common share were $1.56, compared to $1.03 in the prior year period. Adjusted net earnings (non-GAAP)* were $104.7 million, compared to $88.7 million in the prior year period. Adjusted diluted earnings per common share (non-GAAP)* were $1.94, compared to $1.41 in the prior year period.

Adjusted EBITDA was $395.0 million, an increase of 14.0%, or $48.5 million, compared to $346.5 million in the prior year period.

Six Month Consolidated Operating Results

Net sales were $4,217.5 million, an increase of $290.7 million, compared to $3,926.8 million in the prior year period. Gross profit was $1,256.1 million, or 29.8% of net sales, an increase of 10.1%, or $115.0 million, compared to $1,141.1 million, or 29.1% of net sales, in the prior year period.

SG&A expenses were $683.5 million, or 16.2% of net sales, an increase of 5.7%, or $37.1 million, compared to $646.4 million, or 16.5% of net sales, in the prior year period. Operating profit was $450.3 million, an increase of 13.6%, or $54.0 million, compared to $396.3 million in the prior year period.

Net earnings were $178.7 million, an increase of 1.6%, or $2.8 million, compared to $175.9 million in the prior year period. Net earnings included the following:

Diluted earnings per common share were $3.28, compared to $2.83 in the prior year period. Adjusted net earnings were $228.5 million, compared to $200.7 million in the prior year period. Adjusted diluted earnings per common share were $4.07, compared to $3.13 in the prior year period.

Adjusted EBITDA was $813.2 million, an increase of 13.5%, or $96.8 million, compared to $716.4 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 second quarter, net sales were $1,044.9 million, an increase of 5.8%, or $57.0 million, compared to the prior year period. Net sales included $145.0 million in the second quarter attributable to 8th Avenue. Excluding the benefit of 8th Avenue in the current year period, volumes decreased 10.0% as pet food volumes declined 14.1% and cereal and granola volumes declined 3.5%. Pet food volume losses were primarily driven by distribution losses and the lapping of customer inventory shifts in the prior year. Cereal and granola volume losses were primarily driven by category declines. Segment profit was $134.1 million, a decrease of 3.9%, or $5.5 million, compared to the prior year period. Segment Adjusted EBITDA (non-GAAP)* was $200.2 million, a decrease of 1.8%, or $3.6 million, compared to the prior year period.

For the six months ended March 31, 2026, net sales were $2,148.7 million, an increase of 10.1%, or $196.9 million, compared to the prior year period. Segment profit was $266.3 million, a decrease of 1.6%, or $4.3 million, compared to the prior year period. Segment Adjusted EBITDA was $403.5 million, a decrease of 1.2%, or $5.1 million, compared to the prior year period.

Foodservice

Primarily egg and potato products.

For the second quarter, net sales were $627.4 million, an increase of 3.2%, or $19.5 million, compared to the prior year period. Net sales included $6.5 million in the second quarter attributable to PPI. Excluding the benefit of PPI in the current year period, volumes increased 6.7%, driven by improved customer service levels and improved production in protein-based shakes. Segment profit was $109.8 million, an increase of 78.5%, or $48.3 million, compared to the prior year period. Segment Adjusted EBITDA was $142.0 million, an increase of 47.9%, or $46.0 million, compared to the prior year period.

For the six months ended March 31, 2026, net sales were $1,296.5 million, an increase of 5.9%, or $72.0 million, compared to the prior year period. Segment profit was $227.3 million, an increase of 54.0%, or $79.7 million, compared to the prior year period. Segment Adjusted EBITDA was $294.4 million, an increase of 38.3%, or $81.6 million, compared to the prior year period.

Refrigerated Retail

Primarily side dish, egg, cheese and sausage products.

For the second quarter, net sales were $235.3 million, an increase of 4.8%, or $10.7 million, compared to the prior year period. Volumes increased 5.6%, primarily due to an increase in side dish products driven by the introduction of private label offerings and the shifting of Easter demand into the quarter. Volume information by product is disclosed in a table presented later in this release. Segment profit was $22.1 million, an increase of 36.4%, or $5.9 million, compared to the prior year period. Segment Adjusted EBITDA was $40.8 million, an increase of 17.6%, or $6.1 million, compared to the prior year period.

For the six months ended March 31, 2026, net sales were $501.9 million, an increase of 2.2%, or $10.7 million, compared to the prior year period. Segment profit was $52.5 million, an increase of 30.0%, or $12.1 million, compared to the prior year period. Segment Adjusted EBITDA was $90.9 million, an increase of 19.1%, or $14.6 million, compared to the prior year period.

Weetabix

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

For the second quarter, net sales were $136.1 million, an increase of 3.3%, or $4.4 million, compared to the prior year period. Net sales reflected a foreign currency exchange rate tailwind of approximately 680 basis points. Volumes decreased 2.6%, primarily driven by product discontinuations and declines in private label products, partially offset by growth in protein-based shakes. Segment profit was $20.8 million, an increase of 14.3%, or $2.6 million, compared to the prior year period. Segment Adjusted EBITDA was $32.3 million, an increase of 6.6%, or $2.0 million, compared to the prior year period.

For the six months ended March 31, 2026, net sales were $274.0 million, an increase of 5.7%, or $14.7 million, compared to the prior year period. Segment profit was $42.5 million, an increase of 24.6%, or $8.4 million, compared to the prior year period. Segment Adjusted EBITDA was $65.4 million, an increase of 12.2%, or $7.1 million, compared to the prior year period.

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

Interest expense, net was $105.7 million and $209.1 million in the three and six months ended March 31, 2026, respectively, compared to $87.0 million and $171.1 million in the three and six months ended March 31, 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 second quarter of fiscal year 2026 or 2025. Loss on extinguishment of debt, net of $17.5 million was recorded in the six months ended March 31, 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 six months ended March 31, 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 $1.7 million in the second quarter of fiscal year 2026 compared to an expense of $5.5 million in the prior year period. Income on swaps, net was $3.6 million in the six months ended March 31, 2026 compared to $9.9 million in the prior year period.

Income tax expense was $28.1 million in the second quarter of fiscal year 2026, an effective income tax rate of 25.6%, compared to $20.0 million in the second quarter of fiscal year 2025, an effective income tax rate of 24.3%. Income tax expense was $55.4 million in the six months ended March 31, 2026, an effective income tax rate of 23.7%, compared to $52.1 million in the prior year period, an effective income tax rate of 22.9%.

Share Repurchases and New Share Repurchase Authorization

During the second quarter of fiscal year 2026, Post repurchased 3.3 million shares of its common stock for $331.0 million at an average price of $99.85 per share. During the six months ended March 31, 2026, Post repurchased 7.0 million shares for $709.9 million at an average price of $100.76. Subsequent to the end of the second quarter of fiscal year 2026 through May 5, 2026, Post repurchased 1.1 million shares for $111.9 million at an average price of $101.84 per share. On May 5, 2026, Post's Board of Directors approved a new $600 million share repurchase authorization. Shares repurchased under the new authorization may begin on May 9, 2026. As of May 5, 2026, Post had $236.6 million remaining under its existing $500 million share repurchase authorization, which became effective on February 7, 2026 and will be cancelled effective May 8, 2026.

Repurchases may be made from time to time in the open market, in private purchases, through forward, derivative, accelerated repurchase or automatic purchase transactions, or otherwise. Any shares repurchased would be held as treasury stock. The authorization does not, however, obligate Post to acquire any particular number of shares, and repurchases may be suspended or terminated at any time at Post's discretion.

Outlook

Post management affirmed its guidance range for fiscal year 2026 Adjusted EBITDA of $1,550-$1,580 million.

Post management expects fiscal year 2026 capital expenditures to range between $350-$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, May 8, 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 POSTQ226. 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, May 15, 2026 by dialing (800) 839-4906 in the United States and (402) 220-2684 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 year 2026 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:

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
daniel.orourke@postholdings.com
(314) 806-3959

Media Relations
Tara Gray
tara.gray@postholdings.com
(314) 644-7648

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March 31,

March 31,

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.

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:

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, 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, costs expected to be indemnified, net, provision for legal settlements and advisory income. Additionally, Adjusted EBITDA and segment Adjusted EBITDA reflect adjustments for the following items:

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):

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.

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