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 June 30, 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 and sausage products and prior to the sale of the Crystal Farms Business (as defined below), cheese products; and •Weetabix: primarily United Kingdom (the “U.K.”) RTE cereal, muesli and protein-based shakes. Business 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). Subsequent to the acquisition, 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 May 1, 2026, we completed our sale of substantially all of the assets of Crystal Farms Dairy Company (the “Crystal Farms Business”). Prior to the sale, the Crystal Farms Business’s operating results were reported in our Refrigerated Retail segment. 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. For additional information on these business divestitures, refer to Note 6 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 23 Table of Contents •pressures on input costs, which impacted all segments across our business. Future pressures on our input costs could have a materially adverse impact on our results of operations if we are unable to mitigate the impact on our businesses. Such pressures include the following: ◦Inflation — During both fiscal 2025 and 2026, we continued to face inflationary pressures on certain input costs while inflationary pressures on other input costs eased. These pressures resulted in some cases from tariffs and the conflict in Iran as discussed below; ◦Tariffs — During both fiscal 2025 and 2026, we experienced elevated input costs as a result of tariffs. 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. As a result, we have collected certain refunds and anticipate collecting additional refunds, although such refunds are not expected to be material; and ◦Conflict in Iran — During fiscal 2026, 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. RESULTS OF OPERATIONS Three Months Ended June 30, Change in Nine Months Ended June 30, Change in dollars in millions 2026 2025 $ % 2026 2025 $ % Net Sales $ 1,948.0 $ 1,984.3 $ (36.3) (2) % $ 6,165.5 $ 5,911.1 $ 254.4 4 % Operating Profit $ 189.3 $ 234.6 $ (45.3) (19) % $ 639.6 $ 630.9 $ 8.7 1 % Interest expense, net 108.2 88.5 19.7 22 % 317.3 259.6 57.7 22 % Loss on extinguishment of debt, net — — — — % 17.5 5.8 11.7 202 % (Income) expense on swaps, net (3.3) 2.6 (5.9) (227) % (6.9) (7.3) 0.4 5 % Other (income) expense, net (2.2) 0.2 (2.4) (1,200) % (8.8) 1.7 (10.5) (618) % Income tax expense 23.1 34.7 (11.6) (33) % 78.5 86.8 (8.3) (10) % Equity method earnings, net of tax (0.1) (0.1) — — % (0.6) (0.4) (0.2) (50) % Less: Net earnings (loss) attributable to noncontrolling interest 0.2 (0.1) 0.3 300% 0.5 — 0.5 n/a Net Earnings $ 63.4 $ 108.8 $ (45.4) (42) % $ 242.1 $ 284.7 $ (42.6) (15) % Net Sales Net sales decreased $36.3 million, or 2%, during the three months ended June 30, 2026, when compared to the prior year period, as a result of lower net sales within our Refrigerated Retail, Foodservice, and Weetabix segments, partially offset by higher net sales within our Post Consumer Brands segment. Net sales increased $254.4 million, or 4%, during the nine months ended June 30, 2026, when compared to the prior year period, as a result of higher net sales within our Post Consumer Brands, Foodservice and Weetabix segments, partially offset by lower net sales within our Refrigerated Retail segment. For further discussion, refer to “Segment Results” within this section. 24 Table of Contents Operating Profit Operating profit decreased $45.3 million, or 19%, during the three months ended June 30, 2026, when compared to the prior year period, driven by lower segment profit within our Foodservice and Refrigerated Retail segments and higher general corporate expenses, partially offset by higher segment profit within our Post Consumer Brands and Weetabix segments. Operating profit increased $8.7 million, or 1%, during the nine months ended June 30, 2026, when compared to the prior year period, driven by higher segment profit within our Foodservice, Weetabix and Post Consumer Brands segments, partially offset by higher general corporate expenses and lower segment profit within our Refrigerated Retail segment. For further discussion, refer to “Segment Results” within this section. Interest Expense, Net Interest expense, net increased $19.7 million, or 22%, during the three months ended June 30, 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 June 30, 2026 and 2025, respectively. Interest expense, net increased $57.7 million, or 22%, during the nine months ended June 30, 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 5.5% and 5.3% for the nine months ended June 30, 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 nine months ended June 30, 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 nine months ended June 30, 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 nine months ended June 30, 2026, we recognized income on swaps, net of $3.3 million and $6.9 million, respectively, related to mark-to-market adjustments and settlements on our interest rate swaps. During the three and nine months ended June 30, 2025, we recognized expense (income) on swaps, net of $2.6 million and $(7.3) 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 26.7% and 24.5% for the three and nine months ended June 30, 2026, respectively, and 24.2% and 23.4% for the three and nine months ended June 30, 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, demolition and site remediation costs related to unused facilities, gain on/adjustment to bargain purchase, interest expense and other unallocated corporate income and expenses. 25 Table of Contents Post Consumer Brands Three Months Ended June 30, Change in Nine Months Ended June 30, Change in dollars in millions 2026 2025 $ % 2026 2025 $ % Net Sales $ 974.2 $ 914.0 $ 60.2 7 % $ 3,122.9 $ 2,865.8 $ 257.1 9 % Segment Profit $ 127.3 $ 120.5 $ 6.8 6 % $ 393.6 $ 391.1 $ 2.5 1 % Segment Profit Margin 13 % 13 % 13 % 14 % Net sales for the Post Consumer Brands segment increased $60.2 million, or 7%, for the three months ended June 30, 2026, when compared to the prior year period, driven by the inclusion of three months of 8th Avenue net sales of $141.8 million. Nut butters product sales were up $68.7 million, or 295%, driven by the inclusion of three months of 8th Avenue. Cereal and granola product sales were up $1.4 million, or less than 1%, driven by the inclusion of three months of 8th Avenue, partially offset by category declines and distribution losses in value cereal products. Pet food product sales were down $46.1 million, or 13%, driven by 8% lower volumes and lower average net selling prices. Pet food volumes decreased primarily due to distribution losses. Pet food average net selling prices decreased primarily due to unfavorable product mix and increased promotional activity. Other product sales were up $36.2 million, driven by the inclusion of three months of 8th Avenue. Net sales for the Post Consumer Brands segment increased $257.1 million, or 9%, for the nine months ended June 30, 2026, when compared to the prior year period, driven by the inclusion of nine months of 8th Avenue net sales of $504.0 million. Nut butters product sales were up $227.1 million, or 315%, driven by the inclusion of nine months of 8th Avenue. Cereal and granola product sales were up $28.2 million, or 2%, driven by the inclusion of nine months of 8th Avenue, partially offset by category declines. Pet food product sales were down $181.0 million, or 15%, driven by 10% 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 and increased promotional activity. Other product sales were up $182.8 million, driven by the inclusion of nine months of 8th Avenue. Segment profit for the three months ended June 30, 2026 increased $6.8 million, or 6%, when compared to the prior year period. This increase was driven by higher net sales, as previously discussed, and lower advertising and consumer spending of $18.6 million. These positive impacts were partially offset by higher product costs of $50.6 million (which was primarily driven by the inclusion of three months of 8th Avenue product costs of $118.9 million, partially offset by lower pet food volumes). Segment profit for the nine months ended June 30, 2026 increased $2.5 million, or 1%, when compared to the prior year period. This increase was driven by higher net sales, as previously discussed, lower advertising and consumer spending of $38.7 million and lower integration costs of $9.6 million. These positive impacts were partially offset by higher product costs of $248.9 million (which were primarily driven by the inclusion of nine months of 8th Avenue product costs of $421.9 million, partially offset by lower pet food volumes) and higher warehousing costs of $15.4 million. Foodservice Three Months Ended June 30, Change in Nine Months Ended June 30, Change in dollars in millions 2026 2025 $ % 2026 2025 $ % Net Sales $ 652.9 $ 698.5 $ (45.6) (7) % $ 1,949.4 $ 1,923.0 $ 26.4 1 % Segment Profit $ 100.8 $ 123.9 $ (23.1) (19) % $ 328.1 $ 271.5 $ 56.6 21 % Segment Profit Margin 15 % 18 % 17 % 14 % Net sales for the Foodservice segment decreased $45.6 million, or 7%, for the three months ended June 30, 2026, when compared to the prior year period, primarily driven by the lapping of HPAI pricing in the prior year period. Egg product sales were down $60.9 million, or 10%, driven by lower average net selling prices, partially offset by 4% higher volumes primarily due to improved customer service levels. Sales of side dishes were up $2.8 million, or 4%, on 1% lower volumes, driven by higher average net selling prices primarily due to list price increases. Sales of all other products were up $12.5 million, primarily driven by protein-based shake sales. Net sales for the Foodservice segment increased $26.4 million, or 1%, for the nine months ended June 30, 2026, when compared to the prior year period. Sales of side dishes were up $21.5 million, or 10%, driven by 9% higher volumes primarily due to the inclusion of five incremental months of PPI. Egg product sales were down $22.7 million, or 1%, driven by lower average net selling prices primarily due to a reduction in HPAI pricing, partially offset by 5% higher volumes primarily due to 26 Table of Contents improved customer service levels. Sales of all other products were up $27.6 million, primarily driven by protein-based shake sales. Segment profit for the three months ended June 30, 2026 decreased $23.1 million, or 19%, when compared to the prior year period, driven by lower net sales, as previously discussed, higher manufacturing costs of $7.6 million and higher freight costs of $6.9 million. These negative impacts were partially offset by lower raw materials costs of $82.6 million, primarily due to lower egg costs compared to the prior year period. Segment profit for the nine months ended June 30, 2026 increased $56.6 million, or 21%, when compared to the prior year period, driven by lower raw materials costs of $198.0 million, primarily due to lower egg costs compared to the prior year period. These positive impacts were partially offset by higher manufacturing costs of $16.6 million, higher warehousing costs of $10.6 million and higher freight costs of $9.6 million. Refrigerated Retail Three Months Ended June 30, Change in Nine Months Ended June 30, Change in dollars in millions 2026 2025 $ % 2026 2025 $ % Net Sales $ 184.5 $ 233.9 $ (49.4) (21) % $ 686.4 $ 725.1 $ (38.7) (5) % Segment Profit $ 9.5 $ 24.5 $ (15.0) (61) % $ 62.0 $ 64.9 $ (2.9) (4) % Segment Profit Margin 5 % 10 % 9 % 9 % Net sales for the Refrigerated Retail segment decreased $49.4 million, or 21%, for the three months ended June 30, 2026, when compared to the prior year period. Cheese and other dairy product sales decreased $26.8 million, or 72%, driven by 72% lower volumes primarily due to the sale of the Crystal Farms Business. Egg product sales were down $16.6 million, or 32%, driven by lower average net selling prices due to the lapping of HPAI pricing in the prior year period and 9% lower volumes primarily due to the normalization of egg demand in the current year period. Sausage sales decreased $3.4 million, or 9%, driven by 12% lower volumes. Sales of side dishes decreased $3.0 million, or 3%, driven by 3% lower volumes primarily due to the shifting of Easter demand into the second quarter of fiscal 2026 (compared to the third quarter of fiscal 2025). Sales of all other products were up $0.4 million. Net sales for the Refrigerated Retail segment decreased $38.7 million, or 5%, for the nine months ended June 30, 2026, when compared to the prior year period. Cheese and other dairy product sales decreased $29.4 million, or 25%, driven by 25% lower volumes primarily due to the sale of the Crystal Farms Business. Egg product sales were down $21.5 million, or 17%, on 5% lower volumes, primarily driven by lower average net selling prices due to a reduction in HPAI pricing. Sales of side dishes increased $11.7 million, or 3%, driven by 4% higher volumes primarily due to new private label product introductions. Sausage sales increased $1.1 million, or 1%, on 5% lower volumes. Sales of all other products were down $0.6 million. Segment profit for the three months ended June 30, 2026 decreased $15.0 million, or 61%, when compared to the prior year period, primarily driven by lower net sales, as previously discussed, and higher freight costs of $3.9 million. These negative impacts were partially offset by lower raw material costs of $2.4 million. Segment profit for the nine months ended June 30, 2026 decreased $2.9 million, or 4%, when compared to the prior year period, primarily driven by lower net sales, as previously discussed, and higher freight costs of $6.6 million. These negative impacts were partially offset by lower raw material costs of $8.6 million. Weetabix Three Months Ended June 30, Change in Nine Months Ended June 30, Change in dollars in millions 2026 2025 $ % 2026 2025 $ % Net Sales $ 137.1 $ 137.9 $ (0.8) (1) % $ 411.1 $ 397.2 $ 13.9 3 % Segment Profit $ 26.1 $ 19.3 $ 6.8 35 % $ 68.6 $ 53.4 $ 15.2 28 % Segment Profit Margin 19 % 14 % 17 % 13 % Net sales for the Weetabix segment decreased $0.8 million, or 1%, for the three months ended June 30, 2026, when compared to the prior year period, driven by 4% lower volumes, partially offset by a favorable foreign currency exchange impact of $0.6 million. Volumes declined primarily due to a decrease in private label product volumes. 27 Table of Contents Net sales for the Weetabix segment increased $13.9 million, or 3%, for the nine months ended June 30, 2026, when compared to the prior year period, primarily driven by a favorable foreign currency exchange impact of $14.7 million, partially offset by 1% lower volumes. Segment profit for the three months ended June 30, 2026 increased $6.8 million, or 35%, when compared to the prior year period, primarily driven by lower manufacturing costs of $3.7 million. Segment profit for the nine months ended June 30, 2026 increased $15.2 million, or 28%, when compared to the prior year period, primarily driven by favorable product mix toward higher margin products, lower manufacturing costs of $2.6 million and a favorable foreign currency exchange impact of $2.5 million. General Corporate Expenses and Other Three Months Ended June 30, Change in Nine Months Ended June 30, Change in dollars in millions 2026 2025 $ % 2026 2025 $ % General corporate expenses and other $ 72.2 $ 53.8 $ 18.4 34 % $ 203.9 $ 151.7 $ 52.2 34 % General corporate expenses and other increased $18.4 million, or 34%, for the three months ended June 30, 2026, when compared to the prior year period. This increase was primarily driven by a loss of $15.0 million on amounts held for sale related to the Crystal Farms Business, net losses related to mark-to-market adjustments on economic hedges of $8.3 million (compared to net gains in the prior year period) and a net loss of $7.0 million related to the sale of the Pasta Business and the Crystal Farms Business. These negative impacts were partially offset by lower restructuring and facility closure costs (including accelerated depreciation) of $17.4 million, primarily driven by a gain recognized on the sale of our cereal manufacturing facility in Sparks, Nevada (the “Sparks Facility”). General corporate expenses and other increased $52.2 million, or 34%, for the nine months ended June 30, 2026, when compared to the prior year period. This increase was primarily driven by a loss of $43.3 million on amounts held for sale related to the Crystal Farms Business, higher asset disposal costs on unused facilities of $5.7 million and higher restructuring and facility closure costs (including accelerated depreciation) of $4.4 million, partially offset by net gains related to mark-to-market adjustments on equity security investments of $12.1 million (compared to net losses in the prior year period). LIQUIDITY AND CAPITAL RESOURCES We completed the following activities during the nine months ended June 30, 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; •$365.0 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”); •$805.0 million repaid under our Revolving Credit Facility; and •9.1 million shares of our common stock repurchased at an average share price of $100.34 per share and at a total cost, including accrued excise tax and broker’s commissions, of $917.4 million. 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. 28 Table of Contents 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. Nine Months Ended June 30, dollars in millions 2026 2025 Cash provided by (used in): Operating activities $ 691.3 $ 697.0 Investing activities 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 Operating Activities Cash provided by operating activities for the nine months ended June 30, 2026 decreased $5.7 million compared to the prior year period. This decrease was primarily driven by cash outflows related to fluctuations in the timing of payments of trade payables within our Post Consumer Brands segment, inventory purchases within our Foodservice segment and higher interest payments of $11.8 million. These negative impacts were partially offset by cash inflows related to fluctuations in the timing of sales and collections of trade receivables within our Post Consumer Brands and Foodservice segments, proceeds from the sales of equity security investments of $55.3 million (compared to purchases in the prior year period) and lower tax payments of $25.2 million. Investing Activities Nine months ended June 30, 2026 Cash provided by investing activities for the nine months ended June 30, 2026 was $166.0 million, driven by proceeds from the sales of the Pasta Business and the Crystal Farms Business of $424.2 million and proceeds from the sale of property of $32.4 million (primarily related to the sale of the Sparks Facility), partially offset by capital expenditures of $289.8 million. 29 Table of Contents Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments. Nine months ended June 30, 2025 Cash used in investing activities for the nine months ended June 30, 2025 was $473.4 million, primarily driven by net cash payments of $124.4 million related to the PPI acquisition and capital expenditures of $360.5 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 Nine months ended June 30, 2026 Cash used in financing activities for the nine months ended June 30, 2026 was $766.5 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 $365.0 million from borrowings under our Revolving Credit Facility. We redeemed $1,235.0 million principal value of our 5.50% senior notes, repaid $805.0 million under our Revolving Credit Facility and repaid $1.2 million principal value of our municipal bond. In addition, we paid $916.1 million, including broker’s commissions and excise tax payments, for the repurchase of shares of our common stock, paid $19.4 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. Nine months ended June 30, 2025 Cash provided by financing activities for the nine months ended June 30, 2025 was $47.3 million. We received proceeds of $600.0 million from the issuance of our 6.250% senior notes and $400.0 million from borrowings under our Revolving Credit Facility, 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 $434.3 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 June 30, 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 30 Table of Contents 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, HPAI 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, leadership transitions, 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. 31 Table of Contents 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.