(Dollars and shares in millions, unless otherwise noted, except per share data) This discussion and analysis deals with comparisons of material changes in the unaudited condensed consolidated financial statements for the three months ended July 31, 2026 and 2025. All comparisons presented are to the corresponding period of the prior year, unless otherwise noted. We are the owner of all trademarks referenced herein, except for the following, which are used under license: Dunkin’ is a trademark of DD IP Holder LLC used under three licenses (the “Dunkin’ Licenses”) for packaged coffee products, including K-Cup® pods, sold in retail channels, such as grocery stores, mass merchandisers, club stores, e-commerce, and drug stores, as well as in certain away from home channels. The Dunkin’ Licenses do not pertain to coffee or other products for sale in Dunkin’ restaurants. K-Cup® is a trademark of Keurig Green Mountain, Inc., used with permission. Trends Affecting our Business During the first three months of 2027, we continued to operate in a dynamic and evolving external environment, including geopolitical, macroeconomic, and policy developments, as well as changing consumer behavior, which may continue to affect our business during the remainder of 2027. Despite these challenges, we delivered strong results and demonstrated continued momentum across the Company. Our performance was driven by the strength of our differentiated portfolio, disciplined execution against our strategic priorities, and continued investment in our brands and capabilities. To support continued growth and navigate these evolving market conditions, we remain focused on executing our company-wide transformation initiative, which is designed to translate our continuous improvement mindset into sustainable productivity gains. These efforts are intended to expand our profit margins while enabling reinvestment in the Company to support future growth and cost savings. We continue to closely monitor ongoing geopolitical conflicts and evolving international trade and regulatory conditions, including the potential impact of tariffs and any other policy actions. Further escalation of these developments could significantly disrupt economic activity, global supply chains, and transportation networks, while contributing to inflationary pressures, higher energy costs, and broader economic slowdowns. In addition, supply chain disruptions could result from shipping delays, supply and demand imbalances, labor shortages, and other operational challenges. We continue to work closely with our customers and external business partners, taking proactive measures to support safety, maintain business continuity, and maximize product availability. Given these uncertainties, the impact of inflation, tariffs, supply chain disruptions, and labor availability and attrition on our business, results of operations, financial condition, and liquidity could be difficult to predict. We will continue to monitor these factors as conditions evolve. 20 Table of Contents Results of Operations Three Months Ended July 31, 2026 2025 % Increase (Decrease) Net sales $ 2,219.3 $ 2,113.3 5 % Gross profit $ 979.6 $ 474.7 106 % of net sales 44.1 % 22.5 % Operating income $ 511.6 $ 45.6 n/m % of net sales 23.1 % 2.2 % Net income (loss): Net income (loss) $ 324.3 $ (43.9) n/m Net income (loss) per common share – assuming dilution $ 3.03 $ (0.41) n/m Adjusted gross profit (A) $ 950.2 $ 743.2 28 % of net sales 42.8 % 35.2 % Adjusted operating income (A) $ 540.7 $ 370.3 46 % of net sales 24.4 % 17.5 % Adjusted income: (A) Income $ 346.5 $ 203.4 70 Earnings per share – assuming dilution $ 3.24 $ 1.90 71 (A)We use non-GAAP financial measures to evaluate our performance. Refer to “Non-GAAP Financial Measures” in this discussion and analysis for a reconciliation to the comparable GAAP financial measure. Net Sales Three Months Ended July 31, 2026 2025 Increase (Decrease) % Net sales $ 2,219.3 $ 2,113.3 $ 106.0 5 % Foreign currency exchange 1.3 — 1.3 — Net sales excluding foreign currency exchange (A) $ 2,220.6 $ 2,113.3 $ 107.3 5 % Amounts may not add due to rounding. (A) Net sales excluding foreign currency exchange is a non-GAAP financial measure used to evaluate performance internally. This measure provides useful information to investors because it enables comparison of results on a year-over-year basis. Net sales in the first three months of 2027 increased $106.0, or 5 percent. Net price realization contributed 4 percentage points to net sales, primarily driven by higher net pricing for coffee. Volume/mix increased net sales by 1 percentage point, primarily driven by increases for Uncrustables sandwiches and coffee, partially offset by decreases for sweet baked goods and peanut butter. 21 Table of Contents Operating Income The following table presents the components of operating income as a percentage of net sales. Three Months Ended July 31, 2026 2025 Gross profit 44.1 % 22.5 % Selling, distribution, and administrative expenses: Marketing 5.5 % 5.6 % Selling 3.4 3.4 Distribution 3.3 3.3 General and administrative 6.3 5.6 Total selling, distribution, and administrative expenses 18.5 % 17.9 % Amortization 2.6 2.4 Other special project costs — 0.3 Other operating expense (income) – net — (0.2) Operating income 23.1 % 2.2 % Amounts may not add due to rounding. Gross profit increased $504.9, or 106 percent, in the first three months of 2027, primarily reflecting lower costs, including the net favorable impact of derivative gains and losses, as well as tariff refunds, higher net price realization, and favorable volume/mix. Operating income increased $466.0 in the first three months of 2027, primarily reflecting the increase in gross profit, partially offset by an increase in selling, distribution, and administrative (“SD&A”) expenses. Our non-GAAP financial measures are adjusted to exclude amortization expense and impairment charges related to intangible assets, special project costs, gains and losses on divestitures, the change in net cumulative unallocated derivative gains and losses, and other infrequently occurring items that do not directly reflect ongoing operating results. Refer to “Non-GAAP Financial Measures” in this discussion and analysis for additional information. Gross profit excluding non-GAAP adjustments (“adjusted gross profit”) increased $207.0, or 28 percent, as compared to the prior year, reflecting the exclusion of the change in net cumulative unallocated derivative gains and losses and special project costs as compared to GAAP gross profit. Operating income excluding non-GAAP adjustments (“adjusted operating income”) increased $170.4, or 46 percent, as compared to the prior year, further reflecting the exclusion of amortization expense and other special project costs. Interest Expense Net interest expense decreased $17.9, or 18 percent, during the first three months of 2027, primarily reflecting reduced debt outstanding as compared to the prior year. For additional information, refer to Note 6: Debt and Financing Arrangements. Income Taxes Income taxes increased $116.2 during the three months ended July 31, 2026, primarily reflecting an increase in income before income taxes, compared to a loss before income taxes in the prior year that resulted in an income tax benefit. During both the current and prior years, the effective income tax rates varied from the U.S. statutory income tax rate of 21.0 percent, primarily due to state income taxes. We anticipate the full-year effective income tax rate for 2027 to be approximately 24.3 percent. For additional information, refer to Note 10: Income Taxes. Special Project Costs Divestiture Costs: As a result of prior year divestitures, we identified opportunities to address certain distribution inefficiencies. We have recognized total cumulative costs of $9.0, of which $0.3 was recognized during the three months ended July 31, 2025, primarily consisting of other transition and termination costs. There were no divestiture costs recognized during the three months ended July 31, 2026. We do not anticipate any additional costs to be incurred related to these divestiture activities. Integration Costs: As of April 30, 2026, integration of the Hostess Brands acquisition was considered complete. We incurred total integration costs of $187.4 related to the acquisition, of which $0.4 were recognized during the three months ended July 31, 2025. These costs primarily consisted of transaction costs, employee-related costs, and other transition and termination 22 Table of Contents charges, the majority of which were cash charges. We did not incur any costs during the three months ended July 31, 2026, related to these integration activities. Restructuring Costs: During 2026, we closed our Indianapolis, Indiana manufacturing facility, which manufactured Hostess branded products, and consolidated operations into other existing facilities to further optimize operations within our Sweet Baked Snacks segment. We have recognized total cumulative costs of $84.1, of which $0.6 and $20.7 were recognized during the three months ended July 31, 2026 and 2025, respectively. These costs primarily consisted of other transition and termination charges and employee-related costs. The remaining charges related to these restructuring activities are not expected to be material during the remainder of 2027. For further information on these costs, refer to Note 3: Special Project Costs. Segment Results We have five reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, U.S. Retail Pet Foods, Sweet Baked Snacks, and Away From Home. The presentation of Other represents the International operating segment, which does not meet the criteria to be presented as a reportable segment under FASB ASC 280. The U.S. Retail Coffee segment primarily includes the domestic sales of Folgers, Dunkin’, and Café Bustelo branded coffee; the U.S. Retail Frozen Handheld and Spreads segment primarily includes the domestic sales of Uncrustables, Jif, and Smucker’s branded products; the U.S. Retail Pet Foods segment primarily includes the domestic sales of Meow Mix, Milk-Bone, Pup-Peroni, and Canine Carry Outs branded products; and the Sweet Baked Snacks segment primarily includes all domestic and foreign sales of Hostess branded products in all channels. The Away From Home reportable segment includes the sale of all products, with the exception of Sweet Baked Snacks products, domestically and in foreign countries through foodservice distributors and operators (e.g., healthcare operators, restaurants, educational institutions, offices, lodging and gaming establishments, and convenience stores). Three Months Ended July 31, 2026 2025 % Increase (Decrease) Net sales: U.S. Retail Coffee $ 807.8 $ 717.2 13 % U.S. Retail Frozen Handheld and Spreads 499.3 484.7 3 U.S. Retail Pet Foods 371.7 368.0 1 Sweet Baked Snacks 236.5 253.2 (7) Away From Home 203.7 198.3 3 Other (A) 100.3 91.9 9 Segment profit: U.S. Retail Coffee $ 300.0 $ 134.2 124 % U.S. Retail Frozen Handheld and Spreads 129.7 114.3 13 U.S. Retail Pet Foods 98.9 101.3 (2) Sweet Baked Snacks 29.9 34.2 (13) Away From Home 61.2 51.4 19 Other (A) 19.3 14.1 37 Segment profit margin: U.S. Retail Coffee 37.1 % 18.7 % U.S. Retail Frozen Handheld and Spreads 26.0 23.6 U.S. Retail Pet Foods 26.6 27.5 Sweet Baked Snacks 12.6 13.5 Away From Home 30.0 25.9 Other (A) 19.2 15.3 (A)Represents the International operating segment. U.S. Retail Coffee U.S. Retail Coffee net sales increased $90.6 in the first three months of 2027. Net price realization increased net sales by 10 percentage points, reflecting higher net pricing across the portfolio. Volume/mix increased net sales by 2 percentage points, 23 Table of Contents primarily reflecting increases for the Dunkin’ and Café Bustelo brands. Segment profit increased $165.8, primarily reflecting tariff refunds and higher net price realization, partially offset by higher marketing spend. U.S. Retail Frozen Handheld and Spreads U.S. Retail Frozen Handheld and Spreads net sales increased $14.6 in the first three months of 2027. Net price realization contributed 2 percentage points to net sales, reflecting higher net pricing across the portfolio. Volume/mix increased net sales by 1 percentage point, primarily reflecting an increase for Uncrustables sandwiches, partially offset by decreases for peanut butter and fruit spreads. Segment profit increased $15.4, primarily driven by higher net price realization, lower marketing spend, and favorable volume/mix, partially offset by higher costs. U.S. Retail Pet Foods U.S. Retail Pet Foods net sales increased $3.7 in the first three months of 2027. Volume/mix increased net sales by 1 percentage point, primarily reflecting an increase for cat food. Net price realization was neutral to net sales, as higher net pricing for cat food was mostly offset by higher trade spend for dog snacks. Segment profit decreased $2.4, primarily reflecting higher costs and increased marketing spend, partially offset by tariff refunds and favorable volume/mix. Sweet Baked Snacks Sweet Baked Snacks net sales decreased $16.7 in the first three months of 2027. Volume/mix decreased net sales by 8 percentage points, primarily reflecting decreases for snack cakes and breakfast. Net price realization contributed 2 percentage points to net sales, primarily reflecting higher net pricing for snack cakes and donuts. Segment profit decreased $4.3, primarily reflecting higher costs and unfavorable volume/mix, partially offset by higher net price realization and lower marketing spend. Away From Home Away From Home net sales increased $5.4 in the first three months of 2027.Volume/mix increased net sales by 2 percentage points, primarily driven by increases for Uncrustables sandwiches and fruit spreads, partially offset by a decrease for coffee. Net price realization was neutral to net sales, as higher net pricing for coffee was mostly offset by lower net pricing for Uncrustables sandwiches and portion control products. Segment profit increased $9.8, primarily reflecting tariff refunds and favorable volume/mix, partially offset by higher costs. LIQUIDITY AND CAPITAL RESOURCES Liquidity Our principal source of funds is cash generated from operations, supplemented by borrowings against our commercial paper program and revolving credit facility. Total cash and cash equivalents decreased to $43.2 at July 31, 2026, compared to $58.6 at April 30, 2026. The following table presents selected cash flow information. Three Months Ended July 31, 2026 2025 Net cash provided by (used for) operating activities $ 425.7 $ (10.6) Net cash provided by (used for) investing activities (85.8) (197.9) Net cash provided by (used for) financing activities (354.0) 178.0 Net cash provided by (used for) operating activities $ 425.7 $ (10.6) Additions to property, plant, and equipment (88.4) (84.3) Free cash flow (A) $ 337.3 $ (94.9) (A)Free cash flow is a non-GAAP financial measure used by management to evaluate the amount of cash available for debt repayment, dividend distribution, acquisition opportunities, share repurchases, and other corporate purposes. The $436.3 increase in cash provided by operating activities in the first three months of 2027 was primarily driven by higher net income (loss) adjusted for noncash items in the current year and lower working capital requirements in 2027. The cash required to fund working capital decreased compared to the prior year, primarily driven by a decrease in cash used for inventories, 24 Table of Contents reflecting a moderation in input cost inflation during the current year and lower inventory levels, as well as favorable changes in accounts payable and trade receivables driven by the timing of spend, cash payments, sales, and collections, partially offset by an unfavorable impact related to the timing of settling our derivative instruments. Cash used for investing activities in the first three months of 2027 consisted primarily of $88.4 in capital expenditures, primarily reflecting plant maintenance and improvement of our facilities. Cash used for investing activities in the first three months of 2026 consisted primarily of an increase of $126.7 in our derivative cash margin account balances and $84.3 in capital expenditures, primarily reflecting plant maintenance and improvement of our facilities. Cash used for financing activities in the first three months of 2027 consisted primarily of an increase in net short-term repayments of $230.8 and dividend payments of $116.8. Cash provided by financing activities in the first three months of 2026 consisted primarily of a net increase in short-term borrowings of $300.6, partially offset by dividend payments of $114.4. Supplier Financing Program As part of ongoing efforts to maximize working capital, we work with our suppliers to optimize our terms and conditions, which includes the extension of payment terms. Payment terms with our suppliers, which we deem to be commercially reasonable, range from 0 to 180 days. We have an agreement with a third-party administrator to provide an accounts payable tracking system and facilitate a supplier financing program, which allows participating suppliers the ability to monitor and voluntarily elect to sell our payment obligations to a designated third-party financial institution. Participating suppliers can sell one or more of our payment obligations at their sole discretion. We have no economic interest in a supplier’s decision to enter into these agreements. Our rights and obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted by our suppliers’ decisions to sell amounts under these arrangements. As of July 31, 2026, and April 30, 2026, $336.1 and $325.1 of our outstanding payment obligations, respectively, were elected and sold to a financial institution by participating suppliers. During the first three months of 2027 and 2026, we paid $363.2 and $340.9, respectively, to a financial institution for payment obligations that were settled through the supplier financing program. Contingencies We, like other food manufacturers, are from time to time subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. We are currently a defendant in a variety of such legal proceedings, and while we cannot predict with certainty the ultimate results of these proceedings or potential settlements associated with these or other matters, we have accrued losses for certain contingent liabilities that we have determined are probable and reasonably estimable at July 31, 2026. Based on the information known to date, with the exception of the matters discussed below, we do not believe the final outcome of these proceedings will have a material adverse effect on our financial position, results of operations, or cash flows. Class Action Lawsuits: We are defendants in a series of putative class action lawsuits that were transferred to the U.S. District Court for the Western District of Missouri for coordinated pre-trial proceedings. The plaintiffs assert claims arising under various state laws for false advertising, consumer protection, deceptive and unfair trade practices, and similar statutes. Their claims are premised on allegations that we have misrepresented the number of servings that can be made from various canisters of Folgers coffee on the packaging for those products. The outcome and the financial impact of these cases, if any, cannot be predicted at this time. Accordingly, no loss contingency has been recorded for these matters as of July 31, 2026, as the likelihood of loss is not considered probable or reasonably estimable. However, if we are required to pay significant damages, our business and financial results could be adversely impacted, and sales of those products could suffer not only in these locations but elsewhere. Voortman Contingency: In December 2020, Hostess Brands asserted claims for indemnification against the Sellers under the terms of the Purchase Agreement pursuant to which Hostess Brands acquired Voortman. The claims were for damages arising out of alleged breaches by the Sellers of certain representations, warranties, and covenants contained in the Purchase Agreement relating to periods prior to the closing of the acquisition. Hostess Brands also submitted claims relating to these alleged breaches under RWI that was purchased in connection with the acquisition. In the third quarter of calendar 2022, the RWI insurers paid Hostess Brands the Proceeds related to these breaches. Per agreement with the RWI insurers, we will not be required to return the Proceeds under any circumstances. On November 3, 2022, pursuant to the agreement with the RWI insurers, Voortman brought the Claim related to the breaches against certain of the Sellers. The Claim alleges the seller defendants made certain non-disclosures and misrepresentations to induce Hostess Brands to overpay for Voortman. We are seeking damages of $109.0 CAD representing the amount of the aggregate liability of the Sellers for indemnification under the Purchase Agreement, $5.0 CAD in punitive or aggravated 25 Table of Contents damages, interest, proceedings fees, and any other relief the presiding court deems appropriate. A portion of any recovery will be shared with the RWI insurers. Although we believe that the Claim is meritorious, no assurance can be given as to whether we will recover all, or any part, of the amounts being pursued. We retained rights to the Claim upon the divestiture of the Voortman business in 2025. Tariff Refunds: In April 2026, we initiated claims for refunds on tariffs previously paid under IEEPA on certain imported goods. During the first quarter of 2027, we received refunds of approximately $115.0, which were recognized in cost of products sold, and related interest income of approximately $4.0, which was recognized in interest expense – net, in the Condensed Statement of Consolidated Income (Loss). As of July 31, 2026, substantially all requested refunds have been received. Capital Resources The following table presents our capital structure. July 31, 2026 April 30, 2026 Current portion of long-term debt $ 150.0 $ 150.0 Short-term borrowings 193.5 420.9 Long-term debt, less current portion 6,394.3 6,392.8 Total debt $ 6,737.8 $ 6,963.7 Shareholders’ equity 5,750.8 5,543.8 Total capital $ 12,488.6 $ 12,507.5 We have available a $2.0 billion unsecured revolving credit facility with a group of ten banks that matures in March 2030. Additionally, we participate in a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $2.0 billion at any time. The commercial paper program is backed by our revolving credit facility and reduces what we can borrow under the revolving credit facility by the amount of commercial paper outstanding. Commercial paper is used as a continuing source of short-term financing for general corporate purposes. As of July 31, 2026, we had $193.5 of short-term borrowings outstanding, which were issued under our commercial paper program at a weighted-average interest rate of 4.00 percent. We are in compliance with all our debt covenants as of July 31, 2026, and expect to be for the next 12 months. For additional information on our long-term debt, sources of liquidity, and debt covenants, see Note 6: Debt and Financing Arrangements. Dividend payments were $116.8 and $114.4 in the first three months of 2027 and 2026, respectively, and dividends declared per share were $1.12 and $1.10 in the first three months of 2027 and 2026, respectively. The declaration of dividends is subject to the discretion of our Board and depends on various factors, such as our net income (loss), financial condition, cash requirements, future events, and other factors deemed relevant by the Board. During the three months ended July 31, 2026 and 2025, we did not repurchase any common shares under a repurchase plan authorized by the Board. The shares repurchased during the three months ended July 31, 2026 and 2025, consisted of shares repurchased from stock plan recipients in lieu of cash payments. As of July 31, 2026, approximately 1.1 million common shares remain available for repurchase pursuant to the Board’s authorizations. There is no guarantee as to the exact number of shares that may be repurchased or when such purchases may occur. Absent any material acquisitions or other significant investments, we believe that cash on hand, combined with cash provided by operations, borrowings available under our revolving credit facility and commercial paper program, and access to capital markets, will be sufficient to meet our cash requirements for the next 12 months, including the payment of quarterly dividends, principal and interest payments on debt outstanding, and capital expenditures. However, as a result of the current macroeconomic environment, we may experience an increase in the cost or the difficulty to obtain debt or equity financing, or to refinance our debt in the future. We continue to evaluate these risks, which could affect our financial condition or our ability to fund operations or future investment opportunities. As of July 31, 2026, total cash and cash equivalents of $33.1 was held by our foreign subsidiaries, primarily in Canada. We have not repatriated foreign cash to the U.S. during the first three months of 2027. 26 Table of Contents Material Cash Requirements We do not have material off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as variable interest entities. Transactions with related parties are in the ordinary course of business and are not material to our results of operations, financial condition, or cash flows. As of July 31, 2026, there were no material changes to our material cash requirements as previously reported in our Annual Report on Form 10-K for the year ended April 30, 2026. NON-GAAP FINANCIAL MEASURES We use non-GAAP financial measures including: net sales excluding divestitures and foreign currency exchange, adjusted gross profit, adjusted operating income, adjusted income, adjusted earnings per share, and free cash flow, as key measures for purposes of evaluating performance internally. We believe that investors’ understanding of our performance is enhanced by disclosing these performance measures. Furthermore, these non-GAAP financial measures are used by management in preparation of the annual budget and for the monthly analyses of our operating results. The Board also utilizes certain non-GAAP financial measures as components for measuring performance for incentive compensation purposes. Non-GAAP financial measures exclude certain items affecting comparability that can significantly affect the year-over-year assessment of operating results, which include amortization expense and impairment charges related to intangible assets, special project costs, gains and losses on divestitures, the change in net cumulative unallocated derivative gains and losses, and other infrequently occurring items that do not directly reflect ongoing operating results. Income taxes, as adjusted is calculated using an adjusted effective income tax rate that is applied to adjusted income before income taxes and reflects the exclusion of the previously discussed items, as well as any adjustments for one-time tax-related activities, when they occur. While this adjusted effective income tax rate does not generally differ materially from our GAAP effective income tax rate, certain exclusions from non-GAAP results can significantly impact our adjusted effective income tax rate. These non-GAAP financial measures are not intended to replace the presentation of financial results in accordance with U.S. GAAP. Rather, the presentation of these non-GAAP financial measures supplements other metrics we use to internally evaluate our business and facilitate the comparison of past and present operations and liquidity. These non-GAAP financial measures may not be comparable to similar measures used by other companies and may exclude certain nondiscretionary expenses and cash payments. 27 Table of Contents The following table reconciles certain non-GAAP measures to the comparable GAAP financial measure. See page 21 for a reconciliation of net sales adjusted for certain noncomparable items to the comparable GAAP financial measure. Three Months Ended July 31, 2026 2025 Gross profit reconciliation: Gross profit $ 979.6 $ 474.7 Change in net cumulative unallocated derivative gains and losses (29.4) 253.1 Cost of products sold – special project costs — 15.4 Adjusted gross profit $ 950.2 $ 743.2 Operating income reconciliation: Operating income $ 511.6 $ 45.6 Amortization 57.9 50.2 Change in net cumulative unallocated derivative gains and losses (29.4) 253.1 Cost of products sold – special project costs — 15.4 Other special project costs 0.6 6.0 Adjusted operating income $ 540.7 $ 370.3 Net income (loss) reconciliation: Net income (loss) $ 324.3 $ (43.9) Income tax expense (benefit) 103.6 (12.6) Amortization 57.9 50.2 Change in net cumulative unallocated derivative gains and losses (29.4) 253.1 Cost of products sold – special project costs — 15.4 Other special project costs 0.6 6.0 Adjusted income before income taxes $ 457.0 $ 268.2 Income taxes, as adjusted 110.5 64.8 Adjusted income $ 346.5 $ 203.4 Weighted-average shares outstanding – assuming dilution (A) 107.1 106.8 Adjusted earnings per share – assuming dilution (A) $ 3.24 $ 1.90 (A)Adjusted earnings per common share – assuming dilution for the three months ended July 31, 2026 and 2025, was computed using the treasury stock method. Further, for the three months ended July 31, 2025, the weighted-average shares outstanding – assuming dilution differed from our GAAP weighted-average common shares outstanding – assuming dilution as a result of the anti-dilutive effect of our stock-based awards, which were excluded from the computation of net loss per share – assuming dilution. For more information see Note 5: Earnings per Share. CRITICAL ACCOUNTING ESTIMATES AND POLICIES A discussion of our critical accounting estimates and policies can be found in the “Management’s Discussion and Analysis” section of our Annual Report on Form 10-K for the year ended April 30, 2026. There were no material changes to the information previously disclosed.