# Post Holdings, Inc. (POST)

Informational only - not investment advice.

CIK: 0001530950
SIC: 2040 Grain Mill Products
SIC breadcrumb: [Manufacturing](/division/D/) > [Food And Kindred Products](/major-group/20/) > [SIC 2040 Grain Mill Products](/industry/2040/)
Latest 10-K filed: 2025-11-21
SEC page: https://www.sec.gov/edgar/browse/?CIK=1530950
Filing source: https://www.sec.gov/Archives/edgar/data/1530950/000153095025000260/post-20250930.htm

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 8158100000 | USD | 2025 | 2025-11-21 |
| Net income | 335700000 | USD | 2025 | 2025-11-21 |
| Assets | 13528400000 | USD | 2025 | 2025-11-21 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-21. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001530950.json. Derived margins are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 5,026,800,000 | 5,225,800,000 | 6,257,200,000 | 5,681,100,000 | 4,711,000,000 | 4,980,700,000 | 5,851,200,000 | 6,991,000,000 | 7,922,700,000 | 8,158,100,000 |
| Net income | -3,300,000 | 48,300,000 | 467,300,000 | 124,700,000 | 800,000 | 166,700,000 | 756,600,000 | 301,300,000 | 366,700,000 | 335,700,000 |
| Operating income | 545,700,000 | 516,700,000 | 573,500,000 | 781,000,000 | 536,500,000 | 487,700,000 | 415,600,000 | 598,900,000 | 793,500,000 | 799,300,000 |
| Gross profit | 1,547,400,000 | 1,570,800,000 | 1,854,000,000 | 1,792,100,000 | 1,449,400,000 | 1,428,100,000 | 1,467,500,000 | 1,881,700,000 | 2,304,900,000 | 2,339,400,000 |
| Diluted EPS | -0.41 | 0.50 | 6.16 | 1.66 | 0.01 | 2.38 | 12.09 | 4.82 | 5.64 | 5.51 |
| Assets | 9,360,600,000 | 11,876,800,000 | 13,057,500,000 | 11,951,600,000 | 12,146,700,000 | 12,414,700,000 | 11,308,000,000 | 11,646,700,000 | 12,854,200,000 | 13,528,400,000 |
| Liabilities | 6,352,000,000 | 9,087,100,000 | 9,997,000,000 | 9,014,300,000 | 9,317,700,000 | 9,355,500,000 | 7,735,700,000 | 7,795,400,000 | 8,752,900,000 | 9,764,600,000 |
| Stockholders' equity | 3,008,600,000 | 2,780,000,000 | 3,050,400,000 | 2,925,900,000 | 2,854,500,000 | 2,742,400,000 | 3,254,000,000 | 3,842,100,000 | 4,090,600,000 | 3,753,100,000 |
| Cash and cash equivalents | 1,143,600,000 | 1,525,900,000 | 989,700,000 | 1,050,700,000 | 1,187,900,000 | 664,500,000 | 586,500,000 | 93,300,000 | 787,400,000 | 176,700,000 |
| Net margin | -0.07% | 0.92% | 7.47% | 2.19% | 0.02% | 3.35% | 12.93% | 4.31% | 4.63% | 4.11% |
| Operating margin | 10.86% | 9.89% | 9.17% | 13.75% | 11.39% | 9.79% | 7.10% | 8.57% | 10.02% | 9.80% |

## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001530950.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-06-30 |  |  | 2.72 | reported discrete quarter |
| 2023-Q1 | 2022-12-31 | 1,566,300,000 | 91,900,000 | 1.52 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 | 1,619,900,000 | 54,100,000 | 0.92 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 | 1,859,400,000 | 89,600,000 | 1.38 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 1,945,400,000 | 65,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 1,965,900,000 | 88,100,000 | 1.35 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 1,999,000,000 | 97,200,000 | 1.48 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 1,947,700,000 | 99,800,000 | 1.53 | reported discrete quarter |
| 2025-Q1 | 2024-12-31 | 1,974,700,000 | 113,300,000 | 1.78 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 1,952,100,000 | 62,600,000 | 1.03 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 | 1,984,300,000 | 108,800,000 | 1.79 | reported discrete quarter |
| 2026-Q1 | 2025-12-31 | 2,174,600,000 | 96,800,000 | 1.71 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 2,042,900,000 | 81,900,000 | 1.56 | reported discrete quarter |

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
- [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
- [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate
- [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate
- [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio
- [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed
- [CE16OV](/indicator/CE16OV/): Employment Level
- [ICSA](/indicator/ICSA/): Initial Claims
- [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm
- [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [M2SL](/indicator/M2SL/): M2
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States
- [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States
- [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States
- [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States
- [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States
- [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized
- [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized
- [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks
- [GDP](/indicator/GDP/): Gross Domestic Product
- [GPDI](/indicator/GPDI/): Gross Private Domestic Investment
- [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment
- [PCEC](/indicator/PCEC/): Personal Consumption Expenditures
- [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services
- [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt
- [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit
- [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts
- [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures
- [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing
- [USCONS](/indicator/USCONS/): All Employees, Construction
- [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade
- [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities
- [USGOVT](/indicator/USGOVT/): All Employees, Government
- [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private
- [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods
- [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- [BUSINV](/indicator/BUSINV/): Total Business Inventories
- [EXPGS](/indicator/EXPGS/): Exports of Goods and Services
- [IMPGS](/indicator/IMPGS/): Imports of Goods and Services
- [IR](/indicator/IR/): Import Price Index (End Use): All Commodities
- [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1530950/000153095026000057/post-20260331.htm

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization.
Confidence: high
Filing date: 2026-05-07
Report date: 2026-03-31

ITEM 2.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

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

OVERVIEW

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

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

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

•Foodservice: primarily egg and potato products;

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

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

Acquisitions

Fiscal 2025

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

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

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

Business Divestitures

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

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

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

Market and Company Trends

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

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

25

Table of Contents

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

RESULTS OF OPERATIONS

Three Months Ended March 31,

Change in

Six Months Ended March 31,

Change in

dollars in millions

2026

2025

$

%

2026

2025

$

%

 Net Sales

$

2,042.9 

$

1,952.1 

$

90.8 

5 

%

$

4,217.5 

$

3,926.8 

$

290.7 

7 

%

Operating Profit

$

211.9 

$

182.2 

$

29.7 

16 

%

$

450.3 

$

396.3 

$

54.0 

14 

%

Interest expense, net

105.7 

87.0 

18.7 

21 

%

209.1 

171.1 

38.0 

22 

%

Loss on extinguishment of debt, net

— 

— 

— 

— 

%

17.5 

5.8 

11.7 

202 

%

(Income) expense on swaps, net

(1.7)

5.5 

(7.2)

(131)

%

(3.6)

(9.9)

6.3 

64 

%

Other (income) expense, net

(2.0)

7.3 

(9.3)

(127)

%

(6.6)

1.5 

(8.1)

(540)

%

Income tax expense

28.1 

20.0 

8.1 

41 

%

55.4 

52.1 

3.3 

6 

%

Equity method earnings, net of tax

(0.2)

(0.2)

— 

— 

%

(0.5)

(0.3)

(0.2)

(67)

%

Less: Net earnings attributable to noncontrolling interest

0.1 

— 

0.1 

n/a

0.3 

0.1 

0.2 

200 

%

Net Earnings

$

81.9 

$

62.6 

$

19.3 

31 

%

$

178.7 

$

175.9 

$

2.8 

2 

%

Net Sales

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

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

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

Operating Profit

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

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

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

26

Table of Contents

Interest Expense, Net

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

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

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

Loss on Extinguishment of Debt, Net

Fiscal 2026

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

Fiscal 2025

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

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

(Income) Expense on Swaps, Net

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

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

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

Income Tax Expense

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

 SEGMENT RESULTS

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

Post Consumer Brands

Three Months Ended March 31,

Change in

Six Months Ended March 31,

Change in

dollars in millions

2026

2025

$

%

2026

2025

$

%

Net Sales

$

1,044.9 

$

987.9 

$

57.0 

6 

%

$

2,148.7 

$

1,951.8 

$

196.9 

10 

%

Segment Profit

$

134.1 

$

139.6 

$

(5.5)

(4)

%

$

266.3 

$

270.6 

$

(4.3)

(2)

%

Segment Profit Margin

13 

%

14 

%

12 

%

14 

%

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

27

Table of Contents

million. Nut butters product sales were up $80.7 m

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization.
Confidence: high

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and capital resources of Post Holdings, Inc. This discussion should be read in conjunction with the financial statements under Item 8 of this report and the “Cautionary Statement on Forward-Looking Statements” on page 1 of this report. The terms “our,” “we,” “us,” “Company” and “Post” as used herein refer to Post Holdings, Inc. and its subsidiaries.

The following should be read in conjunction with the discussion and analysis of our fiscal 2024 results compared to our fiscal 2023 results, including any related discussion of fiscal 2023 results and activity, which can be found in Item 7 under the title “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended September 30, 2024, and such discussion and analysis is incorporated by reference herein.

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 September 30, 2025, our reportable segments were as follows:

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

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

•Foodservice: primarily egg and potato products; and

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

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 branded and private label dry pasta and private label nut butters, granola and dried fruit and nut products, which 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.

Fiscal 2024

On December 1, 2023, we completed our acquisition of substantially all of the assets of Perfection Pet Foods, LLC (“Perfection”), which manufactures and packages private label and co-manufactured pet food and baked treat products and is reported in our Post Consumer Brands segment.

Also on December 1, 2023, we completed our acquisition of Deeside Cereals I Ltd (“Deeside”), a private label cereal manufacturer based in the U.K., which is reported in our Weetabix segment.

For additional information on our acquisitions, refer to Note 5 within “Notes to Consolidated Financial Statements” in Item 8 of this report.

Expected Divestiture of Held for Sale Assets and Liabilities

In August 2025, we entered into an agreement to sell 8th Avenue’s pasta business (the “Pasta Business”), which is expected to close in the first quarter of fiscal 2026. During the year ended September 30, 2025, the Pasta Business’s operating results were reported in our Post Consumer Brands segment and its assets and liabilities were classified as held for sale as of September 30, 2025.

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:

•inflationary pressures on input costs across all segments of our business and impacts of tariffs (refer to the “Commodity Trends and Seasonality” section below); and

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•outbreaks of highly pathogenic avian influenza (“HPAI”), which impacted our Foodservice and Refrigerated Retail segments. During both fiscal 2024 and 2025, we experienced volatility in our egg supply due to continued HPAI outbreaks across the industry, which are expected to continue to drive volatility and may impact our results of operations into fiscal 2026. This trend could have a materially adverse impact on our results of operations if we are unable to mitigate the impact on our businesses.

RESULTS OF OPERATIONS

Year Ended

September 30,

Change in

dollars in millions

2025

2024

$

%

Net Sales

$

8,158.1 

$

7,922.7 

$

235.4 

3 

%

Operating Profit

$

799.3 

$

793.5 

$

5.8 

1 

%

Interest expense, net

361.4 

316.5 

44.9 

14 

%

Loss on extinguishment of debt, net

5.8 

2.1 

3.7 

176 

%

(Income) expense on swaps, net

(6.9)

15.7 

(22.6)

(144)

%

Other income, net

(5.0)

(12.9)

7.9 

61 

%

Income tax expense

108.7 

105.1 

3.6 

3 

%

Equity method (earnings) loss, net of tax

(0.5)

0.1 

(0.6)

(600)

%

Less: Net earnings attributable to noncontrolling interests

0.1 

0.2 

(0.1)

(50)

%

Net Earnings

$

335.7 

$

366.7 

$

(31.0)

(8)

%

Net Sales

Net sales increased $235.4 million, or 3%, during the year ended September 30, 2025, when compared to the prior year, driven by higher net sales within our Foodservice segment, partially offset by lower net sales within our Post Consumer Brands, Refrigerated Retail and Weetabix segments. For further discussion, refer to “Segment Results” within this section.

Operating Profit

Operating profit increased $5.8 million, or 1%, during the year ended September 30, 2025, when compared to the prior year, primarily driven by higher segment profit within our Foodservice and Refrigerated Retail segments, partially offset by lower segment profit within our Post Consumer Brands and Weetabix segments, a goodwill impairment charge of $29.8 million and higher general corporate expenses. For further discussion, refer to “Segment Results” within this section.

Interest Expense, net

Interest expense increased $44.9 million, or 14%, for the year ended September 30, 2025, when compared to the prior year. This increase was driven by higher average outstanding principal amounts of debt and a higher weighted-average interest rate, partially offset by higher interest income compared to the prior year. Our weighted-average interest rate on our total outstanding debt was 5.3% and 5.1% for the years ended September 30, 2025 and 2024, respectively.

For additional information on our debt, refer to Note 16 within “Notes to Consolidated Financial Statements” in Item 8 of this report and “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of this report.

Loss on Extinguishment of Debt, net

During the year ended September 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.

During the year ended September 30, 2024, we recognized a net loss of $2.1 million related to the repayment of our fourth incremental term loan under our second amended and restated credit agreement (as from time to time amended, modified or supplemented, the “Credit Agreement,” and such loan the “Fourth Incremental Term Loan”), the redemption of our 5.75% senior notes and the partial repurchase of our 5.625% senior notes and 4.50% senior notes. The net loss included tender fees and

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the write-off of debt issuance costs of $6.0 million and net debt premiums paid of $0.7 million, partially offset by the write-off of $4.6 million of unamortized premiums.

For additional information on our debt, refer to Note 16 within “Notes to Consolidated Financial Statements” in Item 8 of this report.

(Income) Expense on Swaps, net

During the years ended September 30, 2025 and 2024, we recognized (income) expense on swaps, net of $(6.9) million and $15.7 million, respectively, related to mark-to-market adjustments on our interest rate swaps. For additional information on our interest rate swaps, refer to Note 13 within “Notes to Consolidated Financial Statements” in Item 8 of this report and “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of this report.

Income Tax Expense

Our effective income tax rate for fiscal 2025 was 24.5% compared to 22.3% for fiscal 2024. The following table presents the reconciliation of income tax expense with amounts computed at the United States (the “U.S.”) federal statutory tax rate.

Year Ended September 30,

2025

2024

Computed tax at federal statutory rate (21%)

$

93.3 

$

99.1 

State income tax, net of effect on federal tax

13.7 

12.9 

Non-deductible compensation

8.8 

7.9 

Rate differential on foreign income

3.0 

1.9 

Return-to-provision

(1.2)

1.3 

Enacted tax law and changes in deferred tax rates

2.9 

0.9 

Valuation allowances

(15.5)

(8.4)

Excess tax benefits for share-based payments

(4.8)

(5.6)

Income tax credits

(3.3)

(2.9)

Enhanced deduction for food donations

(1.0)

(1.6)

Non-deductible goodwill impairment charge

6.2 

— 

Basis differences attributable to equity method investment

4.7 

— 

Other, net (none in excess of 5% of statutory tax)

1.9 

(0.4)

Income tax expense

$

108.7 

$

105.1 

On July 4, 2025, the H.R.1 tax law was enacted in the U.S. (the “H.R.1 Tax Act”). The H.R.1 Tax Act includes the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions, such as changes to the timing of certain tax deductions for qualifying depreciable assets, costs of research and development performed in the U.S. and interest expense. The H.R.1 Tax Act has multiple effective dates, beginning in calendar year 2025 and extending through calendar year 2027. The H.R.1 Tax Act did not have a material impact on our income tax expense for the year ended September 30, 2025, but did reduce cash income tax payments during fiscal 2025, and is expected to drive a reduction in cash income tax payments over the next five years.

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, gain/loss on assets and liabilities held for sale, gain/loss on sale of businesses and facilities, demolition and site remediation costs related to unused facilities, gain on/adjustment to bargain purchase, interest expense and other unallocated corporate income and expenses.

Post Consumer Brands

Year Ended September 30,

Change in

dollars in millions

2025

2024

$

%

Net Sales

$

4,024.6 

$

4,109.6 

$

(85.0)

(2)

%

Segment Profit

$

493.9 

$

541.2 

$

(47.3)

(9)

%

Segment Profit Margin

12 

%

13 

%

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Net sales for the Post Consumer Brands segment decreased $85.0 million, or 2%, for the year ended September 30, 2025, when compared to the prior year, driven by lower pet food and cereal and granola volumes, partially offset by the inclusion of three months of 8th Avenue net sales of $242.7 million. Pet food product sales were down $187.9 million, or 11%, driven by 9% lower volumes primarily due to distribution losses and reductions in private label and co-manufactured products, partially offset by the inclusion of two incremental months of Perfection. Cereal and granola product sales were down $97.9 million, or 4%, driven by 4% lower volumes primarily related to category declines, partially offset by the inclusion of three months of 8th Avenue. Nut butters product sales were up $75.3 million, or 72%, primarily due to the inclusion of three months of 8th Avenue. Other product sales were up $125.5 million, driven by the inclusion of three months of 8th Avenue.

Segment profit decreased $47.3 million, or 9%, for the year ended September 30, 2025, when compared to the prior year. This decrease was primarily driven by lower net sales, as previously discussed, and higher employee-related expenses of $29.3 million. These negative impacts were partially offset by lower advertising and consumer spending of $38.0 million and lower product costs of $23.5 million (which was primarily driven by lower volumes, as previously discussed, and lower raw material costs of $36.3 million, partially offset by the inclusion of three months of 8th Avenue product costs of $219.8 million).

Weetabix

Year Ended September 30,

Change in

dollars in millions

2025

2024

$

%

Net Sales

$

542.2 

$

543.2 

$

(1.0)

— 

%

Segment Profit

$

74.0 

$

82.9 

$

(8.9)

(11)

%

Segment Profit Margin

14 

%

15 

%

Net sales for the Weetabix segment decreased $1.0 million, or less than 1%, for the year ended September 30, 2025, when compared to the prior year, driven by 5% lower volumes. Volumes decreased primarily due to cereal category declines, the strategic exit of certain low-performing products and lower promotional activity, partially offset by increases in protein-based shakes. These negative impacts were partially offset by a favorable foreign currency exchange impact of $15.8 million and higher average net selling prices primarily due to the annualization of prior year price increases and decreased promotional spending compared to the prior year.

Segment profit decreased $8.9 million, or 11%, for the year ended September 30, 2025, when compared to the prior year, primarily driven by higher raw material costs of $10.3 million.

Foodservice

Year Ended September 30,

Change in

dollars in millions

2025

2024

$

%

Net Sales

$

2,641.0 

$

2,307.1 

$

333.9 

14 

%

Segment Profit

$

399.7 

$

308.1 

$

91.6 

30 

%

Segment Profit Margin

15 

%

13 

%

Net sales for the Foodservice segment increased $333.9 million, or 14%, for the year ended September 30, 2025, when compared to the prior year. Egg product sales were up $269.5 million, or 14%, primarily driven by incremental HPAI pricing (partially offset by the pass-through of lower grain costs) and 3% higher volumes. Sales of side dishes were up $15.5 million, or 6%, driven by 6% higher volumes primarily due to the inclusion of seven months of PPI. Sales of all other products were up $48.9 million, primarily driven by protein-based shake sales.

Segment profit increased $91.6 million, or 30%, for the year ended September 30, 2025, when compared to the prior year, driven by higher net sales, as previously discussed, partially offset by higher raw material costs of $157.2 million.

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Refrigerated Retail

Year Ended September 30,

Change in

dollars in millions

2025

2024

$

%

Net Sales

$

953.3 

$

962.2 

$

(8.9)

(1)

%

Segment Profit

$

88.3 

$

75.9 

$

12.4 

16 

%

Segment Profit Margin

9 

%

8 

%

Net sales for the Refrigerated Retail segment decreased $8.9 million, or 1%, for the year ended September 30, 2025, when compared to the prior year, primarily driven by lower side dish and cheese volumes and partially offset by higher average net selling prices. Sales of side dishes decreased $21.4 million, or 4%, driven by 3% lower volumes primarily due to price elasticities. Cheese and other dairy product sales decreased $13.9 million, or 8%, driven by 12% lower volumes primarily due to distribution losses. Egg product sales were up $22.1 million, or 15%, driven by incremental HPAI pricing, partially offset by 2% lower volumes. Sausage sales increased $1.7 million, or 1%, driven by price increases, partially offset by 3% lower volumes. Sales of all other products were up $2.6 million.

Segment profit increased $12.4 million, or 16%, for the year ended September 30, 2025, when compared to the prior year, driven by higher average net selling prices, as previously discussed, lower warehousing costs of $6.3 million and lower freight costs of $5.8 million. These positive impacts were partially offset by higher raw material costs of $25.5 million.

Other Items

General Corporate Expenses and Other

Year Ended September 30,

Change in

dollars in millions

2025

2024

$

%

General corporate expenses and other

$

221.8 

$

201.7 

$

20.1 

10 

%

General corporate expenses and other increased $20.1 million, or 10%, for the year ended September 30, 2025, when compared to the prior year. This increase was primarily driven by lapping a prior year gain on bargain purchase of $10.6 million related to our Deeside acquisition, increased net losses related to mark-to-market adjustments on equity security investments of $9.7 million (compared to net gains in the prior year) and increased restructuring and facility closure costs (including accelerated depreciation) of $9.3 million primarily related to our Post Consumer Brands segment. These negative impacts were partially offset by increased net gains related to mark-to-market adjustments on economic hedges of $3.4 million.

Impairment of Goodwill

During the year ended September 30, 2025, we recorded a goodwill impairment charge of $29.8 million related to our Cheese and Dairy reporting unit, which is reported in our Refrigerated Retail segment. There were no goodwill impairment charges recorded during the year ended September 30, 2024. For additional information on our goodwill impairment charge, refer to Note 8 within “Notes to Consolidated Financial Statements” in Item 8 of this report.

LIQUIDITY AND CAPITAL RESOURCES

We completed the following activities during the reporting period (for additional information, see Notes 5, 7, 16 and 20 within “Notes to Consolidated Financial Statements” in Item 8 of this report) impacting our liquidity and capital resources:

Fiscal 2025

•$600.0 million principal value issued of 6.250% senior notes;

•$464.9 million principal value of our 5.625% senior notes redeemed at a premium of $4.4 million;

•$500.0 million borrowed under our Revolving Credit Facility (as defined below);

•$60.0 million repaid under our Revolving Credit Facility;

•$111.4 million of leaseback financial liabilities assumed as part of the 8th Avenue acquisition; and

•6.4 million shares of our common stock repurchased at an average share price of $109.81 per share and at a total cost, including accrued excise tax and broker’s commissions, of $714.7 million.

In addition, in August 2025, we entered into an agreement to sell the Pasta Business, which is expected to close in the first quarter of fiscal 2026. We expect to receive approximately $375.0 million in cash and transfer $78.2 million of leaseback financial liabilities (which were classified as held for sale as of September 30, 2025) as part of the transaction.

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Fiscal 2024

•$1,000.0 million principal value issued of 6.25% senior secured notes;

•$1,200.0 million principal value issued of 6.375% senior notes;

•entered into a third amendment to our Credit Agreement (the “Third Amendment”), which replaced our previous revolving credit facility in an aggregate principal amount of $750.0 million (the “Old Revolving Credit Facility”) with a new revolving credit facility in an aggregate principal amount of $1,000.0 million (the “New Revolving Credit Facility”), and extended the maturity date of the New Revolving Credit Facility to February 20, 2029, provided that certain criteria are met;

•$645.0 million borrowed under our Revolving Credit Facility (such term refers to our Old Revolving Credit Facility prior to the Third Amendment and our New Revolving Credit Facility subsequent to the Third Amendment);

•$645.0 million repaid under our Revolving Credit Facility;

•$69.1 million principal value of our 4.50% senior notes repurchased at a discount of $7.9 million;

•$475.0 million principal value of our 5.625% senior notes repurchased at a premium of $4.2 million;

•$459.3 million principal value of our 5.75% senior notes redeemed at a premium of $4.4 million;

•$400.0 million principal value repaid on our Fourth Incremental Term Loan;

•3.0 million shares of our common stock repurchased at an average share price of $101.74 per share and at a total cost, including accrued excise tax and broker’s commissions, of $303.1 million; and

•$50.0 million paid and $50.9 million received related to a structured share repurchase contract.

Sources and Uses of Cash

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 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 our ability to meet our capital needs during or beyond the next twelve months. Our ability to generate positive cash flows from operations is dependent on general economic conditions, competitive pressures and other business risk factors. We believe that we have sufficient liquidity and cash on hand to satisfy our cash needs. If we are unable to generate sufficient cash flows from operations, or are otherwise unable to comply with the terms of our credit facilities, we may be required to seek additional financing alternatives, which may require waivers under our Credit Agreement and our indentures governing our senior notes, in order to generate additional cash. There can be no assurance that we would be able to obtain additional financing or any such waivers on terms acceptable to us or at all. For additional information on our debt, refer to Note 16 within “Notes to Consolidated Financial Statements” in Item 8 of this report.

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 and repayment or refinancing of our long-term debt obligations. 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 seek 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. These guarantees 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, and our 6.250% and 6.375% senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by each of our existing and subsequently acquired or organized wholly-owned domestic subsidiaries that guarantee the

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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.

Cash Requirements

Our cash requirements under our various contractual obligations and commitments include:

•    Debt and interest obligations – See Note 16 within “Notes to Consolidated Financial Statements” in Item 8 of this report for information on our debt and the timing of future principal and interest payments. For information on our interest rate swaps that require monthly settlements, see Note 13 within “Notes to Consolidated Financial Statements” in Item 8 of this report.

•    Purchase obligations – Purchase obligations are legally binding agreements to purchase goods, services or equipment that specify all significant terms, including: fixed or minimum quantities to be purchased and/or penalties imposed for failing to meet contracted minimum purchase quantities (such as “take-or-pay” contracts); fixed, minimum or variable price provisions; and the approximate timing of the transaction. The Company has long-term ingredient, packaging, utility and information technology commitments used to support our various businesses for periods up to fiscal 2038. Minimum amounts committed to as of September 30, 2025 were $7,382.7 million (with $2,497.3 million due in fiscal 2026), primarily related to long-term egg contracts, open purchase orders and accrued capital expenditures.

•    Leases – See Note 15 within “Notes to Consolidated Financial Statements” in Item 8 of this report for information on our lease obligations and the amount and timing of future payments.

•    Pension and other postretirement benefit obligations – See Note 18 within “Notes to Consolidated Financial Statements” in Item 8 of this report for information on our pension and other postretirement benefit obligations and the amount and timing of future payments.

•    Other liabilities – Other liabilities include obligations associated with certain employee benefit programs, payments for workers’ compensation, general liability and auto liability claim losses, unrecognized tax benefits, leaseback financial liabilities classified as held for sale and various other long-term liabilities, all of which have some inherent uncertainty as to the amount and timing of payments and were reflected on our Consolidated Balance Sheets as of September 30, 2025.

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

Year Ended September 30,

dollars in millions

2025

2024

Cash provided by (used in):

Operating activities

$

998.3 

$

931.7 

Investing activities

(1,419.3)

(677.5)

Financing activities

(188.6)

415.6 

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

1.5 

3.9 

Net (decrease) increase in cash, cash equivalents and restricted cash

$

(608.1)

$

673.7 

Operating Activities

Cash provided by operating activities for the year ended September 30, 2025 increased $66.6 million compared to the year ended September 30, 2024. This increase was primarily driven by lower tax payments of $81.8 million, partially offset by cash outflows related to fluctuations in the timing of sales and collections of trade receivables within our Foodservice segment and higher interest payments of $48.9 million.

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Investing Activities

Fiscal 2025

Cash used in investing activities for the year ended September 30, 2025 was $1,419.3 million, primarily driven by net cash payments of $920.3 million related to the 8th Avenue and PPI acquisitions and capital expenditures of $510.2 million. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Fiscal 2024

Cash used in investing activities for the year ended September 30, 2024 was $677.5 million, primarily driven by capital expenditures of $429.5 million and net cash payments of $248.1 million related to the Perfection and Deeside acquisitions. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Financing Activities

Fiscal 2025

Cash used in financing activities for the year ended September 30, 2025 was $188.6 million. We received proceeds of $600.0 million from the issuance of our 6.250% senior notes and $500.0 million from borrowings under our Revolving Credit Facility, redeemed $464.9 million principal value of our 5.625% senior notes, repaid $60.0 million under our Revolving Credit Facility and repaid $1.2 million principal value of our municipal bond. In addition, we paid $709.0 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.

Fiscal 2024

Cash provided by financing activities for the year ended September 30, 2024 was $415.6 million. We received proceeds of $1,200.0 million and $1,000.0 million from the issuance of our 6.375% senior notes and 6.25% senior secured notes, respectively, and $645.0 million from borrowings under our Revolving Credit Facility. In addition, we received net proceeds of $0.9 million related to our structured share repurchase contract. We repaid $1,003.4 million principal value of our 4.50%, 5.625% and 5.75% senior notes (net of $7.9 million of discounts), repaid $400.0 million principal value of our Fourth Incremental Term Loan, repaid $645.0 million under our Revolving Credit Facility and repaid $1.1 million principal value of our municipal bond, which resulted in total net repayments of debt of $2,041.6 million. We paid $300.7 million, including broker’s commissions, for the repurchase of shares of our common stock. In addition, we paid $35.0 million of debt issuance costs and deferred financing fees (in connection with the issuance of our 6.375% senior notes and 6.25% senior secured notes and entry into the Third Amendment) and $8.6 million of debt premiums related to the redemption of our 5.625% senior notes and 5.75% senior notes.

Debt Covenants

Credit Agreement

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 September 30, 2025, we were in compliance with these financial covenants. 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.

COMMODITY TRENDS AND SEASONALITY

Our Company is exposed to regular price fluctuations primarily from purchases of raw materials, including ingredients and packaging materials, energy and other supplies. Primary exposures include wheat, oats, rice, corn, other grain products, eggs, sows, pork and other animal proteins and fats, pasta, potatoes and various other vegetables, bakery products, cheese, milk, butter, vegetable oils, dairy- and vegetable-based proteins, sugar and other sweeteners, fruit, peanuts and other nuts, natural gas, electricity, diesel fuel, folding cartons, corrugated containers, flexible film, rigid plastic trays and containers, foam trays, beverage packaging, plastic lined carton board, large format printed bags and steel cans and lids. These costs have been volatile in recent years and future changes in such costs may cause our results of operations and our operating margins to fluctuate significantly. We manage the impact of cost increases, wherever possible, on commercially reasonable terms, by locking in prices on the quantities required to meet our anticipated production requirements. In addition, we may offset the effect of

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increased costs by raising prices to our customers. However, for competitive reasons, we may not be able to pass along the full effect of increases in raw materials and other input costs as we incur them.

Inflationary pressures can have an adverse effect on us through higher raw material, including ingredients and packaging, and energy costs. During both fiscal 2025 and 2024, inflationary pressures on certain input costs eased, while other input costs continued to face inflationary pressures, and we expect this trend to continue into fiscal 2026. In addition, we anticipate that announced tariffs, and any potential future modifications 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. These trends could have a material adverse impact on our results of operations if we are unable to mitigate the impact on our businesses.

Demand for certain of our products may be influenced by holidays, changes in seasons or other events, which may impact customer and consumer spending patterns and the timing of promotional activities. For example, demand for our egg products, potatoes, sausage, side dishes, butter and cheese tends to increase during the Thanksgiving, Christmas, Easter and other holiday seasons, which may result in increased net sales during the corresponding quarters of our fiscal year when such holidays occur. However, on a consolidated basis our net sales and results of operations generally are distributed relatively evenly over the quarters of our fiscal year.

CURRENCY

Certain sales and costs of our foreign operations were denominated in currencies other than our reporting currency, primarily Pounds Sterling and Canadian Dollars. Consequently, profits from these businesses can be impacted by fluctuations in the value of these currencies relative to the U.S. Dollar. We incur gains and losses within our shareholders’ equity due to the translation of our financial statements from foreign currencies into U.S. Dollars. Our results of operations may be impacted by the translation of the results of operations of our foreign operations into U.S. Dollars. The exchange rates used to translate our foreign sales into U.S. Dollars positively affected consolidated net sales by less than 1% during the year ended September 30, 2025, and did not have a material impact on our operating profit or net earnings during the year ended September 30, 2025.

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires the use of judgment, estimates and assumptions. We make these subjective determinations after considering our historical performance, management’s experience, current economic trends and events and information from outside sources. Inherent in this process is the possibility that actual results could differ from these estimates and assumptions for any particular period.

Our critical accounting estimates are those that involve a significant amount of estimation uncertainty and have a meaningful impact on the reporting of our financial condition and results of operations and should be read in conjunction with our significant accounting policies as described in Note 2 within “Notes to Consolidated Financial Statements” in Item 8 of this report.

Revenue Recognition, Allowance for Trade Promotions — The recognition of certain variable trade promotions requires significant management judgment regarding estimated purchase volumes and program participation. Estimates are based on contractual provisions, redemption rate assumptions and our assessment of current market provisions. Redemption rate assumptions are based on historical results of similar promotions on a program-by-program basis, adjusted for current expectations of promotion performance based on current market trends. We review and update estimates of variable consideration quarterly. Uncertainties related to the estimates of variable consideration are resolved in a short time frame and do not require any additional constraint on variable consideration. Approximately 1% of our annual net sales represent variable consideration that will be resolved in the subsequent period. Based on historical experience, we do not believe that there will be significant changes to our estimates of variable consideration when any uncertainties are resolved with customers. However, significant changes in our estimates could have a material impact on our results of operations.

Business Combinations — We use the acquisition method of accounting for acquired businesses that meet the criteria to be accounted for as a business combination, whereby the fair value of total consideration transferred is allocated to the assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition. The allocation of the purchase price in a business combination requires us to perform valuations with significant judgment and estimates. As such, in the case of significant acquisitions, we engage the assistance of third-party valuation specialists in estimating the fair value of certain assets acquired and liabilities assumed.

Various valuation methodologies may be used in estimating the fair value of assets acquired and liabilities assumed based on the nature of the underlying asset or liability. Inventory acquired is valued using a combination of the replacement cost and comparative sales methodologies, while property acquired is valued using a combination of the market and cost approaches. Intangible assets acquired, including customer relationships and trademarks and licensing agreements, are valued using an

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income-based approach. The income approach utilizes inputs that require significant assumptions for each identifiable intangible asset, including estimates regarding future revenue growth, profitability, discount rates, attrition rates, royalty rates and economic lives. Revenue growth assumptions (along with profitability assumptions) are based on historical trends and management’s expectations for future growth. Discount rates are based on a weighted-average cost of capital utilizing industry market data of similar companies. Attrition rates are estimated based on historical customer experience and analysis of comparable peer transactions. Royalty rates are determined based on profit levels, research of external royalty rates by third-party specialists and the relative importance of each trademark to our Company.

The fair value estimates are based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While we believe those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. Additionally, determining the useful lives of tangible and intangible assets requires judgment, as different types of assets will have different useful lives.

Indefinite-Lived Assets — We assess indefinite-lived intangible assets for recoverability utilizing a quantitative test whereby the fair value is determined using an income-based approach, which requires significant assumptions for each indefinite-lived asset, including estimates regarding future revenue growth, discount rates and royalty rates. Revenue growth assumptions are based on historical trends and management’s expectations for future growth. The discount rates are based on a risk adjusted weighted-average cost of capital utilizing industry market data of similar companies. Royalty rates are determined based on profit levels, research of external royalty rates by third-party specialists and the relative importance of each brand to our Company. In addition, we assess indefinite-lived intangible assets for any changes in events or circumstances that would warrant a change in their classification from indefinite-lived to definite-lived intangible assets.

Changes in the assumptions used to estimate the fair value of our indefinite-lived intangible assets could result in impairment charges in future periods. These key assumptions are inherently uncertain and require a high degree of estimation and are subject to change based on, among others, industry and geopolitical conditions, our ability to navigate changing macroeconomic conditions and trends and the timing and success of strategic initiatives. Additionally, certain factors have the potential to create variances in the estimated fair values of our indefinite-lived intangible assets, which also could result in impairment charges. These factors include (i) failure to achieve forecasted revenue growth rates, (ii) increases in the discount rate or (iii) a significant change in profitability and the corresponding royalty rate.

In fiscal 2025 and 2024, we performed a quantitative impairment test for all indefinite-lived intangible assets and concluded each year there were no impairments. The estimated fair value of all indefinite-lived trademarks and brands exceeded book value by 13% or greater in fiscal 2025 and 9% or greater in fiscal 2024.

Goodwill — We assess goodwill for recoverability using a quantitative test whereby the fair value of each reporting unit is determined using a combined income and market approach with a greater weighting on the income approach (75% of the calculation for all reporting units). The income approach is based on discounted future cash flows and requires significant assumptions, including estimates regarding future revenue growth, profitability, capital requirements and discount rates. The market approach (25% of the calculation for all reporting units) is based on a market multiple (revenue and “EBITDA,” which stands for earnings before interest, income taxes, depreciation and amortization) and requires an estimate of appropriate multiples based on market data. Revenue growth assumptions (along with profitability and cash flow assumptions) were based on historical trends for the reporting units and management’s expectations for future growth. The discount rates were based on a risk adjusted weighted-average cost of capital utilizing industry market data of businesses similar to the reporting units and based upon management’s judgment. For the market approach, we used estimated EBITDA and revenue multiples based on industry market data.

Changes in the assumptions used to estimate the fair value of each reporting unit could result in impairment charges in future periods. These key assumptions are inherently uncertain and require a high degree of estimation and are subject to change based on, among others, industry and geopolitical conditions, our ability to navigate changing macroeconomic conditions and trends and the timing and success of strategic initiatives. Variances between the actual performance of the businesses and the assumptions that were used in developing the estimates of fair value could result in impairment charges in future periods. Factors that could create variances in the estimated fair value of the reporting units include but are not limited to (i) fluctuations in forecasted sales volumes, which can be driven by external factors affecting demand such as changes in consumer preferences and consumer responses to marketing and pricing strategy, (ii) changes in product costs, including commodities, (iii) a significant change in profitability, (iv) interest rate fluctuations and (v) currency fluctuations.

During the year ended September 30, 2023, we recorded a goodwill impairment charge of $42.2 million related to our Cheese and Dairy reporting unit driven primarily by narrowing of the pricing gap between branded and private label competitors, resulting in distribution losses and declining profitability. During the year ended September 30, 2025, we recorded an additional goodwill impairment charge of $29.8 million, representing the remaining goodwill balance of our Cheese and Dairy reporting unit. The fiscal 2025 impairment charge was primarily driven by the continued narrowing of the pricing gap

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between branded and private label competitors, resulting in further distribution losses and declining profitability as customers shift to private label and away from grocery into mass merchandise and value channels. The Company did not record a goodwill impairment charge during the year ended September 30, 2024, as all reporting units subjected to the quantitative test passed during fiscal 2024.

In fiscal 2025, our Weetabix reporting unit’s fair value exceeded its carrying value by approximately 8.7% and was impacted by cost inflation as well as U.K. economic pressures negatively impacting consumer spending trends, both of which impacted near-term profitability. We expect these impacts to be transitory in nature; however, inherent risk to the reporting unit’s cash flows remains. If we had increased the discount rate assumption used to estimate the fair value of our Weetabix reporting unit as of the fiscal 2025 annual impairment test by 50 basis points, this isolated change, which is reasonably possible to occur, would have decreased the reporting unit’s fair value in excess of carrying value to 2.1%. The Weetabix reporting unit had a goodwill balance of $941.3 million as of September 30, 2025.

For additional information on the results of our annual goodwill impairment assessment, refer to Note 8 within “Notes to Consolidated Financial Statements” in Item 8 of this report.

Pension and Other Postretirement Benefits — Pension assets and liabilities are determined on an actuarial basis and are affected by the estimated market-related value of plan assets, estimates of the expected return on plan assets, discount rates, future salary increases and other assumptions inherent in these valuations. We annually review the assumptions underlying the actuarial calculations and make changes to these assumptions, based on current market conditions and historical trends, as necessary. Differences between the actual returns on plan assets and the expected returns on plan assets and changes to projected future rates of return on plan assets will affect the amount of pension expense or income ultimately recognized. The other postretirement benefits liability (partially subsidized retiree health and life insurance) is also determined on an actuarial basis and is affected by assumptions including discount rates and expected trends in healthcare costs. Changes in the discount rates and differences between actual and expected healthcare costs will affect the recorded amount of other postretirement benefits expense.

For both pensions and other postretirement benefit calculations, the assumed discount rates are determined by projecting the plans’ expected future benefit payments as defined for the projected benefit obligation or accumulated postretirement benefit obligation, discounting those expected payments using a theoretical zero-coupon spot yield curve derived from a universe of high-quality (rated AA or better by Moody’s Investor Service) corporate bonds as of the measurement date and solving for the single equivalent discount rate that results in the same present value. A one percentage point decrease in the assumed discount rates (from 5.40% to 4.40% for U.S. pension; from 5.27% to 4.27% for U.S. other postretirement benefits; from 4.71% to 3.71% for Canadian pension; from 4.87% to 3.87% for Canadian other postretirement benefits; from 5.02% to 4.02% for supplemental executive retirement plan and from 5.84% to 4.84% for other international pension) would have increased the recorded benefit obligations at September 30, 2025 by approximately $69 million for pensions and approximately $5 million for other postretirement benefits.

The expected return on plan assets was determined based on historical and expected future returns of the various asset classes, using the target allocations of the plans. A one percentage point decrease in the assumed return on plan assets (from 7.00% to 6.00% for U.S. pension; from 6.00% to 5.00% for Canada pension and from 5.89% to 4.89% for other international pension) would have increased the net periodic benefit cost for the pension plans by approximately $7 million. We do not expect to contribute to the combined pension plans in fiscal 2026. Contributions beyond fiscal 2026 remain uncertain and will significantly depend on changes in actuarial assumptions, actual return on plan assets and any legislative or regulatory changes that may affect plan funding requirements. We do not make contributions to our postretirement medical benefit plans. See Note 18 within “Notes to Consolidated Financial Statements” in Item 8 of this report for more information about pension and other postretirement benefit assumptions.

RECENTLY ISSUED AND ADOPTED ACCOUNTING STANDARDS

See Note 3 within “Notes to Consolidated Financial Statements” in Item 8 of this report for a discussion regarding recently issued and adopted accounting standards.