Post Holdings, Inc.

Previous wording

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

Current wording

For additional information on these acquisitions, refer to Notes 4 and 18 within “Notes to Condensed Consolidated Financial Statements.”

Previous wording

•outbreaks of highly pathogenic avian influenza (“HPAI”), which impacted our Foodservice and Refrigerated Retail segments. During both fiscal 2024 and the first half of fiscal 2025, we experienced volatility in our egg supply due to outbreaks of HPAI; however, the impact to our results of operations during the first half of both fiscal 2025 and 2024 were not material. Egg supply availability due to continued HPAI outbreaks across the industry is expected to drive volatility and impact our results of operations throughout the remainder of fiscal 2025. This trend could have a materially adverse impact on our results of operations if we are unable to mitigate the impact on our businesses;

Current wording

•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 impact our results of operations throughout the remainder of fiscal 2025. This trend could have a materially adverse impact on our results of operations if we are unable to mitigate the impact on our businesses; and

Previous wording

•inflationary pressures on input costs across all segments of our business. During both fiscal 2024 and the first half of fiscal 2025, inflationary pressures on certain input costs eased, while other input costs continued to face inflationary pressures, and we expect this trend to continue during the remainder of fiscal 2025 (for additional information, refer to the “Segment Results” section below). 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 materially adverse impact on our results of operations if we are unable to mitigate the impact on our businesses; and

Current wording

•inflationary pressures on input costs across all segments of our business. During both fiscal 2024 and 2025, inflationary pressures on certain input costs eased, while other input costs continued to face inflationary pressures, and we expect this trend to continue during the remainder of fiscal 2025 (for additional information, refer to the “Segment Results” section below). 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 materially adverse impact on our results of operations if we are unable to mitigate the impact on our businesses.

Previous wording

Net sales decreased $46.9 million, or 2%, during the three months ended March 31, 2025, when compared to the prior year period, as a result of lower net sales within our Post Consumer Brands, Refrigerated Retail and Weetabix segments, partially offset by higher net sales within our Foodservice segment.

Current wording

Net sales increased $36.6 million, or 2%, during the three months ended June 30, 2025, when compared to the prior year period, as a result of higher net sales within our Foodservice, Refrigerated Retail and Weetabix segments, partially offset by lower net sales within our Post Consumer Brands segment.

Previous wording

Net sales decreased $38.1 million, or 1%, during the six months ended March 31, 2025, when compared to the prior year period, as a result of lower net sales within our Post Consumer Brands, Refrigerated Retail and Weetabix segments, partially offset by higher net sales within our Foodservice segment.

Current wording

Net sales decreased $1.5 million, or less than 1%, during the nine months ended June 30, 2025, when compared to the prior year period, as a result of lower net sales within our Post Consumer Brands, Refrigerated Retail and Weetabix segments, partially offset by higher net sales within our Foodservice segment.

Previous wording

Operating profit decreased $7.9 million, or 4%, during the three months ended March 31, 2025, when compared to the prior year period, primarily driven by lower segment profit within our Refrigerated Retail, Foodservice and Post Consumer Brands segments and higher general corporate expenses, partially offset by higher segment profit within our Weetabix segment.

Current wording

Operating profit increased $31.4 million, or 15%, during the three months ended June 30, 2025, when compared to the prior year period, 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 and higher general corporate expenses.

Previous wording

Operating profit decreased $3.1 million, or 1%, during the six months ended March 31, 2025, when compared to the prior year period, primarily driven by lower segment profit within our Refrigerated Retail, Weetabix and Post Consumer Brands segments, partially offset by higher segment profit within our Foodservice segment and lower general corporate expenses.

Current wording

Operating profit increased $28.3 million, or 5%, during the nine months ended June 30, 2025, when compared to the prior year period, 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 and higher general corporate expenses.

Previous wording

Interest expense, net increased $7.0 million, or 9%, during the three months ended March 31, 2025, when compared to the prior year period. 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 period. Our weighted-average interest rate on our total outstanding debt was 5.3% and 5.1% for the three months ended March 31, 2025 and 2024, respectively.

Current wording

Interest expense, net increased $9.7 million, or 12%, during the three months ended June 30, 2025, when compared to the prior year period. 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 period. Our weighted-average interest rate on our total outstanding debt was 5.3% and 5.1% for the three months ended June 30, 2025 and 2024, respectively.

Previous wording

Interest expense, net increased $13.0 million, or 8%, during the six months ended March 31, 2025, when compared to the prior year period. 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 period. Our weighted-average interest rate on our total outstanding debt was 5.3% and 5.1% for the six months ended March 31, 2025 and 2024, respectively.

Current wording

Interest expense, net increased $22.7 million, or 10%, during the nine months ended June 30, 2025, when compared to the prior year period. 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 period. Our weighted-average interest rate on our total outstanding debt was 5.3% and 5.1% for the nine months ended June 30, 2025 and 2024, respectively.

Previous wording

Loss (Gain) on Extinguishment of Debt, Net

Current wording

(Gain) Loss on Extinguishment of Debt, Net

Previous wording

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.

Current wording

During the nine months ended June 30, 2025, we recognized a net loss of $5.8 million related to the redemption of our outstanding 5.625% senior notes. The net loss included debt premiums paid of $4.4 million and the write-off of debt issuance costs of $1.4 million.

Previous wording

During the six months ended March 31, 2024, we recognized a net gain of $2.8 million related to the repayment of our Fourth Incremental Term Loan, the redemption of our 5.75% senior notes and the partial repurchase of our 4.50% senior notes. The net gain included the write-off of unamortized premiums of $4.6 million and net discounts received of $1.6 million, partially offset by the write-off of debt issuance costs of $3.4 million.

Current wording

During the three months ended June 30, 2024, we recognized a net gain of $1.8 million related to the partial repurchase of our 4.50% senior notes. The net gain included debt discounts received of $1.9 million, partially offset by the write-off of debt issuance costs of $0.1 million.

Previous wording

During the three months ended March 31, 2024, we recognized a net loss of $0.3 million related to the repayment of our fourth incremental term loan under our second amended and restated credit agreement (as amended, restated or amended and restated, 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 4.50% senior notes. The net loss included the write-off of debt issuance costs of $3.2 million and net premiums paid of $1.7 million, partially offset by the write-off of unamortized premiums of $4.6 million.

Current wording

During the nine months ended June 30, 2024, we recognized a net gain of $4.6 million related to the repayment of our fourth incremental term loan under our second amended and restated credit agreement (as amended, restated or amended and restated, 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 4.50% senior notes. The net gain included the write-off of unamortized premiums of $4.6 million and net discounts received of $3.5 million, partially offset by the write-off of debt issuance costs of $3.5 million.

Previous wording

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.

Current wording

During the three and nine months ended June 30, 2025, we recognized expense (income) on swaps, net of $2.6 million and $(7.3) million, respectively, related to mark-to-market adjustments and settlements on our interest rate swaps.

Previous wording

During the three and six months ended March 31, 2024, we recognized (income) expense on swaps, net of $(13.3) million and $7.8 million, respectively, related to mark-to-market adjustments and settlements on our interest rate swaps.

Current wording

During the three and nine months ended June 30, 2024, we recognized (income) expense on swaps, net of $(3.1) million and $4.7 million, respectively, related to mark-to-market adjustments and settlements on our interest rate swaps.

Previous wording

The effective income tax rate was 24.3% and 22.9% for thethree and six months ended March 31, 2025, respectively, and 22.7% and 23.5% for thethree and six ended March 31, 2024, respectively.

Current wording

The effective income tax rate was 24.2% and 23.4% for thethree and nine months ended June 30, 2025, respectively, and 24.1% and 23.7% for thethree and nine months ended June 30, 2024, respectively.

Previous wording

Net sales for the Post Consumer Brands segment decreased $77.6 million, or 7%, for the three months ended March 31, 2025, when compared to the prior year period. Cereal product sales were down $43.1 million, or 7%, driven by 6% lower volumes primarily related to category declines. Pet food product sales were down $27.6 million, or 6%, driven by 5% lower volumes primarily due to reductions in private label and co-manufactured products and distribution losses, partially offset by shifts in customer inventory levels. Other product sales were down $6.9 million.

Current wording

Net sales for the Post Consumer Brands segment decreased $94.1 million, or 9%, for the three months ended June 30, 2025, when compared to the prior year period. Pet food product sales were down $64.0 million, or 15%, driven by 13% lower volumes primarily due to reductions in co-manufactured and private label products and distribution losses. Cereal product sales were down $24.6 million, or 4%, driven by 6% lower volumes primarily related to category declines. Other product sales were down $5.5 million.

Previous wording

Net sales for the Post Consumer Brands segment decreased $102.3 million, or 5%, for thesix months ended March 31, 2025, when compared to the prior year period. Cereal product sales were down $51.0 million, or 5%, driven by 4% lower volumes primarily related to category declines. Pet food product sales were down $45.3 million, or 5%, driven by 5% lower volumes primarily due to reductions in private label and co-manufactured products and distribution losses, partially offset by the inclusion of two incremental months of Perfection. Other product sales were down $6.0 million.

Current wording

Net sales for the Post Consumer Brands segment decreased $196.4 million, or 6%, for thenine months ended June 30, 2025, when compared to the prior year period. Pet food product sales were down $109.3 million, or 8%, driven by 7% lower volumes primarily due to reductions in private label and co-manufactured products and distribution losses, partially offset by the inclusion of two incremental months of Perfection. Cereal product sales were down $75.6 million, or 5%, driven by 5% lower volumes primarily related to category declines. Other product sales were down $11.5 million.

Previous wording

Segment profit for the three months ended March 31, 2025 decreased $0.1 million, or less than 1%, when compared to the prior year period. This decrease was primarily driven by lower net sales, as previously discussed, partially offset by lower raw material costs of $11.8 million and lower advertising and consumer spending of $11.5 million.

Current wording

Segment profit for thenine months ended June 30, 2025 decreased $9.9 million, or 2%, when compared to the prior year period. This decrease was primarily driven by lower net sales, as previously discussed, partially offset by lower raw material costs of $35.0 million, lower advertising and consumer spending of $15.2 million and lower manufacturing costs of $9.3 million.

Previous wording

Net sales for the Weetabix segment decreased $6.3 million, or 5%, for the three months ended March 31, 2025, when compared to the prior year period, driven by 7% lower volumes and an unfavorable foreign currency exchange impact of $1.0 million. Volumes decreased primarily due to the strategic exit of certain low-performing products, lower promotional activity and cereal category declines. These negative impacts were partially offset by higher average net selling prices primarily due to the annualization of prior year price increases.

Current wording

Net sales for the Weetabix segment increased $1.8 million, or 1%, for the three months ended June 30, 2025, when compared to the prior year period, driven by a favorable foreign currency exchange impact of $7.6 million, partially offset by 3% lower volumes. Volumes decreased primarily due to the strategic exit of certain low-performing products and cereal category declines, partially offset by increases in protein-based shakes.

Previous wording

Net sales for the Weetabix segment decreased $7.8 million, or 3%, for thesix months ended March 31, 2025, when compared to the prior year period, driven by 7% lower volumes. Volumes decreased primarily due to the strategic exit of certain low-performing products, lower promotional activity and cereal category declines, partially offset by the inclusion of two incremental months of Deeside. These negative impacts were partially offset by higher average net selling prices primarily due to the annualization of prior year price increases and a favorable foreign currency exchange impact of $3.1 million.

Current wording

Net sales for the Weetabix segment decreased $6.0 million, or 1%, for thenine months ended June 30, 2025, when compared to the prior year period, driven by 6% lower volumes. Volumes decreased primarily due to the strategic exit of certain low-performing products, lower promotional activity and cereal category declines, partially offset by the inclusion of two incremental months of Deeside. These negative impacts were partially offset by a favorable foreign currency exchange impact of $10.7 million and higher average net selling prices primarily due to the annualization of prior year price increases.

Previous wording

Net sales for the Foodservice segment increased $102.6 million, or 9%, for the six months ended March 31, 2025, when compared to the prior year period. Egg product sales were up $70.5 million, or 7%, primarily driven by incremental HPAI pricing (partially offset by the pass-through of lower grain costs) and 1% higher volumes. Sales of side dishes were up $2.0 million, or 1%, primarily driven by price increases taken to mitigate inflation, partially offset by 1% lower volumes. Sales of all other products were up $30.1 million, primarily driven by ready-to-drink shake sales.

Current wording

Net sales for the Foodservice segment increased $212.0 million, or 12%, for the nine months ended June 30, 2025, when compared to the prior year period. Egg product sales were up $157.8 million, or 11%, primarily driven by incremental HPAI pricing (partially offset by the pass-through of lower grain costs) and 1% higher volumes. Sales of side dishes were up $9.5 million, or 5%, driven by 4% higher volumes primarily due to the inclusion of four months of PPI. Sales of all other products were up $44.7 million, primarily driven by protein-based shake sales.

Previous wording

Net sales for the Refrigerated Retail segment decreased $15.8 million, or 7%, for the three months ended March 31, 2025, when compared to the prior year period, driven by 5% lower volumes primarily due to the shifting of holiday demand into the third quarter of fiscal 2025 (compared to the second quarter of fiscal 2024). Sales of side dishes decreased $13.5 million, or 11%, driven by 8% lower volumes, and were incrementally impacted by price elasticities and unfavorable product mix. Cheese and other dairy product sales decreased $4.4 million, or 11%, driven by 15% lower volumes primarily due to distribution losses. Sausage sales decreased $0.2 million, or 1%, driven by 5% lower volumes. Egg product sales were up $0.8 million, or 2%, on 4% lower volumes. Sales of all other products were up $1.5 million.

Current wording

Net sales for the Refrigerated Retail segment increased $19.5 million, or 9%, for the three months ended June 30, 2025, when compared to the prior year period, driven by higher average net selling prices, as well as 2% higher volumes primarily due to the shifting of holiday demand into the third quarter of fiscal 2025 (compared to the second quarter of fiscal 2024). Egg product sales were up $17.9 million, or 52%, on 8% higher volumes, primarily driven by incremental HPAI pricing. Sausage sales increased $2.3 million, or 7%, on 2% higher volumes. Sales of side dishes increased $1.3 million, or 2%, on 1% higher volumes. Cheese and other dairy product sales decreased $2.9 million, or 7%, driven by 11% lower volumes primarily due to distribution losses. Sales of all other products were up $0.9 million.

Previous wording

Net sales for the Refrigerated Retail segment decreased $30.1 million, or 6%, for the six months ended March 31, 2025, when compared to the prior year period, primarily driven by lower side dish and cheese volumes. Sales of side dishes decreased $21.1 million, or 8%, driven by 6% lower volumes primarily due to price elasticities. Cheese and other dairy product sales decreased $10.3 million, or 11%, driven by 14% lower volumes primarily due to distribution losses. Egg product sales were down $0.8 million, or 1%, driven by 4% lower volumes. Sausage sales increased $1.4 million, or 2%, on 1% lower volumes. Sales of all other products were up $0.7 million.

Current wording

Net sales for the Refrigerated Retail segment decreased $10.6 million, or 1%, for the nine months ended June 30, 2025, when compared to the prior year period, primarily driven by lower side dish and cheese volumes and partially offset by higher average net selling prices. Sales of side dishes decreased $19.8 million, or 5%, driven by 4% lower volumes primarily due to price elasticities. Cheese and other dairy product sales decreased $13.2 million, or 10%, driven by 13% lower volumes primarily due to distribution losses. Egg product sales were up $17.1 million, or 15%, on flat volumes, driven by incremental HPAI pricing. Sausage sales increased $3.7 million, or 3%, on flat volumes. Sales of all other products were up $1.6 million.

Previous wording

Segment profit for the three months ended March 31, 2025 increased $0.1 million, or 1%, when compared to the prior year period. This increase was primarily driven by higher average net selling prices, as previously discussed, and lower freight costs of $0.7 million, partially offset by higher raw material costs of $1.8 million.

Current wording

Segment profit for the three months ended June 30, 2025 increased $19.4 million, or 380%, when compared to the prior year period, driven by higher average net selling prices, as previously discussed, lower manufacturing costs of $3.0 million and lower freight costs of $3.0 million. These positive impacts were partially offset by higher raw material costs of $8.4 million.

Previous wording

Segment profit for the six months ended March 31, 2025 increased $7.4 million, or 5%, when compared to the prior year period, driven by higher net sales, as previously discussed, and lower freight costs of $4.5 million. These positive impacts were partially offset by higher raw material costs of $81.4 million.

Current wording

Segment profit for the nine months ended June 30, 2025 increased $1.8 million, or 3%, when compared to the prior year period, driven by higher average net selling prices, as previously discussed, and lower freight costs of $5.1 million. These positive impacts were partially offset by higher raw material costs of $22.7 million.

Previous wording

General corporate expenses and other increased$8.8 million, or 17%, for the three months ended March 31, 2025, when compared to the prior year period, primarily driven byincreased net losses related to mark-to-market adjustments on equity security investments of $10.1 million (compared to net gains in the prior year period).

Current wording

General corporate expenses and other increased$11.9 million, or 28%, for the three months ended June 30, 2025, when compared to the prior year period. This increase was primarily driven by increased restructuring and facility closure costs (including accelerated depreciation) of $6.2 million primarily related to our Post Consumer Brands segment, decreased net gains related to mark-to-market adjustments on economic hedges of $4.1 million and increasednet losses related to mark-to-market adjustments on equity security investments of $3.8 million.

Previous wording

General corporate expenses and other decreased $6.1 million, or 6%, for the six months ended March 31, 2025, when compared to the prior year period. This decrease was primarily driven byincreased net gains related to mark-to-market adjustments on economic hedges of $12.7 million (compared to net losses in the prior year period), partially offset by increased net losses related to mark-to-market adjustments on equity security investments of $7.8 million (compared to net gains in the prior year period).

Current wording

General corporate expenses and other increased $5.8 million, or 4%, for the nine months ended June 30, 2025, when compared to the prior year period. This increase was primarily driven byincreased net losses related to mark-to-market adjustments on equity security investments of $11.6 million (compared to net gains in the prior year period), partially offset by increased net gains related to mark-to-market adjustments on economic hedges of $8.6 million.

Previous wording

We completed the following activities during the six months ended March 31, 2025 (for additional information, see Notes 13 and 16 within “Notes to Condensed Consolidated Financial Statements”) impacting our liquidity and capital resources:

Current wording

We completed the following activities during the nine months ended June 30, 2025 (for additional information, see Notes 13 and 16 within “Notes to Condensed Consolidated Financial Statements”) impacting our liquidity and capital resources:

Previous wording

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

Current wording

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

Previous wording

•3.3 million shares of our common stock repurchased at an average share price of$112.19 per share and at a total cost, including accrued excise tax and broker’s commissions, of$375.5 million.

Current wording

•3.9 million shares of our common stock repurchased at an average share price of$112.02 per share and at a total cost, including accrued excise tax and broker’s commissions, of$438.2 million.

Previous wording

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.

Current wording

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

Previous wording

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, which include 8th Avenue Food & Provisions, Inc. (“8th Avenue”) and its 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.

Current wording

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, which included 8th Avenue and its subsidiaries prior to July 1, 2025) 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.

Previous wording

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, which include 8th Avenue and its subsidiaries). Our 6.25% senior secured notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis, and our 6.375% and 6.250% 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 Credit Agreement or certain of our other indebtedness (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries, which include 8th Avenue and its subsidiaries). These guarantees are subject to release in certain circumstances.

Current wording

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, which included 8th Avenue and its subsidiaries prior to July 1, 2025). Our 6.25% senior secured notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis, and our 6.375% and 6.250% 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 Credit Agreement or certain of our other indebtedness (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries, which included 8th Avenue and its subsidiaries prior to July 1, 2025). These guarantees are subject to release in certain circumstances.

Previous wording

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, which include 8th Avenue and its subsidiaries. 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.

Current wording

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, which included 8th Avenue and its subsidiaries prior to July 1, 2025. 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.

Previous wording

Cash provided by operating activities for the six months ended March 31, 2025 increased $47.1 million compared to the prior year period. This increase was primarily driven by cash inflows related to fluctuations in timing of payments of trade payables within our Post Consumer Brands segment, larger inventory cash inflows in the current year period within our Foodservice segment and lower tax payments of $31.5 million. These positive impacts were partially offset by higher interest payments of $23.1 million and decreased net cash receipts on our interest rate swaps and foreign currency forward contracts of $8.2 million.

Current wording

Cash provided by operating activities for the nine months ended June 30, 2025 increased $0.7 million compared to the prior year period. This increase was primarily driven by lower tax payments of $42.1 million and cash inflows related to fluctuations in timing of payments of trade payables within our Post Consumer Brands segment. These positive impacts were partially offset by cash outflows related to fluctuations in the timing of sales and collections of trade receivables within our Post Consumer Brands and Foodservice segments, higher interest payments of $37.2 million and larger inventory cash outflows in the current year period within our Post Consumer Brands segment.

Previous wording

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

Current wording

Cash used in investing activities for the nine months ended June 30, 2025 was $473.4 million, primarily driven by net cash payments of$124.4 million related to the PPI acquisition and capital expenditures of $360.5 million, partially offset by proceeds from the sale of property of $12.1 million. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Previous wording

Cash used in investing activities for the six months ended March 31, 2024 was $432.6 million, primarily driven by net cash payments of $252.7 million related to the Perfection and Deeside acquisitions and capital expenditures of $179.5 million. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Current wording

Cash used in investing activities for the nine months ended June 30, 2024 was $538.3 million, primarily driven by net cash payments of $248.1 million related to the Perfection and Deeside acquisitions and capital expenditures of $290.3 million. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Previous wording

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

Current wording

Cash used in financing activities for the nine months ended June 30, 2025 was $47.3 million. We received proceeds of$600.0 million from the issuance of our 6.250% senior notes and$400.0 million from borrowings under our Revolving Credit Facility, redeemed$464.9 million principal value of our 5.625% senior notes and repaid $1.2 million principal value of our municipal bond. In addition, we paid $434.3 million, including broker’s commissions and excise tax payments, for the repurchase of shares of our common stock, paid $5.2 million of debt issuance costs in connection with the issuance of our 6.250% senior notes and paid $4.4 million of debt premiums related to the redemption of our 5.625% senior notes.

Previous wording

Cash used in financing activities for the six months ended March 31, 2024 was $237.1 million. We received proceeds of$1,000.0 million from the issuance of our 6.25% senior secured notes and$645.0 million from borrowings under the revolving credit facility provided for in the Credit Agreement (the “Revolving Credit Facility”). We redeemed $459.3 million principal value of our 5.75% senior notes, repaid $51.1 million principal value of our 4.50% senior notes (net of$6.0 million in discounts), repaid$400.0 million principal value of our Fourth Incremental Term Loan, repaid$345.0 million under our Revolving Credit Facility and repaid$1.1 million principal value of our municipal bond, resulting in net repayments of debt of$1,250.5 million. We paid$50.0 million for a structured share repurchase contract and $44.8 million, including broker’s commissions, for the repurchase of shares of our common stock. In addition, we paid$19.9 million of debt issuance costs and deferred financing fees in connection with the issuance of our 6.25% senior secured notes and entry into the third amendment to our Credit Agreement and$4.4 million of debt premiums related to the redemption of our 5.75% senior notes.

Current wording

Cash provided by financing activities for the nine months ended June 30, 2024 was $66.7 million. We received proceeds of$1,000.0 million from the issuance of our 6.25% senior secured notes 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 redeemed $459.3 million principal value of our 5.75% senior notes, repaid $69.1 million principal value of our 4.50% senior notes (net of$7.9 million in discounts), repaid$400.0 million principal value of our Fourth Incremental Term Loan, repaid$345.0 million under our Revolving Credit Facility and repaid$1.1 million principal value of our municipal bond, resulting in net repayments of debt of$1,266.6 million. We paid $248.7 million, including broker’s commissions, for the repurchase of shares of our common stock. In addition, we paid$19.9 million of debt issuance costs and deferred financing fees in connection with the issuance of our 6.25% senior secured notes and entry into the third amendment to our Credit Agreement and$4.4 million of debt premiums related to the redemption of our 5.75% senior notes.