Post Holdings, Inc.

Previous wording

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

Current wording

•Refrigerated Retail: primarily side dish, egg and sausage products and prior to the sale of the Crystal Farms Business (as defined below), cheese products; and

Previous wording

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.

Current wording

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

Previous wording

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.

Current wording

On May 1, 2026, we completed our sale of substantially all of the assets of Crystal Farms Dairy Company (the “Crystal Farms Business”). Prior to the sale, the Crystal Farms Business’s operating results were reported in our Refrigerated Retail segment.

Previous wording

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

Current wording

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

Previous wording

•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.

Current wording

◦Tariffs—During both fiscal 2025 and 2026, we experienced elevated input costs as a result of tariffs. We anticipate that any future modifications to, or incremental, tariffs could increase supply chain challenges, commodity cost volatility and consumer and economic uncertainty due to rapid changes in global trade policies. This could impact the cost of, and consumer demand for, our products, including as a result of any potential pricing actions taken to offset increased costs. In February 2026, the United States Supreme Court ruled against certain of these tariffs that had been put in place during fiscal 2025. As a result, we have collected certain refunds and anticipate collecting additional refunds, although such refunds are not expected to be material; and

Previous wording

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.

Current wording

Net sales decreased $36.3 million, or 2%, during the three months ended June 30, 2026, when compared to the prior year period, as a result of lower net sales within our Refrigerated Retail, Foodservice, and Weetabix segments, partially offset by higher net sales within our Post Consumer Brands segment.

Previous wording

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.

Current wording

Net sales increased $254.4 million, or 4%, during the nine months ended June 30, 2026, when compared to the prior year period, as a result of higher net sales within our Post Consumer Brands, Foodservice and Weetabix segments, partially offset by lower net sales within our Refrigerated Retail segment.

Previous wording

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.

Current wording

Operating profit decreased $45.3 million, or 19%, during the three months ended June 30, 2026, when compared to the prior year period, driven by lower segment profit within our Foodservice and Refrigerated Retail segments and higher general corporate expenses, partially offset by higher segment profit within our Post Consumer Brands and Weetabix segments.

Previous wording

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.

Current wording

Operating profit increased $8.7 million, or 1%, during the nine months ended June 30, 2026, when compared to the prior year period, driven by higher segment profit within our Foodservice, Weetabix and Post Consumer Brands segments, partially offset by higher general corporate expenses and lower segment profit within our Refrigerated Retail segment.

Previous wording

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.

Current wording

Interest expense, net increased $19.7 million, or 22%, during the three months ended June 30, 2026, when compared to the prior year period. This increase was driven by higher average outstanding principal amounts of debt, a higher weighted-average interest rate and lower interest income compared to the prior year period. Our weighted-average interest rate on our total outstanding debt was 5.5% and 5.3% for the three months ended June 30, 2026 and 2025, respectively.

Previous wording

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.

Current wording

Interest expense, net increased $57.7 million, or 22%, during the nine months ended June 30, 2026, when compared to the prior year period. This increase was driven by higher average outstanding principal amounts of debt, lower interest income and a higher weighted-average interest rate compared to the prior year period. Our weighted-average interest rate on our total outstanding debt was 5.5% and 5.3% for the nine months ended June 30, 2026 and 2025, respectively.

Previous wording

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.

Current wording

During the nine months ended June 30, 2026, we recognized a net loss of $17.5 million related to the redemption of our outstanding 5.50% senior notes. The net loss included debt premiums paid of $22.6 million and the write-off of debt issuance costs of $4.4 million, partially offset by the write-off of unamortized premiums of $9.5 million.

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 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.

Current wording

During the three and nine months ended June 30, 2026, we recognized income on swaps, net of $3.3 million and $6.9 million, respectively, related to mark-to-market adjustments and settlements on our interest rate swaps.

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

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.

Current wording

The effective income tax rate was 26.7% and 24.5% for the three and nine months ended June 30, 2026, respectively, and 24.2% and 23.4% for the three and nine months ended June 30, 2025, respectively.

Previous wording

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.

Current wording

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

Previous wording

Net sales for the Post Consumer Brands segment increased $196.9 million, or 10%, for thesix months ended March 31, 2026, when compared to the prior year period, driven by the inclusion of six months of 8th Avenue net sales of $362.2 million. Nut butters product sales were up $158.4 million, or 325%, primarily due to the inclusion of six months of 8th Avenue. Cereal and granola product sales were up $26.8 million, or 3%, driven by the inclusion of six months of 8th Avenue, partially offset by category declines and lower promotional activity. Pet food product sales were down $134.9 million, or 16%, driven by 10% lower volumes and lower average net selling prices. Pet food volumes decreased primarily due to distribution losses, lapping prior year shifts in customer inventory levels and reductions in co-manufactured and private label products. Pet food average net selling prices decreased primarily due to increased promotional activity and unfavorable product mix. Other product sales were up $146.6 million, driven by the inclusion of six months of 8th Avenue.

Current wording

Net sales for the Post Consumer Brands segment increased $60.2 million, or 7%, for the three months ended June 30, 2026, when compared to the prior year period, driven by the inclusion of three months of 8th Avenue net sales of $141.8 million. Nut butters product sales were up $68.7 million, or 295%, driven by the inclusion of three months of 8th Avenue. Cereal and granola product sales were up $1.4 million, or less than 1%, driven by the inclusion of three months of 8th Avenue, partially offset by category declinesand distribution losses in value cereal products. Pet food product sales were down $46.1 million, or 13%, driven by 8% lower volumes and lower average net selling prices. Pet food volumes decreased primarily due to distribution losses. Pet food average net selling prices decreased primarily due to unfavorable product mix and increased promotional activity. Other product sales were up $36.2 million, driven by the inclusion of three months of 8th Avenue.

Previous wording

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 million. Nut butters product sales were up $80.7 million, or 394%, primarily due to the inclusion of three months of 8th Avenue. Cereal and granola product sales were up $25.7 million, or 5%, driven by the inclusion of three months of 8th Avenue, partially offset by category declines. Pet food product sales were down $86.4 million, or 20%, driven by 14% lower volumes and lower average net selling prices. Pet food volumes decreased primarily due to distribution losses and lapping prior year shifts in customer inventory levels. Pet food average net selling prices decreased primarily due to unfavorable product mix. Other product sales were up $37.0 million, driven by the inclusion of three months of 8th Avenue.

Current wording

Net sales for the Post Consumer Brands segment increased $257.1 million, or 9%, for thenine months ended June 30, 2026, when compared to the prior year period, driven by the inclusion of nine months of 8th Avenue net sales of $504.0 million. Nut butters product sales were up $227.1 million, or 315%, driven by the inclusion of nine months of 8th Avenue. Cereal and granola product sales were up $28.2 million, or 2%, driven by the inclusion of nine months of 8th Avenue, partially offset by category declines. Pet food product sales were down $181.0 million, or 15%, driven by 10% lower volumes and lower average net selling prices. Pet food volumes decreased primarily due to distribution losses and lapping prior year shifts in customer inventory levels. Pet food average net selling prices decreased primarily due to unfavorable product mix and increased promotional activity. Other product sales were up $182.8 million, driven by the inclusion of nine months of 8th Avenue.

Previous wording

Segment profit for the three months ended March 31, 2026 decreased $5.5 million, or 4%, when compared to the prior year period. This decrease was driven by higher product costs of $57.6 million (which was primarily driven by the inclusion of three months of 8th Avenue product costs of $124.6 million, partially offset by lower pet food volumes). This negative impact was partially offset by higher net sales, as previously discussed, and lower advertising and consumer spending of $9.6 million.

Current wording

Segment profit for the three months ended June 30, 2026 increased $6.8 million, or 6%, when compared to the prior year period. This increase was driven by higher net sales, as previously discussed, and lower advertising and consumer spending of $18.6 million. These positive impacts were partially offset by higher product costs of $50.6 million (which was primarily driven by the inclusion of three months of 8th Avenue product costs of $118.9 million, partially offset by lower pet food volumes).

Previous wording

Segment profit for thesix months ended March 31, 2026 decreased $4.3 million, or 2%, when compared to the prior year period. This decrease was driven by higher product costs of $198.3 million (which was primarily driven by the inclusion of six months of 8th Avenue product costs of $303.0 million, partially offset by lower pet food volumes) and higher warehousing costs of $12.0 million. These negative impacts were partially offset by higher net sales, as previously discussed, lower advertising and consumer spending of $20.1 million and lower integration costs of $13.4 million.

Current wording

Segment profit for thenine months ended June 30, 2026 increased $2.5 million, or 1%, when compared to the prior year period. This increase was driven by higher net sales, as previously discussed, lower advertising and consumer spending of $38.7 million and lower integration costs of $9.6 million. These positive impacts were partially offset by higher product costs of $248.9 million (which were primarily driven by the inclusion of nine months of 8th Avenue product costs of $421.9 million, partially offset by lower pet food volumes) and higher warehousing costs of $15.4 million.

Previous wording

Net sales for the Foodservice segment increased $72.0 million, or 6%, for the six months ended March 31, 2026, when compared to the prior year period. Egg product sales were up $38.2 million, or 4%, driven by 6% higher volumes primarily due to improved customer service levels, partially offset by lower average net selling prices primarily due to a reduction in HPAI pricing. Sales of side dishes were up $18.7 million, or 13%, driven by 14% higher volumes primarily due to the inclusion of five incremental months of PPI. Sales of all other products were up $15.1 million, primarily driven by protein-based shake sales.

Current wording

Net sales for the Foodservice segment decreased $45.6 million, or 7%, for the three months ended June 30, 2026, when compared to the prior year period, primarily driven by the lapping of HPAI pricing in the prior year period. Egg product sales were down $60.9 million, or 10%, driven by lower average net selling prices, partially offset by 4% higher volumes primarily due to improved customer service levels. Sales of side dishes were up $2.8 million, or 4%, on 1% lower volumes, driven by higher average net selling prices primarily due to list price increases. Sales of all other products were up $12.5 million, primarily driven by protein-based shake sales.

Previous wording

Net sales for the Foodservice segment increased $19.5 million, or 3%, for the three months ended March 31, 2026, when compared to the prior year period. Sales of side dishes were up $10.4 million, or 16%, driven by 17% higher volumes primarily due to the inclusion of two incremental months of PPI. Egg product sales were up $5.3 million, or 1%, driven by 6% higher volumes primarily due to improved customer service levels, partially offset by lower average net selling prices primarily due to a reduction in HPAI pricing. Sales of all other products were up $3.8 million, primarily driven by protein-based shake sales.

Current wording

Net sales for the Foodservice segment increased $26.4 million, or 1%, for the nine months ended June 30, 2026, when compared to the prior year period. Sales of side dishes were up $21.5 million, or 10%, driven by 9% higher volumes primarily due to the inclusion of five incremental months of PPI. Egg product sales were down $22.7 million, or 1%, driven by lower average net selling prices primarily due to a reduction in HPAI pricing, partially offset by 5% higher volumes primarily due to improved customer service levels. Sales of all other products were up $27.6 million, primarily driven by protein-based shake sales.

Previous wording

Segment profit for the three months ended March 31, 2026 increased $48.3 million, or 79%, when compared to the prior year period, driven by lower raw material costs of $89.4 million, primarily due to lower egg costs compared to the prior year period, and higher net sales, as previously discussed. These positive impacts were partially offset by higher manufacturing costs of $8.8 million.

Current wording

Segment profit for the three months ended June 30, 2026 decreased $23.1 million, or 19%, when compared to the prior year period, driven by lower net sales, as previously discussed, higher manufacturing costs of $7.6 million and higher freight costs of $6.9 million. These negative impacts were partially offset by lower raw materials costs of $82.6 million, primarily due to lower egg costs compared to the prior year period.

Previous wording

Segment profit for the six months ended March 31, 2026 increased $79.7 million, or 54%, when compared to the prior year period, driven by lower raw material costs of $115.4 million, primarily due to lower egg costs compared to the prior year period, and higher net sales, as previously discussed. These positive impacts were partially offset by higher manufacturing costs of $9.0 million.

Current wording

Segment profit for the nine months ended June 30, 2026 increased $56.6 million, or 21%, when compared to the prior year period, driven by lower raw materials costs of $198.0 million, primarily due to lower egg costs compared to the prior year period. These positive impacts were partially offset by higher manufacturing costs of $16.6 million, higher warehousing costs of $10.6 million and higher freight costs of $9.6 million.

Previous wording

Net sales for the Refrigerated Retail segment increased $10.7 million, or 2%, for the six months ended March 31, 2026, when compared to the prior year period. Sales of side dishes increased $14.7 million, or 6%, driven by 7% higher volumes primarily due to new private label product introductions and shifting Easter demand into the second quarter of fiscal 2026 (compared to the third quarter of fiscal 2025). Sausage sales increased $4.5 million, or 5%, on 2% lower volumes, driven by higher average net selling prices due to prior year price increases. Egg product sales were down $4.9 million, or 6%, on 2% lower volumes, driven by lower average net selling prices primarily due to unfavorable product mix. Cheese and other dairy product sales decreased $2.6 million, or 3%, driven by 3% lower volumes. Sales of all other products were down $1.0 million.

Current wording

Net sales for the Refrigerated Retail segment decreased $49.4 million, or 21%, for the three months ended June 30, 2026, when compared to the prior year period. Cheese and other dairy product sales decreased $26.8 million, or 72%, driven by 72% lower volumes primarily due to the sale of the Crystal Farms Business. Egg product sales were down $16.6 million, or 32%, driven by lower average net selling prices due to the lapping of HPAI pricing in the prior year period and 9% lower volumes primarily due tothe normalization of egg demand in the current year period. Sausage sales decreased $3.4 million, or 9%, driven by 12% lower volumes. Sales of side dishes decreased $3.0 million, or 3%, driven by 3% lower volumes primarily due to the shifting of Easter demand into the second quarter of fiscal 2026 (compared to the third quarter of fiscal 2025). Sales of all other products were up $0.4 million.

Previous wording

Net sales for the Refrigerated Retail segment increased $10.7 million, or 5%, for the three months ended March 31, 2026, when compared to the prior year period. Sales of side dishes increased $13.8 million, or 13%, driven by 12% higher volumes primarily due to new private label product introductions and the shifting of Easter demand into the second quarter of fiscal 2026 (compared to the third quarter of fiscal 2025). Sausage sales increased $1.5 million, or 4%, driven by higher average net selling prices due to prior year price increases and 1% higher volumes. Egg product sales were down $2.0 million, or 5%, on 2% higher volumes, driven by lower average net selling prices primarily due to a reduction in HPAI pricing. Cheese and other dairy product sales decreased $1.2 million, or 3%, on 1% higher volumes. Sales of all other products were down $1.4 million.

Current wording

Net sales for the Refrigerated Retail segment decreased $38.7 million, or 5%, for the nine months ended June 30, 2026, when compared to the prior year period. Cheese and other dairy product sales decreased $29.4 million, or 25%, driven by 25% lower volumes primarily due to the sale of the Crystal Farms Business. Egg product sales were down $21.5 million, or 17%, on 5% lower volumes, primarily driven by lower average net selling prices due to a reduction in HPAI pricing. Sales of side dishes increased $11.7 million, or 3%, driven by 4% higher volumes primarily due to new private label product introductions. Sausage sales increased $1.1 million, or 1%, on 5% lower volumes. Sales of all other products were down $0.6 million.

Previous wording

Net sales for the Weetabix segment increased $14.7 million, or 6%, on flat volumes for thesix months ended March 31, 2026, when compared to the prior year period, primarily driven by a favorable foreign currency exchange impact of $14.1 million.

Current wording

Net sales for the Weetabix segment increased $13.9 million, or 3%, for thenine months ended June 30, 2026, when compared to the prior year period, primarily driven by a favorable foreign currency exchange impact of $14.7 million, partially offset by 1% lower volumes.

Previous wording

Segment profit for thethree months ended March 31, 2026 increased $2.6 million, or 14%, when compared to the prior year period, primarily driven by a favorable foreign currency exchange impact of $1.4 million.

Current wording

Segment profit for thethree months ended June 30, 2026 increased $6.8 million, or 35%, when compared to the prior year period, primarily driven by lower manufacturing costs of $3.7 million.

Previous wording

Segment profit for thesix months ended March 31, 2026 increased $8.4 million, or 25%, when compared to the prior year period, primarily driven by favorable product mix toward higher margin products and a favorable foreign currency exchange impact of $2.2 million.

Current wording

Segment profit for thenine months ended June 30, 2026 increased $15.2 million, or 28%, when compared to the prior year period, primarily driven by favorable product mix toward higher margin products, lower manufacturing costs of $2.6 million and a favorable foreign currency exchange impact of $2.5 million.

Previous wording

General corporate expenses and other increased $33.8 million, or 35%, for the six months ended March 31, 2026, when compared to the prior year period. This increase was primarily driven by a loss of $28.3 million on amounts held for sale related to our Crystal Farms Business and higher restructuring and facility closure costs (including accelerated depreciation) of $21.8 million primarily related to our Post Consumer Brands segment. These negative impacts were partially offset by a gain of $9.7 million related to our sale of the Pasta Business, net gains related to mark-to-market adjustments on equity security investments of $8.3 million (compared to net losses in the prior year period) and higher net gains related to mark-to-market adjustments on economic hedges of $8.2 million.

Current wording

General corporate expenses and other increased $18.4 million, or 34%, for the three months ended June 30, 2026, when compared to the prior year period. This increase was primarily driven by a loss of $15.0 million on amounts held for sale related to the Crystal Farms Business, net losses related to mark-to-market adjustments on economic hedges of $8.3 million (compared to net gains in the prior year period) anda net loss of $7.0 million related to the sale of the Pasta Business and the Crystal Farms Business. These negative impacts were partially offset by lower restructuring and facility closure costs (including accelerated depreciation) of $17.4 million, primarily driven by a gain recognized on the sale of ourcereal manufacturing facility in Sparks, Nevada (the “Sparks Facility”).

Previous wording

General corporate expenses and other increased $12.3 million, or 20%, for the three months ended March 31, 2026, when compared to the prior year period. This increase was primarily driven by a loss of $28.3 million on amounts held for sale related to our Crystal Farms Business, partially offset by higher net gains of $15.4 million related to mark-to-market adjustments on economic hedges and lower net losses of $9.4 million related to mark-to-market adjustments on equity security investments.

Current wording

General corporate expenses and other increased $52.2 million, or 34%, for the nine months ended June 30, 2026, when compared to the prior year period. This increase was primarily driven by a loss of $43.3 million on amounts held for sale related to the Crystal Farms Business, higher asset disposal costs on unused facilities of $5.7 million and higherr estructuring and facility closure costs (including accelerated depreciation) of $4.4 million, partially offset by net gains related tomark-to-market adjustments on equity security investments of $12.1 million (compared to net losses in the prior year period).

Previous wording

We completed the following activities during the six months ended March 31, 2026 (for additional information, see Notes 14 and 17 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, 2026 (for additional information, see Notes 14 and 17 within “Notes to Condensed Consolidated Financial Statements”) impacting our liquidity and capital resources:

Previous wording

•$320.0 million borrowed under our revolving credit facility (the “Revolving Credit Facility”) provided for under our second amended and restated credit agreement (as amended, restated or amended and restated, the “Credit Agreement”);

Current wording

•$365.0 million borrowed under our revolving credit facility (the “Revolving Credit Facility”) provided for under our second amended and restated credit agreement (as amended, restated or amended and restated, the “Credit Agreement”);

Previous wording

•$760.0 million repaid under our Revolving Credit Facility; and

Current wording

•$805.0 million repaid under our Revolving Credit Facility; and

Previous wording

•7.0 million shares of our common stock repurchased at an average share price of$100.76 per share and at a total cost, including accrued excise tax and broker’s commissions, of$716.5 million.

Current wording

•9.1 million shares of our common stock repurchased at an average share price of$100.34 per share and at a total cost, including accrued excise tax and broker’s commissions, of$917.4 million.

Previous wording

Historically, we have generated and expect to continue to generate positive cash flows from operations. We believe our cash on hand, cash flows from operations and current and possible future credit facilities will be sufficient to satisfy our working capital requirements, purchase commitments, interest payments, research and development activities, capital expenditures, pension contributions and benefit payments and other financing requirements for the foreseeable future. We are currently not aware of any existing trends or demands, commitments, events or uncertainties that will result in, or that are reasonably likely to result in, our liquidity increasing or decreasing in any material way that will impact meeting our capital needs during or beyond the next twelve months. Our ability to generate positive cash flows from operations is dependent on general economic conditions, competitive pressures and other business risk factors. We believe that we have sufficient liquidity and cash on hand to satisfy our cash needs. If we are unable to generate sufficient cash flows from operations, or are otherwise unable to comply with the terms of our credit facilities, we may be required to seek additional financing alternatives, which may require waivers under our Credit Agreement and our indentures governing our senior notes, in order to generate additional cash. There can be no assurance that we would be able to obtain additional financing or any such waivers on terms acceptable to us or at all. For additional information on our debt, refer to Note 14 within “Notes to Condensed Consolidated Financial Statements.”

Current wording

Historically, we have generated and expect to continue to generate positive cash flows from operations. We believe our cash on hand, cash flows from operations and current and possible future credit facilities will be sufficient to satisfy our working capital requirements, purchase commitments, interest payments, research and development activities, capital expenditures, pension contributions and benefit payments and other financing requirements for the foreseeable future. We are currently not aware of any existing trends or demands, commitments, events or uncertainties that will result in, or that are reasonably likely to result in, our liquidity increasing or decreasing in any material way that will impact meeting our capital needs during or beyond the next twelve months. Our ability to generate positive cash flows from operations is dependent on general economic conditions, competitive pressures and other business risk factors. We believe that we have sufficient liquidity and cash on hand to satisfy our cash needs. If we are unable to generate sufficient cash flows from operations, or are otherwise unable to comply with the terms of our credit facilities, we may be required to seek additional financing alternatives, which may require waivers under our Credit Agreement and our indentures governing our senior notes, in order to generate additional cash.

Previous wording

Cash provided by operating activities for the six months ended March 31, 2026 increased $6.9 million compared to the prior year period. This increase was primarily driven by cash inflows related to fluctuations in the timing of sales and collections of trade receivables within our Post Consumer Brands and Foodservice segments, higher proceeds from the sale of equity security investments of $55.3 million (compared to purchases in the prior year period) and lower tax payments of $11.6 million. These positive impacts were partially offset by cash outflows related to fluctuations in timing of payments of trade payables within our Post Consumer Brands segment, inventory purchases within our Foodservice and Post Consumer Brands segments and higher interest payments of $27.0 million.

Current wording

Cash provided by operating activities for the nine months ended June 30, 2026 decreased $5.7 million compared to the prior year period. This decrease was primarily driven by cash outflows related to fluctuations in the timing of payments of trade payables within our Post Consumer Brands segment, inventory purchases within our Foodservice segment and higher interest payments of $11.8 million. These negative impacts were partially offset by cash inflows related to fluctuations in the timing of sales and collections of trade receivables within our Post Consumer Brands and Foodservice segments, proceeds from the sales of equity security investments of $55.3 million (compared to purchases in the prior year period) and lower tax payments of $25.2 million.

Previous wording

Cash provided by investing activities for the six months ended March 31, 2026 was $172.7 million, primarily driven by proceeds from the sale of the Pasta Business of$378.5 million, partially offset by capital expenditures of $207.7 million. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Current wording

Cash provided by investing activities for the nine months ended June 30, 2026 was $166.0 million, driven by proceeds from the sales of the Pasta Business and the Crystal Farms Business of$424.2 million and proceeds from the sale of property of $32.4 million (primarily related to the sale of the Sparks Facility), partially offset by capital expenditures of $289.8 million.

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.