POST · Post Holdings, Inc.

Post Holdings delivered solid Q2 FY2026 results with net sales rising 4.7% to $2.04 billion, driven by $152.3 million from acquisitions, offset by declines in Post Consumer Brands due to pet food distribution losses and inventory normalization, partially countered by growth in Foodservice egg and protein shakes, Refrigerated Retail new products and Easter shift, and Weetabix currency benefits. Gross margin expanded 220 basis points to 30.2% on improved mix and efficiencies, while SG&A rose modestly 3.6%. Operating profit increased 16.3% to $211.9 million, excluding a $28.3 million held-for-sale loss treated as non-GAAP adjustment. Adjusted EBITDA grew 14.0% to $395.0 million, reflecting segment strength particularly in Foodservice (Adjusted EBITDA up 47.9%) despite Consumer Brands softness (down 1.8%). Management affirmed FY2026 Adjusted EBITDA guidance of $1,550-$1,580 million and capex $350-$390 million, signaling confidence amid ongoing investments in cage-free eggs and facilities. Leadership transition positions Nicolas Catoggio, with deep consumer goods expertise from Post Consumer Brands, BCG, and Unilever, as CEO from October 1, 2026, with Robert Vitale providing strategic guidance as Executive Chairman. The $600 million share repurchase program, replacing a $500 million authorization after $263.4 million utilized, underscores capital return commitment, with Q2 buybacks of $331 million at $99.85/share and post-quarter activity.