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Here are 1-2 brief analogies to describe Post Holdings, Inc. (POST):

• It's like a General Mills (for cereals) that also owns a major protein supplement brand like Premier Protein.
• A diversified packaged food company similar to a smaller Kraft Heinz, strong in categories like breakfast cereals, eggs, and side dishes.

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• Ready-to-Eat Cereals: A wide variety of breakfast cereals sold under numerous well-known brands such as Honey Bunches of Oats, Grape-Nuts, and Pebbles.
• Refrigerated Side Dishes & Egg Products: Prepared potato, pasta, and vegetable side dishes, alongside liquid and pre-cooked egg products, sold under brands like Bob Evans Farms and Simply Potatoes.
• Foodservice Products: A diverse portfolio of value-added egg products, potato products, pasta, and cheese distributed to restaurants, schools, and other institutions.
• Pet Food: Private label and co-manufactured pet food products for various customers.

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Post Holdings Inc. (symbol: POST) sells primarily to other businesses (B2B) rather than directly to individual consumers. Its products are distributed through various channels to reach end consumers.

Its specific major customers include:

• Walmart Inc. (Symbol: WMT) - Walmart and its affiliates are a highly significant customer, accounting for approximately 18% of Post Holdings' net sales in fiscal year 2023.

Beyond Walmart, Post Holdings serves a wide range of customers across its various business segments (Post Consumer Brands, Weetabix, Foodservice, Refrigerated Retail). While no other single customer individually accounted for more than 10% of net sales, other significant customers include a broad array of companies that distribute and sell consumer packaged goods:

• Major grocery store chains: These include companies such as Kroger (Symbol: KR), Albertsons Companies (Symbol: ACI), and Ahold Delhaize (Symbol: AHOLD.AS / ADRNY).
• Mass merchandisers: Retailers like Target Corporation (Symbol: TGT) that sell a wide variety of goods, including groceries.
• Club stores: Wholesale retailers such as Costco Wholesale Corporation (Symbol: COST) that sell products in bulk to members.
• Foodservice distributors: Companies that supply a wide range of food products to restaurants, schools, hospitals, and other institutions. Key players in this sector include Sysco Corporation (Symbol: SYY) and US Foods Holding Corp. (Symbol: USFD).
• Convenience store chains: Retailers focused on quick, convenient purchases.

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Robert V. Vitale, President and CEO

Mr. Vitale has served as President and Chief Executive Officer of Post Holdings since 2014. He joined the company as Chief Financial Officer in 2011, during its spinoff from Ralcorp Holdings, Inc. Prior to joining Post, Mr. Vitale served as President and Chief Executive Officer of AHM Financial Group LLC, a diversified financial services firm, which grew five-fold in revenue under his leadership. He was also a partner in Westgate Group LLC, a consumer products private equity firm. During his tenure at Post, the company has completed over 20 acquisitions. Post is run by Mr. Vitale in a manner often compared to a private equity firm, emphasizing long-term business success.

Matt Mainer, Executive Vice President, Chief Financial Officer and Treasurer

Mr. Mainer has served as Executive Vice President, Chief Financial Officer and Treasurer of Post Holdings since December 2022. He joined the company in 2015 as Vice President and Treasurer. Before his time at Post, Mr. Mainer was Assistant Treasurer at Mallinckrodt Pharmaceuticals and also served as Vice President and Treasurer of ESCO Technologies Inc.

Jeff A. Zadoks, Executive Vice President and Chief Operating Officer

Mr. Zadoks has been Executive Vice President and Chief Operating Officer of Post Holdings since December 2022. He previously served as Chief Financial Officer of the company from 2014 to 2022 and joined Post in 2011 as Corporate Controller. Prior to Post, Mr. Zadoks was Senior Vice President and Chief Accounting Officer of RehabCare Group Inc. He also held the position of Corporate Controller at MEMC Electronic Materials, Inc. (SunEdison).

Diedre J. Gray, Executive Vice President, General Counsel and Chief Administrative Officer

Ms. Gray serves as Executive Vice President, General Counsel, and Chief Administrative Officer and Corporate Secretary at Post Holdings. She joined Post Holdings in November 2014. Prior to joining Post, Ms. Gray was Associate General Counsel and Assistant Secretary at MEMC Electronic Materials, Inc.

Nicolas Catoggio, President and CEO, Post Consumer Brands

Mr. Catoggio serves as the President and Chief Executive Officer of Post Consumer Brands.

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Key Risks to Post Holdings, Inc.

1. Operational Risks and Increased Costs: Post Holdings faces significant risks due to increased costs for essential inputs such as ingredients, packaging, and energy. These cost escalations are driven by factors like inflation, tariffs, and disruptions in the supply chain. The company also grapples with labor shortages, potential strikes, and vulnerabilities to agricultural diseases and pests (e.g., avian influenza), which can impact the availability and quality of raw materials and operational efficiency.
2. Market Risks and Commodity Price Volatility: The company is exposed to substantial market risks from fluctuations in commodity prices for raw materials, energy, and fuels (including natural gas, heating oil, soybean oil, corn, wheat, and dairy). These volatile prices can lead to increased operational costs and unpredictable financial results. Additionally, foreign currency exchange rate fluctuations and changes in interest rates contribute to market-related financial uncertainty.
3. High Leverage and Financial Risks: Post Holdings carries a significant amount of debt, which could constrain its ability to secure additional financing. This high leverage also increases the company's susceptibility to economic downturns. A potential downgrade in credit ratings could further exacerbate these financial risks by increasing borrowing costs and reducing liquidity.

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The following clear emerging threats have been identified for Post Holdings, Inc. (POST):

• Disruptive Innovation in Protein Sources: The rapid advancement and increasing consumer adoption of plant-based and, in the longer term, cultivated meat alternatives pose a significant threat. Companies like Beyond Meat and Impossible Foods have already established strong market presences with plant-based sausages and other meat substitutes. This directly threatens Post's Refrigerated Retail segment, which includes traditional breakfast meats such as sausages and bacon under brands like Bob Evans Farms and Odom's Tennessee Pride. As these alternatives become more palatable, affordable, and widely available, they could significantly erode demand for Post's conventional meat products. This mirrors historical disruptions where new product categories (e.g., streaming vs. physical media) fundamentally changed consumer choices.
• Fundamental Shift in Breakfast Consumption Patterns: There is an accelerating and sustained consumer trend away from traditional processed cereals towards breakfast options perceived as healthier, less sugary, higher in protein, and more convenient for on-the-go consumption. While Post has some exposure to protein products through its investment in BellRing Brands, its largest segment, Post Consumer Brands, remains heavily reliant on traditional cereals. Consumers are increasingly opting for alternatives like yogurt, smoothies, eggs, oatmeal, and protein shakes/bars. Additionally, a new wave of smaller, agile brands is emerging with "better-for-you" cereal alternatives (e.g., low-carb, high-protein, grain-free), directly targeting the declining market share of traditional cereal brands. This shift in consumer preference and lifestyle is analogous to how new service models (e.g., Uber vs. taxis) disrupted established industries by offering a superior value proposition for evolving consumer needs.

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Post Holdings, Inc. (POST) operates across several key food categories, including breakfast cereals, refrigerated retail products, foodservice, and private label offerings. The addressable markets for its main products and services in various regions are detailed below.

Breakfast Cereals

• The global breakfast cereal market size is estimated at USD 42.83 billion in 2025 and is projected to reach USD 58.58 billion by 2034, growing at a CAGR of 3.54% from 2025 to 2034.
• In the U.S., the breakfast cereal market size is exhibited at USD 14.05 billion in 2025 and is projected to be worth around USD 19.57 billion by 2034, growing at a CAGR of 3.72% from 2025 to 2034. Another estimate for the U.S. market projects it to reach USD 20.82 billion by 2032.

Refrigerated Potato Products

• The U.S. processed potato market size is forecast to reach USD 33.20 billion by 2030, at a CAGR of 5.20% during the forecast period 2024-2030.
• The North America frozen potato market, with the U.S. holding the largest share, was valued at USD 23.73 billion in 2023 and is projected to reach USD 35.02 billion by 2031, with a CAGR of 5.0% from 2023 to 2031.

Egg Products

• null

Foodservice

• The U.S. foodservice market was valued at USD 824.61 billion in 2022, and it is anticipated to reach USD 905.13 billion by 2023, with a projected increase to USD 1,767.54 billion by 2030, reflecting a compound annual growth rate (CAGR) of 10.03% during the forecast period.

Pasta

• The U.S. pasta market size is anticipated to reach USD 6.2 billion in 2025 and is estimated to reach USD 11.7 billion by 2033, exhibiting a CAGR of 8.3% from 2025-2033. Another source estimates the U.S. pasta market size at USD 7.46 billion in 2025.
• The global pasta & noodles market size was estimated at USD 87.97 billion in 2024 and is projected to reach USD 112.90 billion by 2030, growing at a CAGR of 4.4% from 2025 to 2030.

Pet Food

• null

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Here are 3-5 expected drivers of future revenue growth for Post Holdings (symbol: POST) over the next 2-3 years:

1. Strategic Acquisitions: Post Holdings has a demonstrated history of driving revenue growth through strategic acquisitions. Recent examples include the acquisition of a select pet food brand from The J.M. Smucker Co. in April 2023, Perfection Pet in December 2023, Deeside Cereals I Ltd in December 2023, and Potato Products of Idaho, L.L.C. (PPI) in March 2025. The company also plans to integrate the 8th Avenue Food & Provisions acquisition, expected to be completed in July 2025, into its Post Consumer Brands segment, which will include private label dry pasta, nut butters, granola, and fruit & nut categories. These acquisitions are crucial for broadening market reach, diversifying the portfolio, and enhancing overall growth prospects.
2. Growth in Pet Food Business: The pet food category is highlighted as a significant growth driver. Post Holdings' entry and expansion into this market through acquisitions like those from Smucker and Perfection Pet have been successful, with the pet business outperforming expectations. The company anticipates continued strong performance in the pet category, with ongoing investments in premium pet products signaling robust future growth.
3. Favorable Pricing and Cost Optimization: Post Holdings has consistently benefited from strategic pricing actions to counter inflationary pressures, a trend that is expected to continue. This pricing strategy has been a critical factor in bolstering performance, particularly in the Post Consumer Brands and Weetabix segments. Alongside pricing, the company is focused on cost optimization efforts, including improving manufacturing supply chains and operational efficiencies, which contribute to profitability and indirectly support revenue by allowing for competitive pricing and investment.
4. Expansion in Foodservice and Refrigerated Retail Segments: While some segments like cereal have faced volume challenges, the Foodservice and Refrigerated Retail segments have shown strong growth. The Foodservice segment, driven by factors such as protein-based shake volume growth and increased distribution of egg and potato products, along with strategic pricing related to avian influenza, is expected to continue its positive trajectory. The Refrigerated Retail segment is also focused on driving volumes through an improved supply chain.

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Share Repurchases

• Post Holdings authorized a $400 million share repurchase program in November 2021, under which approximately $354 million had been repurchased as of September 2, 2022.
• A new $300 million share repurchase authorization was approved in September 2022.
• In fiscal year 2024, Post repurchased 3.0 million shares totaling $301 million.
• Effective February 2025, a $500 million share repurchase authorization was in place, followed by a new $500 million authorization effective August 29, 2025, under which approximately $304.8 million had been repurchased by August 27, 2025 under the prior authorization.

Share Issuance

• In April 2023, approximately 5.4 million new shares of Post common stock were issued to The J.M. Smucker Co. as part of the acquisition of select pet food brands.

Outbound Investments

• Post Holdings acquired Almark Foods in February 2021, the Peter Pan peanut butter brand in January 2022, and Lacka Foods Limited in April 2022.
• In April 2023, Post acquired select pet food brands from The J.M. Smucker Co.
• Post completed the acquisition of Potato Products of Idaho, L.L.C. in March 2025 and 8th Avenue Food & Provisions Inc. for approximately $880 million in July 2025.

Capital Expenditures

• Capital expenditures were $190.9 million in fiscal year 2021, $255.3 million in fiscal year 2022, $303 million in fiscal year 2023, and $429.5 million in fiscal year 2024.
• For the latest twelve months ending June 30, 2025, capital expenditures were $499.7 million.
• Expected capital expenditures for fiscal year 2025 are projected to range between $450-$480 million, primarily focused on Post Consumer Brands network optimization, plant closures, pet food safety and capacity, and Foodservice investments in egg facility expansions.