On this page of StockholderLetter.com we present the latest annual shareholder letter from Post Holdings, Inc. — ticker symbol POST. Reading current and past POST letters to shareholders can bring important insights into the investment thesis.

 •  12/15/2025 Letter Continued (Full PDF)
 •  12/11/2023 POST Stockholder Letter
 •  12/9/2024 POST Stockholder Letter
 •  More "Food & Beverage" Category Stockholder Letters
 •  POST Benford's Law Stock Score = 85

POST Shareholder/Stockholder Letter Transcript:

Disciplined.
Tactical.
Focused.
Post Holdings, Inc. 2025 Annual Report

NET SALES
ADJUSTED EBITDA
(non-GAAP) (1)
($ in millions)
OPERATING CASH FLOW
($ in millions)
($ in millions)
2023
2024
2025
2023
2024
2025
2023
2024
2025
Long-term value is not created by chance ...
NET SALES BY SEGMENT
Foodservice
32%
Post Consumer Brands
30%
Grocery
19%
Pet
Refrigerated Retail
12%
Weetabix
7%

FINANCIAL HIGHLIGHTS
(in millions except per share data)
2023
2024
2025
$6,991.0
$7,922.7
$8,158.1
1,881.7
2,304.9
2,339.4
Operating Profit
598.9
793.5
799.3
Net Earnings
301.3
366.7
335.7
Net Sales
Gross Profit
Diluted Earnings per Common Share
Operating Cash Flow
Adjusted EBITDA (non-GAAP)(1)

4.82

5.64

5.51
750.3
931.7
998.3
$1,233.4
$1,403.6
$1,538.8
it is built on an unwavering
commitment to disciplined, tactical,
and focused execution.

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Post Consumer Brands
To Our Shareholders,
Some years are more difficult than others. Fiscal 2025
year step-back in share price, since our separation
was one of those more difficult years. From trade
from Ralcorp in February 2012 your shares have
complexity and regulatory changes to avian influenza,
compounded annually at 13.8%, taking the top
inflation and weak consumer confidence, the year
position among our proxy-defined consumer
presented many challenges.
packaged goods peers.
Despite those challenges, I am quite proud of our
Our diversified portfolio performed well in the year
responses. Our financial results exceeded our internal
as we delivered record Adjusted EBITDA(1) while
objectives, but these results did not translate into
expanding profit margins. Our cold chain businesses
an increase in the value of your shares, which is our
did a fantastic job in successfully navigating avian
ultimate scorecard. Post   s price per share declined
influenza. Their strong financial results along with
by $8.27. On a curve, compared to our peer group,
company-wide cost-out initiatives and improved
we performed quite well. But a significant decline
manufacturing performance combined to more
in food stock valuation multiples resulted in weak
than offset the impact of lower-than-expected
absolute performance of -7.1%. Despite the current
retail volumes.
2 Post Holdings, Inc. 2025 Annual Report

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Importantly, our operating results translated to strong
operating cash flow, enabling us to finish major capital
projects and buy back nearly 11% of Post through
aggressive share repurchases. Rounding out fiscal
2025 capital allocation, we completed two tactical
acquisitions at attractive synergized valuations. In
March, we added to our potato side dish capacity
#1
through the acquisition of Potato Products of Idaho.
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More significantly, in July we reacquired the 8th
Avenue business we had separately capitalized in
2018. This will allow us to integrate their nut butter
business into Post Consumer Brands. With our 2021
acquisition of Peter Pan, nut butters have become a
more important category for us. Meanwhile, pasta has
become less strategic. To that end, after the close of
the fiscal year we completed the sale of that business.
The net impact of our free cash flow(1) and capital
allocation left us with net leverage of 4.4x(6) exiting
the fiscal year, flat with our leverage at the beginning
of the fiscal year.
Post Holdings, Inc. 2025 Annual Report 3



 12/15/2025 Letter Continued (Full PDF)