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- **Strong Cash Flow & Buybacks**: Generated $500M free cash flow in FY '25, repurchasing 11% of shares and completing 2 acquisitions.
- **Foodservice Growth**: Egg volumes up 11% in Q4, with 9% growth in higher-margin value-added products.
- **Cereal Category Challenges**: Volumes down 8% in Q4, but EBITDA margin +100bps from cost management.
- **FY '26 Outlook**: EBITDA guidance $1.50B-$1.54B (+1% to +4%), with Q1 decline due to HPAI normalization.
- **Strategic Focus**: Balancing M&A with buybacks, prioritizing innovation in higher-margin products like protein cereals and pre-cooked potatoes.

**【CEO Summary Section】**
- FY '25 was marked by resilience despite challenges like Avian Flu and regulatory headwinds. Q4 revenue growth driven by Foodservice and Refrigerated Retail, with Retail segment focused on cost reduction.
- Strong cash flow ($500M FY '25) enabled 11% share buyback, 2 tactical acquisitions, and capital investments. FY '26 free cash flow expected to increase due to lower CapEx and tax benefits.
- Foodservice to lead growth with higher-margin egg products (9% Q4 volume growth), while Retail generates cash for M&A or buybacks.
- M&A strategy balanced with buybacks, prioritizing risk-adjusted returns.

**【COO Operational Update】**
- **Consumer Brands**: Cereal volumes down 8% due to category decline, but EBITDA margin +100bps from cost management. Pet volumes down 13% as Nutrish repositions, with Kibbles 'n Bits strong. Plant closures to mitigate cereal category decline.
- **Foodservice**: Egg volumes +11% (9% in higher-margin value-added), potato volumes +6% FY '25. Normalized EBITDA run rate of $115M, targeting 5% growth in FY '26.
- **Refrigerated Retail**: Private label growth (+4% FY '25) and HPAI pricing benefits drove 44% EBITDA growth. Holiday seasonality expected to moderate margins.
- **Weetabix**: U.K. cereal category improving, UFIT brand up 41%. Currency tailwinds offset volume declines.

**【CFO Financial Commentary】**
- Q4 '25: Net sales $2.2B (+12% vs. prior year, excluding 8th Avenue). Adjusted EBITDA $425M, driven by Foodservice (+50%) and Refrigerated Retail (+44%).
- FY '26 Guidance: EBITDA $1.50B-$1.54B (+1% to +4% vs. normalized FY '25). Q1 EBITDA expected to decline due to HPAI normalization, with second-half favorability.
- CapEx FY '26 $350M-$390M (down from FY '25), focused on Foodservice growth.
- Net leverage flat at 4.4x, with share buybacks continuing as capital allocation priority.

**【Q&A Highlights】**
- **M&A vs. Buybacks**: Capital allocation prioritizes risk-adjusted returns; no preference between M&A and buybacks.
- **Cereal Category**: Structural decline expected to continue, with focus on cost reduction (e.g., line optimization) and innovation (e.g., protein cereals).
- **Foodservice Growth**: Higher-value egg products (e.g., liquid eggs) show stickiness post-Avian Flu, driven by labor efficiency benefits for customers.
- **Pet Reset**: Nutrish repositioning expected to stabilize volumes mid-FY '26, with private label losses lapped by Q4.
- **Innovation Focus**: Investments in higher-margin, higher-growth areas like protein cereals, pre-cooked potatoes, and premium pet products.


Post Holdings, Inc. (POST) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

POST

POST fundamentals

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