Post Holdings, Inc. (POST): Business Model Canvas [Dec-2025 Updated]

You're digging into Post Holdings, Inc., a company that posted $8.2 billion in net sales for the last fiscal year, and honestly, their structure is fascinatingly complex for a food producer. Having spent years analyzing these blueprints, I can tell you their model isn't just about your breakfast cereal; it's a carefully balanced machine spanning refrigerated retail, foodservice, and international brands like Weetabix. We're going to dissect exactly how they convert those sales into an estimated $488 million in Free Operating Cash Flow through their nine key components. Ready to see the whole picture? Keep reading for the full Business Model Canvas breakdown.

Post Holdings, Inc. (POST) - Canvas Business Model: Key Partnerships

You're looking at the network of relationships Post Holdings, Inc. relies on to move its diverse portfolio-from cereal to eggs-to the consumer. This is a complex web, especially given their scale, with fiscal year 2025 net sales hitting $8.2 billion.

Major national and regional grocery retailers for distribution (e.g., Walmart, Kroger)

Post Holdings, Inc. partners with major grocery retailers across North America and internationally for distribution of its Post Consumer Brands, Michael Foods, and Bob Evans Farms products. While specific retailer revenue percentages aren't public, the distribution network is critical to supporting the overall $8.2 billion in fiscal year 2025 net sales. The company's segments, including Post Consumer Brands (cereals, peanut butter, pet food) and Refrigerated Retail (potato, egg, sausage, cheese side dishes), depend on these relationships.

The reliance on retail channels is evident, though segment performance varies:

• Post Consumer Brands saw cereal volumes decrease 5.8% in the third quarter of fiscal 2025, largely due to category declines.
• The Refrigerated Retail business saw volume increases driven by distribution gains in egg and potato products in the fourth quarter of fiscal 2025.

Strategic agricultural suppliers for raw ingredient sourcing (e.g., grains, eggs)

Post Holdings, Inc. sources ingredients from approximately 2,300 domestic and international supplier facilities. The company actively engages these key agricultural partners on sustainability, encouraging practices like reduced tilling, cover crops, and optimized nitrogen management. For its Weetabix business, the commitment to sustainable cocoa is already met, with 100% of cocoa being Rainforest Alliance certified as of 2024, and the broader company is working to meet customer expectations for Rainforest Alliance or Fair Trade certified cocoa by 2025. Also, all soy oil, soy protein isolate, and soybean meal for feeding poultry is sourced from North America. Post uses the HowGood platform to evaluate environmental and social impacts across its global sourcing.

The Michael Foods and Bob Evans Farms segments are heavily reliant on egg and potato suppliers, which can be subject to volatility, as seen when the company estimated an avian influenza cost headwind of $30-$50 million in the second fiscal quarter of 2025 before pricing impact.

Co-manufacturers for private label and branded food production

Co-manufacturing is a significant part of the production strategy, particularly for Post Consumer Brands. However, this channel presents near-term risk, as evidenced by the 13.0% decrease in pet food volumes during the third quarter of fiscal 2025, which was primarily driven by reductions in co-manufactured and private label products. The recent acquisition of 8th Avenue Food & Provisions for approximately $880 million, expected to close July 1, 2025, helps internalize some manufacturing, such as for Peter Pan peanut butter, and deepens private label participation. Post Holdings already held a 60.5% ownership stake in 8th Avenue prior to the full takeover.

Financial institutions for debt financing and capital structure management

Managing a leveraged balance sheet requires strong relationships with financial institutions. Post Holdings, Inc. recently executed a major capital structure move in late 2025. On December 1, 2025, the company priced $1,300.0 million in 6.50% senior notes due 2036 at par. The intended use of proceeds was to redeem all outstanding 5.50% senior notes due 2029. The company's ability to service its debt and maintain credit ratings remains a key risk factor mentioned in their filings.

Key debt metrics and recent activity include:

Logistics and third-party transportation providers for cold chain and dry goods

The product mix-spanning shelf-stable cereals and refrigerated potato/egg products-necessitates robust logistics partnerships for both dry goods and cold chain requirements. The Refrigerated Retail and Foodservice segments rely on reliable transportation to deliver value-added egg and potato side dishes. The company's overall fiscal year 2025 Adjusted EBITDA was $1,538.8 million, which reflects the efficiency of these operational partnerships. Post Holdings, Inc. acknowledges its reliance on third parties for the manufacture of many products, which extends to the transportation network supporting those goods.

Logistics performance directly impacts segment results, as seen by volume increases in the Foodservice segment driven by distribution in egg and potato products in Q4 2025.

Finance: draft 13-week cash view by Friday.

Post Holdings, Inc. (POST) - Canvas Business Model: Key Activities

You're looking at the core engine room of Post Holdings, Inc. (POST) as of late 2025, focusing on what the company actually does day-to-day to generate its revenue, which hit $8.2 billion for the full fiscal year 2025. That number is up from $7.9227 billion the prior year.

Manufacturing and processing of diverse food products across locations

Post Holdings, Inc. is actively managing its production footprint, evidenced by significant capital allocation toward its facilities. For fiscal year 2025, capital expenditures were expected to range between $450-$480 million. This activity includes ongoing network optimization and announced plant closures within the Post Consumer Brands segment. Specifically, Post Consumer Brands allocated $130-$140 million for network optimization, pet food safety, and capacity improvements. The Foodservice segment invested $90-$100 million in expanding the Norwalk, Iowa precooked egg facility and continued cage-free egg facility expansion.

Portfolio management via strategic M&A (e.g., 8th Avenue, PPI acquisitions in FY2025)

Strategic acquisitions were a major focus, integrating new capabilities and scale. The acquisition of 8th Avenue Food & Provisions, Inc. closed on July 1, 2025, during the fourth quarter of fiscal year 2025. The net payment for 8th Avenue was approximately $880 million, which included assuming $111 million of finance leases. This deal brought the manufacturing of Peter Pan peanut butter in-house and marked entry into the dry pasta market with the Ronzoni brand. Separately, the acquisition of Potato Products of Idaho, L.L.C. ('PPI') was completed on March 3, 2025, with results included in the Refrigerated Retail and Foodservice segments. Conversely, Post Holdings announced an agreement in August 2025 to sell the pasta business acquired via 8th Avenue, with the transaction expected to close in December (Q1 FY2026).

Here's a quick look at the expected impact of the 8th Avenue deal:

Brand marketing and innovation for core brands (e.g., Post Consumer Brands, Weetabix)

While specific marketing spend isn't detailed, operational integration points to innovation and efficiency efforts. Major ERP conversions were successfully executed across the portfolio. These included conversions at PCB Pet and Weetabix. The Foodservice segment saw net sales increase by 20.4% in Q4 2025, with Adjusted EBITDA surging 44.3% in that quarter.

Supply chain optimization and cost management to counter input cost inflation

Cost discipline was a major theme, helping to drive profitability despite volume softness in some areas. Fiscal year 2025 Adjusted EBITDA reached $1,538.8 million, up from $1,537.5 million in the prior year (based on the $7,922.7 million net sales figure from 2024 and the $8,158.1 million net sales in 2025). Q4 Adjusted EBITDA was $425.4 million, an increase of 22.0%, or $76.7 million, year-over-year. The company generated nearly $500 million in free cash flow for the full year. SG&A expenses as a percentage of net sales decreased in Q3 2025 to 15.7% from 16.7% the prior year.

The focus on efficiency and cost control is clear in the segment results:

• Foodservice segment Adjusted EBITDA increased by 44.3% in Q4 2025.
• Post Consumer Brands segment Adjusted EBITDA decreased by 1.0% for fiscal year 2025.
• Refrigerated Retail segment Adjusted EBITDA increased by 12.2% for fiscal year 2025.

Large-scale distribution and logistics for retail and foodservice channels

The scale of operations is reflected in the consolidated top-line results. Fourth quarter consolidated net sales were $2.247 billion, an increase of 11.8%, driven in part by the 8th Avenue acquisition. Full-year net sales were $8.1581 billion. Net leverage remained flat at 4.4x despite the acquisitions. The company was aggressive in capital allocation, retiring over 11% of its shares in one year through buybacks totaling over $700 million.

Post Holdings, Inc. (POST) - Canvas Business Model: Key Resources

You're looking at the hard assets and core capabilities that let Post Holdings, Inc. actually run its business and generate revenue. These aren't just ideas; these are the factories, the brands you see on the shelf, and the cash flow that keeps the lights on. Honestly, the scale of their physical footprint is a major part of their moat, especially in refrigerated goods.

Portfolio of Leading Consumer Brands

Post Holdings, Inc. deploys a diversified portfolio across several distinct food categories, which helps cushion against category-specific downturns. The company's brand ecosystem is anchored by several major operating segments.

• Post Consumer Brands: North American leader in ready-to-eat cereal, pet food, and peanut butter, including brands like Honey Bunches of Oats, Pebbles, Malt-O-Meal, and Peter Pan peanut butter.
• Weetabix: Home to the United Kingdom's number one selling ready-to-eat cereal brand, Weetabix®.
• Michael Foods Group: Supplies value-added egg products and refrigerated potato products to foodservice and food ingredient channels.
• Bob Evans Farms: Producer of refrigerated side dishes, including potato, egg, sausage, and cheese products, sold in retail.
• 8th Avenue Food & Provisions: Investment focused on private label, which added the Ronzoni dry pasta brand following the July 1, 2025 acquisition.

Extensive Manufacturing and Cold Storage Infrastructure

The physical network is substantial, supporting both shelf-stable and temperature-sensitive products. Post Holdings, Inc. operates a significant number of sites to manage its diverse production needs.

Here's a quick look at the operational footprint as reported:

The company is actively optimizing this network, planning the closure of two Post Consumer Brands cereal manufacturing facilities in Cobourg, Ontario, and Sparks, Nevada, by the end of December 2025 to reduce excess capacity.

Intellectual Property and Trademarks

The value here is in the established consumer trust and brand equity associated with its product names. This includes proprietary product formulas, especially for Michael Foods' value-added items and Weetabix's core cereal recipes. Post Consumer Brands has a commitment to design 100% recyclable cereal and product packaging by 2025, which is a form of process IP/standardization.

Strong Free Operating Cash Flow (FOCF) Generation

Generating consistent cash is perhaps the most critical resource for funding M&A and capital allocation. For the twelve months ending September 30, 2025, Post Holdings, Inc. generated nearly $500 million in Free Cash Flow. This performance supported key actions, as CEO Robert Vitale noted the strong operating cash flow allowed the company to maintain flat net leverage while completing two tactical acquisitions and buying back over 11% of the company in fiscal 2025.

The company's financial outlook for the fiscal year 2025 included an Adjusted EBITDA guidance range of $1,420 million to $1,460 million. Fourth quarter consolidated net sales for fiscal 2025 reached $2.2 billion.

Experienced Management Team

The leadership team is key for executing the financial engineering and acquisition strategy that defines Post Holdings, Inc. The team includes:

• Robert V. Vitale, President and Chief Executive Officer.
• Jeff A. Zadoks, Executive Vice President and Chief Operating Officer.
• Matthew J. Mainer, Executive Vice President, Chief Financial Officer and Treasurer.
• William Stiritz, Chairman.

This team navigated regulatory changes, Avian Flu impacts, and completed the 8th Avenue acquisition in FY2025.

Post Holdings, Inc. (POST) - Canvas Business Model: Value Propositions

Diversified portfolio across center-of-store, refrigerated, and foodservice categories

Post Holdings, Inc. generated total net sales of $8.2 billion for the fiscal year 2025, demonstrating scale across distinct food categories. The company operates through four reportable segments as of late 2025, reflecting this diversification.

The segment net sales breakdown for fiscal year 2025 shows the relative contribution:

The Foodservice segment achieved net sales of $2,641.0 million, marking a 14.5% increase year-over-year for fiscal year 2025, while the Post Consumer Brands segment represented the largest portion of sales at $4,024.6 million.

Convenience and value in ready-to-eat (RTE) cereals and refrigerated side dishes

Value is propositioned through staple categories, though volume dynamics present challenges. For the Post Consumer Brands segment, cereal volumes decreased by 5.8% in the third quarter of fiscal year 2025, with the branded portfolio declining by 4.9% year-over-year in that same period. In the Refrigerated Retail segment, volumes decreased by 4.0% when excluding the impact of the Potato Products of Idaho (PPI) acquisition.

The value proposition is supported by the company's overall scale, which helps maintain competitive pricing structures in core center-of-store items.

• RTE Cereal Branded Portfolio Decline (Q3 2025): 4.9%
• Refrigerated Side Dish Volumes Decline (Excl. PPI, FY 2025): 4.0%

High-quality, value-added egg and potato products for the Foodservice channel

The Foodservice segment delivered strong growth, with net sales increasing 14.5% for the full fiscal year 2025, and net sales specifically up 20% in the fourth quarter. This growth was explicitly driven by higher-margin, value-added egg and potato products, particularly in the context of avian influenza-driven pricing.

The acquisition of Potato Products of Idaho (PPI) on March 3, 2025, bolstered this offering. PPI contributed $8.4 million in net sales during the third quarter of fiscal year 2025. The segment's Adjusted EBITDA grew by 22.4% for the full year.

Tactical private label and co-manufacturing capabilities for retail partners

Post Holdings, Inc. engages in tactical private label and co-manufacturing, which is primarily housed within the Post Consumer Brands segment. This capability allows for participation in retail partner supply chains. However, weakness in the Post Consumer Brands segment in the fourth quarter was exacerbated by reductions in co-manufactured and private label products. The acquisition of 8th Avenue Food & Provisions, Inc. on July 1, 2025, expanded this capability, bringing in private label nut butters, granola, and fruit & nut categories. The company announced an agreement to sell the pasta business acquired via 8th Avenue, with closing expected in December 2025.

Reliable supply of staple food products across North America and the UK

The company ensures reliable supply through its geographic footprint and portfolio management. The Weetabix segment is home to the United Kingdom's number one selling RTE cereal brand, providing a strong foothold in the UK market. The Post Consumer Brands segment focuses on North American branded and private label products. The company's total fiscal year 2025 net sales reached $8.2 billion, underpinning the scale of its supply operations.

The company's fiscal year 2025 Adjusted EBITDA was $1,538.8 million, reflecting operational performance across these reliable supply chains.

Post Holdings, Inc. (POST) - Canvas Business Model: Customer Relationships

The relationships Post Holdings, Inc. maintains with its diverse customer base are segmented across its primary operating platforms, reflecting a mix of high-touch and broad-reach engagement models.

Dedicated sales and account management for major retail partners is critical for the Post Consumer Brands and Refrigerated Retail segments. While specific account management team sizes aren't public, the performance of the Refrigerated Retail segment, which saw its Segment Adjusted EBITDA increase by 380.4% year-over-year in Q3 FY25, suggests effective trade discipline and relationship management aided by pricing adders. The Post Consumer Brands segment, despite challenges like pet food volume declines of 13.2% in Q4 FY25, still generated Segment Adjusted EBITDA of $208.0 million in that quarter, showing the stickiness of key branded relationships.

Direct, long-term contractual relationships with Foodservice customers are a major driver of growth. The Foodservice segment demonstrated significant strength, with net sales increasing by 20% in Q4 FY25, driven by both pricing and an 11% volume increase. Excluding the impact of the Potato Products of Idaho acquisition, volumes still increased by 9%. This segment's Segment Adjusted EBITDA grew by 32.1% year-over-year in Q3 FY25, underscoring the value derived from these direct engagements, which included recovery from Highly Pathogenic Avian Influenza (HPAI) pricing.

Mass-market brand building and advertising to drive consumer pull-through supports the Post Consumer Brands platform. The overall company reported fiscal year 2025 net sales of $8.2 billion. The Weetabix business, which relies heavily on brand strength in the UK, saw net sales of $145.0 million in Q4 FY25, benefiting from a foreign currency exchange rate tailwind of approximately 360 basis points.

Self-service purchasing via retail and institutional procurement systems is the standard transaction method for the high-volume, lower-touch aspects of the business. The company completed several acquisitions in 2025, including 8th Avenue Food & Provisions, Inc. on July 1, 2025, for a net payment of approximately $880 million, which feeds into the Post Consumer Brands segment, likely through established procurement channels for private label and branded dry goods.

Investor relations focused on capital allocation and long-term value creation is evident in Post Holdings, Inc.'s recent financial maneuvers. The company generated nearly $500 million in free cash flow for the full fiscal year 2025. Management highlighted this strong operating cash flow allowed them to maintain flat net leverage while making key capital investments and buying back over 11% of the company. Specifically, in FY2025, Post repurchased 6.4 million shares totaling $714.7 million. Furthermore, Post announced the pricing of a $1,300.0 million senior notes offering due 2036, with net proceeds intended for redeeming outstanding 5.50% senior notes due 2029, demonstrating active balance sheet management.

Here's a quick look at the segment performance that reflects the success of these customer relationships in Fiscal Year 2025:

The company's relationship strategy involves several key operational focuses:

• Maintain disciplined trade spending in Retail.
• Focus on highest value products in Foodservice.
• Continue integration of 8th Avenue Food & Provisions, Inc.
• Execute upcoming cereal plant closures for cost alleviation.
• Manage avian influenza cost impacts and pricing recovery.

The Investor Relations contact for these matters is Daniel O'Rourke.

Post Holdings, Inc. (POST) - Canvas Business Model: Channels

The distribution architecture for Post Holdings, Inc. relies on segmenting its go-to-market strategy to align with specific customer types and product categories.

Major grocery retailers (supermarkets, mass merchants) for consumer brands

This channel is primarily served by the Post Consumer Brands segment, which includes branded and private label ready-to-eat cereal and hot cereal products. For fiscal year 2025, the Post Consumer Brands segment generated net sales of $4,024.6 million. This segment serves grocery stores, mass merchandise customers, and supercenters. Volume declines in cereal were reported at 8.1% in the fourth quarter of fiscal year 2025, excluding the benefit of the 8th Avenue acquisition.

Foodservice distributors and direct sales to restaurants and institutions

The Foodservice segment directly addresses foodservice distributors and national restaurant chains with egg and potato products. Net sales for the Foodservice segment in the fourth quarter of fiscal year 2025 increased by over 20% year-over-year. For the first quarter of fiscal year 2025, Foodservice segment net sales were $616.6 million. Underlying volumes for this segment grew by 9.3% in the fourth quarter of fiscal year 2025.

Club stores and discount retailers for value-focused and private label products

Club stores and discount retailers are points of sale for both Post Consumer Brands and BellRing Brands products. The Post Consumer Brands segment includes private label products, which saw volumes decrease by 13.2% in the fourth quarter of fiscal year 2025, driven partly by reductions in co-manufactured and private label items. The BellRing Brands segment serves club stores, reporting net sales of $953.3 million for fiscal year 2025.

E-commerce platforms and online grocery delivery services

E-commerce is a noted channel across multiple segments, including Post Consumer Brands and Weetabix. The Post Consumer Brands segment sells products through ecommerce channels. The Weetabix segment sells products through ecommerce as well. The BellRing Brands segment also serves online retailers.

International distribution networks, primarily for the Weetabix segment

International distribution is anchored by the Weetabix segment, which markets branded and private label RTE cereal, hot cereals, breakfast drinks, and muesli, primarily in the United Kingdom. For fiscal year 2025, the Weetabix segment registered net sales of $542.2 million. Net sales for this segment in the third quarter of fiscal year 2025 were $137.9 million. A foreign currency exchange rate tailwind of approximately 360 basis points was reflected in the fourth quarter 2025 net sales.

Here is a look at the net sales by major segment for fiscal year 2025, which provides a view into the relative scale of the channels each segment serves:

The total consolidated net sales for Post Holdings, Inc. for fiscal year 2025 were $8.2 billion.

You should note the strategic focus on the high-growth Foodservice channel, which saw its Adjusted EBITDA surge almost 50% in the fourth quarter of fiscal year 2025.

The company's overall channel strategy involves portfolio reshaping, exemplified by the announced sale of the 8th Avenue pasta business for over $350 million in cash, expected to close in the first quarter of fiscal year 2026.

Finance: draft 13-week cash view by Friday.

Post Holdings, Inc. (POST) - Canvas Business Model: Customer Segments

You're looking at the customer base for Post Holdings, Inc. (POST) as of late 2025, grounded in the latest reported figures for the fiscal year ended September 30, 2025. The business model clearly targets distinct groups across its four operating segments.

The overall scale is significant; Post Holdings, Inc. reported consolidated net sales of approximately $\$8.2$ billion for fiscal year 2025. This revenue is spread across several key customer groups, with notable concentration among large retailers.

The company's customer base is served through its primary segments, which align with the customer types you listed:

• Post Consumer Brands: Focuses on North American ready-to-eat (RTE) cereal, granola, nut butters, and pet food.
• Weetabix: Serves the U.K. and international markets with RTE cereal, muesli, and protein-based shakes.
• Foodservice: Supplies bulk egg and potato products to foodservice channels.
• Refrigerated Retail: Provides side dishes, eggs, cheese, and sausage products to retail customers.

Here is a breakdown of the customer segments and their corresponding financial relevance based on fiscal year 2025 data:

The reliance on large customers is a structural feature; for instance, Walmart alone drove $17.4\%$ of the total consolidated net sales in fiscal 2025.

Post Holdings, Inc. (POST) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Post Holdings, Inc.'s operations as of late 2025. Honestly, for a consumer packaged goods company like Post Holdings, Inc., the costs tied directly to making the product are massive. This is where you see the impact of grain, eggs, and other raw materials hitting the bottom line first.

The High cost of goods sold (COGS) is a constant pressure point. For the third quarter of fiscal year 2025, the gross profit margin was 29.4% of net sales, which means COGS represented about 70.6% of sales for that period. You can see this volatility mentioned in their outlook; for instance, Post Holdings noted the cost impact from avian influenza on its Foodservice segment in the first half of 2025, estimating a headwind in the range of $30-$50 million for the second fiscal quarter compared to the first, highlighting the sensitivity to commodity prices like eggs.

Next up are the Significant selling, general and administrative (SG&A) expenses. For the full fiscal year 2025, SG&A expenses totaled $1,308.6 million, representing 16.0% of the year's total net sales of $8.2 billion. This category includes the cost of marketing your brands and, importantly, the costs associated with integrating new businesses. For example, SG&A in the third quarter of fiscal year 2025 included $3.6 million in integration costs, down from $12.4 million in the prior year period.

The debt load creates a substantial fixed cost in the form of interest. You need to watch Interest expense on debt closely. For the third quarter of fiscal year 2025, the net interest expense was reported at $88.5 million. Looking at the longer trend, the net interest expense for the nine months ended June 30, 2025, reached $259.6 million, driven by higher average debt principal and a higher weighted-average interest rate. To give you a sense of the scale, a default scenario estimate suggested fixed charges including about $447 million in annual interest costs.

Manufacturing and distribution costs are embedded within COGS and SG&A, but they are a major operational outlay, covering labor and freight. While specific standalone numbers for distribution costs aren't always broken out clearly, the overall structure reflects these physical logistics. The company's operations span center-of-the-store, refrigerated, foodservice, and ingredient categories, each with its own distribution complexity.

Finally, there are the Capital expenditures (CapEx) needed to keep the production engine running and growing. Post Holdings, Inc. is actively investing in capacity, particularly in its Foodservice segment. Management's guidance for fiscal year 2026 CapEx is set between $350-$390 million. This 2026 forecast specifically earmarks $80-$90 million for investments like the continued expansion of cage-free egg facilities and the completion of the Norwalk, Iowa precooked egg facility expansion.

Here's a quick look at some of the key financial figures impacting the cost structure for the reported periods:

You should keep an eye on the drivers that influence these costs:

• Volatility in the cost or availability of raw materials, energy, and freight.
• Integration costs tied to recent acquisitions like 8th Avenue Food & Provisions.
• The ongoing investment cycle for facility maintenance and expansion, especially cage-free egg facilities.
• Higher average outstanding principal amounts of debt impacting interest expense.

Finance: draft 13-week cash view by Friday.

Post Holdings, Inc. (POST) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Post Holdings, Inc. as of late 2025, based on the full fiscal year 2025 results ending September 30, 2025. Honestly, the story here is the mix of strong growth in specific areas offsetting softness elsewhere.

The total net sales for the fiscal year 2025 came in at $8.2 billion. That top-line number is built from four main operational segments, plus a small other category.

Here's the quick math on how those segments contributed to the top line for the full fiscal year 2025:

The Foodservice segment saw strong growth, with net sales increasing by 14.5%, or $333.9 million, compared to the prior year. The Refrigerated Retail segment also showed strength, with net sales up 3.0%, or $27.1 million, compared to the prior year period, though this figure excludes the benefit of the Potato Products of Idaho acquisition in the fourth quarter. The Post Consumer Brands segment, however, saw net sales decrease by 2.1%, or $85.0 million, compared to the prior year.

Regarding the retail partner revenue, that streams primarily through the Post Consumer Brands segment, which includes the following components:

• Net Sales from Post Consumer Brands (RTE cereal, pet food, peanut butter): $4,024.6 million for FY2025.
• Pet food volumes decreased by 13.0%, driven by reductions in co-manufactured and private label products.
• Cereal volumes decreased 5.8%.
• The weakness in Post Consumer Brands volumes was exacerbated by reductions in its co-manufactured and private label products.

The Foodservice segment revenue of $2,641.0 million was fueled by HPAI pricing recovery and volume growth.

For Refrigerated Retail, the net sales were $953.3 million for FY2025. This segment includes egg and potato products.

Weetabix net sales for fiscal year 2025 were $542.2 million.

Finance: draft 13-week cash view by Friday.