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Press Release: Post Holdings Reports Results for -4-

· 02/04/2021 17:00
Three Months Ended December 31, ------------------------ 2020 2019 ----------- ----------- Cash provided by (used in): Operating activities $ 114.5 $ 108.4 Investing activities, including capital expenditures of $53.9 and $77.3 (41.5) (75.8) Financing activities (154.5) (274.9) Effect of exchange rate changes on cash, cash equivalents and restricted cash 6.6 2.9 ---------- -------- Net decrease in cash, cash equivalents and restricted cash $ (74.9) $ (239.4) ====== =======December 31, 2020 September 30, 2020 ------------------- ---------------------- ASSETS Current Assets Cash and cash equivalents $ 1,118.0 $ 1,187.9 Restricted cash 0.5 5.5 Receivables, net 452.7 441.6 Inventories 584.4 599.4 Prepaid expenses and other current assets 100.9 53.4 ------------------ ------------------- Total Current Assets 2,256.5 2,287.8 Property, net 1,776.0 1,779.7 Goodwill 4,492.0 4,438.6 Other intangible assets, net 3,182.5 3,197.5 Equity method investments 106.8 114.1 Other assets 326.5 329.0 ------------------ ------------------- Total Assets $ 12,140.3 $ 12,146.7 ============== =============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Current portion of long-term debt $ 36.1 $ 64.9 Accounts payable 374.0 367.9 Other current liabilities 480.0 541.6 ------------------ ------------------- Total Current Liabilities 890.1 974.4 Long-term debt 6,972.1 6,959.0 Deferred income taxes 808.5 784.5 Other liabilities 565.1 599.8 ------------------ ------------------- Total Liabilities 9,235.8 9,317.7 Shareholders' Equity Common stock 0.8 0.8 Additional paid-in capital 4,226.2 4,182.9 Retained earnings 289.8 208.6 Accumulated other comprehensive income (loss) 72.3 (29.3) Treasury stock, at cost (1,668.4) (1,508.5) ------------------ ------------------- Total Shareholders' Equity excluding Noncontrolling Interest 2,920.7 2,854.5 Noncontrolling interest (16.2) (25.5) ------------------ ------------------- Total Shareholders' Equity 2,904.5 2,829.0 ------------------ ------------------- Total Liabilities and Shareholders' Equity $ 12,140.3 $ 12,146.7 ============== ===============Three Months Ended December 31, ---------------------- 2020 2019 --------- ----------- Net Sales $1,458.0 $1,456.8 Cost of goods sold 1,002.6 985.3 -------- -------- Gross Profit 455.4 471.5 Selling, general and administrative expenses 251.1 235.3 Amortization of intangible assets 40.6 40.1 Other operating (income) expenses, net (2.6) 0.1 -------- -------- Operating Profit 166.3 196.0 Interest expense, net 96.6 102.9 Loss on extinguishment of debt, net -- 12.9 Income on swaps, net (41.6) (61.4) Other income, net (10.8) (3.2) -------- -------- Earnings before Income Taxes and Equity Method Loss 122.1 144.8 Income tax expense 23.2 30.4 Equity method loss, net of tax 7.9 7.3 -------- -------- Net Earnings Including Noncontrolling Interest 91.0 107.1 Less: Net earnings attributable to noncontrolling interest 9.8 7.9 -------- -------- Net Earnings $ 81.2 $ 99.2 Earnings per Common Share: Basic $ 1.24 $ 1.40 Diluted $ 1.21 $ 1.38 Weighted-Average Common Shares Outstanding: Basic 65.7 70.7 Diluted 66.9 72.1guarantor for certain leases; -- Post's ability to protect its intellectual property and other assets and to continue to use third party intellectual property subject to intellectual property licenses; -- the ability of Post and its customers', and 8th Avenue's and its customers', private brand products to compete with nationally branded products; -- risks associated with Post's international businesses; -- the impact of the United Kingdom's exit from the European Union (commonly known as "Brexit") on Post and its operations; -- costs, business disruptions and reputational damage associated with information technology failures, cybersecurity incidents or information security breaches; -- changes in estimates in critical accounting judgments; -- losses or increased funding and expenses related to Post's qualified pension or other postretirement plans; -- significant differences in Post's, 8th Avenue's and BellRing's actual operating results from Post's guidance regarding Post's and 8th Avenue's future performance and BellRing's guidance regarding its future performance; -- Post's ability and BellRing's ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002; and -- other risks and uncertainties described in Post's and BellRing's filings with the Securities and Exchange Commission.

These forward-looking statements represent Post's judgment as of the date of this release except with respect to BellRing's guidance regarding its future performance, which represents BellRing's judgment as of the date of this release. Post disclaims, however, any intent or obligation to update these forward-looking statements.

About Post Holdings, Inc.

Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company operating in the center-of-the-store, refrigerated, foodservice, food ingredient and convenient nutrition food categories. Its businesses include Post Consumer Brands, Weetabix, Michael Foods, Bob Evans Farms and BellRing Brands. Post Consumer Brands is a leader in the North American ready-to-eat cereal category and also markets Peter Pan(R) peanut butter. Weetabix is home to the United Kingdom's number one selling ready-to-eat cereal brand, Weetabix(R) . Michael Foods and Bob Evans Farms are leaders in refrigerated foods, delivering innovative, value-added egg and refrigerated potato side dish products to the foodservice and retail channels. Post's publicly-traded subsidiary BellRing Brands, Inc. is a holding company operating in the global convenient nutrition category through its primary brands of Premier Protein(R) and Dymatize(R) . Post participates in the private brand food category through its investment with third parties in 8th Avenue Food & Provisions, Inc., a leading, private brand centric, consumer products holding company. For more information, visit www.postholdings.com.

Contact:

Investor Relations

Jennifer Meyer

jennifer.meyer@postholdings.com

(314) 644-7665

Media Relations

Lisa Hanly

lisa.hanly@postholdings.com

(314) 665-3180

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February 04, 2021 17:00 ET (22:00 GMT)