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Press Release: Post Holdings Reports Results for -7-

· 02/04/2021 17:00
Post Consumer Refrigerated BellRing Corporate/ Brands Weetabix Foodservice Retail Brands Other Total Segment Profit $ 80.6 $ 23.7 $ 47.0 $ 26.0 $ 49.3 $ -- $226.6 General corporate expenses and other -- -- -- -- -- (27.4) (27.4) Other income, net -- -- -- -- -- (3.2) (3.2) ------ -------- --------- ---- --------- ----- -------- ---------- ------ Operating Profit 80.6 23.7 47.0 26.0 49.3 (30.6) 196.0 Other income, net -- -- -- -- -- 3.2 3.2 Depreciation and amortization, including accelerated depreciation 27.9 8.7 29.0 17.4 6.4 0.9 90.3 Non-cash stock-based compensation -- -- -- -- 1.4 10.0 11.4 Noncontrolling interest adjustment -- (0.5) -- -- -- -- (0.5) Mark-to-market adjustments on commodity and foreign exchange hedges -- -- (0.7) -- -- (3.5) (4.2) Restructuring and facility closure costs, excluding accelerated depreciation -- -- -- -- -- 0.6 0.6 TransactionPost Consumer Refrigerated BellRing Corporate/ Brands Weetabix Foodservice Retail Brands Other Total Segment Profit $ 70.5 $ 28.1 $ 10.8 $ 33.7 $ 47.8 $ -- $190.9 General corporate expenses and other -- -- -- -- -- (13.8) (13.8) Other income, net -- -- -- -- -- (10.8) (10.8) ------ -------- --------- ---- --------- ----- -------- ---------- ------ Operating Profit 70.5 28.1 10.8 33.7 47.8 (24.6) 166.3 Other income, net -- -- -- -- -- 10.8 10.8 Depreciation and amortization, including accelerated depreciation and amortization 28.2 9.4 30.7 18.1 6.7 1.0 94.1 Non-cash stock-based compensation -- -- -- -- 1.9 12.0 13.9 Noncontrolling interest adjustment -- (0.3) -- -- -- -- (0.3) Equity method investment adjustment -- 0.1 -- -- -- -- 0.1 Mark-to-market adjustments on commodity and foreign exchange hedges -- -- (1.1) -- -- (13.8) (14.9) Provision for legal settlements 15.0 -- -- -- -- -- 15.0 Mark-to-market adjustments on equity securities -- -- -- -- -- (7.9) (7.9) Restructuring and facility closure costs, excluding accelerated depreciation and amortization -- -- -- -- 4.6 0.3 4.9 Transaction costs -- -- -- -- -- 1.1 1.1 Adjustment to bargain purchase -- -- -- -- -- 2.3 2.3 Assets held for sale -- -- -- -- -- (0.6) (0.6) Foreign currency gain on intercompany loans -- -- -- -- (0.3) -- (0.3) Advisory income -- -- -- -- -- (0.1) (0.1) Adjusted EBITDA $113.7 $ 37.3 $ 40.4 $ 51.8 $ 60.7 $ (19.5) $284.4 ===== ==== ===== ==== ===== ===== ==== ====== ===== Adjusted EBITDA as a percentage of Net Sales 25.6% 32.9% 11.4% 19.7% 21.5% -- 19.5% ====== ======== ========= === ========= ==== ======== ========== ======Three Months Ended December 31, -------------------------- 2020 2019 -------------- ---------- Net Earnings $ 81.2 $ 99.2 Income tax expense 23.2 30.4 Interest expense, net 96.6 102.9 Depreciation and amortization, including accelerated depreciation and amortization 94.1 90.3 Income on swaps, net (41.6) (61.4) Loss on extinguishment of debt, net -- 12.9 Non-cash stock-based compensation 13.9 11.4 Noncontrolling interest adjustment 9.5 7.4 Equity method investment adjustment 8.0 7.3 Mark-to-market adjustments on commodity and foreign exchange hedges (14.9) (4.2) Provision for legal settlements 15.0 -- Mark-to-market adjustments on equity securities (7.9) -- Restructuring and facility closure costs, excluding accelerated depreciation and amortization 4.9 0.6 Transaction costs 1.1 4.9 Integration costs -- 1.6 Adjustment to bargain purchase 2.3 -- Assets held for sale (0.6) -- Foreign currency gain on intercompany loans (0.3) -- Advisory income (0.1) (0.2) Adjusted EBITDA $ 284.4 $303.1 ====== ===== Adjusted EBITDA as a percentage of Net Sales 19.5% 20.8% ========== ======Three Months Ended December 31, ------------------------ 2020 2019 ------------ ---------- Diluted Earnings per Common Share $ 1.21 $ 1.38 Adjustments: Income on swaps, net (0.62) (0.85) Noncontrolling interest adjustment (0.02) -- Mark-to-market adjustments on commodity and foreign exchange hedges (0.22) (0.06) Provision for legal settlements 0.22 -- Mark-to-market adjustments on equity securities (0.12) -- Restructuring and facility closure costs, including accelerated depreciation and amortization 0.08 -- Transaction costs 0.02 0.07 Integration costs -- 0.02 Adjustment to bargain purchase 0.03 -- Assets held for sale (0.01) -- Total Net Adjustments (0.64) (0.82) Income tax effect on adjustments (1) 0.15 0.17 Adjusted Diluted Earnings per Common Share $ 0.72 $ 0.73 ======= ====== (1) For all periods, income tax effect on adjustments was calculated on all items, except income on swaps, net and adjustment to bargain purchase, using a rate of 24.5%, the sum of Post's U.S. federal corporate income tax rate plus Post's blended state income tax rate, net of federal income tax benefit. Income tax effect for income on swaps, net was calculated using a rate of 21.5%. Income tax effect for adjustment to bargain purchase was calculated using a rate of 0.0%.

TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (Unaudited)

RECONCILIATION OF NET EARNINGS TO ADJUSTED EBITDA (Unaudited)

(in millions)

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)

THREE MONTHS ENDED DECEMBER 31, 2020

(in millions)

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)

THREE MONTHS ENDED DECEMBER 31, 2019

(in millions)

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