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Press Release: BellRing Brands Reports Results -3-

· 02/04/2021 17:00
a. NCI adjustment: BellRing has included an adjustment to reflect the removal of non-GAAP adjustments which are attributable to noncontrolling interest in the calculation of Adjusted net earnings. b. Restructuring and facility closure costs, including accelerated depreciation and amortization: BellRing has excluded certain costs associated with facility closures and discontinuance of brands as the amount and frequency of such adjustments are not consistent. Additionally, BellRing believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of BellRing's current operating performance or comparisons of BellRing's operating performance to other periods. c. Separation costs: BellRing has excluded certain expenses incurred to effect its separation from Post and to support its transition into a separate stand-alone, publicly-traded entity as the amount and frequency of such adjustments are not consistent. Additionally, BellRing believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of BellRing's current operating performance or comparisons of BellRing's operating performance to other periods. d. Foreign currency gain/loss on intercompany loans: BellRing has excluded the impact of foreign currencyThree Months Ended December 31, -------------------------- 2020 2019 -------------- ---------- Cash provided by (used in): Operating activities $ 23.3 $ (24.9) Investing activities -- (0.7) Financing activities (22.0) 49.9 Effect of exchange rate changes on cash and cash equivalents 0.8 0.1 ---------- ------- Increase in cash and cash equivalents $ 2.1 $ 24.4 ====== ======December 31, 2020 September 30, 2020 ------------------- ---------------------- ASSETS Current Assets Cash and cash equivalents $ 50.8 $ 48.7 Receivables, net 123.3 83.1 Inventories 136.4 150.5 Prepaid expenses and other current assets 14.1 7.9 ------------------ ------------------ Total Current Assets 324.6 290.2 Property, net 9.7 10.2 Goodwill 65.9 65.9 Other intangible assets, net 268.4 274.3 Other assets 12.2 12.9 ------------------ ------------------ Total Assets $ 680.8 $ 653.5 ==== ============ ==== ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current portion of long-term debt $ 35.0 $ 63.8 Accounts payable 68.6 56.7 Other current liabilities 34.7 32.6 ------------------ ------------------ Total Current Liabilities 138.3 153.1 Long-term debt 635.1 622.6 Deferred income taxes 9.6 9.0 Other liabilities 27.9 29.8 ------------------ ------------------ Total Liabilities 810.9 814.5 Redeemable noncontrolling interest 2,369.6 2,021.6 Stockholders' Equity Preferred stock -- -- Common stock 0.4 0.4 Accumulated deficit (2,496.5) (2,179.0) Accumulated other comprehensive loss (3.6) (4.0) ------------------ ------------------ Total Stockholders' Equity (2,499.7) (2,182.6) ------------------ ------------------ Total Liabilities and Stockholders' Equity $ 680.8 $ 653.5 ==== ============ ==== ============Three Months Ended December 31, -------------------------- 2020 2019 --------------- --------- Net Sales $ 282.4 $ 244.0 Cost of goods sold 190.5 152.7 ----------- ------- Gross Profit 91.9 91.3 Selling, general and administrative expenses 38.3 36.5 Amortization of intangible assets 5.9 5.5 Other operating income, net (0.1) -- ----------- ------- Operating Profit 47.8 49.3 Interest expense, net 12.8 11.6 ----------- ------- Earnings before Income Taxes 35.0 37.7 Income tax expense 2.1 5.9 ----------- ------- Net Earnings Including Redeemable Noncontrolling Interest 32.9 31.8 Less: Net earnings attributable to redeemable noncontrolling interest 25.1 25.8 ----------- ------- Net Earnings Available to Class A Common Stockholders $ 7.8 $ 6.0 ======= ====== Earnings per share of Class A Common Stock: Basic $ 0.20 $ 0.15 Diluted $ 0.20 $ 0.15 Weighted-Average Shares of Class A Common Stock Outstanding: Basic 39.5 39.4 Diluted 39.6 39.4

BellRing Brands, Inc. is a rapidly growing leader in the global convenient nutrition category. Its primary brands, Premier Protein(R) and Dymatize(R) , appeal to a broad range of consumers across all major product forms, including ready-to-drink protein shakes, powders and nutrition bars, and are distributed across a diverse network of channels including club, food, drug, mass, eCommerce, specialty and convenience. BellRing's commitment to consumers is to strive to make highly effective products that deliver best-in-class nutritionals and superior taste. For more information, visit www.bellring.com.

Contact:

Investor Relations

Jennifer Meyer

jennifer.meyer@bellringbrands.com

(314) 644-7665

Media Relations

Lisa Hanly

lisa.hanly@bellringbrands.com

(314) 665-3180

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except for per share data)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions)

SELECTED CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited)

(in millions)

EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES

BellRing uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures include Adjusted net earnings available to Class A common stockholders, Adjusted diluted earnings per share of Class A common stock and Adjusted EBITDA. The reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is provided in the tables following this section. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described below. These non-GAAP measures may not be comparable to similarly titled measures of other companies.

Adjusted net earnings available to Class A common stockholders and Adjusted diluted earnings per share of Class A common stock

BellRing believes Adjusted net earnings available to Class A common stockholders and Adjusted diluted earnings per share of Class A common stock are useful to investors in evaluating BellRing's operating performance because they exclude items that affect the comparability of BellRing's financial results and could potentially distort an understanding of the trends in business performance.

Adjusted net earnings available to Class A common stockholders and Adjusted diluted earnings per share of Class A common stock are adjusted for the following items:

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