Post Holdings, Inc. · NYSE:POST
Post — Q1 2025 Earnings Presentation
31 slides from Post's earnings presentation, Feb 7, 2025
Slide 1: Investor Presentation
Investor Presentation February 25, 2025
Slide 2: Important Notice Regarding the Information Contained in this Presentation
Important Notice Regarding the Information Contained in this Presentation The information contained in this presentation, unless otherwise noted, is as of February 6, 2025 and is intended to facilitate discussions with investors and potential investors of Post Holdings, Inc. (“Post,” “Post Holdings,
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements Certain matters discussed in this presentation and any discussions with potential • Post’s ability to hire and retain talented personnel, increases in labor-related costs, investors are forward-looking statements within the meaning of the Pri
Slide 4: Cautionary Statement Regarding Forward-Looking Statements (Cont'd)
Cautionary Statement Regarding Forward-Looking Statements (Cont’d) (CONTINUED FROM PRIOR PAGE): • impairment in the carrying value of goodwill, other intangibles or long-lived assets; You should not rely upon forward-looking statements as predictions of future events. Although Post believes that the
Slide 5: Additional Information
Additional Information Non-GAAP Financial Measures Post uses Adjusted EBITDA, free cash flow and free cash flow as a percentage of In this presentation, Post provides its Adjusted EBITDA guidance for fiscal year 2025 Adjusted EBITDA, all of which are non-GAAP measures, in this presentation to and it
Slide 6: Additional Information (Cont'd)
Additional Information (Cont’d) Prospective Financial Information Post’s Adjusted EBITDA guidance for fiscal year 2025, Post’s estimated maintenance capital expenditures, Post’s estimated growth capital expenditures, Post’s normalized cash taxes, Post’s illustrative value in future fiscal years, Pos
Slide 7: Additional Information (Cont'd)
Additional Information (Cont’d) Market and Industry Data property of, or are under license by, Post or its consolidated subsidiaries. Other logos, trademarks, trade names and service marks mentioned in this presentation, including Attune , Attune Foods , Golden Boy , Dakota Growers Pasta Co.®, Ameri
Slide 8: A Holding Company of Consumer Operating Companies
A Holding Company of Consumer Operating Companies • Post Holdings is a consumer packaged goods/food holding company • Currently, Post owns five platforms: four consolidated and one separately reported Consolidated Non-Consolidated • Post Consumer Brands • 8th Avenue • Weetabix • Foodservice • Refrig
Slide 9: Post Holdings: Current Businesses
Post Holdings: Current Businesses Consolidated Non-Consolidated (1) REFRIGERATED POST CONSUMER BRANDS WEETABIX FOODSERVICE RETAIL Primarily North American ready-to-eat Primarily United Primarily Primarily side dish, Nut butters, healthy (“RTE”) cereal, pet food and peanut butter Kingdom (“U.K.”) RTE
Slide 10: Post Holdings: Relative Segment Sizes
Post Holdings: Relative Segment Sizes Segment Sales by Category (1Q25) Foodservice Potatoes & Other 5% Grocery Eggs 28% 26% Post Consumer Pet Brands Side Dishes 21% 7% Other 7% Weetabix 6% Refrigerated Retail Weetabix 10
Slide 11: How Post Differs From Other CPG Companies
How Post Differs From Other CPG Companies • Post does not pay a dividend, and it generally operates at higher leverage levels • Maintaining higher leverage avoids excess equity. Not paying a dividend enables generally higher leverage by forgoing fixed commitments for its cash flow • Post returns cap
Slide 12: BellRing Brands: A Case Study
BellRing Brands: A Case Study • From September 2013 through October 2014, Post acquired Premier Protein, Dymatize and PowerBar for ~$700mm. These brands combined to form Post’s historical Active Nutrition segment and eventually became BellRing (NYSE: BRBR). • From October 2014 through October 2019,
Slide 13: 8th Avenue Food & Provisions: A Case Study
8th Avenue Food & Provisions: A Case Study • From 2012 through 2018, Post acquired nut butter, healthy snacks (granola and dried fruit and nut) and pasta businesses for ~$950mm, which combined to form Post’s historical Private Brands segment and ultimately became 8th Avenue. • From 2012 through 2018
Slide 14: Pet Food: A Case Study
Pet Food: A Case Study • In April 2023, Post acquired various pet food brands, including Nutrish, Nature’s Recipe, 9Lives, Kibbles ‘n Bits and Gravy Train, for $1.2bn from The J.M. Smucker Company. The transaction included facilities in Bloomsburg, Pennsylvania, Meadville, Pennsylvania and Lawrence,
Slide 15: Growth Algorithm
Growth Algorithm (Prost) POST HOLDINGS, INC.
Slide 16: Summary: Hurdle Rate and Value Creation
Summary • Post’s capital allocation is evaluated against a baseline performance that generates low teens share price CAGR (“Hurdle Rate”) • Assumes 3-4% Adjusted EBITDA growth and all free cash flow used to retire debt Enterprise Value Enterprise Value Net Debt Net Debt Equity Value Equity Value Pos
Slide 17: 5 Year Algorithm
5 Year Algorithm Target Adjusted Segment Rationale EBITDA Growth • Network optimization is greater than Post Consumer the impact of cereal category volume 2% Brands declines • Pet category growth • In line with historical CAGR • Volume growth with margin expansion Foodservice 5% via mix moving to gr
Slide 18: Free Cash Flow Generation
Free Cash Flow Generation Key Cash Flow Characteristics Illustrative Free Cash Flow Calculation ($ in millions) • Recurring revenue stream Post Consolidated Estimated Adjusted EBITDA(1)(2) $ 1,440 supported by strong or growing Less: Cash Interest(3) (338) market positions or attractive Less: Estima
Slide 19: Debt Maturity Ladder: 100% Fixed Rate with No Maturities until 2027
Debt Maturity Ladder 100% Fixed Rate with No Maturities until 2027 Debt Maturities by Calendar Year(1) ($ in millions) 2.50% Convertible Senior Notes due Aug. 2027 Revolving Credit Facility (Undrawn) (2) 5.50% Senior Notes due Dec. 2029 4.625% Senior Notes due Apr. 2030 4.50% Senior Notes due Sept.
Slide 20: Business Overviews
Business Overviews (Prost) POST HOLDINGS, INC.
Slide 21: Post Consumer Brands ("PCB"): Overview
Post Consumer Brands (“PCB”): Overview • PCB is a scale level platform for ambient food products • Grocery (RTE cereal, peanut butter) • Pet food • PCB is the combination of: • Post Foods – separated from Ralcorp in 2012 • MOM Brands – acquired in 2015 • Weetabix North America – acquired in 2017 • T
Slide 22: Post Consumer Brands: North America RTE Cereal
Post Consumer Brands: North America RTE Cereal • Strong #3 in category(1) • Branded dollar market share of 20%(1) • Branded volume market share of 23%(1) • #1 in the value segment(2) • #1 in the bag segment, with dollar and volume market share of ~70%(2) • #1 provider of private label RTE cereal(3)
Slide 23: Post Consumer Brands: Pet Food
Post Consumer Brands: Pet Food • #3 branded U.S. pet food manufacturer by volume(1) • Leading dog and cat food brands in the value, mainstream and entry premium sub-categories • Large, growing category supported by secular consumer trends • Key competitors • Nestlé • Mars • Key brands • Nutrish • 9L
Slide 24: Foodservice: Overview
Foodservice: Overview • In 2014, Post acquired Michael Foods, one of the largest providers of value-added eggs and potatoes for foodservice and retail channels • When Post acquired Bob Evans Farms in 2018, it created two pure channel plays with Michael Foods in foodservice and Bob Evans managing ret
Slide 25: Foodservice: Value-Added Egg Products
Foodservice: Value-Added Egg Products • Foodservice historical category growth rate of ~4%(1) • #1 foodservice provider with greater than 50% market share(1) • Key competitors • Cargill • Deb El Food Products • Category barriers to entry • Highly complex and costly supply chain • Cost leadership • T
Slide 26: Foodservice: Growth
Foodservice: Growth • Meaningful growth opportunities • Conversion ‘up the value chain’ to higher value-add, higher margin products • Volume growth through increase in away from home consumption • Expansion into other dayparts • Attractive value-proposition to foodservice customers • Diminished food
Slide 27: Foodservice: Margin Expansion Via Mix Improvement
Foodservice: Margin Expansion Via Mix Improvement Portion of Foodservice • Conversion of shell egg users egg to value-added products, up volume(1) ~2% gross volume mix shift up the value chain since pre- the value chain 15-20% pandemic(2) • Approximately ~40% of foodservice Precooked Products at the
Slide 28: Refrigerated Retail: Overview
Refrigerated Retail: Overview • Post acquired Bob Evans Farms in 2018 and created a pure play retail business • Refrigerated Retail is anchored by attractive dinner side dish products. Retail combination added breakfast side dishes – Bob Evans and Simply Potatoes. Both are attractive ‘heat and eat’
Slide 29: Refrigerated Retail: Sides
Refrigerated Retail: Sides • Attractive product set across retail refrigerated potato and pasta side dishes, egg products and breakfast sausage • Brands: Bob Evans, Simply Potatoes, Egg Beaters, Crystal Farms • Leader in refrigerated side dishes(1) • Meaningful growth opportunity through increasing
Slide 30: Weetabix: Overview
Weetabix: Overview • Weetabix, like PCB, is a scale ambient platform with a predominantly U.K. and European focus • Weetabix was acquired in 2017. In 2022, it added UFIT, a protein-based beverage provider • In the U.K. RTE cereal category, the flagship Weetabix brand holds the #1 brand position(1) a
Slide 31: POST HOLDINGS, INC.
POST HOLDINGS, INC.