Post Holdings: Post didn’t lay an egg in 2Q; maintain Marketweight

研报英文原文证据摘录

Post Holdings: Post didn’t lay an egg in 2Q; maintain Marketweight

Guidance and financial discussion

FY26 guidance affirmed

Post affirmed its FY26 Adj EBITDA guidance of $1.55 to $1.58 billion, which represents

a 2% increase year-over-year. 4Q26 Adj EBITDA is expected to be slightly higher than

3Q26.

Liquidity is strong

As of the end of 2Q26, Post had $269 million in cash and $976 million in availability on

its revolver.

Share repurchases remain heavy

Post repurchased $331 million of stock in 2Q26 and has repurchased $710 million in

1H26. Between April 1, 2026 and May 5, 2026, Post repurchased an additional $112

million of stock. On May 5, 2026, the Board of Directors approved a new $600 million

share repurchase program.

Capital expenditures

Post expects FY26 capex in the range of $350 to $390 million, including $80 to $90

million for (1) completion of the Norwalk, Iowa precooked egg facility expansion and (2)

Foodservice investment in continued cage-free egg facility expansion.

Leverage target maintained

Post continues to have a leverage target in the mid-4x range.

Operations and strategy

8th Avenue Acquisition completed in July 2025

On July 1, 2025, Post Holdings completed its acquisition of the remaining ~40% of 8th

Avenue Food and Provisions that it does not own for an enterprise value of $880 million.

Post repaid 8th Avenue’s debt of $824 million. The remaining purchase price to be

allocated is $56 million.

M&A

Post continues to evaluate potential acquisitions but noted Post’s modest enterprise

value multiple has made transactions more difficult.

Pasta sale completed in 1Q26

On December 1, 2025, Post completed the sale of its 8th Avenue pasta business to

Richardson Holdings for $375 million in cash, with Richardson also assuming $80 million

in liabilities.