Post Holdings, Inc.

Welcome to the Post Holdings Third Quarter 2025 Earnings Conference Call and Webcast. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. So others can hear your questions clearly, we ask that you pick up your handset for best sound quality. Lastly, if you should require operator assistance, please press star zero. I would now like to turn the call over to Daniel O'Rourke, Investor Relations for Post.

Good morning. Thank you for joining us today for Post's third quarter fiscal 2025 earnings call. I'm joined this morning by Rob Vitale, our President and CEO, Jeff Zadix, our COO, and Matt Maynard, our CFO and Treasurer. Rob, Jeff, and Matt will make prepared remarks and afterwards we'll answer your questions. The press release that supports these remarks is posted on both the investors and the SEC filings portions of our website and is also available on the SEC's website. As a reminder, this call is being recorded and an audio replay will be available on our website at postholdings.com. Before we continue, I would like to remind you that this call will contain forward-looking statements, which are subject to risks and uncertainties that should be carefully considered by investors as actual results could differ materially from these statements. These forward-looking statements are current as of the date of this call, and management undertakes no obligation to update these statements. This call will discuss certain non-GAAP measures. For a reconciliation of these non-GAAP measures to the nearest GAAP measure, see our press release issued yesterday and posted on our website. With that, I will turn the call over to Rob.

Thank you, Daniel, and good morning, everyone. Before commenting on the quarter, I want to mention the leadership announcements from last evening. Jeff has decided to retire at the end of the year. Jeff and I started at Post the same day, and he has been instrumental to our success. While I'm happy for him, he will be sorely missed. Nico is being named COO effective at the same time. For the time being, he will also continue as CEO of PCB. Nico has done an outstanding job leading PCB, especially the integration of our pet business. I look forward to working with him in this role. Turning to the business, We had strong results in Q3 despite the challenging macro environment with adjusted EBITDA approaching 400 million. It continues to benefit us as we sequentially saw significant improvement in our cold chain businesses more than offsetting a pullback at PCB. While these dynamics were anticipated heading into the quarter, the magnitude of each was a bit bigger than expected. Rounding out the portfolio, WIDA BICS maintained a steady improvement from the first half that was impacted by their ERP conversion. Another highlight of Q3 was our acquisition of 8th Avenue, which closed on July 1st. We are pleased to have the business full laid back in the post portfolio. And while we see very clear synergies to PCB within nut butter and granola, we are waiting until fy 26 to start integrating to provide some normalcy and stabilization for the business meanwhile the broader mna environment remains challenged given market volatility however we view the recently announced kellogg's transaction as an encouraging sign highlighting the potential for larger more transformative transactions beyond m a we continue to be aggressive in share buybacks, having bought back 8% of the company fiscal year to date. Subsequent to the closure of the Eighth Avenue transaction, we remain in a great spot from both a leverage and liquidity position to remain opportunistic with our capital allocation. While tariffs and regulatory changes to food ingredients continue to increase costs and create uncertainty, The recent tax law changes are projected to result in substantial financial benefits to post. Specifically, bonus depreciation and interest deductibility changes will drive an estimated $300 million in reduction in cash taxes paid over the next five years. I am pleased with the overall state of our portfolio as we continue to perform well in a really tough environment. Food Service has successfully navigated severe HPAI impacts this year and is executing a soft landing to normalcy. PET is working through a challenging but much-needed portfolio transition while continuing to sustain over 2x our acquisition underwriting case. Meanwhile, on the grocery side of PCB, we remain focused on executing cost optimization to offset pressured cereal volumes. Finally, both refrigerated retail and Weetabix continue to pursue their pipelines for targeted volume growth and cost reduction. With that, I will turn the call over to Jeff.