Post Holdings, Inc.

Welcome to the Post Holdings Third Quarter 2026 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 Matt Mainer, CFO of POST.

Matt Mainer Thank you, and good morning. Thank you all for joining us today for POST's third quarter fiscal 2026 earnings question and answer session. I'm joined this morning by Nico Catoggio, our COO. Rob is unable to join us today as he is feeling under the weather, and Daniel is actually with his wife who is going into labor. Before I turn the call to Nico, though, I want to remind you that this call is being recorded and an audio replay will be available on our website at postholdings.com. During today's call, we make Thank you for joining us today. This call will discuss certain non-GAAP measures. For 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 Nico. Thank you, Matt.

Good morning, and thanks, everyone, for joining us today. Our third quarter results were slightly ahead of expectations, driven by stronger than anticipated performance in food service. and we are maintaining the midpoint of our fiscal 2026 adjusted EBITDA items while narrowing the range. From a capital allocation standpoint, we will purchase 4% of our outstanding shares, bringing our total fiscal year-to-date reduction to approximately 17% while maintaining leverage within our target range. Looking ahead, we believe it's important to provide early context for fiscal 2027. After adjusting our fiscal 2026 outlook for approximately $80 million of items affecting compatibility, we enter fiscal 2027 with a comparable adjusted EBITDA base of approximately $1.48 billion. While our fiscal 2027 budget remains under development, our preliminary outlook is for adjusted EBITDA that is relatively consistent with this level. Despite normalizing food service earnings, The absence of divested businesses, anticipated inflation, and ongoing volume pressure, we currently expect targeted pricing actions, cost savings, and food service man-rate growth to support fiscal 2027 underlying EBITDA generally flat related to the comparable adjusted EBITDA base of approximately $1.48 billion that I mentioned before. With that, operator, please open the line for Q&A.