Post Holdings Inc (POST) 2026 Q1 法說會逐字稿

Welcome to the Post Holdings first-quarter 2026 earnings conference call and webcast. (Operator Instructions)

歡迎參加 Post Holdings 2026 年第一季財報電話會議和網路直播。（操作說明）

I'd now like to turn the call over to Daniel O'Rourke, Investor Relations for Post. Please go ahead.

現在我將把電話交給 Post 的投資人關係負責人 Daniel O'Rourke。請繼續。

Good morning. Thank you for joining us today for Post's first-quarter fiscal 2026 earnings question-and-answer session. This call is being recorded, and an audio replay will be available on our website at postholdings.com.

早安.感謝您今天參加 Post 公司 2026 財年第一季財報問答環節。本次通話正在錄音，錄音回放將在我們的網站 postholdings.com 上提供。

During today's call, we may make 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.

在今天的電話會議中，我們可能會發表一些前瞻性聲明，這些聲明存在風險和不確定性，投資者應仔細考慮，因為實際結果可能與這些聲明有重大差異。這些前瞻性陳述僅代表截至本次電話會議之日的信息，管理層不承擔更新這些陳述的義務。

The press release that supports today's call is posted on both the Quarterly Results and the SEC Filings section of our website under the Investors section and is available on the SEC's website. 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.

支持今天電話會議的新聞稿已發佈在我們網站「投資者」欄目的「季度業績」和「美國證券交易委員會文件」欄位下，也可在美國證券交易委員會網站上查閱。本次電話會議將討論某些非GAAP指標。有關這些非GAAP指標與最接近的GAAP指標的調節表，請參閱我們昨天發布的新聞稿，該新聞稿已發佈在我們的網站上。

I'm joined this morning by Rob Vitale, our President and CEO; Nico Cattogio, our COO; and Matt Mainer, our CFO and Treasurer.

今天早上和我一起的有我們的總裁兼首席執行官羅伯·維塔萊；我們的首席營運官尼科·卡托吉奧；以及我們的首席財務官兼財務主管馬特·梅納。

We're doing things a little differently this quarter as we posted management remarks last night in the Investors section of our website. Our rationale for this change is to give you additional time to digest our commentary in advance of this call. In addition, given our M&A activity, our convertible debt structure, and the magnitude of recent share repurchases, we wanted to bridge our enterprise value calculation, which is furnished as an appendix to our posted remarks.

本季我們採取了一些不同的做法，昨晚我們在網站的投資者關係版塊發布了管理層演講。我們做出此項更改的理由是，希望您有更多的時間在本次電話會議之前消化我們的評論。此外，鑑於我們的併購活動、可轉換債務結構以及近期股票回購的規模，我們希望完善我們的企業價值計算，該計算作為我們已發布的聲明的附錄提供。

I hope you've had a chance to review this document. The key highlights are that fiscal '26 is off to a great start as we delivered Q1 adjusted EBITDA well above expectations. This operating performance, coupled with an update to our Foodservice normalized run rate, allowed us to significantly increase our guidance. We have continued aggressive share repurchases so far this year, and our strong operating performance, along with our Q1 sale of the 8th Avenue pasta business, has allowed us to hold net leverage flat. And from this position, we continue to maintain significant flexibility for opportunistic capital allocation.

希望您有機會審閱這份文件。關鍵亮點是，2026 財年開局良好，第一季調整後 EBITDA 遠超預期。這項營運業績，加上我們餐飲服務正常營運率的更新，使我們能夠大幅提高業績預期。今年以來，我們持續積極回購股票，加上我們強勁的經營業績，以及第一季出售 8th Avenue 義大利麵業務，使我們能夠保持淨槓桿率不變。基於此，我們繼續保持相當大的彈性，以便進行機會主義的資本配置。

With that, I'll turn the call back over to the operator to open up Q&A.

接下來，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions) Andrew Lazar, Barclays.

（操作說明）安德魯·拉扎爾，巴克萊銀行。

Howdy.

你好。

Great. Thanks so much. Good morning, everybody.

偉大的。非常感謝。大家早安。

Can I just -- before you jump in -- say welcome, Nico. He's new to the circus.

在你插話之前，我能先說聲歡迎你嗎，尼可？他是馬戲團的新人。

Yeah. And welcome, Nico, and congratulations on the COO role. And good morning, everybody, and thanks for putting out the prepared remarks last night. That's really helpful.

是的。歡迎尼科，祝賀你擔任營運長一職。各位早安，感謝你們昨晚發表了準備好的演講稿。這真的很有幫助。

Maybe, Rob, to start off, obviously, Post has been aggressively buying back stock for some time now, and that's where obviously the company sees the best way to deploy free cash flow at the moment. But obviously, we've seen market valuations for a bunch of small-cap growth peer food companies drop pretty meaningfully over the past year, yet there really still hasn't been much in the way of M&A activity, including for one that Post obviously has great familiarity with. I guess, are market valuations still not yet attractive enough for some of these maybe smaller public entities to warrant thinking a bit differently about capital allocation, I guess, is my first question.

羅布，或許首先，很顯然，Post 公司已經積極回購股票一段時間了，顯然，該公司認為這是目前部署自由現金流的最佳方式。但顯然，在過去一年裡，我們看到許多小市值成長型食品公司的市場估值大幅下降，然而併購活動仍然不多，包括Post顯然非常熟悉的併購活動。我想，對於一些規模較小的上市公司來說，目前的市場估值是否還不夠有吸引力，以至於它們需要重新考慮資本配置？這大概是我的第一個問題。

Well, I think that that is certainly changing as the multiples change. Whether it's exactly where it needs to be yet or no, I think, is in the eye of the beholder. But I think as that multiples come down, M&A becomes a much more interesting measure.

嗯，我認為隨著乘數的變化，這種情況肯定會改變。至於它是否已經達到了應有的水平，我認為，這取決於觀察者的視角。但我認為，隨著這些倍數下降，併購將成為更有趣的衡量指標。

Great. Well, thank you for that. And then maybe just as a second one, I was curious to maybe explore the comments in the prepared remarks about the cereal category recently returning to its more historical down low-single-digit pace from what had been more significant declines. Is it simply that it's a more affordable breakfast option at a time when we see more value-seeking behavior? Or do you think there's maybe a little bit something more enduring to it?

偉大的。謝謝。其次，我很好奇，想探討事先準備好的發言稿中關於穀物品類最近從之前更大的跌幅恢復到更符合歷史規律的個位數跌幅的評論。是因為它價格更實惠，而現在人們越來越注重性價比？或者你認為它可能具有某種更持久的意義？

Nico?

尼科？

Well, now we see it as that. I mean, if you see it is very recent. So there's a significant change in trajectory that happened in November, December, and that coincides with SNAP. So we see it as an outcome of changes in SNAP and trade down from other categories to cereal. Not only cereal, remember, we now have a significant presence in peanut butter. Peanut butter also improved in the same period.

現在我們也是這麼認為的。我的意思是，如果你仔細看的話，你會發現它非常新近。因此，11 月和 12 月發生了重大的發展軌跡變化，這與 SNAP（補充營養援助計劃）的實施時間相吻合。所以我們認為這是 SNAP 政策變化以及人們從其他類別轉向購買穀物食品的結果。別忘了，我們不僅涉足穀物食品領域，現在在花生醬領域也佔據了相當大的份額。同期花生醬的品質也有所提升。

So for now, we'll say that's trade down. We need to see what happens in the next few months when, in a few more months, you actually have the confidence that it's a change in the category.

所以目前來看，我們會說這是降級交易。我們需要觀察接下來幾個月的情況，再過幾個月，你才能真正確信這是一個類別上的改變。

Great. Okay. I'll pass it on. Thank you.

偉大的。好的。我會轉達的。謝謝。

Matt Smith, Stifel.

馬特史密斯，史蒂費爾。

Hi. Good morning, all. Thanks for taking my question.

你好。各位早安。謝謝您回答我的問題。

Hey, Matt. Good morning.

嘿，馬特。早安.

The guidance raised after this first strong first quarter includes the higher unique benefit and higher normalized earnings from Foodservice business. But can you talk about your expectations for the rest of the business through the rest of the year relative to your initial expectations? If you factored in some, perhaps, lower EBITDA contribution from PCB, is that investment-related, or are things pretty similar to your initial expectations?

在經歷了強勁的第一季之後，公司提高了業績預期，其中包括餐飲服務業務更高的獨特收益和更高的正常化收益。但您能否談談您對今年剩餘時間業務的預期，與您最初的預期相比有何變化？如果將PCB業務可能帶來的較低EBITDA貢獻考慮在內，這是否與投資有關，還是與你最初的預期基本一致？

Yeah. Matt, I'd say the balance of the portfolio is pretty similar to our initial outlook. Obviously, we make adjustments and tweaks here and there when we think about the totality of the portfolio and our guidance. But there's nothing material I'd call out.

是的。馬特，我認為目前的投資組合平衡與我們最初的預期非常相似。顯然，在考慮投資組合的整體情況和我們的指導方針時，我們會不時地進行調整和微調。但沒有什麼實質的問題需要特別指出。

Thanks for that. And as a follow-up, on the stronger normalized Foodservice earnings base, you saw some nice volume growth both in overall eggs and highest value-added eggs. Can you talk about some of the timing benefits in the quarter and how you expect volumes to progress from here, especially in the higher value-added eggs segment? Thank you.

謝謝。此外，在更強勁的正常化餐飲服務獲利基礎上，雞蛋總銷量和高附加價值雞蛋的銷量均實現了不錯的成長。您能否談談本季的一些時機優勢，以及您預計銷量將如何從目前水平發展，尤其是在高附加價值雞蛋領域？謝謝。

Sure. So definitely, obviously, some favorability when you think about year over year relative to some impacts from avian influenza last fiscal year and also in the current year. As we talked about, it started in Q4 when we were getting customer inventories reloaded, got that completed this quarter. So a couple transitory benefits that fall away as we think about sequential movement into Q2. I think we see the balance of the year more in line with both from a mixed standpoint and just overall egg growth more in line with historical and how we think about the business, which is a 3% to 4% growth rate with a mix benefit, getting us to our algorithm.

當然。所以，很明顯，考慮到上個財政年度和本年度禽流感的一些影響，與往年相比，肯定有一些利多因素。正如我們之前討論的，這項工作始於第四季度，當時我們正在重新補充客戶的庫存，這項工作已在本季度完成。因此，隨著我們考慮進入第二季度，一些暫時性的好處會逐漸消失。我認為，從混合的角度來看，今年剩餘時間的情況更符合兩者的預期，而且整體雞蛋增長也更符合歷史數據以及我們對業務的看法，即 3% 到 4% 的增長率，並伴有混合收益，這符合我們的演算法。

That's great, Matt. Thank you. I'll pass it on.

太好了，馬特。謝謝。我會轉達的。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Hey. Good morning, guys. Yeah, a question on the cereal category. I wonder, how are you seeing the category today, competitor behavior and strategies, and maybe reflect on your own spending. We obviously made a new hire with Greg, who will be coming on, and maybe he'll have some impressions and thoughts about this. But a major competitor of Post's has been investing heavily, some combination of price promotion, marketing, innovation, and those investments may be hurting. It seems like it's hurting private label more than anything lately.

嘿。各位早安。是的，一個關於穀物食品的問題。我想知道，您如何看待當今的品類、競爭對手的行為和策略，以及您自身的消費情況。我們新招了格雷格，他即將加入我們，也許他對這件事會有一些看法和想法。但 Post 的一個主要競爭對手一直在大力投資，包括價格促銷、行銷和創新等，而這些投資可能正在對 Post 造成損害。最近看來，這種情況對自有品牌的影響最大。

You guys have done a good job of protecting profitability. And arguably, we'll just have to see if the other guy's spending is worth it, so to speak, in the long term. But how do you reflect on this and what's going on? And how does that maybe shape your strategy going forward in cereal?

你們在保護盈利能力方面做得很好。可以說，我們只需要看看對方的投入在長期來看是否值得。但你如何看待這件事以及正在發生的事情？這又將如何影響您未來的穀物商業策略呢？

I would say it hasn't changed our strategy. I think what you saw in the first quarter was a reduction in our promotional spend because we are adjusting our assortment in channels that are more promotional driven to increase our efficiency. And as we adjusted the assortment on shelf, we decided to promote less just to avoid disruptions.

我認為這並沒有改變我們的策略。我認為您在第一季看到的是我們促銷支出的減少，因為我們正在調整以促銷為主導的管道的產品組合，以提高效率。隨著我們調整貨架上的商品種類，我們決定減少促銷活動，以避免造成乾擾。

Longer term, we don't see a change in our strategy. I think we will continuously assess opportunities to invest, and if we see a return, we'll go for it. But I don't see a material change in our strategy.

從長遠來看，我們的策略不會改變。我認為我們會不斷評估投資機會，如果看到回報，我們就會進行投資。但我認為我們的策略不會發生實質變化。

I mean, one follow-up here is that competitor, in addition to price, which may or may not make sense for the category long term, if it seems like the premium brands are the ones that are winning, that competitor is also doing some stuff in protein, granola. Does even that sort of angle -- or is that an opportunity for you and even something that might shape your M&A aspirations in the category? And I'll pass it on.

我的意思是，這裡還有一個後續問題是，除了價格之外，這個競爭對手（從長遠來看，價格對於這個類別來說可能有意義也可能沒有意義，如果看起來是高端品牌在贏得市場，那麼這個競爭對手還在蛋白質和格蘭諾拉麥片領域做了一些事情）。即使是這種角度——或者說，這對你來說是一個機會，甚至可能會影響你在該領域的併購目標？我會把它轉交給別人。

I think we are also investing in the same areas. I think we are all doing that -- I mean, protein, fiber, granola. So you will see a lot more of that from us, for sure. And some of that is actually coming to the market now, as we speak. But M&A, I think, is always the same.

我認為我們也在相同的領域進行投資。我認為我們都在這樣做——我的意思是，蛋白質、纖維、格蘭諾拉麥片。所以，你們一定會看到我們推出更多這樣的作品。而就在我們說話的此刻，其中一些產品其實已經開始推出市場了。但我認為，併購的本質始終如一。

I would say that it hasn't really changed our M&A strategy. We continue to be opportunistic when we have the opportunity to be so. So we are not particularly -- looking at a particular category or a map in a particular segment of our business.

我認為這並沒有真正改變我們的併購策略。我們一有機會就會繼續投機取巧。所以，我們並不是特別關注我們業務中某個特定類別或某個特定領域的地圖。

Thank you.

謝謝。

Tom Palmer, JPMorgan.

湯姆‧帕爾默，摩根大通。

Good morning, and thanks for the question. I wanted to start off just asking on clarity on the cadence for the year with EBITDA. It was mentioned kind of being more stable as we think about 2Q, 3Q, and 4Q. But there also was a call out about some, I think, inventory timing benefits to think about in the second quarter for Foodservice. So what's kind of the offset we should be thinking about in 2Q, maybe within other segments that might make it more balanced versus having that kind of one item providing a bit of strength?

早安，謝謝你的提問。首先，我想請教一下關於 EBITDA 年度節奏的明確問題。有人提到，考慮到第二季、第三季和第四季度，情況會更加穩定。但也有人提到，餐飲服務業在第二季應該考慮一些庫存時機的優勢。那麼，在第二季度，我們應該考慮怎樣的調整呢？或許應該在其他細分市場中尋找平衡點，而不是依賴單一產品來提升業績？

Sure. I think -- so there's -- when you think about Refrigerated Retail, Q1 is by far their highest quarter given the amount of holiday benefit we have there. We still have Easter, which is in early April, so that full benefit will lie in Q2. But there's definitely a stepdown just from seasonality in that business. That's probably the biggest offset. And then we typically across the portfolio, Foodservice is an exception given how hard we are running our plants. We usually have some holiday shutdown that'll put a little negative pressure on Q2 just across the portfolio as we have -- the deleveraging impact is realized.

當然。我認為——所以——當你想到冷藏零售時，考慮到假期期間的收益，第一季無疑是他們業績最好的季度。我們還有復活節，復活節在四月初，所以復活節的全部益處將在第二季顯現。但就季節性因素而言，這個產業的下滑趨勢是顯而易見的。這可能是最大的偏差。然後，我們通常在整個產品組合中，餐飲服務是一個例外，因為我們工廠的運作非常繁忙。我們通常會有一些假期停工，這會給第二季度整個投資組合帶來一些負面壓力，就像我們之前經歷的那樣——去槓桿化的影響已經顯現。

But I'd say those are the two things that really offset that benefit. And we're not expecting a massive benefit for Foodservice when you think about selling through that inventory, but it will be elevated relative to what we think in Q3 and Q4.

但我認為正是這兩件事抵消了這種好處。我們預計，從銷售庫存的角度來看，餐飲服務業不會獲得巨大的收益，但相對於我們預期的第三季和第四季而言，收益將會有所提高。

Okay. Thank you for that. And then just on the RTD shakes plan, does your kind of key customer's slower growth have any bearing on your plans to ramp it? And maybe an update on kind of how that ramp is going. Thank you.

好的。謝謝。那麼，就 RTD 奶昔計畫而言，你們這類關鍵客戶成長放緩是否會對你們的加速計畫產生任何影響？或許還可以更新一下那條坡道的進度。謝謝。

Yeah. Starting with the ramp, we continue to make progress on the actual volume output. I think we still admittedly have challenges around the cost and the efficiency of that production. So still not at our run rate, so I think continue to work on that. I think we're trying to balance, obviously, as we talk about Foodservice, it's a $500 million business that's showing really nice strength and growth and don't want to over-emphasize the shake business. So we're putting the right amount of attention there and trying to balance that.

是的。從斜坡開始，我們在實際產量輸出方面不斷取得進展。我認為，我們目前在生產成本和效率方面仍面臨挑戰。所以還沒達到我們的正常水平，我認為應該繼續努力。我認為我們正在努力保持平衡，顯然，當我們談到餐飲服務時，這是一個價值 5 億美元的業務，它展現出了非常好的實力和增長，我們不想過分強調奶昔業務。所以我們正在給予這方面適量的關注，並努力保持平衡。

But we'll see how that plays out. I don't think there's really -- when we think about the category and the longer-term opportunity, I don't see any concerns there. It's more trying to get where we want to be in terms of our run rate and profitability, and then we'll think about expansion after that.

但我們會看看事情會如何發展。我認為實際上並沒有什麼問題——當我們考慮這個類別和更長遠的機會時，我看不出有什麼值得擔憂的地方。我們更注重的是達到我們預期的營運效率和獲利能力，然後再考慮擴張。

Great. Thank you.

偉大的。謝謝。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Thank you. Good morning. Back to Foodservice and somehow to think about the normalized run rate. We've seen it drifting higher, of course, and times that you could beat it quite easily. But maybe just help us understand some of what makes the increase sticky now. Is it primarily mix? And maybe how much conservatism would the $125 million or so a quarter have? And what drove the upside in 1Q?

謝謝。早安.回到餐飲服務業，想想如何才能達到標準化營運率。當然，我們也看到過它價格上漲的情況，以及一些很容易就能戰勝它的情況。但或許可以幫我們理解一下，是什麼因素使得這種成長動能持續下去。主要成分是混合物嗎？那麼，每季大約 1.25 億美元又能體現多少保守主義呢？第一季上漲的驅動因素是什麼？

Yeah. So again, I think it's -- I mean, we're back to the value proposition of the business. I think we feel good about that run rate and the stickiness of it. And then as we think -- that's a run rate for this year that's got some level of embedded growth in it.

是的。所以，我認為──我的意思是，我們又回到了企業的價值主張。我認為我們對目前的勝率和勝率的穩定性感到滿意。然後我們認為——這是今年的運行速度，其中包含了一定程度的成長。

But as you think to the next year, I think we feel good about our ability to grow off of that just because of the same dynamics of the business and what we're seeing in terms of our value proposition, helping operators take labor out of their system. Those are all in the right spot and make economic sense for operators. And there's still a nice runway when you think about converting folks from shell eggs over into value-added eggs.

但展望明年，我認為我們有信心能夠在此基礎上繼續發展，因為業務的動態依然不變，而且我們看到自身的價值主張也得到了體現，那就是幫助運營商減少勞動力投入。這些設施位置都合適，對營運商來說也具有經濟意義。而且，從引導人們從食用普通雞蛋轉向食用加值雞蛋的角度來看，還有很大的發展空間。

So really, the same dynamics we've seen for quite a few years. We're just back to a more normalized supply and demand dynamic.

所以實際上，情況和我們過去幾年看到的差不多。我們現在只是回歸到更正常的供需關係了。

That's helpful. And just on PCB, price mix was down a little bit more than it has been. Can you just point to what some of the key drivers are there and how to think about what the consumer dynamics are related to that?

那很有幫助。僅就PCB而言，價格組合的下降幅度就比以往略大。您能否指出一些關鍵驅動因素是什麼，以及消費者動態與這些因素之間的關係？

I think we mentioned in the remarks, in cereal, our volume was a bit behind the category, driven by lower promotional spend. And that's -- essentially, that's the gap and some adjustments in assortment that take a bit of pounds out of our business. As we mentioned in the remarks, what we see as very positive is our dollar market share was flat year over year. And that's what we want.

我想我們在備註中提到過，在穀物食品方面，由於促銷支出較低，我們的銷售量略低於同類產品的平均水平。而這——本質上來說——就是差距，以及產品組合的一些調整，這些都會使我們的業務損失一些利潤。正如我們在發言中提到的，我們認為非常積極的一點是，我們的美元市佔率與去年同期持平。而這正是我們想要的。

And then in pet, our volume was a bit behind the category mostly driven by Nutrish. And then the difference between consumption measure and our shipments was also our private-level business. We're lapping some distribution losses in our private-level pet business.

在寵物用品方面，我們的銷售量略低於該類別，這主要是由 Nutrish 推動的。然後，消費量和出貨量之間的差異也是我們私人層面的業務。我們在私人寵物業務方面正面臨一些分銷損失。

So I may have said it wrong, I apologize. I thought a lot of the volume color was pretty clear. But I was curious a little bit on the pricing piece because it looks like that was about a 2-point headwind. Was that pet driven primarily? Or where was the --?

我可能說錯了，我道歉。我覺得很多卷的顏色都蠻清晰的。但我對定價方面有點好奇，因為看起來這方面遇到了大約 2 個百分點的阻力。那隻寵物是主要驅動力嗎？或者，它在哪裡？——？

Thanks for the question. It is pet driven. It is -- we mentioned in the remarks we tested price points mostly on Nutrish in select retailers. Those are the price points that we will target in the relaunch. So that is a headwind in terms of price mix. It is all pet.

謝謝你的提問。這家公司以寵物為中心。沒錯——我們在備註中提到，我們主要在部分零售商處測試了 Nutrish 的價格點。這些是我們重新推出產品時將瞄準的價格點。所以這對價格結構來說是一個不利因素。都是寵物。

And if that was a more narrow -- sorry, go ahead.

如果這個範圍更窄一些——抱歉，請繼續。

Were you talking about total EBITDA margin, John?

約翰，你指的是總 EBITDA 利潤率嗎？

No. I was talking about top line, the price mix. And just kind of -- if that was a price test on Nutrish that pushed it down a little bit in first quarter and then that rolls out more broadly in the second half, should we be expecting a bigger -- should that price mix headwind likely grow over the rest of the back half especially?

不。我指的是總價位和價格結構。如果這是 Nutrish 的價格測試，導致其價格在第一季略微下降，然後在下半年更廣泛地推廣，那麼我們是否應該預期價格組合的不利因素會更大，尤其是在下半年剩餘的時間？

We will -- as we relaunch the brand, we will hit those price points with a change in price pack architecture. So the price per pound should improve.

我們將—隨著品牌的重新推出，我們將透過改變價格包裝結構來實現這些價格點。因此，每磅的價格應該會有所改善。

Okay. All right. Thanks a lot.

好的。好的。多謝。

Thank you.

謝謝。

John Baumgartner, Mizuho Securities.

John Baumgartner，瑞穗證券。

Hey. Good morning. Thanks for the question. I wanted to ask Rob about Refrigerated Retail and specifically what you're seeing thus far from the new private-label business, how that's evolving relative to plan here in the early days, and maybe your expectations to expand that book of business going forward.

嘿。早安.謝謝你的提問。我想問羅布關於冷藏零售的問題，特別是你目前從新的自有品牌業務中看到了什麼，它在初期階段相對於計劃的發展情況如何，以及你對未來擴大該業務規模的預期。

Sure. So a good early start for private label. I'd say playing out as we expected. We've got that in two customers, really two offerings, mashed potatoes and mac and cheese. We continue to see a nice pipeline of opportunities to expand that business.

當然。所以，對於自有品牌來說，這是一個好的開始。可以說，事情的發展正如我們所預期的。我們有兩位顧客點了這兩道菜，分別是馬鈴薯泥和起司通心粉。我們持續看到拓展該業務的良好機會。

But for this year, it's providing definitely some growth on our dinner sides, and I'd say adding to price points similar to what we've seen at PCB. Having that alternative, especially in that category, we think will be really beneficial long term and uses some of the excess capacity we have across the network. So there's a leverage benefit as well.

但就今年而言，它確實為我們的晚餐配菜帶來了一些增長，而且我認為價格點也與我們在 PCB 上看到的價格點類似。我們認為，擁有這種替代方案，尤其是在該類別中，從長遠來看將非常有益，並且可以利用我們整個網路中的一些剩餘產能。所以這裡也存在槓桿效應。

Thanks, Matt. And then related to that, some of the past innovation for the side dishes product line has included vegetables and such. And given that we're now seeing some frozen entrees entering the market specifically for that GLP-1 crowd, I'm wondering how you think about any differently about how the side dishes portfolio can compete. I mean, are there potentially new lines that can appeal to demographics or incorporate more protein, sausage, eggs, other parts of your portfolio? Are you thinking any differently about how that line competes going forward given changes in the consumer environment?

謝謝你，馬特。此外，與此相關的是，過去配菜產品線的一些創新也包括蔬菜等。鑑於我們現在看到一些冷凍主菜專門針對 GLP-1 人群進入市場，我想知道您對配菜產品組合如何參與競爭有何不同的看法。我的意思是，是否有可能推出新的產品線，以吸引特定人群，或增加蛋白質、香腸、雞蛋以及您產品組合中的其他成分？鑑於消費環境的變化，您對該產品線未來的競爭策略有何不同看法？

Certainly, we're focused on protein and options to add protein to our sides. And then also, we've done some testing with Wunderlish, which is a different product for us a couple of years ago. We're starting to see some success there, albeit small within the club channel. But again, I think we are giving some thought to adding some protein as well to some of those dinner side dishes.

當然，我們關注的是蛋白質以及如何在配菜中添加蛋白質。此外，我們還對 Wunderlish 進行了一些測試，這對我們來說是幾年前推出的一個不同的產品。我們開始看到一些成效，儘管只是在俱樂部管道內取得的微小成果。但是，我們確實在考慮在一些晚餐配菜中添加一些蛋白質。

Great. Thank you. Thanks for your time.

偉大的。謝謝。感謝您抽出時間。

Scott Marks, Jefferies.

斯科特馬克斯，傑富瑞集團。

Hey. Good morning. Thanks for taking our questions. First thing I wanted to ask you about, in the prepared remarks, you noted that in Foodservice, the avian influenza-driven pricing adders have ended. But given, I think, the magnitude of deflation we've seen in the egg market, how should we be thinking about pass-through of that within your Foodservice segment or potentially the Refrigerated Retail segment as well? Thanks.

嘿。早安.謝謝您回答我們的問題。首先我想問您的是，在準備好的發言稿中，您提到餐飲服務業因禽流感而增加的價格附加費已經結束了。但考慮到雞蛋市場通貨緊縮的程度，我們該如何考慮這種通貨緊縮對你們餐飲服務部門，甚至可能對冷藏零售部門的影響？謝謝。

Yeah. So now that we've got inventory levels rebalanced, I would say going forward, our supply is matched up with demand. So we become agnostic to egg prices. And that is -- to your point, back to a pass-through model, so there is a pass-through that's basically on a 90-day lag. So there can be a little bit of timing, but we don't see over the course of a year any significant volatility from that model historically.

是的。現在庫存水準已經重新平衡，我認為展望未來，我們的供應將與需求相符。所以我們對雞蛋價格變得漠不關心。也就是說——正如你所說，又回到了傳遞模型，所以傳遞基本上是有 90 天滯後的。所以可能會有一些時機上的差異，但從歷史數據來看，我們並沒有看到該模型在一年內出現任何顯著的波動。

Appreciate it. And then second question, almost related to what John asked about in terms of the GLP-1-friendly options, earlier this year, we saw the US refresh its dietary guidelines, recommendations for what consumers should be eating. Wondering if that at all changes how you're thinking about the portfolio or any adjustments you think need to be made because of that? Thanks.

謝謝。第二個問題，幾乎與約翰提出的關於 GLP-1 友善選擇的問題有關，今年早些時候，我們看到美國更新了其飲食指南，為消費者提供了飲食建議。想知道這是否會改變您對投資組合的看法，或者您認為因此需要做出任何調整？謝謝。

I think our portfolio is pretty well balanced with the guidelines. So we are obviously going to consider the nutrient but also the price from an M&A perspective. So I would say once we get closer to where the values are, we'll have a position on how the pyramid implicates us.

我認為我們的投資組合與相關準則的平衡性相當不錯。因此，從併購的角度來看，我們顯然會考慮營養成分，也會考慮價格。所以我認為，一旦我們更接近這些價值觀的所在，我們就能對金字塔結構如何影響我們有明確的立場。

Thanks. I'll pass it on.

謝謝。我會轉達的。

Marc Torrente, Wells Fargo Securities.

馬克‧托倫特，富國證券。

Hi. Good morning, and thank you for the questions. Going back to pet, the category itself, particularly dog, has been softer. What do you think in terms of trends there? And what are your expectations for the category near term? And then your own pet volumes were a bit better sequentially, some puts and takes in terms of private label losses versus integration lapse, but underlying is starting to stabilize a little more. How are you thinking about recovery there through the year in terms of volumes?

你好。早安，謝謝大家的提問。回到寵物這個類別，尤其是狗，這個類別本身已經變得比較溫和了。你覺得那邊的發展趨勢如何？您對該品類近期的發展有何預期？然後，你自己的寵物銷售量較上季略有好轉，自有品牌虧損與整合失效之間存在一些波動，但基本數據開始趨於穩定。您認為該地區今年的交易量將如何復甦？

On the category, we probably wouldn't see any major changes in the recent trends. The recent trends, as you said, is dog has been softer compared to the cat segment. And that is driven by some changes, whether it's urbanization and all those trends that are driving the cat segment. So we don't see material changes.

就類別而言，我們可能不會看到近期趨勢發生任何重大變化。正如你所說，最近的趨勢是，狗的消費習慣比貓的消費習慣溫和一些。而這又是由一些變化所驅動的，無論是都市化或是所有推動貓咪市場發展的趨勢。所以我們沒有看到實質的改變。

In terms of our business, as you rightly said, it's sequentially getting better. A lot of that is, as we mentioned, Nutrish and Gravy Train, improvements driven by price points that we tested. And our expectation is as we launch those runs, it should help the brands. That's our expectation. But as you said, it is -- it will give us confidence that the business is sequentially getting better, volume is sequentially getting better.

就我們的業務而言，正如您所說，情況正在逐步改善。正如我們之前提到的，其中許多改進都源自於 Nutrish 和 Gravy Train，這些改進是由我們測試過的價格點所驅動的。我們預計，隨著這些活動的推出，應該會對品牌有所幫助。這是我們的預期。但正如你所說，這確實會讓我們確信，業務正在逐步好轉，銷量也逐漸好轉。

Okay. Thank you. And then you called out the successful closure of two of your cereal facilities in the quarter. How should we think about the cost savings benefit flow through from those actions? And then given some of the normalization of the consumption trends, are there still other actions that you're considering for the segment?

好的。謝謝。然後，你宣布本季成功關閉了兩家穀物加工廠。我們該如何看待這些措施所帶來的成本節約效益？鑑於消費趨勢已逐漸正常化，您是否仍在考慮針對該細分市場採取其他措施？

I think we mentioned in prior quarters, the benefits from the plants that we shut down should mostly hit our P&L starting in Q3. So Q3 and Q4, we'll see the benefits. And then after that, we will have to be very selective in what we do. I mean, they are not obvious opportunities to streamline our portfolio. It could be a line here and there, but no plans.

我想我們在前幾個季度提到過，我們關閉的工廠帶來的收益應該會從第三季開始主要體現在我們的損益表中。所以，在第三季和第四季，我們將會看到成效。之後，我們就必須在所做的事情上非常謹慎。我的意思是，這些並不是精簡投資組合的明顯機會。可能會零星出現一些線路，但沒有具體計劃。

Okay. Thank you very much.

好的。非常感謝。

Thank you. With no further questions in queue, this will conclude today's Post Holdings first-quarter 2026 earnings conference call and webcast. Please disconnect your line at this time, and have a wonderful day.

謝謝。由於沒有其他問題需要提問，今天的 Post Holdings 2026 年第一季財報電話會議和網路直播到此結束。請您暫時斷開電話，祝您有美好的一天。