Post Holdings, Inc. 2020 Annual Report Thank You Net Sales This year revealed (in millions) the strength of the 800 construction of our 600 portfolio, and our 400 6,257.2 5,681.1 5,698.7 5,225.8 results give us further 5,026.8 confidence moving 200 forward. However, none 0 of this would have been 2016 2017 2018 2019 2020 possible without the Adjusted EBITDA(1) courage and dedication (in millions) of our people. 1,500 1,200 900 1,230.7 1,210.4 1,140.5 989.1 600 933.9 300 0 2016 2017 2018 2019 2020 Operating Cash Flow (in millions) 800 600 718.6 688.0 625.6 400 502.4 200 386.7 0 2016 2017 2018 2019 2020 Net Sales by Segment 17% BellRing Brands 34% Post Consumer Brands 17% Refrigerated Retail 8% Weetabix 24% Foodservice Financial Highlights (in millions except per share data) 2016 2017 2018 2019 2020 Net Sales $ 5,026.8 $ 5,225.8 $ 6,257.2 $ 5,681.1 $ 5,698.7 Gross Profit 1,550.5 1,570.8 1,854.0 1,792.1 1,787.4 Operating Profit 548.8 516.7 573.5 781.0 700.5 Net (Loss) Earnings Available to Common Shareholders (28.4) 34.8 457.3 121.7 0.8 Diluted (Loss) Earnings per Common Share $ (0.41) $ 0.50 $ 6.16 $ 1.66 $ 0.01 Operating Cash Flow 502.4 386.7 718.6 688.0 625.6 Adjusted EBITDA(1) 933.9 989.1 1,230.7 1,210.4 1,140.5 Adjusted Net Earnings Available to Common Shareholders(1) 205.8 211.0 318.9 378.0 189.8 Adjusted Diluted Earnings per Common Share(1) $ 2.59 $ 2.67 $ 4.20 $ 5.03 $ 2.71 Post Holdings, Inc. 2020 Annual Report — 1 Post Consumer Brands is one of the POST CONSUMER BRANDS top producers in the North American ready-to-eat cereal category #3 Ready-to-eat U.S. cereal manufacturer(2) To Our Shareholders In 2020 distance brought us closer together. The economic imperative that normally drives our organization was preempted by the imperative to protect each other and continue the role we serve in feeding you. We learned the language and acronyms of epidemiology like social $24M distancing, contact tracing and PPE. The most Cost savings achieved in fiscal 2020 technologically challenged among us learned how from implementation of integrated business planning processes to navigate tools that brought us into each other’s homes. Homework questions, dogs barking and home deliveries became part of our meeting experience. The most important fashion choice 15% became a ball cap. Despite the separations, our Household penetration of Malt-O-Meal interactions proved more intimate. bag cereal(3) We learned each day the meaning of what it means to be “essential.” While many of our colleagues navigated the challenges of suddenly working from home, many of our colleagues are not able to do their jobs from home. Thousands of men and women continued to produce the food that keeps us nourished and comforted. They worked extra shifts to meet demand and sacrificed much. To them, we are profoundly grateful. 2 — Post Holdings, Inc. 2020 Annual Report “ Thousands of men and women continued to produce the food that keeps us nourished and comforted. To them we are profoundly grateful.” Post Holdings, Inc. 2020 Annual Report — 3 Weetabix is one of the top producers in WEETABIX the U.K. ready-to-eat cereal category We view ourselves as serving five constituents — colleagues, customers, consumers, communities and capital providers. Long-term success for each constituent requires long-term balance #1 to all constituents. However, in any short-term period, this balance Ready-to-eat U.K. cereal brand(4) may be properly set aside in response to the exigency of the day. In our past annual shareholder letters, we have focused on our success with respect to serving capital providers. This year our share price performed poorly. It was a tale of two halves (well, halves liberally defined). From October 1, 2019, until January 17, 2020, our share price appreciated 6.5%. Once the full threat of the pandemic became apparent in March, our share price dropped to a low of $71.55 before settling the year at $86.00 for a full year decline of 18.3%. We are never happy to report to you that your investment declined. However, in 2020 we intentionally prioritized our other constituents, and we believe that was the correct prioritization for our future success. 45% At the outset of the pandemic, we established three priorities for Household penetration of Weetabix the crisis: Food Company products in the U.K.(5) • We would seek to protect our employees from the physical and economic hardships to come; • We would protect our supply chains to ensure our ability to service our customers and consumers during a time of #1 heightened food insecurity; and Muesli brand in the U.K.(4) • We would manage our liquidity to ensure that we had the flexibility and cushion to weather any storm created by the pandemic in our business, the interconnected supply chains upon which we depend or in the capital markets. These priorities guided our actions. We reserved aggressive cost reduction until supplemental unemployment benefits made that counterproductive. We provided significant cash bonuses to frontline workers. We donated millions of dollars of food to food banks to 4 — Post Holdings, Inc. 2020 Annual Report FOODSERVICE Post’s Foodservice business offers innovative, value-added egg and potato products “ We believe this organization is a source of good that 3 can be better. And we New products launched in fiscal 2020 will be better.” strengthen local communities. We invested heavily in personal protective equipment and a myriad of safety measures aimed at giving every person the comfort to know their health is a top priority. We temporarily suspended share buybacks to ensure that come what may, our financial position was strong. During 2020 we prioritized our more vulnerable constituents because it was the right thing to do and because by doing so, 97% we will be better able to deliver to you the returns you expect. Customer service performance in We appropriately measure our business by the financial results fiscal 2020 it generates. The predicates for generating our results include our culture and our trust for each other. These predicates are greater as a result of the challenges we have faced together. The financial results will follow. This year, events in our broader society occurred that once again #1 forced us to ask if freedom and opportunity are fairly distributed Foodservice provider of value-added across our nation and within our organization. Our approach was egg and potato products(6) to begin with analysis. We asked for feedback from across our organization. The feedback was raw, personal, discouraging and uplifting — all at the same time. We believe this organization is a source of good that can be better. And we will be better. From diversity and inclusion efforts at each business across our holding company, we created an enterprise-wide council tasked with setting goals and determining standards. We are seeking results that are authentic, measurable and sustainable. Post Holdings, Inc. 2020 Annual Report — 5 OUR COVID-19 RESPONSE Bob Evans Farms and Michael Foods donated 3 million $2.2M pounds of eggs and potatoes to our employees, food banks spent in plant and office modifications and incremental PPE, including plexiglass and community charities barriers, curtains, new picnic tables for social distancing and breaks/lunchroom, hand sanitizing stations, fogging events, infrared cameras, thermometers, temporary COVID-19 protection shelters/tents for testing, masks, gloves and other protective gear pay was extended for those employees who were quarantined, sick, or needed to provide care for their families All furloughed employees $7.8M $3M were returned to full provided in special bonuses to 4200+ spent on safety measures, including employment after necessary employees on-site nurses, COVID-19 testing hour reductions in our and PPE for manufacturing employees Foodservice business Guiding principles to Minimize the impact the Maintain our supply chain Minimize the impact the help us through the pandemic had on our readiness pandemic had on our challenge: people business 6 — Post Holdings, Inc. 2020 Annual Report REFRIGERATED RETAIL Post’s Refrigerated Retail business markets side dish, egg, sausage and cheese products Now, to comment on our business results. Our company has terrific businesses that serve consumers in-home food choices and a terrific business that provides food for #1 away-from-home eating occasions. Historically, this diversification Refrigerated side dish manufacturer(7) has served us well. This year, our in-home consumption businesses did extremely well, but our away-from-home business had a devastating drop in second-half demand. When the United States was largely locked down from March to May, we saw an 80% drop in demand at its trough. I want to commend the management team. Led by Mark Westphal, Mike Elliott and Steve Schonhoff, the team ably led us during the most challenging business experience we have endured. Despite the gut punch to a key channel, our business results were reasonable. Sales were flat at $5.7 billion and Adjusted EBITDA(1) declined 5.8%. The central accomplishment of the year was to effectively and safely navigate COVID-19. While we are not past the challenges as of the date of this letter, we are extremely 12.5% proud of the outcome so far. Beyond this, some key highlights Household penetration of Bob Evans of the year included: branded side dish products(7) • We completed the initial public offering of our active nutrition segment into the now named BellRing Brands, Inc., receiving tax-free proceeds of ~$1.2 billion, while maintaining 71% ownership of BellRing.