Related Party Transactions (Notes)

12 Months Ended

Sep. 30, 2025

Related Party Transactions [Abstract]

Related party transactions

RELATED PARTY TRANSACTIONS

Transactions between the Company and Post Holdings, Inc. (“Post”) were considered related party transactions as certain of the Company’s directors serve as officers and/or directors of Post.

MSA Fees and Royalties

The Company uses certain functions and services performed by Post under a master services agreement (the “MSA”). These functions and services include finance, internal audit, treasury, information technology support, insurance and tax matters, the use of office and/or data center space, tax compliance services and, prior to January 2025, payroll processing services. During the years ended September 30, 2025, 2024 and 2023, MSA fees were $3.0, $3.4 and $4.0, respectively. MSA fees were reported in “Selling, general and administrative expenses” in the Consolidated Statements of Operations.

The Company licenses certain intellectual property to and from Post and its subsidiaries based upon prices governed by agreements between the Company and Post and its subsidiaries, consistent with prices of similar arm's-length transactions. During each of the years ended September 30, 2025, 2024 and 2023, royalties paid to and received from Post and its subsidiaries were immaterial.

Co-Packing Agreement

Premier Nutrition Company, LLC (“Premier Nutrition”), a subsidiary of the Company, has a co-packing agreement with Comet Processing, Inc. (“Comet”), a wholly-owned subsidiary of Post (the “Co-Packing Agreement”). Under the Co-Packing Agreement, Premier Nutrition procures certain packaging materials for Comet that Comet utilizes in the production of RTD shakes for Premier Nutrition. Comet began manufacturing RTD shakes in December 2023. The Company purchased $62.2 and $8.6 of RTD shakes from Comet during the years ended September 30, 2025 and 2024, respectively. There were no purchases of RTD shakes manufactured by Comet during fiscal 2023.

As of September 30, 2025 and 2024, the Company had current payables with Post of $3.7 and $1.5, respectively, related to RTD shake purchases and MSA fees, which were included in “Accounts payable” on the Consolidated Balance Sheets. Current receivables with Post at both September 30, 2025 and 2024 were immaterial.