Energizer Holdings, Inc. · NYSE:ENR
Energizer — 2025 Morgan Stanley Global Consumer Conference
29 slides from Energizer's conference presentation, Dec 3, 2025
Slide 1: 2025 Morgan Stanley Global Consumer Conference
2025 Morgan Stanley Global Consumer Conference December 3, 2025 + Exhibit 99.1
Slide 2: Forward-looking statements
This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, the future sales, gross margins, cost
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company reports its financial results in accordance with accounting principles generally accepted in the U.S. ("GAAP"). However, management believes that certain non-GAAP financial measures provide users with additional meaningful comparisons to the corresponding hist
Slide 4: 2025 Financial Results & 2026 Outlook
2025 Financial Results & 2026 Outlook
Slide 5: Fiscal Year 2025 Financial Results
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Fiscal Year 2025 Financial Results Reported Net Sales $2,887M +2.3% FY’24 Actual Y/Y Change 5 . * See non-GAAP reconciliations in the Appendix. 1. FY 2024 GAAP Gross Margin 38.3% 2. FY 2024 GAAP Net Income $38.1M 3. FY 2024 GAAP EPS $0.52 4. FY 2025 GAAP GM
Slide 6: Growth by Category
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE6 GROWTH BY CATEGORY $2.4B $0.6B$2,224M $2,333M $521M $620M FY20 FY25 Batteries & Lights Auto Care +3.5% CAGR +1% CAGR 2025 Total Company Net Sales $2.95B Diversified portfolio with proven topline growth across Batteries & Lights and Auto Care +1.5% CAGR NET
Slide 7: Fiscal Year 2026 Outlook
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Fiscal Year 2026 Outlook Organic Net Sales Flat to Slightly Positive Q1: Down High Single Digits Adjusted Gross Margin* Modest Decline Q1: COGS impacted by $15 - $20 million short term operational inefficiencies and tariff impacts Adjusted EBITDA* $580M - $6
Slide 8: Adjusted Gross Margin expected to return to normalized levels beginning in Q2 FY2026
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Q1 Q4 Adjusted Gross Margin expected to return to normalized levels beginning in Q2 FY 2026 ~450 bps 35% to 36% Low 40’s Q1-Q4 Production Credits & Efficiency Initiatives ~450 bps Transitional Costs Related to Elevated Tariffs Short-Term Operational Ineffici
Slide 9: Battery category recovery underway in the US
Battery category recovery underway in the US following 2025 storm comps and soft consumer sentiment 9 Source: Circana Unify Total US Multi-Outlet plus Convenience, 4wk rolling Volume trend vs Prior Year through 11/23/25 Battery Category Volume Rolling 4 Week Periods
Slide 10: Every room in the house contains multiple battery-powered devices
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Basement/ Storage Flashlights Lanterns Stud Finder Laser Level Smoke Detector Bathroom Bathroom Scale Thermometer Blood Pressure Monitor Powered Toothbrush Hearing Aid Mustache/Hair Trimmer Outside Car Key Fob Electronic Door Lock Garage Door Keypad Doorbell
Slide 11: Specialty batteries: fastest growing segment, Energizer leads
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Half of the devices that take specialty batteries take 20mm types, led by 20323 Devices that take 2032 are growing faster than any other battery-powered devices1 Average change frequency is increasing over time as devices are becoming more powerful and used
Slide 12: Project Momentum Driving Efficiency and Growth
Project Momentum Driving Efficiency and Growth
Slide 13: Project Momentum has enabled earnings growth and significant cash flow generation
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Project Momentum has enabled earnings growth and significant cash flow generation 13 Contributed To (FY’23 – FY’25) What’s Next (FY’26) $206M Savings +$20M Additional Savings +$30M Tariff Mitigation +360 bps Adjusted Gross Margin Expansion $741M Free Cash Fl
Slide 14: Adjusted Gross Margin rebuilt to pre-pandemic levels
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Rebuilt to pre- pandemic levels 14 GAAP Gross Margin: FY 2020: 39.4%, FY 2021: 38.4%, FY 2022: 36.7%, FY 2023: 38.0%, FY 2024: 38.3%, FY 2025: 41.7% +360 bps Project Momentum initiatives have rebuilt Adjusted Gross Margin to pre-pandemic levels 40.6% 39.6% 3
Slide 15: Consistent earnings growth
Project Momentum and growth initiatives have enabled consistent earnings growth Note: Adjusted EPS and Adj EBITDA are non-GAAP measure. Refer to the appendix for a reconciliation to the most comparable GAAP measure.15 Adjusted EPS CAGR FY’22 – FY’25 Adjusted EBITDA CAGR FY’22 – FY’25 +4.6% +3.2% Ear
Slide 16: Debt Capital Structure & Capital Allocation Priorities
Debt Capital Structure & Capital Allocation Priorities
Slide 17: Continue to optimize debt capital structure
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Continue to optimize debt capital structure 17 ~$1.2B Existing Maturities Extended in FY’25 92% Fixed Rate Structure 4.6% Weighted Average Interest Rate No Meaningful Maturities Until 2028
Slide 18: FY 2025 Capital Return
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE FY 2025 Capital Return $177M Total Returned $87M Dividends $90M Share Repurchase 5.1x FY22 Q3 FY25 Q4 6.1x Returned significant capital to shareholders while reducing leverage 18 $741M Free Cash Flow 3 Year Cumulative Strong Free Cash Flow Generation Leading
Slide 19: Creating Long-Term Shareholder Value
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE19 Creating Long-Term Shareholder Value Steadily growing Adjusted EBITDA through profitable Net Sales growth and disciplined cost management Reducing debt, transferring value from debt to equity holders Paying a competitive dividend Opportunistic share-repurc
Slide 20: Appendix Materials: Non-GAAP Reconciliations
Appendix Materials: Non-GAAP Reconciliations 20
Slide 21: Non-GAAP Reconciliation: Net Sales
Non-GAAP Reconciliation: Net Sales (in millions) Organic. This is the non-GAAP financial measurement of the change in Net sales or segment profit that excludes or otherwise adjusts for the Acquisition impact, Change in highly inflationary markets and Impact of currency from the changes in foreign cu
Slide 22: Non-GAAP Reconciliation: Adjusted Gross Margin
Non-GAAP Reconciliation: Adjusted Gross Margin (in millions) Adjusted gross margin as a percent of sales excludes any charges related to restructuring programs, network transition costs, FY23 & FY24 production credits, acquisition and integration, costs from exiting the Russian market and flood dama
Slide 23: Non-GAAP Reconciliation: Adjusted Earnings Per Share Fiscal 2025 and 2024
Non-GAAP Reconciliation: Adjusted Earnings Per Share Fiscal 2025 and 2024 (in millions, except per share data) Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Common Share (EPS). These measures exclude the impact of restructuring and related costs, network transition costs, the costs rel
Slide 24: Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2025 and 2024
Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2025 and 2024 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment/modification of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs of restr
Slide 25: Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2024 and 2023
Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2024 and 2023 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs related to restructur
Slide 26: Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2022
Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2022 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs related to restructuring, acqu
Slide 27: Non-GAAP Reconciliation: Adjusted Earnings per share - Fiscal 2023 and 2022
Non-GAAP Reconciliation: Adjusted Earnings per share - Fiscal 2023 and 2022 (in millions) 27 Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Common Share (EPS). These measures exclude the impact of restructuring and related costs, the costs related to acquisition and integration, an acqu
Slide 28: Non-GAAP Reconciliation: Net Debt, Net Leverage and Free Cash Flow
Non-GAAP Reconciliation: Net Debt and Net Leverage and Free Cash Flow (in millions) Net Debt is defined as total Company debt, less cash and cash equivalents. Net leverage is Net debt divided by the last twelve months Adjusted EBITDA. LTM is the last twelve months for June 30, 2022. 28 Free Cash Flo
Slide 29: Non-GAAP Reconciliation: FY 2026 Outlook
Non-GAAP Reconciliation: FY 2026 Outlook (in millions – except per share data) 29
Energizer Holdings — 2025 Morgan Stanley Global Consumer Conference on 6ix