Energizer Holdings, Inc. · NYSE:ENR
Energizer — Q4 2025 Earnings Presentation
29 slides from Energizer's earnings presentation, Nov 18, 2025
Slide 1: Fiscal 2025 & Q4 Earnings, Fiscal 2026 Outlook
Fiscal 2025 & Q4 Earnings Fiscal 2026 Outlook + November 18, 2025
Slide 2: Forward-Looking Statements
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
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: Financial Results
Financial + Results Fiscal 2025 & Q4
Slide 5: Fiscal Year 2025 Accomplishments
Fiscal Year 2025 Accomplishments Generated Strong Earnings Per Share – Adjusted Earnings Per Share* Grew 6% to $3.52 Achieved +$200 million in Project to Date Project Momentum Savings to Date – Enhanced Gross Margin and contributed to $741M of Free Cash Flow* over three-year period Earned ~$42 milli
Slide 6: Fiscal Year 2025 Financial Highlights
Fiscal Year 2025 Financial Highlights FISCAL 2025 ACTUAL Net sales of $2,952.7M, +2.3% reported, +0.7% organic* Net Sales • Batteries & Lights Net sales +3.2% reported, +1.0% organic* • Auto Care Net sales -1.2% reported, -0.6% organic* Adjusted Gross Adjusted gross margin was 40.9%(1), Flat from th
Slide 7: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Q4 2025 ACTUAL Net sales of $832.8M, +3.4% reported, -2.2% organic* Net Sales • Batteries & Lights Net sales +3.9% reported, -2.8% organic* • Auto Care Net sales +1.0% reported, +0.5% organic* Adjusted Gross Adjusted gross margin was 38.5%(1), down 370 basis points Margi
Slide 8: Strengthened Debt Capital Structure In FY 2025
Strengthened Debt Capital Structure In FY 2025 Extended Revolver & Term Loan in Q2 $500M Existing Maturities Extended in Q4 92% Fixed Rate Structure 4.6% Weighted Average Interest Rate No Meaningful Maturities Until 2028 8 FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE
Slide 9: Segment Highlights
Segment Highlights +
Slide 10: FY 2025 Batteries & Lights – Innovation Driven Performance
FY 2025 Batteries & Lights – Innovation Driven Performance +1% Organic Sales Growth* +23% eCommerce Growth +$63.6 million Acquired APS business in Europe, adding International scale Innovation : • Successful Plastic Free Packaging Transition • Enhanced Energy - Alkaline Chemistry 10 FOR INTERNAL * S
Slide 11: FY 2025 Auto Care – Portfolio Expansion and Strong Profit Growth
FY 2025 Auto Care – Portfolio Expansion and Strong Profit Growth +15% International Growth +12% Segment Profit Growth +41% eCommerce Growth 15K+ Doors secured with launch of Podium Series 11 FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE
Slide 12: Project Momentum Foundation for Growth
Project Momentum Foundation for Growth +
Slide 13: Project Momentum Achievements and Forward Look
Project Momentum Achievements and Forward Look Contributed To What’s Next (FY’23 – FY’25) (FY’26) $206M Savings +$20M Additional Savings +360 bps Adjusted Gross Margin +$30M Tariff Mitigation Expansion $741M APS Integration Free Cash Flow Synergies $254M Operational Debt Paydown Efficiency Gains 13
Slide 14: Project Momentum and Growth Initiatives Have Driven Consistent Earnings Growth
Project Momentum and Growth Initiatives Have Driven Consistent Earnings Growth Adjusted EPS Adjusted EBTIDA CAGR CAGR FY’22 – FY’25 FY’22 – FY’25 +4.6% +3.2% Earnings Growth Driven Through Project Momentum Savings Accretive Acquisitions Manufacturing production credits Expanded Distribution New Prod
Slide 15: Returning Capital to Shareholders While Reducing Leverage
Returning Capital to Shareholders While Reducing Leverage FY 2025 Capital Return History of Strong Free Cash Flow Generation $177M $741M Total Returned Free Cash Flow 3 Year Cumulative 6.1x $87M Dividends 5.1x $90M Share Repurchase FY22 FY25 4M shares repurchased Q3 Q4 15 at $22.42 average price Not
Slide 16: Outlook
Outlook + Fiscal 2026 & Q1
Slide 17: Key Topline Drivers in 2026
Key Topline Drivers in 2026 Organic Net Sales expected to be flat to slightly up for the Full Year E-Commerce Growth & Product Innovation +1% to +2% International Markets & APS Transition to Energizer brands +1% to +2% Consumer sentiment, retailer LSD inventory, storm comp decline 17 FOR INTERNAL US
Slide 18: Key Gross Margin Drivers in 2026
Key Gross Margin Drivers in 2026 Gross Margin expected to be moderately down for the Full Year Project Momentum Savings 45x Incremental Production Credits Previously Executed Pricing Tariffs & Related Network Realignment Advanced Power Solutions Integration 18 FOR INTERNAL USE ONLY – DO NOT DISTRIBU
Slide 19: Initiating Fiscal Year 2026 Outlook
Initiating Fiscal Year 2026 Outlook FY 2026 OUTLOOK Organic Net Sales Flat to Slightly Positive Q1: Down High Single Digits Modest Decline Adjusted Gross Margin* Q1: COGS impacted by $15 - $20 million short term operational inefficiencies and tariff impacts Adjusted EBITDA* $580M - $610M $3.30 - $3.
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: Adjusted Gross Margin – Fiscal 2022 - 2025
Non-GAAP Reconciliation: Adjusted Gross Margin – Fiscal 2022 - 2025 (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, costs from exiting the Ru
Slide 23: 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: 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: 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: 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: Adjusted Earnings per share - Fiscal 2023 and 2022
Non-GAAP Reconciliation: Adjusted Earnings per share - Fiscal 2023 and 2022 (in millions) 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 acquisi
Slide 28: Net Debt and 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. Free Cash Flow i
Slide 29: Non-GAAP Reconciliation: FY 2026 Outlook
Non-GAAP Reconciliation: FY 2026 Outlook (in millions – except per share data) 29