Energizer Holdings, Inc. · NYSE:ENR
Energizer — Q2 2026 Earnings Presentation
32 slides from Energizer's earnings presentation, May 5, 2026
Slide 1: Q2 Fiscal 2026 Earnings
Q2 Fiscal 2026 Earnings + May 5, 2026
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 his
Slide 4: Financial Results
Financial Results + Q2 Fiscal 2026
Slide 5: Energizer's Fiscal 2026 strategic priorities
Energizer’s Fiscal 2026 strategic priorities Restore Organic Net Sales growth through strengthened distribution and advancing innovation Rebuild Gross Margins impacted by tariffs Return to historical Free Cash Flow profile Disciplined deployment of Cash to maximize shareholder value 55 FOR INTERNAL
Slide 6: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Q2 2026 ACTUAL (Reported May 2026) Net sales of $643.3M, -3.0% reported, -5.5% organic* Net Sales • Batteries & Lights Net sales -3% reported, -5.9% organic* • Auto Care Net sales -2.7% reported, -4.5% organic* Adjusted Gross Adjusted gross margin was 44.4%(1), up 360 bp
Slide 7: Category trends remain healthy following January 2026 storm driven demand
Category trends remain healthy following January 2026 storm driven demand U.S. Battery Category Volume Rolling 13 Week Periods FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% (1.0%) (2.0%) (3.0%) (4.0%) (5.0%) Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 7 Source: Circana Unify Tota
Slide 8: Advancing meaningful innovation in Specialty, the fastest growing segment
Advancing meaningful innovation in Specialty, the fastest growing segment in Batteries & Lights Specialty battery dollars have grown Energizer +25% #1 Share in Specialty segment2 in the last 4 years2 Represents >10% of Energizer Batteries & Lights Sales Half of the devices that take specialty batter
Slide 9: Energizer Ultimate Child Shield
Energizer® Ultimate Child ShieldTM Product Launched in March 2026 Distribution Secured in Major US and International Retailers 9
Slide 10: Plastic free packaging eliminating over 2 million pounds of plastic waste
Plastic free packaging eliminating over 2 million pounds of plastic waste Majority of North America Household* packs will convert to Plastic Free in FY26 ~100% ~70% ~30% FY25 FY26 FY27 Transition timing varies by customer, with resets generally aligned to prevent disruption to Holiday season *ENERGI
Slide 11: Armor All Podium Series now in shelves in over 25,000 stores globally
Armor All® Podium Series now in shelves in over 25,000 stores globally 11
Slide 12: Three Year Lookback
Three Year Lookback + Disciplined Execution Driving Algorithmic Performance
Slide 13: Financial Performance FY'22 – FY'25
Financial Performance FY’22 – FY’25 Stable Net Sales ~$3 Billion Expanded Battery Category Share Adjusted Gross Margin Expansion of 360 Basis Points Mid Single Digit Adjusted EPS Growth Low Single Digit Adjusted EBITDA Growth 13 FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE
Slide 14: Stable Net Sales and Adjusted Gross Margin & Share Growth
Stable Net Sales and Adjusted Gross Margin & Share Growth Net Sales & Batteries Adjusted Gross Margin Category Share FY’22 – FY’25 45.0% Global United States $3.05 $2.96 $2.89 $2.95 $3.00 40.9% 40.9% 40.0% 39.0% $2.00 37.3% 37.2% 37.3% 41.2% 42.0% 35.0% $1.00 30.0% FY22 FY23 FY24 FY25 Net Sales Adj.
Slide 15: Project Momentum and Growth Initiatives Have Driven Consistent Earnings Growth
Project Momentum and Growth Initiatives Have Driven Consistent Earnings Growth Adjusted EBITDA Adjusted EPS FY’22 – FY’25 FY’22 – FY’25 $650 $4.00 $624 $612 $3.52 $3.50 $597 $3.32 $600 $3.08 $3.09 $568 $3.00 $550 $2.50 $500 $2.00 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 CAGR CAGR ~3.2% ~4.6% 15 FOR I
Slide 16: Significant Free Cash Flow Enabling Deleveraging, Dividends and Buybacks
Significant Free Cash Flow Enabling Deleveraging, Dividends and Buybacks History of Strong Free Cash Flow Generation FY’23 – FY’25 6.1x ~$740M 5.1x Free Cash Flow 3 Year Cumulative ~$600M FY’22 Q3 FY’25 Q4 Debt Paydown, Dividends & Share Repurchase Initiated Project Momentum 16 FOR INTERNAL USE ONLY
Slide 17: Outlook
Outlook + Fiscal 2026 & Q2
Slide 18: Raising 2026 Earnings Outlook
Raising 2026 Earnings Outlook FY 2026 Outlook Initial Current Flat to Flat Organic Net Sales Slightly Positive Q3: + Low Single Digit Adjusted Gross Margin Modest Decline 40% - 41% Q3: ~40% Adjusted EBITDA $580M - $610M High End Adjusted EPS* $3.30 - $3.60 High End Q3: $0.75 – 0.85 All comparisons f
Slide 19: Adjusted Gross Margin expected to return to normalized levels in Q4 FY 2026
Adjusted Gross Margin expected to return to normalized levels in Q4 FY 2026 Q1 2026 Cycling Transitional Costs and Operating Initiatives Drive Normalized Margins ~500 bps Transitional Costs Related to Q1-Q4 1 Elevated Tariffs 2 Short-Term Production 150 to 200 Credits & Operational Inefficiencies an
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, acquisition and integration 22 costs, FY23 & FY24 Production Credits, cost related to the exit of Russian market
Slide 23: Non-GAAP Reconciliation: Adjusted Earnings Per Share – Fiscal Q2 2026 and 2025
Non-GAAP Reconciliation: Adjusted Earnings Per Share – Fiscal Q2 2026 and 2025 (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 cost
Slide 24: Non-GAAP Reconciliation: Adjusted EBITDA and Free Cash Flow
Non-GAAP Reconciliation: Adjusted EBITDA and Free Cash Flow (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 restructu
Slide 25: 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 26: 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 27: 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 28: Non-GAAP Reconciliation: 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 29: 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 30: Non-GAAP Reconciliation: Adjusted EBITDA - June 30, 2022
Non-GAAP Reconciliation: Adjusted EBITDA - June 30, 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 acquisition and integration costs, the
Slide 31: Non-GAAP Reconciliation: 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 32: Non-GAAP Reconciliation: FY 2026 Outlook
Non-GAAP Reconciliation: FY 2026 Outlook (in millions – except per share data) 32