Energizer Holdings, Inc. · NYSE:ENR
Energizer — Q4 2025 Earnings Presentation
136 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 El 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: Non-GAAP Reconciliation: 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: 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) 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: 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 29: Non-GAAP Reconciliation: FY 2026 Outlook
Non-GAAP Reconciliation: FY 2026 Outlook (in millions – except per share data) 29
Slide 30: Bone Yard
Bone Yard 30
Slide 31: Energizer in Review
Energizer in Review +
Slide 32: 3 Year Earnings Growth vs. Peers
3 Year Earnings Growth vs. Peers Outperformance Relative to Peers in Volatile Macro Environment Adjusted Earnings Per Share 5.5% 4.1% 4.6% Median=2.3% 3.6% 1.0% -2.4% -5.1% -6.0% ENR Adjusted EBITDA 3.2% 3.7% Median=0.5% 1.3% 0.3% 0.6% -0.5% -2.4% ENR -5.9%
Slide 33: Consistent Earnings Growth
Consistent Earnings Growth Adjusted Earnings Adjusted EBITDA* Per Share* CAGR: 4.6% CAGR: 3.2% $Millions $3.52 $623.6 $3.32 $612.4 $597.3 $3.08 $3.09 $567.9 FY 2022 FY 2023 FY 2024 FY 2025 FY 2022 FY 2023 FY 2024 FY 2025 Upside Driven through: • Production Credits • Centralsul Acquisition • Project
Slide 34: 2026 Preview
Delivered Strong results despite a pressured year 1. Expect to deliver Net Organic sales of flat to slightly positive 2026 2. Expect to deliver LSD Adjusted Earnings Per share growth 3. Expect to generate Long-Term Algorithmic Preview Free Cash Flow in excess of 10% of Net Sales 4. Extending Project
Slide 35: Topline Drivers in FY'26
Topline Drivers in FY’26 +100bps from APS sales transition +100bps from International Growth related to Podium Series Expansion +LSD decline driven by softer consumer sentiment in NA, tighter retailer inventory, and lapping storm comp in 35 FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE
Slide 36: Extending Project Momentum into Fiscal 2026
Extending Project Momentum into Fiscal 2026 Over delivery of cost savings from Fiscal 2023 to Fiscal 2025, with line of sight to additional savings in FY2026 Fiscal Years 2023 - 2025 Delivered: Fiscal Year 2026 will Deliver: SAVINGS & OTHER KEY TOTAL SAVINGS & ADJUSTED GROSS MARGIN HIGHLIGHTS The Pr
Slide 37: Brands
A LEADING PORTFOLIO INCLUDING #1 & #2 BRANDS THAT COMPETE ACROSS MANY CONSUMER SEGMENTS FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE
Slide 38: Capital Allocation
Capital Allocation TBD Returned $177M to shareholders in Fiscal 2025 Dividends Share Repurchase $87.1 Million $89.7 Million Repurchased a total of 4M shares at an average price of $22.65* 6.1 x 5.8 x Net 5.2 x 5.1 x Leverage 4.9 x FY 2022 Q3 FY 2022 FY 2023 FY 2024 FY 2025 *See non-GAAP reconciliati
Slide 39: Specialty batteries are the fastest growing segment
Specialty batteries are the fastest growing segment, led by coin lithium batteries • Over half of the devices that take Specialty battery dollars specialty batteries take coin lithium types, have grown over led by 2032 +21% • Devices that take 2032 are growing faster than any other battery-powered d
Slide 40: 3 Year Earnings Growth vs. Peers
3 Year Earnings Growth vs. Peers Outperformance Relative to Peers in Volatile Macro Environment Adjusted Earnings Per Share 5.5% 4.1% 4.6% Median=2.3% 3.6% 1.0% -2.4% -5.1% -6.0% ENR Adjusted EBITDA 3.2% 3.7% Median=0.5% 1.3% 0.3% 0.6% -0.5% -2.4% ENR -5.9%
Slide 41: Consistent Earnings Growth
Consistent Earnings Growth Adjusted Earnings Per Share CAGR: 4.6% Highlighted Growth Driven by: $3.52 $3.32 • Manufacturing Production $3.08 $3.09 Credits FY 2022 FY 2023 FY 2024 FY 2025 • Project Momentum Adjusted EBITDA • Distribution Wins CAGR: 3.2% $612 $624 • Centralsul Acquisition $597 $568 •
Slide 42: Diversified portfolio with proven topline growth across Batteries & Lights and Auto Care
Diversified portfolio with proven topline growth across Batteries & Lights and Auto Care NET SALES BY CATEGORY GROWTH BY CATEGORY 21% 2025 Auto Care Batteries & Lights Auto Care +3.5% CAGR $620 Total Company $521 Net Sales $2.4B 2025 +1% +1.5% $3B CAGR CAGR $2,224 $0.6B $2,333 FY20 FY25 79% Batterie
Slide 43: Auto Care Success expected to continue into FY2026
Auto Care Success expected to continue into FY2026 Continued growth Continued Ecommerce Innovation in Podium Internationally, driven Series driving growth Expansion by Brazil
Slide 44: 2025 Review
Delivered Strong Results Despite a Challenging Year 1. Delivered Net Sales growth 2. Delivered record Adjusted Earnings Per share of $3.52, up 6% 2025 3. Delivered Adjusted Gross Margins of 40.9% -flat to PY- despite tariff & APS integration headwinds Review 4. Delivered approximately $50 million in
Slide 45: Providing Q1 Outlook
Providing Q1 Outlook Q1’26 OUTLOOK (Provided November 2025) Down HSD Organic Net Sales Comping $10M of Hurricane related sales, softer consumer sentiment and retailer inventory management, and a shift in timing of holiday display orders Adjusted Gross Margin* COGS impacted by $15 - $20 million Full
Slide 46: Global diversification with in-region, for-region manufacturing footprint
Global diversification with in-region, for-region manufacturing footprint NET SALES BY REGION 10% Glo- Pro 2025 $2.4B 35% International $0.6B 56% North America FY 2025 Net Sales $0.3B $1.8B $1.1B ($B) North America International Global Professional 46 FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Denote
Slide 47: Consistent Strong Adjusted EPS growth
Consistent Strong Adjusted EPS growth Long Term Algorithm: +6% to +8% CAGR: 8.8% $3.48 $3.52 $3.32 $3.08 $3.09 $2.31 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Note: Adjusted EPS is a non-GAAP measure. Refer to the appendix for a reconciliation to the most comparable GAAP measure.
Slide 48: Consistent Strong Adjusted EPS growth
Consistent Strong Adjusted EPS growth Long Term Algorithm: +6% to +8% CAGR: 8.8% $3.48 $3.52 $3.32 $3.08 $3.09 $2.31 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Note: Adjusted EPS is a non-GAAP measure. Refer to the appendix for a reconciliation to the most comparable GAAP measure.
Slide 49: Successfully Refinanced $500M of Debt in Q4
Successfully Refinanced $500M of Debt in Q4 xtended revolver & TL” bullet owed by “500MEnergizer Existing Holdings, Inc. Debt Maturity Schedule 4” Instead of “Liquidity (USD millions) ay “No Meaningful Maturities 2028 HYB HYB EUR 2029 HYB Revolver TLB 2033 HYB No Long-Term $848 $763 $791 Maturities
Slide 50: Our foundation is strong and we are confident in our ability to generate future earnings growth
Our foundation is strong and we are confident in our ability to generate future earnings growth –Used in Q3FY25 Delivered a strong 3rd quarter – performance exceeded expectations even prior to benefit of production credits Positioned to fully offset earnings impact from tariffs Foundation is bolster
Slide 51: Armor All Podium Series now in over 15,000 stores globally
Armor All® Podium Series now in shelves in over 15,000 stores globally- Used in Q3 FY25 53
Slide 52: Project Momentum Supporting Consistent Earnings Growth
Project Momentum Supporting Consistent Earnings Growth Energizer Adjusted Energizer Adjusted EPS CAGR EBTIDA CAGR FY 2022 – FY 2025 FY 2022 – FY 2025 +4.6% +3.2% Growth Driven by: Project Momentum Savings Accretive Acquisitions Manufacturing production credits Expanded Distribution International Exp
Slide 53: Increasing FY'25 Outlook
Increasing FY’25 Outlook-Used Q3 FY25 Prior FY’25 Outlook Updated FY’25 Outlook (Provided May 2025) (Provided August 2025) +1% to +3% Reported Net Sales Flat to +2% Q4: +2% to +4% Flat to +2% Organic Net Sales Flat to +2% Q4: Down 2% to Flat +50bps Adjusted Gross Margin* +50bps Q4: Impacted by appro
Slide 54: Production Credits
Production Credits +
Slide 55: Consistent Earnings Growth
Consistent Earnings Growth Adjusted Earnings Per Share CAGR: 4.6% $3.52 $3.32 $3.08 $3.09 FY 2022 FY 2023 FY 2024 FY 2025 Adjusted EBITDA ($millions) CAGR: 3.2% $624 $612 $597 $568 FY 2022 FY 2023 FY 2024 FY 2025 Note: Adjusted EPS is a non-GAAP measure. Refer to the appendix for a reconciliation to
Slide 56: Battery & Lights Segment Results
Battery & Lights Segment Results Net Sales Growth driven by Organic Growth & APS Sales. Segment profit decline driven by Tariff expense & Lower-Margin APS Sales. e off to the Net Sales Segment Profit ased $2,260 $2,333 rop in $677 +3.2% ee vs PY $652 , ecomm $555 $542 the 30% +3.9% vs PY $180 $152 -
Slide 57: Auto Care Segment Results
Auto Care Segment Results Net Sales Growth driven by A/C recharge, Performance Chemicals and Podium Series. Segment profit increase driven by improved Gross Margins. Net Sales Segment Profit $628 $620 “Accomplishments” slide like Battery (1.2)% $154 $156 vs PY $106 +1% vs $94 PY $26 $20 +12.2% vs PY
Slide 58: Q1 Adjusted Gross Margin Bridge
Q1 Adjusted Gross* Margin Bridge Adjusted Gross Profit Margin decrease largely due to inflation/other and tariff impacts expect Q2 Adj Gross Margin above 40% with more recovery in the back half of the year 40.0% (350) bps (190) bps (170) bps +160 bps +100 bps 35.5% Tariffs Plant… Reval/Other FY25 Q1
Slide 59: Capital Allocation – Trailing 12Q
Energizer evaluates all forms of capital allocation to drive the highest return for shareholders while prioritizing debt reduction- Needs updated CAPITAL ALLOCATION – TRAILING 12Q $1.02B Cash from Continuing Operations $261M $90M* $35M Dividends Paid $391M Share Repo $236M Bolt-on M&A Debt Paydown C
Slide 60: Battery & Light Segment profit
Battery & Light Segment profit Battery and Light Segment Profit of 23.2% of Net Sales Battery & Light Segment Profit Dollars and Segment Profit % $600.0 $553.6 $553.6 $551.5 $554.8 $550.0 $542.2 $500.0 25.0% $450.0 23.0% 23.5% 24.6% 23.2% 22.8% $400.0 $350.0 $300.0 10.0% FY'21 FY'22 FY'23 FY'24 FY'2
Slide 61: Solid results in a volatile environment
Solid results in a volatile environment-Compare to initial guidance? FY’25 OUTLOOK FY’25 ACTUAL (Provided Nov. 2024) (Reported Nov. 2025) Reported Net Sales Did not provide +2.3%(1) Organic Net Sales* +1% to +2% +0.7%(1) Adjusted Gross Margin* +50bps Flat(2) Adjusted EBITDA* $625M - $645M $623.6(3)
Slide 62: Auto Care business profitability expansion
Auto Care business profitability expansion Auto Segment Profit of 17% of Net Sales Auto Net Sales & Segment Profit % 30.0% $640.0 $622.8 $627.5 $618.7 $620.0 25.0% $620.0 $614.8 $600.0 20.0% $580.0 17.0% 15.0% 15.9% 15.0% $560.0 12.2% 10.0% $540.0 7.5% 5.0% $520.0 $500.0 0.0% FY'21 FY'22 FY'23 FY'24
Slide 63: Energizer Continues to Deliver Top Tier Earnings Growth
Energizer Continues to deliver top tier Earnings Growth Adjusted Earnings Per Share* Adjusted EBITDA* 141% 142% 14.5% Median=114% 120% 107% 114% 11.7% Median=8.8% 9.7% 94% 8.3% 8.8% 7.7% 70% 6.3% Peer 2 Peer 1 Peer 3 Peer 4 Peer 6 ENR Peer 5 Peer 4 Peer 5 Peer 6 Peer 1 Peer 2 ENR Peer 3 Strong & sta
Slide 64: Energizer's Path to Creating Long-Term Shareholder Value
Energizer's Path to Creating Long-Term Shareholder Value 1. Steadily growing EBITDA through profitable Net Sales growth and disciplined cost management 2. Reducing debt, transferring value from debt to equity holders 3. Paying a competitive dividend 4. Opportunistic share-repurchase and accretive M&
Slide 65: Production Credits Q3 Impact
Production Credits What are the Production Credits • The Inflation Reduction Act signed into law in August 2022 included incentives to promote clean energy and energy storage manufacturing. • In December 2024, final regulations related to the Section 45X Advanced Manufacturing Production Credit were
Slide 66: Updating FY'25 Guidance
Updating FY’25 Guidance Prior FY’25 Outlook Updated FY’25 Outlook (Provided May 2025) (Provided August 2025) Reported Net Sales Flat to +2% +1% to +3% Inclusive of $40-$50M of sales related to APS Organic Net Sales Flat to +2% Flat to +2% Adjusted Gross Margin* +50bps +50bps Adjusted EPS* $3.30 - $3
Slide 67: Production Credits Q3 Impact
Production Credits Recognized $112.5M of production credits to Gross Margin in the quarter • $33.9M related to the first nine months of fiscal 2025, recorded in normal Q3 operations • $78.5M retroactive adjustment for fiscal 2023 and 2024 Impact Adjusted Earnings per share benefited by $0.47 Adjuste
Slide 68: Tariff Update
Tariff Update +
Slide 69: Extending Project Momentum
Extending Project Momentum Over delivery of cost savings in FY 2022 to FY 2025, with line of sight to additional savings in FY2026 Fiscal Years 2023 - 2025 Fiscal Year 2026 Delivered: Will Deliver: 1 $206M of savings Approximately $20M of 1 savings* Continued ongoing tariff 2 Adjusted Gross Margin E
Slide 70: FY 2026 Outlook
FY 2026 Outlook- Needs updated -1% to +1% Organic Net Sales (Q1 +2% to +3%) Adjusted Gross Margin* +50 bps (Q1 + 50 to 100 bps) Adjusted EBITDA* $625M - $645M Adjusted EPS* $3.45 - $3.65 (Q1 $0.60 - $0.65) Free Cash Flow % Sales 10% - 12% Debt Paydown $150M - $200M Net Leverage ~4.5x All comparisons
Slide 71: Positive Tariff Updates Since Q2 Earnings Call
Positive Tariff Updates Since Q2 Earnings Call Disclosed in May Current Update • Gross unmitigated run-rate exposure • Q4 P&L impact of $20 to $25 of $150 million million in FY’25 • Working to fully offset with several • Gross unmitigated run-rate key factors; Sourcing and pricing exposure of $60 mi
Slide 72: 2025 Q3 Highlights
Energizer continues to deliver on key financial and strategic priorities Strong Operating Performance in the Quarter Expect to fully offset the earnings impact from tariffs in Fiscal 2025 and Fiscal 2026 2025 Q3 Because of the investments we have made in US manufacturing, Energizer qualifies for man
Slide 73: Non-GAAP Reconciliation: Segment Profit June 30, 2025
Non-GAAP Reconciliation: Segment Profit June 30, 2025 (in millions) Operations for Energizer are managed via two product segments: Batteries & Lights and Auto Care. Energizer’s operating model includes a combination of standalone and shared business functions between the product segments, varying by
Slide 74: Non-GAAP Reconciliation: Segment Profit June 30, 2025 Continued
Non-GAAP Reconciliation: Segment Profit June 30, 2025 Continued (in millions) 76
Slide 75: Non-GAAP Reconciliation: Segment Profit Fiscal years 2020 through 2024
Non-GAAP Reconciliation: Segment Profit Fiscal years 2020 through 2024 (in millions) Operations for Energizer are managed via two product segments: Batteries & Lights and Auto Care. Energizer’s operating model includes a combination of standalone and shared business functions between the product seg
Slide 76: Non-GAAP Reconciliation: Segment Profit Fiscal years 2020 through 2024
Non-GAAP Reconciliation: Segment Profit Fiscal years 2020 through 2024 (in millions) Operations for Energizer are managed via two product segments: Batteries & Lights and Auto Care. Energizer’s operating model includes a combination of standalone and shared business functions between the product seg
Slide 77: Non-GAAP Reconciliation: Segment Profit Fiscal years 2020 through 2024 Continued
Non-GAAP Reconciliation: Segment Profit Fiscal years 2020 through 2024 Continued (in millions) 79
Slide 78: Non-GAAP Reconciliation: Net Debt and Net Leverage
Non-GAAP Reconciliation: Net Debt and Net Leverage (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, September 30, 2022, 2023, and 2024,
Slide 79: 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 80: 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 81: 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 82: Section 45X Tax Credit and Energizer Financial impact
Section 45X Tax Credit and Energizer Financial impact What is the Section 45X Tax Impact to Energizer Credit? Financials? • The Inflation Reduction act signed into FY’25 & Q4 Expected Impact law in August 2022 included incentives • Energizer expects the below for FY’25: to promote clean energy and e
Slide 83: Section 45X Production Credit and Energizer Financial impact
Section 45X Production Credit and Energizer Financial impact What are the Section 45X Production Credits? • The Inflation Reduction Act signed into law in August 2022 included incentives to promote clean energy and energy storage manufacturing. • In December 2024, final regulations related to the Se
Slide 84: Section 45X Production Credit and Energizer Financial impact
Section 45X Production Credit and Energizer Financial impact What are the Section 45X Production Credits? • The Inflation Reduction Act signed into law in August 2022 included incentives to promote clean energy and energy storage manufacturing. • In December 2024, final regulations related to the Se
Slide 85: Positive Tariff Updates since Q2 Earnings Call
Positive Tariff Updates since Q2 Earnings Call Energizer Exposure to tariffs has materially declined Disclosed on Q2 Call in May Current Update • Gross unmitigated run-rate • P&L impact of $15 million in exposure of $150 million FY’25 • Working to fully offset with • Gross unmitigated run-rate sever
Slide 86: Non-GAAP Reconciliation: Free Cash Flow
Non-GAAP Reconciliation: Free Cash Flow (in millions) Free Cash Flow is defined as net cash provided by operating activities reduced by capital expenditures, net of the proceeds from asset sales. 88
Slide 87: Non-GAAP Reconciliation: Segment Profit – Quarters ended December 31, 2024 & 2023
Non-GAAP Reconciliation: Segment Profit – Quarters ended December 31, 2024 & 2023 (in millions) Operations for Energizer are managed via two product segments: Batteries & Lights and Auto Care. Energizer’s operating model includes a combination of standalone and shared business functions between the
Slide 88: Global Supply Network
Global Supply Network +
Slide 89: Global supply network – product sourced by region
Global supply network – product sourced by region- Updating? Sourcing shifts and commercial actions expected to offset impact of tariffs in FY25 3% North America EMEA 97% 5% APAC 95% United States or low tariff markets China LATAM 100% 7% 93% In-region / non-United States United States Legacy manufa
Slide 90: Significant investments to optimize and build optionality into the global supply network
Energizer has made significant investments to optimize and build optionality into the global supply network- Remove? IN-REGION GLOBAL VERTICALLY UPSIDE manufacturing and FOOTPRINT INTEGRATED FLEXIBILITY packaging to best serve to optimize flow and burst capacity available our customers to mitigate r
Slide 91: Solid results in a volatile environment
Solid results in a volatile environment FY’25 OUTLOOK FY’25 ACTUAL (Provided Aug. 2025) (Reported Nov. 2025) Reported Net Sales +1% to +3% +2.3%(1) Organic Net Sales* Flat to +2% +0.7%(1) Adjusted Gross Margin* +50bps Flat(2) Adjusted EBITDA* $630M - $640M $623.6(3) Adjusted EPS* $3.55 - $3.65 $3.52
Slide 92: Debt Capital Structure
Debt Capital Structure +
Slide 93: Debt maturity profile – extended Revolving Credit Facility and Term Loan
Debt maturity profile – extended Revolving Credit Facility and Term Loan in Second Quarter- Remove 95
Slide 94: Investing in 5 key areas creates multiple levers to drive sales growth
Driving consistent, ratable sales growth- Still Using? DISTRIBUTION Investing in E-COMMERCE 5 key areas creates multiple levers to MARKET EXPANSION drive Sales growth in line with our PRICING & MIX long-term algorithm levers to drive Sales growth in line with our long-term algorithm INNOVATION & BRA
Slide 95: Strong free cash flow, enabling significant debt reduction and deleveraging
…and strong free cash flow, enabling significant debt reduction and deleveraging ($ in millions) $167 $195 Q3 FY 2022 $932 Q1 FY 2025 (Ended June (Ended Dec 2022) $486 2024) $965 $770 $67 $284 $217 $217 $200 $200 Q3'22 Ending (+) Operating (-) Capex (-) Dividends (-) Debt (-) Other Q4'24 Ending Cash
Slide 96: Project Momentum is continuing to deliver strong results
Project Momentum is continuing to deliver strong results… Savings Achieved in 2024: $90M $40M-$60M 2025 $180M - $200M ~$90M 2024 In Run Rate Savings ~$50M 2023 98
Slide 97: Driving continued Adjusted Gross Margin improvement
…driving continued Adjusted Gross Margin improvement Rebuilding to +360 bps pre-pandemic levels 40.9% 40.6% 39.6% 39.0% 37.3% 2020 2021 2022 2023 2024 99 GAAP Gross Margin: FY 2020: 39.4%, FY 2021: 38.4%, FY 2022: 36.7%, FY 2023: 38.0%, FY 2024: 38.3%
Slide 98: Results met or exceeded Q1 outlook
Results met or exceeded Q1 outlook Q1 OUTLOOK Q1 ACTUAL (Provided Nov. 2024) (Reported Feb. 2024) Organic Net Sales* +2% to +3% 3.8%(1) Adjusted Gross Margin* +50 to +100 bps +50 bps(2) Adjusted EPS* $0.60 - $0.65 $0.67(4) Debt Paydown $25M 1. Reported Net Sales (2.5%) All comparisons for FY'25 Actu
Slide 99: Maintaining FY 2025 Outlook
Maintaining FY 2025 Outlook Organic Net Sales +1% to +2% Adjusted Gross Margin* +50 bps Adjusted EBITDA* $625M - $645M Adjusted EPS* $3.45 - $3.65 Free Cash Flow % Sales 8% - 10% Debt Paydown $150M - $200M Net Leverage ~4.5x All comparisons are to Fiscal 2024 comparable reported results. * See non-G
Slide 100: Maintaining FY 2025 Outlook & Providing Q2 Guidance
Maintaining FY 2025 Outlook & Providing Q2 Guidance +1% to +2% Organic Net Sales (Q2: +2% to +3%) Adjusted Gross Margin* +50 bps (Q2: flat) Adjusted EBITDA* $625M - $645M Adjusted EPS* $3.45 - $3.65 (Q2: $0.65 - $0.70) Free Cash Flow % Sales 8% - 10% Debt Paydown $150M - $200M Net Leverage ~4.5x All
Slide 101: Raising FY25 organic sales guidance & holding other key metrics
Raising FY25 organic sales guidance & holding other key metrics Old FY’25 OUTLOOK New FY’25 Outlook (Provided Nov. 2024) (Provided Feb. 2025) Organic Net Sales* +1% to +2% +2% to +3% Adjusted Gross Margin* +50 to + 100 bps No Change Adjusted EPS* $3.45 - $3.65 No Change Adjusted EBITDA* $625M - $645
Slide 102: Who We Are
Who We Are Energizer is a global household products leader leveraging its reach, scale and leading brands to deliver stable growth, top-tier cash flow, and long-term value creation Our purpose We responsibly create household products to make lives better 104
Slide 103: Top Line Organic Growth above Guidance
Top Line Organic Growth above Guidance Net Sales of $731.7M, up 2.1% Organic Revenue +3.8% Driven by: $805.7 +5.1% of volume growth -1.9% of strategic pricing and $731.7 promotion $716.6 $701.4 $663.3 Battery: +5.1% Organic growth driven by increased distribution and increased hurricane volume Auto:
Slide 104: Financial results met or exceeded outlook
Financial results met or exceeded outlook Q1’25 ACTUAL (Reported Feb. 2025) • Net sales of $731.7M, +2.1% reported Net Sales* +3.8% (1) • Battery Net sales +2.4% reported, +4% organic • Auto Net sales +0.5% reported, +2.1% organic Adjusted Gross Margin* +50 bps (2) • Adjusted Gross Margin was 40% Ad
Slide 105: Continued Margin Expansion moving back to Pre-Pandemic Levels
Continued Margin Expansion moving back to Pre- Pandemic Levels Adjusted Gross Margin of 40%, +50bps Driven by: 42.2% + $16 million of Project 41.5% Momentum savings & improvement 40.5% product costs across key materials. 40.0% - Offset by strategic pricing and 39.5% promotion along with unfavorable
Slide 106: Strong execution leading to Bottom Line growth
Strong execution leading to Bottom Line growth Adjusted EPS of $0.67, +13.8% $1.22 Driven by: + Increased Organic sales, Project Momentum savings, and lower interest expense - Offset by higher SG&A and A&P $0.79 spend, and unfavorable currency $0.72 $0.67 movements due to the strengthening $0.59 of
Slide 107: Brands
A LEADING PORTFOLIO INCLUDING #1 & #2 BRANDS THAT COMPETE ACROSS MANY CONSUMER SEGMENTS
Slide 108: Global diversification with in-region, for-region manufacturing footprint limits tariff exposure
Global diversification with in-region, for-region manufacturing footprint limits tariff exposure Current Tariff Exposure BY REGION New Poland <1% of COGS location Canada <5% of COGS <1% of COGS *China $2.4 Mexico $0.6B 11 0 Denotes manufacturing facility
Slide 109: Global footprint, scale and world-class supply chain
Global footprint, scale and world-class supply chain AVAILABILITY REACH EXPERTISE 160+ markets Billions of consumers World-class supply around the world in every day chain and distributor every consumer network 111 channel
Slide 110: Diversified portfolio with proven topline growth across Batteries & Lights and Auto Care
Diversified portfolio with proven topline growth across Batteries & Lights and Auto Care NET SALES BY CATEGORY GROWTH BY CATEGORY 22% 2024 Auto Care Batteries & Lights Auto Care +4.8% Total Company CAGR $628 $521 Net Sales $2.4B 2024 +0.4% $2.9B +1.3% CAGR CAGR $0.6B $2,224 $2,260 78% Batteries & Li
Slide 111: Global diversification with in-region, for-region manufacturing footprint
Global diversification with in-region, for-region manufacturing footprint NET SALES BY REGION 37% International 2024 $2.4B $0.6B 63% North America 2024 Net Sales ($B) $1.8B $1.1B North America International 11 Denotes manufacturing facility 3
Slide 112: Our winning proposition
Our winning proposition Remove 1 2 3 Leading Strong & Profitable brands in consistent global growth solid, growing innovation categories 114
Slide 113: We are focused on driving profitable growth globally
We are focused on driving profitable growth globally DISTRIBUTION Expanding our footprint with new retailers and our space with existing customers ECOMMERCE Driving accelerated growth in e-commerce in the U.S. and in key international markets MARKET Expanding our presence in higher growth markets EX
Slide 114: Energizer Holdings has leading brands across all categories
Energizer Holdings has leading brands across all categories 1 1 Remove # # Battery in Auto Manufacturer Appearance 1 # 1 in the # growing segment of specialty In batteries Refrigerant Kits # 1 Premium Batteries # 1 Value Batteries
Slide 115: The Battery category is healthy and growing
The Battery category is healthy and growing 20 Remove Billion+ GLOBAL CATEGORY VOLUME ’15 - Apr ’24 CAGR +1.3% 25.0 22.4 22.2 20.5 19.9 20.0 18.4 19.1 19.2 19.1 20.0 18.0 15.0 10.0 5.0 - 2015 2016 2017 2018 2019 2020 2021 2022 2023 Apr-24 Elevated COVID Demand Source: Nielsen Global Track, Profitero
Slide 116: Three macro trends drive the Auto Care category
Three macro trends drive Needthe AutoAuto updated Care category category slide $2.9 Billion+ Remove U.S. AUTO CARE CATEGORY SALES # OF CARS ANNUAL MILES DRIVEN AGE OF CAR Global Vehicle registrations Projected Global CAGR ‘20 – ‘22 US Average .7B Today and +2.0% 11.8 years and Growing Europe Average
Slide 117: Quarterly Debt Paydown
Quarterly Debt Paydown $3,619 $(58) $(56) $62 $3,318 $(103) $(42) $(25) $(78) Q3 22 Debt Q4'22 Q1' 23 Q2'23 Q3'23 Q4'23 Q1'24 *Other Q1 24 Debt Subsequent to Q1'24, Energizer paid off $58M of debt to bring total paydown to over $400M since Q4'22 120 * See non-GAAP reconciliations in the Appendix. *O
Slide 118: Increased Momentum savings target by $30M
Increased Momentum savings target by $30M, taking the savings range to $160M -180M- Do not use in Q2 $160 In Run Rate Benefits to anticipated to be achieved by end of FY25 $180 $55M - $65M in FY’24 (unchanged) $50M - $60M in FY’25 MILLION $150 In Working Capital Improvements MILLION $140 One-time Ca
Slide 119: Battery category delivered low single digit volume growth over the long term
Battery category delivered low single digit volume growth over the long term Global Batteries Annual Volume Sales (Billions) ’19-’23 CAGR +1.4% ’15-’19 CAGR +1.5% 25.0 Q4 Slide - delete22.4 22.2 20.5 20.1 20.0 18.4 19.1 19.2 19.1 18.0 15.0 10.0 5.0 - 2015 2016 2017 2018 2019 2020 2021 2022 52W APR 2
Slide 120: Project Momentum is delivering strong results
Project Momentum is delivering strong results… FY 2023 FY 2024 FY 2025 ~ $50M ~ $90M ~ $40M - $60M $180M - $200M In Run Rate Savings 12 3
Slide 121: Device ownership and consumption both stable and above pre-pandemic levels
Q4 Slide Device ownership and consumption both stable and above pre-pandemic levels Battery sales closely track device ownership over time. Devices Batteries Sales and Device Ownership Batteries per HH Device Growth ’15-’23 +5.3% Volume 25.0 9,000 20.7 21.8 7,500 20.0 6,389 6,000 15.0 5,766 4,500 3,
Slide 122: Battery Category Volume & Value – Rolling Week
Battery Category Volume & Value – Rolling 13 Week Battery volume recovered throughout Fiscal 2023, with an impact to September trends due to Hurricane Ian in 2022 15% Total US - MULC + Amazon 10% 5% 0% Q4 Slide - delete Hurricane Ian September '22 -5% -10% -15% Dollar Sales % Chg vs YA Volume Sales
Slide 123: Progress restoring the profitability of the auto business
We have made progress restoring the profitability of the auto business in the last 18 months while maintaining topline stability Despite inflation, efforts on pricing initiatives and relentless focus on cost control allowed for significant improvement in gross margin Auto Net Sales & Segment Profit
Slide 124: Non-GAAP Reconciliation: Currency Neutral Adjusted EBITDA
Non-GAAP Reconciliation: Currency Neutral Adjusted EBITDA (in millions) (1) The Impact of Currency is the change in foreign currency exchange rates year-over-year on reported results, which is calculated by comparing the value of current year foreign operations at the current period USD exchange rat
Slide 125: We have made significant progress over the last eight quarters
We have made significant progress over the last eight quarters- Updated Rebuilding profitability and generating top-tier free cash flow enable shareholder value creation through debt paydown while strengthening the balance sheet ADJUSTED GROSS MARGIN* FREE CASH FLOW* BALANCE SHEET Expanded Adjuste
Slide 126: Private label value share change
Private SlideLabel TBD Battery – need share is above to clarify Total Store and PLV performance Rising in the Q Private Label Value Share Change Total US MULC Total Store Batteries 3.0 2.5 2.1 2.0 1.5 1.0 0.8 0.5 0.5 0.4 0.0 -0.5 -1.0 -1.5 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022
Slide 127: Debt paydown since Q4 FY'22
Continued debt & leverage reduction $3.5 Net Debt & Net Leverage 7.0x 6.1x $3.0 5.8x 6.0x 5.2x $2.5 4.9x 4.9x 5.0x ~4.7x $2.0 4.0x $1.5 3.0x FY'22 Q3 FY'22 FY'23 FY'24 FY'25 Q2 FY'25 Q4 Est. Net Debt ($B) Net Debt / Adj. EBTIDA* +$500 million of debt paydown since Q4 FY’22 130
Slide 128: Key Metrics – Fourth Quarter 2024
Key Metrics – Fourth Quarter 2024 Flat organic growth Fourth Quarter 2024 • Battery net sales –0.7% reported, flat organic Netnet • Auto Sales* sales -0.6% reported, +0.1% (0.7%) organic Adjusted Gross Margin* 1% Adjusted gross margin was 42.2%(1), up 220 basis points from the prior year Adjusted EP
Slide 129: Updating Fiscal 2024 Outlook
Key Metrics&– guidance Format Updating Fiscal TBD 2024 Outlook METRIC Prior FY'24 Outlook Current FY'24 Outlook • Organic Net Sales projected to be • Organic Net Sales projected to be Net Sales flat to down low single digits down low single digits • Q4: Organic Net sales of flat to +1% Adjusted Gros
Slide 130: Key Metrics – Third Quarter 2024
Key Metrics – Third Quarter 2024 METRIC Third Quarter 2024 Net sales on a reported basis of $701.4 million, up 0.3% Net Sales* • Organic net sales increase of 1.2% • Auto net sales +2.2% reported, +2.7% organic Adjusted Gross Adjusted gross margin was 41.5%(1), up 270 basis points from the prior yea
Slide 131: Key Metrics – Fourth Quarter 2024
Key Metrics – Fourth Quarter 2024 METRIC Fourth Quarter 2024 Net sales of $805.7 million, -0.7% reported, flat organic Net Sales* • Battery net sales –0.7% reported, flat organic • Auto net sales -0.6% reported, +0.1% organic Adjusted Gross Adjusted gross margin was 42.2%(1), up 220 basis points fro
Slide 132: Financial Results Fourth Quarter 2024
Financial + Results Fourth Quarter 2024
Slide 133: Key Metrics – Full Year 2024
Key Metrics – Full Year 2024 METRIC Full Fiscal Year 2024 Full Year Net sales on a reported basis of $2,887 million, down 2.5% Net Sales* • Organic net sales down 2.2% due to earlier holiday orders compared to prior year and strategic pricing and promotional investment Adjusted Gross Adjusted Gross
Slide 134: Auto Care
Auto Care +
Slide 135: Key Metrics – Fiscal 2025 & Q1'25 Outlook
Key Metrics – Fiscal 2025 & Q1'25 Outlook METRIC Fiscal 2025 & Q1'25 Outlook Net Sales Organic net sales projected up 1-2% • Q1 organic net sales projected to be up 1-2% Adjusted gross margin of 50 basis point improvement Adjusted Gross Margin* • Q1 improvement of roughly 100 basis points versus pri
Slide 136: Debt Capital Structure Highlights
Debt Capital Structure Highlights $3.5 Net Debt & Leverage 7.0x Capital Structure Highlights: • Net debt of $3,023.9M • Cash balance of $139.3M 6.1x • Net leverage ratio of 4.9x $3.0 5.8x 6.0x • 95% Fixed / 5% Float • 4.6% all in rate 5.2x • $600 million fixed rate swap at $2.5 4.9x 4.9x 5.0x 1.0420