Energizer Holdings, Inc. · NYSE:ENR
Energizer — Q3 2025 Earnings Presentation
105 slides from Energizer's earnings presentation, Aug 4, 2025
Slide 1: Q3 Fiscal 2025 Earnings
Q3 Fiscal 2025 + Earnings August 4, 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: 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 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 bolstered by ongoing pr
Slide 5: Financial Results
Financial + Results Q3 Fiscal 2025
Slide 6: Q3 Financials
Q3 Financials Q3’25 ACTUAL (Reported August 2025) Net sales of $725.3M, +3.4% reported, +0.1% organic* Net Sales • Batteries & Lights Net sales +5.1% reported, +0.5% organic* • Auto Care Net sales -1.1% reported, -0.9% organic* Adjusted Gross Adjusted gross margin was 44.8%(1), up +330 basis points
Slide 7: Maintaining momentum in Batteries
Maintaining momentum in Batteries Grew Value & Volume Battery Category Acquired European Share in US Plastic Free Battery Business Transition Underway Source: Circana Total U.S. MULC+, 4/13 Weeks Ending Jun 29, 2025
Slide 8: Armor All Podium Series now in shelves in over 15,000 stores globally
Armor All® Podium Series now in shelves in over 15,000 stores globally 8
Slide 9: Optimizing capital allocation to generate the highest returns
Optimizing capital allocation to generate the highest returns Returned $84M to shareholders while maintaining leverage Dividends Share Repurchase $21.3 Million $62.6 Million Repurchased $27.1 Million subsequent to quarter end 4M total shares repurchased Maintaining FY’25 free cash flow outlook of 6%
Slide 10: Outlook
+ Outlook Fiscal 2025 & Q4
Slide 11: Increasing FY'25 Outlook
Increasing FY’25 Outlook 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 approximately $20M
Slide 12: Appendix Materials: Non-GAAP Reconciliations
Appendix Materials: Non-GAAP Reconciliations 12
Slide 13: Non-GAAP Reconciliation: Net Sales
Non-GAAP Reconciliation: Net Sales (in millions) Organic. This is the non-GAAP financial measurement of the change in revenue that excludes or otherwise adjusts for the change in hyperinflationary markets and impact of currency from the changes in foreign currency exchange rates as defined below: •
Slide 14: 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 and FY23 & FY24 production credits. 14
Slide 15: Non-GAAP Reconciliation: Adjusted Earnings Per Share
Non-GAAP Reconciliation: Adjusted Earnings Per Share (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 related to acquisition a
Slide 16: Non-GAAP Reconciliation: Adjusted EBITDA - June 30, 2025
Non-GAAP Reconciliation: Adjusted EBITDA - June 30, 2025 (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, ne
Slide 17: 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 18: 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 19: 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 20: 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, 2025. 20
Slide 21: Non-GAAP Reconciliation: FY 2025 Outlook
Non-GAAP Reconciliation: FY 2025 Outlook (in millions – except per share data) 21
Slide 22: Bone Yard
Bone Yard 22
Slide 23: Production Credits
Production Credits +
Slide 24: Expect to Generate 7% - 10% Adjusted Earnings Per Share Growth in Fiscal Year 2025
Expect to Generate 7% - 10% Adjusted Earnings Per Share Growth in Fiscal Year 2025 Something about production Something about tariffs Something about APS credits Strongly Positioned to Drive Continued Earnings Growth in Fiscal Year 2026 24
Slide 25: 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 26: 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 27: Optimizing capital allocation to generate the highest returns
Optimizing capital allocation to generate the highest returns Returned $84 million to shareholders in the quarter Dividends $1.02B Repurchased 2.8 million shares Cash from Continuing Operations Paid $21.3M of dividends Repurchased 1.2 million shares at an average cost of $22.49, subsequent to the en
Slide 28: Providing Q4 Outlook
Providing Q4 Outlook Q4’25 OUTLOOK (Provided August 2025) Reported Net Sales +2% to +4% Inclusive of $20-$30M of sales related to APS Organic Net Sales Down 2% to Flat $20 to $25M of incremental Adjusted Gross Margin* transitory costs Inclusive of one-time tariffs at higher rates, supply chain ineff
Slide 29: 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 30: Energizer evaluates all forms of capital allocation to drive the highest return
Energizer evaluates all forms of capital allocation to drive the highest return for shareholders while prioritizing debt reduction 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 Capital Expendit
Slide 31: 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 32: Tariff Update
Tariff Update +
Slide 33: 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 34: 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 35: Segment Profit Highlights
Segment Profit Highlights +
Slide 36: Battery & Light Segment profit
Battery & Light Segment profit Battery and Light Segment Profit of 24.7% of Net Sales Battery & Light Segment Profit Dollars and Segment Profit % $600.0 $569.9 $553.6 $553.6 $551.5 $554.8 $550.0 $500.0 25.0% 24.7% $450.0 23.0% 23.5% 24.6% 22.8% $400.0 $350.0 $300.0 10.0% FY'21 FY'22 FY'23 FY'24 FY'2
Slide 37: Auto Care business profitability expansion
Auto Care business profitability expansion Auto Segment Profit of 16.1% of Net Sales Auto Net Sales & Segment Profit % 30.0% $640.0 $622.8 $627.5 $618.7 $618.5 25.0% $620.0 $614.8 $600.0 20.0% $580.0 15.0% 15.9% 15.0% 16.1% $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'
Slide 38: 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 39: Non-GAAP Reconciliation: Segment Profit June 30, 2025 Continued
Non-GAAP Reconciliation: Segment Profit June 30, 2025 Continued (in millions) 39
Slide 40: 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 41: 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 42: Non-GAAP Reconciliation: Segment Profit Fiscal years 2020 through 2024 Continued
Non-GAAP Reconciliation: Segment Profit Fiscal years 2020 through 2024 Continued (in millions) 42
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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. 51
Slide 52: 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 53: Global Supply Network
Global Supply Network +
Slide 54: 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 4 Legacy manu
Slide 55: Energizer has made 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 56: Debt Capital Structure
Debt Capital Structure +
Slide 57: Debt maturity profile – extended Revolving Credit Facility and Term Loan
Debt maturity profile – extended Revolving Credit Facility and Term Loan in Second Quarter- Remove 57
Slide 58: 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 59: …and 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 60: 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 60
Slide 61: …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 61 GAAP Gross Margin: FY 2020: 39.4%, FY 2021: 38.4%, FY 2022: 36.7%, FY 2023: 38.0%, FY 2024: 38.3%
Slide 62: 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 63: 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 64: 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 65: 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 66: 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 66
Slide 67: 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 68: 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 69: 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 70: 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 71: Brands
A LEADING PORTFOLIO INCLUDING #1 & #2 BRANDS THAT COMPETE ACROSS MANY CONSUMER SEGMENTS
Slide 72: 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 72 Denotes manufacturing facility
Slide 73: 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 73 channel
Slide 74: 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 75: 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 75 Denotes manufacturing facility
Slide 76: Providing Fiscal '25 Q2 Guidance
Providing Fiscal ’25 Q2 Guidance Organic Net Sales Adjusted Gross Margin Adjusted EPS +1% to +2% +50 to +100bps $x.x - $x.x +$0.06 to $0.06 YOY 76
Slide 77: Maintaining Fiscal 2025 Outlook
Maintaining Fiscal 2025 Outlook Organic Net Sales Adjusted Gross Margin Adjusted EPS +1% to +2% +50bps $3.45 - $3.65 Vs. $3.32 LY Adjusted EBITDA Debt Paydown Net Leverage $625M - $645M $150M - $200M ~ 4.5x Vs. $612.4 LY Vs. 4.9x LY Free Cash Flow 8% - 10% 77
Slide 78: Fiscal '25 Q1 Key Financial Metrics
Fiscal ‘25 Q1 Key Financial Metrics Organic Sales and Adjusted EPS above guidance provided on Nov.19 & Adjusted Gross Margin in line Organic Net Sales Adjusted Gross Margin Adjusted EPS +3.8% 40% $0.67 +50bps YOY +$0.08 YOY Adjusted EBITDA Debt Paydown Net Leverage $140.7M $25.0M 4.7x Vs. $132.9M LY
Slide 79: Our winning proposition
Our winning proposition Remove 1 2 3 Leading Strong & Profitable brands in consistent global growth solid, growing innovation categories 79
Slide 80: 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 81: 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 82: 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 83: 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 84: Adopting changes to sourcing expected to lower exposure to China by half
Adopting changes to sourcing expected to lower exposure to China by half + expected price hikes to help offset Future State Tariff Exposure BY REGION New Poland <1% of COGS location Canada <2.5% of COGS <1% of COGS *China $2.4 Mexico $0.6B 84 Denotes manufacturing facility
Slide 85: 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 86 * See non-GAAP reconciliations in the Appendix. *Ot
Slide 86: 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 87: 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 88: 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 89
Slide 89: 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 90: 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 91: We have made 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 92: 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 93: 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 94: Private label battery share rising
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 95: +$500 million of 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 96
Slide 96: 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 97: 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 98: 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 99: 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 100: Financial Results Fourth Quarter 2024
Financial + Results Fourth Quarter 2024
Slide 101: 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 102: We have made significant progress delivering against our strategic priorities
We have made significant progress delivering against our strategic priorities over the last nine quarters Rebuilding profitability and generating top-tier free cash flow enable incremental investment in our business to generate sustainable growth PROJECT MOMENTUM ADJUSTED GROSS MARGINS* FREE CASH FL
Slide 103: Auto Care
Auto Care +
Slide 104: 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 105: 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