# EDGAR Filing Document

**Accession Number:** 0001632790
**File Stem:** 0001632790-25-000087
**Filing Date:** 2025-11
**Character Count:** 98680
**Document Hash:** 2bab26abbdd7c0d3a518ee7603d268be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001632790-25-000087.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001632790-25-000087

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20251118

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENERGIZER HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001632790
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 364802442
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36837
- **FILM NUMBER:** 251492803

**BUSINESS ADDRESS:**
- **STREET 1:** 8235 FORSYTH BOULEVARD
- **STREET 2:** SUITE 100
- **CITY:** SAINT LOUIS
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** (314) 985-2000

**MAIL ADDRESS:**
- **STREET 1:** 8235 FORSYTH BOULEVARD
- **STREET 2:** SUITE 100
- **CITY:** SAINT LOUIS
- **STATE:** MO
- **ZIP:** 63105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Energizer SpinCo, Inc.
- **DATE OF NAME CHANGE:** 20150204

?xml version='1.0' encoding='ASCII'? enr-20251118

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of Earliest Event Reported): November 18, 2025** 

**_____________________________________________________________________________________**

![enrlogoa42.jpg](enr-20251118_g1.jpg)

**Energizer Holdings, Inc.** 

**(Exact Name of Registrant as Specified in its Charter)** 

---

| | | |
|:---|:---|:---|
| **Missouri** | **1-36837** | **36-4802442** |
| **(State or other jurisdiction of**<br>**incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification Number)** |

---

**8235 Forsyth Boulevard, Suite 100** 

**St. Louis, Missouri 63105** 

**(Address of principal executive offices)** 

**Registrant's telephone number, including area code: (314) 985-2000** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $.01 per share | ENR | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On November 18, 2025, Energizer Holdings, Inc. (the "Company") issued a press release announcing business results for the fourth fiscal quarter and full fiscal year ended September 30, 2025 and providing a financial outlook for fiscal year 2026. The press release is furnished as Exhibit 99.1 and incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure.**

On November 18, 2025, the Company made available on its website an earnings presentation related to the business results for the fourth fiscal quarter and full fiscal year ended September 30, 2025. The earnings presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

(d) *Exhibits.*

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](enrpr93025.htm)</u> | Press Release, dated November 18, 2025 |
| <u>[99.2](q425earningsslidesex992.htm)</u> | Earnings Presentation, dated November 18, 2025 |
| 101 | Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting Language). |
| 104 | Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101). |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

ENERGIZER HOLDINGS, INC.

By: <u>/s/ John J. Drabik&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

John J. Drabik

Executive Vice President and Chief Financial Officer

Dated: November 18, 2025

## Exhibit 99.1

---

| | |
|:---|:---|
| ![ehilogosmall111115a14a.jpg](ehilogosmall111115a14a.jpg) | **Exhibit 99.1**<br>Energizer Holdings, Inc.<br>8235 Forsyth Boulevard <br>Suite 100<br>St. Louis, MO 63105 |
| **FOR IMMEDIATE RELEASE** | **Company Contact** |
| **November 18, 2025** | Jon Poldan<br>Vice President, Treasurer & Investor Relations<br>314-985-2349<br>Jonathan.Poldan@energizer.com |

---

**Energizer Holdings, Inc. Announces Fiscal 2025 Fourth Quarter and Full Year Results** 

**and Financial Outlook for Fiscal 2026**

<u>Full Year Results</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net sales** increased 2.3% driven by **Acquisition Net sales** of $63.6 million and **Organic Net sales** growth of 0.7%<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Reported EPS** of $3.32 & **Adjusted EPS** of $3.52, an increase of 6% on an adjusted basis <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net earnings** of $239.0 million & **Adjusted EBITDA** of $623.6 million <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Project Momentum surpassed over $200 million in savings during the three-year program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extending Project Momentum to a fourth year, with a focus on ongoing tariff mitigation, increasing operational efficiency and the integration of the APS business

<u>Fourth Quarter Results</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net sales** increased 3.4% to $832.8 million driven by **Acquisition Net sales** of $42.8 million partially offset by **Organic Net sales** decline of 2.2%<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reported EPS** of $0.50 & **Adjusted EPS** of $1.05<sup>(1)</sup>

***St. Louis —November 18, 2025—Energizer Holdings, Inc. (NYSE: ENR)*** today announced results for the fourth fiscal quarter and full fiscal year, which ended September 30, 2025.

"Energizer delivered strong earnings in Fiscal 2025 by staying agile and focused in a volatile environment," said Mark LaVigne, Chief Executive Officer. "We adjusted quickly, found opportunities, and executed with discipline to deliver a strong year. As we begin Fiscal 2026, we are operating through a period of transition, with the first quarter more heavily affected by temporary tariff costs and mitigation efforts. However, we have responded decisively. By extending Project Momentum and accelerating integration efforts, we will preserve margins and build flexibility to invest in future growth. With resilient categories, trusted brands, and a clear strategy, we are well-positioned to build on our success and accelerate performance as the year progresses."

<u>__________________</u>

(1) See Press Release attachments and supplemental schedules for additional information, including the GAAP to Non-GAAP reconciliations.

------

**Top-Line Performance**

Net sales were $832.8 million for the fourth fiscal quarter compared to $805.7 million in the prior year period and $2,952.7 million for the fiscal year compared to $2,887.0 million for the prior fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fourth Quarter** | **% Chg** | **Full Fiscal Year** | **% Chg** |
| Net sales - FY'24 | $805.7 |  | $2887.0 |  |
| Organic | (17.4) | (2.2)% | 19.8 | 0.7% |
| Acquisition impact | 42.8 | 5.3% | 63.6 | 2.2% |
| Change in highly inflationary markets | (2.8) | (0.3)% | (5.3) | (0.2)% |
| Impact of currency | 4.5 | 0.6% | (12.4) | (0.4)% |
| Net sales - FY'25 | $832.8 | 3.4% | $2952.7 | 2.3% |

---

For the fourth fiscal quarter, organic Net sales decreased 2.2% from the prior year due to the following items: <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volumes declined 2.9% due to softer consumer demand, primarily in North America, partially offset by growth in e-commerce and international markets in Batteries & Lights, and new innovation and expanded distribution in Auto Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partially offsetting the volume declines were pricing increases of 0.7% driven by innovation and tariffs across both segments.

For the fiscal year, organic Net sales increased 0.7% due to the following items: <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volumes grew 1.5% driven by new and expanded distribution and growth in e-commerce, as well as new innovation in Auto Care, partially offset by lower back-half category volumes as softer consumer demand impacted both segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offsetting the volume growth were pricing declines of 0.8% driven by planned strategic pricing and promotional investments partially offset by innovation and tariff pricing.

**Gross Margin**

Gross margin percentage on a reported basis for the fourth fiscal quarter was 36.6%, versus 38.1% in the prior year quarter. Excluding the current and prior year restructuring costs, network transition costs and integration costs, Adjusted Gross margin was 38.5%, down 370 basis points from the prior year quarter.<sup>(1)</sup>

Gross margin percentage on a reported basis for fiscal 2025 was 41.7%, versus 38.3% in the prior year. Excluding the FY23 & FY24 production credits recorded in the current year, the current and prior year restructuring costs, network transition costs and integration costs, Adjusted Gross margin was 40.9% and consistent with prior year.<sup>(1)</sup>

------

---

| | | |
|:---|:---|:---|
| | **Fourth Quarter** | **Full Fiscal Year** |
| Gross margin - FY'24 Reported | 38.1% | 38.3% |
| Prior year impact of restructuring, network transition and integration costs | 4.1% | 2.6% |
| Adjusted Gross margin - FY'24 <sup>(1)</sup>  | 42.2% | 40.9% |
| FY25 production credits | 1.0% | 1.4% |
| Project Momentum initiatives | 0.7% | 1.7% |
| Pricing | 0.4% | (0.5)% |
| Product cost impacts | (2.2)% | (1.4)% |
| Tariffs | (2.1)% | (0.5)% |
| Acquisition impact | (1.0)% | (0.4)% |
| Currency impact, including highly inflationary markets | (0.5)% | (0.3)% |
| Gross margin - FY'25 Adjusted | 38.5% | 40.9% |
| Current year impact of restructuring, network transition and integration costs and FY23 & FY24 production credits | (1.9)% | 0.8% |
| Gross margin - FY'25 Reported | 36.6% | 41.7% |

---

Adjusted Gross margin declined in the fourth fiscal quarter driven by increased input costs from production inefficiencies associated with rebalancing our network and increased warehousing, distribution and tariff costs, as well as the lower margin profile of the APS business. These declines were partially offset by the FY25 production tax credit of $7.7 million and the Project Momentum initiatives, which delivered savings of approximately $6 million, as well as benefits from price increases implemented to offset tariff impacts.

Adjusted Gross margin was flat to fiscal 2024. The benefits from the FY25 production credit of $41.6 million and the Project Momentum initiatives, which delivered savings of approximately $50 million, were fully offset by the full year impact from increased product costs from production inefficiencies associated with rebalancing our network and increased warehousing, distribution and tariff costs, as well as the lower margin profile of the APS business and the planned strategic pricing and promotional investments noted above.

**Selling, General and Administrative Expense (SG&A)**

SG&A for the fourth fiscal quarter was 15.4% of Net sales, or $128.2 million, as compared to 15.3% of Net sales, or $123.0 million, in the prior year when excluding restructuring and related costs, acquisition and integration costs and a litigation matter. The year-over-year increase was primarily driven by increased SG&A from the APS business of $7.3 million, increased investment in digital transformation and increased recycling fees. These increases were partially offset by savings from Project Momentum of approximately $4 million.<sup>(1)</sup>

SG&A for fiscal 2025 was $495.5 million, or 16.8% of Net sales, as compared to $473.1 million, or 16.4% of Net sales, in the prior year when excluding restructuring and related costs, acquisition and integration costs, and a litigation matter. The year-over-year increase was primarily driven by increased SG&A from the APS business of $11.8 million, increased investment in digital transformation and increased legal and recycling fees. This increase was partially offset by Project Momentum savings of approximately $14 million in the period.<sup>(1)</sup>

**Advertising and Promotion Expense (A&P)**

A&P was 4.1% of Net sales for the fourth fiscal quarter and 5.1% of Net sales for fiscal 2025. A&P spending in the prior year was 4.6% for the fourth fiscal quarter of 2024 and 5.0% for fiscal 2024. For the quarter, this was a decrease of 50 basis points, or $3.3 million and for fiscal 2025 this was an increase of 10 basis points or $8.0 million.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Earnings Per Share and Adjusted EBITDA** | **Fourth Quarter** | **Fourth Quarter** | **Full Fiscal Year** | **Full Fiscal Year** |
| (In millions, except per share data) | 2025 | 2024 | 2025 | 2024 |
| Net earnings | $34.9 | $47.6 | $239.0 | $38.1 |
| Diluted net earnings per common share | $0.50 | $0.65 | $3.32 | $0.52 |
| Adjusted net earnings<sup>(1)</sup>  | $72.8 | $89.3 | $253.1 | $241.3 |
| Adjusted diluted net earnings per common share<sup>(1)</sup>  | $1.05 | $1.22 | $3.52 | $3.32 |
| Adjusted EBITDA<sup>(1)</sup>  | $171.2 | $187.3 | $623.6 | $612.4 |
| Currency neutral Adjusted diluted net earnings per common share<sup>(1)</sup> | $1.08 |  | $3.59 |  |
| Currency neutral Adjusted EBITDA<sup>(1)</sup> | $173.3 |  | $629.4 |  |

---

The decline in net earnings in the fourth fiscal quarter was primarily driven by a current year non-cash pre-tax impairment charge of $5.9 million on certain proprietary formulas the Company no longer plans to utilize and the increase in the loss on extinguishment of debt. The increase in net earnings in fiscal 2025 was primarily driven by the current and prior year production credits of $120.9 million recorded in fiscal 2025. Fiscal 2024 was further impacted by the non-cash pre-tax impairment charge of $110.6 million.

For the fourth fiscal quarter, the decrease in Adjusted earnings and Adjusted EBITDA reflects the decrease in Gross margin due to the increased product costs and tariffs, as well as increased SG&A spending and unfavorable currency impacts, partially offset by Project Momentum savings, FY25 production tax credits and lower A&P spending. Adjusted earnings per share was further impacted by higher interest expense as the Company's overall debt balance has increased, partially offset by decreased tax expense.

For the full year, Adjusted net earnings per share and Adjusted EBITDA reflects improvement driven by Project Momentum, as well as the FY25 production credits, which were more than enough to offset the impacts of lower consumer demand and increased costs. Adjusted earnings per share further benefited from lower tax expense.

For the quarter, currency had an unfavorable pre-tax impact of $2.3 million, or $0.03 per share, and for fiscal 2025, currency had an unfavorable pre-tax impact of $6.0 million, or $0.07 per share.

**Capital Allocation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow for fiscal 2025 was $147.1 million. Fiscal 2025 free cash flow was $63.2 million, or 2.1% of Net sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company repurchased 1.2 million shares of common stock for $27.1 million, or $22.49 per share during the fourth fiscal quarter. During fiscal 2025, the Company repurchased a total of 4.0 million shares of common stock at $22.42 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company paid dividends in the quarter of $21.3 million, or $0.30 per common share. Dividend payments for fiscal 2025 were $87.1 million, or $1.20 per common share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company refinanced $500.0 million of existing debt during the fourth quarter. The proceeds were used to redeem the 2027 6.50% notes and fully restore revolver capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to year-end, the Company received a tax refund of $50.7 million, which included the fiscal 2024 production credit refund. The Company utilized these funds, as well as other funds, to pay down approximately $80.0 million of outstanding debt.

**Financial Outlook and Assumptions for Fiscal 2026** <sup>(1)</sup>

For fiscal 2026, we expect organic Net sales to be flat to slightly up in both Batteries and Lights and Auto Care. Gross margin is expected to modestly decline, as the impact of tariffs will be largely offset through already executed pricing, production credits and productivity initiatives, with slight margin dilution from the inclusion of the APS business for the full year. As a result, we expect to deliver adjusted earnings per share for the full year in the range of $3.30 to $3.60 and Adjusted EBITDA in the range of $580 million to $610 million.

------

Our earnings cadence this year will be influenced by a challenging sales comparison and transitory costs, both of which are primarily impacting the first quarter. Following the first quarter, we expect to generate double digit Adjusted earnings per share growth over the remainder of the year. For the first quarter, we expect organic Net sales to decline high-single digits and Adjusted earnings per share to be in the range of $0.20 to $0.30.

**Webcast Information** 

In conjunction with this announcement, the Company posted prepared comments under the Investor/Events & Presentation section of the Company website and will hold an investor conference call beginning at 10:00 a.m. eastern time today. The call will focus on fourth quarter and fiscal 2025 financial results and the financial outlook for fiscal 2026. All interested parties may access a live webcast of this conference call at www.energizerholdings.com, under "Investors" and "Events and Presentations" tabs or by using the following link:

https://app.webinar.net/weKgmMqmP4p

For those unable to participate during the live webcast, a replay will be available on www.energizerholdings.com, under "Investors," "Events and Presentations," and "Past Events" tabs.

\# \# \#

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, costs, earnings, cash flows, tax rates and performance of the Company. These statements generally can be identified by the use of forward-looking words or phrases such as "believe," "expect," "expectation," "anticipate," "may," "could," "will," "intend," "belief," "estimate," "plan," "target," "predict," "likely," "should," "forecast," "outlook," or other similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this document are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation:

• Global economic and financial market conditions beyond our control might materially and negatively impact us.

• Competition in our product categories might hinder our ability to execute our business strategy, achieve profitability, or maintain relationships with existing customers.

• Changes in the retail environment and consumer preferences could adversely affect our business, financial condition and results of operations.

• We must successfully manage the demand, supply, and operational challenges brought on by any disease outbreak, including epidemics, pandemics, or similar widespread public health concerns.

• Loss or impairment of the reputation of our Company or our leading brands or failure of our marketing plans could have an adverse effect on our business.

• Loss of any of our principal customers could significantly decrease our sales and profitability.

• Our ability to meet our growth targets depends on successful product, marketing and operations innovation and successful responses to competitive innovation and changing consumer habits.

• We are subject to risks related to our international operations, including tariffs and currency fluctuations, which could adversely affect our results of operations.

• If we fail to protect our intellectual property rights, competitors may manufacture and market similar products, which could adversely affect our market share and results of operations.

• Changes in production costs, including raw material prices and transportation costs, from inflation or otherwise, have adversely affected, and in the future could erode, our profit margins and negatively impact operating results.

• Our reliance on certain significant suppliers subjects us to numerous risks, including possible interruptions in supply, which could adversely affect our business.

• Our business is vulnerable to the availability of raw materials, our ability to forecast customer demand and our ability to manage production capacity.

• The manufacturing facilities, supply channels or other business operations of the Company and our suppliers may be subject to disruption from events beyond our control.

• The Company's future results may be affected by its operational execution, including its ability to achieve cost savings as a result of any current or future restructuring events.

------

• If our goodwill and indefinite-lived intangible assets become impaired, we will be required to record impairment charges, which may be significant.

• A failure of a key information technology system could adversely impact our ability to conduct business.

• We rely significantly on information technology and any inadequacy, interruption, theft or loss of data, malicious attack, integration failure, failure to maintain the security, confidentiality or privacy of sensitive data residing on our systems or other security failure of that technology could harm our ability to effectively operate our business and damage the reputation of our brands.

• We may not be able to attract, retain and develop key employees, as well as effectively manage human capital resources.

• We have significant debt obligations that could adversely affect our business.

• Our credit ratings are important to our cost of capital.

• We may experience losses or be subject to increased funding and expenses related to our pension plans.

• The estimates and assumptions on which our financial projections are based may prove to be inaccurate, which may cause our actual results to materially differ from our projections, which may adversely affect our future profitability, cash flows and stock price.

• If we pursue strategic acquisitions, divestitures or joint ventures, we might experience operating difficulties, dilution, and other consequences that may harm our business, financial condition, and operating results, and we may not be able to successfully consummate favorable transactions or successfully integrate acquired businesses.

• Our business involves the potential for product liability claims, labeling claims, commercial claims and other legal claims against us, which could affect our results of operations and financial condition and result in product recalls or withdrawals.

• Our business is subject to increasing government regulations in both the U.S. and abroad that could impose material costs.

• Increased focus by governmental and non-governmental organizations, customers, consumers and shareholders on environmental, social and governance (ESG) issues, including those related to sustainability and climate change, may have an adverse effect on our business, financial condition and results of operations and damage our reputation.

• We are subject to environmental laws and regulations that may expose us to significant liabilities and have a material adverse effect on our results of operations and financial condition.

• Section 45X of the Internal Revenue Code contains production tax credits for certain battery components. Our ability to benefit from Section 45X production tax credits is not guaranteed and is dependent upon the federal government's ongoing implementation, guidance, regulations, or rulemakings.

In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of any such forward-looking statements. The list of factors above is illustrative, but by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Additional risks and uncertainties include those detailed from time to time in our publicly filed documents, including those described under the heading "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission on November 19, 2024 and in our Form 10-Q filed August 4, 2025.

------

**ENERGIZER HOLDINGS, INC.**

**CONSOLIDATED STATEMENTS OF EARNINGS**

**(Condensed)**

**(In millions, except per share data - Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Twelve Months Ended September 30,** | **Twelve Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net sales | $832.8 | $805.7 | $2952.7 | $2887.0 |
| Cost of products sold (1) | 528.4 | 498.9 | 1720.0 | 1782.7 |
| Gross profit | 304.4 | 306.8 | 1232.7 | 1104.3 |
| Selling, general and administrative expense (1) | 136.8 | 146.1 | 532.4 | 526.3 |
| Advertising and promotion expense | 34.1 | 37.4 | 151.7 | 143.7 |
| Research and development expense | 8.3 | 8.5 | 32.6 | 31.6 |
| Amortization of intangible assets | 14.6 | 14.7 | 58.7 | 58.2 |
| Impairment of intangible assets (2) | 5.9 |  | 5.9 | 110.6 |
| Interest expense | 40.3 | 37.8 | 154.3 | 155.7 |
| Loss on extinguishment/modification of debt (3) | 6.8 | 0.3 | 12.1 | 2.4 |
| Other items, net (1) (4) | 4.2 | 2.5 | 0.9 | 22.0 |
| Earnings before income taxes | 53.4 | 59.5 | 284.1 | 53.8 |
| Income tax expense | 18.5 | 11.9 | 45.1 | 15.7 |
| Net earnings | $34.9 | $47.6 | $239.0 | $38.1 |
| Basic net earnings per common share | $0.51 | $0.66 | $3.37 | $0.53 |
| Diluted net earnings per common share | $0.50 | $0.65 | $3.32 | $0.52 |
| Weighted average shares of common stock - Basic | 68.4 | 71.8 | 70.9 | 71.8 |
| Weighted average shares of common stock - Diluted | 69.5 | 73.0 | 72.0 | 72.7 |

---

(1) See the attached Supplemental Schedules - Non-GAAP Reconciliations, which break out the Project Momentum restructuring and related costs, Network transition costs, FY23 & FY24 production tax credits, Acquisition and integration related costs, and Litigation matters recorded included within these lines.

(2) The non-cash impairment of intangible assets for the quarter and twelve months ended September 30, 2025 related to impairing the remaining book value of certain proprietary formulas the Company plans to no longer utilize. The non-cash Impairment of intangible assets for the twelve months ended September 30, 2024 related to the Company's Rayovac trade name impairment of $85.2 million and Varta trade name impairment of $25.4 million.

(3) The Loss on extinguishment/modification of debt for the quarter ended September 30, 2025 related to the Company's September 2025 redemption of the $300.0 million Senior Notes due in 2027. The loss for the twelve months ended September 30, 2025 also included the refinancing and extension of the Company's $760 million term loan and $500 million credit facility completed earlier in the year. The Loss on extinguishment/modification of debt for the quarter and twelve months ended September 30, 2024 related to the early repayment of term loan during the respective periods, as well as the term loan repricing during the prior year.

(4) During December 2023, a new president was inaugurated in Argentina bringing significant economic reform to the country including devaluing the Argentine Peso by 50% in the month of December (the "December 2023 Argentina Economic Reform"). As a result of this reform and devaluation, the Company has recorded $22.0 million of currency exchange and related losses within Other items, net for the twelve months ended September 30, 2024.

------

**ENERGIZER HOLDINGS, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(Condensed)**

**(In millions - Unaudited)**

---

| | | |
|:---|:---|:---|
| | **SEPTEMBER 30,** | **SEPTEMBER 30,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $236.2 | $216.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 404.2 | 441.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 781.2 | 657.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 257.5 | 163.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | $1679.1 | $1478.9 |
| Property, plant and equipment, net | 403.0 | 380.1 |
| Operating lease assets | 93.2 | 94.7 |
| Goodwill | 1051.2 | 1046.0 |
| Other intangible assets, net | 1005.5 | 1070.9 |
| Deferred tax asset | 166.6 | 145.8 |
| Other assets | 158.1 | 126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4556.7 | $4342.4 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $8.6 | $12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of finance leases | 1.5 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable | 13.7 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 402.2 | 433.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 16.2 | 18.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 352.8 | 353.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | $795.0 | $819.8 |
| Long-term debt | 3407.9 | 3193.0 |
| Operating lease liabilities | 84.8 | 82.4 |
| Deferred tax liability | 6.1 | 8.3 |
| Other liabilities | 93.0 | 103.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | $4386.8 | $4206.6 |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 0.8 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 603.5 | 667.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings/(losses) | 87.0 | (128.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (295.8) | (223.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (225.6) | (180.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | $169.9 | $135.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $4556.7 | $4342.4 |

---

------

**ENERGIZER HOLDINGS, INC.**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**(Condensed)**

**(In millions - Unaudited)**

---

| | | |
|:---|:---|:---|
| | **FOR THE YEARS ENDED SEPTEMBER 30,** | **FOR THE YEARS ENDED SEPTEMBER 30,** |
| | **2025** | **2024** |
| **Cash Flow from Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $239.0 | $38.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Adjustments to reconcile net earnings to net cash flow from operations:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash integration and restructuring charges | 15.5 | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | 5.9 | 110.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 126.7 | 120.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (16.6) | (43.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 25.6 | 23.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate |  | (4.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment on debt | 7.9 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange loss included in income | 1.6 | 32.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash items included in income, net | 11.9 | 17.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production tax credits | (120.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (9.3) | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities used in operations, net of acquisitions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accounts receivable, net | 32.9 | 71.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in inventories | (88.6) | (4.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other current assets | (12.2) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease)/increase in accounts payable | (60.0) | 62.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in other current liabilities | (12.3) | (8.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | 147.1 | 429.6 |
| **Cash Flow from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (83.9) | (97.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets |  | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | (14.3) | (22.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of available-for-sale securities |  | (5.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of available-for-sale securities |  | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by investing activities | (98.2) | (114.0) |
| **Cash Flow from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash proceeds from issuance of debt with original maturities greater than 90 days | 698.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on debt with maturities greater than 90 days | (523.5) | (200.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in debt with maturities 90 days or less | (0.1) | (6.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (13.6) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums paid on extinguishment of debt | (4.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of acquisition indemnification hold back | (0.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on common stock | (87.1) | (87.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock repurchased | (89.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes paid for withheld share-based payments | (7.7) | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by financing activities | (29.1) | (300.3) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.5) | (21.7) |
| Net increase/(decrease) in cash, cash equivalents and restricted cash | 19.3 | (6.4) |
| Cash, cash equivalents and restricted cash, beginning of period | 216.9 | 223.3 |
| Cash, cash equivalents and restricted cash, end of period | $236.2 | $216.9 |

---

------

**ENERGIZER HOLDINGS, INC.**

**Supplemental Schedules**

**Introduction to the Reconciliation of GAAP and Non-GAAP Measures**

**For the Quarter and Twelve Months ended September 30, 2025**

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 historical or future period, and are used for management incentive compensation. These non-GAAP financial measures exclude items that are not reflective of the Company's on-going operating performance, such as restructuring and related costs, network transition costs, acquisition and integration costs, a litigation matter, FY23 & FY24 production credits, impairment of intangible assets, the loss on extinguishment/modification of debt, and the December 2023 Argentina Economic Reform. In addition, these measures help investors to analyze year over year comparability when excluding currency fluctuations as well as other Company initiatives that are not on-going. We believe these non-GAAP financial measures are an enhancement to assist investors in understanding our business and in performing analysis consistent with financial models developed by research analysts. Investors should consider non-GAAP measures in addition to, not as a substitute for, or superior to, the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures used by other companies due to possible differences in methods and in the items being adjusted.

We provide the following non-GAAP measures and calculations, as well as the corresponding reconciliation to the closest GAAP measure in the following supplemental schedules:

**Segment Profit.** This amount represents the operations of our two reportable segments including allocations for shared support functions. General corporate and other expenses, amortization expense, impairment of intangible assets, interest expense, loss on extinguishment/modification of debt, other items, net, restructuring and related costs, network transition costs, FY23 & FY24 production credits, a litigation matter, and acquisition and integration costs have all been excluded from segment profit.

**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, FY23 & FY24 production credits, impairment of intangible assets, costs related to acquisition and integration, a litigation matter, the loss on extinguishment/modification of debt, and the December 2023 Argentina Economic Reform.

**Non-GAAP Tax Rate**. This is the tax rate when excluding the pre-tax impact of restructuring and related costs, network transition costs, impairment of intangible assets, costs related to acquisition and integration, FY23 & FY24 production credits, a litigation matter, the loss on extinguishment/modification of debt, and the December 2023 Argentina Economic Reform, as well as the related tax impact for these items, calculated utilizing the statutory rate for the jurisdiction where the impact was incurred.

**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 currency exchange rates as defined below:

**Acquisition impact**. The Company completed the Advanced Power Solutions acquisition on May 2, 2025. These adjustments include the impact of the operations associated with the acquired branded battery business. The Company will be working to transition from these branded business to legacy brands by December 31, 2025. This does not include the impact of acquisition and integration costs associated with this acquisition.

**Change in highly inflationary markets.** The Company is presenting separately all changes in sales and segment profit from our Egypt and Argentina affiliates due to the designation of the economies as highly inflationary as of October 1, 2024 and July 1, 2018, respectively.

**Impact of currency**. The Company evaluates the operating performance of our Company on a currency neutral basis. 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 rate versus the value of current year foreign operations at the prior period USD exchange rate. The impact of currency also includes (gains)/losses of currency hedging programs, and it excludes highly inflationary markets.

**Adjusted Comparisons.** Detail for adjusted gross profit, adjusted gross margin, adjusted SG&A and adjusted SG&A as percent of sales and adjusted Other items, net are also supplemental non-GAAP measure disclosures. These measures exclude the impact of restructuring and related costs, network transition costs, acquisition and integration costs, FY23 & FY24 production credits, a litigation matter, and the December 2023 Argentina Economic Reform.

**EBITDA and Adjusted EBITDA. 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 related to restructuring, network transition costs, FY23 & FY24 production credits, a litigation matter, and the December 2023 Argentina Economic Reform, impairment of intangible assets, acquisition and integration costs, and share based payments.

**Free Cash Flow.** Free Cash Flow is defined as net cash provided by operating activities reduced by capital expenditures, net of the proceeds from asset sales.

**Net Debt.** Net Debt is defined as total Company debt, less cash and cash equivalents.

**Currency-neutral**. Currency-neutral excludes the Impact of currency as defined above on key measures. Highly inflationary markets are excluded from this calculation.

------

**Energizer Holdings, Inc.**

**Supplemental Schedules - Segment Information and Supplemental Sales Data**

**For the Quarter and Twelve Months ended September 30, 2025**

**(In millions, except per share data - Unaudited)**

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 country and region of the world. Shared functions include the sales and marketing functions, as well as human resources, IT and finance shared service costs. Energizer applies a fully allocated cost basis, in which shared business functions are allocated between segments. Such allocations are estimates, and may not represent the costs of such services if performed on a standalone basis. Segment sales and profitability, as well as the reconciliation to earnings before income taxes for the quarters and twelve months ended September 30, 2025 and 2024 are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Twelve Months Ended September 30,** | **For the Twelve Months Ended September 30,** |
| **Net sales** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Batteries & Lights | $677.2 | $651.6 | $2332.7 | $2259.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto Care | 155.6 | 154.1 | 620.0 | 627.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net sales** | $**832.8** | $**805.7** | $**2952.7** | $**2887.0** |
| **Segment Profit** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Batteries & Lights | $151.8 | $179.5 | $542.2 | $554.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto Care | 25.8 | 20.0 | 105.6 | 94.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total segment profit** | $**177.6** | $**199.5** | $**647.8** | $**648.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;General corporate and other expenses (1) | (27.9) | (28.7) | (118.9) | (115.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related costs (2) | (22.8) | (27.1) | (68.7) | (91.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Network transition costs (3) | (2.1) | (11.7) | (19.7) | (11.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration costs (2) | (1.4) | (2.3) | (6.2) | (7.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;FY23 & FY24 production credits (4) | (0.5) |  | 78.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | (14.6) | (14.7) | (58.7) | (58.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | (5.9) |  | (5.9) | (110.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Litigation matter (5) |  | (13.7) | 1.7 | (13.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (40.3) | (37.8) | (154.3) | (155.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment/modification of debt | (6.8) | (0.3) | (12.1) | (2.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; December 2023 Argentina economic reform (2) |  |  |  | (22.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items, net - Adjusted (6) | (1.9) | (3.7) | 1.1 | (6.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total earnings before income taxes** | $**53.4** | $**59.5** | $**284.1** | $**53.8** |

---

(1) Recorded in SG&A on the Consolidated (Condensed) Statement of Earnings.

(2) See the Supplemental Schedules - Non-GAAP Reconciliations for the line items where these charges are recorded in the Consolidated (Condensed) Statement of Earnings.

(3) This represents incremental network transition costs, primarily related to freight and third-party packaging support, to maintain business continuity and service our customers as the Company decommissions certain facilities and relocates production and packaging lines as part of Project Momentum. These costs were recorded in Cost of products sold on the Consolidated (Condensed) Statement of Earnings.

(4) During fiscal 2025, the Company obtained reasonable assurance on the qualification of certain battery cell and manufacturing component product credits (production credits) eligibility under Section 45X of the Internal Revenue Code. This adjustment represents the estimated production credits retroactive to the start of the credit period and prior to the current year. These credits were recorded in Cost of products sold on the Consolidated (Condensed) Statement of Earnings.

(5) Litigation matter relates to a September 2024 Swiss court judgment against the Company which has now been resolved.

(6) See the Supplemental Non-GAAP reconciliation for the Other items, net reconciliation between the reported and adjusted balances.

Supplemental product information is presented below for depreciation and amortization:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Twelve Months Ended September 30,** | **For the Twelve Months Ended September 30,** |
| **Depreciation and amortization** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Batteries & Lights | $14.3 | $13.1 | $54.9 | $50.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto Care | 3.2 | 3.1 | 13.1 | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment depreciation and amortization | 17.5 | 16.2 | 68.0 | 62.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 14.6 | 14.7 | 58.7 | 58.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total depreciation and amortization** | $**32.1** | $**30.9** | $**126.7** | $**120.5** |

---

------

**Energizer Holdings, Inc.**

**Supplemental Schedules - GAAP EPS to Adjusted EPS Reconciliation**

**For the Quarter and Twelve Months ended September 30, 2025**

**(In millions, except for per share data- Unaudited)**

The following tables provide a reconciliation of Net earnings and Diluted net earnings per common share to Adjusted net earnings and Adjusted diluted net earnings per share, which are non-GAAP measures.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended September 30,** | **For the Quarter Ended September 30,** | **For the Twelve Months Ended September 30,** | **For the Twelve Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net earnings | 34.9 | 47.6 | 239.0 | 38.1 |
| <u>Pre-tax adjustments</u> |  |  |  |  |
| Restructuring and related costs (1) | $22.8 | $27.1 | $68.7 | $91.7 |
| Network transition costs (1) | 2.1 | 11.7 | 19.7 | 11.7 |
| Acquisition and integration (1) | 1.4 | 2.3 | 6.2 | 7.2 |
| FY23 & FY24 production credits (1) | 0.5 |  | (78.0) |  |
| Impairment of intangible assets | 5.9 |  | 5.9 | 110.6 |
| Litigation matter (1) |  | 13.7 | (1.7) | 13.7 |
| Loss on extinguishment/modification of debt | 6.8 | 0.3 | 12.1 | 2.4 |
| December 2023 Argentina Economic Reform (1) |  |  |  | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments, pre-tax | $39.5 | $55.1 | $32.9 | $259.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments, after tax | $37.9 | $41.7 | $14.1 | $203.2 |
| Adjusted net earnings (2) | $**72.8** | $**89.3** | $**253.1** | $**241.3** |
| Diluted net earnings per common share | $0.50 | $0.65 | $3.32 | $0.52 |
| <u>Adjustments</u> |  |  |  |  |
| Restructuring and related costs | $0.33 | $0.28 | $0.80 | $0.97 |
| Network transition costs | 0.03 | 0.12 | 0.22 | 0.12 |
| Acquisition and integration | 0.03 | 0.02 | 0.08 | 0.08 |
| FY23 & FY24 production credits | 0.01 |  | (1.08) |  |
| Impairment of intangible assets | 0.07 |  | 0.07 | 1.16 |
| Litigation matter |  | 0.14 | (0.02) | 0.14 |
| Loss on extinguishment/modification of debt | 0.08 | 0.01 | 0.13 | 0.03 |
| December 2023 Argentina Economic Reform |  |  |  | 0.30 |
| Adjusted diluted net earnings per diluted common share | $1.05 | $1.22 | $3.52 | $3.32 |
| Weighted average shares of common stock - Diluted | 69.5 | 73.0 | 72.0 | 72.7 |

---

(1) See Supplemental Schedules - Non-GAAP Reconciliation for where these costs are recorded on the unaudited Consolidated (Condensed) Statement of Earnings.

(2) The Effective tax rate for the Adjusted - Non-GAAP Net Earnings and Diluted EPS for the quarters ended September 30, 2025 and 2024 was 21.6% and 22.1%, respectively, and for the twelve months ended September 30, 2025 and 2024 was 20.2% and 22.9%, respectively, as calculated utilizing the statutory rate for the jurisdictions where the costs were incurred.

------

**Energizer Holdings, Inc.**

**Supplemental Schedules - Currency Neutral Results**

**For the Quarter and Twelve Months Ended September 30, 2025**

**(In millions, except per share data - Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **Prior Quarter Ended** | | |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **Prior Quarter Ended** | **% Change** | **% Change** |
| | **As Reported** | **Impact of Currency**<sup>(1)</sup> | **Currency Neutral** | **September 30, 2024** | **As Reported Basis** | **Currency Neutral Basis** |
| **As Reported under GAAP** | **As Reported under GAAP** | | | | | |
| &nbsp;&nbsp;Diluted net earnings per common share | $0.50 | $(0.03) | $0.53 | $0.65 | (23.1)% | (18.5)% |
| &nbsp;&nbsp;Net earnings | $34.9 | $(1.8) | $36.7 | $47.6 | (26.7)% | (22.9)% |
| **As Adjusted (non-GAAP)**<sup>(2)</sup> | **As Adjusted (non-GAAP)**<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Adjusted diluted net earnings per common share | $1.05 | $(0.03) | $1.08 | $1.22 | (13.9)% | (11.5)% |
| &nbsp;&nbsp;Adjusted EBITDA | $171.2 | $(2.3) | $173.3 | $187.3 | (8.6)% | (7.5)% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **Prior Twelve Months Ended** | | |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **Prior Twelve Months Ended** | **% Change** | **% Change** |
| | **As Reported** | **Impact of Currency**<sup>(1)</sup> | **Currency Neutral** | **September 30, 2024** | **As Reported Basis** | **Currency Neutral Basis** |
| **As Reported under GAAP** | **As Reported under GAAP** | | | | | |
| &nbsp;&nbsp;Diluted net earnings per common share | $3.32 | $(0.07) | $3.39 | $0.52 | NM | NM |
| &nbsp;&nbsp;Net earnings | $239.0 | $(4.8) | $243.8 | $38.1 | NM | NM |
| **As Adjusted (non-GAAP)**<sup>(2)</sup> | **As Adjusted (non-GAAP)**<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Adjusted diluted net earnings per common share | $3.52 | $(0.07) | $3.59 | $3.32 | 6.0% | 8.1% |
| &nbsp;&nbsp;Adjusted EBITDA | $623.6 | $(6.0) | $629.4 | $612.4 | 1.8% | 2.8% |

---

(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 rate versus the value of current year foreign operations at the prior period USD exchange rate. The impact of currency also includes gains/(losses) of currency hedging programs, and it excludes highly inflationary markets.

(2) See supplemental schedules - Non-GAAP Reconciliations for full reconciliations of the Company's non-GAAP adjusted amounts.

NM - Percentages are not meaningful

------

**Energizer Holdings, Inc.**

**Supplemental Schedules - Segment Sales** 

**For the Quarter and Twelve Months Ended September 30, 2025** 

**(In millions, except per share data - Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Net sales** | | | | | | | | | | |
| ***Batteries & Lights*** |<br>**Q1'25** |<br>**% Chg** |<br>**Q2'25** |<br>**% Chg** |<br>**Q3'25** |<br>**% Chg** |<br>**Q4'25** |<br>**% Chg** |<br>**FY '25** |<br>**% Chg** |
| Net sales - prior year | $617.8 |  | $481 |  | $509.1 |  | $651.6 |  | $2259.5 |  |
| Organic | 24.9 | 4.0% | 14.2 | 3.0% | 2.5 | 0.5% | (18.2) | (2.8)% | 23.4 | 1.0% |
| Acquisition impact |  | —% |  | —% | 20.8 | 4.1% | 42.8 | 6.6% | 63.6 | 2.8% |
| Change in highly inflationary markets | (5.4) | (0.9)% | 1.2 | 0.2% | 1.4 | 0.3% | (2.8) | (0.4)% | (5.6) | (0.2)% |
| Impact of currency | (4.9) | (0.7)% | (8.4) | (1.7)% | 1.3 | 0.2% | 3.8 | 0.5% | (8.2) | (0.4)% |
| **Net sales - current year** | $**632.4** | **2.4%** | $**488.0** | **1.5%** | $**535.1** | **5.1%** | $**677.2** | **3.9%** | $**2332.7** | **3.2%** |
| ***Auto Care*** |  |  |  |  |  |  |  |  |  |  |
| Net sales - prior year | $98.8 |  | $182.3 |  | $192.3 |  | $154.1 |  | $627.5 |  |
| Organic | 2.1 | 2.1% | (4.8) | (2.6)% | (1.7) | (0.9)% | 0.8 | 0.5% | (3.6) | (0.6)% |
| Change in highly inflationary markets | 0.1 | 0.1% | 0.2 | 0.1% |  | —% |  | —% | 0.3 | —% |
| Impact of currency | (1.7) | (1.7)% | (2.8) | (1.6)% | (0.4) | (0.2)% | 0.7 | 0.5% | (4.2) | (0.6)% |
| **Net sales - current year** | $**99.3** | **0.5%** | $**174.9** | **(4.1)%** | $**190.2** | **(1.1)%** | $**155.6** | **1.0%** | $**620.0** | **(1.2)%** |
| ***Total Net sales*** |  |  |  |  |  |  |  |  |  |  |
| Net sales - prior year | $716.6 |  | $663.3 |  | $701.4 |  | $805.7 |  | $2887 |  |
| Organic | 27.0 | 3.8% | 9.4 | 1.4% | 0.8 | 0.1% | (17.4) | (2.2)% | 19.8 | 0.7% |
| Acquisition impact |  | —% |  | —% | 20.8 | 3.0% | 42.8 | 5.3% | 63.6 | 2.2% |
| Change in highly inflationary markets | (5.3) | (0.7)% | 1.4 | 0.2% | 1.4 | 0.2% | (2.8) | (0.3)% | (5.3) | (0.2)% |
| Impact of currency | (6.6) | (1.0)% | (11.2) | (1.7)% | 0.9 | 0.1% | 4.5 | 0.6% | (12.4) | (0.4)% |
| **Net sales - current year** | $**731.7** | **2.1%** | $**662.9** | **(0.1)%** | $**725.3** | **3.4%** | $**832.8** | **3.4%** | $**2952.7** | **2.3%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment Profit** | | | | | | | | | | |
| ***Batteries & Lights*** |<br>**Q1'25** |<br>**% Chg** |<br>**Q2'25** |<br>**% Chg** |<br>**Q3'25** |<br>**% Chg** |<br>**Q4'25** |<br>**% Chg** |<br>**FY '25** |<br>**% Chg** |
| Segment Profit - prior year | $132.4 |  | $113.5 |  | $129.4 |  | $179.5 |  | $554.8 |  |
| Organic | (6.5) | (4.9)% | (0.3) | (0.3)% | 27.7 | 21.4% | (26.9) | (15.0)% | (6.0) | (1.1)% |
| Acquisition impact |  | —% |  | —% | 0.4 | 0.3% | 1.8 | 1.0% | 2.2 | 0.4% |
| Change in highly inflationary markets | (3.5) | (2.6)% | 0.3 | 0.3% | 1.1 | 0.9% | (1.1) | (0.6)% | (3.2) | (0.6)% |
| Impact of currency | (3.1) | (2.4)% | (1.2) | (1.1)% | 0.2 | 0.1% | (1.5) | (0.8)% | (5.6) | (1.0)% |
| **Segment Profit - current year** | $**119.3** | **(9.9)%** | $**112.3** | **(1.1)%** | $**158.8** | **22.7%** | $**151.8** | **(15.4)%** | $**542.2** | **(2.3)%** |
| ***Auto Care*** |  |  |  |  |  |  |  |  |  |  |
| Segment Profit - prior year | $6.9 |  | $40.4 |  | $26.8 |  | $20 |  | $94.1 |  |
| Organic | 14.7 | 213.0% | (3.5) | (8.7)% |  | —% | 5.5 | 27.5% | 16.7 | 17.7% |
| Change in highly inflationary markets |  | —% | 0.1 | 0.2% |  | —% | 0.1 | 0.5% | 0.2 | 0.2% |
| Impact of currency | (1.1) | (15.9)% | (1.8) | (4.4)% | (2.7) | (10.1)% | 0.2 | 1.0% | (5.4) | (5.7)% |
| **Segment Profit - current year** | $**20.5** | **197.1%** | $**35.2** | **(12.9)%** | $**24.1** | **(10.1)%** | $**25.8** | **29.0%** | $**105.6** | **12.2%** |
| ***Total Segment Profit*** |  |  |  |  |  |  |  |  |  |  |
| Segment Profit - prior year | $139.3 |  | $153.9 |  | $156.2 |  | $199.5 |  | $648.9 |  |
| Organic | 8.2 | 5.9% | (3.8) | (2.5)% | 27.7 | 17.7% | (21.4) | (10.7)% | 10.7 | 1.6% |
| Acquisition impact |  | —% |  | —% | 0.4 | 0.3% | 1.8 | 0.9% | 2.2 | 0.3% |
| Change in highly inflationary markets | (3.5) | (2.5)% | 0.4 | 0.3% | 1.1 | 0.7% | (1.0) | (0.5)% | (3.0) | (0.5)% |
| Impact of currency | (4.2) | (3.0)% | (3.0) | (2.0)% | (2.5) | (1.6)% | (1.3) | (0.7)% | (11.0) | (1.6)% |
| **Segment Profit - current year** | $**139.8** | **0.4%** | $**147.5** | **(4.2)%** | $**182.9** | **17.1%** | $**177.6** | **(11.0)%** | $**647.8** | **(0.2)%** |

---

------

**Energizer Holdings, Inc.**

**Supplemental Schedules - Non-GAAP Reconciliations**

**For the Quarter and Twelve Months Ended September 30, 2025** 

**(In millions, except per share data - Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross Profit** | **<u>Q1'25</u>** | **<u>Q2'25</u>** | **<u>Q3'25</u>** | **<u>Q4'25</u>** | **<u>Q1'24</u>** | **<u>Q2'24</u>** | **<u>Q3'24</u>** | **<u>Q4'24</u>** | **<u>2025</u>** | **<u>2024</u>** |
| Net sales | $731.7 | $662.9 | $725.3 | $832.8 | $716.6 | $663.3 | $701.4 | $805.7 | $2952.7 | $2887.0 |
| Reported Cost of products sold | 462.1 | 403.9 | 325.6 | 528.4 | 449.6 | 410.0 | 424.2 | 498.9 | 1720.0 | 1782.7 |
| **Gross profit** | **$269.6** | **$259.0** | **$399.7** | **$304.4** | **$267.0** | **$253.3** | **$277.2** | **$306.8** | **$1232.7** | **$1104.3** |
| **Gross margin** | **36.8%** | **39.1%** | **55.1%** | **36.6%** | **37.3%** | **38.2%** | **39.5%** | **38.1%** | **41.7%** | **38.3%** |
| *Adjustments* |  |  |  |  |  |  |  |  |  |  |
| Restructuring and related costs | 9.4 | 8.7 | 2.9 | 12.8 | 12.8 | 15.5 | 13.4 | 21.2 | 33.8 | 62.9 |
| Network transition costs | 14.0 | 2.7 | 0.9 | 2.1 |  |  |  | 11.7 | 19.7 | 11.7 |
| Acquisition and integration costs |  |  |  | 0.5 | 2.9 |  | 0.2 |  | 0.5 | 3.1 |
| FY23 & FY24 Production credits |  |  | (78.5) | 0.5 |  |  |  |  | (78.0) |  |
| Cost of products sold - adjusted | 438.7 | 392.5 | 400.3 | 512.5 | 433.9 | 394.5 | 410.6 | 466.0 | $1744.0 | 1705.0 |
| **Adjusted Gross profit** | **$293.0** | **$270.4** | **$325.0** | **$320.3** | **$282.7** | **$268.8** | **$290.8** | **$339.7** | **$1208.7** | **$1182.0** |
| **Adjusted Gross margin** | **40.0%** | **40.8%** | **44.8%** | **38.5%** | **39.5%** | **40.5%** | **41.5%** | **42.2%** | **40.9%** | **40.9%** |
| **SG&A** | **<u>Q1'25</u>** | **<u>Q2'25</u>** | **<u>Q3'25</u>** | **<u>Q4'25</u>** | **<u>Q1'24</u>** | **<u>Q2'24</u>** | **<u>Q3'24</u>** | **<u>Q4'24</u>** | **<u>2025</u>** | **<u>2024</u>** |
| **Reported SG&A** | **$131.3** | **$136.0** | **$128.3** | **$136.8** | **$128.1** | **$122.5** | **$129.6** | **$146.1** | **$532.4** | **$526.3** |
| **Reported SG&A % of Net sales** | **17.9%** | **20.5%** | **17.7%** | **16.4%** | **17.9%** | **18.5%** | **18.5%** | **18.1%** | **18.0%** | **18.2%** |
| *Adjustments* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Restructuring and related costs | 10.9 | 9.2 | 5.1 | 7.7 | 9.6 | 7.9 | 9.8 | 7.1 | 32.9 | 34.4 |
| &nbsp;&nbsp;&nbsp;Acquisition and integration costs | 1.2 | 2.3 | 1.3 | 0.9 | 0.7 | 0.7 | 1.4 | 2.3 | 5.7 | 5.1 |
| &nbsp;&nbsp;&nbsp;Litigation matter |  |  | (1.7) |  |  |  |  | 13.7 | (1.7) | 13.7 |
| **SG&A Adjusted - subtotal** | **$119.2** | **$124.5** | **$123.6** | **$128.2** | **$117.8** | **$113.9** | **$118.4** | **$123.0** | **$495.5** | **$473.1** |
| **SG&A Adjusted % of Net sales** | **16.3%** | **18.8%** | **17.0%** | **15.4%** | **16.4%** | **17.2%** | **16.9%** | **15.3%** | **16.8%** | **16.4%** |
| **Other items, net** | **<u>Q1'25</u>** | **<u>Q2'25</u>** | **<u>Q3'25</u>** | **<u>Q4'25</u>** | **<u>Q1'24</u>** | **<u>Q2'24</u>** | **<u>Q3'24</u>** | **<u>Q4'24</u>** | **<u>2025</u>** | **<u>2024</u>** |
| Interest income | $(1.2) | $(0.6) | $(0.2) | $(1.2) | $(5.6) | $(2.4) | $(1.4) | $(1.3) | $(3.2) | $(10.7) |
| Foreign currency exchange (loss)/gain | (3.8) | 0.4 | 2.0 | 3.2 | 2.7 | 5.9 | (0.3) | 2.8 | 1.8 | 11.1 |
| Pension benefit other than service costs |  |  |  | 0.1 | 1.0 | 1.0 | 1.1 | 0.9 | 0.1 | 4.0 |
| Other |  | 0.3 | 0.1 | (0.2) | 0.9 |  |  | 1.3 | 0.2 | 2.2 |
| **Other items, net - Adjusted** | **$(5.0)** | **$0.1** | **$1.9** | **$1.9** | **$(1.0)** | **$4.5** | **$(0.6)** | **$3.7** | **$(1.1)** | **$6.6** |
| Acquisition and integration - TSA income |  |  |  |  | (1.0) |  |  |  |  | (1.0) |
| December 2023 Argentina Economic Reform |  |  |  |  | 21.0 | 1.0 |  |  |  | 22.0 |
| Gain on sale of real estate (restructuring) |  |  |  |  |  |  | (3.7) | (0.7) |  | (4.4) |
| Restructuring and related costs |  | (0.3) |  | 2.3 |  |  | (0.7) | (0.5) | 2.0 | (1.2) |
| **Total Other items, net** | **$(5.0)** | **$(0.2)** | **$1.9** | **$4.2** | **$19.0** | **$5.5** | **$(5.0)** | **$2.5** | **$0.9** | **$22.0** |
| **Restructuring and related costs** | **<u>Q1'25</u>** | **<u>Q2'25</u>** | **<u>Q3'25</u>** | **<u>Q4'25</u>** | **<u>Q1'24</u>** | **<u>Q2'24</u>** | **<u>Q3'24</u>** | **<u>Q4'24</u>** | **<u>2025</u>** | **<u>2024</u>** |
| Cost of products sold - Restructuring costs | $9.4 | $8.7 | $2.9 | $7.6 | $12.8 | $15.5 | $13.4 | $21.2 | $28.6 | $62.9 |
| Cost of products sold - US operating efficiency project |  |  |  | 5.2 |  |  |  |  | $5.2 | $— |
| SG&A - Restructuring costs | 4.8 | 3.8 | 3.4 | 5.2 | 5.7 | 4.6 | 7.0 | 2.6 | 17.2 | 19.9 |
| SG&A - IT Enablement | 6.1 | 5.4 | 1.7 | 2.5 | 3.9 | 3.3 | 2.8 | 4.5 | 15.7 | 14.5 |
| Other items, net |  | (0.3) |  | 2.3 |  |  | (4.4) | (1.2) | 2.0 | (5.6) |
| **Total Restructuring and related costs** | **$20.3** | **$17.6** | **$8.0** | **$22.8** | **$22.4** | **$23.4** | **$18.8** | **$27.1** | **$68.7** | **$91.7** |
| **Acquisition and integration** | **<u>Q1'25</u>** | **<u>Q2'25</u>** | **<u>Q3'25</u>** | **<u>Q4'25</u>** | **<u>Q1'24</u>** | **<u>Q2'24</u>** | **<u>Q3'24</u>** | **<u>Q4'24</u>** | **<u>2025</u>** | **<u>2024</u>** |
| Cost of products sold | $— | $— | $— | $0.5 | $2.9 | $— | $0.2 | $— | $0.5 | $3.1 |
| SG&A | 1.2 | 2.3 | 1.3 | 0.9 | 0.7 | 0.7 | 1.4 | 2.3 | 5.7 | 5.1 |
| Other items, net |  |  |  |  | (1.0) |  |  |  |  | (1.0) |
| **Acquisition and integration related items** | **$1.2** | **$2.3** | **$1.3** | **$1.4** | **$2.6** | **$0.7** | **$1.6** | **$2.3** | **$6.2** | **$7.2** |

---

------

**Energizer Holdings, Inc.**

**Supplemental Schedules - Non-GAAP Reconciliations cont.**

**For the Quarter and Twelve Months Ended September 30, 2025** 

**(In millions, except per share data - Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q1'25** | **Q2'25** | **Q3'25** | **Q4'25** | **FY 2025** | **Q4'24** | **FY2024** |
| Net earnings | $22.3 | $28.3 | $153.5 | $34.9 | $239.0 | $47.6 | $38.1 |
| Income tax provision | 7.8 | 8.1 | 10.7 | 18.5 | 45.1 | 11.9 | 15.7 |
| **Earnings before income taxes** | **30.1** | **36.4** | **164.2** | **53.4** | **284.1** | **59.5** | **53.8** |
| Interest expense | 37.0 | 38.0 | 39.0 | 40.3 | 154.3 | 37.8 | 155.7 |
| Loss on extinguishment/modification of debt | 0.1 | 5.2 |  | 6.8 | 12.1 | 0.3 | 2.4 |
| Depreciation & Amortization | 31.8 | 30.9 | 31.9 | 32.1 | 126.7 | 30.9 | 120.5 |
| **EBITDA** | **99.0** | **110.5** | **235.1** | **132.6** | **577.2** | **128.5** | **332.4** |
| **Adjustments:** |  |  |  |  |  |  |  |
| Restructuring and related costs | 20.3 | 17.6 | 8.0 | 22.8 | 68.7 | 27.1 | 91.7 |
| Network transitional costs | 14.0 | 2.7 | 0.9 | 2.1 | 19.7 | 11.7 | 11.7 |
| Acquisition and integration costs | 1.2 | 2.3 | 1.3 | 1.4 | 6.2 | 2.3 | 7.2 |
| FY23 & FY24 production credits |  |  | (78.5) | 0.5 | (78.0) |  |  |
| Litigation matter |  |  | (1.7) |  | (1.7) | 13.7 | 13.7 |
| Impairment of intangible assets |  |  |  | 5.9 | 5.9 |  | 110.6 |
| December 2023 Argentina Economic Reform |  |  |  |  |  |  | 22.0 |
| Share-based payments | 6.2 | 7.2 | 6.3 | 5.9 | 25.6 | 4.0 | 23.1 |
| **Adjusted EBITDA** | $**140.7** | $**140.3** | $**171.4** | $**171.2** | $**623.6** | $**187.3** | $**612.4** |

---

---

| | | |
|:---|:---|:---|
| | **Twelve Months Ended September 30,** | **Twelve Months Ended September 30,** |
| **Free cash flow** | **2025** | **2024** |
| Net cash from operating activities | $147.1 | $429.6 |
| Capital expenditures | (83.9) | (97.9) |
| Proceeds from sale of assets |  | 7.3 |
| **Free cash flow** | $**63.2** | $**339.0** |

---

---

| | | |
|:---|:---|:---|
| **Net Debt** | **<u>9/30/2025</u>** | **<u>9/30/2024</u>** |
| Current maturities of long-term debt | $8.6 | $12.0 |
| Current portion of finance leases | 1.5 | 0.6 |
| Notes payable | 13.7 | 2.1 |
| Long-term debt | 3407.9 | 3193.0 |
| Total debt per the balance sheet | $3431.7 | $3207.7 |
| Cash and cash equivalents | 236.2 | 216.9 |
| **Net Debt** | $**3195.5** | $**2990.8** |

---

------

**Energizer Holdings, Inc.**

**Supplemental Schedules - Non-GAAP Reconciliations cont.**

**Fiscal 2026 Outlook**

**(In millions, except per share data - Unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** | **Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)** |
| | **Fiscal Q1 2026 Outlook** | **Fiscal Q1 2026 Outlook** | **Fiscal Q1 2026 Outlook** | **Fiscal Q1 2026 Outlook** | **Fiscal Q1 2026 Outlook** | **Fiscal Q1 2026 Outlook** | **Fiscal Year 2026 Outlook** | **Fiscal Year 2026 Outlook** | **Fiscal Year 2026 Outlook** | **Fiscal Year 2026 Outlook** | **Fiscal Year 2026 Outlook** | **Fiscal Year 2026 Outlook** |
| **(in millions, except per share data)** | **Net earnings** | **Net earnings** | **Net earnings** | **EPS** | **EPS** | **EPS** | **Net earnings** | **Net earnings** | **Net earnings** | **EPS** | **EPS** | **EPS** |
| Fiscal 2026 - GAAP Outlook | $(6) | to | $6 | $(0.08) | to | $0.09 | $172 | to | $207 | $2.45 | to | $2.94 |
| *Impacts:* |  |  |  |  |  |  |  |  |  |  |  |  |
| Restructuring and related costs | 15 |  | 12 | 0.21 |  | 0.17 | 49 |  | 42 | 0.70 |  | 0.60 |
| Loss on extinguishment of debt | 1 |  | 1 | 0.01 |  | 0.01 | 2 |  | 1 | 0.03 |  | 0.01 |
| Acquisition and integration costs | 4 |  | 2 | 0.06 |  | 0.03 | 8 |  | 4 | 0.12 |  | 0.05 |
| Fiscal 2026 - Adjusted Outlook | $14 | to | $21 | $0.20 | to | $0.30 | $231 | to | $254 | $3.30 | to | $3.60 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal 2026 Outlook Reconciliation - Adjusted EBITDA** | **Fiscal 2026 Outlook Reconciliation - Adjusted EBITDA** | **Fiscal 2026 Outlook Reconciliation - Adjusted EBITDA** | **Fiscal 2026 Outlook Reconciliation - Adjusted EBITDA** |
| **(in millions, except per share data)** | | | |
| Net earnings | $172 | to | $207 |
| Income tax provision | 16 | to | 57 |
| Earnings before income taxes | $188 | to | $264 |
| Interest expense | 155 |  | 145 |
| Loss on extinguishment of debt | 2 |  | 1 |
| Amortization of intangible assets | 55 |  | 50 |
| Depreciation expense | 75 |  | 65 |
| **EBITDA** | **$475** | **to** | **$525** |
| **Adjustments:** |  |  |  |
| &nbsp;&nbsp;Restructuring and related costs | 65 |  | 55 |
| &nbsp;&nbsp;Acquisition and integration costs | 10 |  | 5 |
| &nbsp;&nbsp;Share-based payments | 30 |  | 25 |
| **Adjusted EBITDA** | **$580** | **to** | **$610** |

---

## Exhibit 99.2

![](q425earningsslidesex992001.jpg)

+ November 18, 2025 Fiscal 2025 & Q4 Earnings Fiscal 2026 Outlook Exhibit 99.2

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![](q425earningsslidesex992002.jpg)

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, costs, earnings, cash flows, tax rates and performance of the Company. These statements generally can be identified by the use of forward-looking words or phrases such as "believe," "expect," "expectation," "anticipate," "may," "could," "will," "intend," "belief," "estimate," "plan," "target," "predict," "likely," "should," "forecast," "outlook," or other similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this document are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: Global economic and financial market conditions beyond our control might materially and negatively impact us. Competition in our product categories might hinder our ability to execute our business strategy, achieve profitability, or maintain relationships with existing customers. Changes in the retail environment and consumer preferences could adversely affect our business, financial condition and results of operations. Loss or impairment of the reputation of our Company or our leading brands or failure of our marketing plans could have an adverse effect on our business. Loss of any of our principal customers could significantly decrease our sales and profitability. Our ability to meet our growth targets depends on successful product, marketing and operations innovation and successful responses to competitive innovation and changing consumer habits. We are subject to risks related to our international operations, including tariffs and currency fluctuations, which could adversely affect our results of operations. We must successfully manage the demand, supply, and operational challenges brought on by disease outbreak, including epidemics, pandemics, or similar widespread public health concerns. If we fail to protect our intellectual property rights, competitors may manufacture and market similar products, which could adversely affect our market share and results of operations. Changes in production costs, including raw material prices and transportation costs, from inflation or otherwise, have adversely affected, and in the future could erode, our profit margins and negatively impact operating results. Our reliance on certain significant suppliers subjects us to numerous risks, including possible interruptions in supply, which could adversely affect our business. Our business is vulnerable to the availability of raw materials, as well as our ability to forecast customer demand and manage production capacity. The manufacturing facilities, supply channels or other business operations of the Company and our suppliers may be subject to disruption from events beyond our control. Our future results may be affected by our operational execution, including our ability to achieve cost savings as a result of any current or future restructuring efforts. If our goodwill and indefinite-lived intangible assets become impaired, we will be required to record impairment charges, which may be significant. Sales of certain of our products are seasonal and adverse weather conditions during our peak selling seasons for certain auto care products could have a material adverse effect. A failure of a key information technology system could adversely impact our ability to conduct business. We rely significantly on information technology and any inadequacy, interruption, theft or loss of data, malicious attack, integration failure, failure to maintain the security, confidentiality or privacy of sensitive data residing on our systems or other security failure of that technology could harm our ability to effectively operate our business and damage the reputation of our brands. We may not be able to attract, retain and develop key employees, as well as effectively manage human capital resources. We have significant debt obligations that could adversely affect our business. Our credit ratings are important to our cost of capital. We may experience losses or be subject to increased funding and expenses related to our pension plans. The estimates and assumptions on which our financial projections are based may prove to be inaccurate, which may cause our actual results to materially differ from our projections, which may adversely affect our future profitability, cash flows and stock price. If we pursue strategic acquisitions, divestitures or joint ventures, we might experience operating difficulties, dilution, and other consequences that may harm our business, financial condition, and operating results, and we may not be able to successfully consummate favorable transactions or successfully integrate acquired businesses. Our business involves the potential for product liability claims, labeling claims, commercial claims and other legal claims against us, which could affect our results of operations and financial condition and result in product recalls or withdrawals. Our business is subject to increasing government regulations in both the U.S. and abroad that could impose material costs. Increased focus by governmental and non-governmental organizations, customers, consumers and shareholders on environmental, social and governance (ESG) issues, including those related to sustainability and climate change, may have an adverse effect on our business, financial condition and results of operations and damage our reputation. We are subject to environmental laws and regulations that may expose us to significant liabilities and have a material adverse effect on our results of operations and financial condition. Section 45X of the Internal Revenue Code contains production tax credits for certain battery components. Our ability to benefit from Section 45X production tax credits is not guaranteed and is dependent upon the federal government's ongoing implementation, guidance, regulations, or rulemakings. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of any such forward-looking statements. The list of factors above is illustrative, but by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Additional risks and uncertainties include those detailed from time to time in our publicly filed documents, including those described under the heading "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission on November 19, 2024 and in our Form 10-Q filed on August 4, 2025. Forward-Looking Statements 2

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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 historical or future period, and are used for management incentive compensation. These non-GAAP financial measures exclude items that are not reflective of the Company's on-going operating performance, such as impairment on intangible assets, restructuring and related costs, network transition costs, acquisition and integration costs, FY23 & FY24 production credits, a litigation matter, the Loss/(gain) on extinguishment/modification of debt, the December 2023 Argentina Economic Reform and the Settlement loss on US pension annuity buy out. In addition, these measures help investors to analyze year over year comparability when excluding currency fluctuations as well as other Company initiatives that are not on-going. We believe these non-GAAP financial measures are an enhancement to assist investors in understanding our business and in performing analysis consistent with financial models developed by research analysts. Investors should consider non-GAAP measures in addition to, not as a substitute for, or superior to, the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures used by other companies due to possible differences in methods and in the items being adjusted. We provide the following non-GAAP measures and calculations, as well as the corresponding reconciliation to the closest GAAP measure in the following supplemental schedules: 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 currency exchange rates as defined below: • Acquisition impact. The Company completed the Advanced Power Solutions NV (APS NV) acquisition on May 2, 2025. These adjustments include the impact of the operations associated with the acquired branded battery business. The Company will be working to transition from these branded business to legacy brands by December 31, 2025. This does not include the impact of acquisition and integration costs associated with this acquisition. • Change in highly inflationary markets. The Company is presenting separately all changes in sales and segment profit from our Egypt and Argentina affiliates due to the designation of the economies as highly inflationary as of October 1, 2024 and July 1, 2018, respectively. • Impact of currency. The Company evaluates the operating performance of our Company on a currency neutral basis. 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 rate versus the value of current year foreign operations at the prior period USD exchange rate. The impact of currency also includes (gains)/ losses of currency hedging programs, and it excludes highly inflationary markets. •Adjusted Comparisons. Detail for adjusted gross profit and adjusted gross margin are also supplemental non-GAAP measure disclosures. These measures exclude the impact of restructuring and related costs, network transition costs, acquisition and integration costs and FY23 & FY24 production credits. •Free Cash Flow. Free Cash Flow is defined as net cash provided by operating activities reduced by capital expenditures, net of the proceeds from asset sales. •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, network transition costs, FY23 & FY24 production credits, litigation matters, impairment of intangible assets, the loss/(gain) on extinguishment/modification of debt and the December 2023 Argentina Economic Reform. Adjusted EPS Excluding Production Credits further excludes the benefit of the FY25 production credits, net of related compensation costs and tax impacts. •EBITDA and Adjusted EBITDA. EBITDA is defined as net earnings before income tax provision, interest, the loss/(gain) on extinguishment/modification of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of costs related to restructuring, network transition costs, acquisition and integration costs, FY23 & FY24 production credits, litigation matter, the December 2023 Argentina Economic Reform, the impairment of intangible assets, the Settlement loss on US pension annuity buy out and share based payments. •Net Debt. Net Debt is defined as total Company debt, less cash and cash equivalents. Net leverage is defined as Net debt divided by Adjusted EBITDA for the last twelve month period (LTM). 3

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+ Fiscal 2025 & Q4 Financial Results

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FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Fiscal Year 2025 Accomplishments \* See non-GAAP reconciliations in the Appendix. 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 million in Production Credits – On pace to increase in '26 through continued investment in US manufacturing Returned $177 million to Shareholders – Paid $87M in dividends and deployed $90M to repurchase 4M shares Improved Debt Capital Structure – Extended maturity profile while reducing interest expense through multiple refinancings 5

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Fiscal Year 2025 Financial Highlights FISCAL 2025 ACTUAL 6 All comparisons for Fiscal 2025 actual results are to Fiscal 2024 comparable reported results. \* See non-GAAP reconciliations in the Appendix. 1. Reported Gross Margin: 41.7% 2. Reported Diluted EPS: $3.32 3. Reported Net earnings: $239.0M Net sales of $2,952.7M, +2.3% reported, +0.7% organic\* • Batteries & Lights Net sales +3.2% reported, +1.0% organic\* • Auto Care Net sales -1.2% reported, -0.6% organic\* Adjusted gross margin was 40.9%(1), Flat from the prior year Adjusted EPS of $3.52(2), +6% from the prior year Adjusted EBITDA of $623.6M(3), +1.8% from the prior year Net Sales Adjusted Gross Margin\* Adjusted EPS\* Adjusted EBITDA\*

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Q4 2025 Financial Highlights Q4 2025 ACTUAL 7 All comparisons for Fiscal 2025 actual results are to Fiscal 2024 comparable reported results. \* See non-GAAP reconciliations in the Appendix. 1. Reported Gross Margin: 36.6% 2. Reported Diluted EPS: CY $0.50 and PY $0.65 3. Reported Net earnings: CY $34.9M and PY $47.6M Net sales of $832.8M, +3.4% reported, -2.2% organic\* • Batteries & Lights Net sales +3.9% reported, -2.8% organic\* • Auto Care Net sales +1.0% reported, +0.5% organic\* Adjusted gross margin was 38.5%(1), down 370 basis points Adjusted EPS of $1.05(2), down from $1.22 in the prior year Adjusted EBITDA of $171.2M(3), down from $187.3M in the prior year Net Sales Adjusted Gross Margin\* Adjusted EPS\* Adjusted EBITDA\* • Includes $17M of previously disclosed transitory costs

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FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Strengthened Debt Capital Structure In FY 2025 8 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

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+ Segment Highlights

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FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE FY 2025 Batteries & Lights – Innovation Driven Performance +1% Innovation : • Successful Plastic Free Packaging Transition • Enhanced Energy - Alkaline Chemistry Organic Sales Growth\* +23% eCommerce Growth +$63.6million Acquired APS business in Europe, adding International scale \* See non-GAAP reconciliations in the Appendix10

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FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE 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

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+ Project Momentum Foundation for Growth

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FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Project Momentum Achievements and Forward Look 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 Flow $254M Debt Paydown APS Integration Synergies Operational Efficiency Gains Note: Adjusted Gross Margin and Free Cash Flow are non-GAAP measure. Refer to the appendix for a reconciliation to the most comparable GAAP measure.

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Project Momentum and Growth Initiatives Have Driven 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.14 Adjusted EPS CAGR FY'22 – FY'25 Adjusted EBTIDA CAGR FY'22 – FY'25 +4.6% +3.2% Earnings Growth Driven Through Manufacturing production credits Project Momentum Savings New Product Innovation Accretive Acquisitions Expanded Distribution International Expansion

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FY 2025 Capital Return $177M Total Returned $87M Dividends $90M Share Repurchase 5.1x FY22 Q3 FY25 Q4 6.1x 4M shares repurchased at $22.42 average price Returning Capital to Shareholders While Reducing Leverage 15 $741M Free Cash Flow 3 Year Cumulative History of Strong Free Cash Flow Generation Note: Free cash flow and Net Debt to EBITDA are -GAAP measure. Refer to the appendix for a reconciliation to the most comparable GAAP measure.

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+ Fiscal 2026 & Q1 Outlook

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FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE 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% Key Topline Drivers in 2026 Consumer sentiment, retailer inventory, storm comp LSD decline 17

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FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Previously Executed Pricing Tariffs & Related Network Realignment Advanced Power Solutions Integration Project Momentum Savings Key Gross Margin Drivers in 2026 Gross Margin expected to be moderately down for the Full Year Incremental Production Credits 18 45x

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FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Initiating 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 - $610M Adjusted EPS\* $3.30 - $3.60 Q1: $0.20 - $0.30 Q2 – Q4: Double Digit Growth Free Cash Flow % Sales > 10% of Net Sales 19 All comparisons are to Fiscal 2025 comparable reported results. \* See non-GAAP reconciliations in the Appendix. FY 2026 OUTLOOK

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Appendix Materials: Non-GAAP Reconciliations 20

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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 currency exchange rates as defined below: • Acquisition impact. The Company completed the Advanced Power Solutions acquisition on May 2, 2025. These adjustments include the impact of the operations associated with the acquired branded battery business. The Company will be working to transition from these branded business to legacy brands by December 31, 2025. This does not include the impact of acquisition and integration costs associated with this acquisition. • Change in highly inflationary markets. The Company is presenting separately all changes in sales and segment profit from our Egypt and Argentina affiliates due to the designation of the economies as highly inflationary as of October 1, 2024 and July 1, 2018, respectively. • Impact of currency. The Company evaluates the operating performance of our Company on a currency neutral basis. 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 rate versus the value of current year foreign operations at the prior period USD exchange rate. The impact of currency also includes (gains)/losses of currency hedging programs, and it excludes highly inflationary markets.21

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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 Russian market and the costs of the May 2022 Flooding of our Brazilian manufacturing facility. . 22

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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 related to acquisition and integration, FY23 & FY24 production credits, impairment of intangible assets, a litigation matter, the loss on extinguishment/modification of debt, and the December 2023 Argentina Economic Reform. The Effective tax rate for the Adjusted - Non-GAAP Net Earnings and Diluted EPS for the quarters ended September 30, 2025 and 2024 was 21.6% and 22.1%, respectively, and for the twelve months ended September 30, 2025 and 2024 was 20.2% and 22.9%, respectively, as calculated utilizing the statutory rate for the jurisdictions where the costs were incurred. 23

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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 restructuring and related costs, network transition costs, acquisition and integration costs, FY23 & FY24 production credits, a litigation matter, impairment on intangible assets, the December 2023 Argentina Economic Reform and share based payments. 24

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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 restructuring, network transition costs, acquisition and integration costs, a litigation matter, the settlement loss on US pension annuity buy out, impairment on intangible assets, the December 2023 Argentina Economic Reform and share based payments. 25

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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, acquisition and integration costs, impairment on goodwill & intangible assets, the exit of Russian market, a gain on finance lease termination, an acquisition earnout, the impact from Brazil flood damage, net of insurance proceeds, and share based payments. 26

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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 acquisition earn out, impairment of goodwill and intangible assets, loss(gain) on extinguishment of debt, settlement loss on US pension annuity buy out, costs to exit the Russian market, gain on finance lease termination and the costs of the June 2022 flood on our Brazilian manufacturing plant. The Effective tax rate for the Adjusted - Non- GAAP Net Earnings and Diluted EPS for the quarters ended September 30, 2023 and 2022 was 20.7% and 14.1%, respectively, and for the twelve months ended September 30, 2023 and 2022 was 21.2% and 19.5%, respectively, as calculated utilizing the statutory rate for where the costs were incurred.

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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 Flow is defined as net cash provided by operating activities reduced by capital expenditures, net of the proceeds from asset sales.

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Non-GAAP Reconciliation: FY 2026 Outlook (in millions – except per share data) 29

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