Energizer (NYSE: ENR) Q2 2026 earnings lift outlook to high end
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Energizer Holdings reported mixed second-quarter fiscal 2026 results, but raised full-year guidance to the high end of prior ranges. Net sales were $643.3 million, down 3.0% year over year, with organic sales down 5.5% as battery timing shifts and softer auto care demand weighed on volume.
Profitability strengthened on an adjusted basis. Adjusted gross margin rose to 44.4% from 40.8%, helped by a $47.6 million tariff refund benefit and $11.7 million in production tax credits. Adjusted EPS increased to $0.94 from $0.67, and adjusted EBITDA grew to $158.6 million from $140.3 million.
GAAP results were weaker, with net earnings falling to $10.1 million and EPS to $0.15, pressured by a $26.1 million non‑cash settlement loss on termination of the U.K. pension plan and higher restructuring costs. Year‑to‑date operating cash flow improved to $147.8 million and free cash flow to $105.9 million, while net debt remained high at $3.14 billion.
Positive
- Stronger adjusted profitability and raised guidance: Adjusted gross margin increased to 44.4% from 40.8%, adjusted EPS rose 40% to $0.94, adjusted EBITDA grew 13% to $158.6 million, and fiscal 2026 adjusted EPS and EBITDA are now expected at the high end of prior ranges.
- Improved cash generation and debt paydown: Six‑month operating cash flow climbed to $147.8 million with free cash flow of $105.9 million, enabling over $100 million of year‑to‑date debt reduction while maintaining quarterly dividends.
Negative
- Weak GAAP earnings and heavy one‑time charges: Q2 net earnings fell to $10.1 million and GAAP EPS to $0.15, hurt by a $26.1 million non‑cash settlement loss on termination of the U.K. pension plan and elevated restructuring costs.
- High leverage and segment softness: Net debt remains large at $3.14 billion versus last‑twelve‑month adjusted EBITDA of $608.1 million, while Auto Care segment profit for the quarter declined 18.8% year over year to $28.6 million.
Insights
Adjusted margins and earnings improved, and guidance moved to the high end despite softer sales and GAAP charges.
Energizer delivered Q2 net sales of $643.3 million, down 3.0%, with organic sales off 5.5% as battery order timing, slower auto care, and geopolitical impacts hurt volume. However, adjusted gross margin rose to 44.4%, up 360 basis points year over year.
Adjusted EPS increased to $0.94 from $0.67, and adjusted EBITDA climbed to $158.6 million from $140.3 million, helped by a $47.6 million tariff refund and $11.7 million in production tax credits. GAAP EPS dropped to $0.15 as the company booked a non‑cash $26.1 million U.K. pension settlement loss and higher restructuring charges.
Management now expects fiscal 2026 adjusted EPS at the high end of $3.30–$3.60 and adjusted EBITDA at the high end of $580–$610 million. They also project low single‑digit net sales growth and roughly flat organic sales for the year, with low single‑digit organic growth in Q3 2026 and Q4 margins returning toward normalized levels.
Cash generation improved, but leverage remains elevated with over $3.1 billion of net debt on the balance sheet.
For the six months ended March 31, 2026, operating cash flow rose to $147.8 million from $64.2 million, and free cash flow reached $105.9 million, or 7.4% of net sales. The company paid $20.6 million in Q2 dividends at $0.30 per share and reduced debt by more than $100 million year‑to‑date.
Total debt stood at $3,315.3 million and net debt at $3,142.8 million as of March 31, 2026, versus last‑twelve‑month adjusted EBITDA of about $608.1 million. Management continues to emphasize deleveraging, supported by production tax credits and Project Momentum savings outlined in the fiscal 2026 outlook.
8-K Event Classification
16 items: 2.02, 5.02, 7.01, 9.01, 25.0, 25.4, 39.2, 39.3, 77.1, 79.2, 102.1, 104.6, 162.6, 173.3, 201.9, 212.5
16 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 25.0
Item 25.0
Item 25.4
Item 25.4
Item 39.2
Item 39.2
Item 39.3
Item 39.3
Item 77.1
Item 77.1
Item 79.2
Item 79.2
Item 102.1
Item 102.1
Item 104.6
Item 104.6
Item 162.6
Item 162.6
Item 173.3
Item 173.3
Item 201.9
Item 201.9
Item 212.5
Item 212.5
Key Figures
Q2 2026 net sales: $643.3 million
Q2 2026 adjusted gross margin: 44.4%
Q2 2026 GAAP diluted EPS: $0.15 per share
+5 more
8 metrics
Q2 2026 net sales
$643.3 million
Quarter ended March 31, 2026; down 3.0% year over year
Q2 2026 adjusted gross margin
44.4%
Up from 40.8% in prior-year quarter
Q2 2026 GAAP diluted EPS
$0.15 per share
Down from $0.39 per share a year earlier
Q2 2026 adjusted diluted EPS
$0.94 per share
Up from $0.67 per share in Q2 2025
Q2 2026 adjusted EBITDA
$158.6 million
Quarter ended March 31, 2026; up from $140.3 million
Six‑month operating cash flow
$147.8 million
Six months ended March 31, 2026; up from $64.2 million
Six‑month free cash flow
$105.9 million
Six months ended March 31, 2026; 7.4% of net sales
Net debt
$3,142.8 million
As of March 31, 2026; versus total debt of $3,315.3 million
Key Terms
Adjusted EBITDA, free cash flow, tariff refund, production tax credits, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA (1) | $ | 158.6 | | | $ | 140.3 |"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Operating cash flow for the six months ended March 31, 2026 was $147.8 million, and Free cash flow was $105.9 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
tariff refund financial
"driven by a benefit of $47.6 million related to the anticipated refund related to tariffs previously enacted under the International Emergency Powers Act (IEEPA)"
production tax credits financial
"as well as production tax credits of $11.7 million and benefits from price increases"
Production tax credits are financial incentives offered to support the development of certain energy projects, such as renewable power sources. They provide a dollar amount for each unit of energy produced, helping to reduce the project's overall costs. For investors, these credits can improve the project's profitability and attractiveness by making renewable energy investments more financially appealing.
Section 45X financial
"Section 45X of the Internal Revenue Code contains production tax credits for certain battery components."
Adjusted gross margin financial
"Adjusted Gross margin was 44.4% compared to 40.8% in the prior year"
Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.
Earnings Snapshot
Net sales: $643.3 million · Guidance included
Q2 2026
Net sales
$643.3 million
-3.0% year over year
Adjusted diluted EPS
$0.94
+40.3% year over year
Adjusted EBITDA
$158.6 million
+13.0% year over year
Adjusted gross margin
44.4%
+360 basis points year over year
Guidance
For fiscal 2026, management expects net sales up low single digits, roughly flat organic sales, adjusted gross margin between 40% and 41%, adjusted EPS at the high end of $3.30–$3.60, adjusted EBITDA at the high end of $580–$610 million, and Q3 adjusted EPS of $0.75–$0.85.
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): May 5, 2026
_____________________________________________________________________________________
(Exact Name of Registrant as Specified in its Charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||
(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):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 May 5, 2026, Energizer Holdings, Inc. (the “Company”) issued a press release announcing business results for the second fiscal quarter ended March 31, 2026 and providing an updated outlook for fiscal 2026. The press release is furnished as Exhibit 99.1 and incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 1, 2026, the Company (through its subsidiary, Energizer Brands, LLC) entered into a Separation and Transition Agreement and Release with Michael A. Lampman (the “Agreement”). Mr. Lampman will cease to serve as the Company’s Executive Vice President, North America and Global Business Units effective September 30, 2026 and thereafter will serve as a Special Advisor to the Company through December 31, 2026 (the “Separation Date”). Ryan Sedlak, who currently serves as the Company’s Vice President, Global Finance & Analytics, will succeed Mr. Lampman as Executive Vice President, North America and Global Business Units, effective October 1, 2026.
Pursuant to the Agreement, Mr. Lampman’s employment with the Company will end on the Separation Date and he will support the orderly transition of his responsibilities through the Separation Date (the “Transition Period”). Pursuant to the Agreement, which includes a release of claims, and provided Mr. Lampman otherwise complies with the terms of the Agreement, during the Transition Period, Mr. Lampman will continue to receive payment of his base salary and will remain eligible to participate in the Company’s benefit plans and programs in effect during the Transition Period. Additionally, in consideration for his waiver of his right to receive a cash bonus payment pursuant to the Company’s Executive Bonus Plan for the plan year ending September 30, 2026 and the restricted stock units (“RSUs”) and performance-based RSUs previously granted to Mr. Lampman in fiscal year 2024 that were otherwise scheduled to vest in 2026, subject to his continued employment through the Separation Date, Mr. Lampman will receive payments in the aggregate amount of approximately $1,097,283 (which includes a proportionate share of his target bonus amount he would have been eligible to earn for the plan year ending September 30, 2027).
Following the Separation Date, subject to Mr. Lampman’s continued employment through such date and his execution of a release of claims, he will be entitled to receive severance payments in an aggregate amount of approximately $1,210,305, payable no later than February 15, 2027. If Mr. Lampman’s employment is terminated by the Company without cause prior to the Separation Date, Mr. Lampman will remain entitled to receive all payments under the Agreement. The Agreement contains customary confidentiality, cooperation and non-disparagement provisions, which are perpetual, and non-competition and non-solicitation provisions.
Item 7.01. Regulation FD Disclosure.
On May 5, 2026, the Company made available on its website an earnings presentation related to the business results for the second fiscal quarter ended March 31, 2026. 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 | |||||||
99.1 | Press Release, dated May 5, 2026 | |||||||
99.2 | Earnings Presentation, dated May 5, 2026 | |||||||
| 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: /s/ John J. Drabik
John J. Drabik
Executive Vice President and Chief Financial Officer
Dated: May 5, 2026
Exhibit 99.1 | ||||||||
 | Energizer Holdings, Inc. 8235 Forsyth Boulevard Suite 100 St. Louis, MO 63105 | |||||||
| FOR IMMEDIATE RELEASE | Company Contact | |||||||
| May 5, 2026 | Jon Poldan Vice President, Treasurer & Investor Relations 314-985-2349 Jonathan.Poldan@energizer.com | |||||||
Energizer Holdings, Inc. Announces Fiscal 2026 Second Quarter Results
Second Quarter Highlights
•Net sales of $643.3 million, -3.0% to prior year
•Gross Margin of 40.2% and 44.4% on an adjusted basis, inclusive of a $47.6 million tariff refund benefit(1)
•Earnings per share of $0.15 & Adjusted Earnings per share of $0.94(1)
•Updating fiscal year outlook to low single digit Net sales growth, roughly flat organic Net sales and Adjusted Earnings per share and Adjusted EBITDA to the high end of our previously provided ranges
St. Louis —May 5, 2026—Energizer Holdings, Inc. (NYSE: ENR) today announced results for the second fiscal quarter ended March 31, 2026.
"Our strategic priorities in Fiscal 2026 remain clear: restoring growth, rebuilding margins impacted by tariffs, and returning the business to its long‑term historical cash flow profile,” said Mark LaVigne, Chief Executive Officer. “During the second quarter, we continued to make meaningful progress against these priorities, highlighted by significant gross margin recovery and growing confidence in a return to organic growth in the back half of the year. Our disciplined execution is translating into tangible improvements across the income statement, strengthening our confidence in delivering the high end of our full year earnings outlook.”
Top-Line Performance
For the quarter, we had Net sales of $643.3 million compared to $662.9 million in the prior year period.
| Second Quarter | % Chg | ||||||||||
| Net sales - FY'25 | $ | 662.9 | |||||||||
| Organic | (36.6) | (5.5) | % | ||||||||
| Acquisition impact | 2.1 | 0.3 | % | ||||||||
| Change in highly inflationary markets | (1.1) | (0.2) | % | ||||||||
| Impact of currency | 16.0 | 2.4 | % | ||||||||
| Net sales - FY'26 | $ | 643.3 | (3.0) | % | |||||||
__________________
1) See Press Release attachments and supplemental schedules for additional information, including the GAAP and Non-GAAP reconciliations.
Organic Net sales decreased 5.5% primarily due to the following items:
•A shift in the timing of battery orders related to the plastic free conversion, a slower start to the selling season in auto care and a modest impact from the conflict in the Middle East resulted in volume declines of 6.1%.
•Carry over price increases of 0.6%, primarily in the Batteries & Lights segment, partially offset the volume declines.
The Advanced Power Solutions (APS) acquisition completed on May 2, 2025 contributed $2.1 million to Net sales during the quarter ended March 31, 2026.
Gross Margin
Gross margin percentage on a reported basis was 40.2% versus 39.1% in the prior year. Excluding restructuring and related costs in the current and prior year of $27.1 million and $8.7 million, respectively, and the prior year network transition costs of $2.7 million, Adjusted Gross margin was 44.4% compared to 40.8% in the prior year, an increase of 360 basis points.(1)
| Second Quarter | |||||
| Gross margin - FY'25 Reported | 39.1 | % | |||
| Prior year impact of restructuring and related costs and network transition costs | 1.7 | % | |||
Gross margin - FY'25 Adjusted(1) | 40.8 | % | |||
| Net tariff impact - inclusive of refund benefit | 4.8 | % | |||
| FY26 production credits | 1.8 | % | |||
| Pricing | 0.3 | % | |||
| Product mix | (2.4) | % | |||
| Product cost impacts | (1.0) | % | |||
| All other, including currency impacts | 0.1 | % | |||
Gross margin - FY'26 Adjusted(1) | 44.4 | % | |||
| Current year impact of restructuring and related costs | (4.2) | % | |||
| Gross margin - FY'26 Reported | 40.2 | % | |||
Gross margin and Adjusted Gross margin improvement was driven by a benefit of $47.6 million related to the anticipated refund related to tariffs previously enacted under the International Emergency Powers Act (IEEPA), as well as production tax credits of $11.7 million and benefits from price increases. The improvements were partially offset by increased input costs from production inefficiencies associated with rebalancing our network, other incremental tariffs incurred in the quarter and unfavorable product mix.(1)
Selling, General and Administrative Expense (SG&A)
SG&A, excluding restructuring and acquisition costs, was 19.8% of Net sales for the second quarter, or $127.1 million, compared to 18.8%, or $124.5 million in the prior year. The year-over-year dollar increase was primarily driven by increased SG&A from the APS business of $3.0 million, investment in digital transformation and growth initiatives and unfavorable currency. The increase was partially offset by Project Momentum savings of approximately $4 million in the quarter.(1)
Advertising and Promotion Expense (A&P)
A&P expense decreased $1.8 million for the second fiscal quarter to 3.0% of Net sales, compared to 3.1% in the prior year.
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| Earnings Per Share and Adjusted EBITDA | Second Quarter | ||||||||||
| (In millions, except per share data) | 2026 | 2025 | |||||||||
| Net earnings | $ | 10.1 | $ | 28.3 | |||||||
| Diluted net earnings per common share | $ | 0.15 | $ | 0.39 | |||||||
Adjusted Net earnings(1) | $ | 65.1 | $ | 49.4 | |||||||
Adjusted Diluted net earnings per common share(1) | $ | 0.94 | $ | 0.67 | |||||||
Adjusted EBITDA(1) | $ | 158.6 | $ | 140.3 | |||||||
Currency neutral Adjusted Diluted net earnings per common share(1) | $ | 0.89 | |||||||||
Currency neutral Adjusted EBITDA(1) | $ | 154.7 | |||||||||
Net earnings, Earnings per share, Adjusted Earnings per share and Adjusted EBITDA were impacted by the benefit of the tariff refund recorded in Gross margin and lower A&P and R&D spend. These benefits were partially offset by the decline in Net sales and an increase in SG&A driven by the APS acquisition. Adjusted Net earnings and Adjusted Earnings per share were further impacted by increased interest expense due to a higher average debt balance in the current year quarter.
Net earnings and Earning per share were also impacted by the non-cash settlement charge of $26.1 million recorded in the quarter related to the settlement loss on the termination of the U.K. pension plan.
Free cash flow and Capital allocation
•Operating cash flow for the six months ended March 31, 2026 was $147.8 million, and Free cash flow was $105.9 million, or 7.4% of Net sales.
•Dividend payments in the quarter were $20.6 million, or $0.30 per common share.
Financial Outlook and Assumptions for Fiscal Year 2026(1)
For fiscal 2026, we expect Net sales to be up low single digits and organic Net sales to be roughly flat. Adjusted Gross margin is now expected to be between 40% and 41%, primarily due to the benefit of the tariff refund. As a result, we expect to deliver Adjusted Earnings per share for the full year at the high end of the previously provided range of $3.30 to $3.60 and Adjusted EBITDA at the high end of the previously provided range of $580 to $610 million.
For the third fiscal quarter, we anticipate low single digit organic Net sales growth and expect to deliver Adjusted Earnings per share in the range of $0.75 to $0.85.
Webcast Information
In conjunction with this announcement, the Company will post prepared comments under the Investor/Events & Presentations section of the Company website around 7:00 a.m. Eastern Time today and will hold an investor conference call beginning at 10:00 a.m. Eastern Time today. The call will focus on second fiscal quarter earnings and recent trends in the business. 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/zVbKaYVGy8D
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
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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 tariff and currency fluctuations, which could adversely affect our 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.
•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 tariffs, 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.
•We may use artificial intelligence in our business, which could result in reputational harm, competitive harm, and legal liability, and adversely affect our operations.
•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.
•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.
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•Increased focus by governmental and non-governmental organizations, customers, consumers and shareholders on sustainability issues, including those related to 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.
•We are subject to uncertainties regarding the IEEPA tariff refunds, including the timing of these refunds.
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 18, 2025.
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ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENT OF EARNINGS
(Condensed)
(In millions, except per share data - Unaudited)
For the Quarters Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | 643.3 | $ | 662.9 | $ | 1,422.2 | $ | 1,394.6 | |||||||||||||||
| Cost of products sold (1) (2) | 384.5 | 403.9 | 906.8 | 866.0 | |||||||||||||||||||
| Gross profit | 258.8 | 259.0 | 515.4 | 528.6 | |||||||||||||||||||
| Selling, general and administrative expense (1) | 133.1 | 136.0 | 282.4 | 267.3 | |||||||||||||||||||
| Advertising and sales promotion expense | 19.0 | 20.8 | 68.2 | 74.2 | |||||||||||||||||||
| Research and development expense | 7.6 | 8.1 | 15.4 | 16.1 | |||||||||||||||||||
| Amortization of intangible assets | 12.5 | 14.7 | 26.5 | 29.4 | |||||||||||||||||||
| Interest expense | 39.3 | 38.0 | 78.4 | 75.0 | |||||||||||||||||||
| Loss on extinguishment/modification of debt | — | 5.2 | 0.9 | 5.3 | |||||||||||||||||||
| Other items, net (3) | 25.6 | (0.2) | 26.7 | (5.2) | |||||||||||||||||||
| Earnings before income taxes | 21.7 | 36.4 | 16.9 | 66.5 | |||||||||||||||||||
| Income tax provision | 11.6 | 8.1 | 10.2 | 15.9 | |||||||||||||||||||
| Net earnings | $ | 10.1 | $ | 28.3 | 6.7 | 50.6 | |||||||||||||||||
| Basic net earnings per common share | $ | 0.15 | $ | 0.39 | $ | 0.10 | $ | 0.70 | |||||||||||||||
| Diluted net earnings per common share | $ | 0.15 | $ | 0.39 | $ | 0.10 | $ | 0.69 | |||||||||||||||
| Weighted average shares of common stock - Basic | 68.5 | 72.2 | 68.5 | 72.1 | |||||||||||||||||||
| Weighted average shares of common stock - Diluted | 69.1 | 73.3 | 69.2 | 73.3 | |||||||||||||||||||
(1) See the attached Supplemental Schedules - Non-GAAP Reconciliations, which break out the Restructuring and related costs, Network transition costs and Acquisition and integration costs included within these lines.
(2) During the quarter and six months ended March 31, 2026, the Company recorded a benefit to cost of goods sold of $47.6 million for the estimated refund of the tariffs previously paid under IEEPA associated with sold inventory.
(2) During the quarter and six months ended March 31, 2026, the Company recorded a non-cash settlement loss on the termination of the U.K. Pension plan of $26.1 within Other items, net.
6
ENERGIZER HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(Condensed)
(In millions - Unaudited)
| Assets | March 31, 2026 | September 30, 2025 | |||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 172.5 | $ | 236.2 | |||||||
| Trade receivables | 309.6 | 404.2 | |||||||||
| Inventories | 743.6 | 781.2 | |||||||||
| Other current assets | 273.8 | 257.5 | |||||||||
| Total current assets | $ | 1,499.5 | $ | 1,679.1 | |||||||
| Property, plant and equipment, net | 392.8 | 403.0 | |||||||||
| Operating lease assets | 85.8 | 93.2 | |||||||||
| Goodwill | 1,048.1 | 1,051.2 | |||||||||
| Other intangible assets, net | 979.3 | 1,005.5 | |||||||||
| Deferred tax assets | 166.3 | 166.6 | |||||||||
| Other assets | 227.3 | 158.1 | |||||||||
| Total assets | $ | 4,399.1 | $ | 4,556.7 | |||||||
| Liabilities and Shareholders' Equity | |||||||||||
| Current liabilities | |||||||||||
| Current maturities of long-term debt | $ | 8.6 | $ | 8.6 | |||||||
| Current portion of finance leases | 1.6 | 1.5 | |||||||||
| Notes payable | 0.5 | 13.7 | |||||||||
| Accounts payable | 393.4 | 402.2 | |||||||||
| Current operating lease liabilities | 12.2 | 16.2 | |||||||||
| Other current liabilities | 315.7 | 352.8 | |||||||||
| Total current liabilities | $ | 732.0 | $ | 795.0 | |||||||
| Long-term debt | 3,304.6 | 3,407.9 | |||||||||
| Operating lease liabilities | 79.1 | 84.8 | |||||||||
| Deferred tax liabilities | 9.6 | 6.1 | |||||||||
| Other liabilities | 100.6 | 93.0 | |||||||||
| Total liabilities | $ | 4,225.9 | $ | 4,386.8 | |||||||
| Shareholders' equity | |||||||||||
| Common stock | 0.8 | 0.8 | |||||||||
| Additional paid-in capital | 594.4 | 603.5 | |||||||||
| Retained earnings | 47.9 | 87.0 | |||||||||
| Treasury stock | (280.2) | (295.8) | |||||||||
| Accumulated other comprehensive loss | (189.7) | (225.6) | |||||||||
| Total shareholders' equity | $ | 173.2 | $ | 169.9 | |||||||
| Total liabilities and shareholders' equity | $ | 4,399.1 | $ | 4,556.7 | |||||||
7
ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Condensed)
(In millions - Unaudited)
| For the Six Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash Flow from Operating Activities | |||||||||||
| Net earnings | $ | 6.7 | $ | 50.6 | |||||||
| Non-cash integration and restructuring charges | 24.4 | 5.2 | |||||||||
| Depreciation and amortization | 62.7 | 62.7 | |||||||||
| Production credits | 22.8 | — | |||||||||
| IEEPA tariff refund receivable | (49.9) | — | |||||||||
| Deferred income taxes | 3.6 | 2.6 | |||||||||
| Share-based compensation expense | 16.0 | 13.4 | |||||||||
| Settlement loss on U.K. pension plan termination | 26.1 | — | |||||||||
| Loss on extinguishment of debt | 0.9 | 1.1 | |||||||||
| Exchange loss/(gain) included in income | 3.1 | (3.4) | |||||||||
| Non-cash items included in income, net | 5.7 | 5.7 | |||||||||
| Other, net | (15.3) | (8.0) | |||||||||
| Changes in current assets and liabilities used in operations | 41.0 | (65.7) | |||||||||
| Net cash from operating activities | $ | 147.8 | $ | 64.2 | |||||||
| Cash Flow from Investing Activities | |||||||||||
| Capital expenditures | (43.0) | (55.6) | |||||||||
| Proceeds from sale of assets | 1.1 | — | |||||||||
| Acquisitions, net of cash acquired | — | (0.1) | |||||||||
| Net cash used by investing activities | $ | (41.9) | $ | (55.7) | |||||||
| Cash Flow from Financing Activities | |||||||||||
| Cash proceeds from issuance of debt with original maturities greater than 90 days (1) | — | 198.2 | |||||||||
| Payments on debt with maturities greater than 90 days (1) | (95.0) | (220.7) | |||||||||
| Net (decrease)/increase in debt with original maturities of 90 days or less | (14.5) | 0.4 | |||||||||
| Debt issuance costs | (1.5) | (6.3) | |||||||||
| Payment of acquisition indemnification hold back | (0.7) | (0.5) | |||||||||
| Common stock purchased (inclusive of excise tax of $0.9) | (5.4) | — | |||||||||
| Dividends paid on common stock | (43.9) | (45.3) | |||||||||
| Taxes paid for withheld share-based payments | (8.0) | (7.5) | |||||||||
| Net cash used by financing activities | $ | (169.0) | $ | (81.7) | |||||||
| Effect of exchange rate changes on cash | $ | (0.6) | $ | (4.4) | |||||||
| Net decrease in cash, cash equivalents, and restricted cash | $ | (63.7) | $ | (77.6) | |||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 236.2 | 216.9 | |||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 172.5 | $ | 139.3 | |||||||
(1) Represents cash inflows and outflows due to changes in term loan lender composition in the six months ended March 31, 2025.
8
ENERGIZER HOLDINGS, INC.
Reconciliation of GAAP and Non-GAAP Measures
For the Quarter and Six months ended March 31, 2026
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 settlement loss on the U.K. pension plan termination and the loss on extinguishment/modification of debt. 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, interest expense, loss on extinguishment/modification of debt, other items, net, restructuring and related costs, network transition costs 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, costs related to acquisition and integration, the settlement loss on the U.K. pension plan termination and the loss on extinguishment/modification of debt.
Non-GAAP Tax Rate. This is the tax rate when excluding the pre-tax impact of restructuring and related costs, network transition costs, costs related to acquisition and integration, the settlement loss on the U.K. pension plan termination and the loss on extinguishment/modification of debt, as well as the related tax impact for these items, calculated utilizing the statutory rate for the jurisdictions 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, the 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 APS acquisition on May 2, 2025. These adjustments include the impact of the operations associated with the acquired branded battery business. The Company transitioned from these branded businesses 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, adjusted SG&A as percent of Net 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 and the settlement loss on the U.K. pension plan termination.
EBITDA and Adjusted EBITDA. EBITDA is defined as (loss)/earnings before Income tax provision, Interest expense, 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, acquisition and integration costs, the settlement loss on the U.K. pension plan termination, a litigation matter, FY23 & FY24 production credits, impairment of intangible assets, 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.
9
ENERGIZER HOLDINGS, INC.
Reconciliation of GAAP and Non-GAAP Measures
For the Quarter and Six months ended March 31, 2026
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, significant expenses and profitability for the quarters and six months ended March 31, 2026 and 2025 are presented below:
| Quarters Ended March 31, | |||||||||||||||||||||||||||||||||||
| Batteries & Lights | Auto Care | Total | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Segment Net sales | $ | 473.2 | $ | 488.0 | $ | 170.1 | $ | 174.9 | $ | 643.3 | $ | 662.9 | |||||||||||||||||||||||
| Segment Cost of products sold | 248.1 | 284.3 | 109.3 | 108.2 | 357.4 | 392.5 | |||||||||||||||||||||||||||||
| Segment Advertising and promotion expense | 12.2 | 14.3 | 6.8 | 6.5 | 19.0 | 20.8 | |||||||||||||||||||||||||||||
| Other segment items | 79.2 | 77.1 | 25.4 | 25.0 | 104.6 | 102.1 | |||||||||||||||||||||||||||||
| Segment profit | $ | 133.7 | $ | 112.3 | $ | 28.6 | $ | 35.2 | $ | 162.3 | $ | 147.5 | |||||||||||||||||||||||
| Segment Depreciation and amortization | $ | 15.0 | $ | 12.6 | $ | 3.6 | $ | 3.6 | $ | 18.6 | $ | 16.2 | |||||||||||||||||||||||
| Six Months Ended March 31, | |||||||||||||||||||||||||||||||||||
| Batteries & Lights | Auto Care | Total | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Segment Net sales | $ | 1,158.4 | $ | 1,120.4 | $ | 263.8 | $ | 274.2 | $ | 1,422.2 | $ | 1,394.6 | |||||||||||||||||||||||
| Segment Cost of products sold | 689.9 | 664.5 | 174.5 | 166.7 | 864.4 | 831.2 | |||||||||||||||||||||||||||||
| Segment Advertising and promotion expense | 55.8 | 61.7 | 12.4 | 12.5 | 68.2 | 74.2 | |||||||||||||||||||||||||||||
| Other segment items | 173.3 | 162.6 | 39.2 | 39.3 | 212.5 | 201.9 | |||||||||||||||||||||||||||||
| Segment profit | $ | 239.4 | $ | 231.6 | $ | 37.7 | $ | 55.7 | $ | 277.1 | $ | 287.3 | |||||||||||||||||||||||
| Segment Depreciation and amortization | $ | 29.7 | $ | 26.9 | $ | 6.5 | $ | 6.4 | $ | 36.2 | $ | 33.3 | |||||||||||||||||||||||
Reconciliation of Total segment profit to earnings before income taxes:
| Quarters Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Total segment profit | $ | 162.3 | $ | 147.5 | $ | 277.1 | $ | 287.3 | |||||||||||||||
| General corporate & other expenses (1) | (30.1) | (30.5) | (63.2) | (57.9) | |||||||||||||||||||
| Restructuring and related costs (2) | (31.5) | (17.6) | (62.4) | (37.9) | |||||||||||||||||||
| Network transition costs (3) | — | (2.7) | — | (16.7) | |||||||||||||||||||
| Acquisition and integration costs (2) | (1.6) | (2.3) | (2.1) | (3.5) | |||||||||||||||||||
| Amortization of intangible assets | (12.5) | (14.7) | (26.5) | (29.4) | |||||||||||||||||||
| Interest expense | (39.3) | (38.0) | (78.4) | (75.0) | |||||||||||||||||||
| Loss on extinguishment/modification of debt | — | (5.2) | (0.9) | (5.3) | |||||||||||||||||||
| Settlement loss on U.K. pension plan termination (4) | (26.1) | — | (26.1) | — | |||||||||||||||||||
| Other items, net - Adjusted (5) | 0.5 | (0.1) | (0.6) | 4.9 | |||||||||||||||||||
| Total earnings before income taxes | $ | 21.7 | $ | 36.4 | $ | 16.9 | $ | 66.5 | |||||||||||||||
(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 the quarter ended March 31, 2026, the Company terminated the U.K. pension plan and recorded a non-cash settlement loss on the termination of the plan within Other items, Net.
(5) See the Supplemental Non-GAAP reconciliation for the Other items, net reconciliation between the reported and adjusted balances.
10
Energizer Holdings, Inc.
Supplemental Schedules - GAAP EPS to Adjusted EPS Reconciliation
For the Quarter and Six months ended March 31, 2026
(In millions, except per share data - Unaudited)
| For the Quarters Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net earnings | $ | 10.1 | $ | 28.3 | $ | 6.7 | $ | 50.6 | |||||||||||||||
| Pre-tax adjustments | |||||||||||||||||||||||
| Restructuring and related costs (1) | 31.5 | 17.6 | 62.4 | 37.9 | |||||||||||||||||||
| Network transition costs (1) | — | 2.7 | — | 16.7 | |||||||||||||||||||
| Acquisition and integration (1) | 1.6 | 2.3 | 2.1 | 3.5 | |||||||||||||||||||
| Loss on extinguishment/modification of debt | — | 5.2 | 0.9 | 5.3 | |||||||||||||||||||
Settlement loss on U. K. pension plan termination (1) | 26.1 | — | 26.1 | — | |||||||||||||||||||
| Total adjustments, pre-tax | $ | 59.2 | $ | 27.8 | $ | 91.5 | $ | 63.4 | |||||||||||||||
| Total adjustments, after tax (2) | $ | 55.0 | $ | 21.1 | $ | 79.7 | $ | 48.2 | |||||||||||||||
| Adjusted Net earnings (2) | $ | 65.1 | $ | 49.4 | $ | 86.4 | $ | 98.8 | |||||||||||||||
| Diluted net earnings per common share | $ | 0.15 | $ | 0.39 | $ | 0.10 | $ | 0.69 | |||||||||||||||
Adjustments (per common share) | |||||||||||||||||||||||
| Restructuring and related costs | 0.39 | 0.18 | 0.73 | 0.39 | |||||||||||||||||||
| Network transition costs | — | 0.03 | — | 0.18 | |||||||||||||||||||
| Acquisition and integration | 0.02 | 0.02 | 0.03 | 0.04 | |||||||||||||||||||
| Loss on extinguishment/modification of debt | — | 0.05 | 0.01 | 0.05 | |||||||||||||||||||
Settlement loss on U. K. pension plan termination | 0.38 | — | 0.38 | — | |||||||||||||||||||
| Adjusted Diluted net earnings per diluted common share | $ | 0.94 | $ | 0.67 | $ | 1.25 | $ | 1.35 | |||||||||||||||
| Weighted average shares of common stock - Diluted | 69.1 | 73.3 | 69.2 | 73.3 | |||||||||||||||||||
(1) See Supplemental Schedules - Non-GAAP Reconciliations for the line items where these costs are recorded on the Consolidated (Condensed) Statement of Earnings.
(2) The effective tax rate for the Adjusted Net earnings and Adjusted Diluted EPS for the quarters ended March 31, 2026 and 2025 was 19.5% and 23.1%, respectively, and for the six months ended March 31, 2026 and 2025 was 20.3% and 23.9%, respectively, as calculated utilizing the statutory rate for where the costs were incurred.
11
Energizer Holdings, Inc.
Supplemental Schedules - Currency Neutral Results
For the Quarter and Six months ended March 31, 2026
(In millions, except per share data - Unaudited)
| For the Quarter Ended | Prior Quarter Ended | |||||||||||||||||||||||||
| March 31, 2026 | % Change | % Change | ||||||||||||||||||||||||
| As Reported | Impact of Currency(1) | Currency Neutral | March 31, 2025 | As Reported Basis | Currency Neutral Basis | |||||||||||||||||||||
| As Reported under GAAP | ||||||||||||||||||||||||||
| Diluted net earnings per common share | $ | 0.15 | $ | 0.05 | $ | 0.10 | $ | 0.39 | (61.5) | % | (74.4) | % | ||||||||||||||
| Net earnings | $ | 10.1 | $ | 3.2 | $ | 6.9 | $ | 28.3 | (64.3) | % | (75.6) | % | ||||||||||||||
As Adjusted (non-GAAP)(2) | ||||||||||||||||||||||||||
| Adjusted diluted net earnings per common share | $ | 0.94 | $ | 0.05 | $ | 0.89 | $ | 0.67 | 40.3 | % | 32.8 | % | ||||||||||||||
| Adjusted EBITDA | $ | 158.6 | $ | 3.9 | $ | 154.7 | $ | 140.3 | 13.0 | % | 10.3 | % | ||||||||||||||
| For the Six Months Ended | Prior Six Months Ended | |||||||||||||||||||||||||
| March 31, 2026 | % Change | % Change | ||||||||||||||||||||||||
| As Reported | Impact of Currency(1) | Currency Neutral | March 31, 2025 | As Reported Basis | Currency Neutral Basis | |||||||||||||||||||||
| As Reported under GAAP | ||||||||||||||||||||||||||
| Diluted net earnings per common share | $ | 0.10 | $ | 0.10 | $ | — | $ | 0.69 | (85.5) | % | NM(3) | |||||||||||||||
| Net earnings | $ | 6.7 | $ | 6.7 | $ | — | $ | 50.6 | (86.8) | % | NM(3) | |||||||||||||||
As Adjusted (non-GAAP)(2) | ||||||||||||||||||||||||||
| Adjusted diluted net earnings per common share | $ | 1.25 | $ | 0.10 | $ | 1.15 | $ | 1.35 | (7.4) | % | (14.8) | % | ||||||||||||||
| Adjusted EBITDA | $ | 265.5 | $ | 8.4 | $ | 257.1 | $ | 281.0 | (5.5) | % | (8.5) | % | ||||||||||||||
(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.
(3) These percentages calculations are not meaningful.
12
Energizer Holdings, Inc.
Supplemental Schedules - Segment Sales and Profit
For the Quarter and Six Months Ended March 31, 2026
(In millions - Unaudited)
| Net sales | Q1'26 | % Chg | Q2'26 | % Chg | Six Months '26 | % Chg | |||||||||||||||||||||||||||||
Batteries & Lights | |||||||||||||||||||||||||||||||||||
| Net sales - prior year | $ | 632.4 | $ | 488.0 | $ | 1,120.4 | |||||||||||||||||||||||||||||
| Organic | (24.3) | (3.8) | % | (28.8) | (5.9) | % | (53.1) | (4.7) | % | ||||||||||||||||||||||||||
| Acquisition impact | 64.6 | 10.2 | % | 2.1 | 0.4 | % | 66.7 | 6.0 | % | ||||||||||||||||||||||||||
| Change in highly inflationary markets | 0.2 | — | % | (1.0) | (0.2) | % | (0.8) | (0.1) | % | ||||||||||||||||||||||||||
| Impact of currency | 12.3 | 1.9 | % | 12.9 | 2.7 | % | 25.2 | 2.2 | % | ||||||||||||||||||||||||||
| Net sales - current year | $ | 685.2 | 8.3 | % | $ | 473.2 | (3.0) | % | $ | 1,158.4 | 3.4 | % | |||||||||||||||||||||||
| Auto Care | |||||||||||||||||||||||||||||||||||
| Net sales - prior year | $ | 99.3 | $ | 174.9 | $ | 274.2 | |||||||||||||||||||||||||||||
| Organic | (6.9) | (6.9) | % | (7.8) | (4.5) | % | (14.7) | (5.4) | % | ||||||||||||||||||||||||||
| Change in highly inflationary markets | (0.1) | (0.1) | % | (0.1) | (0.1) | % | (0.2) | (0.1) | % | ||||||||||||||||||||||||||
| Impact of currency | 1.4 | 1.4 | % | 3.1 | 1.9 | % | 4.5 | 1.7 | % | ||||||||||||||||||||||||||
| Net sales - current year | $ | 93.7 | (5.6) | % | $ | 170.1 | (2.7) | % | $ | 263.8 | (3.8) | % | |||||||||||||||||||||||
| Total Net Sales | |||||||||||||||||||||||||||||||||||
| Net sales - prior year | $ | 731.7 | $ | 662.9 | $ | 1,394.6 | |||||||||||||||||||||||||||||
| Organic | (31.2) | (4.3) | % | (36.6) | (5.5) | % | (67.8) | (4.9) | % | ||||||||||||||||||||||||||
| Acquisition impact | 64.6 | 8.8 | % | 2.1 | 0.3 | % | 66.7 | 4.8 | % | ||||||||||||||||||||||||||
| Change in highly inflationary markets | 0.1 | — | % | (1.1) | (0.2) | % | (1.0) | (0.1) | % | ||||||||||||||||||||||||||
| Impact of currency | 13.7 | 2.0 | % | 16.0 | 2.4 | % | 29.7 | 2.2 | % | ||||||||||||||||||||||||||
| Net sales - current year | $ | 778.9 | 6.5 | % | $ | 643.3 | (3.0) | % | $ | 1,422.2 | 2.0 | % | |||||||||||||||||||||||
13
Energizer Holdings, Inc.
Supplemental Schedules - Segment Sales and Profit
For the Quarter and Six Months Ended March 31, 2026
(In millions - Unaudited)
| Segment profit | Q1'26 | % Chg | Q2'26 | % Chg | Six Months '26 | % Chg | |||||||||||||||||||||||||||||
Batteries & Lights | |||||||||||||||||||||||||||||||||||
| Segment profit - prior year | $ | 119.3 | $ | 112.3 | $ | 231.6 | |||||||||||||||||||||||||||||
| Organic | (23.0) | (19.3) | % | 21.7 | 19.3 | % | (1.3) | (0.6) | % | ||||||||||||||||||||||||||
| Acquisition impact | 5.3 | 4.4 | % | (2.1) | (1.9) | % | 3.2 | 1.4 | % | ||||||||||||||||||||||||||
| Change in highly inflationary markets | (0.1) | (0.1) | % | — | — | % | (0.1) | — | % | ||||||||||||||||||||||||||
| Impact of currency | 4.2 | 3.6 | % | 1.8 | 1.7 | % | 6.0 | 2.6 | % | ||||||||||||||||||||||||||
| Segment profit - current year | $ | 105.7 | (11.4) | % | $ | 133.7 | 19.1 | % | $ | 239.4 | 3.4 | % | |||||||||||||||||||||||
| Auto Care | |||||||||||||||||||||||||||||||||||
| Segment profit - prior year | $ | 20.5 | $ | 35.2 | $ | 55.7 | |||||||||||||||||||||||||||||
| Organic | (12.1) | (59.0) | % | (8.1) | (23.0) | % | (20.2) | (36.3) | % | ||||||||||||||||||||||||||
| Change in highly inflationary markets | (0.1) | (0.5) | % | — | — | % | (0.1) | (0.2) | % | ||||||||||||||||||||||||||
| Impact of currency | 0.8 | 3.9 | % | 1.5 | 4.2 | % | 2.3 | 4.2 | % | ||||||||||||||||||||||||||
| Segment profit - current year | $ | 9.1 | (55.6) | % | $ | 28.6 | (18.8) | % | $ | 37.7 | (32.3) | % | |||||||||||||||||||||||
| Total Segment Profit | |||||||||||||||||||||||||||||||||||
| Segment profit - prior year | $ | 139.8 | $ | 147.5 | $ | 287.3 | |||||||||||||||||||||||||||||
| Organic | (35.1) | (25.1) | % | 13.6 | 9.2 | % | (21.5) | (7.5) | % | ||||||||||||||||||||||||||
| Acquisition impact | 5.3 | 3.8 | % | (2.1) | (1.4) | % | 3.2 | 1.1 | % | ||||||||||||||||||||||||||
| Change in highly inflationary markets | (0.2) | (0.1) | % | — | — | % | (0.2) | (0.1) | % | ||||||||||||||||||||||||||
| Impact of currency | 5.0 | 3.5 | % | 3.3 | 2.2 | % | 8.3 | 2.9 | % | ||||||||||||||||||||||||||
| Segment profit - current year | $ | 114.8 | (17.9) | % | $ | 162.3 | 10.0 | % | $ | 277.1 | (3.6) | % | |||||||||||||||||||||||
14
Energizer Holdings, Inc.
Supplemental Schedules - Non-GAAP Reconciliations
For the Quarter and Six Months Ended March 31, 2026
(In millions - Unaudited)
| Gross profit | Q1'26 | Q2'26 | Q1'25 | Q2'25 | Q2'26 YTD | Q2'25 YTD | |||||||||||||||||||||||
| Net sales | $ | 778.9 | $ | 643.3 | $ | 731.7 | $ | 662.9 | $ | 1,422.2 | $ | 1,394.6 | |||||||||||||||||
| Reported Cost of products sold | 522.3 | 384.5 | 462.1 | 403.9 | 906.8 | 866.0 | |||||||||||||||||||||||
| Gross profit | $ | 256.6 | $ | 258.8 | $ | 269.6 | $ | 259.0 | $ | 515.4 | $ | 528.6 | |||||||||||||||||
| Gross margin | 32.9 | % | 40.2 | % | 36.8 | % | 39.1 | % | 36.2 | % | 37.9 | % | |||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Restructuring and related costs | 15.3 | 27.1 | 9.4 | 8.7 | 42.4 | 18.1 | |||||||||||||||||||||||
| Network transition costs | — | — | 14.0 | 2.7 | — | 16.7 | |||||||||||||||||||||||
| Cost of products sold - adjusted | 507.0 | 357.4 | 438.7 | 392.5 | 864.4 | 831.2 | |||||||||||||||||||||||
| Adjusted Gross profit | $ | 271.9 | $ | 285.9 | $ | 293.0 | $ | 270.4 | $ | 557.8 | $ | 563.4 | |||||||||||||||||
| Adjusted Gross margin | 34.9 | % | 44.4 | % | 40.0 | % | 40.8 | % | 39.2 | % | 40.4 | % | |||||||||||||||||
| | |||||||||||||||||||||||||||||
| SG&A | Q1'26 | Q2'26 | Q1'25 | Q2'25 | Q2'26 YTD | Q2'25 YTD | |||||||||||||||||||||||
| Reported SG&A | $ | 149.3 | $ | 133.1 | $ | 131.3 | $ | 136.0 | $ | 282.4 | $ | 267.3 | |||||||||||||||||
| Reported SG&A % of Net sales | 19.2 | % | 20.7 | % | 17.9 | % | 20.5 | % | 19.9 | % | 19.2 | % | |||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||
| Restructuring and related costs | 15.6 | 4.4 | 10.9 | 9.2 | 20.0 | 20.1 | |||||||||||||||||||||||
| Acquisition and integration costs | 0.5 | 1.6 | 1.2 | 2.3 | 2.1 | 3.5 | |||||||||||||||||||||||
| SG&A Adjusted - subtotal | $ | 133.2 | $ | 127.1 | $ | 119.2 | $ | 124.5 | $ | 260.3 | $ | 243.7 | |||||||||||||||||
| SG&A Adjusted % of Net sales | 17.1 | % | 19.8 | % | 16.3 | % | 18.8 | % | 18.3 | % | 17.5 | % | |||||||||||||||||
| Other items, net | Q1'26 | Q2'26 | Q1'25 | Q2'25 | Q2'26 YTD | Q2'25 YTD | |||||||||||||||||||||||
| Interest income | $ | (0.7) | $ | (2.5) | $ | (1.2) | $ | (0.6) | $ | (3.2) | $ | (1.8) | |||||||||||||||||
| Foreign currency exchange loss/(gain) | 1.3 | 1.8 | (3.8) | 0.4 | 3.1 | (3.4) | |||||||||||||||||||||||
| Pension cost other than service costs and settlement loss | 0.5 | 0.2 | — | — | 0.7 | — | |||||||||||||||||||||||
| Other | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||||||
| Other items, net - Adjusted | $ | 1.1 | $ | (0.5) | $ | (5.0) | $ | 0.1 | $ | 0.6 | $ | (4.9) | |||||||||||||||||
| Settlement loss on U.K. Pension plan termination | — | 26.1 | — | — | 26.1 | — | |||||||||||||||||||||||
| Restructuring and related costs | — | — | — | (0.3) | — | (0.3) | |||||||||||||||||||||||
| Total Other items, net | $ | 1.1 | $ | 25.6 | $ | (5.0) | $ | (0.2) | $ | 26.7 | $ | (5.2) | |||||||||||||||||
| Restructuring and related costs | Q1'26 | Q2'26 | Q1'25 | Q2'25 | Q2'26 YTD | — | Q2'25 YTD | ||||||||||||||||||||||
| Cost of products sold - Restructuring | $ | 9.2 | $ | 22.1 | $ | 9.4 | $ | 8.7 | $ | 31.3 | $ | 18.1 | |||||||||||||||||
| Cost of products sold - U.S. operating efficiency project | 6.1 | 5.0 | — | — | 11.1 | — | |||||||||||||||||||||||
| SG&A - Restructuring costs | 15.6 | 4.4 | 4.8 | 3.8 | 20.0 | 8.6 | |||||||||||||||||||||||
| SG&A - IT Enablement | — | — | 6.1 | 5.4 | — | 11.5 | |||||||||||||||||||||||
| Other items, net | — | — | — | (0.3) | — | (0.3) | |||||||||||||||||||||||
| Total Restructuring and related costs | $ | 30.9 | $ | 31.5 | $ | 20.3 | $ | 17.6 | $ | 62.4 | $ | 37.9 | |||||||||||||||||
| Acquisition and integration | Q1'26 | Q2'26 | Q1'25 | Q2'25 | Q2'26 YTD | Q2'25 YTD | |||||||||||||||||||||||
| SG&A | 0.5 | 1.6 | 1.2 | 2.3 | 2.1 | 3.5 | |||||||||||||||||||||||
| Total Acquisition and integration related items | $ | 0.5 | $ | 1.6 | $ | 1.2 | $ | 2.3 | $ | 2.1 | $ | 3.5 | |||||||||||||||||
15
Energizer Holdings, Inc.
Supplemental Schedules - Non-GAAP Reconciliations cont.
For the Quarter Ended March 31, 2026
(In millions - Unaudited)
| Q2'26 | Q1'26 | Q4'25 | Q3'25 | LTM 3/31/26 (1) | Q2'25 | |||||||||||||||||||||||||||
| Net earnings/(loss) | $ | 10.1 | $ | (3.4) | $ | 34.9 | $ | 153.5 | $ | 195.1 | $ | 28.3 | ||||||||||||||||||||
| Income tax provision/(benefit) | 11.6 | (1.4) | 18.5 | 10.7 | 39.4 | 8.1 | ||||||||||||||||||||||||||
| Earnings/(loss) before income taxes | 21.7 | (4.8) | 53.4 | 164.2 | 234.5 | 36.4 | ||||||||||||||||||||||||||
| Interest expense | 39.3 | 39.1 | 40.3 | 39.0 | 157.7 | 38.0 | ||||||||||||||||||||||||||
| Loss on extinguishment/modification of debt | — | 0.9 | 6.8 | — | 7.7 | 5.2 | ||||||||||||||||||||||||||
| Depreciation & Amortization | 31.1 | 31.6 | 32.1 | 31.9 | 126.7 | 30.9 | ||||||||||||||||||||||||||
| EBITDA | $ | 92.1 | $ | 66.8 | $ | 132.6 | $ | 235.1 | $ | 526.6 | $ | 110.5 | ||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Restructuring and related costs | 31.5 | 30.9 | 22.8 | 8.0 | 93.2 | 17.6 | ||||||||||||||||||||||||||
| Network transition costs | — | — | 2.1 | 0.9 | 3.0 | 2.7 | ||||||||||||||||||||||||||
| Acquisition and integration costs | 1.6 | 0.5 | 1.4 | 1.3 | 4.8 | 2.3 | ||||||||||||||||||||||||||
| Settlement loss on the U.K. pension plan termination | 26.1 | — | — | — | 26.1 | — | ||||||||||||||||||||||||||
| FY23 & FY24 production credits | — | — | 0.5 | (78.5) | (78.0) | — | ||||||||||||||||||||||||||
| Litigation matter | — | — | — | (1.7) | (1.7) | — | ||||||||||||||||||||||||||
| Impairment of intangible assets | — | — | 5.9 | — | 5.9 | — | ||||||||||||||||||||||||||
| Share-based payments | 7.3 | 8.7 | 5.9 | 6.3 | 28.2 | 7.2 | ||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 158.6 | $ | 106.9 | $ | 171.2 | $ | 171.4 | $ | 608.1 | $ | 140.3 | ||||||||||||||||||||
(1) LTM defined as the latest 12 months for the period ending March 31, 2026.
| For the Six Months Ended March 31, | |||||||||||
| Free cash flow | 2026 | 2025 | |||||||||
| Net cash from operating activities | $ | 147.8 | $ | 64.2 | |||||||
| Capital expenditures | (43.0) | (55.6) | |||||||||
| Proceeds from sale of assets | 1.1 | — | |||||||||
| Free cash flow | $ | 105.9 | $ | 8.6 | |||||||
| Net debt | 3/31/2026 | 9/30/2025 | |||||||||
| Current maturities of long-term debt | $ | 8.6 | $ | 8.6 | |||||||
| Current portion of finance leases | 1.6 | 1.5 | |||||||||
| Notes payable | 0.5 | 13.7 | |||||||||
| Long-term debt | 3,304.6 | 3,407.9 | |||||||||
| Total debt per the balance sheet | $ | 3,315.3 | $ | 3,431.7 | |||||||
| Cash and cash equivalents | 172.5 | 236.2 | |||||||||
| Net debt | $ | 3,142.8 | $ | 3,195.5 | |||||||
16
Energizer Holdings, Inc.
Supplemental Schedules - Non-GAAP Reconciliations cont.
FY 2026 Outlook
(In millions - Unaudited)
| Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted net earnings per common share (EPS) | |||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Q3 2026 Outlook | Fiscal Year 2026 Outlook | ||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share data) | Adjusted net earnings | Adjusted EPS | Adjusted net earnings | Adjusted EPS | |||||||||||||||||||||||||||||||||||||||||||
| Fiscal 2026 - GAAP Outlook | $39 | to | $49 | $0.56 | to | $0.71 | $126 | to | $164 | $1.80 | to | $2.33 | |||||||||||||||||||||||||||||||||||
| Impacts: | |||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and related costs | 11 | 8 | 0.16 | 0.13 | 73 | 61 | 1.04 | 0.87 | |||||||||||||||||||||||||||||||||||||||
| Acquisition and integration costs | 2 | 1 | 0.03 | 0.01 | 4 | 2 | 0.06 | 0.02 | |||||||||||||||||||||||||||||||||||||||
| Loss on extinguishment/modification of debt | — | — | — | — | 2 | 1 | 0.03 | 0.01 | |||||||||||||||||||||||||||||||||||||||
| Settlement loss on pension plan termination | — | — | — | — | 26 | 26 | 0.37 | 0.37 | |||||||||||||||||||||||||||||||||||||||
| Fiscal 2026 - Adjusted Outlook | $52 | to | $58 | $0.75 | to | $0.85 | $231 | to | $254 | $3.30 | to | $3.60 | |||||||||||||||||||||||||||||||||||
| Fiscal 2026 Outlook Reconciliation - Adjusted EBITDA | |||||||||||
| (in millions, except per share data) | |||||||||||
| Net earnings | $126 | to | $164 | ||||||||
| Income tax provision | 6 | to | 46 | ||||||||
| Earnings before income taxes | $132 | to | $210 | ||||||||
| Interest expense | 160 | 150 | |||||||||
| Loss on extinguishment/modification of debt | 2 | 1 | |||||||||
| Amortization | 55 | 50 | |||||||||
| Depreciation | 75 | 65 | |||||||||
| EBITDA | $424 | to | $476 | ||||||||
| Adjustments: | |||||||||||
| Restructuring and related costs | 95 | 80 | |||||||||
| Acquisition and integration costs | 5 | 3 | |||||||||
| Settlement loss on pension plan termination | 26 | 26 | |||||||||
| Share-based payments | 30 | 25 | |||||||||
| Adjusted EBITDA | $580 | to | $610 | ||||||||
17
+ May 5, 2026 Q2 Fiscal 2026 Earnings Exhibit 99.2
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, packaging transition, 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 tariff and currency fluctuations, which could adversely affect our 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. 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 tariffs, 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. We may use artificial intelligence in our business, which could result in reputational harm, competitive harm, and legal liability, and adversely affect our operations. 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. 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. Increased focus by governmental and non-governmental organizations, customers, consumers and shareholders on sustainability issues, including those related to 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 condit ion. We are subject to uncertainties regarding the IEEPA tariff refunds, including the timing of these refunds. 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 18, 2025. Forward-Looking Statements 2
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 restructuring and related costs, network transition costs, acquisition and integration costs the loss on extinguishment/modification of debt and the settlement loss on the U.K. Pension Plan termination. 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 acquisition on May 2, 2025. These adjustments include the impact of the operations associated with the acquired branded battery business. The Company transitioned from these branded businesses 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 and network transition costs. •Free Cash Flow. Free Cash Flow is defined as net cash provided by operating activities reduced by capital expenditures. •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, the loss/(gain) on extinguishment/modification of debt and the settlement loss on the U.K. pension plan termination. •EBITDA and Adjusted EBITDA. EBITDA is defined as net (loss)/earnings before income tax (benefit)/provision, interest, the loss 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, settlement loss on the U.K. pension plan termination, and share based payments. 3
+ Q2 Fiscal 2026 Financial Results
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE5 Energizer’s Fiscal 2026 strategic priorities Restore Organic Net Sales growth through strengthened distribution and advancing innovation Rebuild Gross Margins impacted by tariffs Return to historical Free Cash Flow profile Disciplined deployment of Cash to maximize shareholder value 5
Q2 2026 Financial Highlights Q2 2026 ACTUAL (Reported May 2026) 6 1. Reported Gross Margin: 40.2% 2. Reported Earnings per share: $0.15 3. Reported Net Earnings: $10.1M Net sales of $643.3M, -3.0% reported, -5.5% organic* • Batteries & Lights Net sales -3% reported, -5.9% organic* • Auto Care Net sales -2.7% reported, -4.5% organic* Adjusted gross margin was 44.4%(1), up 360 bps vs. prior year Adjusted EPS of $0.94(2), up 40% from the prior year Adjusted EBITDA of $158.6M(3), up 13% from the prior year Net Sales Adjusted Gross Margin* Adjusted EPS* Adjusted EBITDA* Over $100M of debt paydown & 7.4% free cash flow of sales year-to-date * Debt Paydown & FCF* All comparisons for Fiscal 2026 actual results are to Fiscal 2025 comparable reported results. * See non-GAAP reconciliations in the Appendix.
Category trends remain healthy following January 2026 storm driven demand 7 U.S. Battery Category Volume Rolling 13 Week Periods FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 (5.0%) (4.0%) (3.0%) (2.0%) (1.0%) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Source: Circana Unify Total US Multi-Outlet plus Convenience, 13wk rolling Volume trend vs Prior Year through 03/29/2026
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Half of the devices that take specialty batteries take 20mm types, led by 20323 Devices that take 2032 are growing faster than any other battery-powered devices1 Average change frequency is increasing over time as devices are becoming more powerful and used more frequently1 Introduced Energizer Ultimate Child Shield in Q2 2026, the world’s ONLY coin lithium batteries that prevent life-threatening burns if ingested Smart Tags Connected Home Key FobsToys +25% Specialty battery dollars have grown in the last 4 years2 Advancing meaningful innovation in Specialty, the fastest growing segment in Batteries & Lights #1 Share Energizer in Specialty segment2 Sources: 1. Kantar Device Inventory Study 2025 2. Circana Unify Total US Multi-Outlet + Convenience, 52WE 11/23/25, Electronic Specialty Segment 3. Energizer Device Audit 2024, Electronic Specialty Devices Represents >10% of Energizer Batteries & Lights Sales Devices 8
Energizer® Ultimate Child ShieldTM Distribution Secured in Major US and International Retailers Product Launched in March 2026 9
Plastic free packaging eliminating over 2 million pounds of plastic waste 10 FY25 FY26 FY27 ~30% ~70% ~100% Transition timing varies by customer, with resets generally aligned to prevent disruption to Holiday season 10 Majority of North America Household* packs will convert to Plastic Free in FY26 *ENERGIZER MAX®, ENERGIZER® ULTIMATE LITHIUM®, RAYOVAC HIGH ENERGY®, RAYOVAC FUSION® + ONLY
Armor All® Podium Series now in shelves in over 25,000 stores globally 11
+ Disciplined Execution Driving Algorithmic Performance Three Year Lookback
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE Financial Performance FY’22 – FY’25 13 Stable Net Sales ~$3 Billion Adjusted Gross Margin Expansion of 360 Basis Points Low Single Digit Adjusted EBITDA Growth Mid Single Digit Adjusted EPS Growth Expanded Battery Category Share
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE14 Stable Net Sales and Adjusted Gross Margin & Share Growth Net Sales & Adjusted Gross Margin FY’22 – FY’25 +360bps Adj. Gross Margin Stable Category Leadership 37.3%37.2% 41.2% 42.0% FY’22 Global United States Batteries Category Share FY’25 FY’22 FY’25 Note: Adjusted Gross Margin is a Non-GAAP measure. Refer to the appendix for a reconciliation to the most comparable GAAP measure. Share data from Global Track World Monthly +AMZ Value Share $3.05 $2.96 $2.89 $2.95 37.3% 39.0% 40.9% 40.9% 30.0% 35.0% 40.0% 45.0% $1.00 $2.00 $3.00 FY22 FY23 FY24 FY25 Net Sales Adj. Gross Margin
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE15 Project Momentum and Growth Initiatives Have Driven Consistent Earnings Growth CAGR CAGR ~3.2% ~4.6% Adjusted EPS FY’22 – FY’25 Adjusted EBITDA FY’22 – FY’25 $568 $597 $612 $624 $500 $550 $600 $650 FY22 FY23 FY24 FY25 $3.08 $3.09 $3.32 $3.52 $2.00 $2.50 $3.00 $3.50 $4.00 FY22 FY23 FY24 FY25 Note: Adjusted EBITDA and Adjusted EPS are Non-GAAP measure. Refer to the appendix for a reconciliation to the most comparable GAAP measure.
FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE FY’23 – FY’25 ~$600M 5.1x FY’22 Q3 FY’25 Q4 6.1x 16 ~$740M History of Strong Free Cash Flow Generation Significant Free Cash Flow Enabling Deleveraging, Dividends and Buybacks 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. Debt Paydown, Dividends & Share Repurchase Free Cash Flow 3 Year Cumulative Initiated Project Momentum
+ Fiscal 2026 & Q2 Outlook
Raising 2026 Earnings Outlook 18 All comparisons for Fiscal 2026 actual results are to Fiscal 2025 comparable reported results. * See non-GAAP reconciliations in the Appendix. Organic Net Sales Adjusted Gross Margin Adjusted EBITDA Adjusted EPS* 40% - 41% High End High End FY 2026 Outlook Initial Modest Decline Flat to Slightly Positive $580M - $610M $3.30 - $3.60 Current Flat Q3: + Low Single Digit Q3: ~40% Q3: $0.75 – 0.85
Q1 Q4 Adjusted Gross Margin expected to return to normalized levels in Q4 FY 2026 ~500 bps 34.9% Low 40’s Q1-Q4 Production Credits & Momentum Savings ~500 bps Transitional Costs Related to Elevated Tariffs Short-Term Operational Inefficiencies and APS Integration ~$15M Incremental Production Credits ~$40M Momentum(1) (2) ~$25M Savings ~$15M Tariff Mitigation(2) Cycling Transitional Costs and Operating Initiatives Drive Normalized Margins Q1 2026 1 2 3 Q1 – Q4 (1) Inclusive of savings expected to be recognized in SG&A. (2) Tariff Mitigation reflects tariff cost avoidance. 150 to 200 bps Transitional Costs 19
Appendix Materials: Non-GAAP Reconciliations 20
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
Non-GAAP Reconciliation: Adjusted Gross Margin (in millions) Adjusted gross margin as a percent of sales excludes any charges related to restructuring programs, network transition costs, acquisition and integration costs, FY23 & FY24 Production Credits, cost related to the exit of Russian market in FY22 and the costs related to the FY22 Brazilian flood.22
Non-GAAP Reconciliation: Adjusted Earnings Per Share – Fiscal Q2 2026 and 2025 (in millions, except per share data) Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Common Share (EPS). These measures exclude the impact of restructuring and related costs, network transition costs, the costs related to acquisition and integration., the Loss on extinguishment/modification of debt and the Settlement loss on U.K. Pension plan . The Effective tax rate for the Adjusted - Non-GAAP Net Earnings and Diluted EPS for the quarters ended MArch 31, 2026 and 2025 was 19.5% and 23.1%, respectively, as calculated utilizing the statutory rate for the jurisdictions where the costs were incurred. 23
Non-GAAP Reconciliation: Adjusted EBITDA and Free Cash Flow (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment/modification of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs of restructuring and related costs, network transition costs, acquisition and integration costs and share based payments. 24 Free Cash Flow is defined as net cash provided by operating activities reduced by capital expenditures.
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. 25
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. 26
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. 27
Non-GAAP Reconciliation: Adjusted Earnings per share - Fiscal 2023 and 2022 (in millions) 28 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.
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. 29
Non-GAAP Reconciliation: Adjusted EBITDA - June 30, 2022 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of acquisition and integration costs, the costs of exiting the Russian market, Gain on capital lease termination, the loss from the May 2022 Brazil flood damage, an acquisition earn out and share based payments. 30
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. 31 Free Cash Flow is defined as net cash provided by operating activities reduced by capital expenditures, net of the proceeds from asset sales.
Non-GAAP Reconciliation: FY 2026 Outlook (in millions – except per share data) 32
FAQ
How did Energizer (ENR) perform in Q2 fiscal 2026 on revenue and sales growth?
Energizer generated net sales of $643.3 million in Q2 fiscal 2026, a 3.0% decline from $662.9 million a year earlier. Organic net sales fell 5.5%, reflecting lower volumes from battery order timing shifts, a slower auto care selling season, and modest Middle East conflict impacts.
How did Energizer’s profit margins change in Q2 fiscal 2026?
Reported gross margin improved to 40.2% from 39.1% in the prior‑year quarter. Adjusted gross margin, which excludes restructuring and transition costs, rose to 44.4% from 40.8%, helped by a $47.6 million tariff refund benefit, $11.7 million in production credits, and pricing actions.
What guidance did Energizer provide for fiscal 2026 earnings and EBITDA?
For fiscal 2026, Energizer expects net sales up low single digits with roughly flat organic sales. It now targets adjusted EPS at the high end of $3.30–$3.60 and adjusted EBITDA at the high end of $580–$610 million, reflecting margin benefits from tariff refunds and ongoing savings.
How strong was Energizer’s cash flow and what is its debt position in 2026?
For the six months ended March 31, 2026, Energizer generated $147.8 million of operating cash flow and $105.9 million of free cash flow. At March 31, total debt was $3,315.3 million and net debt $3,142.8 million, compared with last‑twelve‑month adjusted EBITDA of about $608.1 million.
What notable one-time items affected Energizer’s Q2 2026 results?
Q2 results included a $47.6 million benefit in cost of goods sold from estimated IEEPA tariff refunds and $11.7 million in production tax credits. They also included a $26.1 million non‑cash settlement loss on termination of the U.K. pension plan and higher restructuring and related costs.