Energizer Holdings, Inc. · NYSE:ENR
Energizer — Morgan Stanley Global Consumer & Retail Conference 2025
29 slides from Energizer's conference presentation, Dec 3, 2025
Slide 1: Morgan Stanley Global Consumer Conference
2025 Morgan Stanley Global Consumer Conference + December 3, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, the future
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company reports its financial results in accordance with accounting principles generally accepted in the U.S. ("GAAP"). However, management believes that certain non-GAAP financial measures provide users with additional meaningful comparisons to the corresponding hist
Slide 4: 2025 Financial Results & 2026 Outlook
2025 Financial Results & 2026 Outlook
Slide 5: Fiscal Year 2025 Financial Results
Fiscal Year 2025 Financial Results FY’24 Actual FY’25 Actual Y/Y Change Reported Net Sales $2,887M $2,953M +2.3% Adjusted Gross Margin 40.9%(1) 40.9%(4) Flat Adjusted EBITDA $612.4M(2) $623.6M(5) +1.8% Adjusted EPS $3.32(3) $3.52(6) +6.0% 1. FY 2024 GAAP Gross Margin 38.3% 2. FY 2024 GAAP Net Income
Slide 6: 2025 Total Company Net Sales $2.95B
Diversified portfolio with proven topline growth across Batteries & Lights and Auto Care 2025 Total Company Net Sales $2.95B NET SALES BY CATEGORY GROWTH BY CATEGORY Batteries & Lights Auto Care 21% Auto Care +3.5% CAGR $620M $521M $2.4B 2025 +1% CAGR +1.5% CAGR $2,224M $0.6B $2,333M 79% Batteries &
Slide 7: Fiscal Year 2026 Outlook
Fiscal Year 2026 Outlook FY 2026 OUTLOOK Flat to Slightly Positive Organic Net Sales Q1: Down High Single Digits Modest Decline Adjusted Gross Margin* Q1: COGS impacted by $15 - $20 million short term operational inefficiencies and tariff impacts Adjusted EBITDA* $580M - $610M $3.30 - $3.60 Adjusted
Slide 8: Adjusted Gross Margin expected to return to normalized levels beginning in Q2 FY 2026
Adjusted Gross Margin expected to return to normalized levels beginning in Q2 FY 2026 Q1 2026 Adjusted Gross Margin Normalization in Q2 with Back-half Tailwinds ~450 bps Transitional Costs Related to Q1-Q4 1 Elevated Tariffs 2 Short-Term Production 150 to 200 Credits & Operational Inefficiencies and
Slide 9: Battery category recovery underway in the US following 2025 storm comps and soft consumer sentiment
Battery category recovery underway in the US following 2025 storm comps and soft consumer sentiment Battery Category Volume Rolling 4 Week Periods 9 Source: Circana Unify Total US Multi-Outlet plus Convenience, 4wk rolling Volume trend vs Prior Year through 11/23/25
Slide 10: Every room in the house contains multiple battery-powered devices
Every room in the house contains multiple battery- powered devices Living Room Bedrooms Kitchen TV Remote Smoke Detector Kitchen Scale Clock Ceiling Fan Remote Kitchen Timer Programmable Thermostat Touch/Tap Light Wet Mop Home Security Sensor Power Window Blinds Meat Thermometer Air Freshener Travel
Slide 11: Specialty is the fastest growing segment driven by Energizer's innovation leadership
Specialty is the fastest growing segment driven by Energizer’s innovation leadership Specialty battery dollars have grown Energizer +25% #1 Share in Specialty segment2 in the last 4 years2 Represents >10% of Energizer Batteries & Lights Sales Over half of the devices that take specialty batteries ta
Slide 12: Project Momentum Driving Efficiency and Growth
Project Momentum Driving Efficiency and Growth
Slide 13: Project Momentum has enabled earnings growth and significant cash flow generation
Project Momentum has enabled earnings growth and significant cash flow generation Contributed To What’s Next (FY’23 – FY’25) (FY’26) $206M Savings +$20M Additional Savings +360 bps Adjusted Gross Margin +$30M Tariff Mitigation Expansion $741M APS Integration Free Cash Flow Synergies $254M Operationa
Slide 14: Project Momentum initiatives have rebuilt Adjusted Gross Margin to pre-pandemic levels
Project Momentum initiatives have rebuilt Adjusted Gross Margin to pre-pandemic levels Rebuilt to pre- +360 bps pandemic levels 40.9% 40.9% 40.6% 39.6% 39.0% 37.3% FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 14 GAAP FOR INTERNAL USE FY Gross Margin: ONLY – DO 2020: NOT DISTRIBUTE 39.4%, FY 2021:
Slide 15: Project Momentum and growth initiatives have enabled consistent earnings growth
Project Momentum and growth initiatives have enabled consistent earnings growth Adjusted EPS Adjusted EBITDA CAGR CAGR FY’22 – FY’25 FY’22 – FY’25 +4.6% +3.2% Earnings Growth Driven Through Project Momentum Savings Accretive Acquisitions Manufacturing production credits Expanded Distribution New Pro
Slide 16: Debt Capital Structure & Capital Allocation Priorities
Debt Capital Structure & Capital Allocation Priorities
Slide 17: Continue to optimize debt capital structure
Continue to optimize debt capital structure ~$1.2B Existing Maturities Extended in FY’25 92% Fixed Rate Structure 4.6% Weighted Average Interest Rate No Meaningful Maturities Until 2028 17 FOR INTERNAL USE ONLY – DO NOT DISTRIBUTE
Slide 18: Returned significant capital to shareholders while reducing leverage
Returned significant capital to shareholders while reducing leverage FY 2025 Capital Return Strong Free Cash Flow Generation Leading to Deleveraging $177M $741M Total Returned Free Cash Flow 3 Year Cumulative 6.1x $87M Net Leverage Dividends 5.1x $90M Share Repurchase FY22 FY25 Q3 Q4 18 FOR INTERNAL
Slide 19: Creating Long-Term Shareholder Value
Creating Long-Term Shareholder Value Steadily growing Adjusted EBITDA through profitable Net Sales growth and disciplined cost management Reducing debt, transferring value from debt to equity holders Paying a competitive dividend Opportunistic share-repurchase and accretive M&A while maintaining a h
Slide 20: Appendix Materials: Non-GAAP Reconciliations
Appendix Materials: Non-GAAP Reconciliations 20
Slide 21: Non-GAAP Reconciliation: Net Sales
Non-GAAP Reconciliation: Net Sales (in millions) Organic. This is the non-GAAP financial measurement of the change in Net sales or segment profit that excludes or otherwise adjusts for the Acquisition impact, Change in highly inflationary markets and Impact of currency from the changes in foreign cu
Slide 22: Non-GAAP Reconciliation: Adjusted Gross Margin
Non-GAAP Reconciliation: Adjusted Gross Margin (in millions) Adjusted gross margin as a percent of sales excludes any charges related to restructuring programs, network transition costs, FY23 & FY24 production credits, acquisition and integration, costs from exiting the Russian market and flood dama
Slide 23: Non-GAAP Reconciliation: Adjusted Earnings Per Share Fiscal 2025 and 2024
Non-GAAP Reconciliation: Adjusted Earnings Per Share Fiscal 2025 and 2024 (in millions, except per share data) Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Common Share (EPS). These measures exclude the impact of restructuring and related costs, network transition costs, the costs rel
Slide 24: Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2025 and 2024
Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2025 and 2024 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment/modification of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs of restr
Slide 25: Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2024 and 2023
Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2024 and 2023 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs related to restructur
Slide 26: Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2022
Non-GAAP Reconciliation: Adjusted EBITDA - Fiscal 2022 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs related to restructuring, acqu
Slide 27: Non-GAAP Reconciliation: Adjusted Earnings per share - Fiscal 2023 and 2022
Non-GAAP Reconciliation: Adjusted Earnings per share - Fiscal 2023 and 2022 (in millions) Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Common Share (EPS). These measures exclude the impact of restructuring and related costs, the costs related to acquisition and integration, an acquisi
Slide 28: Non-GAAP Reconciliation: Net Debt and Net Leverage and Free Cash Flow
Non-GAAP Reconciliation: Net Debt and Net Leverage and Free Cash Flow (in millions) Net Debt is defined as total Company debt, less cash and cash equivalents. Net leverage is Net debt divided by the last twelve months Adjusted EBITDA. LTM is the last twelve months for June 30, 2022. Free Cash Flow i
Slide 29: Non-GAAP Reconciliation: FY 2026 Outlook
Non-GAAP Reconciliation: FY 2026 Outlook (in millions – except per share data) 29
Energizer Holdings — Morgan Stanley Global Consumer & Retail Conference 2025 on 6ix