Energizer Holdings Inc (ENR)

Energizer Holdings, Inc. Announces Fiscal 2026 Second Quarter ResultsMay 5, 2026 6:50 AM
PR Newswire (US) Second Quarter HighlightsNet sales of $643.3 million, -3.0% to prior yearGross 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 rangesST. LOUIS, May 5, 2026 /PRNewswire/ -- 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 PerformanceFor the quarter, we had Net sales of $643.3 million compared to $662.9 million in the prior year period.
Second Quarter
% ChgNet sales - FY'25$                662.9

Organic(36.6)
(5.5) %Acquisition impact2.1
0.3 %Change in highly inflationary markets(1.1)
(0.2) %Impact of currency16.0
2.4 %Net sales - FY'26$                643.3
(3.0) %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 MarginGross 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 QuarterGross margin - FY'25 Reported39.1 %Prior year impact of restructuring and related costs and network transition costs1.7 %Gross margin - FY'25 Adjusted(1)40.8 %Net tariff impact - inclusive of refund benefit4.8 %FY26 production credits1.8 %Pricing0.3 %Product mix(2.4) %Product cost impacts(1.0) %All other, including currency impacts0.1 %Gross margin - FY'26 Adjusted(1)44.4 %Current year impact of restructuring and related costs(4.2) %Gross margin - FY'26 Reported40.2 %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 $1.8 million for the second fiscal quarter to 3.0% of Net sales, compared to 3.1% in the prior year.Earnings Per Share and Adjusted EBITDASecond Quarter(In millions, except per share data)2026
2025Net earnings$      10.1
$      28.3Diluted net earnings per common share$      0.15
$      0.39



Adjusted Net earnings(1) $      65.1
$      49.4Adjusted Diluted net earnings per common share(1) $      0.94
$      0.67Adjusted 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 allocationOperating 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/zVbKaYVGy8DFor those unable to participate during the live webcast, a replay will be available on www.energizerholdings.com, under "Investors," "Events and Presentations," and "Past Events" tabs.This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, the future sales, gross margins, costs, earnings, cash flows, tax rates and performance of the Company. These statements generally can be identified by the use of forward-looking words or phrases such as "believe," "expect," "expectation," "anticipate," "may," "could," "will," "intend," "belief," "estimate," "plan," "target," "predict," "likely," "should," "forecast," "outlook," or other similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this document are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation:Global economic and financial market conditions beyond our control might materially and negatively impact us.Competition in our product categories might hinder our ability to execute our business strategy, achieve profitability, or maintain relationships with existing customers.Changes in the retail environment and consumer preferences could adversely affect our business, financial condition and results of operations.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 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.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
2025Net sales$          643.3
$          662.9
$      1,422.2
$      1,394.6Cost of products sold (1) (2)384.5
403.9
906.8
866.0Gross profit258.8
259.0
515.4
528.6Selling, general and administrative expense (1)133.1
136.0
282.4
267.3Advertising and sales promotion expense19.0
20.8
68.2
74.2Research and development expense7.6
8.1
15.4
16.1Amortization of intangible assets12.5
14.7
26.5
29.4Interest expense39.3
38.0
78.4
75.0Loss on extinguishment/modification of debt —
5.2
0.9
5.3Other items, net (3)25.6
(0.2)
26.7
(5.2)Earnings before income taxes21.7
36.4
16.9
66.5Income tax provision11.6
8.1
10.2
15.9Net earnings$           10.1
$           28.3
6.7
50.6







Basic net earnings per common share$           0.15
$           0.39
$         0.10
$         0.70Diluted net earnings per common share$           0.15
$           0.39
$         0.10
$         0.69







Weighted average shares of common stock - Basic68.5
72.2
68.5
72.1Weighted average shares of common stock - Diluted69.1
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.
(3) 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. ENERGIZER HOLDINGS, INC.CONSOLIDATED BALANCE SHEETS(Condensed)(In millions - Unaudited)
AssetsMarch 31,
2026
September 30,
2025Current assets


Cash and cash equivalents$                  172.5
$                  236.2     Trade receivables309.6
404.2Inventories743.6
781.2Other current assets273.8
257.5Total current assets$                1,499.5
$                1,679.1Property, plant and equipment, net392.8
403.0Operating lease assets85.8
93.2Goodwill1,048.1
1,051.2Other intangible assets, net979.3
1,005.5Deferred tax assets166.3
166.6Other assets227.3
158.1Total assets$                4,399.1
$                4,556.7



Liabilities and Shareholders' Equity


Current liabilities


Current maturities of long-term debt$                     8.6
$                     8.6Current portion of finance leases1.6
1.5Notes payable0.5
13.7Accounts payable393.4
402.2Current operating lease liabilities12.2
16.2Other current liabilities315.7
352.8Total current liabilities$                  732.0
$                  795.0Long-term debt3,304.6
3,407.9Operating lease liabilities79.1
84.8Deferred tax liabilities9.6
6.1Other liabilities100.6
93.0Total liabilities$                4,225.9
$                4,386.8Shareholders' equity


Common stock0.8
0.8Additional paid-in capital594.4
603.5Retained earnings47.9
87.0Treasury stock(280.2)
(295.8)Accumulated other comprehensive loss(189.7)
(225.6)Total shareholders' equity$                  173.2
$                  169.9Total liabilities and shareholders' equity$                4,399.1
$                4,556.7 ENERGIZER HOLDINGS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(Condensed)(In millions - Unaudited)


For the Six Months Ended
March 31,
2026
2025Cash Flow from Operating Activities


Net earnings$             6.7
$           50.6Non-cash integration and restructuring charges24.4
5.2Depreciation and amortization62.7
62.7Production credits 22.8
—IEEPA tariff refund receivable(49.9)
—Deferred income taxes3.6
2.6Share-based compensation expense16.0
13.4Settlement loss on U.K. pension plan termination26.1
—Loss on extinguishment of debt0.9
1.1Exchange loss/(gain) included in income3.1
(3.4)Non-cash items included in income, net5.7
5.7Other, net(15.3)
(8.0)Changes in current assets and liabilities used in operations41.0
(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 assets1.1
—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)—
198.2Payments 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)
0.4Debt 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 period236.2
216.9Cash, 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. ENERGIZER HOLDINGS, INC.
Reconciliation of GAAP and Non-GAAP Measures
For the Quarter and Six months ended March 31, 2026The 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.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
2025Segment Net sales$     473.2
$     488.0
$     170.1
$     174.9
$     643.3
$     662.9Segment Cost of products sold248.1
284.3
109.3
108.2
357.4
392.5Segment Advertising and promotion expense12.2
14.3
6.8
6.5
19.0
20.8Other segment items79.2
77.1
25.4
25.0
104.6
102.1Segment profit$     133.7
$     112.3
$      28.6
$      35.2
$     162.3
$     147.5Segment 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
2025Segment Net sales$  1,158.4
$  1,120.4
$     263.8
$     274.2
$  1,422.2
$  1,394.6Segment Cost of products sold689.9
664.5
174.5
166.7
864.4
831.2Segment Advertising and promotion expense55.8
61.7
12.4
12.5
68.2
74.2Other segment items173.3
162.6
39.2
39.3
212.5
201.9Segment profit$     239.4
$     231.6
$      37.7
$      55.7
$     277.1
$     287.3Segment 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
2025Total segment profit$         162.3
$         147.5
$         277.1
$         287.3General 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)
4.9Total 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. Energizer Holdings, Inc.Supplemental Schedules - GAAP EPS to Adjusted EPS ReconciliationFor 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
2025Net earnings$          10.1
$          28.3
$           6.7
$          50.6Pre-tax adjustments






Restructuring and related costs (1)31.5
17.6
62.4
37.9Network transition costs (1)—
2.7
—
16.7Acquisition and integration (1)1.6
2.3
2.1
3.5Loss on extinguishment/modification of debt—
5.2
0.9
5.3Settlement loss on U. K. pension plan termination (1)26.1
—
26.1
—Total adjustments, pre-tax$          59.2
$          27.8
$          91.5
$          63.4Total adjustments, after tax (2)$          55.0
$          21.1
$          79.7
$          48.2Adjusted Net earnings (2)$          65.1
$          49.4
$          86.4
$          98.8







Diluted net earnings per common share $          0.15
$          0.39
$          0.10
$          0.69Adjustments  (per common share)






Restructuring and related costs0.39
0.18
0.73
0.39Network transition costs—
0.03
—
0.18Acquisition and integration0.02
0.02
0.03
0.04Loss on extinguishment/modification of debt—
0.05
0.01
0.05Settlement 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
$          1.35Weighted average shares of common stock - Diluted69.1
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. Energizer Holdings, Inc.Supplemental Schedules - Currency Neutral ResultsFor 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
ReportedImpact of
Currency(1)Currency
Neutral
March 31,
2025
As
Reported
BasisCurrency
Neutral
BasisAs 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
ReportedImpact of
Currency(1)Currency
Neutral
March 31,
2025
As
Reported
BasisCurrency
Neutral
BasisAs 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. Energizer Holdings, Inc.Supplemental Schedules - Segment Sales and ProfitFor the Quarter and Six Months Ended March 31, 2026 (In millions - Unaudited)
Net salesQ1'26
% Chg
Q2'26
% Chg
Six 
Months
'26
% ChgBatteries & 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 impact64.6
10.2 %
2.1
0.4 %
66.7
6.0 %Change in highly inflationary markets0.2
— %
(1.0)
(0.2) %
(0.8)
(0.1) %Impact of currency12.3
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 currency1.4
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 impact64.6
8.8 %
2.1
0.3 %
66.7
4.8 %Change in highly inflationary markets0.1
— %
(1.1)
(0.2) %
(1.0)
(0.1) %Impact of currency13.7
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 % Energizer Holdings, Inc.Supplemental Schedules - Segment Sales and ProfitFor the Quarter and Six Months Ended March 31, 2026 (In millions - Unaudited)











Segment profitQ1'26
% Chg
Q2'26
% Chg
Six
Months
'26
% ChgBatteries & 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 impact5.3
4.4 %
(2.1)
(1.9) %
3.2
1.4 %Change in highly inflationary markets(0.1)
(0.1) %
—
— %
(0.1)
— %Impact of currency4.2
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 currency0.8
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 impact5.3
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 currency5.0
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) % Energizer Holdings, Inc.Supplemental Schedules - Non-GAAP ReconciliationsFor the Quarter and Six Months Ended March 31, 2026 (In millions - Unaudited) 

Gross profitQ1'26Q2'26
Q1'25Q2'25
Q2'26 YTD
Q2'25 YTDNet sales$     778.9$     643.3
$     731.7$     662.9
$    1,422.2
$    1,394.6Reported Cost of products sold522.3384.5
462.1403.9
906.8
866.0Gross profit$     256.6$     258.8
$     269.6$     259.0
$     515.4
$     528.6Gross margin32.9 %40.2 %
36.8 %39.1 %
36.2 %
37.9 %Adjustments








Restructuring and related costs15.327.1
9.48.7
42.4
18.1Network transition costs——
14.02.7
—
16.7Cost of products sold - adjusted507.0357.4
438.7392.5
864.4
831.2Adjusted Gross profit$     271.9$     285.9
$     293.0$     270.4
$     557.8
$     563.4Adjusted Gross margin34.9 %44.4 %
40.0 %40.8 %
39.2 %
40.4 %









SG&AQ1'26Q2'26
Q1'25Q2'25
Q2'26 YTD
Q2'25 YTDReported SG&A$     149.3$     133.1
$     131.3$     136.0
$     282.4
$     267.3Reported SG&A % of Net sales19.2 %20.7 %
17.9 %20.5 %
19.9 %
19.2 %Adjustments








Restructuring and related costs15.64.4
10.99.2
20.0
20.1Acquisition and integration costs0.51.6
1.22.3
2.1
3.5SG&A Adjusted - subtotal$     133.2$     127.1
$     119.2$     124.5
$     260.3
$     243.7SG&A Adjusted % of Net sales17.1 %19.8 %
16.3 %18.8 %
18.3 %
17.5 %









Other items, netQ1'26Q2'26
Q1'25Q2'25
Q2'26 YTD
Q2'25 YTDInterest income$       (0.7)$       (2.5)
$       (1.2)$       (0.6)
$       (3.2)
$       (1.8)Foreign currency exchange loss/(gain)1.31.8
(3.8)0.4
3.1
(3.4)Pension cost other than service costs and settlement loss0.50.2
——
0.7
—Other——
—0.3
—
0.3Other 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 costsQ1'26Q2'26
Q1'25Q2'25
Q2'26 YTD
Q2'25 YTDCost of products sold - Restructuring$        9.2$       22.1
$        9.4$        8.7
$       31.3
$       18.1Cost of products sold - U.S. operating efficiency project6.15.0
——
11.1
—SG&A - Restructuring costs15.64.4
4.83.8
20.0
8.6SG&A - IT Enablement——
6.15.4
—
11.5Other 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 integrationQ1'26Q2'26
Q1'25Q2'25
Q2'26 YTD
Q2'25 YTDSG&A0.51.6
1.22.3
2.1
3.5Total Acquisition and integration related items$        0.5$        1.6
$        1.2$        2.3
$        2.1
$        3.5 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)Q2'25Net earnings/(loss)$   10.1
$   (3.4)
$   34.9
$  153.5
$       195.1$    28.3Income tax provision/(benefit)11.6
(1.4)
18.5
10.7
39.48.1Earnings/(loss) before income taxes21.7
(4.8)
53.4
164.2
234.536.4Interest expense 39.3
39.1
40.3
39.0
157.738.0Loss on extinguishment/modification of debt—
0.9
6.8
—
7.75.2Depreciation & Amortization31.1
31.6
32.1
31.9
126.730.9EBITDA$   92.1
$   66.8
$  132.6
$  235.1
$       526.6$   110.5










Adjustments:









Restructuring and related costs31.5
30.9
22.8
8.0
93.217.6Network transition costs—
—
2.1
0.9
3.02.7Acquisition and integration costs1.6
0.5
1.4
1.3
4.82.3Settlement loss on the U.K. pension plan termination26.1
—
—
—
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 payments7.3
8.7
5.9
6.3
28.27.2Adjusted 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 flow2026
2025Net cash from operating activities $                    147.8
$                      64.2Capital expenditures (43.0)
(55.6)Proceeds from sale of assets 1.1
—Free cash flow$                    105.9
$                       8.6 Net debt3/31/2026
9/30/2025Current maturities of long-term debt$                       8.6
$                       8.6Current portion of finance leases1.6
1.5Notes payable0.5
13.7Long-term debt3,304.6
3,407.9Total debt per the balance sheet$                  3,315.3
$                  3,431.7Cash and cash equivalents172.5
236.2Net debt$                  3,142.8
$                  3,195.5 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$39to$49
$0.56to$0.71
$126to$164
$1.80to$2.33Impacts:














Restructuring and related costs11
8
0.16
0.13
73
61
1.04
0.87  Acquisition and integration costs2
1
0.03
0.01
4
2
0.06
0.02  Loss on extinguishment/modification of debt—
—
—
—
2
1
0.03
0.01Settlement loss on pension plan termination—
—
—
—
26
26
0.37
0.37Fiscal 2026 - Adjusted Outlook$52to$58
$0.75to$0.85
$231to$254
$3.30to$3.60 Fiscal 2026 Outlook Reconciliation - Adjusted EBITDA(in millions, except per share data)


Net earnings $126to$164Income tax provision6to46Earnings before income taxes$132to$210Interest expense 160
150Loss on extinguishment/modification of debt2
1Amortization55
50Depreciation  75
65EBITDA$424to$476



Adjustments:


Restructuring and related costs95
80Acquisition and integration costs5
3Settlement loss on pension plan termination26
26Share-based payments30
25Adjusted EBITDA$580to$610  View original content to download multimedia:https://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-fiscal-2026-second-quarter-results-302762533.htmlSOURCE Energizer Holdings, Inc. Original: Energizer Holdings, Inc. Announces Fiscal 2026 Second Quarter Results

ENERGIZER HOLDINGS, INC. DECLARES QUARTERLY DIVIDEND ON ITS COMMON STOCKApril 27, 2026 10:55 PM
PR Newswire (US)

ST. LOUIS, April 27, 2026 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) announced that its Board of Directors declared a dividend on its common stock of $0.30 per share. The dividend will be payable on June 10, 2026, to shareholders of record as of the close of business on May 20, 2026.







About Energizer Holdings, Inc.Energizer Holdings, Inc. ("Energizer", NYSE: ENR), headquartered in St. Louis, Missouri, is one of the world's largest manufacturers and distributors of primary batteries, portable lights, and auto care appearance, performance, refrigerant, and fragrance products. Our portfolio of globally recognized brands includes  Energizer®, Eveready®, Armor All®, Rayovac®, STP®, A/C Pro®, Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, Lexol®, Eagle One®, NEVR-DULL®,  Nu Finish®, Son of a Gun®, Scratch Doctor®,  Tuff Stuff®, Carnu®, Grand Prix®, Kit®, Tempo® and Centralsul®.  As a global branded consumer products company, Energizer's mission is to lead the charge to deliver value to our customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.



View original content to download multimedia:https://www.prnewswire.com/news-releases/energizer-holdings-inc-declares-quarterly-dividend-on-its-common-stock-302755043.htmlSOURCE Energizer Holdings, Inc.

Original: ENERGIZER HOLDINGS, INC. DECLARES QUARTERLY DIVIDEND ON ITS COMMON STOCK

ENERGIZER HOLDINGS, INC. TO WEBCAST A DISCUSSION OF SECOND QUARTER FISCAL YEAR 2026 RESULTS ON MAY 5April 7, 2026 7:00 PM
PR Newswire (US)

ST. LOUIS, April 7, 2026 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) will report its Second Quarter Fiscal Year 2026 results before the market opens on May 5. Energizer also will discuss its results during an investor conference call that will be webcast beginning at 10 a.m. ET. The call will be hosted by Mark LaVigne, Chief Executive Officer, and John Drabik, Chief Financial Officer.







Interested parties can access the live webcast, earnings press release, management prepared remarks, and related earnings presentation at www.energizerholdings.com, under the Investors and Events & Presentations tabs. The earnings press release, management prepared remarks, and related earnings presentation will be available prior to market open on May 5. The webcast can also be accessed directly via the following link:https://app.webinar.net/zVbKaYVGy8DFor those unable to participate during the live webcast, a replay will be available at www.energizerholdings.com, under the Investors, Events & Presentations and Quarterly Results tabs.About Energizer:Energizer Holdings ("Energizer," NYSE: ENR), headquartered in St. Louis, is one of the world's largest manufacturers and distributors of primary batteries, portable lights, and auto care appearance, performance, refrigerant, and fragrance products. Our portfolio of globally recognized brands include Energizer, Eveready Armor All, Rayovac, STP, A/C Pro, Refresh Your Car!, California Scents, Driven, Bahama & Co., LEXOL, Eagle One, NEVR-DULL, Nu Finish, Son of a Gun, Scratch Doctor, Tuff Stuff, Carnu, Grand Prix, Kit, Tempo and Centralsul. As a global branded consumer products company, Energizer's mission is to be the leader in our categories by better serving consumers and customers. Visit www.energizerholdings.com for more details.



View original content to download multimedia:https://www.prnewswire.com/news-releases/energizer-holdings-inc-to-webcast-a-discussion-of-second-quarter-fiscal-year-2026-results-on-may-5-302736289.htmlSOURCE Energizer Holdings, Inc.

Original: ENERGIZER HOLDINGS, INC. TO WEBCAST A DISCUSSION OF SECOND QUARTER FISCAL YEAR 2026 RESULTS ON MAY 5

Energizer Holdings, Inc. Announces Fiscal 2026 First Quarter ResultsFebruary 5, 2026 6:50 AM
PR Newswire (US)

First Quarter HighlightsNet sales increased +6.5% to $778.9 million, driven by Acquisition Net sales of $64.6 million(1)Operating cash flows of $149.5 million and Free cash flow of $124.2 million, or 15.9% of Net salesDebt reduction of over $100 millionLoss per share of $0.05 & Adjusted Earnings per share of $0.31(1)Reaffirming fiscal year outlook for Net sales, Adjusted Earnings per share and Adjusted EBITDAST. LOUIS, Feb. 5, 2026 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) today announced results for the first fiscal quarter ended December 31, 2025.  







"Energizer's strategic priorities in Fiscal 2026 are grounded in simple principles – restore growth, rebuild margins impacted by tariffs, and return to our long-term historical cash flow profile. We are exiting the first fiscal quarter having taken the necessary steps to drive these priorities forward," said Mark LaVigne, President and Chief Executive Officer."Our teams have executed with discipline – having made strong progress against our commercial plans, including the integration of APS, the re-alignment of our manufacturing footprint and the advancement of efficiency initiatives across the organization. These actions have been successfully completed, which set the stage for sequential gross margin improvement and meaningful earnings growth in the back half of the year.""Strong cash generation was a highlight, with $124.2 million of free cash flow enabling us to pay down more than $100 million of debt while returning nearly $28 million to shareholders."Top-Line PerformanceFor the quarter, we had Net sales of $778.9 million compared to $731.7 million in the prior year period.
First Quarter
% ChgNet sales - FY'25$                        731.7

Organic(31.2)
(4.3) %Acquisition impact64.6
8.8 %Change in highly inflationary markets0.1
— %Impact of currency13.7
2.0 %Net sales - FY'26$                        778.9
6.5 % Organic Net sales decreased 4.3% primarily due to the following items:Volumes declined 4.5% due to softer consumer demand in the U.S. across both segments, and higher storm activity in the prior year, partially offset by Batteries & Lights distribution gains and growth in ecommerce; andPricing increases of 0.2% driven by tariffs and innovation, primarily in the Batteries & Lights segment, partially offset the volume declines.The Advanced Power Solutions (APS) acquisition completed on May 2, 2025 contributed $64.6 million to Net sales.Gross MarginGross margin percentage on a reported basis was 32.9% versus 36.8% in the prior year. Excluding restructuring and related costs in the current and prior year of $15.3 million and $9.4 million, respectively, and the prior year network transition costs of $14.0 million, Adjusted Gross margin was 34.9% compared to 40.0% in the prior year, a decrease of 510 basis points.(1)
First QuarterGross margin - FY'25 Reported36.8 %Prior year impact of restructuring and related costs and network transition costs3.2 %Gross margin - FY'25 Adjusted(1)40.0 %FY26 production credits1.4 %Pricing0.2 %Tariffs(2.9) %Acquisition impact(1.7) %Product mix(1.5) %Product cost impacts(0.8) %Currency impacts, including highly inflationary markets0.2 %Gross margin - FY'26 Adjusted(1)34.9 %Current year impact of restructuring and related costs(2.0) %Gross margin - FY'26 Reported32.9 %Adjusted Gross margin decline was driven by increased input costs from production inefficiencies associated with rebalancing our network, increased tariff costs, unfavorable product mix and the lower margin profile of the APS business.  These declines were partially offset by the production tax credit of $9.7 million and benefits from price increases implemented to offset tariff impacts.(1)Selling, General and Administrative Expense (SG&A)SG&A, excluding restructuring and acquisition costs, was 17.1% of Net sales for the first quarter, or $133.2 million, compared to 16.3%, or $119.2 million in the prior year. The year-over-year dollar increase was primarily driven by increased SG&A from the APS business of $6.8 million, investment in digital transformation and growth initiatives, as well as increased legal fees, recycling fees and stock compensation expense. The increase was partially offset by Project Momentum savings of approximately $2 million in the quarter.(1)Advertising and Promotion Expense (A&P)A&P expense decreased $4.2 million for the first fiscal quarter to 6.3% of Net sales, compared to 7.3% in the prior year. Excluding the impact of the APS business, A&P expense was 6.9% of Net sales.(1)Earnings Per Share and Adjusted EBITDAFirst Quarter(In millions, except per share data)2026
2025Net (loss)/earnings$          (3.4)
$          22.3Diluted net (loss)/earnings per common share$        (0.05)
$          0.30



Adjusted Net earnings(1) $          21.3
$          49.4Adjusted Diluted net earnings per common share(1) $          0.31
$          0.67Adjusted EBITDA(1) $        106.9
$        140.7



Currency neutral Adjusted Diluted net earnings per common share(1)$          0.26

Currency neutral Adjusted EBITDA(1)$        102.4

Net earnings, Earnings per share, Adjusted Earnings per share and Adjusted EBITDA were impacted by the decrease in Gross margin, increased SG&A driven by the APS acquisition and unfavorable currency impacts, partially offset by the decline in A&P spend. 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.Free cash flow and Capital allocationOperating cash flow for the three months ended December 31, 2025 was $149.5 million, and Free cash flow was $124.2 million, or 15.9% of Net sales.The Company repurchased approximately 245,000 shares of common stock for $4.5 million, or $18.26 per share during the quarter.Dividend payments in the quarter were approximately $23 million, or $0.30 per common share.The Company paid down $92.5 million on the Term Loan and $13.3 million of international borrowings in the quarter.Financial Outlook and Assumptions for Fiscal Year 2026(1)For fiscal 2026, we are reaffirming our previous guidance with organic Net sales expected to be flat to slightly up in both Batteries and Lights and Auto Care. Adjusted Gross margin is expected to modestly decline from prior year, as the impact of tariffs will be largely offset through already executed pricing, production credits and productivity initiatives, with slight margin dilution from the inclusion of the APS business for the full year. As a result, we expect to deliver Adjusted Earnings per share for the full year in the range of $3.30 to $3.60 and Adjusted EBITDA in the range of $580 to $610 million. For the second fiscal quarter, we anticipate Organic Net sales to decline 4% to 5% and expect to deliver Adjusted Earnings per share in the range of $0.40 to $0.50.  Our outlook does not contemplate any impact from the recent winter storm activity.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 first 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/GP0Z9VQyRx8For 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.1) See Press Release attachments and supplemental schedules for additional information, including the GAAP and Non-GAAP reconciliations.This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, the future sales, gross margins, costs, earnings, cash flows, tax rates and performance of the Company. These statements generally can be identified by the use of forward-looking words or phrases such as "believe," "expect," "expectation," "anticipate," "may," "could," "will," "intend," "belief," "estimate," "plan," "target," "predict," "likely," "should," "forecast," "outlook," or other similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this document are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation:Global economic and financial market conditions beyond our control might materially and negatively impact us.Competition in our product categories might hinder our ability to execute our business strategy, achieve profitability, or maintain relationships with existing customers.Changes in the retail environment and consumer preferences could adversely affect our business, financial condition and results of operations.Loss or impairment of the reputation of our Company or our leading brands or failure of our marketing plans could have an adverse effect on our business.Loss of any of our principal customers could significantly decrease our sales and profitability.Our ability to meet our growth targets depends on successful product, marketing and operations innovation and successful responses to competitive innovation and changing consumer habits.We are subject to risks related to our international operations, including 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 condition.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.ENERGIZER HOLDINGS, INC.CONSOLIDATED STATEMENT OF EARNINGS(Condensed)(In millions, except per share data - Unaudited)

For the Quarters Ended December 31,
2025
2024Net sales$                           778.9
$                           731.7Cost of products sold (1) 522.3
462.1Gross profit256.6
269.6Selling, general and administrative expense (1)149.3
131.3Advertising and sales promotion expense49.2
53.4Research and development expense7.8
8.0Amortization of intangible assets14.0
14.7Interest expense39.1
37.0Loss on extinguishment/modification of debt 0.9
0.1Other items, net 1.1
(5.0)(Loss)/earnings before income taxes(4.8)
30.1Income tax (benefit)/provision(1.4)
7.8Net (loss)/earnings$                              (3.4)
$                             22.3



Basic net (loss)/earnings per common share$                            (0.05)
$                             0.31Diluted net (loss)/earnings per common share$                            (0.05)
$                             0.30



Weighted average shares of common stock - Basic68.4
72.0Weighted average shares of common stock - Diluted68.4
73.2

(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. ENERGIZER HOLDINGS, INC.CONSOLIDATED BALANCE SHEETS(Condensed)(In millions - Unaudited)
AssetsDecember 31,
2025
September 30,
2025Current assets


Cash and cash equivalents$                            214.8
$                            236.2Trade receivables372.8
404.2Inventories720.7
781.2Other current assets254.2
257.5Total current assets$                         1,562.5
$                         1,679.1Property, plant and equipment, net420.8
403.0Operating lease assets89.8
93.2Goodwill1,051.3
1,051.2Other intangible assets, net991.6
1,005.5Deferred tax assets164.6
166.6Other assets163.0
158.1Total assets$                         4,443.6
$                         4,556.7



Liabilities and Shareholders' Equity


Current liabilities


Current maturities of long-term debt$                                8.6
$                                8.6Current portion of finance leases1.4
1.5Notes payable0.5
13.7Accounts payable408.3
402.2Current operating lease liabilities14.3
16.2Other current liabilities350.8
352.8Total current liabilities$                            783.9
$                            795.0Long-term debt3,318.7
3,407.9Operating lease liabilities82.3
84.8Deferred tax liabilities9.4
6.1Other liabilities108.0
93.0Total liabilities$                         4,302.3
$                         4,386.8Shareholders' equity


Common stock0.8
0.8Additional paid-in capital587.2
603.5Retained earnings59.2
87.0Treasury stock(280.3)
(295.8)Accumulated other comprehensive loss(225.6)
(225.6)Total shareholders' equity$                            141.3
$                            169.9Total liabilities and shareholders' equity$                         4,443.6
$                         4,556.7 ENERGIZER HOLDINGS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(Condensed)(In millions - Unaudited)

For the Three Months
Ended December 31,
2025
2024Cash Flow from Operating Activities


Net (loss)/earnings$               (3.4)
$               22.3Non-cash integration and restructuring charges3.9
1.8Depreciation and amortization31.6
31.8Production credits 34.6
—Deferred income taxes5.7
3.9Share-based compensation expense8.7
6.2Loss on extinguishment of debt0.9
0.1Exchange (gain)/loss included in income1.3
(3.8)Non-cash items included in income, net3.5
2.6Other, net(12.2)
0.4Changes in current assets and liabilities used in operations74.9
11.7Net cash from operating activities149.5
77.0



Cash Flow from Investing Activities


Capital expenditures(25.3)
(34.6)Acquisitions, net of cash acquired—
(0.1)Net cash used by investing activities(25.3)
(34.7)



Cash Flow from Financing Activities


Payments on debt with maturities greater than 90 days(92.5)
(25.2)Net (decrease)/increase in debt with original maturities of 90 days or less(16.0)
0.2Debt issuance costs(1.5)
—Common stock purchased(4.5)
—Dividends paid on common stock(23.3)
(23.6)Taxes paid for withheld share-based payments(8.0)
(7.5)Net cash used by financing activities(145.8)
(56.1)



Effect of exchange rate changes on cash0.2
(7.2)



Net decrease in cash, cash equivalents, and restricted cash(21.4)
(21.0)Cash, cash equivalents, and restricted cash, beginning of period236.2
216.9Cash, cash equivalents, and restricted cash, end of period$             214.8
$             195.9 ENERGIZER HOLDINGS, INC.
Reconciliation of GAAP and Non-GAAP Measures
For the Quarter Ended December 31, 2025The 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, 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, 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, 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 and adjusted SG&A as percent of Net sales are also supplemental non-GAAP measure disclosures. These measures exclude the impact of restructuring and related costs, network transition costs and acquisition and integration costs. A&P as a percentage of net sales, excluding the APS business, excludes the Net sales from the APS branded business.  No material A&P was spent on these sales.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, 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.ENERGIZER HOLDINGS, INC.
Reconciliation of GAAP and Non-GAAP Measures
For the Quarter Ended December 31, 2025Operations 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 ended December 31, 2025 and 2024 are presented below:
Quarters Ended December 31,
2025
2024
2025
2024
2025
2024
Batteries & Lights
 Auto Care
TotalSegment Net sales$       685.2
$       632.4
$         93.7
$         99.3
$       778.9
$       731.7Segment Cost of products sold441.8
380.2
65.2
58.5
507.0
438.7Segment Advertising and promotion expense43.6
47.4
5.6
6.0
49.2
53.4Other segment items (1)94.1
85.5
13.8
14.3
107.9
99.8Segment profit$       105.7
$       119.3
$           9.1
$         20.5
$       114.8
$       139.8











Segment Depreciation and amortization$         14.7
$         14.3
$           2.9
$           2.8
$         17.6
$         17.1


(1)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker.Reconciliation of Total segment profit to (Loss)/earnings before income taxes:
Quarters Ended December 31,
2025
2024Total segment profit$                             114.8
$                             139.8General corporate & other expenses (1)(33.1)
(27.4)Restructuring and related costs (2)(30.9)
(20.3)Network transition costs (3)—
(14.0)Acquisition and integration costs (2)(0.5)
(1.2)Amortization of intangible assets(14.0)
(14.7)Interest expense(39.1)
(37.0)Loss on extinguishment/modification of debt(0.9)
(0.1)Other items, net (1.1)
5.0Total (loss)/earnings before income taxes$                                (4.8)
$                               30.1


(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. Energizer Holdings, Inc.Supplemental Schedules - GAAP EPS to Adjusted EPS ReconciliationFor the Quarter Ended December 31, 2025(In millions, except per share data - Unaudited)

For the Quarters Ended December 31,
2025
2024Net (loss)/earnings$                                (3.4)
$                               22.3Pre-tax adjustments


Restructuring and related costs (1)30.9
20.3Network transition costs (1)—
14.0Acquisition and integration (1)0.5
1.2Loss on extinguishment/modification of debt0.9
0.1Total adjustments, pre-tax$                               32.3
$                               35.6Total adjustments, after tax (2)$                               24.7
$                               27.1Adjusted Net earnings (2)$                               21.3
$                               49.4



Diluted net (loss)/earnings per common share $                              (0.05)
$                               0.30Adjustments  (per common share)


Restructuring and related costs0.34
0.21Network transition costs—
0.15Acquisition and integration0.01
0.01Loss on extinguishment/modification of debt0.01
—Adjusted Diluted net earnings per diluted common share$                               0.31
$                               0.67Weighted average shares of common stock - Diluted68.4
73.2Adjusted Weighted average shares of common stock - Diluted (3)69.3
73.2

(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 December 31, 2025 and 2024 was 22.5% and 24.8%, respectively, as calculated utilizing the statutory rate for where the costs were incurred.

(3)For the quarter ended December 31, 2025, the Adjusted Weighted average shares of common stock - Diluted includes the dilutive impact of our outstanding performance shares and restricted stock as they are dilutive to the calculation. Energizer Holdings, Inc.Supplemental Schedules - Currency Neutral ResultsFor the Quarter Ended December 31, 2025(In millions, except per share data - Unaudited)

For the Quarter Ended
Prior
Quarter
Ended



December 31, 2025

% Change% Change
As
ReportedImpact of
Currency(1)Currency
Neutral
December
31, 2024
As
Reported
BasisCurrency
Neutral
BasisAs Reported under GAAP






Diluted net (loss)/earnings per common share$          (0.05)$                          0.05$                 (0.10)
$                        0.30
(116.7) %(133.3) %Net (loss)/earnings$            (3.4)$                            3.5$                   (6.9)
$                        22.3
(115.2) %(130.9) %








As Adjusted (non-GAAP)(2)






Adjusted diluted net earnings per common share$           0.31$                          0.05$                  0.26
$                        0.67
(53.7) %(61.2) %Adjusted EBITDA$         106.9$                            4.5$                102.4
$                      140.7
(24.0) %(27.2) %

(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. Energizer Holdings, Inc.Supplemental Schedules - Segment Sales and ProfitFor the Quarter Ended December 31, 2025(In millions - Unaudited)
Net salesQ1'26
% ChgBatteries & Lights


Net sales - prior year$                 632.4

Organic(24.3)
(3.8) %Acquisition impact64.6
10.2 %Change in highly inflationary markets0.2
— %Impact of currency12.3
1.9 %Net sales - current year$                  685.2
8.3 %



Auto Care


Net sales - prior year$                    99.3

Organic(6.9)
(6.9) %Change in highly inflationary markets(0.1)
(0.1) %Impact of currency1.4
1.4 %Net sales - current year$                    93.7
(5.6) %



Total Net Sales


Net sales - prior year$                  731.7

Organic(31.2)
(4.3) %Acquisition impact64.6
8.8 %Change in highly inflationary markets0.1
— %Impact of currency13.7
2.0 %Net sales - current year$                 778.9
6.5 % Energizer Holdings, Inc.Supplemental Schedules - Segment Sales and ProfitFor the Quarter Ended December 31, 2025(In millions - Unaudited)





Segment profitQ1'26
% Chg
Batteries & Lights



Segment profit - prior year$           119.3


Organic(23.0)
(19.3) %
Acquisition impact5.3
4.4 %
Change in highly inflationary markets(0.1)
(0.1) %
Impact of currency4.2
3.6 %
Segment profit - current year$           105.7
(11.4) %





Auto Care



Segment profit - prior year$             20.5


Organic(12.1)
(59.0) %
Change in highly inflationary markets(0.1)
(0.5) %
Impact of currency0.8
3.9 %
Segment profit - current year$               9.1
(55.6) %





Total Segment Profit



Segment profit - prior year$           139.8


Organic(35.1)
(25.1) %
Acquisition impact5.3
3.8 %
Change in highly inflationary markets(0.2)
(0.1) %
Impact of currency5.0
3.5 %
Segment profit - current year$           114.8
(17.9) %
 Energizer Holdings, Inc.Supplemental Schedules - Non-GAAP ReconciliationsFor the Quarter Ended December 31, 2025(In millions - Unaudited)

Gross profitQ1'26
Q1'25Net sales$                      778.9
$                      731.7Reported Cost of products sold522.3
462.1Gross profit$                      256.6
$                      269.6Gross margin32.9 %
36.8 %Adjustments


Restructuring and related costs15.3
9.4Network transition costs—
14.0Cost of products sold - adjusted507.0
438.7Adjusted Gross profit$                      271.9
$                      293.0Adjusted Gross margin34.9 %
40.0 %



SG&AQ1'26
Q1'25Reported SG&A$                      149.3
$                      131.3Reported SG&A % of Net sales19.2 %
17.9 %Adjustments


Restructuring and related costs15.6
10.9Acquisition and integration costs0.5
1.2SG&A Adjusted - subtotal$                      133.2
$                      119.2SG&A Adjusted % of Net sales17.1 %
16.3 %



Other items, netQ1'26
Q1'25Interest income$                        (0.7)
$                        (1.2)Foreign currency exchange loss/(gain)1.3
(3.8)Pension cost other than service costs0.5
—Total Other items, net$                          1.1
$                        (5.0)



Restructuring and related costsQ1'26
Q1'25Cost of products sold - Restructuring$                          9.2
$                          9.4Cost of products sold - U.S. operating efficiency project6.1
—SG&A - Restructuring costs15.6
4.8SG&A - IT Enablement—
6.1Total Restructuring and related costs$                        30.9
$                        20.3



Acquisition and integrationQ1'26
Q1'25SG&A0.5
1.2Total Acquisition and integration related items$                          0.5
$                          1.2 Energizer Holdings, Inc.Supplemental Schedules - Non-GAAP Reconciliations cont.For the Quarter Ended December 31, 2025(In millions - Unaudited)

Q1'26
Q4'25
Q3'25
Q2'25
LTM
12/31/25 (1)
Q1'25Net (loss)/earnings$      (3.4)
$     34.9
$   153.5
$     28.3
$               213.3
$     22.3Income tax (benefit)/provision(1.4)
18.5
10.7
8.1
35.9
7.8(Loss)/earnings before income taxes(4.8)
53.4
164.2
36.4
249.2
30.1Interest expense 39.1
40.3
39.0
38.0
156.4
37.0Loss on extinguishment/modification of debt0.9
6.8
—
5.2
12.9
0.1Depreciation & Amortization31.6
32.1
31.9
30.9
126.5
31.8EBITDA$     66.8
$   132.6
$   235.1
$   110.5
$               545.0
$     99.0











Adjustments:










Restructuring and related costs30.9
22.8
8.0
17.6
79.3
20.3Network transition costs—
2.1
0.9
2.7
5.7
14.0Acquisition and integration costs0.5
1.4
1.3
2.3
5.5
1.2FY23 & 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 payments8.7
5.9
6.3
7.2
28.1
6.2Adjusted EBITDA$   106.9
$   171.2
$   171.4
$   140.3
$               589.8
$   140.7
(1) LTM defined as the latest 12 months for the period ending December 31, 2025.
 
For the Quarters Ended December 31,Free cash flow2025
2024Net cash from operating activities $                                149.5
$                                  77.0Capital expenditures (25.3)
(34.6)Free cash flow$                                124.2
$                                  42.4



Net debt12/31/2025
9/30/2025Current maturities of long-term debt$                                    8.6
$                                    8.6Current portion of finance leases1.4
1.5Notes payable0.5
13.7Long-term debt3,318.7
3,407.9Total debt per the balance sheet$                            3,329.2
$                            3,431.7Cash and cash equivalents214.8
236.2Net debt$                            3,114.4
$                            3,195.5 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 Q2 2026 Outlook
Fiscal Year 2026 Outlook(in millions, except per share data)Adjusted net
(loss)/earnings
Adjusted EPS
Adjusted net
earnings
Adjusted EPS Fiscal 2026 - GAAP Outlook$(10)to$6
$(0.14)to$0.09
$146to$188
$2.10to$2.67Impacts:














Restructuring and related costs11
8
0.16
0.11
50
42
0.72
0.60  Acquisition and integration costs4
2
0.05
0.03
8
4
0.12
0.05  Loss on extinguishment/modification of debt—
—
—
—
2
1
0.03
0.01Settlement loss on pension plan termination23
19
0.33
0.27
23
19
0.33
0.27Fiscal 2026 - Adjusted Outlook$28to$35
$0.40to$0.50
$229to$254
$3.30to$3.60 Fiscal 2026 Outlook Reconciliation - Adjusted EBITDA(in millions, except per share data)


Net earnings $146to$188Income tax provision12to51Earnings before income taxes$158to$239Interest expense 155
145Loss on extinguishment/modification of debt2
1Amortization55
50Depreciation  75
65EBITDA$445to$500



Adjustments:


Restructuring and related costs65
55Acquisition and integration costs10
5Settlement loss on pension plan termination **30
25Share-based payments30
25Adjusted EBITDA$580to$610
** On January 28, 2026, the Company completed the buy-out of the UK Pension Plan and will record a non-cash loss on settlement of the pension plan termination in the second fiscal quarter of 2026. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-fiscal-2026-first-quarter-results-302680109.htmlSOURCE Energizer Holdings, Inc.

Original: Energizer Holdings, Inc. Announces Fiscal 2026 First Quarter Results

ENERGIZER HOLDINGS, INC. DECLARES QUARTERLY DIVIDEND ON ITS COMMON STOCKJanuary 30, 2026 6:50 PM
PR Newswire (US)

ST. LOUIS, Jan. 30, 2026 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) announced that its Board of Directors declared a dividend on its common stock of $0.30 per share. The dividend will be payable on March 11, 2026 to shareholders of record as of the close of business on February 18, 2026.







About Energizer Holdings, Inc.Energizer Holdings, Inc. ("Energizer", NYSE: ENR), headquartered in St. Louis, Missouri, is one of the world's largest manufacturers and distributors of primary batteries, portable lights, and auto care appearance, performance, refrigerant, and fragrance products. Our portfolio of globally recognized brands includes Energizer®, Armor All®, Eveready®, Rayovac®, STP®, Varta®, A/C Pro®, Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL®, Eagle One®, Nu Finish®, Scratch Doctor®, and Tuff Stuff®. As a global branded consumer products company, Energizer's mission is to lead the charge to deliver value to our customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.



View original content to download multimedia:https://www.prnewswire.com/news-releases/energizer-holdings-inc-declares-quarterly-dividend-on-its-common-stock-302675488.htmlSOURCE Energizer Holdings, Inc.

Original: ENERGIZER HOLDINGS, INC. DECLARES QUARTERLY DIVIDEND ON ITS COMMON STOCK

ENERGIZER HOLDINGS, INC. DECLARES QUARTERLY DIVIDEND ON ITS COMMON STOCKJanuary 30, 2026 6:50 PM
PR Newswire (US)

ST. LOUIS, Jan. 30, 2026 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) announced that its Board of Directors declared a dividend on its common stock of $0.30 per share. The dividend will be payable on March 11, 2026 to shareholders of record as of the close of business on February 18, 2026.







About Energizer Holdings, Inc.Energizer Holdings, Inc. ("Energizer", NYSE: ENR), headquartered in St. Louis, Missouri, is one of the world's largest manufacturers and distributors of primary batteries, portable lights, and auto care appearance, performance, refrigerant, and fragrance products. Our portfolio of globally recognized brands includes Energizer®, Armor All®, Eveready®, Rayovac®, STP®, Varta®, A/C Pro®, Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL®, Eagle One®, Nu Finish®, Scratch Doctor®, and Tuff Stuff®. As a global branded consumer products company, Energizer's mission is to lead the charge to deliver value to our customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.



View original content to download multimedia:https://www.prnewswire.com/news-releases/energizer-holdings-inc-declares-quarterly-dividend-on-its-common-stock-302675488.htmlSOURCE Energizer Holdings, Inc.

Original: ENERGIZER HOLDINGS, INC. DECLARES QUARTERLY DIVIDEND ON ITS COMMON STOCK

$ENR US to retaliate against IMO members that back net zero emissions plan
https://www.reuters.com/sustainability/climate-energy/us-retaliate-against-imo-members-that-back-net-zero-emissions-plan-2025-08-12/

Energizer Holdings Inc. Announces Entry Into $75 Million Accelerated Share Repurchase Program (8/11/21)

ST. LOUIS, Aug. 11, 2021 /PRNewswire/ -- Energizer Holdings Inc. (NYSE: ENR) (the "Company") announced today it has entered into an agreement to repurchase an aggregate of $75 million of its common stock in an accelerated share repurchase ("ASR") program with JPMorgan Chase, National Association ("JPM"). This equates to approximately 1.9 million shares, at the closing price on August 10, 2021, and represents approximately 2.6% of Energizer's fully diluted outstanding stock(1). The Company is expected to fund the ASR program using available cash on hand and revolver borrowings. The Company will repurchase shares under the ASR Program as part of its existing 7.5 million share repurchase authorization, which was approved by its Board of Directors in November 2020.

"This accelerated share repurchase transaction is an important component of our capital allocation strategy," said Mark Lavigne, Chief Executive Officer. "The program demonstrates our confidence in Energizer's strategy and future growth prospects and underscores our commitment to deliver value to our shareholders."

Under the terms of the ASR agreement, dated August 11, 2021, Energizer will make an initial payment of $75 million to JPM and receive an initial delivery of approximately 1.5 million shares of Energizer's common stock. The final number of shares to be repurchased under the ASR program will be based on the average of the daily volume-weighted average prices of Energizer's common stock during the repurchase period, less a discount, and is subject to adjustments pursuant to the terms of the ASR agreement. The final settlement of the ASR program is expected to be completed before the end of the calendar year 2021.

Energizer expects to have ample financial capacity to sustain its balanced approach to capital allocation. This includes investments in its categories and brands to enhance growth and innovation and improve profitability, return capital to shareholders through dividends and opportunistic share repurchases, execute strategic M&A and pay down debt.

About Energizer:

Energizer Holdings Inc. (Energizer,NYSE: ENR), headquartered in St. Louis, is one of the world's largest manufacturers and distributors of primary batteries, portable lights, and auto care appearance, performance, refrigerant and fragrance products. Its portfolio of globally recognized brands includes Energizer®, Armor All®, Eveready®, Rayovac®, STP®, Varta®, A/C Pro®, Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL®, Eagle One®, Nu Finish®, Scratch Doctor® and Tuff Stuff®. As a global, branded consumer products company, Energizer's mission is to lead the charge to deliver value to its customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.

https://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-entry-into-75-million-accelerated-share-repurchase-program-301352907.html

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ENR

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Energizer Holdings, Inc. Announces Fiscal 2019 First Quarter Results (2/05/18)

- Positive organic net sales growth of 1.7% was fully offset by unfavorable currency headwinds which resulted in a decrease to reported net sales of 0.2% in the first fiscal quarter

- Diluted EPS was $1.16 in the first fiscal quarter compared to $0.98 in the prior year first quarter, and Adjusted Diluted EPS was $1.64 compared to $1.55 in the prior year first quarter

- Increasing full year Adjusted Diluted EPS outlook to $3.45 to $3.55

- Completed the Spectrum Brands' Battery and Portable Lighting and Global Auto Care Acquisitions

ST. LOUIS, Feb. 5, 2019 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) today announced results for the first fiscal quarter, which ended December 31, 2018. For the first fiscal quarter, net earnings were $70.8 million, or $1.16 per diluted share, compared to $60.4 million, or $0.98 per diluted share, in the prior year first quarter. Adjusted net earnings in the first quarter were $100.2 million, or $1.64 per diluted share, compared to adjusted net earnings of $95.5 million, or $1.55 per diluted share, in the prior year first quarter.

"As we continued to focus on our strategic initiatives, we delivered strong operating results driven by organic top line growth and cost savings from our continuous improvement efforts," said Alan Hoskins, Chief Executive Officer. "These strong results will allow us to continue to invest in our business for long term growth while delivering $3.45 to $3.55 per adjusted diluted share on our base business, an increase over our previous outlook."

"During January, we closed on both of our acquisitions: Spectrum's battery and portable lighting business and the auto care business. We are very excited about the strategic, operational and financial opportunities of both of these businesses. This is truly a transformative time in Energizer's history as we become the global leader in the portable power and automotive care categories."

First Quarter 2019 Financial Highlights (Unaudited)

The following is a summary of key first fiscal quarter results. All comparisons are with the first quarter of fiscal 2018 unless otherwise stated.

•Net sales were $571.9 million, a decrease of 0.2%: (a)

- Organic net sales increased $9.9 million, or 1.7%, due to category growth and distribution gains across both segments and the impact of the reclassification of licensing revenues, slightly offset by increased retailer promotion and unfavorable mix.

- The impact of the Nu Finish acquisition increased net sales by $1.0 million, or 0.2%;

- Our Argentina operations, deemed to be highly inflationary, had an unfavorable impact on net sales of $3.3 million, or 0.6%.

- Unfavorable movement in foreign currencies, excluding Argentina, resulted in decreased sales of $9.0 million, or 1.5%.

•Gross margin percentage was 48.2%, down 30 basis points from prior year driven by unfavorable movement in foreign currencies partially offset by lower production costs and the lapping of the investments made in continuous improvement initiatives in the prior year.

•A&P spending was 7.2% of net sales, an increase of 70 basis points, or $3.6 million, versus the prior year driven by the timing of media spending.

•SG&A spending, excluding acquisition and integration costs, as a percent of net sales was 15.0%, or $85.7 million, a decrease of $7.8 million versus the prior year driven by the benefit of our continuous improvement initiatives as well as lapping prior year investments in those initiatives. These benefits were partially offset by the licensing revenue reclassification to net sales. (a)

•Interest expense was $48.2 compared to $13.4 for the prior year comparative period. The current quarter expense included $32.4 of interest and ticking fees related to the Spectrum battery and portable lighting acquisition. Excluding the acquisition costs, the current year interest expense increased $2.4 driven by increased borrowings and increased rates on our variable debt outstanding. (a)

•Earnings before income tax was negatively impacted by the movement in foreign currencies by approximately $10 million, net of hedge impact. This includes $4 million from our Argentina operations.

•Income tax rate on a year to date basis was 21.3% as compared to 49.2% in the prior year. The current and prior year rate includes $1.5 million and $31.0 million respectively, for the one-time impact of the new U.S. tax legislation passed in December 2017. Excluding the impact of our Non-GAAP adjustments, the year to date tax rate was 20.8% as compared to 23.4% in the prior year. The decrease in the rate is driven by the new 21% statutory U.S. rate effective for all of fiscal year 2019 compared to the statutory rate of 24.5% in fiscal year 2018. (a)

•Diluted earnings per share for the quarter was $1.16 and Adjusted diluted earnings per share for the quarter was $1.64. (a)

•Net cash from operating activities on a year to date basis was $118.9 million and Adjusted free cash flow on a year to date basis was $150.9 million, or 26.4% of net sales. (a)

•Dividend payments in the quarter were approximately $19.8 million, or $0.30 per share.

(a) See Press Release attachments for additional information as well as the GAAP to Non-GAAP reconciliations.

[Tables deleted]

Total Net sales decreased 0.2%, or $1.4 million:

•Organic net sales were up 1.7%, or $9.9 million, in the first fiscal quarter due to the following items:

- Category growth and distribution gains across both segments contributed 2.1% to the organic increase;

- The impact of the reclassification of licensing revenues contributed 0.3%;
- Partially offsetting the above was increased retailer promotion and unfavorable mix of 0.7%.

•The Nu Finish acquisition positively impacted net sales by 0.2%, or $1.0 million.

•Our Argentina operations had an unfavorable impact on net sales of $3.3 million or 0.6%. Our pricing actions in the market could not fully overcome the negative inflationary impacts.

•Unfavorable currency impacts were $9.0 million, or 1.5%.



Total Segment profit in the first fiscal quarter decreased $1.6 million, or 0.9%. Excluding the unfavorable movement in foreign currencies of $7.1 million, impact of the Nu Finish acquisition of $0.5 million, and decline due to Argentina operations of $1.9 million, organic segment profit increased $6.9 million, or 4.0%, in the current fiscal quarter. The increase was driven by organic top-line growth in the quarter and the benefit of our continuous improvement initiatives as well as lapping prior year investments in those initiatives. These increases were partially offset by higher A&P spending in the current fiscal quarter due to timing of spending.

Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures attached for further information on our above breakouts.

Financial Outlook for Fiscal Year 2019

The company is increasing its adjusted EPS outlook for the full fiscal year to $3.45 to $3.55 and has updated the assumptions below related to its financial outlook for fiscal year 2019. Our outlook includes the impact of our acquisition of Nu Finish, but does not contemplate the impact of the Spectrum Brands' battery and portable lighting and global auto care acquisitions, or the equity and debt issuances, completed in January 2019.

Our outlook for fiscal year 2019 will be updated after the second fiscal quarter to include these transactions.

Note that all comparisons are with the fiscal year ended September 30, 2018 unless otherwise stated.

Net Sales on a reported basis are expected to be up low single digits:

•Organic net sales are expected to be up low single digits;

•Nu Finish acquisition is expected to contribute 30 to 40 basis points of net sales growth;

•Argentina is now expected to be a headwind of 60 basis points due to the high inflation;

•Unfavorable movements in foreign currency, excluding Argentina, are now expected to negatively impact net sales by 1.5% to 2.0% based on current rates.

Gross margin rates, excluding acquisition and integration costs, are now expected to be down approximately 10 to 50 basis points to the prior year; a slight improvement to our prior outlook.

A&P spending is now expected to be at the midpoint of our long term outlook range of 6% to 7% of net sales.

SG&A, as a percent of net sales, excluding acquisition and integration costs, is expected to further decline on a year over year basis as we continue to recognize the benefits from our continuous improvement initiatives. It is now expected to be down 40 to 70 basis points.

Earnings before income taxes is now expected to be unfavorably impacted by foreign currency headwinds of roughly $30 to $35 million, net of hedge impacts, based on current rates, including $13 million associated with Argentina, which was deemed highly inflationary as of July 1, 2018.

Ex-unusual income tax rate is now expected to be in the range of 21% to 23% based on the current expected country mix of earnings and the additional guidance issued on the new tax law changes during the first fiscal quarter of 2019.

Adjusted Diluted earnings per share for the full fiscal year is now expected to be in the range of $3.45 to $3.55.

Capital spending is expected to be in the range of $30 to $35 million.

Adjusted Free cash flow is expected to be roughly flat reflecting the expected foreign currency headwinds and lapping the benefits of hurricanes and asset sales in fiscal year 2018 that are not expected to repeat.

Webcast Information

In conjunction with this announcement, the Company will hold an investor conference call beginning at 10:00 a.m. eastern time today. The call will focus on first fiscal quarter earnings and the updated financial outlook for fiscal 2019. 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://www.webcaster4.com/Webcast/Page/1192/28997

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.

https://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-fiscal-2019-first-quarter-results-300789530.html

Energizer Holdings Inc. Preferred Stock added to the OTC under ticker ENRXP

https://otce.finra.org/otce/dailyList?viewType=Additions

ENR hits new 52-week high (8/03/18)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 65.0000[+]
Volume 643,914
Net Change 2.7700
Net Change % 4.45%
52 Week High 65.5700 on 08/03/2018
52 Week Low 40.6400 on 11/08/2017
Day High 65.5700
Day Low 62.5400

ENR hits new 52-week high (7/06/18)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 64.8900 [-]
Volume 437,678
Net Change 1.2900
Net Change % 2.03%
52 Week High 64.9300 on 07/06/2018
52 Week Low 40.6400 on 11/08/2017
Day High 64.9300
Day Low 63.4700

Energizer Announces Agreement to Acquire the Nu Finish Brands (6/26/18)

ST. LOUIS, June 26, 2018 /PRNewswire/ -- Today, Energizer Holdings, Inc. (NYSE: ENR) ("Energizer") and Reed-Union Corporation ("Reed-Union") jointly announced the entry into an agreement for Energizer to acquire Reed-Union's automotive appearance business, including the Nu Finish Car Polish and Nu Finish Scratch Doctor brands.

Founded in Chicago, Illinois in 1929, Reed-Union has been a consumer products pioneer and innovator. Today, in its fourth generation of leadership, Reed-Union's auto appearance business has broad distribution across auto retail channels in the U.S., as well as sales into international markets such as Canada and Australia. The combination of product innovation and effective marketing campaigns have made Nu Finish and Scratch Doctor leading products in their categories.

"We are very excited about the combination of our auto appearance business with Reed-Union's industry leading appearance brands," said Alan Hoskins, Energizer's Chief Executive Officer. "Adding the strength of the Nu Finish and Scratch Doctor brands to our existing Lexol and Eagle One products expands our auto appearance portfolio and continues our strategy of building our auto care business, both organically and through acquisitions."

"The opportunity to combine the top-selling Nu Finish brand with Energizer's portfolio of automotive appearance products and global resources will greatly enhance our ability to grow Reed-Union's well-established brands," said Peter Goldman, president of Reed-Union. "We look forward to working together to expand our market penetration in order to serve and support the next generation of consumers."
Energizer intends to fund the acquisition through a combination of
existing cash and committed debt facilities.

Sawaya Partners, LLC, a leading consumer investment banking firm, acted as exclusive financial advisor to Energizer on this transaction.

About Energizer Holdings, Inc.

Energizer Holdings, Inc. (NYSE: ENR), headquartered in St. Louis, MO, is one of the world's largest manufacturers of primary batteries and portable lighting products and is anchored by its two globally recognized brands Energizer® and EVEREADY®. Energizer is also a leading designer and marketer of automotive fragrance and appearance products from recognized brands such as Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL® and Eagle One®. As a global branded distributor of consumer products, our mission is to lead the charge to deliver value to our customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.

https://www.prnewswire.com/news-releases/energizer-announces-agreement-to-acquire-the-nu-finish-brands-300671994.html

Energizer Holdings, Inc. and Spectrum Brands Holdings, Inc. Announce Intention to File for Merger Review with the European Commission Regarding Energizer's Proposed Acquisition of Spectrum Brands' Battery and Portable Lighting Business (6/07/18)

ST. LOUIS and MIDDLETON, Wis., June 7, 2018 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) ("Energizer") and Spectrum Brands Holdings, Inc. (NYSE: SPB) ("Spectrum Brands") today announced they intend to file for merger review with the European Commission regarding Energizer's proposed acquisition of Spectrum Brands' Battery and Portable Lighting Business.

Energizer and Spectrum Brands are working with the Commission, as well as other regulators around the world, to obtain the necessary approvals to complete the transaction. Both parties continue to expect the transaction to close in the second half of calendar 2018.

About Energizer Holdings, Inc.

Energizer Holdings, Inc. (NYSE: ENR), headquartered in St. Louis, MO, is one of the world's largest manufacturers of primary batteries and portable lighting products and is anchored by its two globally recognized brands Energizer® and Eveready®. Energizer is also a leading designer and marketer of automotive fragrance and appearance products from recognized brands such as Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL® and Eagle One®. As a global branded distributor of consumer products, our mission is to lead the charge to deliver value to our customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.

About Spectrum Brands Holdings, Inc.

Spectrum Brands Holdings, a member of the Russell 1000 Index, is a global and diversified consumer products company and a leading supplier of consumer batteries, residential locksets, residential builders' hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, personal insect repellents, and auto care products. Helping to meet the needs of consumers worldwide, our Company offers a broad portfolio of market-leading, well-known and widely trusted brands including Rayovac®, VARTA®, Kwikset®, Weiser®, Baldwin®, National Hardware®, Pfister®, Remington®, George Foreman®, Black + Decker®, Tetra®, Marineland®, Nature's Miracle®, Dingo®, 8-in-1®, FURminator®, IAMS® and Eukanuba® (Europe only), Healthy-Hide®, Digest-eeze™, Littermaid®, Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag®, Liquid Fence®, Armor All®, STP® and A/C PRO®. Spectrum Brands' products are sold in approximately 160 countries. In fiscal 2017, Spectrum Brands Holdings generated net sales from continuing operations of approximately $3.0 billion. For more information, visit www.spectrumbrands.com.

https://www.prnewswire.com/news-releases/energizer-holdings-inc-and-spectrum-brands-holdings-inc-announce-intention-to-file-for-merger-review-with-the-european-commission-regarding-energizers-proposed-acquisition-of-spectrum-brands-battery-and-portable-lighting-bus-300661898.html

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The Company has produced few hundred units of the PowerChip® battery at an ‘m-cell’ format
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Image by Argonne National Laboratory $100 WH 2021 NEah Power Systems XNGRI


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The Company has produced few hundred units of the PowerChip® battery at an ‘m-cell’ format
demonstrating 1600 Watt-hours per liter (Wh/l) and 400 Watt-hours per kg (Wh/kg), with a roadmap to further enhance this performance. While currently demonstrating 3X – 5X better performance than other battery technologies on the market, the roadmap shows further enhancement effectively doubling that to (6x – 10x) performance, while enhancing other areas like safety, fast charging, shelf life for a charged battery, cost and cycle life.

Nine employees listed for Neah Power.... including Chris and Paul...
plus 3 @ XNRGI

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https://www.linkedin.com Neah Power

ENR is now a 10-bagger for Day One investors.

At today's closing price of 59.58, we are up 1,012.88%.

ENR hits new all-time high (3/29/18)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 59.5800[+]
Volume 3,455,310
Net Change 6.5500
Net Change % 12.35%
52 Week High 64.0000 on 03/29/2018
52 Week Low 40.6400 on 11/08/2017
Day High 64.0000
Day Low 58.8700

Energizer Holdings, Inc. And Spectrum Brands Holdings Announce Expiration Of Hart-Scott-Rodino Waiting Period For The Acquisition Of Spectrum Brands' Battery And Portable Lighting Products Business (3/29/18)

ST. LOUIS and MIDDLETON, Wis., March 29, 2018 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) ("Energizer") and Spectrum Brands Holdings, Inc. (NYSE: SPB) ("Spectrum Brands") today announced that the Federal Trade Commission has allowed expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"), with respect to the previously announced acquisition by Energizer of Spectrum Brands' battery and lighting products business.

"We look forward to closing the acquisition of Spectrum Brands' battery and lighting products business and welcoming their global team into the Energizer family," said Alan Hoskins, Chief Executive Officer, Energizer Holdings, Inc. "The combination will expand our presence in a number of international markets, broaden our product portfolio and manufacturing capabilities, and increase our ability to bring innovative new products to consumers."

"We are pleased to achieve this milestone and take a significant step toward completing our transaction with Energizer. Once the transaction closes, Energizer will be well positioned to deliver the necessary resources and market expertise, and provide strong support for our people and the business' future growth plans. For Spectrum Brands, we are continuing to execute our strategic plan to becoming a faster-growing and higher-margin company," said David Maura, Executive Chairman of Spectrum Brands Holdings.

The expiration of the waiting period under the HSR Act satisfies one of the closing conditions of the pending transaction. The transaction remains subject to other customary closing conditions, including regulatory approvals in several jurisdictions outside the United States. Both parties expect the transaction to close in the second half of calendar 2018.

King & Spalding LLP served as counsel for Energizer with Norman Armstrong, Jr. as lead antitrust counsel. Kirkland & Ellis LLP served as counsel for Spectrum with Matthew Reilly as lead antitrust counsel.

About Energizer Holdings, Inc.

Energizer Holdings, Inc. (NYSE: ENR), headquartered in St. Louis, MO, is one of the world's largest manufacturers of primary batteries and portable lighting products and is anchored by its two globally recognized brands Energizer® and Eveready®. Energizer is also a leading designer and marketer of automotive fragrance and appearance products from recognized brands such as Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL® and Eagle One®. As a global branded distributor of consumer products, our mission is to lead the charge to deliver value to our customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.

About Spectrum Brands Holdings, Inc.

Spectrum Brands Holdings, a member of the Russell 1000 Index, is a global and diversified consumer products company and a leading supplier of consumer batteries, residential locksets, residential builders' hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, personal insect repellents, and auto care products. Helping to meet the needs of consumers worldwide, our Company offers a broad portfolio of market-leading, well-known and widely trusted brands including Rayovac®, VARTA®, Kwikset®, Weiser®, Baldwin®, National Hardware®, Pfister®, Remington®, George Foreman®, Black + Decker®, Tetra®, Marineland®, Nature's Miracle®, Dingo®, 8-in-1®, FURminator®, IAMS® and Eukanuba® (Europe only), Healthy-Hide®, Digest-eeze™, Littermaid®, Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag®, Liquid Fence®, Armor All®, STP® and A/C PRO®. Spectrum Brands' products are sold in approximately 160 countries. In fiscal 2017, Spectrum Brands Holdings generated net sales from continuing operations of approximately $3.0 billion. For more information, visit www.spectrumbrands.com.

https://www.prnewswire.com/news-releases/energizer-holdings-inc-and-spectrum-brands-holdings-announce-expiration-of-hart-scott-rodino-waiting-period-for-the-acquisition-of-spectrum-brands-battery-and-portable-lighting-products-business-300621225.html

Spectrum Brands moved quickly to find a buyer.

The company announced on 1/03/18 that it would explore strategic options for its Global Batteries & Appliances Businesses.

In my mind, Energizer was a "no-brainer" to acquire the Global Battery business.

Spectrum Brands Holdings Announces Agreement to Sell Global Battery and Lighting Business to Energizer Holdings, Inc. for $2.0 Billion in Cash

Transaction Represents Significant Step in Strategy to Reshape Spectrum Brands into Faster-Growing, Higher-Margin, More Focused Consumer Brands Company

MIDDLETON, Wis.--(BUSINESS WIRE)--Spectrum Brands Holdings, Inc. (NYSE: SPB) (“Spectrum Brands”), a global consumer products company offering a portfolio of leading brands providing superior value to consumers and customers every day, announced today that it has entered into a definitive agreement to sell its Global Battery and Lighting Business (“Battery Business”) to Energizer Holdings, Inc. (NYSE: ENR) (“Energizer”) for $2.0 billion in cash. The Company expects to use the net cash proceeds after tax and transaction costs to reduce debt, reinvest in its core businesses both organically and through bolt-on acquisitions, and repurchase shares.

“Today’s announcement is a culmination of our efforts to sell the Battery Business in order to refocus Spectrum Brands and enhance shareholder value. While we have a long and proud heritage in the Battery Business, this is a key part of our re-allocation of capital strategy towards a faster-growing and higher-margin Spectrum Brands,” said David Maura, Executive Chairman of Spectrum Brands Holdings.

Andreas Rouvé, Chief Executive Officer of Spectrum Brands Holdings, said, “Through this transaction, we are making progress towards repositioning ourselves with an increased focus on our remaining businesses of Hardware & Home Improvement, Global Auto Care and Pet, Home & Garden. We are focusing our portfolio to strengthen our business and drive long-term growth and shareholder value.

"Our Global Battery Business is a true reflection of Spectrum Brands’ strengths – a portfolio of well-known and widely trusted brands driven by a culture of innovation and by passionate people to generate consistent results,” Mr. Rouvé added. “We are pleased to be selling to owners who can deliver the necessary resources and market expertise, and provide strong support for our people and the business’ future growth plans.”

The transaction is expected to close prior to the end of calendar 2018, subject to customary closing conditions, including regulatory approvals.

Spectrum Brands had previously announced on January 3, 2018 that it was exploring strategic alternatives for its Global Batteries & Appliances (GBA) businesses. Spectrum Brands is actively marketing its Appliances business. No assurance can be given that any transaction will result from these efforts. The Company does not intend to comment on or provide updates regarding the exploration of strategic options unless and until it determines that further disclosure is appropriate or required based on the then-current facts and circumstances.

RBC Capital Markets acted as exclusive financial advisor and Kirkland & Ellis LLP acted as legal advisor to Spectrum Brands in connection with the transaction.

About Spectrum Brands Holdings, Inc.

Spectrum Brands Holdings, a member of the Russell 1000 Index, is a global and diversified consumer products company and a leading supplier of consumer batteries, residential locksets, residential builders’ hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, personal insect repellents, and auto care products. Helping to meet the needs of consumers worldwide, our Company offers a broad portfolio of market-leading, well-known and widely trusted brands including Rayovac®, VARTA®, Kwikset®, Weiser®, Baldwin®, National Hardware®, Pfister®, Remington®, George Foreman®, Black + Decker®, Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-in-1®, FURminator®, IAMS® and Eukanuba® (Europe only), Healthy-Hide®, Digest-eeze™, Littermaid®, Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag®, Liquid Fence®, Armor All®, STP® and A/C PRO®. Spectrum Brands' products are sold in approximately 160 countries. Spectrum Brands Holdings generated net sales of approximately $5.01 billion in fiscal 2017. For more information, visit www.spectrumbrands.com.

https://www.businesswire.com/news/home/20180116005594/en/Spectrum-Brands-Holdings-Announces-Agreement-Sell-Global

Energizer Holdings, Inc. Announces Agreement To Acquire Spectrum Brands Holdings' Global Battery And Portable Lighting Business (1/16/18)

- Adds Well Recognized Varta® and Rayovac® Brands to Energizer's Portfolio

- Improves Our Competiveness Globally through Addition of Complementary Geographies in Europe and Latin America

- Accretive to Adjusted Earnings per Share and Free Cash Flow in the First Full Fiscal Year, Excluding One-Time Transaction and Integration Costs

ST. LOUIS, Jan. 16, 2018 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) today announced that it has entered into a definitive agreement to acquire Spectrum Brands' (NYSE: SPB) Global Battery and Portable Lighting Business ("Spectrum Batteries") for $2.0 billion in cash. Anchored by the Varta® and Rayovac® brands, the portfolio has a longstanding history, global footprint and diversified range of products including alkaline, carbon zinc, hearing aid and nickel metal hydride rechargeable batteries as well as battery chargers and portable lighting products.

The combination will expand Energizer's presence in a number of international markets, broaden Energizer's product portfolio and manufacturing capabilities, and increase capacity for research and development. This will enable consumers to benefit from accelerated innovation and a wider range of products, and provide the opportunity to drive cost efficiencies to enhance the Company's ability to compete in the category.

Spectrum Batteries generated 2017 revenue and EBITDA of $866 million and $169 million, respectively. The acquisition price represents a transaction multiple of 7.5 times Fiscal 2017 EBITDA, net of tax benefits with a net present value of approximately $100 million and including estimated run-rate synergies of $80 to $100 million and the costs to achieve. The transaction is expected to deliver modest accretion to Energizer's adjusted earnings per share and free cash flow in the first year, excluding one-time transaction and integration costs, and will achieve additional favorable accretive impacts following our realization of targeted synergies.

"The acquisition of Spectrum Batteries represents a compelling strategic, operational, and financial fit for Energizer," said Alan R. Hoskins, Chief Executive Officer of Energizer. "The combination will enable us to leverage Spectrum Brands' manufacturing assets, significantly expand our international business and enhance our long-term brand building capabilities as we broaden our portfolio with the Varta and Rayovac brands and our geographies with Spectrum Batteries' passionate global colleagues. We have great respect for Spectrum Batteries and the strong business its colleagues have built, and are excited to bring together the talented colleagues from around the globe from both organizations to drive our business to new heights. In addition, the top-line and free cash flow growth from this acquisition, combined with the opportunity to realize meaningful synergies, will further enhance our ability to drive long-term shareholder value."

Energizer intends to fund the acquisition through a combination of existing cash and committed debt facilities, expected to consist of a new term loan and senior notes. In addition, Energizer intends to maintain its existing senior notes, maturing in 2025.

The transaction is subject to customary closing conditions, including regulatory approvals. The acquisition is expected to close prior to the end of calendar 2018.

Barclays acted as exclusive financial advisor and King & Spalding acted as legal counsel to Energizer on the transaction. Barclays and J.P. Morgan have committed to provide financing for the transaction.

Conference Call and Webcast Information:

In conjunction with this announcement, Energizer will hold an investor conference call and webcast beginning at 8:30 a.m. eastern time today to discuss the transaction. The call may be accessed by dialing 1-844-492-3730 about 10 minutes before the start of the call. International callers may dial 1-412-542-4197. Please ask to join Energizer Holdings, Inc.'s call. A slide presentation will accompany the call and can be accessed from the Investors section of the Company's website, www.energizerholdings.com, under "Investors" and "Events and Presentations" tabs. In addition, the call will be webcast on www.energizerholdings.com and can be accessed via the following link:

https://www.webcaster4.com/Webcast/Page/1192/24184

https://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-agreement-to-acquire-spectrum-brands-holdings-global-battery-and-portable-lighting-business-300582783.html

http://onemillionlights.org/blog/2013/06/21/energizer-selects-ascent-solar-as-solar-panel-provider-for-energizer-lantern-donation-which-will-deliver-13-million-hours-of-solar-light-to-families-living-in-the-dark-around-the-world/

ENR hits new all-time high (4/25/17)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 59.8200 [-]
Volume 397,713
Net Change 0.0700
Net Change % 0.12%
52 Week High 60.0700 on 04/25/2017
52 Week Low 41.6200 on 05/18/2016
Day High 60.0700
Day Low 59.2600

ENR hits new all-time high (4/24/17)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 59.7500 [-]
Volume 349,294
Net Change 1.0400
Net Change % 1.77%
52 Week High 59.9700 on 04/24/2017
52 Week Low 41.6200 on 05/18/2016
Day High 59.9700
Day Low 58.9100

ENR hits new all-time high (3/01/17)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 55.8700 [-]
Volume 1,045,654
Net Change 1.0100
Net Change % 1.84%
52 Week High 56.3700 on 03/01/2017
52 Week Low 38.5200 on 03/01/2016
Day High 56.3700
Day Low 54.8000

ENR hits new all-time high (2/28/17)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 54.8600[+]
Volume 1,021,605
Net Change 0.6100
Net Change % 1.12%
52 Week High 55.1300 on 02/28/2017
52 Week Low 38.5200 on 03/01/2016
Day High 55.1300
Day Low 54.2908

I am a Day One investor (4/03/00).

Original basis was $21.25.

On 7/01/15, shareholders received one share of Energizer SpinCo, Inc. (renamed Energizer Holdings, Inc. effective 7/01/15) for each share of Energizer Holdings, Inc. (renamed Edgewell Personal Care effective 7/01/15) held as of record on 6/01/15.

Adjusted basis is now $5.35.

ENR hits new all-time high (2/13/17)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 53.5200[+]
Volume 501,416
Net Change 0.0100
Net Change % 0.02%
52 Week High 53.9300 on 02/13/2017
52 Week Low 35.6400 on 02/19/2016
Day High 53.9300
Day Low 53.4900

Energizer Holdings, Inc. Declares Dividend For First Quarter Of Fiscal 2017 (11/14/16)

ST. LOUIS, Nov. 14, 2016 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) announced that its Board of Directors has declared a dividend for the first quarter of its fiscal 2017 of $0.275 per share of Common Stock, payable on December 15, 2016 to all shareholders of record as of the close of business on November 30, 2016.

About Energizer Holdings, Inc.

Energizer Holdings, Inc. (NYSE: ENR), headquartered in St. Louis, MO, is one of the world's largest manufacturers of primary batteries and portable lighting products and is anchored by its two globally recognized brands Energizer® and Eveready®. Energizer is also a leading designer and marketer of automotive fragrance and appearance products from recognized brands such as Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL® and Eagle One®. As a global branded distributor of consumer products, our mission is to lead the charge to deliver value to our customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.

http://www.prnewswire.com/news-releases/energizer-holdings-inc-declares-dividend-for-first-quarter-of-fiscal-2017-300361751.html

Energizer Holdings, Inc. Announces Fiscal 2016 Fourth Quarter and Full Year Results and Provides Financial Outlook for the Fiscal Year 2017 (11/09/16)

- Reported net sales increased 8.3% in the fourth fiscal quarter versus prior year due to increased organic net sales of 1.7% and the HandStands acquisition which contributed $32.3 million

- Diluted EPS was $0.34 in the fourth fiscal quarter compared to $0.37 in the prior year fourth quarter, and Adjusted Diluted EPS was $0.54 compared to $0.61 in the prior year fourth quarter

- HandStands results were included in the full fourth quarter and were accretive to EPS by $0.05 per share, excluding acquisition and integration costs and inventory step up charges of $11.4 million, net of tax

ST. LOUIS, Nov. 9, 2016 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) today announced results for the fourth fiscal quarter and full fiscal year, which ended September 30, 2016. For the fourth fiscal quarter, net earnings were $21.6 million, or $0.34 per diluted share, compared to net earnings of $23.1 million, or $0.37 per diluted share, in the prior year fourth quarter. Adjusted net earnings in the fourth quarter were $33.7 million, or $0.54 per diluted share, compared to adjusted net earnings of $38.5 million, or $0.61 per diluted share.

For the year, the Company reported net earnings of $127.7 million, or $2.04 per diluted share, compared with a net loss of $4.0 million, or a loss of $0.06 per diluted share, in the prior year. Adjusted net earnings for the current fiscal year were $144.6 million, or $2.31 per diluted share, compared to $177.3 million in the prior fiscal year, or $2.82 per diluted share.

"Fiscal 2016 was a strong year for Energizer," said Alan Hoskins, Chief Executive Officer. "The combination of organic sales growth, a relentless focus on costs and effective working capital management resulted in a solid financial performance in our first full fiscal year as a stand alone company. This allowed us to reinvest in our business, return capital to shareholders through dividends and share repurchase and, on July 1, complete our first acquisition. We believe that we have created a foundation for continued success and we remain focused on delivering value for our shareholders."

Fourth Fiscal Quarter Financial Highlights (Unaudited)
The following is a summary of key fourth fiscal quarter results. All comparisons are with the fourth quarter of fiscal 2015 unless otherwise stated.

•Net sales were $432.4 million, up 8.3%: (a) ?Organic net sales increased 1.7%, due primarily to net distribution and space gains, pricing actions and timing of holiday shipments. These items were partially offset by the expected reduction in retail inventory levels.

-- Impact of the HandStands acquisition resulted in increased sales of $32.3 million, or 8.1%.

-- These items were partially offset by the impact of unfavorable movement in foreign currencies of $5.6 million, or 1.5%.

•Gross margin percentage was 43.3%, down 260 basis points from the prior year. Excluding the impact from the one-time accounting adjustment ($8.1 million) related to the fair market value step up of HandStands acquired inventory and prior year restructuring, spin and integration related charges ($2.8 million), gross margin percentage was 45.2%, or 140 basis points below prior year. This change was driven in part by a 60 basis point impact due to an unfavorable movement in currencies and increased costs as a result of the continued impact from investments in product innovation. (a)

•A&P spending was 7.3% of sales, a decrease of 100 basis points, or $1.9 million, due to higher prior year spending related to the EcoAdvanced product launch.

•SG&A spending, excluding acquisition and integration costs and spin costs, was approximately $92.8 million, or 21.5% compared to $89.1 million, or 22.3% in the prior year. The higher absolute dollar value was due in part to $3.9 million of additional SG&A related to HandStands operations in the current fourth quarter. The improved percentage comparison versus the prior year quarter reflects the improved top-line performance due to organic sales growth and incremental sales from the HandStands acquisition. (a)

•Spin-off and spin restructuring related charges were $4.6 million in the fourth fiscal quarter.

•Acquisition and integration costs associated with the HandStands acquisition were $7.1 million in the fourth fiscal quarter.

•Earnings before income taxes was negatively impacted by the movement in foreign currencies by approximately $6 million in the fourth fiscal quarter, net of hedge impact.

•Adjusted EBITDA was $76.3 million in the quarter. (a)

•Dividend payments in the quarter were approximately $15.5 million, or $0.25 per share.

•Repurchased approximately 233,000 shares of common stock during the fourth quarter for $10.8 million.

(a) See Press Release attachments for additional information as well as the GAAP to Non-GAAP reconciliations.

Fiscal 2016 Full Year Financial Highlights (Unaudited)
The following is a summary of key fiscal 2016 full year results. All comparisons are with fiscal 2015 unless otherwise stated.

•Net sales were $1,634.2 million, up 0.2%: (a) ?Organic net sales increased 3.7%, reflecting net distribution and space gains, pricing actions and timing of holiday shipments. These gains were partially offset by the heightened competitive activity in certain Asia developed markets.

-- Impact of the HandStands acquisition resulted in increased sales of $32.3 million, or 2.0%.

-- These items were partially offset by the impact of unfavorable movement in foreign currencies of $66.9 million, or 4.1%, the unfavorable impact of the deconsolidation of Venezuela of $8.5 million, or 0.5%, and the unfavorable impact of the international go-to-market changes of $14.7 million, or 0.9%.

•Gross margin percentage was 43.6%, down 270 basis points from the prior year. Excluding the impact from the one-time accounting adjustment ($8.1 million) related to the fair market value step up of HandStands acquired inventory and restructuring, spin and integration charges ($2.8 million in fiscal 2016 and $3.9 million in fiscal 2015), gross margin percentage was 44.3% or 230 basis points below prior year. This change was driven by a 180 basis point impact due to an unfavorable movement in currencies, increased costs related to planned as well as accelerated discrete productivity initiatives and increased costs in support of product innovation. (a)

•A&P spending was 6.3% of sales, a decrease of 180 basis points, or $29.9 million, due to higher prior year spending related to the EcoAdvanced product launch.

•SG&A spending, excluding restructuring, acquisition and integration costs and spin costs, was approximately $332.6 million, or 20.4% compared to $327.1 million, or 20.0% in the prior year. (a)

•Spin-off and spin restructuring related charges were $16.2 million in fiscal 2016.

•Restructuring related charges were $4.9 million in fiscal 2016.

•Earnings before income taxes was negatively impacted by the movement in foreign currencies by approximately $52 million, net of hedge impact.

•Income tax rate on a year to date basis was 22.9% due to the favorable impacts of certain return to provision adjustments related to prior year provision estimates and certain spin related adjustments of approximately $11.4 million. Excluding the impact of all of our Non-GAAP adjustments, the effective tax rate on a full year basis was 29.8%. (a)

•Adjusted EBITDA was $313.9 million. (a)

•Net cash from operating activities was $193.9 million and Free Cash Flow was $166.7 million. (a)

•Dividend payments were $62.7 million, or $1.00 per share.

•Repurchased approximately 833,000 shares of common stock for $32.6 million. (b)

(a) See Press Release attachments for additional information as well as the GAAP to Non-GAAP reconciliations.

(b) Share repurchases include $0.8 million that was cash settled in fiscal 2017.

[tables deleted]

Total net sales in the fourth fiscal quarter increased 8.3%, or $33.3 million, driven in part by the impact of the HandStands acquisition on July 1, 2016, which contributed net sales of $32.3 million. Organic net sales increased 1.7% in the quarter due to net distribution and space gains, pricing actions in certain markets and timing of holiday shipments. These items were partially offset by the anticipated reduction in retail inventory levels. These increases were partially offset by unfavorable foreign currency movements of $5.6 million, or 1.5%.

Total Segment Profit in the fourth fiscal quarter increased $8.8 million, or 9.3%, driven primarily by the impact of the HandStands acquisition, which contributed an additional $9.5 million to segment profit. These increases were partially offset by an unfavorable currency impact of $3.5 million, or 3.6%. Organic growth of $2.8 million, or 2.9%, was driven primarily by the organic top-line increase explained above.

Financial Outlook Assumptions for Fiscal Year 2017
The Company is providing the below assumptions related to its financial outlook for the fiscal year 2017. All comparisons are with the fiscal year ended September 30, 2016 unless otherwise stated.

•Net sales are expected to be up mid-single digits: ?Organic net sales are expected to be flat to up low-single digits;

-- The incremental impact of the HandStands acquisition is expected to increase net sales by 5% to 6%; and

-- Unfavorable movements in foreign currencies are expected to reduce net sales by 0.5% to 1.0%, based upon recent currency rates.

•Gross margin rates are expected to improve by 50 to 100 basis points, driven primarily by productivity initiatives.

•SG&A as a percent of net sales, excluding integration costs and other unusual items, is expected to improve 50 to 100 basis points and be in the range of 19 to 20 percent.

•Earnings before income taxes is expected to be negatively impacted by the movement in foreign currencies by $5 to $10 million, net of hedge impact, based upon recent currency rates.

•Income tax rate, excluding integration costs and other unusual items, is expected to be in the range of 30 to 31 percent.

•Adjusted EPS for the full fiscal year is expected to be in the range of $2.55 to $2.75, inclusive of approximately $0.15 to $0.20 from the recently acquired HandStands business.

•Capital spending is expected to be in the range of $30 to $35 million.

•Free Cash Flow is expected to exceed $180 million.

•Acquisition and integration costs are expected to be in the range of $5 to $10 million.

Webcast Information

In conjunction with this announcement, the Company will hold an investor conference call beginning at 10:00 a.m. eastern time today. The call will focus on fourth quarter earnings and the financial outlook for fiscal 2017. 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://www.webcaster4.com/Webcast/Page/1192/17830

http://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-fiscal-2016-fourth-quarter-and-full-year-results-and-provides-financial-outlook-for-the-fiscal-year-2017-300359538.html

Energizer Holdings, Inc. Announces Fiscal 2016 Third Quarter Results and Updates Financial Outlook for Fiscal 2016 to include Acquisition Impact of HandStands Holding Corporation (8/03/16)

- Reported net sales declined 3.6% while organic net sales were up 1.2% in the third fiscal quarter versus the prior year

- Diluted EPS was $0.39 in the third fiscal quarter compared to a net loss per diluted share of $0.32 in the prior year third quarter, and Adjusted Diluted EPS was $0.32 compared to $0.64 in the prior year third quarter

- Increased Full Year Outlook to include fourth quarter acquisition impact of HandStands Holding Corporation(HandStands) - Adjusted EPS of $2.20 to $2.30

ST. LOUIS, Aug. 3, 2016 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) today announced results for the third fiscal quarter, which ended June 30, 2016. For the third fiscal quarter, net earnings were $24.2 million, or $0.39 per diluted share, compared to a net loss of $19.6 million, or a loss of $0.32 per diluted share, in the prior year third quarter. Adjusted net earnings in the third quarter were $20.1 million, or $0.32 per diluted share, compared to adjusted net earnings of $40.1 million, or $0.64 per diluted share, in the prior year third quarter.

"Fiscal 2016 is shaping up to be a strong year as we build on the momentum from the first half of the year," said Alan Hoskins, Chief Executive Officer. "The battery category remains stable, and the underlying fundamentals of our business remain solid as we continue to achieve organic net sales growth in the current quarter. In addition, we closed our acquisition of HandStands on July 1. As a result, we are increasing our full year Fiscal 2016 outlook to $2.20 to $2.30 to reflect approximately $0.04 to $0.05 of accretion from the acquisition. With the strength of our existing business along with the HandStands acquisition, we are building a foundation to drive long-term shareholder value and deliver top-tier free cash flow performance."


Third Quarter Financial Highlights (Unaudited)
The following is a summary of key third fiscal quarter results. All comparisons are with the third quarter of fiscal 2015 unless otherwise stated.

Net sales were $361.0 million, a decrease of 3.6%: (a)

•Organic net sales increased 1.2% due primarily to the net impact of distribution and space gains in North America and distribution gains and pricing actions in Latin America. These items were partially offset by the anticipated reduction in retail inventory levels and continued heightened competitive activity in certain Asia Pacific Developed markets.

•The following items were offsetting amounts to the organic net sales increase:

Unfavorable currency impacts were $12.6 million, or 3.4%; and

International go-to-market changes, including the exit from certain markets and shift to distributors, resulted in a decline of $5.2 million, or 1.4%.

•Gross Margin percentage was 42.6%, down 300 basis points driven in part by an unfavorable movement in currencies. Excluding the impact from currency movements, gross margin percentage declined 150 basis points driven by increased costs in the quarter as a result of costs related to a planned productivity initiative ($5.0 million or 130 basis points) and increased costs in support of innovation launched across our portfolios partially offset by favorable commodity costs and other productivity savings. (a)

•A&P spending was 6.3% of net sales, a decrease of 310 basis points, or $12.3 million, due to higher prior year spending related to the EcoAdvanced product launch and the timing of current year advertising and promotional activities.

•SG&A spending, excluding acquisition and spin costs, was approximately $81 million on an absolute dollar basis, consistent with prior quarter levels. SG&A, excluding acquisition and spin costs, was 22.4% of net sales compared to 18.6% in the prior year. The higher percentage comparison versus the prior year quarter reflects the impact of a low prior year comparative (based on carve out financial data) and incremental investment spending and higher compensation related costs in the current year. (a)

•Spin-off and spin restructuring related charges were $2.8 million in the third fiscal quarter. (a)

•Pre-tax income was negatively impacted by the movement in foreign currencies by approximately $11 million in the third fiscal quarter and $45 million through the first nine months of the fiscal year.

•Income tax rate on a year to date basis was 23.8% due to the favorable impacts of certain return to provision adjustments related to prior year provision estimates and certain spin related adjustments of approximately $9 million. These favorable adjustments are included in the current quarter's results and were the primary driver of the $0.5 million tax benefit. Excluding the impact of all of our Non-GAAP adjustments, the effective tax rate on a year to date basis was 30.6%. (a)

•Adjusted EBITDA was $56.2 million. (a)

•Net cash from operating activities on a year to date basis was $141.9 million and Free Cash Flow on a year to date basis was $125.6 million, or 10.5% of net sales. (a)

•Dividend payments in the quarter were approximately $15.5 million, or $0.25 per share, and $46.4 million on a year to date basis, or $0.75 per share.

•Repurchased 600,000 shares of common stock on a year to date basis for $21.8 million. There were no shares repurchased during the current quarter.

(a) See Press Release attachments for additional information as well as the GAAP to Non-GAAP reconciliations.

Results for the third quarter and nine months ended June 30, 2015 are based on carve out financial data. Net sales, Gross profit, Advertising & promotion (A&P) and Research & development (R&D) spending are directly attributable to our business. However, certain Selling, general, and administrative expense (SG&A), Interest expense, Other financing items and Spin-off and Restructuring related charges were allocated from our former parent company, Edgewell, and not necessarily representative of Energizer's stand-alone results or expected future results as an independent company.

Results for the HandStands business are not included in the current quarter results as the acquisition occurred subsequent to the quarter end on July 1, 2016.

[tables deleted]

Total net sales decreased 3.6%, or $13.3 million, driven by the unfavorable movement in foreign currencies of 3.4% and the unfavorable impact of international go-to-market changes of 1.4%, including the exits and shifts to distributors in certain markets.

Organic net sales increased 1.2% in the quarter due primarily to the net impact of distribution and space gains in North America and distribution gains and pricing actions in Latin America. These items were partially offset by the anticipated reduction in retail inventory levels and continued heightened competitive activity in certain Asia Developed markets

Total Segment Profit in the third fiscal quarter declined 9.6%, or $7.9 million. Excluding the unfavorable movement in foreign currencies of $8.7 million and the unfavorable impact from go-to-market changes of $0.9 million, organic segment profit increased 2.1%, or $1.7 million, in the current fiscal quarter. The 2.1% increase was driven by the organic net sales growth, lower A&P spending due to the prior year EcoAdvanced product launch and the timing of current year advertising and promotional activities and favorable commodity and other products costs. These increases were slightly offset by higher costs in the quarter as a result of a planned productivity initiative ($5.0 million or 130 basis points) and increased costs in support of innovation across our portfolios, as well as higher SG&A driven by a low prior year comparative (based on carve out financial data) and incremental investment spending and higher compensation related costs incurred in the current year.

Financial Outlook for Fiscal Year 2016

The company expects Adjusted EPS for the full fiscal year to be in the range of $2.20 to $2.30, which includes a contribution from the recently acquired HandStands. We expect HandStands to contribute Adjusted EPS in the range of $0.04 to $0.05 during the fourth quarter. The Company is also providing the following assumptions related to the full year financial outlook for fiscal year 2016 associated with the existing base Energizer business unless noted otherwise:

Base Energizer business (exclusive of HandStands acquisition impact):

•Net Sales are expected to be down low single digits, consistent with the prior outlook: ?Organic net sales are expected to be up low-single digits, consistent with the prior outlook;

The negative impact of foreign currency movement is expected to reduce net sales by $60 to $70 million, consistent with the prior outlook;

International go-to-market changes are expected to reduce net sales in the low single digits, consistent with the prior outlook; and

Change in Venezuela results, due to the previously announced deconsolidation, will reduce net sales by $8.5 million, or 0.5%, consistent with the prior outlook.

•Gross Margin rates are expected to decline up to 250 basis points, consistent with the prior outlook, driven in part by unfavorable currency impacts, the impact from the Venezuela deconsolidation and costs of planned productivity initiatives and increased costs in support of innovation across our portfolios.

•SG&A as a percent of net sales, excluding integration and acquisition costs, spin related costs and restructuring costs, is expected to be in the low 20's, consistent with the prior outlook.

•Pre-tax income is expected to be negatively impacted due to the movement in foreign currencies by $50 to $60 million, consistent with the prior outlook.

•Income Tax Rate, excluding our Non-GAAP adjustments, is expected to be in the range of 29 to 30 percent, consistent with the prior outlook.

•Adjusted EBITDA is expected to be in the range of $280 million to $300 million, consistent with the prior outlook.

•Free Cash Flow is expected to exceed $150 million, consistent with the prior outlook.

•Spin and restructuring costs are now expected to be in the range of $17 to $20 million in fiscal year 2016.

HandStands acquisition outlook:

•Accretive to Adjusted EPS in the range of $0.04 to $0.05 for the fourth fiscal quarter of 2016.

•Total acquisition and integration related costs associated with the HandStands acquisition are expected to be in the range of $30 million to $35 million. We expect to incur these costs over the next 12 to 15 months. We expect to incur approximately $17 million to $19 million in the fourth fiscal quarter of 2016. ?Total acquisition related costs are estimated to be in the range of $8 million to $10 million;

Total integration related costs are estimated to be in the range of $14 million to $16 million; and

Non-cash inventory step-up accounting adjustment is estimated to be in the range of $8 million to $9 million.

All comparisons above are with the fiscal year ended September 30, 2015 (which are on a carve out basis through the first three quarters), unless otherwise stated. We will provide our outlook for fiscal year 2017 in conjunction with our fourth quarter earnings release.

Webcast Information

In conjunction with this announcement, the Company will hold an investor conference call beginning at 10:00 a.m. eastern time today. The call will focus on third fiscal quarter earnings and the updated financial outlook for fiscal 2016. 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://www.webcaster4.com/Webcast/Page/1192/16293

http://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-fiscal-2016-third-quarter-results-and-updates-financial-outlook-for-fiscal-2016-to-include-acquisition-impact-of-handstands-holding-corporation-300308202.html

Energizer Holdings, Inc. Declares Dividend For Fourth Quarter Of Fiscal 2016 and Announces Plan For Dividend Increase For Fiscal 2017 (8/01/16)

ST. LOUIS, Aug. 1, 2016 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) announced that its Board of Directors has declared a dividend for the fourth quarter of its fiscal 2016 of $0.25 per share of Common Stock, payable on September 9, 2016 to all shareholders of record as of the close of business on August 19, 2016.

In addition, the Board of Directors announced their intention to increase the Company's regular quarterly dividend to $0.275 per share of Common Stock beginning in fiscal 2017. This represents a 10% increase over the current quarterly dividend of $0.25. Future declarations of dividends are subject to Board approval and may be adjusted at the discretion of the Board, as business needs or market conditions change.

"As we have consistently stated, our goal of delivering long-term shareholder value will be achieved through a balanced combination of reinvesting in our business, returning cash to shareholders through both dividends and share repurchases and adding to our portfolio through acquisitions," said Alan Hoskins, Chief Executive Officer. "This dividend increase is an important part of continuing to deliver long-term value to our shareholders."

About Energizer Holdings, Inc.

Energizer Holdings, Inc. (NYSE: ENR), headquartered in St. Louis, MO, is one of the world's largest manufacturers of primary batteries and portable lighting products and is anchored by its two globally recognized brands Energizer® and EVEREADY®. As a global leader in power solutions, our mission is to lead the charge to connect our brands, our people and the products we offer to the world better than anyone else. Visit www.energizerholdings.com for more details.

http://www.prnewswire.com/news-releases/energizer-holdings-inc-declares-dividend-for-fourth-quarter-of-fiscal-2016-and-announces-plan-for-dividend-increase-for-fiscal-2017-300306962.html

ENR hits new 52-week high (7/05/16)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 52.0400[+]
Volume 1,009,587
Net Change -0.3100
Net Change % -0.59%
52 Week High 53.4100 on 07/05/2016
52 Week Low 28.8550 on 01/20/2016
Day High 53.4100
Day Low 51.7600

ENR hits new 52-week high (6/21/16)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 50.8800 [-]
Volume 727,229
Net Change -0.1800
Net Change % -0.35%
52 Week High 51.6200 on 06/21/2016
52 Week Low 28.8550 on 01/20/2016
Day High 51.6200
Day Low 50.8100

ENR hits new 52-week high (6/15/16)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 49.4000 [-]
Volume 400,123
Net Change 1.1600
Net Change % 2.4%
52 Week High 49.7300 on 06/15/2016
52 Week Low 28.8550 on 01/20/2016
Day High 49.7300
Day Low 47.9400

ENR hits new 52-week high (6/07/16)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 48.6200[+]
Volume 272,365
Net Change 0.0200
Net Change % 0.04%
52 Week High 48.7500 on 06/07/2016
52 Week Low 28.8550 on 01/20/2016
Day High 48.7500
Day Low 48.1150

ENR hits new 52-week high (6/06/16)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 48.6100[+]
Volume 252,833
52 Week High 48.6800 on 06/06/2016
52 Week Low 28.8550 on 01/20/2016
Day High 48.6800
Day Low 47.3700

ENR hits new 52-week high (5/31/16)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 47.3300[+]
Volume 402,454
Net Change 0.6000
Net Change % 1.28%
52 Week High 47.9100 on 05/31/2016
52 Week Low 28.8550 on 01/20/2016
Day High 47.9100
Day Low 46.6900

ENR hits new 52-week high (5/25/16)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 46.6800 [-]
Volume 623,981
Net Change -0.5400
Net Change % -1.14%
52 Week High 47.9089 on 05/25/2016
52 Week Low 28.8550 on 01/20/2016
Day High 47.9089
Day Low 46.6800

ENR hits new 52-week high (5/24/16)

ENERGIZER HOLDINGS INC NEW (ENR)
Last Trade [tick] 47.2200[+]
Volume 840,066
Net Change 2.6300
Net Change % 5.9%
52 Week High 47.3700 on 05/24/2016
52 Week Low 28.8550 on 01/20/2016
Day High 47.3700
Day Low 44.7100

Energizer lawsuit over Duracell's pink bunny can keep going (5/24/16)

By Jonathan Stempel

Duracell has failed in its effort to dismiss a lawsuit claiming it violated Energizer Holdings Inc's (ENR.N) trademark rights by using a pink bunny on battery packages that closely resembled the sunglass-clad, drum-beating Energizer Bunny.

In a decision last week, U.S. District Judge Carol Jackson in St. Louis said Duracell, recently bought by Warren Buffett's Berkshire Hathaway Inc (BRKa.N), must face claims that its bunny confuses consumers and irreparably harms Energizer, which has used a bunny mascot since 1989.

Energizer said it has spent hundreds of millions of dollars using its bunny to market its batteries, using the slogan that both "keep going and going and going."

Duracell called Energizer's lawsuit a "thinly veiled" attempt to renegotiate a January 1992 agreement limiting Duracell's use of a bunny in U.S. and Canadian marketing.

It also said many Duracell batteries are made at lower cost in other countries, and that it was should not be liable if distributors send them lawfully to the United States, where a "Duracell Bunny" is incompatible with its branding strategy.

But in a May 18 decision, the judge said such assertions are not a "proper basis" for dismissing the three-month-old lawsuit, and that Energizer's trademark claims could succeed if Duracell had a close relationship with its distributors.

Jackson also dismissed claims against former Duracell parent Procter & Gamble Co (PG.N) and its Gillette unit, finding no sign they sold batteries or were involved in the 1992 agreement.

Gillette bought Duracell in 1996, and P&G bought Gillette in 2005.

A Duracell spokesman had no immediate comment on Tuesday. Energizer spokeswoman Jackie Burwitz said that company does not discuss current litigation.

Berkshire acquired Bethel, Connecticut-based Duracell on Feb. 29 in exchange for about $4.2 billion of P&G stock. It also assumed about $1.8 billion of cash.

Energizer has offices in Town and Country, Missouri, a St. Louis suburb. It separately announced on Tuesday that it agreed to buy HandStands Holding Corp, which makes car air fresheners, from private equity firm Trivest Partners for $340 million.

The case is Energizer Brands LLC v Procter & Gamble Co et al, U.S. District Court, Eastern District of Missouri, No. 16-00223.

http://www.reuters.com/article/us-duracell-lawsuit-energizer-idUSKCN0YF2F0

Energizer Holdings, Inc. to Acquire HandStands Holding Corporation for $340 Million (5/24/16)

- Adds Leading Brands in Growing Automotive Fragrance and Appearance Categories, including Refresh Your Car!, California Scents, Driven, Bahama & Co., LEXOL and Eagle One

- Accretive to EBITDA Margins, Adjusted Earnings per Share and Free Cash Flow in the First Full Fiscal Year, Excluding One-Time Transaction and Integration Costs

- Provides Domestic and International Growth Potential by Leveraging Energizer's Global Battery Distribution Platform, Infrastructure and Supply Chain Network

- To be Ultimately Funded with Approximately $250 Million of Cash on Hand and Committed Debt Facilities

ST. LOUIS, May 24, 2016 /PRNewswire/ -- Energizer Holdings, Inc. ("Energizer") (NYSE: ENR) today announced that it has agreed to acquire HandStands Holding Corporation ("HandStands") from Trivest Partners for an aggregate cash purchase price of $340 million, subject to certain adjustments.

HandStands is a leading designer and marketer of automotive fragrance and appearance products. Inclusive of recent acquisitions, calendar year 2015 pro forma net sales were approximately $128 million, with approximately 80% in the U.S., and adjusted pro forma EBITDA was approximately $34 million. HandStands offers innovative products driven by deep consumer insights through well recognized brands such as Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL® and Eagle One®. This combination of innovative product offerings and strong category leadership has allowed HandStands to achieve consistent top-line growth in recent years and establish itself as one of the market leaders and a partner of choice for retailers in the U.S. automotive fragrance category.

"HandStands represents a compelling strategic, operational and cultural fit for Energizer," said Alan R. Hoskins, Chief Executive Officer of Energizer. "The HandStands business is complementary to our existing business with opportunities for growth. These two businesses have similar customers, distribution channels, category management characteristics and commitment to innovation. The acquisition allows us to leverage our global battery platform and integrated supply chain network, while providing top-line and free cash flow growth, which will further enhance our ability to drive long-term shareholder value."

Chris Anderson, Chief Executive Officer of HandStands, added: "This transaction represents an exciting milestone in HandStands' evolution. The ability to leverage Energizer's strong consumer insights, industry-leading innovation and global reach positions HandStands' brands for continued growth."

Energizer intends to ultimately fund the acquisition through a combination of approximately $250 million of existing cash and committed debt facilities. This transaction is expected to be leverage neutral to Energizer's projected levels of Debt to EBITDA by the first quarter of Fiscal 2017. Excluding one-time transaction and integration costs, earnings accretion from the transaction in the first full fiscal year following the close is estimated to be $0.15 to $0.20 per share and free cash flow is expected to increase by at least $20 million. In addition to revenue growth potential, Energizer anticipates cost synergies of approximately $5 million to be achieved by leveraging Energizer's global battery platform, infrastructure and supply chain network. These savings are projected to be achieved over a period of two years following the close of the acquisition.

The transaction is subject to customary closing conditions, including regulatory approvals. The acquisition is expected to close in the fourth fiscal quarter of 2016. Citi acted as exclusive financial advisor and Bryan Cave LLP acted as legal counsel to Energizer on the transaction. Sawaya Segalas & Co., LLC acted as exclusive financial advisor, and Greenberg Traurig, LLP acted as legal counsel to HandStands on this transaction.

Webcast Information:

In conjunction with this announcement, Energizer will hold an investor conference call beginning at 9:00 a.m. eastern time today to discuss the transaction. 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://www.webcaster4.com/Webcast/Page/1192/15412

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.

About Energizer Holdings, Inc.:

Energizer Holdings, Inc. (NYSE: ENR), headquartered in St. Louis, MO, is one of the world's largest manufacturers of primary batteries and portable lighting products and is anchored by its two globally recognized brands Energizer® and EVEREADY®. As a global leader in power solutions, our mission is to lead the charge to connect our brands, our people and the products we offer to the world better than anyone else. Visit www.energizerholdings.com for more details.

About Trivest Partners:

Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 225 transactions, totaling in excess of $5.5 billion in value. For additional information, please visit www.trivest.com.

http://www.prnewswire.com/news-releases/energizer-holdings-inc-to-acquire-handstands-holding-corporation-for-340-million-300273760.html

Energizer Holdings, Inc. Announces Fiscal 2016 Second Quarter Results and Raises Financial Outlook for Fiscal 2016 (5/04/16)

- Reported net sales declined 6.4% while organic net sales were up 0.5%

- Diluted EPS was $0.26 compared to a net loss per diluted share of $1.11 in the prior year second quarter, and Adjusted Diluted EPS was $0.30 compared to $0.44 in the prior year second quarter

- Increased Full Year Outlook - Adjusted EPS of $2.15 to $2.25 and Adjusted EBITDA of $280 million to $300 million

- Full year free cash flow still expected to exceed $150 million

ST. LOUIS, May 4, 2016 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) today announced results for the second fiscal quarter, which ended March 31, 2016. For the second fiscal quarter, net earnings were $16.4 million, or $0.26 per diluted share, compared to a net loss of $69.2 million, or a loss of $1.11 per diluted share, in the prior year second quarter. Adjusted net earnings in the second quarter were $18.5 million, or $0.30 per diluted share, compared to adjusted net earnings of $27.5 million, or $0.44 per diluted share, in the prior year second quarter.

"We achieved solid results in the second quarter adding to our momentum from the start of the year," said Alan Hoskins, Chief Executive Officer. "We continued to increase distribution in the U.S. and pricing in certain international markets. In addition, global category trends were stable. As a result of this strong performance in the first half of the year, improving foreign currency trends and a more favorable outlook on our effective tax rate, we are increasing our full year outlook for adjusted earnings per share in the range of $2.15 to $2.25. We remain focused on delivering results for the balance of the year and a top-tier cash flow performance, as well as investing in the long-term health of our business."

Second Quarter Financial Highlights (Unaudited)
The following is a summary of key second fiscal quarter results. All comparisons are with the second quarter of fiscal 2015 unless otherwise stated.

Net sales were $334.0 million, a decrease of 6.4%: (a)

• Organic net sales increased 0.5% due primarily to distribution and space gains and storm related volumes. These gains were partially offset by the lapping of the EcoAdvanced product launch in the prior year.

• The following items were offsetting amounts to the organic net sales increase: ?Unfavorable currency impacts were $15.5 million, or 4.3%;

? International go-to-market changes, including the exit from certain markets and shift to distributors, resulted in a decline of $3.9 million, or 1.1%; and

? Change in Venezuela results, due to the deconsolidation, resulted in a decline of $5.4 million, or 1.5%. This will be the last quarter of impact from the deconsolidation which occurred at the end of the prior year second quarter.

• Gross Margin percentage was 42.4%, down 480 basis points driven in part by unfavorable currencies, change in Venezuela results and international go-to-market changes. Excluding the impact from these items, gross margin percentage declined 220 basis points driven by higher costs in the quarter due to investments in product improvements and productivity initiatives partially offset by favorable commodity and other product costs. (a)

•A&P spending was 5.4% of net sales, a decrease of 290 basis points, or $11.4 million, due to higher prior year spending related to the EcoAdvanced launch and the timing of current year advertising and promotional activities.

•SG&A, excluding spin and restructuring costs, was 24.3% of net sales compared to 22.5% in the prior year. The higher percentage comparison versus the prior year quarter reflects the impact of lower reported net sales, incremental investment spending and the timing of overhead spend. (a)

•Restructuring related charges were $1.5 million in the second fiscal quarter. (a)

•Spin-off and spin restructuring related charges were $1.9 million in the second fiscal quarter. (a)

•Pretax income of $21.0 million compared to pre-tax loss of $71.7 million in the prior year quarter.

•Income tax rate on a year to date basis was 29.1% due to the favorable impacts from the country mix of earnings. This favorable change in tax rate is included in the current quarter's results, which is reflected in the disproportionately lower rate of 21.9% in the quarter.

•Net earnings per diluted share were $0.26.

•Adjusted net earnings per diluted share were $0.30 compared to $0.44 prior year second quarter. (a)

•Adjusted EBITDA was $51.4 million. (a)

•Net cash from operating activities on a year to date basis was $128.3 million and Free Cash Flow on a year to date basis was $114.8, or 13.7% of net sales. (a)

•Dividend payments in the quarter were approximately $15.5 million, or $0.25 per share, and $30.9 million on a year to date basis, or $0.50 per share.

•Repurchased 600,000 shares of common stock on a year to date basis for $21.8 million.

(a) See Press Release attachments for additional information as well as the GAAP to Non-GAAP reconciliations.

Results for the second quarter and six months ended March 31, 2015 are based on carve out financial data. Net sales, Gross profit, Advertising & promotion (A&P) and Research & development (R&D) spending are directly attributable to our business. However, certain Selling, general, and administrative expense (SG&A), Interest expense, Other financing items and Spin-off and Restructuring related charges were allocated from our former parent company, Edgewell, and not necessarily representative of Energizer's stand-alone results or expected future results as an independent company.

[tables deleted]

Total net sales decreased 6.4% or $22.9 million driven by the unfavorable impact in foreign currency of 4.3%, the change in Venezuela results of 1.5% (due to the Company's previously announced deconsolidation) and the impact of international go-to-market changes of 1.1%, including the exit and shift to distributors in certain markets.

Organic net sales increased 0.5% in the quarter as a result of the following items:

• Increase of approximately 3% related to distribution and space gains;

• Decrease of approximately 3% related to the lapping of the EcoAdvanced product launch in the prior year;

• Increase of approximately 0.5% primarily related to incremental storm volumes; and

• Flat price/mix impact as pricing declines due to heightened competitive activity in our Asia developed markets were offset by net pricing and mix gains in the rest of world.

Total Segment Profit in the second fiscal quarter declined 15.3%, or $12.4 million. Excluding the unfavorable movement in foreign currency of $10.4 million, the $2.0 million change in Venezuela results (due to the Company's previously announced deconsolidation) and the favorable $1.0 million net impact of go-to-market changes resulting from overhead reductions, organic segment profit declined 1.2% or $1.0 million in the current fiscal quarter. The 1.2% decline was driven primarily by lower gross margin as a result of higher costs in the quarter due to investments in product improvements and productivity initiatives partially offset by favorable commodity and other products costs.

Financial Outlook Projection for Fiscal Year 2016
As a result of the strong performance in the first half of the year, improved current foreign currency rates and a more favorable effective tax rate estimate, the company has increased its financial outlook for Adjusted EPS in the range of $2.15 to $2.25. The Company is also providing the following assumptions related to the full year financial outlook for fiscal year 2016:

• Net Sales are expected to be down low single digits: ?Organic net sales are expected to be up low-single digits;

? The negative impact of foreign currency movement is now expected to reduce net sales by $60 to $70 million, a slight improvement from our prior outlook;

? International go-to-market changes are expected to reduce net sales in the low single digits, consistent with the prior outlook; and

? Change in Venezuela results, due to the previously announced deconsolidation, will reduce net sales by $8.5 million, or 0.5%, consistent with the prior outlook.

• Gross Margin rates are expected to decline up to 250 basis points, consistent with the prior outlook, driven in part by unfavorable currency impacts, international go-to-market changes, the impact from the Venezuela deconsolidation and investments in product improvements and productivity initiatives.

• SG&A as a percent of net sales, excluding spin related and restructuring costs, is expected to be in the low 20's, consistent with the prior outlook.

• Pre-tax income is expected to be negatively impacted due to the movement in foreign currencies by $50 to $60 million, a slight improvement from our prior outlook.

• Income Tax Rate is now expected to be in the range of 29 to 30 percent, a slight improvement from our prior outlook.

• Adjusted EBITDA is now expected to be in the range of $280 to $300 million, a slight improvement from our prior outlook, reflecting the impact of improved current currency rates.

• Free Cash Flow is expected to exceed $150 million, consistent with the prior outlook.

• Spin and restructuring costs are now expected to be in the range of $15 to $20 million in fiscal year 2016.

All comparisons above are with the fiscal year ended September 30, 2015 (which was on a carve out basis through the first three quarters), unless otherwise stated.

Webcast Information
In conjunction with this announcement, the Company 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 the updated financial outlook for fiscal 2016. 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:
http://investors.energizerholdings.com/Energizer-Holdings-Inc-Second-Quarter-Fiscal-2016-Results

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.

http://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-fiscal-2016-second-quarter-results-and-raises-financial-outlook-for-fiscal-2016-300262344.html

Spinoffs Are Slowing, but Value Plays Still Exist (4/30/16)

Investing in spinoffs has become a crowded trade, but Energizer and MSG are still attractive.

By Reshma Kapadia

Much like the little-known gem of a restaurant that loses some of its luster when the masses swoop in, spinoffs often lose their cachet when too many investors chase too many of them. But true foodies—and savvy investors—always know where to look for the next great find.

Since 1999, newly liberated companies outperformed the Standard & Poor’s 500 index by six percentage points in the first two years after they were spun off, according to Goldman Sachs. And over the past five years, the Bloomberg Spinoff Index has returned 103%, compared with 55% for the S&P 500. The index tracks, for three years, companies that launch with a market value of at least $1 billion.

Studies have attributed the superior performance of spinoffs to factors including investors’ greater appreciation of a business after it is no longer ensconced within a larger entity, plus the new company’s ability to be run more efficiently, get more dedicated resources, and more effectively incentivize management.

Enter the hordes. In 2014 and 2015, spinoffs surged, with 100 new companies launched, often as a result of pressure from activist investors. Spinoffs concocted under duress have a mixed—and occasionally horrible—track record. Shares of specialty-chemical firm Chemours (ticker: CC) are down 56% since DuPont (DD) spun it off last summer at the urging of Nelson Peltz’s Trian Fund Management.

“You don’t get the same quality of spinoffs as you do if management and the board have come to that decision without pressure,” says Ivy Mid Cap Growth fund’s manager Kim Scott, who often looks at spinoffs for potential investments.

That decline in quality is borne out in recent returns. Over the past year, as the S&P 500 has fallen 0.6%, the Bloomberg Spinoff Index has slid 6%. The 42-stock Guggenheim Spin-Off exchange-traded fund (CSD) has fared even worse, down 17%. Clearly, this isn’t a market for simple index investing.

Instead, investors must be choosy about picking the right type of spinoff, and at the right time. In the past, companies spun off unprofitable or marginally profitable businesses that investors essentially valued at nothing. It would take a few years to get a spinoff’s profitability up to the industry level once it was on its own. But as that happened, it would drive the stock higher, says Murray Stahl, chief investment officer of Horizon Kinetics. “You don’t see as many spinoffs like that now,” he observes. “You’ll have to wait for a recession, when companies lose customers, are saddled with debt, and profitability declines” to find a better crop to invest in.

With 2016 on track to be a lean year for spinoffs, timing becomes even more important. There have been just nine so far, putting the year on pace for 27, down from last year’s 40, according to Joe Cornell, founding principal of the advisory firm that publishes Spin-Off Research.

To do well, investors must get in earlier or wait several months after a spinoff is listed, when shareholders in the parent company dump the spinoff’s stock. Often a company that’s spun off is too small for institutional investors or in an industry they dislike. “Investors need to do a lot more homework than simply buying a basket of spinoffs, which might have worked in 2013 or 2014,” says Jonathan Morgan, deals analyst at Edge Consulting Group, which advises investors on spinoffs and special situations. “You really need good timing now.”

Spinoff stocks might trade higher in the when-issued market—a few days before the shares are distributed—often making them overvalued when they come out. In that case, be patient and wait for them to come back down.

ENERGIZER HOLDINGS (ENR) embodies traits that have typically led to outperformance by spinoffs. Energizer spun off its steady cash-generating battery business last July, giving the spinoff its old name. The parent entity retained its faster-growing businesses—including its Schick, Playtex, and Hawaiian Tropic brands—and renamed itself Edgewell Personal Care (EPC). Energizer’s shares have risen 25% since then, but Gabelli Asset fund manager Kevin Dreyer sees about 15% more upside

Dreyer expects margins to improve due to a shift in the competitive landscape. Berkshire Hathaway purchased rival Duracell in 2014. Under Procter & Gamble’s ownership, Duracell was often promotional, but Dreyer expects the new owners to run the business with an eye toward maximizing cash flow, which should mean fewer price wars. Analysts expect Energizer to earn $135 million, or $2.17 a share, this year, on sales of $1.6 billion.

Now that Madison Square Garden (MSG) is free from MSG Networks (MSGN), it can use the $1.6 billion on its balance sheet to grow via acquisitions or buy back shares. It could also monetize the air rights above its midtown Manhattan arena. In the interim, the company, which became independent in October, has stable and modestly growing cash flow from the sale of TV rights. Analysts expect net income of $28 million, or $1.13 a share, on $1.1 billion in revenue for the fiscal year that ends in June, with a 3% increase in profits on a 7.5% sales rise next year. The company could also be an attractive takeover target, says Cornell, who thinks the stock could rise 30%, to $210 from its current $160.

THE CLASSIC WAY to benefit from a spinoff, of course, is to buy shares of its parent company before the deal is done. Cornell suggests Fiesta Restaurant Group (FRGI), which plans to split off its slower-growing, but cash-generating, fast-casual restaurant Taco Cabana. Fiesta will change its name to Pollo Tropical, the faster-growing Caribbean chicken chain it will retain—a cult hit in South Florida that is expanding elsewhere. A date for the spinoff has not yet been announced.

Raymond James restaurant analyst Brian Vaccaro argues that Taco Cabana deserves a forward multiple of eight times earnings, in line with where Fiesta currently trades. Pollo Tropical, however, could fetch a multiple of 11 or more as it expands—last year’s sales growth was 19%, triple that of Taco Cabana’s. “I’ve always looked at [Fiesta] as a sum-of-the-parts story, because there is a big differential in the growth prospects of the two chains,” says Vaccaro, who thinks Fiesta stock is worth $45, versus its recent price of $34. “Now, more investors are beginning to look at it from that view.”

http://www.barrons.com/articles/spinoffs-are-slowing-but-value-plays-still-exist-1461990741

Recharging the Energizer Bunny (7/18/15)

By jettisoning its consumer-products unit, Energizer Holdings should be able to focus on its core battery market, boosting margins and cutting costs.

By David Englander

When it was spun off from Ralston Purina in 2000, Energizer Holdings ’ focus was on batteries. That’s the case again. Early this month, Energizer split off its consumer products brands—Schick, Edge, and Hawaiian Tropic, to name a few—into a new company known as Edgewell Personal Care (ticker: EPC).

Energizer built up the consumer-products division over years of acquisitions, and that business gradually overtook batteries as its largest. The battery operations have long been thought of as the ugly duckling, but this column is intrigued by its stand-alone prospects.

At a recent $41.46, Energizer’s shares (ENR) have jumped 22% since the July 1 spinoff. But more gains could be ahead.

Disposable battery usage has declined, as smartphones and other electronic devices with built-in rechargeable batteries have depressed demand. Still, there are one billion devices in U.S. homes that use disposable batteries, including toys, flashlights, and remote controls. That isn’t going to change much anytime soon.

The industry has attractive attributes, especially the fact that it’s highly concentrated. Duracell, Energizer, and Spectrum Brands Holdings (SPB), the top players, have more than 80% of the market. This year, Berkshire Hathaway (BRK.A) will close on its $5 billion purchase of Duracell from Procter & Gamble (PG), and that could prompt a shift to more favorable industrywide pricing.

Energizer, whose ads long have featured a seemingly tireless bunny, has an opportunity to cut costs and boost margins. Earnings and free cash flow could grow, even if global battery demand slowly declines, as is expected.

Jefferies analyst Kevin Grundy notes that, based on free cash flow, the stock looks cheap. It trades for a 7.2% free cash flow yield, versus 5.1% for peers. He values the shares at $45, which implies a 7% free cash flow yield. His upside target is $60.

With 32% of the battery market, Energizer is No. 2, behind Duracell, which controls 41%. Spectrum Brands’ Rayovac is the smaller player.

Energizer’s alkaline- and lithium-based batteries sell under the Energizer and Eveready brands. Energizer also makes headlamps, lanterns, and flashlights. Batteries represent 83% of revenue, and the lighting segment chips in the remainder. The company sells into 140 markets around the world, with about half of sales coming from North America.

This fiscal year ending in September, Grundy expects earnings of $181 million, or $2.93 a share, on $1.65 billion in revenue. Those results don’t fully reflect changes that management has been making to the business, including exiting or paring exposure to unprofitable markets. In 2016, earnings are expected to fall to $2.65 a share, before rebounding to $3 in 2017. Annual revenue should normalize around $1.6 billion.

Historically, batteries have been a highly promoted product. That’s been especially the case in the past few years, as P&G has run Duracell with an eye toward increasing share. Since 2009, P&G has kept pricing steady, even as Energizer and Rayovac boosted prices. Energizer has lost share, while Duracell has picked it up.

Under the Berkshire umbrella, that could change. Duracell will probably refocus on improving cash flow and profitability, rather than on driving sales volume. More rational pricing could ensue, and that would boost participants’ margins. This has happened in other consolidated U.S. industries, such as beer and cigarettes.

Energizer could also cut more costs. Over the past few years, the battery business has been dramatically restructured. Since 2011, $210 million in annual costs have been taken out, and that helped boost gross margins from 41.9%, to 46.2% in 2014.

In a report, analyst Grundy observes that management could announce a program to trim an additional $50 million by targeting selling, general, and administrative cost.

He also cites the opportunity to improve profitability in Latin America and Europe, where margins are much lower than those in North America.

On Energizer’s June investor day, CEO Alan Hoskins named “driving productivity gains” a “strategic priority.” He later added, “our singular objective will be to maximize free cash flow.”

In connection with the spinoff, Energizer took on $1 billion of debt, and paid the proceeds to Edgewell. With just over $300 million in cash, that puts leverage in a comfortable place. Free cash flow could come to about $3 a share this year.

Returning some of that cash to shareholders will be key to moving the stock. In addition to paying out a $1 a share in annual dividends, Energizer has committed to buying back 7.5 million shares, or more than 10% of its shares outstanding.

Energizer’s shares rallied 12% last week. Investors accumulating a position might want to pick up the bulk of their shares on any stock price weakness.

http://online.barrons.com/articles/recharging-the-energizer-bunny-1437195190?mod=BOL_hp_mag

Jefferies launches coverage of Edgewell Personal Care: benzinga.com/stock/enr/ratings. PT = 45.00

Mario Gabelli: 4 New Stock Picks (7/03/15)

http://www.wsj.com/video/mario-gabelli-4-new-stock-picks/4626F35B-F25E-4EB6-B36A-70024BDE89E3.html