Enersys (ENS)

EnerSys Announces Segment RealignmentMay 28, 2026 4:15 PM
Business Wire EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial, infrastructure and defense applications, today announced that it has realigned its previous four operating segments into a three-segment operating model designed to better serve customers and enhance organizational focus, beginning in the first quarter of fiscal year 2027. The three reportable segments, their mission statements, and descriptions are as follows: Network & Infrastructure Solutions (NIS): Powering the connected world with trusted reserve and critical infrastructure solutions
Consists of the prior Energy Systems segment, providing power solutions and services to broadband, telecommunications, data center, and industrial utility customers. Industrial Mobility Solutions (IMS): Powering industrial vehicles and equipment that keep essential goods and industries moving around the world
Consists of the prior Motive Power segment with the addition of the Transportation business previously reported within the Specialty segment, providing power for electric industrial forklifts and other material handling equipment as well as transportation applications, primarily Class 8 trucks. Precision Power Solutions (PPS): Powering advanced, reliable, high-performance solutions for defense, aerospace, and specialized applications
Consists of the aerospace and defense and specialized products business from the prior Specialty segment, providing energy solutions primarily for military vehicles, advanced defense programs, soldier powering and autonomous systems. “The realignment and renaming of our segments reinforces our position as a leading provider of end-to-end stored energy solutions for our diverse, growing, specialized end markets,” said Shawn O’Connell, President and Chief Executive Officer of EnerSys. “Our updated segment names, with an emphasis on solutions, highlights our focus on supporting our customers beginning from the design and implementation process, and continuing through to managing data, uptime, and system performance. “Our updated segment structure better reflects how we serve our customers today and how we will drive the next phase of our growth. Bringing our lift truck and transportation businesses together into one line of business creates stronger internal alignment, enables cross-selling, and allows us to deepen relationships with our warehousing and logistics customers. In addition, this structure provides greater visibility into our fast-growing aerospace and defense-focused PPS segment. Consistent with our EnerGize strategic framework, these changes enhance focus and alignment, and position us better for the exciting growth opportunities ahead,” O’Connell concluded. As part of this realignment, New Ventures will no longer be considered a separate operating segment, and sales will be reported within the segments in which those sales occur. Prior costs associated with New Ventures have been allocated as part of corporate charges. As part of this segment realignment, corporate charges are being redistributed across all lines of business, based on a new manner of allocation. The Company’s guidance for the first quarter of fiscal year 2027, ending June 28, 2026, and issued on May 20, 2026, is unchanged and not impacted by the segment realignment. Together with this press release, the Company has provided a Current Report on Form 8-K with a recast of comparable prior year segment unaudited financial information for fiscal years 2025 and 2026, along with a summary presentation that is posted on the Events & Presentations section of EnerSys’ Investor Relations website. The Company’s consolidated balance sheets, income statements, and statements of cash flows are not affected. About EnerSys EnerSys is a global leader in stored energy solutions helping industrial, infrastructure and defense customers address critical power and operational needs with batteries, chargers and other power equipment. The company delivers integrated solutions that combine energy storage technologies, power electronics, software-enabled intelligence, technical expertise and comprehensive global customer support. EnerSys supports customers across communications networks, data centers, energy infrastructure, material handling, transportation, aerospace and defense — including applications where power continuity is essential. Serving customers in more than 100 countries, EnerSys helps organizations manage energy more reliably, efficiently and intelligently in complex operating environments where uptime, safety and resilience matter. For more information, visit www.enersys.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260528739834/en/ Lisa Hartman Langell
Vice President, Investor Relations and Corporate Communications
EnerSys
610-236-4040
E-mail: investorrelations@enersys.com Original: EnerSys Announces Segment Realignment

CORRECTING and REPLACING EnerSys Reports Fourth Quarter and Full Year Fiscal 2026 ResultsMay 21, 2026 10:34 AM
Business Wire Delivers Record Full Year Net Sales, up 4% Fourth Quarter Fiscal 2026 Highlights
(All comparisons against the fourth quarter of fiscal 2025 unless otherwise noted) Delivered net sales of $988M, +1% Achieved Gross Margin (GM) of 29.4%, (180) bps and GM ex IRC 45X(1) of 24.7%, (200) bps Realized diluted EPS of $2.05, (15%), record adjusted diluted EPS(1) of $3.19, +7%, and record adjusted diluted EPS ex IRC 45X(1) of $1.96, +5% Net leverage ratio(a) 1.1 X EBITDA Generated operating cash flow of $144M Advanced new product pipeline, including BESS for warehouse operators and a lithium data center solution, both in customer commissioning Full Year Fiscal 2026 Highlights
(All comparisons against fiscal 2025 unless otherwise noted) Delivered record net sales of $3.75B, +4% Achieved GM of 29.3%, down (90) bps and GM ex IRC 45X(1) of 25.1%, roughly flat Realized diluted EPS of $7.70, down (14%), record adjusted diluted EPS(1) of $10.56, +4%, and record adjusted diluted EPS ex IRC 45X(1) of $6.41, +15% Generated operating cash flow of $548M Returned $409M to shareholders through buybacks and dividends Launched EnerGize strategic framework and accelerated operational execution The third bullet of First Quarter and Fiscal Year 2027 Outlook of release dated May 20, 2026 should read: Adjusted diluted EPS: $2.80 to $2.90 (instead of Adjusted diluted EPS: $2.70 to $2.90). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260520515143/en/EnerSys FY’26 Earnings | Image (right): NASA/Cory Huston The updated release reads: EnerSys Reports Fourth Quarter and Full Year Fiscal 2026 Results Delivers Record Full Year Net Sales, up 4% Fourth Quarter Fiscal 2026 Highlights
(All comparisons against the fourth quarter of fiscal 2025 unless otherwise noted) Delivered net sales of $988M, +1% Achieved Gross Margin (GM) of 29.4%, (180) bps and GM ex IRC 45X(1) of 24.7%, (200) bps Realized diluted EPS of $2.05, (15%), record adjusted diluted EPS(1) of $3.19, +7%, and record adjusted diluted EPS ex IRC 45X(1) of $1.96, +5% Net leverage ratio(a) 1.1 X EBITDA Generated operating cash flow of $144M Advanced new product pipeline, including BESS for warehouse operators and a lithium data center solution, both in customer commissioning Full Year Fiscal 2026 Highlights
(All comparisons against fiscal 2025 unless otherwise noted) Delivered record net sales of $3.75B, +4% Achieved GM of 29.3%, down (90) bps and GM ex IRC 45X(1) of 25.1%, roughly flat Realized diluted EPS of $7.70, down (14%), record adjusted diluted EPS(1) of $10.56, +4%, and record adjusted diluted EPS ex IRC 45X(1) of $6.41, +15% Generated operating cash flow of $548M Returned $409M to shareholders through buybacks and dividends Launched EnerGize strategic framework and accelerated operational execution EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter and full year fiscal 2026, which ended on March 31, 2026. “The fourth quarter capped a strong year for EnerSys, with our second highest revenue quarter in history and important progress advancing both our new lithium data center solution and BESS for warehouse operators into customer commissioning,” said Shawn O’Connell, President and Chief Executive Officer of EnerSys. “For the full year, we delivered record net sales, up 4%, and record adjusted diluted EPS excluding 45X, up 15%, reflecting solid execution and the early impact of our EnerGize strategic framework. Our focus on core end markets, where our leading market share positions afford us the right to win, has created a more durable, diversified portfolio that can perform across varied demand conditions. “Over the past year, we have taken decisive actions to improve our cost structure, optimize our manufacturing footprint, and increase the speed and focus of our organization. These efforts, combined with a continued shift toward higher-value solutions, are strengthening the quality and consistency of our earnings. “As we enter fiscal 2027, we are encouraged by improving demand trends and the momentum we are building across the business. We look forward to providing additional detail on our strategy, technology roadmap, and growth opportunities at our Investor Day on June 11th at the NYSE,” O'Connell concluded. Key Financial Results and Metrics Fourth quarter ended   Twelve months ended In millions, except per share amounts March 31, 2026   March 31, 2025   Change   March 31, 2026   March 31, 2025   Change Net Sales $ 988.0   $ 974.8     1.3 %   $ 3,751.4   $ 3,617.6     3.7 % Diluted EPS (GAAP) $ 2.05   $ 2.41   $ (0.36 )   $ 7.70   $ 8.99   $ (1.29 ) Adjusted Diluted EPS (Non-GAAP)(1) $ 3.19   $ 2.97   $ 0.22     $ 10.56   $ 10.15   $ 0.41   Gross Profit (GAAP) $ 290.9   $ 303.7   $ (12.8 )   $ 1,097.6   $ 1,092.4   $ 5.2   Operating Earnings (GAAP) $ 123.7   $ 131.3   $ (7.6 )   $ 426.4   $ 464.7   $ (38.3 ) Adjusted Operating Earnings (Non-GAAP)(2) $ 154.1   $ 152.5   $ 1.6     $ 540.2   $ 528.1   $ 12.1   Net Earnings (GAAP) $ 77.3   $ 96.5   $ (19.2 )   $ 293.6   $ 363.7   $ (70.1 ) EBITDA (Non-GAAP)(3) $ 141.0   $ 155.6   $ (14.6 )   $ 511.5   $ 558.6   $ (47.1 ) Adjusted EBITDA (Non-GAAP)(3) $ 172.6   $ 166.9   $ 5.7     $ 601.6   $ 588.6   $ 13.0   Share Repurchases $ 69.3   $ 40.0   $ 29.3     $ 370.7   $ 154.0   $ 216.7   Dividend per share $ 0.26   $ 0.24   $ 0.02     $ 1.03   $ 0.945   $ 0.08   Total Capital Returned to Stockholders $ 78.9   $ 49.5   $ 29.4     $ 408.8   $ 192.4   $ 216.4     (a) Net leverage ratio is a non-GAAP financial measure as defined pursuant to our credit agreement and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.   (1) GM (Gross Margin) excluding IRC 45X , Adjusted Diluted EPS and Adjusted Diluted EPS excluding IRC 45X benefit are non-GAAP financial measures and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures. (2) Operating Earnings are adjusted for charges that the Company incurs as a result of restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. A reconciliation of operating earnings to Non-GAAP Adjusted Earnings are provided in tables under the section titled Business Segment Operating Results. (3) Non-GAAP EBITDA is calculated as net earnings adjusted for depreciation, amortization, interest and income taxes. Non-GAAP Adjusted EBITDA is further adjusted for certain charges such as restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and other charges and credits as discussed under Reconciliations of GAAP to Non-GAAP Financial Measures. Summary of Results Fourth Quarter Fiscal 2026 Net sales for the fourth quarter of fiscal 2026 were $988.0 million, an increase of 1.3% from the prior year fourth quarter net sales of $974.8 million and at the low end of the range of the fourth quarter of fiscal 2026 guidance of $960 million to $1,000 million. The increase compared to prior year quarter was the result of a 4% increase in pricing and a 3% increase in foreign currency translation, partially offset by a 6% decrease in organic volume. Net earnings attributable to EnerSys stockholders (“Net earnings”) for the fourth quarter of fiscal 2026 were $77.3 million, or $2.05 per diluted share, which included an unfavorable highlighted net of tax impact of $42.8 million, or $1.14 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. Net earnings for the fourth quarter of fiscal 2025 were $96.5 million, or $2.41 per diluted share, which included an unfavorable highlighted net of tax impact of $22.0 million, or $0.55 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2026, on a non-GAAP basis, were $3.19, compared to the guidance of $2.95 to $3.05 per diluted share for the fourth quarter given by the Company on February 4, 2026. These earnings compare to the prior year fourth quarter adjusted Net earnings of $2.97 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025. Fiscal Year 2026 Net sales for the twelve months of fiscal 2026 were $3,751.4 million, an increase of 3.7% from the prior year twelve months net sales of $3,617.6 million. This increase was due to a 3% increase in pricing, a 2% increase in foreign currency translation, and a 1% increase in acquisitions, partially offset by a 2% decrease in organic volume. Net earnings for the twelve months of fiscal 2026 were $293.6 million, or $7.70 per diluted share, which included an unfavorable highlighted net of tax impact of $109.4 million, or $2.86 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. Net earnings for the twelve months of fiscal 2025 were $363.7 million, or $8.99 per diluted share, which included an unfavorable highlighted net of tax impact of $46.7 million, or $1.16 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. Adjusted Net earnings per diluted share for the twelve months of fiscal 2026, on a non-GAAP basis, were $10.56. This compares to the prior year twelve months adjusted Net earnings of $10.15 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information. Quarterly Dividend The Company announced today that its Board of Directors has approved a quarterly cash dividend $0.2625 per share of common stock. The dividend is payable on July 2, 2026, to holders of record as of June 19, 2026. Balance Sheet and Cash Flow As of March 31, 2026, cash and cash equivalents were $438.7 million and net debt as defined by our credit facility was $684.1 million. The net leverage ratio at the end of the fourth quarter was 1.1 X, down from 1.3 X in the prior year period due to the impact of lower debt and increased earnings. Capital expenditures during the fourth quarter were $12.8 million, down from $30.2 million in the prior year period. During the fourth quarter, cash from operating activities was $144.0 million, up from $135.2 million in the prior year period. Free cash flow, a non-GAAP financial measure, was $131.2 million, as compared to $105.0 million in the prior year period. The increase in cash from operating activities and the increase in free cash flow were both bolstered by improved primary operating capital during the quarter. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025. The Company also returned approximately $78.9 million to shareholders through $69.3 million in share repurchases and $9.6 million through its quarterly dividend payment in the fourth quarter. First Quarter and Fiscal Year 2027 Outlook In the first quarter of fiscal 2027, EnerSys expects: Net sales: $915M to $955M IRC 45X benefits to cost of sales: $42M to $47M Adjusted diluted EPS: $2.80 to $2.90* Adjusted diluted EPS, ex 45X benefits: $1.61 to $1.71 For the full year fiscal 2027, EnerSys expects: Capital expenditures ~$70M “We closed fiscal year 2026 with strong financial performance, supported by disciplined execution and the benefits of our diversified portfolio,” said Andrea Funk, EnerSys Chief Financial Officer. “Strength in our Data Center, Communications and Aerospace and Defense businesses drove favorable price/mix that eclipsed inflationary cost increases and, along with realignment cost savings, supported our ability to deliver record full-year results. The breadth of our end markets helped offset the ongoing softness in our Motive Power and Transportation markets, where order trends improved sequentially during our fourth quarter.” “We entered fiscal year 2027 with encouraging demand signals. Our first quarter fiscal 2027 outlook reflects typical seasonality, with expected net sales of $915 million to $955 million and adjusted diluted EPS excluding 45X of $1.61 to $1.71. We anticipate continued price/mix strength and benefits from our EnerGize strategic initiatives, as well as strong cash flow generation and disciplined capital allocation, including returning capital to shareholders, which position us to drive earnings growth as demand continues to normalize,” concluded Funk. *Inclusive of IRC 45X Advanced Manufacturing Production Credits. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information. Conference Call and Webcast Details The Company will host a conference call to discuss its fourth quarter and full year results at 9:00 AM (ET) Thursday, May 21, 2026. A live broadcast as well as a replay of the call can be accessed via this webcast registration link or the Investor Relations section of the company’s website at https://investor.enersys.com. If you cannot join via webcast, please reach out to investorrelations@enersys.com for dial-in details. About EnerSys EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/. Caution Concerning Forward-Looking Statements This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buyback program, judicial or regulatory proceedings, ability to identify and realize benefits in connection with acquisition and disposition opportunities, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buyback programs, application of Section 45X of the Internal Revenue Code, funding, development and construction of the Company's gigafactory in Greenville, South Carolina, adverse developments with respect to the economic conditions in the U.S. in the markets in which we operate and other uncertainties, including the impact of supply chain disruptions, interest rate changes, inflationary pressures, geopolitical and other developments and labor shortages on the economic recovery and our business and changes in law, regulation or policy that may affect our business, including trade policy and tariffs, and other government priorities or budgets are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2026. No undue reliance should be placed on any forward-looking statements.   EnerSys Consolidated Condensed Statements of Income (Unaudited) (In millions, except share and per share data)     Quarter ended   Twelve months ended   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Net sales $ 988.0     $ 974.8   $ 3,751.4     $ 3,617.6 Gross profit   290.9     $ 303.7   $ 1,097.6     $ 1,092.4 Operating expenses   148.3     $ 162.7   $ 621.0     $ 608.7 Restructuring and other exit charges   19.7     $ 5.1   $ 51.0     $ 14.4 Intangibles Impairment   0.4     $ 0.0   $ 0.4     $ 0.0 (Gain)Loss on assets held for sale   (1.2 )   $ 4.6   $ (1.2 )   $ 4.6 Operating earnings   123.7     $ 131.3   $ 426.4     $ 464.7 Earnings before income taxes   99.1     $ 116.3   $ 347.4     $ 406.5 Income tax expense   21.8     $ 19.8   $ 53.8     $ 42.8 Net earnings attributable to EnerSys stockholders $ 77.3     $ 96.5   $ 293.6     $ 363.7                 Net reported earnings per common share attributable to EnerSys stockholders:               Basic $ 2.11     $ 2.45   $ 7.84     $ 9.15 Diluted $ 2.05     $ 2.41   $ 7.70     $ 8.99 Dividends per common share $ 0.2625     $ 0.240   $ 1.0275     $ 0.945 Weighted-average number of common shares used in reported earnings per share calculations:               Basic   36,691,484       39,369,190     37,439,727       39,760,829 Diluted   37,673,890       39,982,082     38,144,210       40,438,579   EnerSys Consolidated Condensed Balance Sheets (Unaudited) (In Thousands, Except Share and Per Share Data)       March 31,       2026       2025   Assets         Current assets:         Cash and cash equivalents   $ 438,675     $ 343,131   Accounts receivable, net of allowance for doubtful accounts (2026–$8,583; 2025–$8,675)     506,072       597,942   Inventories, net     724,690       739,994   Prepaid and other current assets     472,373       408,747   Total current assets     2,141,810       2,089,814   Property, plant, and equipment, net     593,002       592,433   Goodwill     752,424       721,073   Other intangible assets, net     342,898       375,430   Deferred taxes     69,008       74,793   Other assets     104,182       117,705   Total assets   $ 4,003,324     $ 3,971,248   Liabilities and Equity         Current liabilities:         Short-term debt   $ 29,201     $ 28,502   Current portion of finance leases     998       265   Accounts payable     354,190       405,694   Accrued expenses     419,649       340,607   Total current liabilities     804,038       775,068   Long-term debt, net of unamortized debt issuance costs     1,079,782       1,083,541   Finance leases     2,350       592   Deferred taxes     13,909       17,641   Other liabilities     194,373       174,918   Total liabilities     2,094,452       2,051,760   Commitments and contingencies         Equity:         Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2026 and at March 31, 2025     —       —   Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 57,551,440 shares issued and 36,462,211 shares outstanding at March 31, 2026; 56,839,590 shares issued and 39,192,061 shares outstanding at March 31, 2025     576       568   Additional paid-in capital     734,922       662,725   Treasury stock at cost, 21,089,229 shares held as of March 31, 2026 and 17,647,529 shares held as of March 31, 2025     (1,361,585 )     (988,936 ) Retained earnings     2,743,635       2,489,200   Accumulated other comprehensive loss     (212,264 )     (247,479 ) Total EnerSys stockholders’ equity     1,905,284       1,916,078   Nonredeemable noncontrolling interests     3,588       3,410   Total equity     1,908,872       1,919,488   Total liabilities and equity   $ 4,003,324     $ 3,971,248     EnerSys Consolidated Condensed Statements of Cash Flows (Unaudited) (In Thousands)       Fiscal year ended March 31,       2026       2025       2024   Cash flows from operating activities             Net earnings   $ 293,557     $ 363,735     $ 269,096   Adjustments to reconcile net earnings to net cash provided by operating activities:             Depreciation and amortization     113,558       100,876       92,021   Write-off of assets relating to restructuring and other exit charges     5,535       1,973       24,229   (Gain) loss on assets held for sale     (1,187 )     4,634       —   Impairment or disposal of intangible assets     402       880       13,619   Derivatives not designated in hedging relationships:             Net losses (gains)     409       (3,136 )     846   Cash proceeds (settlements)     673       826       (255 ) Provision for doubtful accounts     1,441       3,239       1,873   Deferred income taxes     14,411       (31,925 )     (29,344 ) Non-cash interest expense     2,180       1,927       2,450   Stock-based compensation     37,594       27,825       30,607   Gain on disposal of property, plant, and equipment     644       791       908   Losses (gain) on pension settlement     9,711       (1,548 )     —   Changes in assets and liabilities, net of effects of acquisitions:             Accounts receivable     104,705       (81,795 )     108,631   Inventories     25,888       1,343       75,633   Prepaid and other current assets     (65,244 )     (220,003 )     (112,701 ) Other assets     726       (334 )     6,027   Accounts payable     (52,627 )     36,569       (15,131 ) Accrued expenses     54,961       54,388       (8,254 ) Other liabilities     259       32       (3,226 ) Net cash provided by (used in) operating activities     547,596       260,298       457,029                 Cash flows from investing activities             Capital expenditures     (80,074 )     (121,038 )     (86,437 ) Purchase of businesses     (12,667 )     (206,374 )     (8,270 ) Proceeds from disposal of property, plant, and equipment     4,859       1,870       2,228   Investment in Equity Securities     —       (10,852 )     —   Net cash used in investing activities     (87,882 )     (336,394 )     (92,479 )               Cash flows from financing activities             Net borrowings (repayments) on short-term debt     (192 )     (259 )     (231 ) Proceeds from Revolver borrowings     619,563       650,000       182,500   Repayments of Revolver borrowings     (412,000 )     (370,000 )     (427,500 ) Proceeds from 2032 Bonds     —       —       300,000   Repayments of Term Loans     (210,000 )     —       (293,889 ) Debt issuance costs     (3,502 )     —       (4,061 ) Finance lease obligations and other     (71 )     483       1,169   Option proceeds, net     41,977       9,458       10,786   Payment of taxes related to net share settlement of equity awards     (8,842 )     (7,985 )     (9,166 ) Purchase of treasury stock     (370,685 )     (153,961 )     (95,688 ) Dividends paid to stockholders     (38,142 )     (37,466 )     (34,480 ) Other     1,191       —       —   Net cash (used in) provided by financing activities     (380,703 )     90,270       (370,560 ) Effect of exchange rate changes on cash and cash equivalents     16,533       (4,367 )     (7,331 ) Net increase (decrease) in cash and cash equivalents     95,544       9,807       (13,341 ) Cash and cash equivalents at beginning of year     343,131       333,324       346,665   Cash and cash equivalents at end of year   $ 438,675     $ 343,131     $ 333,324                 Reconciliations of GAAP to Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, ("GAAP"). EnerSys' management uses the non-GAAP measures “adjusted Net earnings”, “adjusted diluted EPS”, "reported Net earnings excluding (ex) IRC 45X benefit", "adjusted Net earnings excluding (ex) IRC 45X benefit", "reported Net earnings (loss) per share excluding (ex) IRC 45X benefit", " adjusted diluted EPS excluding (ex) IRC 45X benefit", "GM excluding (ex) 45X", "adjusted operating earnings", "adjusted gross profit", "adjusted gross margin", "EBITDA", “adjusted EBITDA”, "adjusted EBITDA per credit agreement", "net debt", "net leverage ratio", "free cash flow", and "adjusted free cash flow conversion" as applicable, in their analysis of the Company's performance. Adjusted Net earnings, adjusted gross profit, adjusted gross margin, and adjusted operating earnings measures, as used by EnerSys in past quarters and years, adjusts Net earnings, gross profit, gross margin, and operating earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and other highlighted charges and income items. Reported Net earnings excluding (ex) IRC 45X benefit, adjusted Net earnings excluding (ex) IRC 45X benefit, reported Net earnings (loss) per share excluding (ex) IRC 45X benefit, adjusted diluted EPS excluding (ex) IRC 45X benefit, and GM excluding (ex) IRC 45X benefit as used by EnerSys in past quarters and years, adjusted Net earnings, adjusted Net earnings, Net earnings (loss) per share, adjusted diluted EPS, and gross margin to reflect the financial impact of IRC 45X. Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure as an overall assessment of our performance, to evaluate the effectiveness of our business strategies and for business planning purposes. We calculate adjusted EBITDA as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization, further adjusted to exclude restructuring and exit activities, impairment of goodwill, indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. EBITDA is calculated as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization. We define adjusted EBITDA per credit agreement as net earnings determined in accordance with GAAP for interest, taxes, depreciation and amortization, and certain charges or credits as permitted by our credit agreements, that were recorded during the periods presented. We define non-GAAP net debt as total debt, finance lease obligations and letters of credit, net of all cash and cash equivalents, as defined in the Fourth Amended Credit Facility on the balance sheet as of the end of the most recent fiscal quarter. We define non-GAAP net leverage ratio as non-GAAP net debt divided by last twelve months adjusted EBITDA per credit agreement. We define free cash flow as net cash provided by or used in operating activities less capital expenditures. We define adjusted free cash flow conversion as free cash flow divided by adjusted net earnings. Free cash flow and adjusted free cash flow conversion are used by investors, financial analysts, rating agencies and management to help evaluate the Company’s ability to generate cash to pursue incremental opportunities aimed toward enhancing shareholder value. Management believes the presentation of these financial measures reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results and overall business performance; in particular, those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, amortization of intangible assets, tax valuation allowance changes, withholding tax from repatriation of prior period earnings, and impacts of changes or reform to income tax laws. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. Although we exclude the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at 0%. EnerSys does not provide a quantitative reconciliation of the Company’s projected range for adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the fourth quarter of fiscal 2026 to diluted earnings per share, which is the most directly comparable GAAP measure, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. EnerSys' adjusted diluted EPS and adjusted diluted EPS without IRC 45X benefit guidance for the fourth quarter of fiscal 2026 excludes certain items, including but not limited to certain non-cash, large and/or unpredictable charges and benefits, charges from restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles, acquisition and disposition activities, legal judgments, settlements, or other matters, and tax positions, that are inherently uncertain and difficult to predict, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities. Due to the uncertainty of the occurrence or timing of these future excluded items, management cannot accurately forecast many of these items for internal use and therefore cannot create a quantitative adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the first quarter of fiscal 2027 to diluted earnings per share reconciliation without unreasonable efforts. These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings, Net earnings or net income determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company's ongoing operating results. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to Net earnings determined in accordance with GAAP. A reconciliation of non-GAAP adjusted operating earnings is set forth in the table below, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X Advanced Manufacturing Production Credits. Also, included are start up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment. Business Segment Operating Results   Quarter ended   ($ millions)   March 31, 2026   Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales $ 425.7     $ 370.1     $ 192.2     $ —   $ 988.0                       Operating Earnings   23.7       45.9       13.2       40.9   $ 123.7   Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   —       1.1       —       —     1.1   Restructuring and other exit charges   12.1       6.7       0.9       —     19.7   Impairment of indefinite-lived intangibles   0.4       —       —       —     0.4   (Gain)Loss on assets held for sale   —       (1.2 )     —       —     (1.2 ) Amortization of intangible assets   5.9       0.1       2.4       —     8.4   Accelerated Stock Compensation Expense   0.2       —       0.4       —     0.6   Other   0.1       —       1.3       —     1.4   Adjusted Operating Earnings $ 42.4     $ 52.6     $ 18.2     $ 40.9   $ 154.1                       Operating Margin   5.6 %     12.4 %     6.8 %     NM     12.5 % Adjusted Operating Margin   10.0 %     14.2 %     9.4 %     NM     15.6 %   Quarter ended   ($ millions)   March 31, 2025   Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales $ 398.8     $ 392.3     $ 177.8     $ 5.9   $ 974.8                       Operating Earnings   27.0       57.9       10.2       36.2   $ 131.3   Inventory adjustment relating to exit activities   0.3       —       0.3       —     0.6   Restructuring and other exit charges   1.4       2.2       1.5       —     5.1   (Gain)Loss on assets held for sale   —       4.6       —       —     4.6   Amortization of intangible assets   5.8       0.1       2.4       —     8.3   Other   0.2       1.7       0.7       —     2.6   Adjusted Operating Earnings $ 34.7     $ 66.5     $ 15.1     $ 36.2   $ 152.5                       Operating Margin   6.8 %     14.8 %     5.7 %     NM     13.5 % Adjusted Operating Margin   8.7 %     17.0 %     8.5 %     NM     15.6 % Increase (Decrease) as a % from prior year quarter Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales 6.7 %   (5.7 )%   8.1 %   (99.4 )%   1.3 % Operating Earnings (12.0 )   (20.8 )   28.9     13.0     (5.8 ) Adjusted Operating Earnings 22.5     (20.9 )   19.8     13.0     1.1   NM = Not Meaningful     Twelve months ended   ($ millions)   March 31, 2026   Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales $ 1,651.3     $ 1,431.0     $ 665.1     $ 4.0   $ 3,751.4                       Operating Earnings $ 85.3     $ 167.0     $ 41.4     $ 132.7   $ 426.4   Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   —       2.3       —       —     2.3   Restructuring and other exit charges   23.4       24.0       3.5       0.1     51.0   Amortization of intangible assets   23.5       0.4       9.6       —     33.5   Impairment of indefinite-lived intangibles   0.4       —       —       —     0.4   (Gain)Loss on assets held for sale   —       (1.2 )     —       —     (1.2 ) Accelerated stock compensation expense   5.6       3.4       1.8           10.8   Other   7.3       3.9       5.8       —     17.0   Adjusted Operating Earnings $ 145.5     $ 199.8     $ 62.1     $ 132.8   $ 540.2                       Operating Margin   5.2 %     11.7 %     6.2 %     NM     11.4 % Adjusted Operating Margin   8.8 %     14.0 %     9.3 %     NM     14.4 %   Twelve months ended   ($ millions)   March 31, 2025   Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales $ 1,531.1     $ 1,484.1     $ 593.6     $ 8.8   $ 3,617.6                       Operating Earnings $ 72.7     $ 220.1     $ 16.8     $ 155.1   $ 464.7   Inventory step up to fair value relating to recent acquisitions   0.3       —       3.3       —     3.6   Restructuring and other exit charges   6.0       5.7       2.7       —     14.4   Losses on assets held for sale   —       4.6       —       —     4.6   Amortization of intangible assets   23.6       0.7       7.5       —     31.8   Other   0.6       1.7       6.7       —     9.0   Adjusted Operating Earnings $ 103.2     $ 232.8     $ 37.0     $ 155.1   $ 528.1                       Operating Margin   4.7 %     14.8 %     2.8 %     NM     12.8 % Adjusted Operating Margin   6.7 %     15.7 %     6.2 %     NM     14.6 % Increase (Decrease) as a % from prior year Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales 7.8 %   (3.6 )%   12.1 %   (52.6 )%   3.7 % Operating Earnings 17.4     (24.2 )   NM     (14.4 )   (8.2 ) Adjusted Operating Earnings 40.9     (14.2 )   (67.8 )   (14.3 )   2.3   The table below presents a reconciliation of Net Earnings to EBITDA and Adjusted EBITDA:   Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Net Earnings $ 77.3   $ 96.5   $ 293.6   $ 363.7 Depreciation   20.6     18.2     80.1     69.1 Amortization   8.4     8.3     33.5     31.8 Interest   12.9     12.8     50.5     51.2 Income Taxes   21.8     19.8     53.8     42.8 EBITDA   141.0     155.6     511.5     558.6 Non-GAAP adjustments   31.6     11.3     90.1     30.0 Adjusted EBITDA $ 172.6   $ 166.9   $ 601.6   $ 588.6 The following table provides the non-GAAP adjustments shown in the reconciliation above:   Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   1.1       0.6       2.3       3.6   Restructuring and other exit charges   19.7       5.1       51.0       14.4   Impairment of indefinite lived intangible asset   0.4       —       0.4       —   Loss(Gain) on pension settlement   9.6       (1.6 )     9.6       (1.6 ) Loss(Gain) on assets held for sale   (1.2 )     4.6       (1.2 )     4.6   Accelerated stock compensation expense   0.6       —       10.8       —   Other   1.4       2.6       17.2       9.0   Non-GAAP adjustments $ 31.6     $ 11.3     $ 90.1     $ 30.0   The table below presents a reconciliation of Gross Profit and Gross Margin to Adjusted Gross Profit and Adjusted Gross Margin and Gross Profit and Gross Margin to Gross Profit excluding (ex) IRC 45X and Gross Margin excluding (ex) IRC 45X:   Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Gross Profit as reported $ 290.9     $ 303.7     $ 1,097.6     $ 1,092.4   Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   1.1       0.7       2.3       3.7   Adjusted Gross Profit   292.0       304.4       1,099.8       1,096.1                   Gross Margin   29.4 %     31.2 %     29.3 %     30.2 % Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   0.1 %     — %     0.1 %     0.1 % Adjusted Gross Margin   29.5 %     31.2 %     29.4 %     30.3 %                 Gross Profit $ 290.9     $ 303.7     $ 1,097.6     $ 1,092.4   IRC 45X Benefit   46.2       44.1       158.6       184.6   Gross Profit ex 45X   244.7       259.6       939.0       907.8                   Gross Margin   29.4 %     31.2 %     29.3 %     30.2 % IRC 45X Benefit   4.7 %     4.5 %     4.2 %     5.1 % Gross Margin ex 45X   24.7 %     26.7 %     25.1 %     25.1 % The table below presents a reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow Conversion percentages:   Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Net cash provided by (used in) operating activities $ 144.0     $ 135.2     $ 547.6     $ 260.3   Less Capital Expenditures   (12.8 )     (30.2 )     (80.0 )     (121.0 ) Free Cash Flow   131.2       105.0       467.6       139.3     Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Net cash provided by (used in) operating activities $ 144.0     $ 135.2     $ 547.6     $ 260.3   Net earnings   77.3       96.5       293.6       363.7   Operating cash flow conversion %   186.3 %     140.1 %     186.5 %     71.6 %                 Free Cash Flow   131.2       105.0       467.6       139.3   Net earnings   77.3       96.5       293.6       363.7   Free cash flow conversion %   169.7 %     108.8 %     159.3 %     38.3 % The following table provides a reconciliation of Net earnings to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP) per credit agreement for March 31, 2026 and March 31, 2025 to calculate our net leverage ratio, in connection with the Fourth Amended Credit Facility:     Last twelve months     March 31, 2026   March 31, 2025     (in millions, except ratios) Net earnings as reported   $ 293.6   $ 363.7 Add back:         Depreciation and amortization     113.6   $ 100.9 Interest expense     50.5   $ 51.1 Income tax expense     53.8     42.8 EBITDA (non-GAAP)   $ 511.5   $ 558.5 Adjustments per credit agreement definitions(1)     91.9     56.2 Adjusted EBITDA (non-GAAP) per credit agreement(1)   $ 603.4     614.7 Total net debt(2)   $ 684.1     781.1 Leverage ratios:         Total net debt/credit adjusted EBITDA ratio   1.1 X   1.3 X (1) The $91.9 million adjustment to EBITDA in the last twelve months ending March 31, 2026 primarily related to $37.6 million of non-cash stock compensation and $53.2 million of restructuring and other exit charges. The $56.2 million adjustment to EBITDA in the last twelve months ending March 31, 2025 primarily related to $27.8 million of non-cash stock compensation, $22.0 million of restructuring and other exit charges, impairment of indefinite-lived intangibles and write-down of other current assets of $5.5 million. (2) Debt includes finance lease obligations and letters of credit and is net of all U.S. cash and cash equivalents and foreign cash and investments, as defined in the Fourth Amended Credit Facility. In the last twelve months ending March 31, 2026 and March 31, 2025, the amounts deducted in the calculation of net debt were U.S. cash and cash equivalents and foreign cash investments of $438.7 million, and in fiscal 2025, were $343.1 million. Included below is a reconciliation of historical non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and historical Net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures:   Quarter ended     (in millions, except share and per share amounts)     March 31, 2026   March 31, 2025   Net earnings reconciliation         As reported Net Earnings $ 77.3     $ 96.5     Non-GAAP adjustments:         Inventory adjustment relating to exit activities   1.1   (1)   0.6   (1) Impairment of indefinite-lived intangibles   0.4       —     Restructuring and other exit charges   19.7   (2)   5.1   (2) Loss(gain) on assets held for sale   (1.2 ) (4)   4.6   (4) Amortization of identified intangible assets   8.4   (3)   8.3   (3) Accelerated Stock Compensation Expense   0.6   (5)   —   (5) Other   1.4   (6)   2.6   (6) Income tax adjustment of benefit from tax law changes and litigation   —       (1.6 )   Loss(gain) on pension settlement   9.6       2.2     Swiss income tax goodwill expiration   —       2.2     Valuation allowance from exit activities   4.2       —     Income tax expense on intercompany sale of IP   5.9       2.5     Other income tax expense items   1.8       —     Income tax effect of above non-GAAP adjustments   (9.0 )     (4.4 )   Non-GAAP adjusted Net earnings $ 120.2     $ 118.6               Net Earnings excluding (ex) IRC 45X benefit         As Reported Net Earnings $ 77.3     $ 96.5     IRC 45X Benefit   46.2       44.1     Reported Net Earnings excluding (ex) IRC 45X benefit $ 31.1     $ 52.4               Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit         Non-GAAP Adjusted Net Earnings $ 120.2     $ 118.6     IRC 45X Benefit   46.2       44.1     Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit $ 74.0     $ 74.5               Outstanding shares used in per share calculations         Basic   36,691,484       39,369,190     Diluted   37,673,890       39,982,082               Reported Net earnings (Loss) per share:         Basic $ 2.11     $ 2.45     Diluted $ 2.05     $ 2.41     Dividends per common share $ 0.2625     $ 0.24               Non-GAAP adjusted Net earnings per share:         Basic $ 3.27     $ 3.01     Diluted $ 3.19     $ 2.97               Reported Net Earnings (Loss) per share excluding (ex) IRC 45X benefit         Basic $ 0.85     $ 1.33     Diluted $ 0.83     $ 1.31               Non-GAAP adjusted Net Earnings (Loss) per share excluding (ex) IRC 45X benefit         Basic $ 2.02     $ 1.89     Diluted $ 1.96     $ 1.86     The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:     Quarter ended     ($ millions)     March 31, 2026   March 31, 2025     Pre-tax   Pre-tax (1) Inventory adjustment relating to exit activities - Energy Systems     —       0.3 (1) Inventory adjustment relating to exit activities - Motive     1.1       — (1) Inventory adjustment relating to exit activities - Specialty     —       0.3 (2) Restructuring and other exit charges - Energy Systems     12.1       1.4 (2) Restructuring and other exit charges - Motive Power     6.7       2.2 (2) Restructuring and other exit charges - Specialty     0.9       1.5 (2) Restructuring and other exit charges - Corporate Other     —       — (3) Amortization of identified intangible assets - Energy Systems     5.9       5.8 (3) Amortization of identified intangible assets - Motive Power     0.1       0.1 (3) Amortization of identified intangible assets - Specialty     2.4       2.4 (4) Loss(gain) on asset held for sale - Motive     (1.2 )     4.6 (5) Accelerated Stock Compensation Expense - Energy Systems     0.2       — (5) Accelerated Stock Compensation Expense - Specialty     0.4       — (6) Other - Energy Systems     0.1       0.2 (6) Other - Motive     —       2.4 (6) Other - Specialty     1.3       — Total Non-GAAP adjustments   $ 30.0     $ 21.2   Twelve months ended     (in millions, except share and per share amounts)     March 31, 2026   March 31, 2025   Net Earnings reconciliation         As reported Net Earnings $ 293.6     $ 363.7     Non-GAAP adjustments:         Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   2.3   (1)   3.6   (1) Impairment of indefinite-lived intangibles   0.4       —     Restructuring and other exit charges   51.0   (2)   14.4   (2) Amortization of identified intangible assets   33.5   (3)   31.8   (3) Accelerated Stock Compensation Expense   10.8   (4)   —   (4) Loss(gain) on assets held for sale   (1.2 ) (5)   4.6   (5) Other   17.2   (6)   9.0   (6) Loss(gain) on pension settlement   9.6       (1.6 )   Income tax adjustment of benefit from tax law changes and litigation   —       (4.6 )   Swiss income tax goodwill expiration   —       2.2     Valuation allowance from exit activities   4.2       —     Income tax expense on intercompany sale of IP   5.9       2.5     Other income tax expense items   1.8       —     Income tax effect of above non-GAAP adjustments   (26.1 )     (15.2 )   Non-GAAP adjusted Net Earnings $ 403.0     $ 410.4               Net Earnings without IRC 45X         As Reported Net Earnings $ 293.6     $ 363.7     IRC 45X Benefit   158.6       184.6     Reported Net Earnings without IRC 45X Benefit $ 135.0     $ 179.1               Non-GAAP adjusted Net Earnings without IRC 45X         Non-GAAP Adjusted Net Earnings $ 403.0     $ 410.4     IRC 45X Benefit   158.6       184.6     Non-GAAP adjusted Net Earnings without IRC 45X Benefit $ 244.4     $ 225.8               Outstanding shares used in per share calculations         Basic   37,439,727       39,760,829     Diluted   38,144,210       40,438,579               Reported Net Earnings (Loss) per share:         Basic $ 7.84     $ 9.15     Diluted $ 7.70     $ 8.99     Dividends per common share $ 1.0275     $ 0.945               Non-GAAP adjusted Net Earnings per share:         Basic $ 10.76     $ 10.32     Diluted $ 10.56     $ 10.15               Reported Net Earnings (Loss) per share without IRC 45X benefit         Basic $ 3.60     $ 4.50     Diluted $ 3.54     $ 4.43               Non-GAAP adjusted Net Earnings (Loss) per share without IRC 45X benefit         Basic $ 6.53     $ 5.68     Diluted $ 6.41     $ 5.58     The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:     Twelve months ended     ($ millions)     March 31, 2026   March 31, 2025     Pre-tax   Pre-tax (1) Inventory adjustment relating to exit activities - Energy Systems     2.3       0.3 (1) Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions - Specialty     —       3.3 (2) Restructuring and other exit charges - Energy Systems     23.4       6.0 (2) Restructuring and other exit charges - Motive Power     24.0       5.7 (2) Restructuring and other exit charges - Specialty     3.5       2.7 (2) Restructuring and other exit charges - Corporate Other     0.1       — (3) Amortization of identified intangible assets - Energy Systems     23.5       23.6 (3) Amortization of identified intangible assets - Motive Power     0.4       0.7 (3) Amortization of identified intangible assets - Specialty     9.6       7.5 (4) Accelerated stock compensation expense - Energy Systems     5.6       — (4) Accelerated stock compensation expense - Motive Power     3.4       — (4) Accelerated stock compensation expense - Specialty     1.8       — (5) Losses(gains) on assets held for sale     (1.2 )     4.6 (6) Other - Energy Systems     7.3       0.6 (6) Other - Motive Power     3.9       1.7 (6) Other - Specialty     5.8       6.7 (6) Other - N/A     0.2     $ — Total Non-GAAP adjustments   $ 113.6     $ 63.4   View source version on businesswire.com: https://www.businesswire.com/news/home/20260520515143/en/ Lisa Hartman Langell
Vice President, Investor Relations and Corporate Communications
EnerSys
610-236-4040
E-mail: investorrelations@enersys.com Original: CORRECTING and REPLACING EnerSys Reports Fourth Quarter and Full Year Fiscal 2026 Results

EnerSys Reports Fourth Quarter and Full Year Fiscal 2026 ResultsMay 20, 2026 4:15 PM
Business Wire Delivers Record Full Year Net Sales, up 4% Fourth Quarter Fiscal 2026 Highlights
(All comparisons against the fourth quarter of fiscal 2025 unless otherwise noted) Delivered net sales of $988M, +1% Achieved Gross Margin (GM) of 29.4%, (180) bps and GM ex IRC 45X(1) of 24.7%, (200) bps Realized diluted EPS of $2.05, (15%), record adjusted diluted EPS(1) of $3.19, +7%, and record adjusted diluted EPS ex IRC 45X(1) of $1.96, +5% Net leverage ratio(a) 1.1 X EBITDA Generated operating cash flow of $144M Advanced new product pipeline, including BESS for warehouse operators and a lithium data center solution, both in customer commissioning Full Year Fiscal 2026 Highlights
(All comparisons against fiscal 2025 unless otherwise noted) Delivered record net sales of $3.75B, +4% Achieved GM of 29.3%, down (90) bps and GM ex IRC 45X(1) of 25.1%, roughly flat Realized diluted EPS of $7.70, down (14%), record adjusted diluted EPS(1) of $10.56, +4%, and record adjusted diluted EPS ex IRC 45X(1) of $6.41, +15% Generated operating cash flow of $548M Returned $409M to shareholders through buybacks and dividends Launched EnerGize strategic framework and accelerated operational execution EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter and full year fiscal 2026, which ended on March 31, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260520515143/en/EnerSys FY’26 Earnings | Image (right): NASA/Cory Huston “The fourth quarter capped a strong year for EnerSys, with our second highest revenue quarter in history and important progress advancing both our new lithium data center solution and BESS for warehouse operators into customer commissioning,” said Shawn O’Connell, President and Chief Executive Officer of EnerSys. “For the full year, we delivered record net sales, up 4%, and record adjusted diluted EPS excluding 45X, up 15%, reflecting solid execution and the early impact of our EnerGize strategic framework. Our focus on core end markets, where our leading market share positions afford us the right to win, has created a more durable, diversified portfolio that can perform across varied demand conditions. “Over the past year, we have taken decisive actions to improve our cost structure, optimize our manufacturing footprint, and increase the speed and focus of our organization. These efforts, combined with a continued shift toward higher-value solutions, are strengthening the quality and consistency of our earnings. “As we enter fiscal 2027, we are encouraged by improving demand trends and the momentum we are building across the business. We look forward to providing additional detail on our strategy, technology roadmap, and growth opportunities at our Investor Day on June 11th at the NYSE,” O'Connell concluded. Key Financial Results and Metrics Fourth quarter ended   Twelve months ended In millions, except per share amounts March 31, 2026   March 31, 2025   Change   March 31, 2026   March 31, 2025   Change Net Sales $ 988.0   $ 974.8     1.3 %   $ 3,751.4   $ 3,617.6     3.7 % Diluted EPS (GAAP) $ 2.05   $ 2.41   $ (0.36 )   $ 7.70   $ 8.99   $ (1.29 ) Adjusted Diluted EPS (Non-GAAP)(1) $ 3.19   $ 2.97   $ 0.22     $ 10.56   $ 10.15   $ 0.41   Gross Profit (GAAP) $ 290.9   $ 303.7   $ (12.8 )   $ 1,097.6   $ 1,092.4   $ 5.2   Operating Earnings (GAAP) $ 123.7   $ 131.3   $ (7.6 )   $ 426.4   $ 464.7   $ (38.3 ) Adjusted Operating Earnings (Non-GAAP)(2) $ 154.1   $ 152.5   $ 1.6     $ 540.2   $ 528.1   $ 12.1   Net Earnings (GAAP) $ 77.3   $ 96.5   $ (19.2 )   $ 293.6   $ 363.7   $ (70.1 ) EBITDA (Non-GAAP)(3) $ 141.0   $ 155.6   $ (14.6 )   $ 511.5   $ 558.6   $ (47.1 ) Adjusted EBITDA (Non-GAAP)(3) $ 172.6   $ 166.9   $ 5.7     $ 601.6   $ 588.6   $ 13.0   Share Repurchases $ 69.3   $ 40.0   $ 29.3     $ 370.7   $ 154.0   $ 216.7   Dividend per share $ 0.26   $ 0.24   $ 0.02     $ 1.03   $ 0.945   $ 0.08   Total Capital Returned to Stockholders $ 78.9   $ 49.5   $ 29.4     $ 408.8   $ 192.4   $ 216.4     (a) Net leverage ratio is a non-GAAP financial measure as defined pursuant to our credit agreement and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.   (1) GM (Gross Margin) excluding IRC 45X , Adjusted Diluted EPS and Adjusted Diluted EPS excluding IRC 45X benefit are non-GAAP financial measures and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures. (2) Operating Earnings are adjusted for charges that the Company incurs as a result of restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. A reconciliation of operating earnings to Non-GAAP Adjusted Earnings are provided in tables under the section titled Business Segment Operating Results. (3) Non-GAAP EBITDA is calculated as net earnings adjusted for depreciation, amortization, interest and income taxes. Non-GAAP Adjusted EBITDA is further adjusted for certain charges such as restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and other charges and credits as discussed under Reconciliations of GAAP to Non-GAAP Financial Measures. Summary of Results Fourth Quarter Fiscal 2026 Net sales for the fourth quarter of fiscal 2026 were $988.0 million, an increase of 1.3% from the prior year fourth quarter net sales of $974.8 million and at the low end of the range of the fourth quarter of fiscal 2026 guidance of $960 million to $1,000 million. The increase compared to prior year quarter was the result of a 4% increase in pricing and a 3% increase in foreign currency translation, partially offset by a 6% decrease in organic volume. Net earnings attributable to EnerSys stockholders (“Net earnings”) for the fourth quarter of fiscal 2026 were $77.3 million, or $2.05 per diluted share, which included an unfavorable highlighted net of tax impact of $42.8 million, or $1.14 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. Net earnings for the fourth quarter of fiscal 2025 were $96.5 million, or $2.41 per diluted share, which included an unfavorable highlighted net of tax impact of $22.0 million, or $0.55 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2026, on a non-GAAP basis, were $3.19, compared to the guidance of $2.95 to $3.05 per diluted share for the fourth quarter given by the Company on February 4, 2026. These earnings compare to the prior year fourth quarter adjusted Net earnings of $2.97 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025. Fiscal Year 2026 Net sales for the twelve months of fiscal 2026 were $3,751.4 million, an increase of 3.7% from the prior year twelve months net sales of $3,617.6 million. This increase was due to a 3% increase in pricing, a 2% increase in foreign currency translation, and a 1% increase in acquisitions, partially offset by a 2% decrease in organic volume. Net earnings for the twelve months of fiscal 2026 were $293.6 million, or $7.70 per diluted share, which included an unfavorable highlighted net of tax impact of $109.4 million, or $2.86 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. Net earnings for the twelve months of fiscal 2025 were $363.7 million, or $8.99 per diluted share, which included an unfavorable highlighted net of tax impact of $46.7 million, or $1.16 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. Adjusted Net earnings per diluted share for the twelve months of fiscal 2026, on a non-GAAP basis, were $10.56. This compares to the prior year twelve months adjusted Net earnings of $10.15 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information. Quarterly Dividend The Company announced today that its Board of Directors has approved a quarterly cash dividend $0.2625 per share of common stock. The dividend is payable on July 2, 2026, to holders of record as of June 19, 2026. Balance Sheet and Cash Flow As of March 31, 2026, cash and cash equivalents were $438.7 million and net debt as defined by our credit facility was $684.1 million. The net leverage ratio at the end of the fourth quarter was 1.1 X, down from 1.3 X in the prior year period due to the impact of lower debt and increased earnings. Capital expenditures during the fourth quarter were $12.8 million, down from $30.2 million in the prior year period. During the fourth quarter, cash from operating activities was $144.0 million, up from $135.2 million in the prior year period. Free cash flow, a non-GAAP financial measure, was $131.2 million, as compared to $105.0 million in the prior year period. The increase in cash from operating activities and the increase in free cash flow were both bolstered by improved primary operating capital during the quarter. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025. The Company also returned approximately $78.9 million to shareholders through $69.3 million in share repurchases and $9.6 million through its quarterly dividend payment in the fourth quarter. First Quarter and Fiscal Year 2027 Outlook In the first quarter of fiscal 2027, EnerSys expects: Net sales: $915M to $955M IRC 45X benefits to cost of sales: $42M to $47M Adjusted diluted EPS: $2.70 to $2.90* Adjusted diluted EPS, ex 45X benefits: $1.61 to $1.71 For the full year fiscal 2027, EnerSys expects: Capital expenditures ~$70M “We closed fiscal year 2026 with strong financial performance, supported by disciplined execution and the benefits of our diversified portfolio,” said Andrea Funk, EnerSys Chief Financial Officer. “Strength in our Data Center, Communications and Aerospace and Defense businesses drove favorable price/mix that eclipsed inflationary cost increases and, along with realignment cost savings, supported our ability to deliver record full-year results. The breadth of our end markets helped offset the ongoing softness in our Motive Power and Transportation markets, where order trends improved sequentially during our fourth quarter.” “We entered fiscal year 2027 with encouraging demand signals. Our first quarter fiscal 2027 outlook reflects typical seasonality, with expected net sales of $915 million to $955 million and adjusted diluted EPS excluding 45X of $1.61 to $1.71. We anticipate continued price/mix strength and benefits from our EnerGize strategic initiatives, as well as strong cash flow generation and disciplined capital allocation, including returning capital to shareholders, which position us to drive earnings growth as demand continues to normalize,” concluded Funk. *Inclusive of IRC 45X Advanced Manufacturing Production Credits. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information. Conference Call and Webcast Details The Company will host a conference call to discuss its fourth quarter and full year results at 9:00 AM (ET) Thursday, May 21, 2026. A live broadcast as well as a replay of the call can be accessed via this webcast registration link or the Investor Relations section of the company’s website at https://investor.enersys.com. If you cannot join via webcast, please reach out to investorrelations@enersys.com for dial-in details. About EnerSys EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/. Caution Concerning Forward-Looking Statements This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buyback program, judicial or regulatory proceedings, ability to identify and realize benefits in connection with acquisition and disposition opportunities, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buyback programs, application of Section 45X of the Internal Revenue Code, funding, development and construction of the Company's gigafactory in Greenville, South Carolina, adverse developments with respect to the economic conditions in the U.S. in the markets in which we operate and other uncertainties, including the impact of supply chain disruptions, interest rate changes, inflationary pressures, geopolitical and other developments and labor shortages on the economic recovery and our business and changes in law, regulation or policy that may affect our business, including trade policy and tariffs, and other government priorities or budgets are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2026. No undue reliance should be placed on any forward-looking statements.   EnerSys Consolidated Condensed Statements of Income (Unaudited) (In millions, except share and per share data)     Quarter ended   Twelve months ended   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Net sales $ 988.0     $ 974.8   $ 3,751.4     $ 3,617.6 Gross profit   290.9     $ 303.7   $ 1,097.6     $ 1,092.4 Operating expenses   148.3     $ 162.7   $ 621.0     $ 608.7 Restructuring and other exit charges   19.7     $ 5.1   $ 51.0     $ 14.4 Intangibles Impairment   0.4     $ 0.0   $ 0.4     $ 0.0 (Gain)Loss on assets held for sale   (1.2 )   $ 4.6   $ (1.2 )   $ 4.6 Operating earnings   123.7     $ 131.3   $ 426.4     $ 464.7 Earnings before income taxes   99.1     $ 116.3   $ 347.4     $ 406.5 Income tax expense   21.8     $ 19.8   $ 53.8     $ 42.8 Net earnings attributable to EnerSys stockholders $ 77.3     $ 96.5   $ 293.6     $ 363.7                 Net reported earnings per common share attributable to EnerSys stockholders:               Basic $ 2.11     $ 2.45   $ 7.84     $ 9.15 Diluted $ 2.05     $ 2.41   $ 7.70     $ 8.99 Dividends per common share $ 0.2625     $ 0.240   $ 1.0275     $ 0.945 Weighted-average number of common shares used in reported earnings per share calculations:               Basic   36,691,484       39,369,190     37,439,727       39,760,829 Diluted   37,673,890       39,982,082     38,144,210       40,438,579   EnerSys Consolidated Condensed Balance Sheets (Unaudited) (In Thousands, Except Share and Per Share Data)       March 31,       2026       2025   Assets         Current assets:         Cash and cash equivalents   $ 438,675     $ 343,131   Accounts receivable, net of allowance for doubtful accounts (2026–$8,583; 2025–$8,675)     506,072       597,942   Inventories, net     724,690       739,994   Prepaid and other current assets     472,373       408,747   Total current assets     2,141,810       2,089,814   Property, plant, and equipment, net     593,002       592,433   Goodwill     752,424       721,073   Other intangible assets, net     342,898       375,430   Deferred taxes     69,008       74,793   Other assets     104,182       117,705   Total assets   $ 4,003,324     $ 3,971,248   Liabilities and Equity         Current liabilities:         Short-term debt   $ 29,201     $ 28,502   Current portion of finance leases     998       265   Accounts payable     354,190       405,694   Accrued expenses     419,649       340,607   Total current liabilities     804,038       775,068   Long-term debt, net of unamortized debt issuance costs     1,079,782       1,083,541   Finance leases     2,350       592   Deferred taxes     13,909       17,641   Other liabilities     194,373       174,918   Total liabilities     2,094,452       2,051,760   Commitments and contingencies         Equity:         Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2026 and at March 31, 2025     —       —   Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 57,551,440 shares issued and 36,462,211 shares outstanding at March 31, 2026; 56,839,590 shares issued and 39,192,061 shares outstanding at March 31, 2025     576       568   Additional paid-in capital     734,922       662,725   Treasury stock at cost, 21,089,229 shares held as of March 31, 2026 and 17,647,529 shares held as of March 31, 2025     (1,361,585 )     (988,936 ) Retained earnings     2,743,635       2,489,200   Accumulated other comprehensive loss     (212,264 )     (247,479 ) Total EnerSys stockholders’ equity     1,905,284       1,916,078   Nonredeemable noncontrolling interests     3,588       3,410   Total equity     1,908,872       1,919,488   Total liabilities and equity   $ 4,003,324     $ 3,971,248     EnerSys Consolidated Condensed Statements of Cash Flows (Unaudited) (In Thousands)       Fiscal year ended March 31,       2026       2025       2024   Cash flows from operating activities             Net earnings   $ 293,557     $ 363,735     $ 269,096   Adjustments to reconcile net earnings to net cash provided by operating activities:             Depreciation and amortization     113,558       100,876       92,021   Write-off of assets relating to restructuring and other exit charges     5,535       1,973       24,229   (Gain) loss on assets held for sale     (1,187 )     4,634       —   Impairment or disposal of intangible assets     402       880       13,619   Derivatives not designated in hedging relationships:             Net losses (gains)     409       (3,136 )     846   Cash proceeds (settlements)     673       826       (255 ) Provision for doubtful accounts     1,441       3,239       1,873   Deferred income taxes     14,411       (31,925 )     (29,344 ) Non-cash interest expense     2,180       1,927       2,450   Stock-based compensation     37,594       27,825       30,607   Gain on disposal of property, plant, and equipment     644       791       908   Losses (gain) on pension settlement     9,711       (1,548 )     —   Changes in assets and liabilities, net of effects of acquisitions:             Accounts receivable     104,705       (81,795 )     108,631   Inventories     25,888       1,343       75,633   Prepaid and other current assets     (65,244 )     (220,003 )     (112,701 ) Other assets     726       (334 )     6,027   Accounts payable     (52,627 )     36,569       (15,131 ) Accrued expenses     54,961       54,388       (8,254 ) Other liabilities     259       32       (3,226 ) Net cash provided by (used in) operating activities     547,596       260,298       457,029                 Cash flows from investing activities             Capital expenditures     (80,074 )     (121,038 )     (86,437 ) Purchase of businesses     (12,667 )     (206,374 )     (8,270 ) Proceeds from disposal of property, plant, and equipment     4,859       1,870       2,228   Investment in Equity Securities     —       (10,852 )     —   Net cash used in investing activities     (87,882 )     (336,394 )     (92,479 )               Cash flows from financing activities             Net borrowings (repayments) on short-term debt     (192 )     (259 )     (231 ) Proceeds from Revolver borrowings     619,563       650,000       182,500   Repayments of Revolver borrowings     (412,000 )     (370,000 )     (427,500 ) Proceeds from 2032 Bonds     —       —       300,000   Repayments of Term Loans     (210,000 )     —       (293,889 ) Debt issuance costs     (3,502 )     —       (4,061 ) Finance lease obligations and other     (71 )     483       1,169   Option proceeds, net     41,977       9,458       10,786   Payment of taxes related to net share settlement of equity awards     (8,842 )     (7,985 )     (9,166 ) Purchase of treasury stock     (370,685 )     (153,961 )     (95,688 ) Dividends paid to stockholders     (38,142 )     (37,466 )     (34,480 ) Other     1,191       —       —   Net cash (used in) provided by financing activities     (380,703 )     90,270       (370,560 ) Effect of exchange rate changes on cash and cash equivalents     16,533       (4,367 )     (7,331 ) Net increase (decrease) in cash and cash equivalents     95,544       9,807       (13,341 ) Cash and cash equivalents at beginning of year     343,131       333,324       346,665   Cash and cash equivalents at end of year   $ 438,675     $ 343,131     $ 333,324                 Reconciliations of GAAP to Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, ("GAAP"). EnerSys' management uses the non-GAAP measures “adjusted Net earnings”, “adjusted diluted EPS”, "reported Net earnings excluding (ex) IRC 45X benefit", "adjusted Net earnings excluding (ex) IRC 45X benefit", "reported Net earnings (loss) per share excluding (ex) IRC 45X benefit", " adjusted diluted EPS excluding (ex) IRC 45X benefit", "GM excluding (ex) 45X", "adjusted operating earnings", "adjusted gross profit", "adjusted gross margin", "EBITDA", “adjusted EBITDA”, "adjusted EBITDA per credit agreement", "net debt", "net leverage ratio", "free cash flow", and "adjusted free cash flow conversion" as applicable, in their analysis of the Company's performance. Adjusted Net earnings, adjusted gross profit, adjusted gross margin, and adjusted operating earnings measures, as used by EnerSys in past quarters and years, adjusts Net earnings, gross profit, gross margin, and operating earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and other highlighted charges and income items. Reported Net earnings excluding (ex) IRC 45X benefit, adjusted Net earnings excluding (ex) IRC 45X benefit, reported Net earnings (loss) per share excluding (ex) IRC 45X benefit, adjusted diluted EPS excluding (ex) IRC 45X benefit, and GM excluding (ex) IRC 45X benefit as used by EnerSys in past quarters and years, adjusted Net earnings, adjusted Net earnings, Net earnings (loss) per share, adjusted diluted EPS, and gross margin to reflect the financial impact of IRC 45X. Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure as an overall assessment of our performance, to evaluate the effectiveness of our business strategies and for business planning purposes. We calculate adjusted EBITDA as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization, further adjusted to exclude restructuring and exit activities, impairment of goodwill, indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. EBITDA is calculated as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization. We define adjusted EBITDA per credit agreement as net earnings determined in accordance with GAAP for interest, taxes, depreciation and amortization, and certain charges or credits as permitted by our credit agreements, that were recorded during the periods presented. We define non-GAAP net debt as total debt, finance lease obligations and letters of credit, net of all cash and cash equivalents, as defined in the Fourth Amended Credit Facility on the balance sheet as of the end of the most recent fiscal quarter. We define non-GAAP net leverage ratio as non-GAAP net debt divided by last twelve months adjusted EBITDA per credit agreement. We define free cash flow as net cash provided by or used in operating activities less capital expenditures. We define adjusted free cash flow conversion as free cash flow divided by adjusted net earnings. Free cash flow and adjusted free cash flow conversion are used by investors, financial analysts, rating agencies and management to help evaluate the Company’s ability to generate cash to pursue incremental opportunities aimed toward enhancing shareholder value. Management believes the presentation of these financial measures reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results and overall business performance; in particular, those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, amortization of intangible assets, tax valuation allowance changes, withholding tax from repatriation of prior period earnings, and impacts of changes or reform to income tax laws. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. Although we exclude the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at 0%. EnerSys does not provide a quantitative reconciliation of the Company’s projected range for adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the fourth quarter of fiscal 2026 to diluted earnings per share, which is the most directly comparable GAAP measure, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. EnerSys' adjusted diluted EPS and adjusted diluted EPS without IRC 45X benefit guidance for the fourth quarter of fiscal 2026 excludes certain items, including but not limited to certain non-cash, large and/or unpredictable charges and benefits, charges from restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles, acquisition and disposition activities, legal judgments, settlements, or other matters, and tax positions, that are inherently uncertain and difficult to predict, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities. Due to the uncertainty of the occurrence or timing of these future excluded items, management cannot accurately forecast many of these items for internal use and therefore cannot create a quantitative adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the first quarter of fiscal 2027 to diluted earnings per share reconciliation without unreasonable efforts. These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings, Net earnings or net income determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company's ongoing operating results. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to Net earnings determined in accordance with GAAP. A reconciliation of non-GAAP adjusted operating earnings is set forth in the table below, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X Advanced Manufacturing Production Credits. Also, included are start up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment. Business Segment Operating Results   Quarter ended   ($ millions)   March 31, 2026   Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales $ 425.7     $ 370.1     $ 192.2     $ —   $ 988.0                       Operating Earnings   23.7       45.9       13.2       40.9   $ 123.7   Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   —       1.1       —       —     1.1   Restructuring and other exit charges   12.1       6.7       0.9       —     19.7   Impairment of indefinite-lived intangibles   0.4       —       —       —     0.4   (Gain)Loss on assets held for sale   —       (1.2 )     —       —     (1.2 ) Amortization of intangible assets   5.9       0.1       2.4       —     8.4   Accelerated Stock Compensation Expense   0.2       —       0.4       —     0.6   Other   0.1       —       1.3       —     1.4   Adjusted Operating Earnings $ 42.4     $ 52.6     $ 18.2     $ 40.9   $ 154.1                       Operating Margin   5.6 %     12.4 %     6.8 %     NM     12.5 % Adjusted Operating Margin   10.0 %     14.2 %     9.4 %     NM     15.6 %   Quarter ended   ($ millions)   March 31, 2025   Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales $ 398.8     $ 392.3     $ 177.8     $ 5.9   $ 974.8                       Operating Earnings   27.0       57.9       10.2       36.2   $ 131.3   Inventory adjustment relating to exit activities   0.3       —       0.3       —     0.6   Restructuring and other exit charges   1.4       2.2       1.5       —     5.1   (Gain)Loss on assets held for sale   —       4.6       —       —     4.6   Amortization of intangible assets   5.8       0.1       2.4       —     8.3   Other   0.2       1.7       0.7       —     2.6   Adjusted Operating Earnings $ 34.7     $ 66.5     $ 15.1     $ 36.2   $ 152.5                       Operating Margin   6.8 %     14.8 %     5.7 %     NM     13.5 % Adjusted Operating Margin   8.7 %     17.0 %     8.5 %     NM     15.6 % Increase (Decrease) as a % from prior year quarter Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales 6.7 %   (5.7 )%   8.1 %   (99.4 )%   1.3 % Operating Earnings (12.0 )   (20.8 )   28.9     13.0     (5.8 ) Adjusted Operating Earnings 22.5     (20.9 )   19.8     13.0     1.1   NM = Not Meaningful     Twelve months ended   ($ millions)   March 31, 2026   Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales $ 1,651.3     $ 1,431.0     $ 665.1     $ 4.0   $ 3,751.4                       Operating Earnings $ 85.3     $ 167.0     $ 41.4     $ 132.7   $ 426.4   Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   —       2.3       —       —     2.3   Restructuring and other exit charges   23.4       24.0       3.5       0.1     51.0   Amortization of intangible assets   23.5       0.4       9.6       —     33.5   Impairment of indefinite-lived intangibles   0.4       —       —       —     0.4   (Gain)Loss on assets held for sale   —       (1.2 )     —       —     (1.2 ) Accelerated stock compensation expense   5.6       3.4       1.8           10.8   Other   7.3       3.9       5.8       —     17.0   Adjusted Operating Earnings $ 145.5     $ 199.8     $ 62.1     $ 132.8   $ 540.2                       Operating Margin   5.2 %     11.7 %     6.2 %     NM     11.4 % Adjusted Operating Margin   8.8 %     14.0 %     9.3 %     NM     14.4 %   Twelve months ended   ($ millions)   March 31, 2025   Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales $ 1,531.1     $ 1,484.1     $ 593.6     $ 8.8   $ 3,617.6                       Operating Earnings $ 72.7     $ 220.1     $ 16.8     $ 155.1   $ 464.7   Inventory step up to fair value relating to recent acquisitions   0.3       —       3.3       —     3.6   Restructuring and other exit charges   6.0       5.7       2.7       —     14.4   Losses on assets held for sale   —       4.6       —       —     4.6   Amortization of intangible assets   23.6       0.7       7.5       —     31.8   Other   0.6       1.7       6.7       —     9.0   Adjusted Operating Earnings $ 103.2     $ 232.8     $ 37.0     $ 155.1   $ 528.1                       Operating Margin   4.7 %     14.8 %     2.8 %     NM     12.8 % Adjusted Operating Margin   6.7 %     15.7 %     6.2 %     NM     14.6 % Increase (Decrease) as a % from prior year Energy Systems   Motive Power   Specialty   Corporate and other   Total Net Sales 7.8 %   (3.6 )%   12.1 %   (52.6 )%   3.7 % Operating Earnings 17.4     (24.2 )   NM     (14.4 )   (8.2 ) Adjusted Operating Earnings 40.9     (14.2 )   (67.8 )   (14.3 )   2.3   The table below presents a reconciliation of Net Earnings to EBITDA and Adjusted EBITDA:   Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Net Earnings $ 77.3   $ 96.5   $ 293.6   $ 363.7 Depreciation   20.6     18.2     80.1     69.1 Amortization   8.4     8.3     33.5     31.8 Interest   12.9     12.8     50.5     51.2 Income Taxes   21.8     19.8     53.8     42.8 EBITDA   141.0     155.6     511.5     558.6 Non-GAAP adjustments   31.6     11.3     90.1     30.0 Adjusted EBITDA $ 172.6   $ 166.9   $ 601.6   $ 588.6 The following table provides the non-GAAP adjustments shown in the reconciliation above:   Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   1.1       0.6       2.3       3.6   Restructuring and other exit charges   19.7       5.1       51.0       14.4   Impairment of indefinite lived intangible asset   0.4       —       0.4       —   Loss(Gain) on pension settlement   9.6       (1.6 )     9.6       (1.6 ) Loss(Gain) on assets held for sale   (1.2 )     4.6       (1.2 )     4.6   Accelerated stock compensation expense   0.6       —       10.8       —   Other   1.4       2.6       17.2       9.0   Non-GAAP adjustments $ 31.6     $ 11.3     $ 90.1     $ 30.0   The table below presents a reconciliation of Gross Profit and Gross Margin to Adjusted Gross Profit and Adjusted Gross Margin and Gross Profit and Gross Margin to Gross Profit excluding (ex) IRC 45X and Gross Margin excluding (ex) IRC 45X:   Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Gross Profit as reported $ 290.9     $ 303.7     $ 1,097.6     $ 1,092.4   Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   1.1       0.7       2.3       3.7   Adjusted Gross Profit   292.0       304.4       1,099.8       1,096.1                   Gross Margin   29.4 %     31.2 %     29.3 %     30.2 % Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   0.1 %     — %     0.1 %     0.1 % Adjusted Gross Margin   29.5 %     31.2 %     29.4 %     30.3 %                 Gross Profit $ 290.9     $ 303.7     $ 1,097.6     $ 1,092.4   IRC 45X Benefit   46.2       44.1       158.6       184.6   Gross Profit ex 45X   244.7       259.6       939.0       907.8                   Gross Margin   29.4 %     31.2 %     29.3 %     30.2 % IRC 45X Benefit   4.7 %     4.5 %     4.2 %     5.1 % Gross Margin ex 45X   24.7 %     26.7 %     25.1 %     25.1 % The table below presents a reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow Conversion percentages:   Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Net cash provided by (used in) operating activities $ 144.0     $ 135.2     $ 547.6     $ 260.3   Less Capital Expenditures   (12.8 )     (30.2 )     (80.0 )     (121.0 ) Free Cash Flow   131.2       105.0       467.6       139.3     Quarter ended   Twelve months ended   ($ millions)   ($ millions)   March 31, 2026   March 31, 2025   March 31, 2026   March 31, 2025 Net cash provided by (used in) operating activities $ 144.0     $ 135.2     $ 547.6     $ 260.3   Net earnings   77.3       96.5       293.6       363.7   Operating cash flow conversion %   186.3 %     140.1 %     186.5 %     71.6 %                 Free Cash Flow   131.2       105.0       467.6       139.3   Net earnings   77.3       96.5       293.6       363.7   Free cash flow conversion %   169.7 %     108.8 %     159.3 %     38.3 % The following table provides a reconciliation of Net earnings to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP) per credit agreement for March 31, 2026 and March 31, 2025 to calculate our net leverage ratio, in connection with the Fourth Amended Credit Facility:     Last twelve months     March 31, 2026   March 31, 2025     (in millions, except ratios) Net earnings as reported   $ 293.6   $ 363.7 Add back:         Depreciation and amortization     113.6   $ 100.9 Interest expense     50.5   $ 51.1 Income tax expense     53.8     42.8 EBITDA (non-GAAP)   $ 511.5   $ 558.5 Adjustments per credit agreement definitions(1)     91.9     56.2 Adjusted EBITDA (non-GAAP) per credit agreement(1)   $ 603.4     614.7 Total net debt(2)   $ 684.1     781.1 Leverage ratios:         Total net debt/credit adjusted EBITDA ratio   1.1 X   1.3 X (1) The $91.9 million adjustment to EBITDA in the last twelve months ending March 31, 2026 primarily related to $37.6 million of non-cash stock compensation and $53.2 million of restructuring and other exit charges. The $56.2 million adjustment to EBITDA in the last twelve months ending March 31, 2025 primarily related to $27.8 million of non-cash stock compensation, $22.0 million of restructuring and other exit charges, impairment of indefinite-lived intangibles and write-down of other current assets of $5.5 million. (2) Debt includes finance lease obligations and letters of credit and is net of all U.S. cash and cash equivalents and foreign cash and investments, as defined in the Fourth Amended Credit Facility. In the last twelve months ending March 31, 2026 and March 31, 2025, the amounts deducted in the calculation of net debt were U.S. cash and cash equivalents and foreign cash investments of $438.7 million, and in fiscal 2025, were $343.1 million. Included below is a reconciliation of historical non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and historical Net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures:   Quarter ended     (in millions, except share and per share amounts)     March 31, 2026   March 31, 2025   Net earnings reconciliation         As reported Net Earnings $ 77.3     $ 96.5     Non-GAAP adjustments:         Inventory adjustment relating to exit activities   1.1   (1)   0.6   (1) Impairment of indefinite-lived intangibles   0.4       —     Restructuring and other exit charges   19.7   (2)   5.1   (2) Loss(gain) on assets held for sale   (1.2 ) (4)   4.6   (4) Amortization of identified intangible assets   8.4   (3)   8.3   (3) Accelerated Stock Compensation Expense   0.6   (5)   —   (5) Other   1.4   (6)   2.6   (6) Income tax adjustment of benefit from tax law changes and litigation   —       (1.6 )   Loss(gain) on pension settlement   9.6       2.2     Swiss income tax goodwill expiration   —       2.2     Valuation allowance from exit activities   4.2       —     Income tax expense on intercompany sale of IP   5.9       2.5     Other income tax expense items   1.8       —     Income tax effect of above non-GAAP adjustments   (9.0 )     (4.4 )   Non-GAAP adjusted Net earnings $ 120.2     $ 118.6               Net Earnings excluding (ex) IRC 45X benefit         As Reported Net Earnings $ 77.3     $ 96.5     IRC 45X Benefit   46.2       44.1     Reported Net Earnings excluding (ex) IRC 45X benefit $ 31.1     $ 52.4               Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit         Non-GAAP Adjusted Net Earnings $ 120.2     $ 118.6     IRC 45X Benefit   46.2       44.1     Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit $ 74.0     $ 74.5               Outstanding shares used in per share calculations         Basic   36,691,484       39,369,190     Diluted   37,673,890       39,982,082               Reported Net earnings (Loss) per share:         Basic $ 2.11     $ 2.45     Diluted $ 2.05     $ 2.41     Dividends per common share $ 0.2625     $ 0.24               Non-GAAP adjusted Net earnings per share:         Basic $ 3.27     $ 3.01     Diluted $ 3.19     $ 2.97               Reported Net Earnings (Loss) per share excluding (ex) IRC 45X benefit         Basic $ 0.85     $ 1.33     Diluted $ 0.83     $ 1.31               Non-GAAP adjusted Net Earnings (Loss) per share excluding (ex) IRC 45X benefit         Basic $ 2.02     $ 1.89     Diluted $ 1.96     $ 1.86     The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:     Quarter ended     ($ millions)     March 31, 2026   March 31, 2025     Pre-tax   Pre-tax (1) Inventory adjustment relating to exit activities - Energy Systems     —       0.3 (1) Inventory adjustment relating to exit activities - Motive     1.1       — (1) Inventory adjustment relating to exit activities - Specialty     —       0.3 (2) Restructuring and other exit charges - Energy Systems     12.1       1.4 (2) Restructuring and other exit charges - Motive Power     6.7       2.2 (2) Restructuring and other exit charges - Specialty     0.9       1.5 (2) Restructuring and other exit charges - Corporate Other     —       — (3) Amortization of identified intangible assets - Energy Systems     5.9       5.8 (3) Amortization of identified intangible assets - Motive Power     0.1       0.1 (3) Amortization of identified intangible assets - Specialty     2.4       2.4 (4) Loss(gain) on asset held for sale - Motive     (1.2 )     4.6 (5) Accelerated Stock Compensation Expense - Energy Systems     0.2       — (5) Accelerated Stock Compensation Expense - Specialty     0.4       — (6) Other - Energy Systems     0.1       0.2 (6) Other - Motive     —       2.4 (6) Other - Specialty     1.3       — Total Non-GAAP adjustments   $ 30.0     $ 21.2   Twelve months ended     (in millions, except share and per share amounts)     March 31, 2026   March 31, 2025   Net Earnings reconciliation         As reported Net Earnings $ 293.6     $ 363.7     Non-GAAP adjustments:         Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions   2.3   (1)   3.6   (1) Impairment of indefinite-lived intangibles   0.4       —     Restructuring and other exit charges   51.0   (2)   14.4   (2) Amortization of identified intangible assets   33.5   (3)   31.8   (3) Accelerated Stock Compensation Expense   10.8   (4)   —   (4) Loss(gain) on assets held for sale   (1.2 ) (5)   4.6   (5) Other   17.2   (6)   9.0   (6) Loss(gain) on pension settlement   9.6       (1.6 )   Income tax adjustment of benefit from tax law changes and litigation   —       (4.6 )   Swiss income tax goodwill expiration   —       2.2     Valuation allowance from exit activities   4.2       —     Income tax expense on intercompany sale of IP   5.9       2.5     Other income tax expense items   1.8       —     Income tax effect of above non-GAAP adjustments   (26.1 )     (15.2 )   Non-GAAP adjusted Net Earnings $ 403.0     $ 410.4               Net Earnings without IRC 45X         As Reported Net Earnings $ 293.6     $ 363.7     IRC 45X Benefit   158.6       184.6     Reported Net Earnings without IRC 45X Benefit $ 135.0     $ 179.1               Non-GAAP adjusted Net Earnings without IRC 45X         Non-GAAP Adjusted Net Earnings $ 403.0     $ 410.4     IRC 45X Benefit   158.6       184.6     Non-GAAP adjusted Net Earnings without IRC 45X Benefit $ 244.4     $ 225.8               Outstanding shares used in per share calculations         Basic   37,439,727       39,760,829     Diluted   38,144,210       40,438,579               Reported Net Earnings (Loss) per share:         Basic $ 7.84     $ 9.15     Diluted $ 7.70     $ 8.99     Dividends per common share $ 1.0275     $ 0.945               Non-GAAP adjusted Net Earnings per share:         Basic $ 10.76     $ 10.32     Diluted $ 10.56     $ 10.15               Reported Net Earnings (Loss) per share without IRC 45X benefit         Basic $ 3.60     $ 4.50     Diluted $ 3.54     $ 4.43               Non-GAAP adjusted Net Earnings (Loss) per share without IRC 45X benefit         Basic $ 6.53     $ 5.68     Diluted $ 6.41     $ 5.58     The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:     Twelve months ended     ($ millions)     March 31, 2026   March 31, 2025     Pre-tax   Pre-tax (1) Inventory adjustment relating to exit activities - Energy Systems     2.3       0.3 (1) Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions - Specialty     —       3.3 (2) Restructuring and other exit charges - Energy Systems     23.4       6.0 (2) Restructuring and other exit charges - Motive Power     24.0       5.7 (2) Restructuring and other exit charges - Specialty     3.5       2.7 (2) Restructuring and other exit charges - Corporate Other     0.1       — (3) Amortization of identified intangible assets - Energy Systems     23.5       23.6 (3) Amortization of identified intangible assets - Motive Power     0.4       0.7 (3) Amortization of identified intangible assets - Specialty     9.6       7.5 (4) Accelerated stock compensation expense - Energy Systems     5.6       — (4) Accelerated stock compensation expense - Motive Power     3.4       — (4) Accelerated stock compensation expense - Specialty     1.8       — (5) Losses(gains) on assets held for sale     (1.2 )     4.6 (6) Other - Energy Systems     7.3       0.6 (6) Other - Motive Power     3.9       1.7 (6) Other - Specialty     5.8       6.7 (6) Other - N/A     0.2     $ — Total Non-GAAP adjustments   $ 113.6     $ 63.4   View source version on businesswire.com: https://www.businesswire.com/news/home/20260520515143/en/ Lisa Hartman Langell
Vice President, Investor Relations and Corporate Communications
EnerSys
610-236-4040
E-mail: investorrelations@enersys.com Original: EnerSys Reports Fourth Quarter and Full Year Fiscal 2026 Results

EnerSys Announces Dividend of $0.2625 per Share for the First Quarter of Fiscal Year 2027May 20, 2026 4:17 PM
Business Wire EnerSys (NYSE: ENS), a global leader in stored energy solutions announced today that its Board of Directors has declared a quarterly cash dividend of $0.2625 per share of common stock payable on July 2, 2026, to holders of record as of June 19, 2026. About EnerSys EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en. Caution Concerning Forward-Looking Statements This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, continuing to pay cash dividends at the current rate, earnings or earnings per share growth, its intention to pay quarterly cash dividends and return capital to stockholders, execution of its stock repurchase program, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from either its cash dividend or its stock repurchase programs, are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management’s current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond EnerSys’ control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2026. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. No undue reliance should be placed on any forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260520698990/en/ Lisa Hartman Langell
Vice President, Investor Relations and Corporate Communications
EnerSys
610-236-4040
E-mail: investorrelations@enersys.com Original: EnerSys Announces Dividend of $0.2625 per Share for the First Quarter of Fiscal Year 2027

EnerSys Launches AlphaCell™ 4.0HP+ Battery to Improve Replacement Interval Stability in Outdoor Communications NetworksMay 18, 2026 4:15 PM
Business Wire EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, today announced the launch of the AlphaCell™ 4.0HP+ battery, a Thin Plate Pure Lead (TPPL) battery engineered to improve electrochemical stability and support replacement interval stability in outdoor and edge communications network deployments across North America. As cable broadband and communications networks continue to expand deeper into outdoor and edge environments, operators face greater environmental variability within battery enclosures. Over time, sustained elevated operating conditions can increase energy consumption, accelerate battery degradation, and influence replacement interval stability. These impacts are often realized as higher operating expenses over time rather than at the point of purchase. The AlphaCell™ 4.0HP+ battery is designed to address this challenge by improving electrochemical stability under variable operating conditions, helping operators better manage the cumulative cost impact of environmental exposure across distributed outdoor deployments. Built on proven TPPL technology, AlphaCell™ 4.0HP+ batteries incorporate an integrated catalyst designed to promote internal gas recombination during float operation. By improving electrochemical stability during float operation, this design helps moderate float current demand, reduce sensitivity to operating variability, and support more predictable performance over the battery’s service life, particularly in outdoor enclosures and hard-to-access sites. Testing and prior experience with catalyst-enhanced TPPL designs have demonstrated: Lower float current under controlled elevated operating conditions, supporting reduced ongoing energy consumption* Reduced water loss, helping maintain electrolyte balance and reduce dry-out risk* Improved performance retention under sustained elevated operating conditions compared to non-catalyst TPPL designs* *Based on internal testing and historical performance data. Actual results may vary depending on operating conditions, enclosure design, and system configuration. AlphaCell™ 4.0HP+ batteries are supported by an extended six-year warranty, reflecting EnerSys’ confidence in the product’s suitability for distributed outdoor, network-critical applications operating under variable environmental conditions and its commitment to lifecycle performance. “As communications networks continue to push further into outdoor and edge environments, environmental exposure has become a measurable operating cost, not just a design consideration,” said John Hewitt, Vice President, Communications, Americas, EnerSys. “The AlphaCell™ 4.0HP+ battery is engineered to help customers manage that reality by reducing exposure-driven variability in replacement interval behavior, improving predictability over life, and lowering the risk of premature replacement in hard-to-access sites.” The AlphaCell™ battery range is sold across North America, where EnerSys has long supported cable broadband and communications network operators with power solutions designed for real-world operating conditions. The launch of AlphaCell™ 4.0HP+ batteries provides operators with a more stable performance profile across distributed outdoor environments where operating exposure can materially influence long-term network operating economics. For more information on the EnerSys AlphaCell™ 4.0HP+ battery, visit: https://www.enersys.com/en/products/cable-broadband-solutions/cable-broadband-batteries/alphacell-4.0hp-plus/ About EnerSys EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures, and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/ Caution Concerning Forward-Looking Statements EnerSys is making this statement in order to satisfy the “Safe Harbor” provision contained in the Private Securities Litigation Reform Act of 1995. Any of the statements contained in this press release that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. A forward-looking statement predicts, projects, or uses future events as expectations or possibilities. Forward-looking statements may be based on expectations concerning future events and are subject to risks and uncertainties relating to operations and the economic environment, all of which are difficult to predict and many of which are beyond our control. For a discussion of such risks and uncertainties that could cause actual results to differ materially from those matters expressed in or implied by forward-looking statements, please see our risk factors as disclosed in the “Risk Factors” section of our annual report on Form 10-K for the most recently ended fiscal year. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260518549857/en/ John Hewitt
Vice President Communications, Americas,
Energy Systems
ENERSYS
Tel: +1 360 305 0440
Email: john.hewitt@enersys.com Michael Sagar
Director of Marketing,
Energy Systems
ENERSYS
Tel: +44 7894 621176
Email: michael.sagar@uk.enersys.com Original: EnerSys Launches AlphaCell™ 4.0HP+ Battery to Improve Replacement Interval Stability in Outdoor Communications Networks

EnerSys to Host 2026 Investor DayMarch 26, 2026 4:15 PM
Business Wire
EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, will host an Investor Day in New York City at the New York Stock Exchange on Thursday, June 11, 2026. Shawn O’Connell, President and CEO, Andrea Funk, Executive Vice President and CFO, and other members of the executive management team will present a detailed overview of the Company’s EnerGize strategic framework, technology roadmap, and growth opportunities. The event will include formal presentations and Q&A sessions followed by a luncheon with senior leadership and a product showcase.


Due to space limitations, the number of in-person participants is limited and advanced registration is required. Please reach out to Investor Relations if interested in attending in person.


Registration for the virtual webcast is available at https://enersys-2026-investor-day-webcast.open-exchange.net/registration. Presentations are expected to begin at 8:30 am ET and conclude at approximately 11:45 am ET.


A live broadcast as well as a replay of the event can be accessed through the Events and Presentations page of the Investor Relations section of the company’s website at https://investor.enersys.com/events-presentations.


About EnerSys


EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures, and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260326081373/en/
Lisa Hartman Langell

Vice President, Investor Relations and Corporate Communications

EnerSys

610-236-4040

E-mail: investorrelations@enersys.com


Original: EnerSys to Host 2026 Investor Day

EnerSys Announces Strategic Manufacturing Restructuring: Tijuana, Mexico Facility Closure and Optimization of U.S. Manufacturing FootprintMarch 25, 2026 4:15 PM
Business Wire
EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, today announced a strategic manufacturing realignment to enhance operational efficiency. As part of this initiative, EnerSys will close its legacy lead-acid battery manufacturing facility in Tijuana, Mexico, and transition the majority of production to its existing proprietary advanced Thin Plate Pure Lead (TPPL) plant in Springfield, Missouri, leveraging its investments to expand capacity within its U.S. manufacturing network.


EnerSys’ proprietary TPPL technology delivers greater power density and superior discharge performance compared to legacy valve-regulated lead-acid batteries. TPPL solutions are well suited for modern data center applications that require reliable, high-output power over shorter discharge intervals, supporting increasingly demanding uptime and performance requirements.


EnerSys expects to incur a pre-tax charge of approximately $37 million under this plan when completed, the majority of which is expected to be incurred by the second half of fiscal year 2027, of which $14 million is expected to be a non-cash charge primarily from equipment write-offs. Cash charges of $23 million include severance, decommissioning and cleanup related to the facility. The restructuring is expected to deliver an annual estimated pre-tax benefit of approximately $20 million, beginning in fiscal year 2028, while ensuring continued product availability and customer support.


“The closure of our Tijuana facility and the transition of production to Springfield, Missouri will enable us to optimize our cost structure, maximize near-term advanced manufacturing production tax benefits, and mitigate future risks associated with potential tariffs while reinforcing our commitment to strengthening domestic industrial capacity and supply chain resilience,” said Shawn O’Connell, President and Chief Executive Officer at EnerSys. “These actions build on the investments we have made to scale our TPPL platform and enable us to better serve data center customers with solutions that deliver higher power density and strong performance for today’s increasingly demanding applications.”


EnerSys remains committed to maintaining service continuity for its customers throughout this transition. The Company will work closely with employees, customers, and other stakeholders to ensure a seamless shift in production and supply chain logistics.


About EnerSys


EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures, and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/


Caution Concerning Forward-Looking Statements


This press release, and oral statements made regarding the subjects of this press release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ pre-tax benefit estimates, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating anticipated cost savings, charges and costs and our business are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management’s current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond EnerSys’ control. The statements in this press release are made as of the date hereof, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.


Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2025. No undue reliance should be placed on any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260325304243/en/
Lisa Hartman Langell

Vice President, Investor Relations and Corporate Communications

EnerSys

E-mail: investorrelations@enersys.com


Original: EnerSys Announces Strategic Manufacturing Restructuring: Tijuana, Mexico Facility Closure and Optimization of U.S. Manufacturing Footprint

EnerSys to Participate in Jefferies Fireside ChatMarch 24, 2026 4:33 PM
Business Wire
EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced today that President and CEO, Shawn O’Connell, and Executive Vice President and CFO, Andrea Funk, will participate in a fireside chat hosted by Jefferies Power, Utilities, & Clean Energy Analyst, Julien Dumoulin-Smith, on Thursday, March 26th, at 2:00 pm ET. A live webcast and archived replay will be available to the public via this link.


The webcast and archived replay for this event will also be available on the Events and Presentations page of the Investor Relations section of the EnerSys website at https://investor.enersys.com/events-presentations.


About EnerSys


EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures, and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260324708908/en/
Lisa Hartman Langell

Vice President, Investor Relations and Corporate Communications

EnerSys

610-236-4040

E-mail: investorrelations@enersys.com


Original: EnerSys to Participate in Jefferies Fireside Chat

EnerSys to Present at the 38th Annual ROTH ConferenceMarch 11, 2026 4:05 PM
Business Wire
EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced today that President and CEO, Shawn O’Connell, and Executive Vice President and CFO, Andrea Funk, are scheduled to present on Tuesday, March 24th, at the 38th Annual ROTH Conference being held in Dana Point, California. The fireside chat will begin at 8:00 am PT. A live audio webcast and archived replay will be available to the public via this link.


The webcast and archived replay for this event will also be available on the Events and Presentations page of the Investor Relations section of the EnerSys website at https://investor.enersys.com/events-presentations.


About EnerSys


EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures, and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260311773073/en/
Lisa Hartman Langell

Vice President, Investor Relations and Corporate Communications

EnerSys

610-236-4040

E-mail: investorrelations@enersys.com


Original: EnerSys to Present at the 38th Annual ROTH Conference

EnerSys Reports Third Quarter Fiscal Year 2026 ResultsFebruary 4, 2026 4:15 PM
Business Wire
Delivers Q3'26 Gross Margin of 30.1% or 26.3% ex IRC 45X


Third Quarter Fiscal 2026 Highlights

(All comparisons against the Third quarter of fiscal 2025 unless otherwise noted)



Delivered net sales of $919M, +1%



Achieved GM of 30.1%, down (280) bps as prior year included a catch-up adjustment to IRC 45X tax credits; GM ex 45X(1) of 26.3%, +170 bps



Realized diluted EPS of $2.40, down (17%), adjusted diluted EPS(1) of $2.77, down (11%), and adjusted diluted EPS ex IRC 45X(1) of $1.84, +50%



Returned $94M to shareholders through buybacks and dividends in Q3, leaving $931M remaining in buyback authorization as of February 3, 2026



Maintained net leverage ratio(a) below low end of target range at 1.2 X EBITDA



EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced today results for its third quarter of fiscal 2026, which ended on December 28, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260204728790/en/EnerSys FY’26 Earnings | Image (right): NASA/Cory Huston
“We delivered strong earnings in the third quarter with adjusted diluted EPS ex 45X of $1.84, up 50%,” said Shawn O’Connell, President and Chief Executive Officer of EnerSys. “Margins expanded meaningfully across most areas of our business, driven by favorable product mix along with expense and pricing discipline. Net sales were up 1%, in line with the low end of our guidance range, as strong price/mix and favorable FX offset lower volumes, particularly in Motive Power, where market softness persists.


“Our EnerGize strategic framework is translating into tangible results. We are capturing realignment savings as planned and further refining our Centers of Excellence to improve execution speed, consistency, and returns.


“Looking ahead, we expect additional benefits from our EnerGize initiatives as we remain disciplined in a mixed end market environment. We are highly confident in our focused growth strategy, supported by durable secular demand trends, including the growing need for energy security and high-performance energy storage solutions,” O’Connell concluded.




Key Financial Results and Metrics






Third quarter ended






 






Nine months ended








In millions, except per share amounts






December 28, 2025






 






December 29, 2024






 






Change






 






December 28, 2025






 






December 29, 2024






 






Change








Net Sales






$






919.1






 






$






906.2






 






 






1.4






%






 






$






2,763.4






 






$






2,642.8






 






 






4.6






%








Diluted EPS (GAAP)






$






2.40






 






$






2.88






 






$






(0.48






)






 






$






5.65






 






$






6.58






 






$






(0.93






)








Adjusted Diluted EPS (Non-GAAP)(1)






$






2.77






 






$






3.12






 






$






(0.35






)






 






$






7.38






 






$






7.19






 






$






0.19






 








Gross Profit (GAAP)






$






276.3






 






$






298.2






 






$






(21.9






)






 






$






806.7






 






$






788.7






 






$






18.0






 








Operating Earnings (GAAP)






$






124.2






 






$






142.7






 






$






(18.5






)






 






$






302.7






 






$






333.4






 






$






(30.7






)








Adjusted Operating Earnings (Non-GAAP)(2)






$






142.3






 






$






155.3






 






$






(13.0






)






 






$






386.1






 






$






375.6






 






$






10.5






 








Net Earnings (GAAP)






$






90.4






 






$






114.8






 






$






(24.4






)






 






$






216.3






 






$






267.2






 






$






(50.9






)








EBITDA (Non-GAAP)(3)






$






150.0






 






$






167.2






 






$






(17.2






)






 






$






370.5






 






$






403.0






 






$






(32.5






)








Adjusted EBITDA (Non-GAAP)(3)






$






159.7






 






$






171.4






 






$






(11.7






)






 






$






428.8






 






$






421.7






 






$






7.1






 








Share Repurchases






$






84.1






 






$






38.7






 






$






45.4






 






 






$






300.0






 






$






113.9






 






$






186.1






 








Dividend per share






$






0.26






 






$






0.24






 






$






0.02






 






 






$






0.77






 






$






0.71






 






$






0.04






 








Total Capital Returned to Stockholders






$






93.7






 






$






48.2






 






$






45.5






 






 






$






328.5






 






$






142.1






 






$






186.4






 


























 



(a) Net leverage ratio is a non-GAAP financial measure as defined pursuant to our credit agreement and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.







 



(1) GM (Gross Margin) excluding 45X , Adjusted Diluted EPS and Adjusted Diluted EPS excluding IRC 45X benefit are non-GAAP financial measures and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.




(2) Operating Earnings are adjusted for charges that the Company incurs as a result of restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. A reconciliation of operating earnings to Non-GAAP Adjusted Earnings are provided in tables under the section titled Business Segment Operating Results.




(3) Non-GAAP EBITDA is calculated as net earnings adjusted for depreciation, amortization, interest and income taxes. Non-GAAP Adjusted EBITDA is further adjusted for certain charges such as restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and other charges and credits as discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.







Third Quarter 2026


Net sales for the third quarter of fiscal 2026 were $919.1 million, an increase of 1.4% from the prior year third quarter net sales of $906.2 million and at the low end of the range of the third quarter of fiscal 2026 guidance of $920 million to $960 million. The increase compared to prior year quarter was the result of a 3% increase in pricing and a 2% increase in foreign currency translation, partially offset by a 4% decrease in organic volume.


Net earnings attributable to EnerSys stockholders (“Net earnings”) for the third quarter of fiscal 2026 were $90.4 million, or $2.40 per diluted share, which included an unfavorable highlighted net of tax impact of $13.8 million, or $0.37 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.


Net earnings for the third quarter of fiscal 2025 were $114.8 million, or $2.88 per diluted share, which included an unfavorable highlighted net of tax impact of $9.5 million, or $0.24 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.


Excluding these highlighted items, adjusted Net earnings per diluted share for the third quarter of fiscal 2026, on a non-GAAP basis, were $2.77, compared to the guidance of $2.71 to $2.81 per diluted share for the third quarter given by the Company on November 5, 2025. These earnings compare to the prior year third quarter adjusted Net earnings of $3.12 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended December 28, 2025 and December 29, 2024.


Fiscal Year to Date 2026


Net sales for the nine months of fiscal 2026 were $2,763.4 million, an increase of 4.6% from the prior year nine months net sales of $2,642.8 million. This increase was due to a 2% increase in pricing, a 2% increase in acquisitions, and a 2% increase in foreign currency translation, partially offset by a 1% decrease in organic volume.


Net earnings for the nine months of fiscal 2026 were $216.3 million, or $5.65 per diluted share, which included an unfavorable highlighted net of tax impact of $66.5 million, or $1.73 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.


Net earnings for the nine months of fiscal 2025 were $267.2 million, or $6.58 per diluted share, which included an unfavorable highlighted net of tax impact of $24.6 million, or $0.61 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.


Adjusted Net earnings per diluted share for the nine months of fiscal 2026, on a non-GAAP basis, were $7.38. This compares to the prior year nine months adjusted Net earnings of $7.19 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.


Quarterly Dividend


The Company announced today that its Board of Directors has approved a quarterly cash dividend $0.2625 per share of common stock. The dividend is payable on March 27, 2026, to holders of record as of March 13, 2026.


Balance Sheet and Cash Flow


As of December 28, 2025, cash and cash equivalents were $450.1 million and net debt as defined by our credit facility was $743.3 million. The net leverage ratio at the end of the third quarter was 1.2 X, down from 1.5 X in the prior year period due to the impact of lower debt and increased earnings. Capital expenditures during the third quarter were $13.3 million, down from $24.3 million in the prior year period. During the third quarter, cash from operating activities was $184.6 million, up from $81.1 million in the prior year period. Free cash flow, a non-GAAP financial measure, was $171.3 million, as compared to $56.8 million in the prior year period. The increase in cash from operating activities and the increase in free cash flow were both bolstered by the expansion of the Company’s Receivables Purchasing Agreement during the quarter. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended December 28, 2025 and December 29, 2024.


The Company also returned approximately $93.7 million to shareholders through $84.1 million in share repurchases and $9.6 million through its quarterly dividend payment in the third quarter.


Fourth Quarter and Full Year 2026 Outlook


In the fourth quarter of fiscal 2026, EnerSys expects:



Net sales in the range of $960M to $1,000M



IRC 45X benefits to cost of sales of $37M to $42M



Adjusted diluted EPS in the range of $2.95 to $3.05*



Adjusted diluted EPS, ex 45X benefits, in the range of $1.91 to $2.01



For the full year fiscal 2026, EnerSys expects:



Capital expenditures ~$80M



“Our third quarter results further validate the strength and resilience of our diversified business model, as well as the earnings power of EnerSys,” said Andrea Funk, EnerSys Chief Financial Officer. “We delivered record Q3 earnings excluding 45X benefits despite some market pressure in our Motive Power volumes.


“While we are encouraged by the Company’s overall trajectory and momentum in several key growth areas, we continue to see the impact of a dynamic macro environment on customer buying patterns. Consistent with our fourth quarter outlook and expectations we set at the beginning of the fiscal year, we expect full-year adjusted operating earnings growth, excluding 45X benefits, to outpace revenue growth, supported by ongoing opex savings, sustained price/mix strength, and improving, though still soft, Motive Power volumes.


“Operational efficiencies aligned with our EnerGize strategic framework are taking hold, with continued progress in process optimization, capital allocation discipline, and manufacturing performance. These actions are positioning the business for long-term top-line growth and margin expansion,” concluded Funk.


*Inclusive of IRC 45X Advanced Manufacturing Production Credits.


Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.


Conference Call and Webcast Details


The Company will host a conference call to discuss its third quarter results at 9:00 AM (ET) Thursday, February 5, 2026. A live broadcast as well as a replay of the call can be accessed via this webcast registration link or the Investor Relations section of the company’s website at https://investor.enersys.com.


If you cannot join via webcast, please reach out to investorrelations@enersys.com for dial-in details.


About EnerSys


EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/.


Caution Concerning Forward-Looking Statements


This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buyback program, judicial or regulatory proceedings, ability to identify and realize benefits in connection with acquisition and disposition opportunities, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buyback programs, application of Section 45X of the Internal Revenue Code, funding, development and construction of the Company's gigafactory in Greenville, South Carolina, adverse developments with respect to the economic conditions in the U.S. in the markets in which we operate and other uncertainties, including the impact of supply chain disruptions, interest rate changes, inflationary pressures, geopolitical and other developments and labor shortages on the economic recovery and our business and changes in law, regulation or policy that may affect our business, including trade policy and tariffs, and other government priorities or budgets are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.


Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2025. No undue reliance should be placed on any forward-looking statements.




EnerSys




Consolidated Condensed Statements of Income (Unaudited)




(In millions, except share and per share data)










 



 






Quarter ended






 






Nine months ended








 






December 28, 2025






 






December 29, 2024






 






December 28, 2025






 






December 29, 2024








Net sales






$






919.1






 






$






906.2






 






$






2,763.4






 






$






2,642.8








Gross profit






 






276.3






 






$






298.2






 






$






806.7






 






$






788.7








Operating expenses






 






147.8






 






$






154.3






 






$






472.7






 






$






446.0








Restructuring and other exit charges






 






4.3






 






$






1.2






 






$






31.3






 






$






9.3








Operating earnings






 






124.2






 






$






142.7






 






$






302.7






 






$






333.4








Earnings before income taxes






 






106.2






 






$






126.7






 






$






248.3






 






$






290.2








Income tax expense






 






15.8






 






$






11.9






 






$






32.0






 






$






23.0








Net earnings attributable to EnerSys stockholders






$






90.4






 






$






114.8






 






$






216.3






 






$






267.2








 






 






 






 






 






 






 






 








Net reported earnings per common share attributable to EnerSys stockholders:






 






 






 






 






 






 






 








Basic






$






2.45






 






$






2.92






 






$






5.74






 






$






6.70








Diluted






$






2.40






 






$






2.88






 






$






5.65






 






$






6.58








Dividends per common share






$






0.2625






 






$






0.240






 






$






0.7650






 






$






0.705








Weighted-average number of common shares used in reported earnings per share calculations:






 






 






 






 






 






 






 








Basic






 






36,864,078






 






 






39,305,035






 






 






37,695,560






 






 






39,891,376








Diluted






 






37,660,696






 






 






39,922,913






 






 






38,307,402






 






 






40,590,745









EnerSys




Consolidated Condensed Balance Sheets (Unaudited)




(In Thousands, Except Share and Per Share Data)











 



 






 






December 28, 2025






 






March 31, 2025








Assets






 






 






 






 








Current assets:






 






 






 






 








Cash and cash equivalents






 






$






450,082






 






 






$






343,131






 








Accounts receivable, net of allowance for doubtful accounts: December 28, 2025 - $9,156; March 31, 2025 - $8,675






 






 






474,704






 






 






 






597,942






 








Inventories, net






 






 






795,376






 






 






 






739,994






 








Prepaid and other current assets






 






 






411,313






 






 






 






408,747






 








Total current assets






 






 






2,131,475






 






 






 






2,089,814






 








Property, plant, and equipment, net






 






 






598,581






 






 






 






592,433






 








Goodwill






 






 






759,904






 






 






 






721,073






 








Other intangible assets, net






 






 






352,104






 






 






 






375,430






 








Deferred taxes






 






 






90,493






 






 






 






74,793






 








Other assets






 






 






115,308






 






 






 






117,705






 








Total assets






 






$






4,047,865






 






 






$






3,971,248






 








Liabilities and Equity






 






 






 






 








Current liabilities:






 






 






 






 








Short-term debt






 






$






29,759






 






 






$






28,502






 








Accounts payable






 






 






336,506






 






 






 






405,694






 








Accrued expenses






 






 






409,824






 






 






 






340,872






 








Total current liabilities






 






 






776,089






 






 






 






775,068






 








Long-term debt, net of unamortized debt issuance costs






 






 






1,149,406






 






 






 






1,083,541






 








Deferred taxes






 






 






16,088






 






 






 






17,641






 








Other liabilities






 






 






211,195






 






 






 






175,510






 








Total liabilities






 






 






2,152,778






 






 






 






2,051,760






 








Commitments and contingencies






 






 






 






 








Equity:






 






 






 






 








Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at December 28, 2025 and at March 31, 2025






 






 






—






 






 






 






—






 








Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 57,413,918 shares issued and 36,731,551 shares outstanding at December 28, 2025; 56,839,590 shares issued and 39,192,061 shares outstanding at March 31, 2025






 






 






574






 






 






 






568






 








Additional paid-in capital






 






 






717,001






 






 






 






662,725






 








Treasury stock at cost, 20,682,367 shares held as of December 28, 2025 and 17,647,529 shares held as of March 31, 2025






 






 






(1,291,943






)






 






 






(988,936






)








Retained earnings






 






 






2,676,160






 






 






 






2,489,200






 








Accumulated other comprehensive loss






 






 






(210,237






)






 






 






(247,479






)








Total EnerSys stockholders’ equity






 






 






1,891,555






 






 






 






1,916,078






 








Nonredeemable noncontrolling interests






 






 






3,532






 






 






 






3,410






 








Total equity






 






 






1,895,087






 






 






 






1,919,488






 








Total liabilities and equity






 






$






4,047,865






 






 






$






3,971,248






 









EnerSys




Consolidated Condensed Statements of Cash Flows (Unaudited)




(In Thousands)









 



 






 






Nine months ended








 






 






December 28, 2025






 






December 29, 2024








Cash flows from operating activities






 






 






 






 








Net earnings






 






$






216,257






 






 






$






267,189






 








Adjustments to reconcile net earnings to net cash provided by operating activities:






 






 






 






 








Depreciation and amortization






 






 






84,566






 






 






 






74,377






 








Write-off of assets relating to exit activities






 






 






1,982






 






 






 






342






 








Derivatives not designated in hedging relationships:






 






 






 






 








Net losses (gains)






 






 






(112






)






 






 






(1,765






)








Cash (settlements) proceeds






 






 






(1,747






)






 






 






763






 








Provision for doubtful accounts






 






 






1,263






 






 






 






1,914






 








Deferred income taxes






 






 






(115






)






 






 






68






 








Non-cash interest expense






 






 






1,692






 






 






 






1,448






 








Stock-based compensation






 






 






29,486






 






 






 






20,263






 








Loss (gain) on disposal of property, plant, and equipment






 






 






707






 






 






 






69






 








Changes in assets and liabilities:






 






 






 






 








Accounts receivable






 






 






140,746






 






 






 






(24,206






)








Inventories






 






 






(38,112






)






 






 






(19,567






)








Prepaid and other current assets






 






 






29,491






 






 






 






(145,466






)








Other assets






 






 






(1,884






)






 






 






1,054






 








Accounts payable






 






 






(71,659






)






 






 






(17,739






)








Accrued expenses






 






 






9,189






 






 






 






(34,786






)








Other liabilities






 






 






1,859






 






 






 






1,152






 








Net cash provided by (used in) operating activities






 






 






403,609






 






 






 






125,110






 








 






 






 






 






 








Cash flows from investing activities






 






 






 






 








Capital expenditures






 






 






(67,246






)






 






 






(90,765






)








Purchase of business






 






 






(12,668






)






 






 






(206,024






)








Proceeds from disposal of property, plant, and equipment






 






 






4,170






 






 






 






94






 








Investment in Equity Securities






 






 






—






 






 






 






(10,852






)








Net cash (used in) provided by investing activities






 






 






(75,744






)






 






 






(307,547






)








 






 






 






 






 








Cash flows from financing activities






 






 






 






 








Net (repayments) borrowings on short-term debt






 






 






(192






)






 






 






951






 








Proceeds from Second Amended Revolver borrowings






 






 






542,563






 






 






 






650,000






 








Repayments of Second Amended Revolver borrowings






 






 






(265,000






)






 






 






(180,000






)








Repayments of Term Loans






 






 






(210,000






)






 






 






—






 








Option proceeds, net






 






 






32,032






 






 






 






7,641






 








Payment of taxes related to net share settlement of equity awards






 






 






(8,267






)






 






 






(7,984






)








Purchase of treasury stock






 






 






(301,372






)






 






 






(113,928






)








Dividends paid to stockholders






 






 






(28,564






)






 






 






(28,060






)








Debt Issuance Costs Sixth Amended Credit Facility






 






 






(3,390






)






 






 






—






 








Other






 






 






788






 






 






 






233






 








Net cash provided by (used in) financing activities






 






 






(241,402






)






 






 






328,853






 








Effect of exchange rate changes on cash and cash equivalents






 






 






20,488






 






 






 






(16,576






)








Net increase (decrease) in cash and cash equivalents






 






 






106,951






 






 






 






129,840






 








Cash and cash equivalents at beginning of period






 






 






343,131






 






 






 






333,324






 








Cash and cash equivalents at end of period






 






$






450,082






 






 






$






463,164






 







Reconciliations of GAAP to Non-GAAP Financial Measures


This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, ("GAAP"). EnerSys' management uses the non-GAAP measures “adjusted Net earnings”, “adjusted diluted EPS”, "reported Net earnings excluding (ex) IRC 45X benefit", "adjusted Net earnings excluding (ex) IRC 45X benefit", "reported Net earnings (loss) per share excluding (ex) IRC 45X benefit", " adjusted diluted EPS excluding (ex) IRC 45X benefit", "GM excluding (ex) 45X", "adjusted operating earnings", "adjusted gross profit", "adjusted gross margin", "EBITDA", “adjusted EBITDA”, "adjusted EBITDA per credit agreement", "net debt", "net leverage ratio", "free cash flow", and "adjusted free cash flow conversion" as applicable, in their analysis of the Company's performance. Adjusted Net earnings, adjusted gross profit, adjusted gross margin, and adjusted operating earnings measures, as used by EnerSys in past quarters and years, adjusts Net earnings, gross profit, gross margin, and operating earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and other highlighted charges and income items. Reported Net earnings excluding (ex) IRC 45X benefit, adjusted Net earnings excluding (ex) IRC 45X benefit, reported Net earnings (loss) per share excluding (ex) IRC 45X benefit, adjusted diluted EPS excluding (ex) IRC 45X benefit, and GM excluding (ex) IRC 45X benefit as used by EnerSys in past quarters and years, adjusted Net earnings, adjusted Net earnings, Net earnings (loss) per share, adjusted diluted EPS, and gross margin to reflect the financial impact of IRC 45X. Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure as an overall assessment of our performance, to evaluate the effectiveness of our business strategies and for business planning purposes. We calculate adjusted EBITDA as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization, further adjusted to exclude restructuring and exit activities, impairment of goodwill, indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. EBITDA is calculated as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization. We define adjusted EBITDA per credit agreement as net earnings determined in accordance with GAAP for interest, taxes, depreciation and amortization, and certain charges or credits as permitted by our credit agreements, that were recorded during the periods presented. We define non-GAAP net debt as total debt, finance lease obligations and letters of credit, net of all cash and cash equivalents, as defined in the Fourth Amended Credit Facility on the balance sheet as of the end of the most recent fiscal quarter. We define non-GAAP net leverage ratio as non-GAAP net debt divided by last twelve months adjusted EBITDA per credit agreement. We define free cash flow as net cash provided by or used in operating activities less capital expenditures. We define adjusted free cash flow conversion as free cash flow divided by adjusted net earnings. Free cash flow and adjusted free cash flow conversion are used by investors, financial analysts, rating agencies and management to help evaluate the Company’s ability to generate cash to pursue incremental opportunities aimed toward enhancing shareholder value. Management believes the presentation of these financial measures reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results and overall business performance; in particular, those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, amortization of intangible assets, tax valuation allowance changes, withholding tax from repatriation of prior period earnings, and impacts of changes or reform to income tax laws. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. Although we exclude the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.


Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at 0%.


EnerSys does not provide a quantitative reconciliation of the Company’s projected range for adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the third quarter of fiscal 2026 to diluted earnings per share, which is the most directly comparable GAAP measure, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. EnerSys' adjusted diluted EPS and adjusted diluted EPS without IRC 45X benefit guidance for the third quarter of fiscal 2026 excludes certain items, including but not limited to certain non-cash, large and/or unpredictable charges and benefits, charges from restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles, acquisition and disposition activities, legal judgments, settlements, or other matters, and tax positions, that are inherently uncertain and difficult to predict, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities. Due to the uncertainty of the occurrence or timing of these future excluded items, management cannot accurately forecast many of these items for internal use and therefore cannot create a quantitative adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the third quarter of fiscal 2026 to diluted earnings per share reconciliation without unreasonable efforts.


These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings, Net earnings or net income determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company's ongoing operating results. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to Net earnings determined in accordance with GAAP.


A reconciliation of non-GAAP adjusted operating earnings is set forth in the table below, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X Advanced Manufacturing Production Credits. Also, included are start up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.




Business Segment Operating Results








 



 






Quarter ended








 






($ millions)








 






December 28, 2025








 






Energy Systems






 






Motive Power






 






Specialty






 






Corporate and other






 






Total








Net Sales






$






399.5






 






 






$






352.1






 






 






$






167.5






 






 






$






—






 






 






$






919.1






 








 






 






 






 






 






 






 






 






 






 








Operating Earnings






 






33.3






 






 






 






47.0






 






 






 






16.0






 






 






 






27.9






 






 






$






124.2






 








Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions






 






—






 






 






 






1.2






 






 






 






—






 






 






 






—






 






 






 






1.2






 








Restructuring and other exit charges






 






0.9






 






 






 






3.2






 






 






 






0.2






 






 






 






—






 






 






 






4.3






 








Amortization of intangible assets






 






5.9






 






 






 






0.1






 






 






 






2.4






 






 






 






—






 






 






 






8.4






 








Other






 






2.0






 






 






 






1.1






 






 






 






1.1






 






 






 






—






 






 






 






4.2






 








Adjusted Operating Earnings






$






42.1






 






 






$






52.6






 






 






$






19.7






 






 






$






27.9






 






 






$






142.3






 








 






 






 






 






 






 






 






 






 






 








Operating Margin






 






8.3






%






 






 






13.3






%






 






 






9.6






%






 






 






3.0






%






 






 






13.5






%








Adjusted Operating Margin






 






10.5






%






 






 






14.9






%






 






 






11.8






%






 






 






NM






 






 






 






15.5






%









 






Quarter ended








 






($ millions)








 






December 29, 2024








 






Energy Systems






 






Motive Power






 






Specialty






 






Corporate and other






 






Total








Net Sales






$






389.2






 






 






$






358.9






 






 






$






155.2






 






 






$






2.9






 






$






906.2






 








 






 






 






 






 






 






 






 






 






 








Operating Earnings






 






19.2






 






 






 






51.5






 






 






 






4.2






 






 






 






67.8






 






$






142.7






 








Inventory step up to fair value relating to recent acquisitions






 






—






 






 






 






—






 






 






 






1.1






 






 






 






—






 






 






1.1






 








Restructuring and other exit charges






 






0.1






 






 






 






1.0






 






 






 






0.1






 






 






 






—






 






 






1.2






 








Amortization of intangible assets






 






5.8






 






 






 






0.2






 






 






 






2.4






 






 






 






—






 






 






8.4






 








Other






 






0.2






 






 






 






—






 






 






 






1.7






 






 






 






—






 






 






1.9






 








Adjusted Operating Earnings






$






25.3






 






 






$






52.7






 






 






$






9.5






 






 






$






67.8






 






$






155.3






 








 






 






 






 






 






 






 






 






 






 








Operating Margin






 






4.9






%






 






 






14.3






%






 






 






2.7






%






 






 






NM






 






 






15.7






%








Adjusted Operating Margin






 






6.5






%






 






 






14.7






%






 






 






6.1






%






 






 






NM






 






 






17.1






%









Increase (Decrease) as a % from prior year quarter






Energy Systems






 






Motive Power






 






Specialty






 






Corporate and other






 






Total








Net Sales






2.6






%






 






(1.9






)%






 






8.0






%






 






(98.6






)%






 






1.4






%








Operating Earnings






73.8






 






 






(8.8






)






 






NM






 






 






(58.8






)






 






(12.9






)








Adjusted Operating Earnings






66.9






 






 






(0.3






)






 






NM






 






 






(58.8






)






 






(8.4






)








NM = Not Meaningful


















 




 






Nine months ended








 






($ millions)








 






December 28, 2025








 






Energy Systems






 






Motive Power






 






Specialty






 






Corporate and other






 






Total








Net Sales






$






1,225.6






 






 






$






1,060.9






 






 






$






472.9






 






 






$






4.0






 






$






2,763.4






 








 






 






 






 






 






 






 






 






 






 








Operating Earnings






$






61.6






 






 






$






121.1






 






 






$






28.2






 






 






$






91.8






 






$






302.7






 








Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions






 






—






 






 






 






1.2






 






 






 






—






 






 






 






—






 






 






1.2






 








Restructuring and other exit charges






 






11.3






 






 






 






17.3






 






 






 






2.6






 






 






 






0.1






 






 






31.3






 








Amortization of intangible assets






 






17.6






 






 






 






0.3






 






 






 






7.2






 






 






 






—






 






 






25.1






 








Accelerated stock compensation expense






 






5.4






 






 






 






3.4






 






 






 






1.4






 






 






 






 






 






10.2






 








Other






 






7.2






 






 






 






3.9






 






 






 






4.5






 






 






 






—






 






 






15.6






 








Adjusted Operating Earnings






$






103.1






 






 






$






147.2






 






 






$






43.9






 






 






$






91.9






 






$






386.1






 








 






 






 






 






 






 






 






 






 






 








Operating Margin






 






5.0






%






 






 






11.4






%






 






 






6.0






%






 






 






NM






 






 






11.0






%








Adjusted Operating Margin






 






8.4






%






 






 






13.9






%






 






 






9.3






%






 






 






NM






 






 






14.0






%









 






Nine months ended








 






($ millions)








 






December 29, 2024








 






Energy Systems






 






Motive Power






 






Specialty






 






Corporate and other






 






Total








Net Sales






$






1,132.3






 






 






$






1,091.8






 






 






$






415.8






 






 






$






2.9






 






$






2,642.8






 








 






 






 






 






 






 






 






 






 






 








Operating Earnings






$






45.7






 






 






$






162.2






 






 






$






6.6






 






 






$






118.9






 






$






333.4






 








Inventory step up to fair value relating to recent acquisitions






 






—






 






 






 






—






 






 






 






3.0






 






 






 






—






 






 






3.0






 








Restructuring and other exit charges






 






4.6






 






 






 






3.5






 






 






 






1.2






 






 






 






—






 






 






9.3






 








Amortization of intangible assets






 






17.8






 






 






 






0.6






 






 






 






5.1






 






 






 






—






 






 






23.5






 








Other






 






0.4






 






 






 






—






 






 






 






6.0






 






 






 






—






 






 






6.4






 








Adjusted Operating Earnings






$






68.5






 






 






$






166.3






 






 






$






21.9






 






 






$






118.9






 






$






375.6






 








 






 






 






 






 






 






 






 






 






 








Operating Margin






 






4.0






%






 






 






14.9






%






 






 






1.6






%






 






 






NM






 






 






12.6






%








Adjusted Operating Margin






 






6.0






%






 






 






15.2






%






 






 






5.3






%






 






 






NM






 






 






14.2






%









Increase (Decrease) as a % from prior year






Energy Systems






 






Motive Power






 






Specialty






 






Corporate and other






 






Total








Net Sales






8.2






%






 






(2.8






)%






 






13.8






%






 






41.4






%






 






4.6






%








Operating Earnings






34.7






 






 






(25.4






)






 






NM






 






 






(22.8






)






 






(9.2






)








Adjusted Operating Earnings






50.2






 






 






(11.5






)






 






NM






 






 






(22.7






)






 






2.8






 









The table below presents a reconciliation of Net Earnings to EBITDA and Adjusted EBITDA:










 



 






Quarter ended






 






Nine months ended








 






($ millions)






 






($ millions)








 






December 28, 2025






 






December 29, 2024






 






December 28, 2025






 






December 29, 2024








Net Earnings






$






90.4






 






$






114.8






 






$






216.3






 






$






267.2








Depreciation






 






21.3






 






 






17.2






 






 






59.5






 






 






50.9








Amortization






 






8.4






 






 






8.4






 






 






25.1






 






 






23.5








Interest






 






14.1






 






 






14.9






 






 






37.6






 






 






38.4








Income Taxes






 






15.8






 






 






11.9






 






 






32.0






 






 






23.0








EBITDA






 






150.0






 






 






167.2






 






 






370.5






 






 






403.0








Non-GAAP adjustments






 






9.7






 






 






4.2






 






 






58.3






 






 






18.7








Adjusted EBITDA






$






159.7






 






$






171.4






 






$






428.8






 






$






421.7









The following table provides the non-GAAP adjustments shown in the reconciliation above:










 



 






Quarter ended






 






Nine months ended








 






($ millions)






 






($ millions)








 






December 28, 2025






 






December 29, 2024






 






December 28, 2025






 






December 29, 2024








Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions






 






1.2






 






 






1.1






 






 






1.2






 






 






3.0








Restructuring and other exit charges






 






4.3






 






 






1.2






 






 






31.3






 






 






9.3








Accelerated stock compensation expense






 






—






 






 






—






 






 






10.2






 






 






—








Other






 






4.2






 






 






1.9






 






 






15.6






 






 






6.4








Non-GAAP adjustments






$






9.7






 






$






4.2






 






$






58.3






 






$






18.7









The table below presents a reconciliation of Gross Profit and Gross Margin to Adjusted Gross Profit and Adjusted Gross Margin and Gross Profit and Gross Margin to Gross Profit excluding (ex) IRC 45X and Gross Margin excluding (ex) IRC 45X:










 



 






Quarter ended






 






Nine months ended








 






($ millions)






 






($ millions)








 






December 28, 2025






 






December 29, 2024






 






December 28, 2025






 






December 29, 2024








Gross Profit as reported






$






276.3






 






 






$






298.2






 






 






$






806.7






 






 






$






788.7






 








Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions






 






1.2






 






 






 






1.1






 






 






 






1.2






 






 






 






3.0






 








Adjusted Gross Profit






 






277.5






 






 






 






299.3






 






 






 






807.9






 






 






 






791.7






 








 






 






 






 






 






 






 






 








Gross Margin






 






30.1






%






 






 






32.9






%






 






 






29.2






%






 






 






29.8






%








Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions






 






0.1






%






 






 






0.1






%






 






 






—






%






 






 






0.2






%








Adjusted Gross Margin






 






30.2






%






 






 






33.0






%






 






 






29.2






%






 






 






30.0






%








 






 






 






 






 






 






 






 








Gross Profit






$






276.3






 






 






$






298.2






 






 






$






806.7






 






 






$






788.7






 








IRC 45X Benefit






 






34.7






 






 






 






75.2






 






 






 






112.4






 






 






 






140.5






 








Gross Profit ex 45X






 






241.6






 






 






 






223.0






 






 






 






694.3






 






 






 






648.2






 








 






 






 






 






 






 






 






 








Gross Margin






 






30.1






%






 






 






32.9






%






 






 






29.2






%






 






 






29.8






%








IRC 45X Benefit






 






3.8






%






 






 






8.3






%






 






 






4.1






%






 






 






5.3






%








Gross Margin ex 45X






 






26.3






%






 






 






24.6






%






 






 






25.1






%






 






 






24.5






%









The table below presents a reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow Conversion percentages:










 



 






Quarter ended






 






Nine months ended








 






($ millions)






 






($ millions)








 






December 28, 2025






 






December 29, 2024






 






December 28, 2025






 






December 29, 2024








Net cash provided by (used in) operating activities






$






184.6






 






 






$






81.1






 






 






$






403.6






 






 






$






125.1






 








Less Capital Expenditures






 






(13.3






)






 






 






(24.3






)






 






 






(67.2






)






 






 






(90.8






)








Free Cash Flow






 






171.3






 






 






 






56.8






 






 






 






336.4






 






 






 






34.3






 









 






Quarter ended






 






Nine months ended








 






($ millions)






 






($ millions)








 






December 28, 2025






 






December 29, 2024






 






December 28, 2025






 






December 29, 2024








Net cash provided by (used in) operating activities






$






184.6






 






 






$






81.1






 






 






$






403.6






 






 






$






125.1






 








Net earnings






 






90.4






 






 






 






114.8






 






 






 






216.3






 






 






 






267.2






 








Operating cash flow conversion %






 






204.2






%






 






 






70.6






%






 






 






186.6






%






 






 






46.8






%








 






 






 






 






 






 






 






 








Free Cash Flow






 






171.3






 






 






 






56.8






 






 






 






336.4






 






 






 






34.3






 








Net earnings






 






90.4






 






 






 






124.3






 






 






 






216.3






 






 






 






267.2






 








Free cash flow conversion %






 






189.5






%






 






 






45.7






%






 






 






155.5






%






 






 






12.8






%









The following table provides a reconciliation of Net earnings to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP) per credit agreement for December 28, 2025 and December 29, 2024 to calculate our net leverage ratio, in connection with the Fourth Amended Credit Facility:









 



 






 






Last twelve months








 






 






December 28, 2025






 






December 29, 2024








 






 






(in millions, except ratios)








Net earnings as reported






 






$






312.8






 






$






328.1








Add back:






 






 






 






 








Depreciation and amortization






 






 






111.4






 






$






98.1








Interest expense






 






 






46.4






 






$






46.4








Income tax expense






 






 






55.9






 






 






31.4








EBITDA (non-GAAP)






 






$






526.5






 






$






504.0








Adjustments per credit agreement definitions(1)






 






 






84.7






 






 






52.6








Adjusted EBITDA (non-GAAP) per credit agreement(1)






 






$






611.2






 






 






556.6








Total net debt(2)






 






$






743.3






 






 






852.1








Leverage ratios:






 






 






 






 








Total net debt/credit adjusted EBITDA ratio






 






1.2 X






 






1.5 X









(1)





The $84.7 million adjustment to EBITDA in the last twelve months ending December 28, 2025 primarily related to $37.0 million of non-cash stock compensation, $40.6 million of restructuring and other exit charges, impairment of indefinite-lived intangibles and write-down of other current assets of $5.5 million. The $52.6 million adjustment to EBITDA in the last twelve months ending December 29, 2024 primarily related to $28.0 million of non-cash stock compensation, $19.8 million of restructuring and other exit charges, impairment of indefinite-lived intangibles and write-down of other current assets of $4.5 million.



(2)





Debt includes finance lease obligations and letters of credit and is net of all U.S. cash and cash equivalents and foreign cash and investments, as defined in the Fourth Amended Credit Facility. In the last twelve months ending December 28, 2025 and December 29, 2024, the amounts deducted in the calculation of net debt were U.S. cash and cash equivalents and foreign cash investments of $450.1 million, and in fiscal 2024, were $463.2 million.




Included below is a reconciliation of historical non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and historical Net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures:









 



 






Quarter ended






 








 






(in millions, except share and per share amounts)






 








 






December 28, 2025






 






December 29, 2024






 








Net earnings reconciliation






 






 






 






 








As reported Net Earnings






$






90.4






 






 






$






114.8






 






 








Non-GAAP adjustments:






 






 






 






 








Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions






 






1.2






 






(1)






 






1.1






 






(1)








Restructuring and other exit charges






 






4.3






 






(2)






 






1.2






 






(2)








Amortization of identified intangible assets






 






8.4






 






(3)






 






8.4






 






(3)








Other






 






4.2






 






 






 






1.9






 






 








Income tax adjustment of benefit from tax law changes and litigation






 






—






 






 






 






—






 






 








Income tax effect of above non-GAAP adjustments






 






(4.3






)






 






 






(3.1






)






 








Non-GAAP adjusted Net earnings






$






104.2






 






 






$






124.3






 






 








 






 






 






 






 








Net Earnings excluding (ex) IRC 45X benefit






 






 






 






 








As Reported Net Earnings






$






90.4






 






 






$






114.8






 






 








IRC 45X Benefit






 






34.7






 






 






 






75.2






 






 








Reported Net Earnings excluding (ex) IRC 45X benefit






$






55.7






 






 






$






39.6






 






 








 






 






 






 






 








Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit






 






 






 






 








Non-GAAP Adjusted Net Earnings






$






104.2






 






 






$






124.3






 






 








IRC 45X Benefit






 






34.7






 






 






 






75.2






 






 








Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit






$






69.5






 






 






$






49.1






 






 








 






 






 






 






 








Outstanding shares used in per share calculations






 






 






 






 








Basic






 






36,864,078






 






 






 






39,305,035






 






 








Diluted






 






37,660,696






 






 






 






39,922,913






 






 








 






 






 






 






 








Reported Net earnings (Loss) per share:






 






 






 






 








Basic






$






2.45






 






 






$






2.92






 






 








Diluted






$






2.40






 






 






$






2.88






 






 








Dividends per common share






$






0.2625






 






 






$






0.24






 






 








 






 






 






 






 








Non-GAAP adjusted Net earnings per share:






 






 






 






 








Basic






$






2.83






 






 






$






3.16






 






 








Diluted






$






2.77






 






 






$






3.12






 






 








 






 






 






 






 








Reported Net Earnings (Loss) per share excluding (ex) IRC 45X benefit






 






 






 






 








Basic






$






1.51






 






 






$






1.01






 






 








Diluted






$






1.48






 






 






$






0.99






 






 








 






 






 






 






 








Non-GAAP adjusted Net Earnings (Loss) per share excluding (ex) IRC 45X benefit






 






 






 






 








Basic






$






1.88






 






 






$






1.25






 






 








Diluted






$






1.84






 






 






$






1.23






 






 









The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:









 



 






 






Quarter ended








 






 






($ millions)








 






 






December 28, 2025






 






December 29, 2024








 






 






Pre-tax






 






Pre-tax








(1) Inventory adjustment relating to exit activities - Motive






 






 






1.2






 






 






—








(1) Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions - Specialty






 






 






—






 






 






1.1








(2) Restructuring and other exit charges - Energy Systems






 






 






0.9






 






 






0.1








(2) Restructuring and other exit charges - Motive Power






 






 






3.2






 






 






1.0








(2) Restructuring and other exit charges - Specialty






 






 






0.2






 






 






0.1








(2) Restructuring and other exit charges - Corporate Other






 






 






—






 






 






—








(3) Amortization of identified intangible assets - Energy Systems






 






 






5.9






 






 






5.8








(3) Amortization of identified intangible assets - Motive Power






 






 






0.1






 






 






0.2








(3) Amortization of identified intangible assets - Specialty






 






 






2.4






 






 






2.4








Total Non-GAAP adjustments






 






$






13.9






 






$






10.7









 






Nine months ended






 








 






(in millions, except share and per share amounts)






 








 






December 28, 2025






 






December 29, 2024






 








Net Earnings reconciliation






 






 






 






 








As reported Net Earnings






$






216.3






 






 






$






267.2






 






 








Non-GAAP adjustments:






 






 






 






 








Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions






 






1.2






 






(1)






 






3.0






 






(1)








Restructuring and other exit charges






 






31.3






 






(2)






 






9.3






 






(2)








Amortization of identified intangible assets






 






25.1






 






(3)






 






23.5






 






(3)








Accelerated Stock Compensation Expense






 






10.2






 






(4)






 






—






 






 








Other






 






15.6






 






 






 






6.4






 






 








Income tax adjustment of benefit from tax law changes and litigation






 






 






 






(6.8






)






 








Income tax effect of above non-GAAP adjustments






 






(17.1






)






 






 






(10.8






)






 








Non-GAAP adjusted Net Earnings






$






282.6






 






 






$






291.8






 






 








 






 






 






 






 








Net Earnings without IRC 45X






 






 






 






 








As Reported Net Earnings






$






216.3






 






 






$






267.2






 






 








IRC 45X Benefit






 






112.4






 






 






 






140.5






 






 








Reported Net Earnings without IRC 45X Benefit






$






103.9






 






 






$






126.7






 






 








 






 






 






 






 








Non-GAAP adjusted Net Earnings without IRC 45X






 






 






 






 








Non-GAAP Adjusted Net Earnings






$






282.6






 






 






$






291.8






 






 








IRC 45X Benefit






 






112.4






 






 






 






140.5






 






 








Non-GAAP adjusted Net Earnings without IRC 45X Benefit






$






170.2






 






 






$






151.3






 






 








 






 






 






 






 








Outstanding shares used in per share calculations






 






 






 






 








Basic






 






37,695,560






 






 






 






39,891,376






 






 








Diluted






 






38,307,402






 






 






 






40,590,745






 






 








 






 






 






 






 








Reported Net Earnings (Loss) per share:






 






 






 






 








Basic






$






5.74






 






 






$






6.70






 






 








Diluted






$






5.65






 






 






$






6.58






 






 








Dividends per common share






$






0.7650






 






 






$






0.705






 






 








 






 






 






 






 








Non-GAAP adjusted Net Earnings per share:






 






 






 






 








Basic






$






7.50






 






 






$






7.31






 






 








Diluted






$






7.38






 






 






$






7.19






 






 








 






 






 






 






 








Reported Net Earnings (Loss) per share without IRC 45X benefit






 






 






 






 








Basic






$






2.76






 






 






$






3.18






 






 








Diluted






$






2.71






 






 






$






3.12






 






 








 






 






 






 






 








Non-GAAP adjusted Net Earnings (Loss) per share without IRC 45X benefit






 






 






 






 








Basic






$






4.52






 






 






$






3.79






 






 








Diluted






$






4.45






 






 






$






3.73






 






 









The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:









 



 






 






Nine months ended








 






 






($ millions)








 






 






December 28, 2025






 






December 29, 2024








 






 






Pre-tax






 






Pre-tax








(1) Inventory adjustment relating to exit activities - Motive






 






 






1.2






 






 






—








(1) Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions - Specialty






 






 






—






 






 






3.0








(2) Restructuring and other exit charges - Energy Systems






 






 






11.3






 






 






4.6








(2) Restructuring and other exit charges - Motive Power






 






 






17.3






 






 






3.5








(2) Restructuring and other exit charges - Specialty






 






 






2.6






 






 






1.2








(2) Restructuring and other exit charges - Corporate Other






 






 






0.1






 






 






—








(3) Amortization of identified intangible assets - Energy Systems






 






 






17.6






 






 






17.8








(3) Amortization of identified intangible assets - Motive Power






 






 






0.3






 






 






0.6








(3) Amortization of identified intangible assets - Specialty






 






 






7.2






 






 






5.1








(4) Accelerated stock compensation expense - Energy Systems






 






 






5.4






 






 






—








(4) Accelerated stock compensation expense - Motive Power






 






 






3.4






 






 






—








(4) Accelerated stock compensation expense - Specialty






 






 






1.4






 






 






—








Total Non-GAAP adjustments






 






$






67.8






 






$






35.8







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204728790/en/
Lisa Langell

Vice President, Investor Relations and Corporate Communications

EnerSys

610-236-4040

E-mail: investorrelations@enersys.com


Original: EnerSys Reports Third Quarter Fiscal Year 2026 Results