UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q _______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36837 __________________________________________________________ ...

Financial Data and Key Metrics Changes - The company reported a strong third quarter with results exceeding expectations, reflecting efforts to strengthen the business and restore margins [6][10] - Adjusted EPS is now expected to be between $3.55 and $3.65, with adjusted EBITDA projected between $630 million and $640 million [10] - The company returned $84 million to shareholders through dividends and share repurchases in the quarter [9] Business Line Data and Key Metrics Changes - The battery and lights segments performed solidly, while auto care was softer due to mild weather; however, the new podium series is performing well [6][7] - Organic sales growth was strong, particularly in the battery category, with the podium series exceeding initial plans [13][15] Market Data and Key Metrics Changes - The impact of tariffs on the business has materially improved, with current rates significantly lower than previous guidance [7] - The company expects production credits to contribute $35 million to $40 million annually to gross margin, net earnings, and free cash flow [8][16] Company Strategy and Development Direction - The acquisition of Advanced Power Solutions enhances the company's manufacturing capabilities and mitigates tariff impacts [9][26] - The company is focused on capital allocation, prioritizing debt reduction while also considering share repurchases and potential small acquisitions [31][86] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering fiscal 2025 outlook and continued earnings growth into fiscal 2026 [10][46] - The competitive landscape remains stable, with the company well-positioned against competitors like Duracell [36][38] Other Important Information - The company has made significant investments in production and automation, particularly in North America, to optimize its manufacturing network [26][27] - The company is transitioning to plastic-free packaging, which has impacted inventory levels [29][80] Q&A Session Summary Question: Key drivers for the quarter and next - Management highlighted strong organic growth, gross margin improvement, and earnings growth, with expectations for continued growth in fiscal 2026 [13][14] Question: Production credits explanation - Production credits are based on domestic manufacturing and do not require additional investment; they are expected to bolster earnings significantly [19][20] Question: Acquisition impact on manufacturing footprint - The acquisition of Advanced Power Solutions is part of a broader strategy to enhance manufacturing reliability and cost efficiency [25][26] Question: Capital allocation outlook - The company plans to prioritize debt reduction while remaining flexible in capital allocation to maximize returns [31][86] Question: Competitive landscape and holiday outlook - Management sees stable market shares and plans for a normal holiday season, with adjustments for earlier shopping patterns [36][40] Question: Consumer behavior and inventory levels - Consumers are acting cautiously, with some destocking observed at retailers, but overall demand for batteries remains resilient [78][80] Question: Pricing impact from tariffs - Pricing adjustments related to tariffs have been negotiated with retailers and are expected to show benefits in Q4 [60][82]

Core Insights - Energizer Holdings, Inc. (ENR) reported strong third-quarter fiscal 2025 results, with both net sales and earnings exceeding the Zacks Consensus Estimate, and showing year-over-year growth [1][3] - The company's Project Momentum, aimed at enhancing margins and operational agility, has been effective, contributing to organic sales growth and improved gross margins [2][9] Financial Performance - Adjusted earnings per share (EPS) for the third quarter were $1.13, surpassing the Zacks Consensus Estimate of 61 cents, and reflecting a 43% increase from the previous year [3][9] - Net sales reached $725.3 million, exceeding the Zacks Consensus Estimate of $702 million, and representing a 3.4% year-over-year increase [3][9] - Organic net sales saw a slight increase of 0.1% year over year, driven by a 1.7% growth in volume, primarily from the Battery & Lights category [4][3] Segment Performance - The Batteries & Lights segment reported a 5.1% increase in net sales to $535.1 million, with segment profit rising 22.7% to $158.8 million [5] - Conversely, the Auto Care segment experienced a 1.1% decline in net sales to $190.2 million, with segment profit decreasing by 10.1% to $24.1 million [5] Margin and Cost Analysis - Adjusted gross profit for the third quarter was $325.0 million, an 11.7% increase year over year, with adjusted gross margin expanding by 330 basis points to 44.8% [6][10] - The margin improvement was attributed to $33.9 million in production credits and approximately $12 million in cost savings from Project Momentum, despite higher product costs and operational inefficiencies [6][10] SG&A and Advertising Expenses - Adjusted Selling, General and Administrative (SG&A) expenses rose 4.4% year over year to $123.6 million, influenced by costs from the APS NV acquisition and investments in digital transformation [7][8] - Advertising and Promotion (A&P) expenses increased by $5.5 million, accounting for 6% of net sales, up from 5.4% in the previous year [10] Future Outlook - For fiscal year 2025, Energizer expects net sales growth of 1% to 3%, including $40 to $50 million from the APS NV acquisition, with organic net sales anticipated to be flat to up 2% [14][15] - The company has raised its full-year adjusted EPS guidance to a range of $3.55 to $3.65, compared to the previous estimate of $3.30 to $3.50 [15] - Fourth-quarter net sales growth is projected between 2% and 4%, with organic net sales expected to be flat to down 2% [16][17]

Q3 Fiscal 2025 Financial Results - Net sales reached $7253 million, showing a 34% increase reported and a 01% organic increase[24] - Batteries & Lights net sales increased by 51% reported and 05% organically[24] - Auto Care net sales decreased by 11% reported and 09% organically[24] - Adjusted gross margin increased by 330 basis points to 448%[24] - Adjusted EPS increased by 43% year-over-year to $113, with $078 prior to production credits[24] - Adjusted EBITDA increased by 145% year-over-year to $1714 million[24] Fiscal Year 2025 Outlook - Reported net sales are expected to increase by 1% to 3%, with Q4 projected to increase by 2% to 4%[43] - Organic net sales are expected to remain flat to +2%, with Q4 projected to decrease by 2% to flat[43] - Adjusted EPS is projected to be in the range of $355 to $365, with Q4 projected to be $105 to $115[43] - Adjusted EBITDA is projected to be in the range of $630 million to $640 million[43]

Exhibit 99.1 Energizer Holdings, Inc. 8235 Forsyth Boulevard Suite 100 St. Louis, MO 63105 FOR IMMEDIATE RELEASE Company Contact Jon Poldan Vice President, Treasurer & Investor Relations 314-985-2349 Jonathan.Poldan@energizer.com August 4, 2025 Energizer Holdings, Inc. Announces Fiscal 2025 Third Quarter Results Exceeded Outlook across Net Sales, Adjusted Gross Margin, and Adjusted EPS Improved Outlook for Full Year Net Sales, Adjusted EBITDA and Adjusted Earnings Per Share Expect to Generate 7% - 10% Adjus ...

Core Viewpoint - Energizer Holdings, Inc. is set to report its Third Quarter Fiscal Year 2025 results on August 4, 2025, before market opening, followed by an investor conference call [1] Company Overview - Energizer Holdings, headquartered in St. Louis, is a leading manufacturer and distributor of primary batteries, portable lights, and auto care products [3] - The company’s portfolio includes well-known brands such as Energizer, Armor All, Eveready, Rayovac, STP, and Varta, among others [3] - Energizer aims to be a leader in its categories by better serving consumers and customers [3]

Company Overview - Energizer Holdings, Inc. (NYSE: ENR) has seen its shares decline by over 45% since December 2024 due to a weak consumer environment and tariffs impacting its FY25 outlook [2]. Financial Performance - The company is currently facing significant debt, with a net leverage ratio of 4.9, indicating a high level of indebtedness relative to its earnings [2]. Investment Strategy - The Insiders Forum focuses on small and mid-cap stocks that insiders are purchasing, aiming to outperform the Russell 2000 benchmark over time [2].

It has been about a month since the last earnings report for Energizer Holdings (ENR) . Shares have added about 2.6% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Energizer due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.How Have Estimates Been Moving Since The ...

Core Insights - Energizer Holdings, Inc. reported second-quarter fiscal 2025 results with both net sales and earnings falling short of the Zacks Consensus Estimate, showing a year-over-year decline in both metrics [1][3][4] Financial Performance - Adjusted earnings were 67 cents per share, missing the estimate of 68 cents, and decreased by 6.9% from the previous year [4] - Net sales totaled $662.9 million, below the estimate of $669 million, and slightly decreased by 0.1% year-over-year, while organic net sales increased by 1.4% [4][5] - The battery segment saw a modest growth of 1.5% year-over-year, reaching $488 million, while the Auto Care segment experienced a decline of 4.1% to $174.9 million [6] Margin and Cost Analysis - Adjusted gross profit was $270.4 million, up 0.6% year-over-year, with an adjusted gross margin of 40.8%, an increase of 30 basis points [7] - Adjusted SG&A expenses rose by 9.3% year-over-year to $124.5 million, primarily due to investments in digital transformation and growth initiatives [8] - Adjusted EBITDA was $140.3 million, down 1.5% year-over-year, with an adjusted EBITDA margin of 21.2% [10] Financial Health - As of March 31, 2024, cash and cash equivalents stood at $139.3 million, with long-term debt of $3.15 billion and shareholders' equity of $133.9 million [11] - Operating cash flow for the fiscal second quarter was $64.2 million, and free cash flow was $8.6 million [11] Future Outlook - The company lowered its full-year guidance due to ongoing macroeconomic challenges, now expecting reported and organic net sales to range from flat to up 2% [3][13] - Adjusted EBITDA is projected to be between $610 million and $630 million, and adjusted earnings per share are expected to be in the range of $3.30 to $3.50 [14] - For the third quarter, reported and organic net sales are anticipated to be flat to down 2%, with adjusted EPS projected between 55 cents and 65 cents [15]

[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, detailing financial performance and position for the periods ended March 31, 2025 [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show increased net sales and earnings for the six months ended March 31, 2025, despite a significant decrease in operating cash flow Consolidated Statement of Earnings Highlights (Six Months Ended March 31) | Metric | 2025 (in millions) | 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,394.6 | $1,379.9 | +1.1% | | Gross Profit | $528.6 | $520.3 | +1.6% | | Earnings Before Income Taxes | $66.5 | $51.8 | +28.4% | | Net Earnings | $50.6 | $34.3 | +47.5% | | Diluted EPS | $0.69 | $0.47 | +46.8% | Consolidated Balance Sheet Highlights | Metric | March 31, 2025 (in millions) | September 30, 2024 (in millions) | | :--- | :--- | :--- | | Total Current Assets | $1,394.8 | $1,478.9 | | Total Assets | $4,211.9 | $4,342.4 | | Total Current Liabilities | $749.5 | $819.8 | | Total Liabilities | $4,078.0 | $4,206.6 | | Total Shareholders' Equity | $133.9 | $135.8 | Consolidated Statement of Cash Flows Highlights (Six Months Ended March 31) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net Cash from Operating Activities | $64.2 | $214.9 | | Net Cash used by Investing Activities | $(55.7) | $(64.6) | | Net Cash used by Financing Activities | $(81.7) | $(193.9) | | Net Decrease in Cash | $(77.6) | $(65.2) | [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Financial%20Statements) These notes detail business segments, revenue recognition, strategic acquisitions, ongoing restructuring efforts, debt refinancing, and significant legal proceedings - The company operates in two main product categories: **Batteries & Lights** (Energizer, Rayovac brands) and **Auto Care** (Armor All, Nu Finish brands)[17](index=17&type=chunk)[18](index=18&type=chunk) Net Sales by Product (Six Months Ended March 31) | Product | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Batteries | $1,077.0 | $1,051.5 | | Auto Care | $274.2 | $281.1 | | Lights | $43.4 | $47.3 | | **Total** | **$1,394.6** | **$1,379.9** | - Acquired Centralsul in Brazil to expand Auto Care presence and battery manufacturing assets in Belgium to establish a European production location; a subsequent acquisition of Advanced Power Solutions NV was completed on May 2, 2025[31](index=31&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - The 'Project Momentum' restructuring program is expected to incur total pre-tax cash costs of **$180 million to $185 million** and capital expenditures of **$80 million to $90 million** by the end of fiscal 2025[38](index=38&type=chunk)[39](index=39&type=chunk) - In March 2025, the company refinanced its debt, extending the maturity of its **$760 million Term Loan** to 2032 and its **$500 million Revolving Credit Facility** to 2030, resulting in a **$5.2 million loss** on extinguishment of debt[71](index=71&type=chunk) - The company is defending against three consolidated class-action lawsuits alleging it conspired with Wal-Mart to inflate battery and lighting product prices, with no accrual recorded as a loss is not considered probable or estimable[126](index=126&type=chunk) [Management's Discussion and Analysis (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting sales growth, progress on the 'Project Momentum' program, and strategic management of liquidity and capital resources [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Results of operations show modest net sales growth driven by organic expansion, improved gross margins from restructuring savings, and varied performance across product segments Reconciliation of Net Earnings to Adjusted Net Earnings (Non-GAAP) | Metric (in millions, except EPS) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Earnings (GAAP) | $28.3 | $32.4 | $50.6 | $34.3 | | Adjustments, after tax | $21.1 | $19.7 | $48.2 | $60.3 | | **Adjusted Net Earnings** | **$49.4** | **$52.1** | **$98.8** | **$94.6** | | Diluted EPS (GAAP) | $0.39 | $0.45 | $0.69 | $0.47 | | **Adjusted Diluted EPS** | **$0.67** | **$0.72** | **$1.35** | **$1.30** | Net Sales Change Analysis (YTD 2025 vs YTD 2024) | Component | % Change | | :--- | :--- | | Organic | +2.6% | | Change in hyperinflationary markets | -0.3% | | Impact of currency | -1.2% | | **Total Net Sales Change** | **+1.1%** | - Adjusted Gross Margin for Q2 2025 increased by **30 basis points** to **40.8%**, primarily driven by Project Momentum savings of approximately **$16 million**, offsetting increased freight costs and strategic pricing investments[167](index=167&type=chunk)[169](index=169&type=chunk) - Batteries & Lights Q2 organic sales grew **3.0%** due to new and expanded distribution, while Auto Care Q2 organic sales fell **2.6%** due to planned promotional investments and a shift in refrigerant sales timing to Q3[184](index=184&type=chunk)[185](index=185&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity and capital resources are managed through operating cash flow, debt refinancing, dividend payments, and share repurchase authorizations, with a focus on strategic investments and debt reduction - Operating cash flow decreased by **$150.7 million** year-over-year for the six months ended March 31, 2025, primarily due to a working capital change of approximately **$134 million**, driven by an **$85 million increase** in inventory[201](index=201&type=chunk) - In March 2025, the company extended the maturity of its **$760 million Term Loan** to 2032 and its **$500 million Revolving Facility** to 2030, with **$492.4 million** remaining available under the Revolving Facility as of March 31, 2025[198](index=198&type=chunk)[200](index=200&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.30 per share**, and a share repurchase authorization for **7.5 million shares** is active, with no shares repurchased in Q2 2025[206](index=206&type=chunk)[207](index=207&type=chunk)[240](index=240&type=chunk) - Anticipated capital expenditures for fiscal 2025 are **$80 million to $90 million**, including **$25 million to $35 million** for Project Momentum initiatives[202](index=202&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from currency fluctuations, commodity prices, and interest rates through hedging strategies, with operations in hyperinflationary economies noted - The company hedges cash flow uncertainty for inventory purchases in foreign currencies, with **64 open contracts** at March 31, 2025, having a notional value of approximately **$187 million**[97](index=97&type=chunk)[219](index=219&type=chunk) - To manage commodity risk, the company hedges future zinc purchases, with **16 open contracts** as of March 31, 2025, having a notional value of approximately **$29 million**[98](index=98&type=chunk)[223](index=223&type=chunk) - An interest rate swap is used to fix the benchmark rate (SOFR) at **1.042%** on **$600 million** of variable-rate debt, mitigating interest rate exposure[96](index=96&type=chunk)[225](index=225&type=chunk) - The economies of Egypt (effective Oct 1, 2024) and Argentina (effective July 1, 2018) are treated as highly inflationary, reflecting remeasurement gains and losses in current earnings[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[231](index=231&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2025, that materially affected or are likely to materially affect these controls[233](index=233&type=chunk) [PART II — OTHER INFORMATION](index=44&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending against consolidated class action lawsuits alleging price-fixing, believing it has substantial defenses and has not accrued for a probable loss - The company is defending against class action lawsuits alleging it conspired with Wal-Mart to inflate prices in violation of antitrust and consumer protection laws[126](index=126&type=chunk)[234](index=234&type=chunk) - Management believes that its liability from pending legal proceedings is not reasonably likely to be material to its financial position, results, or cash flows[234](index=234&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) This section emphasizes international operational risks, including tariffs, currency fluctuations, and geopolitical instability, given that approximately **40%** of fiscal 2024 sales originated from foreign countries - Approximately **40%** of the company's sales in fiscal year 2024 originated from foreign countries, exposing it to significant international risks[236](index=236&type=chunk) - Key international risks include unfavorable macroeconomic conditions, political instability, tariffs, trade restrictions, and currency fluctuations[236](index=236&type=chunk)[243](index=243&type=chunk) - Significant uncertainty exists regarding future trade policies and tariffs between the U.S. and other countries, which could materially impact the business[237](index=237&type=chunk) [Share Repurchases](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any equity securities during Q2 fiscal 2025, with an authorization for **7.5 million shares** remaining active Issuer Purchases of Equity Securities (Q2 FY2025) | Period | Total Number of Shares Purchased | | :--- | :--- | | January 2025 | 0 | | February 2025 | 0 | | March 2025 | 0 | | **Total** | **0** | - As of March 31, 2025, the maximum number of shares that may yet be purchased under the current plan is **7,500,000**[240](index=240&type=chunk)