Core Insights - Edgewell Personal Care Company reported a net sales decrease of 3.2% to $627.2 million for the third fiscal quarter of 2025, with organic net sales down 4.2% [6][14][19] - The company faced challenges due to weak Sun Care seasons in North America and certain Latin American markets, impacting both top and bottom-line performance [4][5] - The GAAP EPS was $0.62, down from $0.98 in the prior year quarter, while adjusted EPS was $0.92 compared to $1.22 in the previous year [14][16] Financial Performance - Gross profit for the quarter was $268.5 million, a decrease from $287.1 million in the prior year, with an adjusted gross margin of 42.8%, down 150 basis points [7][11] - Operating income was $53.7 million, or 8.6% of net sales, compared to $82.7 million, or 12.8% of net sales in the prior year [11][16] - The company recorded pre-tax restructuring charges of $17.8 million in support of cost efficiency programs [10] Segment Performance - Wet Shave segment net sales increased slightly by $0.7 million, while organic net sales decreased by 1.8% due to volume declines in North America [19] - Sun and Skin Care segment net sales decreased by $13.5 million, or 5.3%, largely due to weather-related volume declines and increased competition [20] - Feminine Care segment net sales decreased by $7.8 million, or 10.5%, primarily driven by a decline in pads and tampons [21] Outlook - The company updated its full-year outlook, now expecting organic net sales to decrease approximately 1.3% and GAAP EPS to be around $1.73 [22][23] - Adjusted EPS is now expected to be approximately $2.65, reflecting an estimated $0.46 per share unfavorable impact from foreign currency changes [23] - The effective tax rate for the first nine months of fiscal 2025 was 27.0%, up from 22.2% in the prior year period [14][15]

Financial Results Announcement - Edgewell Personal Care Company will report its financial results for the third quarter of fiscal year 2025 before the market opens on August 5, 2025 [1] - An investor conference call will be held on the same day at 8:00 a.m. Eastern Time, hosted by key executives including the President and CEO, COO, and CFO [1] Access to Webcast - Interested parties can access a live webcast of the conference call through the company's website under the "Investors" and "News and Events" tabs [2] - A replay of the webcast will also be available for those unable to participate live [2] Company Overview - Edgewell is a leading pure-play consumer products company with a diversified portfolio of established brand names, including Schick®, Wilkinson Sword®, Playtex®, and Banana Boat® [3] - The company operates in over 50 markets globally, including the U.S., Canada, Mexico, Germany, Japan, the U.K., and Australia, employing approximately 6,700 people worldwide [3]

Core Viewpoint - Edgewell Personal Care Company has released its fiscal 2024 Sustainability Report, highlighting progress towards its Sustainable Care 2030 strategy, which focuses on embedding sustainability across its brands, operations, supply chain, and communities [1][2]. Brands - 90% of fiber- and paper-based packaging across the product portfolio is made from recycled and/or certified responsibly sourced fiber [6] - There has been a 23.6% reduction in virgin petroleum-based plastic in disposable razor handles compared to the FY19 baseline [6] - The company introduced BANANA BOAT 360 COVERAGE SUNSCREEN MIST with a reusable sprayer and refill bottles made from recycled plastic [6] - CREMO's new range of antiperspirants and deodorants features barrels made from 100% recycled plastic [6] - Over 1 million individual menstrual health products were donated to nonprofit organizations by the Feminine Care team in FY24 [6] Operations and Supply Chain - Approximately 95% of lighting at most manufacturing sites has been upgraded to energy-efficient LEDs [6] - There was a 35% reduction in waste across manufacturing facilities in FY24 compared to the FY19 baseline [6] - 55% of Edgewell's manufacturing facilities achieved or maintained zero-waste-to-landfill status in FY24 [6] - 100% of palm oil used in products is certified sustainable, sourced directly or through credits [6] People and Communities - 85% of teammates reported satisfaction with Edgewell as a workplace in the annual Global Teammate Experience Survey [6] - More than 37,500 recognition moments were celebrated for teammates in FY24 [6] - The company achieved a world-class injury rate of 0.65 [6] - Approximately $915,000 was donated in charitable giving throughout FY24 [6] Recognition - Edgewell was ranked as one of America's Most Responsible Companies by Newsweek and Statista for the sixth consecutive year, placing 4 in the retail & consumer goods industry in 2025 [6] - The company was recognized as one of America's Climate Leaders by USA Today for significant reductions in core greenhouse gas emissions intensity [6] - Edgewell ranked in the top 25 of Forbes America's Best Midsize Employers in 2025 and 1 in the packaged goods industry [6] About Sustainable Care 2030 - Sustainable Care 2030 is Edgewell's strategy aimed at balancing business growth with environmental and societal care, including key commitments and targets across brands, operations, and communities [8].

Group 1 - Renergen has awarded preferred bidder status to He4u consortium for Phase 2 of the Tetra4 LNG and helium liquefaction project, which includes Chart Industries, WBHO, and Aurex Constructors [1][2] - The award signifies that Chart Industries' technologies for helium liquefaction and LNG liquefaction have been chosen as the preferred technical solution for the project [2] - The involvement of local construction partners like Aurex and WBHO is expected to enhance the execution of large projects in South Africa [2][4] Group 2 - Chart Industries is a leading global manufacturer of equipment for energy and industrial gas applications, with operations in over 50 countries [3] - WBHO is one of the largest construction companies in Southern Africa, specializing in various construction activities and listed on the Johannesburg Securities Exchange [3] - Aurex Constructors has over 40 years of experience in the energy sector, focusing on quality and safety in delivering construction and maintenance solutions [4] Group 3 - Chart Industries expressed enthusiasm about being selected as the technology partner for Tetra4's liquefaction needs, indicating readiness to provide engineering solutions [5] - Renergen's CEO highlighted the experienced team executing Phase 2 on a turnkey basis, which is expected to significantly reduce execution risk [6]

FORM 10-Q _______________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ ☐ 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: 001-15401 ____________________________________ ...

Core Insights - Edgewell Personal Care (EPC) reported revenue of $580.7 million for the quarter ended March 2025, reflecting a year-over-year decline of 3.1% [1] - The earnings per share (EPS) for the same period was $0.87, down from $0.88 a year ago, with an EPS surprise of -3.33% against a consensus estimate of $0.90 [1] - The reported revenue fell short of the Zacks Consensus Estimate of $590.67 million, resulting in a surprise of -1.69% [1] Financial Performance Metrics - Net Sales in Feminine Care were $64.10 million, below the average estimate of $66.82 million, representing a year-over-year decline of 9.1% [4] - Net Sales in Wet Shave amounted to $285.50 million, slightly below the average estimate of $287.81 million, with a year-over-year change of -2.6% [4] - Net Sales in Sun and Skin Care reached $231.10 million, compared to the average estimate of $236.08 million, indicating a year-over-year decline of 2% [4] Stock Performance - Over the past month, shares of Edgewell Personal have returned +9.4%, while the Zacks S&P 500 composite has changed by +10.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Organic net sales decreased by 1.5% in Q2 2025, with international markets growing by 3% while North America declined by 4% [21][33] - Adjusted gross margin rate increased by 100 basis points, with productivity savings of approximately 380 basis points [34][28] - Adjusted operating income was $77 million, down from $81 million in the previous year, with adjusted earnings per share at $0.87 compared to $0.88 [35][36] Business Line Data and Key Metrics Changes - Wet Shave organic net sales were down about 1%, while international Wet Shave grew by 3% [22] - Grooming organic net sales increased by 9%, led by a 20% growth for the Cremo brand [26] - Fem Care organic net sales decreased by approximately 9%, primarily due to declines in tampons and pads [27] Market Data and Key Metrics Changes - Consumption in the U.S. Sun Care category decreased by 1% in the quarter, with total market share down by 60 basis points [25] - Double-digit organic growth was observed in Greater China and mid-single-digit growth in Japan and Europe [21] - The U.S. razors and blades category saw a consumption decline of 30 basis points, with market share decreasing by 90 basis points [23] Company Strategy and Development Direction - The company is focused on restoring momentum in North America, with significant investments in sun care and women's shave categories [30][12] - A strategic review is underway to assess and address business performance, with new leadership enhancing brand building capabilities [11][12] - The company aims to leverage international success to drive similar improvements in North America [13] Management's Comments on Operating Environment and Future Outlook - Management noted increasing pressure on consumers and a decline in consumer confidence, impacting spending behaviors [16][14] - The outlook for the second half of the fiscal year has been adjusted to reflect more modest expectations for consumption across categories, particularly in Sun Care [15][39] - Management expressed confidence in sequential improvement in North America, supported by recent market share gains [14][69] Other Important Information - The estimated impact of tariffs on cost of goods sold for fiscal 2025 is approximately $3 million to $4 million [41][18] - The company plans to invest incrementally in brand campaigns and product launches to support growth [30][31] - Free cash flow for the full year is now expected to be approximately $130 million to $140 million, reflecting lower earnings and higher inventory levels [43][85] Q&A Session Summary Question: Can you provide more details on the tariff impact? - Management estimated the in-year impact of tariffs to be $3 million to $4 million, primarily affecting the fourth quarter [49][50] Question: What is the confidence level for organic sales growth in the second half? - Management expects a 2% organic growth in the second half, driven by international growth and seasonal factors [62][67] Question: How does the company view the Sun Care category outlook? - Management remains bullish on the Sun Care category, expecting growth despite some concerns about travel spending impacting consumption [98][99]

Financial Data and Key Metrics Changes - Organic net sales decreased by 1.5% in Q2 2025, with international markets growing by 3% while North America declined by 4% [22][36] - Adjusted gross margin rate increased by 100 basis points, with productivity savings of approximately 380 basis points [37][30] - Adjusted earnings per share were $0.87, slightly down from $0.88 in the prior year quarter [38] Business Line Data and Key Metrics Changes - Wet Shave organic net sales were down about 1%, while international Wet Shave grew by 3% [24] - Grooming organic net sales increased by 9%, led by a 20% growth for the Cremo brand [28] - Fem Care organic net sales decreased by approximately 9%, primarily driven by declines in tampons and pads [29] Market Data and Key Metrics Changes - Consumption in the U.S. Sun Care category decreased by 1% in the quarter, with total market share down by 60 basis points [27] - Double-digit organic growth was observed in Greater China, with mid-single-digit growth in Japan and Europe [22] - The U.S. razors and blades category saw a consumption decline of 30 basis points, with market share decreasing by 90 basis points [25] Company Strategy and Development Direction - The company is focused on restoring momentum in North America, with significant investments in sun care and women's shave categories [12][33] - A new campaign for Hawaiian Tropic is set to be the largest investment in the U.S. in five years, targeting Gen Z consumers [34] - The company aims to leverage recent successes in international markets to replicate growth in North America [13] Management's Comments on Operating Environment and Future Outlook - Management noted increasing pressure on consumers and a decline in consumer confidence, impacting spending behaviors [17][14] - The outlook for the second half of the fiscal year anticipates a modest growth profile, with organic net sales growth expected to be flat to 1% [41] - Management expressed confidence in sequential improvement in North America, driven by new leadership and strategic initiatives [14][75] Other Important Information - The estimated impact of tariffs on cost of goods sold for fiscal 2025 is approximately $3 million to $4 million [43] - The company plans to continue exploring opportunities to mitigate tariff impacts through productivity and potential price increases [92][93] - Free cash flow for the full year is now expected to be in the range of $130 million to $140 million, reflecting lower earnings and higher inventory levels [45] Q&A Session Summary Question: Can you provide more details on the tariff impact? - The estimated in-year impact of tariffs is $3 million to $4 million, primarily affecting the fourth quarter, with a broader annualized exposure of 3% to 4% of COGS [50][52] Question: What is the confidence level for second half organic sales growth? - The company expects a 2% organic growth in the second half, driven by international growth, Sun Care category growth, and a more thoughtful approach to fem care [62][64] Question: How does the company view the North American execution? - Management clarified that while sales did not meet expectations, they are confident in execution and are investing in key programs for improvement [76][78]

Edgewell Personal Care (EPC) came out with quarterly earnings of $0.87 per share, missing the Zacks Consensus Estimate of $0.90 per share. This compares to earnings of $0.88 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.33%. A quarter ago, it was expected that this consumer products maker would post earnings of $0.13 per share when it actually produced earnings of $0.07, delivering a surprise of -46.15%.Over the last four ...

[Executive Summary & Q2 Fiscal 2025 Highlights](index=1&type=section&id=Executive%20Summary) Edgewell's Q2 Fiscal 2025 saw a decline in net sales amidst a challenging market, offset by gross margin improvements and continued shareholder returns, leading to moderated full-year expectations [Q2 Fiscal 2025 Performance Overview](index=1&type=section&id=Executive%20Summary) In the second quarter of fiscal 2025, Edgewell faced a challenging market, resulting in a **3.1%** decrease in net sales and a **1.5%** decline in organic net sales. Despite this, the company achieved a **100 bps** increase in gross margin through productivity initiatives. Management acknowledged weakness in the U.S. market and will continue an investment stance, particularly in Wet Shave and Sun Care, while moderating full-year top-line expectations due to anticipated negative consumer sentiment Q2 Fiscal 2025 Key Financial Metrics | Metric | Value | Change vs. Prior Year | | :--- | :--- | :--- | | Net Sales | $580.7 million | -3.1% | | Organic Net Sales | - | -1.5% | | GAAP Diluted EPS | $0.60 | -$0.12 | | Adjusted EPS | $0.87 | -$0.01 | | Gross Margin | - | +100 bps | - Management is focused on executing strategic priorities in a volatile environment, highlighting **top-line growth** in the International business and **accelerated gross margin expansion**. However, they recognize the need for further investment to improve performance in the competitive U.S. market, especially for the Wet Shave and Sun Care portfolios[3](index=3&type=chunk) - The company maintained a **solid liquidity position** with **$170 million** in cash and access to a **$229 million** revolving credit facility, with a **net debt leverage ratio of 3.8x**[4](index=4&type=chunk) - Edgewell returned **$42.7 million** to shareholders in Q2, consisting of **$35.4 million** in **share repurchases** and **$7.3 million** in **dividends**. A **quarterly cash dividend of $0.15 per share** was declared for the second quarter[4](index=4&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Fiscal%202Q%202025%20Operating%20Results) This section provides an in-depth analysis of Edgewell's Q2 2025 operating results, including sales performance, profitability, and capital allocation strategies [Overall Operating Results](index=3&type=section&id=Overall%20Operating%20Results) For Q2 2025, net sales fell **3.1%** to **$580.7 million**, with organic sales down **1.5%**. International growth of **2.9%** was insufficient to offset a **3.9%** decline in North America. Gross margin improved by **100 bps** to **44.1%**, driven by **380 bps** in productivity savings which countered inflation and unfavorable mix. Operating income decreased to **$58.9 million** from **$70.1 million**, and GAAP net earnings fell to **$29.0 million** from **$36.0 million** in the prior year - Net sales were negatively impacted by a **$9.8 million** unfavorable currency effect. The organic sales decline of **$8.9 million** was driven by **volume decreases** in North America's Wet Shave, Feminine Care, and Sun Care categories, which overshadowed price and volume gains in international markets[5](index=5&type=chunk) - Gross margin expansion was a key positive, increasing **100 bps** (**110 bps** at constant currency). This was primarily due to **productivity savings** of **380 bps**, which more than offset **195 bps** of **core inflation/absorption** and **85 bps** of **unfavorable mix and promotions**[6](index=6&type=chunk) - Operating expenses increased as a percentage of sales. **A&P rose** to **11.3%** of net sales from **10.5%** a year ago, and **adjusted SG&A increased** by **60 bps** to **18.0%** of net sales[7](index=7&type=chunk)[8](index=8&type=chunk) Q2 2025 Profitability Summary | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Operating Income | $58.9 million | $70.1 million | | Adjusted Operating Income | $76.7 million | $80.7 million | | GAAP Net Earnings | $29.0 million | $36.0 million | | Adjusted Net Earnings | $41.8 million | $44.0 million | | GAAP EPS | $0.60 | $0.72 | | Adjusted EPS | $0.87 | $0.88 | [Capital Allocation](index=3&type=section&id=Capital%20Allocation) The company continued its commitment to shareholder returns in the second quarter. The Board of Directors declared a **quarterly cash dividend of $0.15 per common share**. During the quarter, Edgewell repurchased approximately **1.1 million** shares for **$35.4 million**, leaving **1.1 million** shares available for future repurchase under the existing authorization - A **quarterly cash dividend of $0.15 per share** was declared on May 7, 2025, payable on July 9, 2025[14](index=14&type=chunk) - In Q2, the company executed **$35.4 million** in **share repurchases** and paid **$7.3 million** in **dividends**[4](index=4&type=chunk)[14](index=14&type=chunk) [Segment Performance](index=3&type=section&id=Fiscal%202Q%202025%20Operating%20Segment%20Results) This section details the Q2 2025 financial performance of Edgewell's key operating segments: Wet Shave, Sun and Skin Care, and Feminine Care [Wet Shave](index=3&type=section&id=Wet%20Shave) The Wet Shave segment experienced a **2.6%** decline in net sales (**0.9%** organic decline), as growth in international markets was offset by volume declines in North America. Despite lower sales, segment profit increased by a strong **15.3%** (**16.5%** organic), driven by higher gross margins that outweighed increased marketing expenses Wet Shave Q2 2025 Performance | Metric | Value | Change vs. Q2 2024 | | :--- | :--- | :--- | | Net Sales | $285.5 million | -2.6% | | Organic Net Sales | - | -0.9% | | Segment Profit | $46.6 million | +15.3% | | Organic Segment Profit | - | +16.5% | [Sun and Skin Care](index=5&type=section&id=Sun%20and%20Skin%20Care) Sun and Skin Care net sales decreased by **2.0%** (**0.1%** organic decline), with growth in Grooming and Wet One's offset by declines in North America Sun Care. Segment profit fell **6.6%** (**2.2%** organic decline), impacted by an unfavorable currency effect of **4.4%**, lower gross margin, and higher SG&A expenses Sun and Skin Care Q2 2025 Performance | Metric | Value | Change vs. Q2 2024 | | :--- | :--- | :--- | | Net Sales | $231.1 million | -2.0% | | Organic Net Sales | - | -0.1% | | Segment Profit | $50.8 million | -6.6% | | Organic Segment Profit | - | -2.2% | [Feminine Care](index=5&type=section&id=Feminine%20Care) The Feminine Care segment saw a significant downturn, with net sales falling **9.1%**, primarily due to declines in Pads and Tampons. This sales drop led to a sharp **64.4%** decrease in segment profit (**65.5%** organic decline), driven by lower gross profit and higher marketing expenses Feminine Care Q2 2025 Performance | Metric | Value | Change vs. Q2 2024 | | :--- | :--- | :--- | | Net Sales | $64.1 million | -9.1% | | Organic Net Sales | - | -8.8% | | Segment Profit | $3.1 million | -64.4% | | Organic Segment Profit | - | -65.5% | [Full Fiscal Year 2025 Outlook](index=5&type=section&id=Full%20Fiscal%20Year%202025%20Financial%20Outlook) Edgewell has revised its full-year fiscal 2025 outlook downwards, citing a challenging economic environment and the impact of incremental investments. The company now expects lower organic net sales growth, a decrease in adjusted operating margin, and reduced ranges for both Adjusted EBITDA and Adjusted EPS. Restructuring charges are now expected to be higher at approximately **$33 million** [Updated Outlook](index=5&type=section&id=Updated%20Outlook) The company has lowered its full-year 2025 guidance. Organic net sales growth is now projected to be flat to **1%**, down from **1%** to **3%**. Adjusted EBITDA is expected to be in the range of **$329 million** to **$341 million**, a significant reduction from the previous range of **$356 million** to **$368 million**. Similarly, adjusted EPS is now forecasted between **$2.85** and **$3.05**, down from the lower end of the prior **$3.15** to **$3.35** range Fiscal 2025 Outlook Revision | Metric | New Outlook | Previous Outlook | | :--- | :--- | :--- | | Organic Net Sales Growth | Flat to 1% | 1% to 3% | | Adjusted EBITDA | $329 - $341 million | $356 - $368 million (lower end) | | GAAP EPS | $2.09 - $2.29 | $2.54 - $2.74 | | Adjusted EPS | $2.85 - $3.05 | $3.15 - $3.35 (lower end) | | Free Cash Flow | $130 - $140 million | $185 million | - The outlook for adjusted gross margin is now an **increase of approximately 10 bps** (**70 bps** at constant currency), down from a previously expected **55 bps increase**, reflecting increased investments and incremental tariffs[21](index=21&type=chunk) - Adjusted operating margin is now expected to **decrease by approximately 65 bps**, a reversal from the previously anticipated **10 bps increase**[21](index=21&type=chunk) - Expected pre-tax charges from restructuring and repositioning actions have been **increased to approximately $33 million** for the full fiscal year, up from the previous estimate of **$29 million**[19](index=19&type=chunk) [Outlook Reconciliation](index=18&type=section&id=Outlook%20Reconciliation) The company provides a reconciliation from its GAAP outlook to its non-GAAP adjusted outlook for fiscal 2025. For Adjusted EPS, total adjustments amount to a **net positive impact of $0.76 to $0.96 per share**. For Adjusted EBITDA, **total positive adjustments** from GAAP Net Income are approximately **$49 million to $59 million** FY2025 GAAP EPS to Adjusted EPS Reconciliation | Description | Per Share Impact (approx.) | | :--- | :--- | | **Fiscal 2025 GAAP EPS** | **$2.09 - $2.29** | | Restructuring and repositioning costs | $0.70 | | Sun Care reformulation costs | $0.11 | | Commercial realignment | $0.06 | | Vendor bankruptcy | $0.04 | | Other costs | $0.11 | | Income taxes on adjustments | ($0.26) | | **Fiscal 2025 Adjusted EPS** | **$2.85 - $3.05** | FY2025 GAAP Net Income to Adjusted EBITDA Reconciliation (in millions) | Description | Amount (approx.) | | :--- | :--- | | **Fiscal 2025 GAAP Net Income** | **$100 - $110** | | Income tax provision | $22 | | Interest expense, net | $72 | | Depreciation and amortization | $87 | | **EBITDA** | **$280 - $292** | | Restructuring and repositioning costs | $33 | | Other adjustments (Sun Care, Commercial, etc.) | $16 | | **Fiscal 2025 Adjusted EBITDA** | **$329 - $341** | [Financial Statements & Reconciliations](index=10&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section presents Edgewell's condensed consolidated financial statements, including statements of earnings, balance sheets, cash flows, and detailed reconciliations of GAAP to non-GAAP measures [Condensed Consolidated Statements of Earnings](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20EARNINGS) For the three months ended March 31, 2025, net sales were **$580.7 million**, down from **$599.4 million** in the prior year. Net earnings decreased to **$29.0 million** (**$0.60 per diluted share**) from **$36.0 million** (**$0.72 per diluted share**). For the six-month period, net sales also declined, and net earnings fell to **$26.9 million** from **$40.8 million** Statement of Earnings Summary (in millions, except per share data) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2025 | Six Months Ended Mar 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $580.7 | $599.4 | $1,059.1 | $1,088.3 | | Gross profit | $256.2 | $258.1 | $447.8 | $455.8 | | Operating income | $58.9 | $70.1 | $79.2 | $96.2 | | Net earnings | $29.0 | $36.0 | $26.9 | $40.8 | | Diluted EPS | $0.60 | $0.72 | $0.55 | $0.81 | [Condensed Consolidated Balance Sheets](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets were **$3.77 billion**, a slight increase from **$3.73 billion** at September 30, 2024. Cash and cash equivalents decreased to **$170.1 million** from **$209.1 million**, while long-term debt increased to **$1.43 billion** from **$1.28 billion**. Total shareholders' equity decreased to **$1.51 billion** Balance Sheet Summary (in millions) | Metric | March 31, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $170.1 | $209.1 | | Total current assets | $1,012.4 | $936.0 | | Total assets | $3,772.8 | $3,730.9 | | Long-term debt | $1,433.1 | $1,275.0 | | Total liabilities | $2,258.9 | $2,146.8 | | Total shareholders' equity | $1,513.9 | $1,584.1 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended March 31, 2025, net cash used for operating activities was **$70.5 million**, a significant negative swing from the **$56.1 million** provided by operating activities in the prior-year period. This was driven by lower net earnings and unfavorable changes in working capital. Net cash used for investing activities increased, while financing activities provided a net inflow of **$72.5 million**, primarily from debt issuance Cash Flow Summary (in millions) | Metric | Six Months Ended Mar 31, 2025 | Six Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash (used for) provided by operating activities | $(70.5) | $56.1 | | Net cash used for investing activities | $(33.0) | $(19.7) | | Net cash provided by (used for) financing activities | $72.5 | $(59.4) | | Net decrease in cash and cash equivalents | $(39.0) | $(20.2) | | Cash and cash equivalents, end of period | $170.1 | $196.2 | [Notes to Financial Statements](index=13&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes provide detailed segment data, GAAP to non-GAAP reconciliations, and breakdowns of net debt and EBITDA. For Q2 2025, total segment profit was **$100.5 million**, down from **$103.5 million** year-over-year. Reconciliations clarify adjustments for items like restructuring, Sun Care reformulation, and commercial realignment to arrive at adjusted figures like Adjusted Operating Income of **$76.7 million** and Adjusted EBITDA of **$99.3 million** for the quarter Q2 2025 Segment Profit Summary (in millions) | Segment | Q2 2025 Profit | Q2 2024 Profit | | :--- | :--- | :--- | | Wet Shave | $46.6 | $40.4 | | Sun and Skin Care | $50.8 | $54.4 | | Feminine Care | $3.1 | $8.7 | | **Total Segment Profit** | **$100.5** | **$103.5** | Q2 2025 GAAP to Non-GAAP Reconciliation Summary (in millions) | Metric | GAAP | Adjustments | Non-GAAP (Adjusted) | | :--- | :--- | :--- | :--- | | Gross Profit | $256.2 | $3.5 | $259.7 | | Operating Income | $58.9 | $17.8 | $76.7 | | Net Earnings | $29.0 | $12.8 | $41.8 | | Diluted EPS | $0.60 | $0.27 | $0.87 | EBITDA Reconciliation Summary (in millions) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net earnings | $29.0 | $36.0 | | EBITDA | $82.7 | $89.1 | | Adjustments | $16.6 | $10.6 | | **Adjusted EBITDA** | **$99.3** | **$99.7** |