ENERGIZER HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(In millions, except per share data - Unaudited)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Amounts in millions, Shares in thousands - Unaudited)

The above financial statements should be read in conjunction with the Notes to Consolidated (Condensed) Financial Statement (Unaudited).

(1)Description of Business and Basis of Presentation

Description of Business -Energizer Holdings, Inc. and its subsidiaries (Energizer or the Company) is a global manufacturer, marketer and distributor of household batteries, specialty batteries and portable lights under the Energizer®, Eveready® and Rayovac® brand names globally, as well as the Varta® brand name in Latin America and Asia Pacific. Energizer offers batteries using lithium, alkaline, carbon zinc, nickel metal hydride, zinc air and silver oxide constructions.

Energizer is also a leading designer and marketer of auto care products in the appearance, fragrance, performance, and air conditioning recharge product categories under the Armor All®, Nu Finish®, Refresh Your Car!®, LEXOL®, Eagle One®, NEVR-DULL®, California Scents®, Driven®, Bahama & Co®, STP®, A/C Pro®, Carnu®, Grand Prix®, Kit®, Tempo® and Centralsul® trademarks.

Energizer operates as an independent, publicly traded company on the New York Stock Exchange trading under the symbol "ENR."

Basis of Presentation -The accompanying Consolidated (Condensed) Financial Statements include the accounts of Energizer and its subsidiaries. All significant intercompany transactions are eliminated. Energizer has no material equity method investments, variable interests or non-controlling interests.

The accompanying Consolidated (Condensed) Financial Statements have been prepared in accordance with Article 10 of Regulation S-X and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The fiscal year-ended September 30, 2025 Consolidated (Condensed) Balance Sheet was derived from the audited financial statements included in Energizer's Report on Form 10-K, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of our operations, financial position and cash flows have been included. Certain reclassifications have been made to the prior year financial statements to conform to the current presentation. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year. These statements should be read in conjunction with the financial statements and notes thereto for Energizer for the fiscal year ended September 30, 2025 included in the Annual Report on Form 10-K dated November 18, 2025.

Recently Issued Accounting Pronouncements -In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures. This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending September 30, 2026. We are currently assessing the impact of this guidance on our disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. The guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently assessing the impact of this guidance on our disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815). ASU 2025-09 addresses five issues including the risk assessment groups for cash flow hedges. The guidance is effective for public companies in fiscal years beginning after December 15, 2026. We are currently assessing the impact of this guidance on our statements and disclosures.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). ASU 2025-10 establishes the accounting for a government grant received by a business including when and how the grant and related grant asset should be recognized. The guidance is effective for public companies in fiscal years beginning after December 15, 2028. We are currently assessing the impact of this guidance on our statements and disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270). ASU 2025-11 provides updated guidance and clarity over interim disclosures requirements. The guidance is effective for fiscal years beginning after December 15, 2027. We are currently assessing the impact of this guidance on our interim disclosures.

(2)Revenue Recognition

The Company, through its operating subsidiaries, is one of the world’s largest manufacturers, marketers and distributors of household batteries, specialty batteries and lighting products, and is a leading designer and marketer of automotive fragrance, appearance, performance and air conditioning recharge products. The Company distributes its products to consumers through numerous retail locations worldwide, including mass merchandisers and warehouse clubs, food, drug and convenience stores, electronics specialty stores and department stores, hardware and automotive centers, e-commerce and military stores. The Company sells to its customers through a combination of a direct sales force and exclusive and non-exclusive third-party distributors and wholesalers.

The Company’s revenue is primarily generated from the sale of finished product to customers. Sales predominantly contain a single delivery element, or performance obligation, and revenue is recognized at a single point in time when title, ownership and risk of loss pass to the customer. This typically occurs when finished goods are delivered to the customer or when finished goods are picked up by the carrier at origin or the customer, depending on contract terms.

The Company aggregates revenue by market, which is determined based on the predominant customer type or sales strategy utilized in the market. North America sales are generally through large retailers with nationally or regionally recognized brands.

Our International sales are comprised of modern trade, developing and distributor market groups. Modern trade, which is most prevalent in Western Europe and more developed economies throughout the world, generally refers to sales through large retailers with nationally or regionally recognized brands. Developing markets generally include sales by wholesalers or small retailers who may not have a national or regional presence. Distributors are utilized in other markets where the Company does not have a direct sales force.

Global Professional sales are "business to business" sales and include sales to original equipment manufacturers as well as industrial, medical, office and hearing aid distributors. These sales are evaluated outside of the geographic markets in which they originate.

Supplemental product and market information is presented below for revenues from external customers for the quarters and six months ended March 31, 2026 and 2025:

(3)Acquisitions

APS Acquisition - On September 24, 2024, the Company entered into a share purchase agreement to acquire all the shares of Advanced Power Solutions (APS) for a contractual purchase price of EUR 26.8, to be adjusted for closing net debt and working capital (APS Acquisition). On May 2, 2025, the Company completed the acquisition and the initial cash consideration transferred was EUR 13.3 (USD$15.2). During the fourth fiscal quarter of 2025, the working capital and net debt settlement was finalized and the Company paid an additional EUR 1.3 (USD$1.5) for a total purchase price of $16.7. The acquisition provides the Company with additional production capacity in Europe as well as an expanded customer base. The acquisition added Net sales of $2.1 and $66.7 during the quarter and six months ended March 31, 2026, respectively. The acquisition also had Loss before income taxes of $1.7 and Earning before income taxes of $3.0 during the quarter and six months ended March 31, 2026, respectively.

The Company transitioned the majority of the acquired branded businesses to legacy brands as of December 31, 2025 resulting in a decline of acquisition sales in the current quarter.

The APS Acquisition is being accounted for as a business combination using the acquisition method of accounting which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. The following table outlines the purchase price allocation as of the date of acquisition:

The Company's purchase price allocation is final and the changes were related to finalizing legal contingencies and income tax considerations. The goodwill acquired in this acquisition is attributable to the value of the workforce acquired and was allocated to the Batteries and Lights segment and is not deductible for tax purposes.

Pro Forma Financial Information- Pro forma results for the APS Acquisition were not considered material and, as such, are not included.

Acquisition and Integration Costs - The Company recorded $1.6 and $2.1 of acquisition and integration costs in Selling, general and administrative expense (SG&A) during the quarter and six months ended March 31, 2026 primarily related to legal fees and other costs associated with these acquisitions. The Company also recorded $2.3 and $3.5 of acquisition and integration costs in Selling, general and administrative expense (SG&A) during the quarter and six months ended March 31, 2025.

(4)Restructuring and related items

Project Momentum -In November 2022, the Board of Directors approved a profit recovery program, Project Momentum, which included an enterprise-wide restructuring focused on recovering operating margins, optimizing our manufacturing, distribution and global supply chain networks, and enhancing our organizational efficiency throughout the Company.

In July 2023, the Company's Board of Directors approved an expansion to the Project Momentum profit recovery program and delegated authority to the Company's management to determine the final actions with respect to the plan. The expansion allowed for additional optimization of our battery manufacturing, distribution and global supply chain networks, further review of our global real estate footprint and the implementation of IT systems that allowed us to streamline our organization and fully execute the program. Following the Belgium Acquisition in the first quarter of fiscal 2024, the Company expanded the Project Momentum program and increased the savings and cost expectations, partially due to the impact the expanded manufacturing capacity had on the Company's battery network. Through the first three years of Project Momentum, the Company incurred total pre-tax exit-related costs associated with these plans of $215.8 through the end of fiscal year 2025.

Project Momentum - Tariff Mitigation & Operational Efficiency Program -During the fourth quarter of 2025, the Company decided to extend the Project Momentum program to a fourth year to help offset the impact of tariffs and the challenging macroeconomic environment. The Company plans to achieve this through network and sourcing changes to mitigate tariffs, a redesign of the European manufacturing network to best utilize the acquired APS manufacturing facility, the redesign and investment in our U.S. based manufacturing footprint to increase operational efficiency and production, as well as overall SG&A cost reduction initiatives. During the second quarter the Company continued to evaluate cost cutting initiatives and decided to outsource certain battery raw materials, which reduced the need for internal capacity resulting in a non-cash increase to the restructuring cost range for the write off of machinery and equipment.

The estimated restructuring and related pre-tax costs associated with this fourth year of the program is now expected to be between $60.0 and $70.0 with additional restructuring related costs of $20.0 to $25.0 around U.S. manufacturing efficiency initiatives. The increase in projected costs are primarily related to non-cash write-offs of machinery and equipment and costs related to an expansion of SG&A cost reduction initiatives. Restructuring costs for these initiatives were $26.5 and $51.3 for the quarter and six months ended March 31, 2026, respectively. Restructuring related costs were $5.0 and $11.1 for the quarter and six months ended March 31, 2026, respectively.

The pre-tax expense for charges related to the restructuring for the quarters and six months ended March 31, 2026 and 2025 are noted in the table below, and were reflected in the Consolidated (Condensed) Statement of Earnings and Comprehensive Income:

(1) Includes charges primarily related to consulting, relocation, decommissioning, and other facility exit costs.

(2) Primarily includes consulting, real estate rationalization costs, and legal fees for the restructuring program.

(3) Relates to initiatives to optimize the Company's cost structure and operational efficiency in the U.S. as we exit less efficient production lines and reinvest in the expansion of U.S. manufacturing production. These restructuring related costs are recorded in COGS in the Consolidated (Condensed) Statement of Earnings and Comprehensive Income.

(4) Relates to operating expenses for new IT systems, primarily the organizational design and change management costs, which enabled the Company to complete restructuring initiatives, and a non-cash impairment of capitalized software. Costs are included in SG&A in the Consolidated (Condensed) Statement of Earnings and Comprehensive Income.

Although the Company's restructuring costs are recorded outside of segment profit, if allocated to our reportable segments, the pre-tax restructuring and related costs for the quarter and six months ended March 31, 2026 would be incurred within the Batteries & Lights segment in the amount of $30.6 and $60.9 respectively, and the Auto Care segment in the amount of $0.9 and $1.5, respectively. For the quarter and six months ended March 31, 2025, the pre-tax restructuring and related costs would have been incurred within the Batteries & Lights segment in the amount of $15.7 and $34.4, respectively and the Auto Care segment in the amount of $1.9 and $3.5, respectively.

The following table summarizes the restructuring and related costs reserve activity for the six months ended March 31, 2026 and 2025:

(1) Therestructuring and related costs reserve is recorded on the Consolidated (Condensed) Balance Sheet in Other current liabilities.

(5)Segments

Operations for Energizer are managed viatwo product segments: Batteries & Lights and Auto Care. The reportable segments were determined in accordance with how our Chief Executive Officer, who is our chief operating decision maker ("CODM"), allocates resources to develop and execute global strategies to drive growth and profitability. Segment performance is evaluated based on segment operating profit, exclusive of general corporate expenses (including share-based compensation costs), restructuring and related charges, network transition costs, acquisition and integration activities, and other items determined to be corporate in nature. Financial items, such as interest income and expense, and loss on extinguishment/modification of debt are managed on a global basis at the corporate level. The exclusion of these costs from segment results reflects management’s view on how it evaluates segment performance. The Company also excludes amortization of intangibles assets from segment profit as this is a non-cash item related to the original purchase of the intangibles and not utilized to evaluate current segment performance.

Energizer’s operating model includes a combination of standalone and shared business functions between the product segments, varying by country and region of the world. Shared functions include the sales and marketing functions, as well as human resources, IT and finance shared service costs. Energizer applies a fully allocated cost basis, in which shared business functions are allocated between segments. Such allocations are estimates, and do not represent the costs of such services if performed on a standalone basis.

Segment sales and profitability for the quarters and six months ended March 31, 2026 and 2025 are presented below, as well as the reconciliation from segment profit to Earnings before income taxes:

(1) The significant expense categories, COGS and advertising and promotion expense, align with the segment-level information that is regularly provided to the Chief Operating Decision Maker (CODM). Other segment items includes Research & development and segment SG&A.

Reconciliation of Total segment profit to Earnings before income taxes:

(1) Recorded in SG&A on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income.

(2) Restructuring and related costs were included in the following lines in the Consolidated (Condensed) Statement of Earnings and Comprehensive Income:

(3) This represents incremental network transition costs, primarily related to freight and third-party packaging support, to maintain business continuity and service our customers as the Company decommissions certain facilities and relocates production and packaging lines as part of Project Momentum. These costs were recorded in COGS on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income.

(4) Acquisition and integration costs were included in SG&A in the Consolidated (Condensed) Statement of Earnings and Comprehensive

Income.

(5) During the quarter ended March 31, 2026, the Company terminated the U.K. pension plan and recorded a non-cash loss on the termination of the plan within Other items, Net.

(6) Below is the reconciliation of Other items, net as reflected on the Consolidated (Condensed) Statement of Earnings to the adjusted amount included in the table above:

Corporate assets shown in the following table include cash, all financial instruments, pension assets, amounts indemnified by others per the purchase agreements and tax asset balances that are managed outside of operating segments.

Long-lived assets by country as of March 31, 2026 and September 30, 2025 are as follows:

Capital expenditures by segment for the quarters and six months ended March 31, 2026 and 2025 are as follows:

Geographic segment information for the quarters and six months ended March 31, 2026 and 2025 are as follows:

(6) Earnings per share

Basic earnings per share is based on the average number of common shares outstanding during the period. Diluted earnings per share is based on the average number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of restricted stock unit (RSU) awards, performance share awards and deferred compensation equity plans.

The following table sets forth the computation of basic and diluted earnings per share for the quarters and six months ended March 31, 2026 and 2025:

For the quarter and six months ended March 31, 2026 there were 1.2 million and 1.3 million antidilutive RSU shares not included in the diluted net earnings per share calculation. For the quarter and six months ended March 31, 2025 there were no antidilutive RSU shares.

Performance based RSU shares of 1.3 million were excluded as the performance targets for those awards had not been achieved as of the end of both the quarter and six months ended March 31, 2026. Performance based RSU shares of 0.9 million were excluded as the performance targets for those awards had not been achieved as of the end of both the quarter and six months ended March 31, 2025.

(7)Income Taxes

The effective tax rate for the six months ended March 31, 2026 was expense of 60.4% compared to 23.9% for the prior year comparative period. The current year expense is higher due to the non-cash settlement loss on the U.K. pension plan termination which does not have a statutory tax benefit, slightly offset by the impact of the production credits recorded in the current year. The Company achieved reasonable assurance over its ability to claim production credits under the Inflation Reduction Act of 2022 during the third fiscal quarter of 2025.

(8)Goodwill and intangible assets

Goodwill and intangible assets deemed to have an indefinite life are not amortized, but are evaluated annually for impairment as part of our annual business planning cycle in the fourth fiscal quarter, or when indicators of a potential impairment are present.

The following table sets forth goodwill by segment as of October 1, 2025 and March 31, 2026:

Total intangible assets at March 31, 2026 were as follows:

Total intangible assets at September 30, 2025 were as follows:

(9)Debt

The detail of long-term debt was as follows:

(1) Changes in the USD balance of the Euro denominated 3.50% Senior Notes due in 2029 is due to movements in the currency rate year-over-year.

Credit Agreement - In March 2025, the Company entered into an amended and restated agreement which extended the term of its $760 Senior Secured Term Loan (Term Loan) to 2032 and its $500 Revolving Credit Facility (Revolving Facility) to 2030. The transaction was leverage neutral and the Company paid debt issuance costs of $6.3 as of March 31, 2025 and recorded a Loss on extinguishment/modification of debt of $5.2 on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income for the quarter ended March 31, 2025. On the Consolidated (Condensed) Statement of Cash Flows, the financing cash inflows and outflows associated with this transaction were determined on a lender-by-lender basis for the Term Loan.

During the six months ended March 31, 2026 and 2025, the Company pre-paid $90.0 and $22.0 of the Term Loan, respectively. The prepayment of the Term loan during the first six months of fiscal 2026 and 2025, as well as the refinancing during the second quarter of fiscal 2025, resulted in a loss on extinguishment/modification of debt of $0.9 and $5.3, respectively, recorded on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income.

Borrowings under the Term Loan require quarterly principal payments at a rate of 0.25% of the original principal balance, or $2.2. Borrowings under the Revolving Facility bear interest at a rate per annum equal to, at the option of the Company, an adjusted rate based on the Secured Overnight Finance Rate (SOFR) or the Base Rate (as defined in the Credit Agreement) then in effect plus the applicable margin. The Term Loan bears interest at a rate per annum equal to SOFR plus the applicable margin. The Credit Agreement also contains customary affirmative and restrictive covenants.

The Company has an interest rate swap that fixes the variable benchmark component (SOFR) at an interest rate of 1.042% on variable rate debt of $500.0. The notional value of the swap decreases by $100.0 each year on December 22nd, until its termination date on December 22, 2027. Refer to Note 12, Financial Instruments and Risk Management, for additional information on the Company's interest rate swap transactions.

As of March 31, 2026 and September 30, 2025, the Company hadno outstanding borrowings under the Revolving Facility and $7.6 of outstanding letters of credit. Taking into account outstanding letters of credit, $492.4 remained available under the Revolving Facility as of March 31, 2026. At March 31, 2026 and September 30, 2025, the Company's weighted average interest rate on short-term borrowings was 6.4% and 4.4%, respectively.

Notes payable - The Company had $0.5 in Notes payable at March 31, 2026 and $13.7 at September 30, 2025. The balances are comprised of other borrowings, including those from foreign affiliates.

Debt Covenants -The agreements governing the Company's debt contain certain customary representations and warranties, affirmative, negative and financial covenants and provisions relating to events of default. If the Company fails to comply with these covenants or with other requirements of these debt agreements, the lenders may have the right to accelerate the maturity of the debt. Acceleration under one of these debt agreements would trigger cross defaults to other borrowings. As of March 31, 2026, the Company was in compliance with the provisions and covenants associated with its debt agreements.

The counterparties to long-term committed borrowings consist of a number of major financial institutions. The Company consistently monitors positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies.

Debt Maturities - Aggregate maturities of long-term debt as of March 31, 2026 are as follows:

(10)Supply Chain Financing

The Company has a voluntary Supplier Financing Program (the program) in collaboration with certain financial institutions that offers participating suppliers access to a third-party service which allows them to view scheduled payments online and enables them the ability to request payment of their invoices from the financial institutions earlier than the negotiated terms with the Company. The Company is not a party to the negotiations or agreements reached between participating suppliers and third-party financial institutions. The Company's obligations, including the amounts due and payment terms, remain unaffected by our suppliers’ decision to participate in the program. The Company does not provide any form of guarantee or assume any liability in connection with the agreements between our suppliers and the third-party financial institutions involved in the program.

As of March 31, 2026 and September 30, 2025, the Company had $30.9 and $45.1, respectively, of outstanding supplier obligations confirmed as valid under the program which are included within Accounts payable on the Consolidated (Condensed) Balance Sheets.

The roll-forward of the Company's outstanding obligations confirmed as valid under the program for the quarter ended March 31, 2026 is as follows:

(11)Pension Plans

The Company has several defined benefit pension plans covering many of its employees in the U.S. and certain employees in other countries. The plans provide retirement benefits based on various factors including years of service and in certain circumstances, earnings. Most plans are now frozen to new entrants and for additional service.

During fiscal 2024, the Trustees of the U.K. pension plan entered into a buy-in agreement with a third party insurance company. The buy-in arrangement is an insurance contract providing substantially all future benefit plan payments to the U.K. pension plan participants. However, the primary benefit obligation remained with the Company. All of the U.K. pension plan assets were transferred to the insurer in exchange for the insurance contract at the effective date of the buy-in agreement.

The buy-in arrangement also allowed for the conversion into a buy-out arrangement where the insurance company assumes full responsibility for the U.K. pension plan pension obligations. The buy out process was completed in January 2026. As a result, the Company derecognized the assets and liabilities of the pension plan and realized a non-cash settlement loss as a component of the net periodic pension cost of $26.1. This was related to the write off of the pension asset as well as the recognition of the unrecognized loss in Accumulated other comprehensive income.

The Company’s net periodic pension cost for these plans are as follows:

The service cost component of the net periodic cost above is recorded in SG&A expense on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income, while the remaining components are recorded to Other items, net.

The Company also sponsors or participates in a number of other non-U.S. pension arrangements, including various retirement and termination benefit plans, some of which are required by local law or coordinated with government-sponsored plans, which are not significant in the aggregate and, therefore, are not included in the information presented above.

(12)Financial Instruments and Risk Management

The market risk inherent in the Company's operations creates potential earnings volatility arising from changes in currency rates, interest rates and commodity prices. The Company's policy allows derivatives to be used only for identifiable exposures and, therefore, the Company does not enter into hedges for trading or speculative purposes where the sole objective is to generate profits.

Concentration of Credit Risk—The counterparties to derivative contracts consist of a number of major financial institutions and are generally institutions with which the Company maintains lines of credit. The Company does not enter into derivative contracts through brokers nor does it trade derivative contracts on any other exchange or over-the-counter markets. Risk of currency positions and mark-to-market valuation of positions are strictly monitored at all times.

The Company continually monitors positions with, and credit ratings of, counterparties both internally and by using outside rating agencies. While nonperformance by these counterparties exposes Energizer to potential credit losses, such losses are not anticipated.

In the ordinary course of business, the Company may enter into contractual arrangements (derivatives) to reduce its exposure to commodity price and foreign currency risks. The section below outlines the types of derivatives that existed at March 31, 2026 and September 30, 2025, as well as the Company's objectives and strategies for holding these derivative instruments.

Commodity Price Risk—The Company uses raw materials that are subject to price volatility. At times, the Company uses hedging instruments to reduce exposure to variability in cash flows associated with future purchases of certain materials and commodities.

Foreign Currency Risk—A significant portion of Energizer’s product cost is more closely tied to the U.S. dollar than to the local currencies in which the product is sold. As such, a weakening of currencies relative to the U.S. dollar results in margin declines unless mitigated through pricing actions, which are not always available due to the economic or competitive environment. Conversely, a strengthening in currencies relative to the U.S. dollar can improve margins. The primary currencies to which Energizer is exposed include the Euro, the British pound, the Canadian dollar and the Australian dollar. However, the Company also has significant exposures in many other currencies which, in the aggregate, may have a material impact on the Company's operations.

Additionally, Energizer’s foreign subsidiaries enter into internal and external transactions that create nonfunctional currency balance sheet positions at the foreign subsidiary level. These exposures are generally the result of intercompany purchases, intercompany loans and, to a lesser extent, external purchases, and are revalued in the foreign subsidiary’s local currency at the end of each period. Changes in the value of the non-functional currency balance sheet positions in relation to the foreign subsidiary’s local currency results in a transaction gain or loss recorded in Other items, net on the Consolidated (Condensed) Statements of Earnings and Comprehensive Income. The primary currency to which Energizer’s foreign subsidiaries are exposed is the U.S. dollar.

Interest Rate Risk—The Company has interest rate risk with respect to interest expense on variable rate debt. At March 31, 2026, the Company had variable rate debt outstanding of $764.0 under the Term Loan and international borrowings. There wereno outstanding borrowings on the Revolving Facility at March 31, 2026.

The Company has an interest rate swap that fixes the variable benchmark component (SOFR) at an interest rate of 1.042% on variable rate debt of $500.0. The notional value of the swap decreases by $100.0 each year on December 22nd, until its termination date on December 22, 2027. The notional value of the swap was $500.0 at March 31, 2026.

Derivatives Designated as Cash Flow Hedging Relationships—The Company has entered into a series of forward currency contracts to hedge the cash flow uncertainty of the forecasted payment of inventory purchases due to short term currency fluctuations. Energizer’s foreign affiliates, which have the largest exposure to U.S. dollar purchases, have the Euro, the British pound, the Canadian dollar and the Australian dollar as their local currencies. These foreign currencies represent a significant portion of Energizer's foreign currency exposure. At March 31, 2026 and September 30, 2025, Energizer had an unrealized pre-tax loss of $1.3 and $3.9, respectively, on these forward currency contracts accounted for as cash flow hedges included in Accumulated other comprehensive loss on the Consolidated (Condensed) Balance Sheets. Assuming foreign exchange rates versus the U.S. dollar remain at March 31, 2026 levels, $1.3 of the pre-tax loss included in Accumulated other comprehensive loss is expected to be recognized in earnings over the next 12 months. Contract maturities for these hedges extend into fiscal year 2027. There were 40 open foreign currency contracts at March 31, 2026, with a total notional value of approximately $89.

The Company has entered into hedging contracts on future zinc purchases to reduce exposure to variability in cash flows associated with price volatility. The contracts are determined to be cash flow hedges and qualify for hedge accounting. The contract maturities for these hedges extend into fiscal 2027. There were 15 open contracts at March 31, 2026, with a total notional value of approximately $25. The Company had an unrealized pre-tax gain of $2.6 and $1.5 on these hedges at March 31, 2026 and September 30, 2025, respectively, and was included in Accumulated other comprehensive loss on the Consolidated (Condensed) Balance Sheet.

At March 31, 2026 and September 30, 2025, Energizer recorded an unrealized pre-tax gain of $20.7 and $25.3, respectively, on the Interest rate swap agreement, both of which were included in Accumulated other comprehensive loss on the Consolidated (Condensed) Balance Sheet.

Derivatives not Designated in Hedging Relationships—Energizer enters into foreign currency derivative contracts, which are not designated as cash flow hedges for accounting purposes, to hedge existing balance sheet exposures. Any gains or losses on these contracts are expected to be offset by corresponding exchange losses or gains on the underlying exposures, and as such are not subject to significant market risk. There were seven open foreign currency derivative contracts which are not designated as cash flow hedges at March 31, 2026, with a total notional value of approximately $119.

The following table provides the Company's estimated fair values as of March 31, 2026 and September 30, 2025, and the amounts of gains and losses on derivative instruments classified as cash flow hedges for the quarters and six months ended March 31, 2026 and 2025, respectively:

(1) All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Other current liabilities or Other liabilities.

(2) OCI is defined as other comprehensive income.

(3) Gain/(Loss) reclassified to Income was recorded as follows: Foreign currency contracts in Cost of products sold, interest rate contracts in Interest expense, and commodity contracts in Cost of products sold.

(4) Each of these hedging relationships has derivative instruments with a high correlation to the underlying exposure being hedged and has been deemed highly effective in offsetting the underlying risk.

The following table provides estimated fair values as of March 31, 2026 and September 30, 2025 and the gains and losses on derivative instruments not classified as cash flow hedges for the quarters ended and six months ended March 31, 2026 and 2025, respectively:

(1) All derivative assets and liabilities are presented in Other current assets or Other assets and Other current liabilities or Other liabilities, respectively.

(2) Gain / (Loss) recognized in Income was recorded as foreign currency in Other items, net.

Energizer has the following recognized financial assets resulting from those transactions that meet the scope of the disclosure requirements as necessitated by applicable accounting guidance for balance sheet offsetting.

Fair Value Hierarchy—Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets.

Under the fair value accounting guidance hierarchy, an entity is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The following table sets forth the Company's financial assets and liabilities, which are carried at fair value, as of March 31, 2026 and September 30, 2025 that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy:

Energizer had no Level 1 or Level 3 financial assets or liabilities, other than pension plan assets, at March 31, 2026 and September 30, 2025. The Company does measure certain assets and liabilities, such as Goodwill and Other intangibles, at fair value on a non-recurring basis using Level 3 inputs. There were no Level 3 fair value measurement gains or losses recognized during the quarters or six months ended March 31, 2026 or 2025.

Due to the nature of cash and cash equivalents, carrying amounts on the balance sheets approximate estimated fair value. The estimated fair value of cash was determined based on Level 1 inputs and cash equivalents and restricted cash are determined based on Level 2 inputs.

At March 31, 2026, the estimated fair value of the Company's unfunded deferred compensation liability is determined based upon the quoted market prices of investment options that are offered under the plan. The estimated fair value of foreign currency contracts, interest rate swap and zinc contracts, as described above, is the amount that the Company would receive or pay to terminate the contracts, considering first, quoted market prices of comparable agreements, or in the absence of quoted market prices, such factors as interest rates, currency exchange rates and remaining maturities.

At March 31, 2026, the fair market value of fixed rate long-term debt was $2,412.4 compared to its carrying value of $2,525.7, and at September 30, 2025, the fair market value of fixed rate long-term debt was $2,473.5 compared to its carrying value of $2,537.7. The estimated fair value of the long-term debt is estimated using yields obtained from independent pricing sources for similar types of borrowing arrangements. The estimated fair value of fixed rate long-term debt has been determined based on Level 2 inputs.

(13)Accumulated Other Comprehensive (Loss)/Income

The following table presents the changes in accumulated other comprehensive (loss)/income (AOCI), net of tax by component:

The following table presents the reclassifications out of AOCI to earnings:

(1) Amounts in parentheses indicate credits to Consolidated (Condensed) Statement of Earnings and Comprehensive Income.

(2) This AOCI component is included in the computation of net periodic pension benefit/(cost) (see Note 11, Pension Plans, for further details).

(14)Supplemental Financial Statement Information

The components of Other items, net are as follows:

The components of certain balance sheet accounts are as follows:

Tariff refund -On February 20, 2026, the Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were unauthorized and therefore deemed invalid. Further, on March 4, 2026, the Court of International Trade ruled that U.S. Customs and Border Protection must refund the IEEPA tariffs that were collected. As a result of these court rulings establishing the Company's legal right to a refund of the IEEPA tariffs, the Company determined that it is entitled to a tariff refund of approximately $64.3, which was recorded in Other assets on the Consolidated (Condensed) Balance Sheet. For the three and six months ended March 31, 2026, the Company recorded a $47.6 benefit in Cost of goods sold on the Consolidated (Condensed) Statements of Earnings and Comprehensive income and reduced the carrying value of inventory by $16.7 on the Consolidated (Condensed) Balance Sheet as of March 31, 2026.

(15)Legal proceedings/contingencies and other obligations

Legal proceedings/contingencies -In 2023, three purported class action lawsuits were filed against the Company and Wal-Mart Inc. in the Northern District of California alleging that the defendants conspired to inflate the prices of certain Energizer battery and lighting products (the “Products”) charged by the Company to other retailers and to prevent other retailers from charging consumers prices below Wal-Mart’s pricing, in violation of antitrust and consumer protection laws. The matters were filed on behalf of putative classes of entities that purchased the Products directly from Energizer, persons who purchased the Products directly from a Wal-Mart brick-and-mortar store, and persons who indirectly purchased the Products (other than for resale). All three lawsuits have been consolidated. The plaintiffs seek, among other things, monetary damages, costs and disbursements, reasonable attorneys’ fees, as well as injunctive relief. The Company has not recorded any accruals in its consolidated financial statements as the likelihood of a loss from these cases is not probable nor estimable at this time. The Company believes that it has substantial defenses against the claims and intends to vigorously defend against them.

In addition to the matter above, the Company and its affiliates are subject to a number of legal proceedings in various jurisdictions arising out of its operations. Many of these legal matters are in preliminary stages and involve complex issues of law and fact, and may proceed for protracted periods of time. The amount of liability, if any, from these proceedings cannot be determined with certainty. The Company and its affiliates are a party to legal proceedings and claims that arise during the ordinary course of business. The Company reviews its legal proceedings and claims, regulatory reviews and inspections and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for our financial statements to not be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated. Based upon present information, the Company believes that its liability, if any, arising from such pending legal proceedings, asserted legal claims and known potential legal claims which are likely to be asserted, is not reasonably likely to be material to the Company's financial position, results of operations, or cash flows, when taking into account established accruals for estimated liabilities.

Other obligations- In the ordinary course of business, the Company also enters into supply and service contracts. These contracts can include either volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. At March 31, 2026, the Company had approximately $24.5 of purchase obligations under these contracts.