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Energizer (ENR) investor relations material
Energizer Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2025 results exceeded expectations, with net sales up 3.4% to $725.3M and adjusted EPS up 43% year-over-year, driven by margin restoration, production credits, and Project Momentum savings.
Net earnings for Q3 were $153.5M ($2.13 per diluted share), reversing a prior year loss; nine-month net earnings reached $204.1M.
Acquisition of Advanced Power Solutions (APS NV) expanded European scale, contributing $20.8M to net sales and enhancing supply chain flexibility.
Positioned to fully offset tariff impacts and drive future earnings growth through pricing, cost initiatives, and production credits.
Batteries & Lights segment performed well; Auto Care was softer due to weather, but new product launches and distribution gains are strong.
Financial highlights
Adjusted gross margin improved by 330 bps to 44.8% in Q3; reported gross margin was 55.1% due to $112.4M in production credits.
Adjusted EBITDA rose 14.5% to $171.4M; adjusted net earnings for the quarter were $81.5M.
Returned $84M to shareholders in Q3 via dividends and buybacks; 4M shares repurchased including post-quarter activity.
Free cash flow for nine months was $16.5M (1% of net sales); operating cash flow was $85.6M.
Net debt as of June 30, 2025, was $3,190.3M; leverage improved to 4.9x.
Outlook and guidance
Full-year 2025 net sales growth expected at 1%–3%, including $40–$50M from APS NV; Q4 sales growth forecasted at 2%–4%.
Adjusted EPS guidance raised to $3.55–$3.65; adjusted EBITDA expected at $630–$640M.
Q4 adjusted EPS expected at $1.05–$1.15, including $5–$10M in production credits.
Production credits expected to contribute $35–$45M annually before phase-out.
Confident in offsetting tariff impacts by 2026 through pricing, cost actions, and credits.
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