Edgewell Personal Care Company (EPC) Morgan Stanley Global Consumer & Retail Conference summary

Strategic transformation and portfolio evolution

• Shifted from a static post-Energizer separation strategy to active portfolio management, including four acquisitions and divestitures of non-core brands.

• Reduced dependence on U.S. shaving and FemCare to 30% of business; 70% now in international, sun, and grooming, growing mid-single digits.

• Leadership and organizational structure streamlined for agility, with direct market reporting and increased employee engagement.

• Recognized as a top workplace, supporting a positive internal culture and confidence in future growth.

• Entered fiscal 2025 with strong momentum, targeting 2%-3% organic sales growth and improved margins.

Business model and financial performance

• Achieves double-digit EPS growth even with flat top-line, leveraging strong gross margins and cost discipline.

• Free cash flow yield exceeds 10%, providing capital deployment flexibility.

• Margin accretion driven by cost management and category strength; targets 6%-7% bottom-line growth from 2%-3% top-line.

• Free cash flow conversion consistently over 100%.

Growth drivers and category outlook

• International business (40% of mix) growing mid-single digits, led by Japan, China, Europe, and Latin America.

• U.S. grooming and sun/skin care show solid growth; Wet Ones and sun care brands continue to perform well.

• Shave and FemCare expected to be flat, with confidence in meeting 2025 growth targets.