Energizer Holdings Inc.: FQ3 Follow-Up: Power Drain with Battery Category Weakness Despite Solid ENR Share Gains

Research evidence excerpt

M

Update

August 5, 2026 02:44 AM GMT

Energizer Holdings Inc. | North America

Morgan Stanley & Co. LLC

Dara Mohsenian, CFA

Equity Analyst

FQ3 Follow-Up: Power Drain

with Battery Category

Weakness Despite Solid ENR

Share Gains

Eric A Serotta, CFA

Equity Analyst

Patty Kanada, CFA

Equity Analyst

Josh Haubenstock

Research Associate

Kenneth Tan

Research Associate

Battery category weakness on macros/promo is driving negative

sales/EBITDA revisions and highlights ENR is more macro

sensitive than CPG peers. We stay EW with compressed

valuation.

Energizer Holdings Inc. (ENR.N, ENR UN)

Household & Personal Care | United States of America

was 5% below consensus and EPS was 9% below despite OSG coming in ~200 bps

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

above expectations, as lower-margin Auto Care growth and increased battery

Fiscal Year Ending

promotion more than offset the sales upside, and the FQ3 Auto Care revenue upside

EPS ($)**

ModelWare EPS ($)

P/E

Div yld (%)

EPS ($)§

FQ3 Miss, FY26 Outlook Moves Lower on Battery Weakness: ENR’s FQ3 EBITDA

was timing related and pulled forward from FQ4. FY OSG guidance moved to down

LSD from roughly flat, while EBITDA and EPS moved from the high end to the low

end of ranges (see below), as battery category revenue growth is now assumed to

be weaker by a sizeable 200-300 bps and FH2 OSG in total (including Q3) falls to

flat to +1% vs ~4% prior. At the low end of FY guidance, FY26 EBITDA/EPS are ~5%

below the prior consensus, highlighting ENR’s greater macro sensitivity vs peers.

Equal-weight

In-Line

$21.00

$21.58

$1,491

$30.29-15.76

09/25 09/26e 09/27e 09/28e

3.52

3.51

7.1

4.9

3.59

3.30

6.5

5.8

3.47

3.34

6.5

5.8

3.48

3.51

6.1

3.63

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Post FQ3, we lower our FY26 EBITDA estimate by 4%. With compressed valuation

of 7.9x CY27 EV/EBITDA, we remain EW.

Battery Category Pressure Despite ENR Share Gains: Macros and higher

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