Here are 1-3 brief analogies for Energizer (ENR):

• Think of it as the Gillette of batteries and portable power.

• Like Clorox, but focused on consumer batteries and automotive care products.

• A more focused Procter & Gamble, specializing in portable power and essential automotive brands.

• Primary Batteries: A diverse range of disposable batteries, including alkaline, lithium, and zinc-carbon, for various electronic devices.
• Rechargeable Batteries: Reusable battery cells and charging systems for sustainable power in frequently used electronics.
• Portable Lights: Battery-powered flashlights, headlamps, and lanterns providing illumination for diverse consumer needs.
• Automotive Appearance Products: Car care items such as washes, waxes, and protectants designed to clean, shine, and preserve vehicle exteriors and interiors.
• Automotive Performance Products: Specialized additives and fluids formulated to enhance engine function, fuel efficiency, and overall vehicle system maintenance.
• Automotive Fragrance Products: Air fresheners and odor eliminators specifically designed to keep vehicle interiors smelling fresh.

Energizer Holdings, Inc. (ENR) primarily sells its products to other companies, specifically large retailers and distributors, who then sell to individual consumers. Its distribution network encompasses a wide range of retail channels, including mass merchandisers, club stores, drug stores, hardware stores, automotive parts stores, dollar stores, and grocery stores.

Based on Energizer's annual SEC filings (Form 10-K), its major customer, explicitly named due to sales concentration, is:

• Walmart Inc. (NYSE: WMT) - This customer has consistently accounted for approximately 18-19% of Energizer's net sales in recent fiscal years.

While Energizer's products are sold through a wide array of other major retail chains globally, Walmart Inc. is the only customer individually named in their public filings as accounting for 10% or more of net sales.

Mark S. LaVigne, President & Chief Executive Officer

Mark S. LaVigne assumed the role of Chief Executive Officer in January 2021 and has served as President since 2019. He previously held positions as Executive Vice President and Chief Operating Officer from 2015 to 2020. Before joining Energizer in 2010, Mr. LaVigne was a partner at Bryan Cave LLP (now Bryan Cave Leighton Paisner), specializing in business and transactional counseling and mergers and acquisitions. He also led Energizer's spin-off from its former parent company in 2015.

John J. Drabik, Executive Vice President & Chief Financial Officer

John J. Drabik became Executive Vice President and Chief Financial Officer of Energizer Holdings on October 1, 2021. He joined Energizer in 2001 and has progressed through various roles within the Finance and Treasury organizations. His prior positions include Senior Vice President, Corporate Controller, and Chief Accounting Officer, as well as Vice President, Corporate Development. In his role as Vice President, Corporate Development, Mr. Drabik was responsible for identifying and executing multiple transactions in the consumer sector, including the acquisitions of Schick Wilkinson Sword, Playtex, American Safety Razor, Rayovac, and Spectrum auto care.

Patrick J. Moore, Chairman

Patrick J. Moore has served as Chairman of Energizer since 2018 and is also the President and Chief Executive Officer of PJM Advisors, LLC, a private equity investment and advisory firm. Prior to PJM Advisors, he was the Chairman and Chief Executive Officer of Smurfit-Stone Container Corporation from 2002 until its acquisition by RockTenn Company in 2011. During his 24 years at Smurfit-Stone, Mr. Moore also held roles such as Chief Financial Officer, Vice President—Treasurer, and General Manager of the Industrial Packaging division.

Mike Lampman, Executive Vice President, North America and Global Business Units

Mike Lampman is an Executive Vice President at Energizer, overseeing North America and Global Business Units. He started at Energizer Holdings in March.

Lori Shambro, Executive Vice President, Chief Marketing Officer

Lori Shambro serves as Executive Vice President and Chief Marketing Officer at Energizer Holdings.

The accelerated global transition to Electric Vehicles (EVs) represents a clear emerging threat for Energizer's Automotive Care segment. As EV adoption rapidly increases, the demand for many traditional internal combustion engine (ICE)-specific automotive maintenance and performance products will decline. Brands within Energizer's portfolio such as STP (fuel additives, oil treatments) and certain Prestone products (coolants primarily formulated for ICEs) are directly threatened by this fundamental shift in vehicle technology, as EVs have different maintenance needs and often eliminate the need for these product categories.

Energizer (NYSE: ENR) operates in the addressable markets of consumer batteries and portable lighting products globally.

For its main product, **batteries**, the market sizes are as follows:

• The global consumer battery market was valued at approximately USD 20.4 billion in 2023 and is expected to reach around USD 37.2 billion by 2033.
• More specifically, the global household battery market was estimated at USD 29.62 billion in 2024 and is projected to grow to USD 38.71 billion by 2035.
• In North America, the household battery market is significant, accounting for approximately 40% of the global share. Based on the 2024 global estimate, the North American household battery market would be approximately USD 11.85 billion in 2024.

For its other key product line, **portable lighting**, the market sizes are:

• The global portable lighting market was estimated at USD 14.25 billion in 2024 and is projected to reach USD 24.78 billion by 2032.
• North America accounts for the largest share of the portable lighting market, with the United States being the leading country. The U.S. is estimated to hold an 18.7% share of the global market. Based on the 2024 global estimate, the U.S. portable lighting market would be approximately USD 2.66 billion in 2024.

Expected Drivers of Future Revenue Growth for Energizer (ENR) Over the Next 2-3 Years:

Energizer Holdings, Inc. (ENR) is anticipated to drive future revenue growth over the next 2-3 years through a combination of organic expansion, strategic initiatives, and market penetration. The following are 3-5 key expected drivers:

1. Consistent Organic Sales Growth in Core Segments: Energizer projects organic sales growth of 1% to 2% across both its Battery and Auto Care segments for fiscal year 2025. This indicates an expectation of continued demand for its established product lines and a steady performance in its primary markets. The company achieved organic revenue growth in the second half of fiscal year 2024.
2. Benefits from Project Momentum Initiatives: While primarily a cost-saving and efficiency program, "Project Momentum" has significantly contributed to improved gross margins, with adjusted gross margins up 190 basis points in fiscal year 2024. These savings are expected to continue through the end of fiscal year 2025, freeing up resources that can be reinvested into growth initiatives, marketing, or competitive pricing strategies that indirectly support revenue expansion.
3. Strategic Acquisitions and Portfolio Expansion: Energizer has demonstrated a commitment to strategic acquisitions to enhance its market position and expand its product portfolio. In fiscal year 2024, the company completed the acquisition of Advanced Power Solutions NV (APS), a battery manufacturing equipment company in Belgium, and an Auto Care manufacturer in Brazil. These acquisitions can lead to increased sales through new product offerings, expanded geographic reach, and enhanced manufacturing capabilities.
4. Innovation and New Product Development: The company emphasizes leading its categories by better serving consumers and customers, which inherently involves innovation. An example of this is the launch of the "Podium Series" in the Auto Care segment, demonstrating Energizer's focus on introducing new products to meet evolving consumer needs and differentiate itself in the market. Continuous innovation helps maintain market relevance and capture additional market share.
5. Distribution Gains and International Market Expansion: Energizer is strategically focused on expanding its distribution network and entering new markets, particularly within its Auto Care segment, which has already seen organic sales increases driven by distribution gains. The rise of the digital economy also presents opportunities for Energizer to enhance its online presence and capitalize on e-commerce trends, further contributing to organic net sales.

Share Repurchases

• Energizer announced an Accelerated Share Repurchase (ASR) program of $75 million in August 2021, as part of an existing 7.5 million share repurchase authorization approved in November 2020.
• In fiscal year 2020 and 2021, the company repurchased $66 million of shares.
• A new share repurchase program for up to 7.5 million shares was approved by the board in November 2024, replacing the prior authorization. In Q3 fiscal year 2025, Energizer repurchased 2.8 million shares worth $62.6 million, with an additional $27.1 million (1.2 million shares) repurchased in July 2025.

Outbound Investments

• In fiscal year 2024, Energizer completed two acquisitions: $11.6 million for battery manufacturing equipment and a leased facility in Belgium, and $10.6 million for an Auto Care appearance and fragrance manufacturer and distributor in Southern Brazil.
• The company completed the acquisition of Advanced Power Solutions NV (APS) on May 2, 2025, with an initial cash consideration of $15.2 million.
• This acquisition of APS is projected to contribute $40 million to $50 million in net sales for fiscal year 2025.

Capital Expenditures

• Energizer recorded $369 million in capital expenditures as part of $1.8 billion reinvested in the business over the last five years (as of November 2024).
• The company announced plans to invest $43 million in expanded manufacturing operations and jobs in Asheboro, North Carolina, over several years.
• Capital expenditures in fiscal year 2025 are focused on initiatives such as plastic-free packaging and digital transformation.