Energizer Holdings, Inc. (ENR): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine driving Energizer Holdings, Inc. (ENR), the global giant behind those trusted batteries and auto care brands. Honestly, after two decades analyzing these operations, what stands out is how they balance legacy power with aggressive cost management-think achieving over $200 million in savings via Project Momentum while still posting $2,952.7 million in Net Sales for fiscal 2025. This canvas breaks down exactly how they translate their portfolio of over 20 brands into revenue across 160 countries, managing high COGS and significant SG&A expenses of $495.5 million to deliver an Adjusted EBITDA of $623.6 million. Dive into the nine blocks below to see the precise partnerships, activities, and customer relationships that keep the lights on and the cars running.

Energizer Holdings, Inc. (ENR) - Canvas Business Model: Key Partnerships

Energizer Holdings, Inc. views suppliers as key contributors to success, crucial for cost competitiveness, product quality, marketing leadership, and day-to-day supply chain execution. The Energizer Supplier Code of Conduct outlines social and environmental responsibilities required for doing business with the company.

The company's global supply chain relies on coordination with these partners to manage input costs, which is critical given the expected gross impact of tariffs of $150 million for fiscal 2026, which Energizer Holdings, Inc. expects to neutralize by three-quarters by the end of that fiscal year. Strategic supplier integration is evident in the acquisition of Advanced Power Solutions NV (APS) on May 2, 2025, which contributed $63.6 million in Net sales for the full fiscal year 2025.

Cost management initiatives also rely on internal efficiency, with Project Momentum surpassing over $200 million in savings during its three-year program, extending into a fourth year for ongoing tariff mitigation and operational efficiency. Furthermore, domestic manufacturing benefits from production credits, estimated to contribute an annual benefit of $35 million to $40 million.

The execution of the global supply chain is supported by extensive transportation networks and regional warehouses, ensuring product availability across varied geographic markets. This distribution capability is directly linked to market access through major retailers.

The company distributes its portfolio through major retailers and mass merchandisers, which is a primary channel for shelf space. Organic Net sales growth of 0.7% for fiscal 2025 was driven, in part, by new and expanded distribution.

Energizer Holdings, Inc. extends its brand reach through licensing agreements. The company licenses the Energizer, Eveready, and Rayovac brands for consumer solutions in areas like solar, automotive batteries, and power tools. A specific example of a licensing partner relationship is the Trademark License Agreement with Edgewell Personal Care Brands, LLC and Wilkinson Sword GmbH.

Investment in the future operational backbone involves technology partners. Increased investment in digital transformation was noted in the Selling, General, and Administrative (SG&A) expenses for fiscal 2025, which totaled $495.5 million, or 16.8% of Net sales.

The reliance on these external relationships can be summarized by the following key areas and associated financial context for Fiscal Year 2025:

The operational structure depends on these external parties for execution:

• Global network of raw material and component suppliers, crucial for cost competitiveness.
• Major retailers and mass merchandisers securing shelf space.
• Licensing partners for brand extension into solar and power tools.
• Logistics and freight providers supporting global supply chain execution.
• Technology partners supporting digital transformation efforts.

The company's total Net sales for the full fiscal year 2025 were $2,952.7 million.

Energizer Holdings, Inc. (ENR) - Canvas Business Model: Key Activities

You're looking at the core actions Energizer Holdings, Inc. takes to deliver its value proposition across batteries and auto care. These activities are heavily focused on operational excellence and strategic brand investment, which is clear when you look at the numbers from fiscal year 2025.

Global manufacturing and supply chain optimization is a constant focus, especially given the external pressures like tariffs and the need to rebalance the network. This optimization feeds directly into the success of cost-saving programs and maintaining gross margin.

The execution of Project Momentum for cost savings has been a cornerstone of the financial strategy. This multi-year initiative is designed to drive operational efficiency across the board. Here's how the financial impact stacked up:

• Project Momentum has generated over $200 million in savings to date.
• Incremental savings delivered from Project Momentum during fiscal 2025 were approximately $50 million.
• Savings from Project Momentum were noted as a positive driver in the first quarter, contributing approximately $16 million in savings.
• The program was extended to a fourth year, focusing on increased operational efficiency and the integration of Advanced Power Solutions ("APS").

Research and development (R&D) for battery and auto care innovation supports the product portfolio. You can see the investment level in the R&D spend for the fiscal year:

This R&D spend is consistent, as the expense was 1.1% of Net Sales in fiscal 2025, 2024, and 2023.

Brand marketing and advertising (A&P) is a necessary spend to maintain brand equity across the portfolio of brands like Energizer, Rayovac, and STP. For the full fiscal year 2025, the investment in A&P relative to revenue was:

The A&P spend was 5.1% of Net Sales for fiscal 2025, an increase of 10 basis points or $8.0 million compared to fiscal 2024, which was 5.0% of Net Sales.

The integration of acquired businesses like APS NV is a recent, significant activity. Energizer Holdings, Inc. completed the acquisition of Advanced Power Solutions NV (APS NV) on May 2, 2025. This acquisition was expected to contribute between $40 to $50 million of Net Sales for fiscal 2025. For the Batteries and Lights segment specifically, the acquisition contributed $63.6 million to Net sales in fiscal 2025. The initial cash consideration transferred for APS NV was $15.2 million. The company recorded $5.7 million in SG&A for legal fees and other costs associated with acquisitions in fiscal 2025.

Overall, the key financial metrics for fiscal 2025 that reflect these activities include:

• Total Net Sales for fiscal 2025 were $2,952.7 million.
• Fiscal 2025 free cash flow was $63.2 million, which is 2.1% of Net sales.
• Adjusted Earnings per share increased 6% to $3.52 for fiscal 2025.

Finance: draft 13-week cash view by Friday.

Energizer Holdings, Inc. (ENR) - Canvas Business Model: Key Resources

When you look at what Energizer Holdings, Inc. actually owns that drives its business, it's a mix of tangible assets and powerful, intangible brand equity. Honestly, these resources are what allow them to compete in the battery and auto care spaces.

The brand portfolio is deep, built over decades. You're looking at the core power brands alongside a significant presence in auto care. Here's a snapshot of the key names that anchor their market presence:

• Energizer®
• Rayovac
• Varta
• Eveready
• Armor All
• STP®
• A/C Pro
• California Scents
• Refresh Your Car!

The value of these brands is tied directly to their intellectual property. While the search results don't give you a patent count, they do show the tangible value tied to these intangible assets. For instance, the company recorded a non-cash pre-tax impairment charge of $5.9 million in the fourth fiscal quarter of 2025 related to certain proprietary formulas the company no longer plans to utilize. That number tells you they actively manage and value their chemical and formula technologies.

You can't run a global operation without the physical backbone. Energizer Holdings maintains a global manufacturing footprint and the distribution infrastructure necessary to move product from the factory floor to the shelf in nearly every major market. This scale helps them manage costs, though inflation has definitely been a headwind, as seen by increased product costs and tariffs impacting margins.

Regarding human capital, the workforce size is substantial. As of September 30, 2025, Energizer Holdings employed 6,050 people worldwide. That's a lot of folks managing everything from R&D to logistics.

Finally, let's talk about the financial muscle. This is where you see the capacity for investment, refinancing, and weathering short-term shocks. You've got significant financial capital, though it's balanced by debt obligations. Here's the quick math on their balance sheet and performance as of September 30, 2025, which gives you a clear view of their financial resources:

Their debt capacity is actively managed. For example, in the fourth quarter of fiscal 2025, the company refinanced $500.0 million of existing debt, redeeming notes and restoring revolver capacity. Also, in September 2025, they priced $400 million in new Senior Notes and completed a $100 million add-on to their Term Loan, extending their maturity profile. This active management of their debt structure is a key financial resource for maintaining operational flexibility.

Energizer Holdings, Inc. (ENR) - Canvas Business Model: Value Propositions

Long-lasting, reliable portable power (Energizer® lithium and alkaline).

The Energizer® Ultimate Lithium™ is positioned as the world's longest lasting AA battery. For the full fiscal year 2025, the Batteries & Lights segment delivered a net sales increase of 3.2%. In the third fiscal quarter of 2025, this segment saw sales increase by 5.1% on a reported basis and 0.5% organically. The company paid dividends amounting to $87.1 million for fiscal 2025. Fiscal 2025 free cash flow was reported at $63.2 million, which represents 2.1% of Net sales for the year.

Diverse battery portfolio across performance, premium, and price segments.

The battery portfolio spans various price segments, including primary, rechargeable, specialty, and hearing aid batteries. Brands used include ENERGIZER®, EVEREADY®, and RAYOVAC®, with VARTA® used in Latin America and Asia Pacific. The company is strategically expanding into premium battery markets through the acquisition of Advanced Power Solutions (APS), which contributed $20.8 million to net sales in the third fiscal quarter of 2025. This move hedges against the commoditization seen in other segments.

Comprehensive auto care solutions (appearance, performance, A/C recharge).

The Auto Care product offering covers appearance, fragrance, performance (STP®-branded fuel and oil additives), and air conditioning recharge. Performance in this segment has varied; it achieved 2% organic growth in the first quarter of fiscal 2025, but then experienced a roughly 2.5% organic decline in the second quarter due to refrigerant shipment timing. However, the category improved in the third quarter, with the launch of the Podium Series, which secured distribution in over 15,000 retail locations globally as of the first quarter of 2025.

Household staples that are non-discretionary purchases.

The overall business model is anchored by a vision to be the leader in its categories, aiming for the #1 or #2 market position globally. For the full fiscal year 2025, Energizer Holdings, Inc. delivered net sales of $2,952.7 million, marking a 2.3% increase over the prior year. The full-year Adjusted Earnings Per Share (EPS) for fiscal 2025 reached $3.52, an increase of 6% on an adjusted basis. Full-year Adjusted EBITDA for fiscal 2025 was $623.6 million.

Commitment to sustainability in new product development.

Energizer Holdings, Inc. has achieved a significant operational milestone by ensuring 100% of all new products undergo a sustainability assessment as part of the development process, meeting the goal set for 2025. The company exceeded its 2030 goal for recycled content in packaging, reporting a total of 53% recycled content in packaging for fiscal year 2024. Core ESG goals include a 30% reduction of Scope 1 and 2 greenhouse gas (GHG) emissions by 2030. Furthermore, the company spends more than $10 million annually on battery recycling programs. A concrete product innovation is the world's first coin lithium battery featuring 3-in-1 Child Shield.

Here's the quick math on segment performance for Q3 Fiscal 2025:

Finance: draft 13-week cash view by Friday.

Energizer Holdings, Inc. (ENR) - Canvas Business Model: Customer Relationships

Building brand loyalty through century-old, trusted names.

Energizer Holdings, Inc. maintains customer relationships rooted in the equity of brands like Energizer®, Eveready®, and Rayovac®, which benefit from over a century of industry presence. This trust is reinforced by a commitment to product safety and sustainability; for instance, the company aimed to have 100% of new products undergo a sustainability assessment by 2025. The company also introduced advanced features, such as the world's first 3-in-1 Child Shield™ system for batteries in fiscal 2024, which speaks directly to consumer safety concerns.

High-volume, transactional relationships with retailers.

The core of Energizer Holdings, Inc.'s volume relationship is through its extensive retail footprint. In the first quarter of fiscal 2025, new and expanded distribution was a primary driver, contributing to volume increases in Battery & Lights of approximately 3.8%. This transactional volume underpins the overall business, which achieved nearly $3 billion in net sales for fiscal 2025. Furthermore, innovation drives new retail placement; the Armor All® Podium Series secured distribution in over 15,000 retail locations globally, including the United States, UK, and Australia, demonstrating success in securing shelf space with key partners.

Digital engagement and e-commerce expansion for direct consumer connection.

Energizer Holdings, Inc. is actively increasing its digital connection with consumers. E-commerce expansion was cited as a key driver for the fiscal 2025 results. In the second quarter of fiscal 2025, organic net sales grew by 1.4%, with Battery & Lights volume increasing by approximately 1.9%, partly due to digital economy growth. This focus required planned spending, as reflected in the SG&A investment, which rose to 18.8% of sales in Q2 2025, partly on planned spend in digital transformation initiatives.

Dedicated sales teams managing key global accounts.

While specific sales team structures aren't detailed, the success in securing distribution wins across U.S. and international markets implies robust account management. For example, the Battery & Lights segment grew organically by approximately 3% in Q2 2025, supported by these distribution gains. The company's structure is divided into two main geographical segments: Americas and International, necessitating dedicated management for major global accounts across these territories to secure placements for brands and new product lines like the Armor All® Podium Series.

Here's a quick look at some key 2025 figures related to customer-facing performance:

The company returned $177 million to shareholders in fiscal 2025 through dividends and share repurchases, while also reducing outstanding shares by roughly 5%.

• Project Momentum surpassed over $200 million in savings during its three-year program, which helps fund investments in growth initiatives.
• Adjusted Gross Margin for fiscal 2025 was 41.7% on a reported basis, up from 38.3% in the prior year.
• Advertising & Promotion (A&P) spend for fiscal 2025 was 5.1% of Net sales.

Energizer Holdings, Inc. (ENR) - Canvas Business Model: Channels

You're looking at how Energizer Holdings, Inc. gets its products-batteries, lights, and Auto Care items-into customers' hands as of late 2025. The distribution backbone is wide, supporting their $2,952.7 million in reported Net sales for the full fiscal year 2025.

The company's reach is extensive, with an international distribution network in over 160 countries. This global footprint is a key driver, as volume increases in the Auto Care segment during the first quarter of fiscal 2025 were explicitly attributed to international market expansion and distribution gains.

For the full fiscal year 2025, overall volumes grew by 1.5%, a figure directly supported by new and expanded distribution globally across both segments. This suggests strong execution within traditional retail channels.

Here's a look at the financial context surrounding these channels for the fiscal year ended September 30, 2025:

You see the reliance on physical retail through the consistent mention of distribution gains driving volume increases. For instance, in the Battery & Lights segment, new and expanded distribution drove volume increases of approximately 1.9% in the second quarter of fiscal 2025.

Specific channel execution points include:

• Mass merchandisers and major retail chains are critical, as volume increases in the Battery & Lights segment were driven by improved category trends and new distribution globally in the fourth quarter of fiscal 2024.
• E-commerce platforms are a growing component; volume growth for the full fiscal year 2025 included growth in e-commerce.
• For the Auto Care division, new innovation like the Armor All Podium Series secured distribution in over 15,000 retail locations globally as of early 2025.
• Automotive parts stores and service centers are key for Auto Care, which saw volume increases driven by distribution gains in the first quarter of fiscal 2025.

Warehouse clubs and grocery stores form part of the broader retail chain strategy, though specific revenue splits aren't itemized in the latest reports, their inclusion is implied within the overall segment sales performance tied to distribution.

Finance: draft 13-week cash view by Friday.

Energizer Holdings, Inc. (ENR) - Canvas Business Model: Customer Segments

You're looking at the core customer base Energizer Holdings, Inc. (ENR) served through fiscal year 2025. The company's strategy clearly targets a broad base, from everyday household users to specialized commercial buyers, with a significant reliance on the North American retail channel.

The largest customer group is the Global Retail Consumer, served primarily through the Batteries & Lights product segment. This segment was the powerhouse, generating $2.33 B USD in net sales for the full fiscal year 2025. Within this, the shift to digital purchasing is clear, as the e-commerce business grew over 25% for the full year.

The geographic split shows a heavy concentration in the Americas, with the United States being the single largest contributor to the top line. This focus means customer behavior in the US retail environment directly impacts overall company performance.

Here's a quick look at how the revenue streams were segmented as of September 30, 2025:

Automotive Enthusiasts and DIY consumers are the target for the Auto Care product segment, which includes brands for appearance, fragrance, and air conditioning recharge. This segment experienced softer consumer demand, evidenced by a 1.2% decline in net sales for fiscal 2025. Overall volumes for the company grew 1.5%, but this was partially offset by lower back-half category volumes impacting both segments.

Energizer Holdings, Inc. also serves niche markets, including Industrial and Commercial Clients, through its specialty battery offerings, which use technologies like lithium and silver oxide. While specific revenue for this group isn't broken out, it falls under the broader Batteries & Lights segment.

The portfolio is structured to capture consumers across the price spectrum, which is a key part of managing volume and margin. You see this play out with the different brand tiers:

• Price-sensitive consumers are targeted with the Eveready® brand.
• The mid-to-premium performance segment is served by the Rayovac® brand.
• The flagship Energizer® brand anchors the premium end of the market.
• Overall company net sales for the full fiscal year 2025 increased 2.3% to $2,952.7 million USD.

For you, the key takeaway is that the US retail channel drives the bulk of the business, making up $1.65 B USD of the total revenue, but growth is increasingly dependent on e-commerce penetration across all consumer types.

Energizer Holdings, Inc. (ENR) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Energizer Holdings, Inc.'s operational expenses as of late 2025. The cost structure is heavily influenced by the physical nature of producing and moving goods, plus significant ongoing transformation efforts.

The Cost of Goods Sold (COGS) component faces pressure from raw material costs and manufacturing inefficiencies. For instance, increased product costs from production inefficiencies associated with rebalancing the network, along with higher warehousing, distribution, and tariff costs, offset benefits like the Project Momentum savings. To counter this, Energizer Holdings, Inc. recognized an estimated $120.9 million reduction to COGS in fiscal 2025 from a production credit covering fiscal 2023, 2024, and 2025 production.

Selling, General, and Administrative (SG&A) expenses for fiscal 2025 totaled $495.5 million, which represented 16.8% of Net sales. This was an increase from the prior year, driven by higher SG&A from the Advanced Power Solutions (APS) business, increased investment in digital transformation, and higher legal and recycling fees, partially offset by Project Momentum savings.

Advertising and Promotion (A&P) spending was a notable outlay, coming in at 5.1% of Net sales for the full fiscal 2025 year. This represented an increase of 10 basis points, or $8.0 million, compared to fiscal 2024.

Restructuring and network transition costs remain a factor as the company extends its efficiency program. The total pre-tax expense related to Project Momentum restructuring and other related costs for the twelve months ended September 30, 2025, was $68.7 million. This program, however, has been a source of cost reduction, with savings of approximately $64 million realized within fiscal year 2025, contributing to the overall Project Momentum cumulative savings exceeding $200 million.

Debt servicing is a significant consideration given the company's leverage profile. During the fourth fiscal quarter, Energizer Holdings, Inc. refinanced $500.0 million of existing debt. The decline in fourth fiscal quarter net earnings was partly driven by an increase in the loss on extinguishment of debt, and for the quarter, Adjusted earnings per share was impacted by higher interest expense as the overall debt balance had increased. The company paid dividends of $87.1 million, or $1.20 per common share, during fiscal 2025.

Here's a quick look at some of the key cost and savings figures for the fiscal year:

The ongoing operational costs include several areas that management is actively managing:

• Increased legal fees impacting SG&A.
• Investment in digital transformation initiatives.
• Increased recycling fees.
• Costs associated with the integration of the APS business.
• Tariff costs impacting the supply chain.

The company's focus on Project Momentum is a direct response to these cost pressures, aiming for sustained operational efficiency. Finance: draft 13-week cash view by Friday.

Energizer Holdings, Inc. (ENR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Energizer Holdings, Inc. (ENR) brings in money, which is all about moving product and managing the brand portfolio. For a company like ENR, revenue streams are pretty straightforward, centering on the physical goods they sell, but the licensing piece adds a nice layer of passive income.

The big picture for fiscal year 2025 shows a slight top-line increase, which is good to see in a competitive consumer goods space. The Total Net Sales of $2,952.7 million for fiscal year 2025 is the headline number here. That total is built up from the two main operating segments, plus any other income like licensing.

The primary engine, as you'd expect, is the Batteries & Lights segment. This is where the core Energizer, Eveready, and Rayovac batteries and lights move off the shelves. While I can confirm the segment exists and that the APS acquisition added $63.6 million in sales to this segment in fiscal 2025, [cite: 4 from search 4] the full, final segment sales breakdown isn't explicitly itemized in the summary results I have. Still, we know this is the largest contributor by far.

Next up is the Auto Care segment, which covers brands like Armor All, STP, and A/C Pro. This stream is important for diversification, capturing revenue from car maintenance and appearance products. We know that sales in hyperinflationary markets, like Argentina, which are part of the segment reporting, totaled $33.9 million for fiscal year 2025. [cite: 9 from search 3] This gives you a concrete data point tied to a specific geographic/segment performance area.

The final required component is Licensing revenue. This is where third parties pay ENR to use its powerful brand names on products outside ENR's direct manufacturing scope, like solar or power tools. While we know this revenue stream exists, the exact dollar amount for fiscal year 2025 isn't explicitly stated in the available summaries, so I can't put a real number here for you right now. That's a detail you'd definitely want to pull from the full 10-K supplemental schedules.

Here's a quick look at the key financial metrics that frame these revenue streams:

To be fair, the total sales figure is the most reliable anchor here. If you're building out the canvas, you'd expect the sum of the two segments plus licensing to roughly equal the total net sales, though there can be minor reconciling items. The fact that ENR is focused on operational efficiency, evidenced by the $623.6 million in Adjusted EBITDA, shows they are focused on converting that top-line revenue into solid operating profit.

You can also see the revenue drivers mentioned in the quarterly reports, which feed into these streams:

• New and expanded distribution gains across both segments.
• Innovation in the Auto Care appearance business.
• Impact from the APS NV acquisition, which closed in May 2025.
• Sales from hyperinflationary markets like Argentina totaled $33.9 million. [cite: 9 from search 3]

Finance: draft 13-week cash view by Friday.