enr ehp edgewell investor day 2015 full mtg final

8/20/2019 ENR EHP Edgewell Investor Day 2015 Full Mtg FINAL

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9:00 a.m. – 11:30 a.m.Edgewell Management

Ward Klein, Executive Chairman of the Board

David Hatfield, CEOAl Robertson, CMODave VerNooy, VP Operations and RD&ESandy Sheldon, CFOQ&A

11:45 a.m. – 12:45 p.m.

Edgewell Sponsored Lunch

1:00 p.m. – 3:30 p.m.Energizer Managemen

Pat Mulcahy, Chairman of

Alan Hoskins, CEOMark LaVigne, COOBrian Hamm, CFOQ&A

3:30 p.m. – 4:30 p.m.Energizer Sponsored R

INVESTOR KICKOFF EVENT



Edgewell Personal Care

Investor Kickoff 2015June 2, 2015



• Ward Klein, Executive Chairman Historical Perspective

• David Hatfield, CEO Strategic Overview and Busin

• Al Robertson, CMO Portfolio Strategies and Cate

•Dave VerNooy, VP Operations and RD&E Innovation and Productivity

• Sandy Sheldon, CFO Financial Model

• Q & A

Edgewell Investor Kickoff 2015 AGENDA



Presentation of Information; Forward-Looking Statem

Unless the context otherwise requires, references in this presentation to “Edgewell,” “Personal Care,” “we,” “our,” and “the Personal Care business of Energizer Holdings, Inc. , a Missouri corporation, and its consolidated subsidiaries, which w

Personal Care Company upon completion of the separation of the Household Products business of Energizer from the PUnless the context otherwise requires, references in this presentation to “Energizer” refer to Energizer Holdings, Inc. ansubsidiaries including both the Personal Care business and the Household Products business prior to completion of the scontext otherwise requires, references in this presentation to the Company’s historical assets, liabilities, products, busingenerally refer to the historical assets, liabilities, products, businesses or activities of the Personal Care business as it wacompletion of the separation.

The following presentation contains forward looking statements. Forward-looking statements are not based on historicreflect our expectations concerning future results or events, including our expectations for the separation, new product initiatives, including restructurings, and our outlook for future financial, operational or other potential or expected resultnot guarantees of performance and are inherently subject to known and unknown risks and assumptions that are difficucause our actual results, performance or achievements to differ materially from those expressed in or indicated by those

In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuforward-looking statements. All forward-looking statements should be evaluated with the understanding of their inhereAdditional risks and uncertainties include those detailed from time to time in our publicly filed documents, including our10-K for the year ended September 30, 2014 and the Form 10-Q for the quarter ended March 31, 2015, as well as the RegForm 10 filed by Energizer SpinCo, Inc., the entity that will hold the Household Products business upon completion of thforward-looking statements included in this presentation are only made as of the date of this document and we disclaimpublicly update any forward-looking statement to reflect subsequent events or circumstances.



Market and Industry DataUnless indicated otherwise, the information concerning our industry contained in this presentation is based on our geneexpectations concerning the industry. Our market position, market share and industry market size are based on estimat

and estimates, based on data from various industry analyses, our internal research and adjustments and assumptions threasonable. We have not independently verified data from industry analyses and cannot guarantee their accuracy or comwe believe that data regarding the industry, market size and our market position and market share within such industryguidance but are inherently imprecise. Further, our estimates and assumptions involve risks and uncertainties and are suon various factors. These and other factors could cause results to differ materially from those expressed in the estimate

Non-GAAP Financial MeasuresWhile the Company reports financial results in accordance with accounting principles generally accepted in the U.S. (“GAincludes non-GAAP measures. These non-GAAP measures, include (1) EBITDA, adjusted EBITDA and ratios derived therGAAP comparatives such as operating results, organic sales, gross margin and other comparison changes that exclude s

of changes in foreign currency rates on a period over period basis versus the U.S. dollar, separation related costs and corestructuring activities. We believe these non-GAAP measures provide a meaningful comparison to the corresponding hand assist investors in performing their analysis and provide investors with visibility into the underlying financial performbusiness.

The Company believes that these non-GAAP measures are presented in such a way as to allow investors to more clearlyand amount of the adjustments to arrive at the non-GAAP measure. Investors should consider non-GAAP measures in asubstitute for, or superior to, the comparable GAAP measures. Further, these non-GAAP measures may differ from simpresented by other companies. For full reconciliation of non-GAAP financial measures, visit www.energizerholdings.comInvestor Relations, Presentations.

Presentation of Information; Forward-Looking Statem



Edgewell Investor Day 20

Ward KleinExecutive Chairman of the Board



• Announced t

“New EnergCreation of TCompanies

• ENR Net SaSegment Pr

• Energizer Personal Care

Created With the Acquisitionof Schick Wilkinson Sword

• Net Sales FY $2.2 BSegment Profit FY $410M

Energizer Holdings: A Legacy of Value Creat

2000 2003 2

• Energizer Holdings Spun offfrom Ralston Purina inMarch 2000

• Net Sales FY $1.9B,Segment Profit FY$436M

Clear Financial Strategy

• Optimize Battery Business Performance• Generate Strong Cash Flow

• Make Opportunistic Acqu• Return Cash To Sharehold



0

0.5

11.5

2

2.5

3

3.5

4

4.5

5

2000 2003 2014

Net Sales

Energizer Edgewell

Energizer Financial Results Reflect the Growth oPersonal Care Segment

B i l l i o n s

$1.9 billion

$4.4 billion

$2.2 billion

57m shares repurchased at wt. avg. cost $49 per share

Net Sales

Segment Profit

Adjusted EPS**

TSR

Total ENR

** Non-GAAP reconciliation in appendix



A Personal Care Business Built on Strong BrandStrong Categories

0

1000

2000

3000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Net Sales ($m)

Growth and Scale

Building a Foundation

Optim



Generating Substantial Profit and FreeCash Flow

0

100

200

300

400

500

600

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Segment Profit ($m)

>100% FCF E

* Free Cash Flow Effi*Free cash flow is defined as net cash provided by operating activities net of capitalexpenditures, i.e. additions to property, plant and equipment. Free cash flow conversion rate is

defined as Free cash Flow / Net Operating Profit After Tax



Delivering Superior Performance ForShareholders

0%

100%

200%

300%

400%

500%600%

700%

S&P 500 HPPC PEERS

Total TSR (April 2000 - April 2015)

Source: Bloomberg as of 01-May-2015

Note: HPPC Peers includes Clorox, P&G, Kimberly-Clark, Scotts Miracle-Gro, Colgate-Palmolive, Tupperware, Church & DwigNewell Rubbermaid, Spectrum Brands, Estee Lauder, Prestige Brands, and Jarden.

2 x H

6.7 x S

Over $3 billion in Cash Returned to Shareholders



Setting the Stage for a

Strong Standalone Personal C

Company



Edgewell Investor Day 20Business Strategy and Priorities

David HatfieldChief Executive Officer



Goals For The Day

4. Unders

Our FinAlgoritValue

3. Gain greaterInsight intoOur Categoriesand Products

1. Meet Our

Team2. Understand

Our Strategy



Ward M. Klein Executive Chairman

of the Board

David P. HatfieldChief Executive

Officer

SaCh

Peter J. ConradChief Administrati

Officer

Al RobertsonChief Marketing

Officer

David VerNooyVP, GlobalOperations

& RDE

Manish ShanbhagChief Legal Officer

Colin HutchisonVP, Commercial

International

John HillVP, CommercialNorth America

Meet Our Team



Edgewell Personal Care: Who We Are

16%

16%

7%

Wet Shave

Sun and Skin Care

• Respond to innovation• Brands, category management matter

• Attractive margins

• Growing

• Sales 11.6% (CAGR)

• Gross Margin 9.5% (CAGR)

• Segment Profit 21.8% (CAGR)

Attractive Categories

A Decade of Strong Performance



CATEGORY BRANDS KEY GEOGRAPHIES

Wet ShaveUS, Canada, Japan,

Germany

Sun & Skin Care US, Mexico, Australia

Feminine Care1 US and Canada

Infant Care US and Canada

We Have Strong Brands and Competitive Po

1 #2 market share position of total tampons and #2 or #3 in liners and pads : US and Canada Ni



Edgewell Personal Care: Where We A

61%19%

13%

7%

US & Canada EMEA Asia Latin America

51%

24%

17%

8%

2014 SalesTotal Personal Care

2014 SalesWet Shave andSun/Skin Only

• +4.4%* Total Int. Growth (C

2014)

• 2X Sales in Int. Sun Care Sinc

• +9%** Total Developing Ma

• +7% Developing Marke

(2008-2014)

• +17% Developing Mark

Share (2008-2014)

International Perfo

* Organic growth rates exclude currency impacts and

** Represents Net Sales CAGR from 2008 – 2014 for Asia

excluding Japan, Australia, Argentina, Venezuela.



Edgewell Personal Care:“A Challenger Company”

VIDEO



Edgewell Personal Care: “A Challenger Co

CHALLENGE

The Market Leader,for the Benefit of Consumers

and Customers



The Market Leader,for the Benefit of

Consumersand Customers

Category Conventions,Blaze Our Own Trail

The Sta

to InnovaLarge a

Edgewell Personal Care: “A Challenger Co

CHALCHALLENGECHALLENGE

Our Challenger Role and Our Challenger Cultu



Our Challenger Role, and Our Challenger CultuInforms Our Vision and Mission

VISION

MISSION

CHALLENGE TO WIN

We will win through focus, insightful innovation

agility, delivering better solutions to our consum

and customers

We will be the trailblazing personal care compan

leveraging our colleagues’ creativity and passioto challenge convention and drive growth

Leverage Our Creativity and Passion to Drive E



Leverage Our Creativity and Passion to Drive Eto a Higher Level of Performance

VISION

MISSION

CHALLENGE TO WIN



and customers



Leverage Our Renewed Focus to Drive



Leverage Our Renewed Focus to DriveAll Facets of the Business

VISION

MISSION

CHALLENGE TO WIN



and customers





Focused Commercial Footprint

Edgewell Go To Market Str

Transition and Leverage New Go to Market Structure

• 20 markets

• 90% of today’s revenue

• Strong brands in core markets

Edgewell’s Direct to Customer Markets

• 30+ Markets

• Shifting away from legacy, battery go-to-marketapproaches

• Engage partners/ distributors in leveragingenhanced capabilities and accelerating growth

Emerging / Distributor Market

Driving Increased Effectiveness/Efficiency in



Driving Increased Effectiveness/Efficiency inDistributor Markets

KEY CHANGES AFTER SEPARATION

Increase Focus on theRight Channels

1

Engage DistributionPartners to Enhance

Core GTM Capabilities

2

Achieve a BetterCost to Serve

3

Our new model provides flexibility to adapt our business as our p

Food / Grocery Mass. Merch. Drug / Pharmacy Kiosks

Category Mgmt. Promotion Expertise Shopper Activation Account Mgmt.

InveDecreased CostOf Coverage

Increased NetProfitability



Edgewell’s Strategic Value

Drivers

Accelerate Top Line Growth

Systematic Cost Reduction

Substantial Free Cash Flow

Disciplined Approach to Acq

Leverage the Power of EPC’s C

1

2

3

4

5

Business Priority: Return to Growth in



Business Priority: Return to Growth inNorth America

Accele1

• Re-investment in A&P marketing spend

• Maintain strong innovaroadmap

• Leverage full portfolio

• Re-build share of shelf

• Meet competitive promintensity

• Overall category slowdownsince 2012

• Intense competitiveenvironment since 2012

• Customer planogram

disruption

CURRENT SITUATION STRATEGIC PRIORI

Business Priority:



• Execute organizational cbuild distributor managecapabilities

• Grow Wet Shave mid-sin

– Continue Hydro Deve

– Invest against Dispos

– Double-digit growth brands

• Grow Sun Care double-d

– Continue distributionexpansion

– Roll out innovation

Business Priority:Continue International Expansion

• Solid history of growth

– International 2008-2014 CAGR4.4%*

• Currently executing GTM changes in24 countries

• Managing change across all markets

• Continuity in key countries andsenior positions

Accele1

CURRENT SITUATION STRATEGIC PRIORI

* Organic growth rates exclude currency impacts and M&A

Business Priority:



Business Priority:Segment Share Improvement

Accele1

• Grow share in Wet Shave

• Accelerate growth in Sun Care

• Maintain Feminine Care salesand grow profitability

• Stabilize Infant Care

STRATEGIC PRIORITIES

https://enernet.energizer.com/sites/EPCCC/Razors%20%20Blade%20Images/02300%20Hydro%205%20Disposables%203ct.jpg



Edgewell’s Shareholder

Value Drivers





Leverage the Power of EPC’s C

1

2

3

4

5



Edgewell Investor Day 20Portfolio Strategies and Categories

Al Robertson

Chief Marketing Officer



WET SHAVE

R & Bl d C t i Att ti



Razors & Blades Category is Attractive

High Margins

High Barriers to Entry

International Growth Opportunities

Wet Shave’s Projected Category Growth is Driv



$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

2011 2012 2013 2014 2015

Measured Channels Non

$0

$5

$10

$15

$20

$25

2011 2012 2013 2014 2015 2016 2017 2018

US Rest of World

j g yInternational Markets

Global Wet Shave* Retail Sales2014: $19 Billion

U S $ B i l l i o n s

U.S. Wet Shave* Re2014: $4 Bill


Source: Measured: Nielsen Scantrack, Non-Measured: Nielse

*Wet Shave: Razors & Blade*Wet Shave: Razors & Blades + Shave Prep

Source: 2014 Euromonitor

U.S. Men’s System Category Softness in Measured Cha



0

200

400

600

800

1000

1200

1400

1600

1800

01/12-01/13 01/13-01/14

US Men’s Systems Retail Sales

XAOC Men's Systems Projected Dollar Shave Club Projected Other Online Projected All Other (Dollar, Military, Co

y g yPrimarily Driven by Channel Shifting to Non-Measured

Sources:XAOC: Nielsen ScanTrack 52week rolling, Dollar shave club: DSC stated subscriptions/revenue

Non XAOC channels extrapolated from Nielsen HH panel

All-Outlet 3-Year CAGR: -1.1%1,637


1,429

Projected All Other (Dollar, Military, No

Beyond Channel Shifting, Men’s System Category Soft



y g, y g yDriven by Three Macro Trends

• Systems share of

requirements -12%

Declining WePenetratio

• Loss of -0.8 shave/

week vs. ’03

• Acceptance of facial hairin the workplace

DecreasedFrequency

Sources: Kantar World Panel, Nielsen Single HH Panel, Millward Brown

• Improved technology

• Longevity communication

• Higher price

• More frugal consumers

ExtendedBlade Usage

Edgewell Achieved +6% Topline CAGR on



0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

F2004 F2005 F2006 F2007 F2008 F2009 F2010 F2011 F2012

Men's System Women's System Disposables Shave Prep PBG

g pWet Shave Over the Past 10 Years

Net Sales* (US$Millions)

* Net Sales excludes manicure sales, which were previously included

in the Wet Shave Segment but are now included in Other

Edgewell Wet Shave will Grow Through 4 St



ContiInternat

Expan

Meaningful

Investment inGrowthBrands

Leverage FullPortfolio

DriveInnovation

Edgewell Wet Shave will Grow Through 4 St

Innovation Drives Growth Meaningful

Investment

in Growth In



Across Portfolio in 2015

The only 2-in-1razor and trimmer

Our best X3performance ever

RevitalizingIntuition wit

citrus infused sc

in GrowthBrands

In

Hydro Innovation Continuesh

Meaningful

Investment

in Growth In



yto Drive Growth

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

12 Months ended Dec. 2012 12 Months ended Dec. 2013 12 Months ended Dec. 2014

Hydro Franchise Retail Sales (US$ Millions)

$308

$375

$400

Source: AC Nielsen Global Track, 27 Markets

in GrowthBrands

In

Full Portfolio of Brands and Private Label MeaningfulInvestment

in Growth Inn



Meet Needs Across All Consumer Segments

Blade Count / Performance

PriceInexpensive & EasyConsumer Segment

ExConsu

Pragmatic PerformerConsumer Segment

in Growth

Brands

Strong Sales Growth Achieved Through

MeaningfulInvestment

in Growth Inn

https://enernet.energizer.com/sites/EPCCC/Razors%20%20Blade%20Images/ST2_Men_Logo.jpg

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&ved=0CAcQjRw&url=http://www.pinoyguyguide.com/2014/10/four-parkour-skills-i-learned-from-schick-and-ninja-academy.html&ei=zd9IVbrYFcuoNtKOgIgP&bvm=bv.92291466,d.eXY&psig=AFQjCNH1g2oYxa5VhxlZG8eg2ft-6otmwg&ust=1430925639380273



$-

$50

$100

$150

$200

$250

$300

$350

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY 10 FY 11 FY12

A/O WS Intuition Quattro for Women Hydro Silk

Consumer Segmentation

Women’s Systems Global Net Sales (US$ Millions)

Brands

Ultimate Challenger in Women’s SystemMeaningfulInvestment

in Growth Inn



Ultimate Challenger in Women s System

Segment Market viaWell-Differentiated

Portfolio

•Intuition: all-in-one

• Quattro ForWomen:Performance

• Hydro Silk:Skin Care

Compelling Insightand Communication

• Quattro For

Women – Insight &TV

• Intuition – Insight &Digital

• Hydro Silk – Insights & TV

First-To-MarketInnovation

•Intuition

• Quattro ForWomen Trimstyle

• Hydro Silk

Brands

Grow Market Share in DisposablesMeaningfulInvestment

in Growth Inn

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://pixgood.com/schick-hydro-silk-logo.html&ei=EFw6VbL2G8SdNpXYgMgH&bvm=bv.91427555,d.eXY&psig=AFQjCNGQNjq3KAZCbB2I4zkaFvusc2cnDQ&ust=1429974407283865



Improve PriceCompetitiveness

Build Xtreme 3Brand Equity

LeverageBranded andPrivate Label

Synergies

GROW MARKET SHARE

Grow Market Share in Disposables Brands

Private Label LeverageMeaningfulInvestment

in Growth

d

Inn

https://enernet.energizer.com/sites/EPCCC/Razors%20%20Blade%20Images/02021%20Xtreme3%20Mens%20Sensitive%208ct.JPEG



Private Label Leverage

R&D Expertise & Quality

Global Manufacturing Scale

Category Management: trade up at every tier

Capitalize upon growth in all sales channelsthrough a combination of our branded and privatlabel portfolios

Brands

Meaningful

Investment

in GrowthB d

Inn

Our Wet Shave Business isG hi ll Di ifi d



BrandsGeographically Diversified

45%

28%

19%

8%

North America Europe Asia LatAm

F2014 Net Sales: $1.6 Billion

Future Growth Opportunities



Future Growth Opportunities

Launch marketdisruptive innovation

Leverage Private Labelto drive total portfolio

Accelerate developingmarket growth



SUN CARE

Sun Care Category Characteristics



Sun Care Category Characteristics

Global Growth

On Trend: Skin Care

Expanded Penetration: Educat

Global Sun Care Category Enjoys Continued Growth Drby Latin America & Asia



by Latin America & Asia

9.39.8 10.3

10.7 11.111.4

11.8

-

2

4

6

8

10

12

14

2011 2012 2013 2014 2015 2016 2017

North America EU & MEA APAC LatAm Total Markets


Sou

Global Sun Care Retail Sales

We have Achieved Topline Growth Driven by both HawTropic and Banana Boat



-

50

100

150

200

250

300

350

F2008 F2009 F2010 F2011 F2012 F2013 F2014

Tropic and Banana Boat

N e t S a l e s ( U S $ M i l l i o n s )

LatAm We have Doubled our InternationalSun Care Business since Acquisition



0

20

40

60

80

100

120

140

FY08 FY09 FY10 FY11 FY12 FY13

International Sun Care Net Sales

EMEA

Asia Pacific

Total Int’l

U S $ M i l l i o n s

Sun Care Business since Acquisition

We Have Growth Opportunities in Sun Ca



pp

F2014 Net Sales

71%

29%

North America International

Sun Care Competitive Advantages



p g

Balanced Sun CarePortfolio

Category Leader inNorth America,

Mexico & Australia

Depth of Expe

Sun Care Strategic Priorities



g

Drive

Innovation

BuildDifferentiated

Equity

Visibility

In-Store

Category

Management

Future Opportunities



pp

Drive internationalgrowth

Launch market-disruptiveinnovation

Extend iconic brandequities



FEMININE CARE

Feminine Care Category Characteristics



Meaningful Scale

Predictable Sales

High Barriers to Entry

Leveraging Our Strengths in Feminine Car



Portfolioknown br

addcomplemconsum

Unique,

competitiveproduct

technologies

One of the Top 3

Manufacturers inNorth America

We Compete in all Market Segments – Pads, Liners & Tampons



, p

2.6 2.6 2.6 2.7 2.7 2.7 2.7

$0

$1

$2

$3

2011 2012 2013 2014 2015 2016 201

Tampons Pads Liners

$ B i l l i o n s

Source: 2011-2014 Nielsen; 2015-2018 Edgewell Projections

U.S. Fem Care Category

Pads & Liners Acquisition UnlocksFull Category Scale



0

50

100

150

200

250

300

350

400

450

F2013 F2014Tampons Pads Liners

$ M i l l i o n s

Edgewell Fem Care Sales ($M)

g y

2015 Innovation Leverages Newly AcquiredPads & Liners Technology



gy

Playtex Sport Pads & LinersPlaytex Sport Tam

Pads & Liners Combin

The Playtex Brand has Strong Equity



Base: Aware of Brand 1,001 1,693

A B

Makes products that protect against leakage 77 74

Is a high quality brand 77 C 76 c

Makes products that are comfortable to wear 76 BC 71

Is a company that understands my needs 72 BC 67

Is a brand for someone like me 69 BC 64

Is a brand I have a high opinion of 69 c 67

Offers something different than other brands 59 BC 55

Source: PERT Equity study Feb/Mar 2014 (n=2455)

Future Opportunities



Expand Playtex Sportportfolio to pads andliners

Unlock Carefreegrowth via investment& expansion

Introduce step-changeinnovation



INFANT CARE

Leveraging Our Strengths in Infant Care



Strong Cat

ConsumeCapab

Leader inDiaper Disposal

Iconic Brands

Key Strategies to Turnaround Infant



New Structure

Focus on the Core

Re-invigorate Innovation

Edgewell Growth Strategies



Conti

InternatExpan

Meaningful

Investment inGrowthBrands

Leverage FullPortfolioDriveInnovation




Innovation and Productivity Drivers

Dave VerNooyVice President, Global Operations & RDE

Sustained Innovation Fueled by R&D



R&D = 304 Colleagu

Major Locations:

Milford/S

Allendale

Additional LocationSolingen,

GuangzhDover, DEOrmond B

$68.9 $70.5 $69.1 $69.5

2011 2012 2013 2014

Personal Care R&D Spend

2014 R&D spend = 2.7% of Net sales

Innovation Comes In Many Flavors



Innovation Range Time to M

New Offering From Existing Technology Short

Upgraded Technology with Existing Platform Medium

Leverage New Innovation PlatformsLong

Innovation: Leveraging Existing



Leveraging ‘existing technologies’ to Provi

New Consumer Offerings

Pads

16ct Long 18ct Regular 36ct Regular

Launched in 2015

Playtex Sport Pads, Liners and Combo packs are expecte

drive meaningful growth in the Playtex Sport brand in Ye

32ct Combo Pad 48ct Combo Liner

Combo

54ct Regu

Innovation: Refresh



Refresh Our Portfolios With Upgraded TechnoloSupport Category Growth

Sunscreen that g

stays on in 7 c

Unique Claims an

• Sand brushe

• Moisturizes t

The only facial sunscreen

with hydrating ribbons

Unique Claims and Benefits:

• 12 hours of moisture!• Won’t clog pores

Innovation: Leveraging “New”

https://enernet.energizer.com/sites/EPCCC/Banana%20Boat%20Images/00587%20SunComfort%20SPF%2030;%206oz.jpg



Leveraging New Platforms, such as Hydro

Nbe

Trimmers

Female

Disposables

Bpro

Innovation: Capitalizing on Unique Capab

https://enernet.energizer.com/sites/EPCCC/Razors%20%20Blade%20Images/02300%20Hydro%205%20Disposables%203ct.jpg

https://enernet.energizer.com/sites/EPCCC/Razors%20%20Blade%20Images/00700%20Hydro%20Silk%20Razor.JPEG

https://enernet.energizer.com/sites/EPCCC/Razors%20%20Blade%20Images/00729%20Hydro%20Silk%20TrimStyle%20Razor.JPEG

https://enernet.energizer.com/sites/EPCCC/Razors%20%20Blade%20Images/01503%20Hydro%205%20Power%20Select%20Razor.JPEG



We are uniquely positioned to apply branded shknowledge and technology to our Private La

Shaving portfolio

Operational Productivity: A Key Element Of Ou



$1.3 B

2014

Net Sales

SourceManufactureDistribute

Comprehensive Productivi

- Advanced technology and a- Asset optimization- Procurement initiatives- Global Footprint initiatives

$2.6 B

We made: 9 Billion Blades per year

1 Billion Tampons per year

3 Billion Pads and Liners

1 Billion oz of Personal Care

EngineeringCost

Improvement

Programs

S

E

Technology & Automation Applicatio



Headcount in 10 shave cartridge assembly cells redby over 500, with automation projects averagin

less than 2 year paybacks.

Optimizing Global Sourcing FootprManufacturing Realignment



Brazilx

Florida

DelawareConnecticut

Tennessee

Mexico

Ohio

Montrealx

Chi

Israel

Czech RepGermany

1) Focus on Advanced Processes & Automation Development => High Technology

2) Shift production activity => Lower Cost Plants

3) Close Redundant / Excess Capacity

2 Year Shift and Realignment (US COG)- Connecticut & Germany => -25%- China & Mexico => +14%

Global Footprint Rationalization



• Plant Consolidation in Femcare, closing Montreal Plant

– Completed by early 2017

– Relocates 24 production lines; decommissions 36 production lines

– Estimated $20-25M annualized run rate savings

MONTREAL DOVER

CONSOLIDATING TO

Asset Optimization



Liquid Fill Insource / Outsource Optimization

20,000

25,000

30,000

35,000

40,000

45,000

50,000

55,000

2012 2013 2014 2015

Ormond Beach - Volume & Conversion COGS* Trend

Volume (000's Units) Conv COGS/Unit

2012 to 2015Volume up 16%

Conversion COGS down 9%

* Conversion COGS includes direct labor, freight and plant overhead

Volume is in units/pcs produced in Ormond Beach internal Sun care only

Driving Productivity: More to Come



• Demonstrated History of Delivering ProduSavings

• Process, Resources, and Focus In Place toCapture Future Opportunity

Target = Gross Productivity Savings of 3% Ann

Ed ll I t D




Financial Model

Sandy SheldonChief Financial Officer

Edgewell: A Compelling Value Propo



• Strong brands in growing

categories• Unique “Challenger” position

• A culture dedicated toinnovation, productivity, andvalue creation

•

Diverse geographic footprint• History of strong profit growth

and cash flow generation

• History of successful M&A

A Strong Foundation On-going Value Driv

Edgewell – Long Term Algorithm Beyond



Sales*

Long-Term Goal

2-3%

50 Basis Point Improvement/Year

High Single Digit Growth

100%+

Operating Margin

Diluted EPS - Adjusted

Free Cash Flow ConversionRate**

* Excludes M&A and currency

**Free cash flow is defined as net cash provided by operating activities net of capital expenditures, i.e. addi

and equipment. Free cash flow conversion rate is defined as Free cash Flow / Net Operating Profit After Tax

Long Term Algorithm:Organic* Sales Growth Trends



3.0% 3.0% 3.1%

4.5%

0.2%

-1.5%

**1.9%

-2%

-1%

0%

1%

2%

3%

4%

5%

FY08 FY09 FY10 FY11 FY12 FY13 FY14

1.8%CAGR ‘08 – ‘14


** 1.9% excluding ASR planned decline of 10.3% in FY12

3.1%

CAGR ‘08 – ‘12

Achieving Our Long Term Objective:Geographic Trends

R t t T Li G th



Return to Top Line Growth

• Re-investment in A&Pmarketing spend

• Strong innovation roa

• Leverage full portfolio

• Stabilize Infant

Accelerate Profitable Grow

• Continue growth of to

increased investment• Accelerate trade up ac

Portfolio

• Grow Sun Care througexpansion and innova

NorthAmerica

61%

International

39%

FlatCAGR ‘08 – ‘14

+4.4%CAGR ‘08 – ‘14

+5%CAGR ‘08 – ‘12

+2%CAGR ‘08 – ‘12


• Grow Share in Wet Sh

Achieving Our Long TermGrowth Objective By Segment



61%16%

16%

7%

Wet Shave Feminine Care

Sun and Skin Care Infant/Other

• Grow Share in Wet Sh

– Innovation and conin Hydro

– Private Brand Grow

– Invest in Disposable

– Pricing and trade u

– Legacy brand offse

• Accelerate Growth in

• Leverage Innovation aportfolio of offerings Care

• Stabilize Infant Care

Achieving Our Long TermGrowth Objective Through Investment



13.7%12.8%

14.2%

FY12 FY13 FY14 FY15 Est. LT Trend

A&P* Historical Trends

• Brands Matter in Our

• Focus Spend Against offering the greatest

• Move with Speed and

– Optimize and right market conditions

– Closely monitor eff

advertising and proprogram results

* Personal Care Segment Data

A Track Record of Strong Profit Growthand Margin ExpansionOp



17.9%16.7%

19.0% 19.4% 20.3%

FY10 FY11 FY12 FY13 FY14

Hydro launch

investment

Operating Margin*

• Track Record of Profit

Improvement• Key Areas of Focus:

– Price and mix due ttrade up

– Operational produc

– SG&A leverage, cos

including 2013 restr

• Reinvest in A&P and OPromotional Activitie

* Personal Care Segment Data -- does not include EHI corporate costs

OpSystematic Cost Reduction:A Part Of Our Culture



15.5%14.7% 14.8%

14.1%

12.5%

2010 2011 2012 2013 2014

SG&A* as a % of net sales

* Personal Care Segment Data -- does not include EHI corporate costs

• Track Record of Mana

Costs• 2013 Restructuring He

Recent Reduction to 1

• Drivers:

– Year over year savi

– Leverage from acquorganic sales growt

• Forward Goal for SG&sales = 15% Including

Managing SG&A Through Transition

O i Di i

Op



Overcoming Dis-synergies• Base Corporate Expenses

– Share of EHI Corporat

– Includes costs not prePC segment but incur

• Dis-synergy Examples

– International and Regstructures

– Corporate Staff

– HR/Benefit Costs, IT C

• Savings Timing

– SG&A as a % of sales c16% post spin

– Targeting run rate of 1

$30- $35

$30 - $40

$70 - $75

Savings

Dis-synergies

Base Corp Exp

Share

of EHI

Source: Company Estimates

Continuing to Fuel Our Growth ThroughDisciplined Cost Management

COGS/S l Ch i C i l SG

Op



COGS/Supply Chain Commercial SG

A r e a s o f F o c

u s

• Advanced Technology and

Automation Deployment

• Global Footprint Initiatives

• Asset Optimization

• Procurement Initiatives

• Trade Spend Productivity

• Brand Investment

Effectiveness

• Outsource Non

Transactional A

• Centralized BaFunctions

• Go to Market F

T

a r g e t

Average 3% Gross, 0.5% - 1%

Net Savings Annually

Reinvest For GrowthSteady State O

of Sales wit

Productivity a

L o n g - T e r m

O b j e c t i v e s

Contributes to +50 Basis Point Operating Margin Expansion Per Year

Restructuring Savings: More to Come Op



2013Restructuring

thru 3rd

Quarter

2013Restructuring

Q4 2015 – FY2017

Going ForwContinued

on systemat

reductio

• EHI: $300M cost,$315 savings

• EPC: $85M cost,$9oM savings

• Initiatives: Headcount

Reductions,Purchasing Savings

EPC only

• Projected $40 - $50M inAdditional Costs and$30 - $40M IncrementalSavings

• Initiatives: PlantClosure

• Optimize Footprint

EPC only

• Optimize GlobManufacturinFootprint

• Procurement

• Advanced Tecand Automati

• Systematic CoReductions

A ti

Improving Working Capital:More to ComeBalan



22.9%

16.6%

17.5% -

18%

FY11 Baseline FY14 FY15 EST LT Trend

Actions

• WC % / Sales Increase in

Inventory Build for Plant – Increase of $30 - $40

• Going Forward:

– DII

• Ongoing footp

• Inventory optim

reduction initia

mitigate

– DSO/DPO: modest over time


Projected Capitalization ($B)

Strong Balance Sheet Balan



Projected Capitalization ($B)

Pro Forma

Cash $0.7

Debt* $1.5

Net Debt $0.8

5 Year Revolving CreditFacility**

$0.6

* Weighted average interest rate of 4.0%** Currently undrawn

• Ample liquidity

• No debt maturities un

• Expect to maintain baflexibility to pursue st

• Debt/EBITDA ~ 3

Priorities for Free Cash Flow Balan



Invest In The Business To Drive Top-line Growth

Disciplined M&A To Grow And Expand Portfo

Return of Capital to Shareholders Through Buy

Generating Profitable GrowthThrough Capital Expenditures

Capital Spending Trends ($M)

Balan



• 2015:

– Operational produinitiatives

• Looking Forward:

– Continue balance aproduct and produ

– 2% - 3% of sales

$58 $54

$43

~$70

2012 2013 2014 2015

Capital Spending Trends ($M)

2013 Restructuring New Products- Operational IT/Other

Disciplined M&A To Grow And Expand Po



ExpandPersonal Care

Portfolio

AttractiveCategory

Dynamics

StrongCompetitive

Position

• Stay Close tothe Core

• StrengthenGeographic Reach

• Leverage

InternationalFootprint

• Fast Moving /Consumable

• Category Growth

• #1 or #2 inIndustry

• PotentialLeadershipEconomics

• EPW

Return of Capital to Shareholders

Successful History Future Opportunit



Energizer Holdings: SuccessfulHistory of Opportunistic ShareRepurchase

– 57m shares repurchased atweighted average cost of$49 per share

– $2.8 Billion in cash returnedto shareholders throughbuy back

Edgewell Will Build on thLegacy of Opportunistic Repurchase

– Energizer Holdings BDirectors authorizedrepurchase of 10 millshares on May 21, 20

– Authorization will cato Edgewell Persona

Successful History Future Opportunit

2015 Financial Reporting Considerations

FY 2015 4Q 2015



Will reflect a blend Personal Care(EPC) and Household (ENR)Financials

– Q1-Q3 will reflect Householdas “Discontinued Operations”

– Q4 will reflect Edgewell on a

standalone basis – Edgewell Segment financials

will be included in the 10K inNovember 2015

Proforma Income Statemand Balance Sheets for

– 2012 – 2014 and YTD

– Removes discontinueoperations and expenrelated to spin

FY 2015 4Q 2015

Edgewell – Full Year 2016 Financial Consid

FY 2016



Financial results for first full year as a standalone are anticipated

be below the long term growth algorithm targets

FY16 Results will include impacts from:

– Changes in the Go to Market Footprint

– Incremental operating costs and dis-synergies for up to 3 – 4

– Ongoing currency headwinds for the first quarter (based onrecent rates)

– FY16 outlook to be provided as part of our FY2015 Q4 earninrelease and call

FY 2016

Anticipated Adjustments to Net SalesExcludes:

• Year over year O



$2,612

$2

$30$45

$150

FY14 Venezuela Industrial Adj. FY14 Currency New

Net Sales ($M)

$2,537


• Year over year O

• Impact from Go

Adjustments to EBITDA Base also anticip

Adj sted EBITDA* ($M)

Excludes:

• Year over year o



$530$$9

$59

FY14 Corp Expense** Venezuela/Ind Adj. 2014 Currency New

Adjusted - EBITDA* ($M)

$612

$73

Source: company estimates * Non-GAAP reconc

y

• Impact of dis-sy4Q15 and carryin

• Spin-off and res

** Corporate expense is an estimated share of EHI

corporate expense

• While FY16 Will be a Transition Year, We Will Return to Our St

Edgewell – Positioned For Growth



,Record of Profitable Growth and Cash Generation

Edgewell’s

Strategic

Value Drivers





Leverage the Power of EPC’s Co

1

2

3

4

5

• While FY16 Will be a Transition Year, We Will Return to Our St

Edgewell – Positioned For Growth



,Record of Profitable Growth and Cash Generation

Edgewell’s Strategic

Value Drivers





Q&AInvestor Kickoff 2015June 2, 2015



APPENDIX

Company ContactsSandy Sheldon



Chief Financial Officer

[email protected] Chris GoughVP, Investor [email protected]

(203) 944-5706

• July 2015 – 8K

– Income statement and balance sheet pro-formas adjusted to remove d

Upcoming Financial Disclosures

mailto:[email protected]






Income statement and balance sheet pro formas adjusted to remove d

operations and expenses related to spin

– Income statements for: six months-ended 3/31/2015, year ended 9/30/2

9/30/2013,year ended 9/30/2012• August 2015 - 3Q 2015 10-Q

– Subsequent event footnote will include an update to the Pro-formas in

footnote will include:

• Highly summarized income statement information for the nine-m

6/30/2015

•

The value of assets and liabilities transferred to “New Energizer”

• November 2015 – Fiscal 2015 10-K

– The consolidated income statement will be adjusted to reflect EHP as

Upcoming Financial Disclosures



– The consolidated income statement will be adjusted to reflect EHP as

operations for all years (2013, 2014 & 2015)

–

The consolidated balance sheet as of 9/30/2015 will exclude EHP balanc9/30/2014 balances will NOT be re-stated for discontinued operations

– The consolidated statement of cash flows for prior years will not chang

months-ended 6/30/2015 from full year 2015 cash flows to get EPC stan

for the 4th quarter.

– The quarterly footnote showing consolidated income statement trends

for discontinued operations for 2014 & 2015

– The segment footnote and MDA will compare full-year segment profit

and for 2015 vs 2014

Non-GAAP Financial Measures. While the Company reports financial results in

with accounting principles generally accepted in the U S (“GAAP”) this discuss

Non-GAAP Reconciliations



with accounting principles generally accepted in the U.S. (“GAAP”), this discuss

non-GAAP measures. These non-GAAP measures, such as adjusted net earning

share, the costs associated with restructuring and other initiatives, costs assocplanned spin-off transaction, costs associated with acquisitions and integration

acquisition inventory valuation, adjustments to prior year tax accruals, pension

pro forma adjustments related to the spin-off from Ralston Purina Company an

items as outlined herein, are not in accordance with, nor are they a substitute f

measures. The Company believes these non-GAAP measures provide a meanin

comparison to the corresponding historical period and assist investors in perfo

consistent with financial models developed by research analysts. Investors shonon-GAAP measures in addition to, not as a substitute for, or superior to, the c

GAAP measures.

Adjusted EBITDA Reconciliation ($MFY 2014

Personal Care segment profit $ 531



(a) For purposes of this presentation, we h

defined Adjusted EBITDA as segment prof

excluding depreciation and amortization.

Segment profit excludes corporate expens

restructuring-related charges, spin-related

charges, share-based payment costs,

acquisition and integration costs and othe

financing items that we believe are not

representative of our core business. Gene

corporate and other expenses includes sha

based payment costs. These items are

identified in the reconciliation of Personal

Care segment profit to net earnings, the m

directly comparable GAAP measure. Our

definition of Adjusted EBITDA may bedifferent from the calculation used by othe

companies; therefore, they may not be

comparable to other companies.


Personal Care depreciation and amortization 81

Adjusted EBITDA (a) $ 612

Net earnings $ 356Income taxes 117

Earnings before income taxes $ 473

Corporate expenses and other:

General corporate and other expenses $ 147

2013 restructuring 105

Spin-off costs 45

Feminine care acquisition/integration costs 10

Net pension / post-retirement gains (1)

Acquisition inventory valuation 8

ASR integration / transaction costs 1

Amortization of intangibles 18

Interest and other financing items 123

Total corporate expense and other $ 456

Total segment profit $ 929

Household Products segment profit 398


Adjusted Diluted EPS ReconciliationFor the Year EndedSeptember 30, 2014



*Energizer Holdings, Inc. was spun off from Ralston Purina Company (Ralston) on April 1, 2000. The pro forma FYis presented assuming the spin-off had occurred as of October 1, 1999.

**The historical financial information for fiscal year 2000 reflects periods during which Energizer was operated aof Ralston.

Diluted EPS - GAAP $ 5.69 Diluted EPS - GAAP **

Impacts, net of tax: expense / (income) Net gain from discontinued operations

2013 restructuring and related costs 1.12 Historical Net Earnings from Continuing Operations **

One time spin-off costs 0.45 Capital loss tax benefits

Feminine care acquisition / integration costs 0.10 Other pro forma costs, net of tax

Acquisition inventory valuation 0.08 Incremental interest expense, net of tax

Net pension / post retirement benefit gains (0.01) Pro Forma Diluted EPS *

Other realignment / integration 0.01 Loss on disposition of Spanish affiliate

Adjustment to prior years' tax accruals (0.12) Costs related to spin-off

Diluted EPS - adjusted (Non-GAAP) $ 7.32 Pro Forma Diluted EPS - adjusted (Non-GAAP)*




g

Investor Kickoff 2015June 2, 2015

enr ehp edgewell investor day 2015 full mtg final

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