Market Signal Briefing

Full Year Results

Net sales increased 2.3% driven by Acquisition Net sales of $63.6 million and Organic Net sales growth of 0.7%(1)
Reported EPS of $3.32 & Adjusted EPS of $3.52, an increase of 6% on an adjusted basis (1)
Net earnings of $239.0 million & Adjusted EBITDA of $623.6 million (1)
Project Momentum surpassed over $200 million in savings during the three-year program
Extending Project Momentum to a fourth year, with a focus on ongoing tariff mitigation, increasing operational efficiency and the integration of the APS business

Fourth Quarter Results

Net sales increased 3.4% to $832.8 million driven by Acquisition Net sales of $42.8 million partially offset by Organic Net sales decline of 2.2%(1)
Reported EPS of $0.50 & Adjusted EPS of $1.05(1)

, /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) today announced results for the fourth fiscal quarter and full fiscal year, which ended September 30, 2025. 

"Energizer delivered strong earnings in Fiscal 2025 by staying agile and focused in a volatile environment," said Mark LaVigne, Chief Executive Officer. "We adjusted quickly, found opportunities, and executed with discipline to deliver a strong year.  As we begin Fiscal 2026, we are operating through a period of transition, with the first quarter more heavily affected by temporary tariff costs and mitigation efforts.  However, we have responded decisively.  By extending Project Momentum and accelerating integration efforts, we will preserve margins and build flexibility to invest in future growth. With resilient categories, trusted brands, and a clear strategy, we are well-positioned to build on our success and accelerate performance as the year progresses."

Top-Line Performance

Net sales were $832.8 million for the fourth fiscal quarter compared to $805.7 million in the prior year period and $2,952.7 million for the fiscal year compared to $2,887.0 million for the prior fiscal year.

Fourth
Quarter

% Chg

Full Fiscal
Year

% Chg

Net sales - FY'24

$         805.7

$      2,887.0

Organic

(17.4)

(2.2) %

19.8

0.7 %

Acquisition impact

42.8

5.3 %

63.6

2.2 %

Change in highly inflationary markets

(2.8)

(0.3) %

(5.3)

(0.2) %

Impact of currency

4.5

0.6 %

(12.4)

(0.4) %

Net sales - FY'25

$         832.8

3.4 %

$      2,952.7

2.3 %

For the fourth fiscal quarter, organic Net sales decreased 2.2% from the prior year due to the following items: (1) 

Volumes declined 2.9% due to softer consumer demand, primarily in North America, partially offset by growth in e-commerce and international markets in Batteries & Lights, and new innovation and expanded distribution in Auto Care.
Partially offsetting the volume declines were pricing increases of 0.7% driven by innovation and tariffs across both segments.

For the fiscal year, organic Net sales increased 0.7% due to the following items: (1) 

Volumes grew 1.5% driven by new and expanded distribution and growth in e-commerce, as well as new innovation in Auto Care, partially offset by lower back-half category volumes as softer consumer demand impacted both segments.
Offsetting the volume growth were pricing declines of 0.8% driven by planned strategic pricing and promotional investments partially offset by innovation and tariff pricing.

Gross Margin

Gross margin percentage on a reported basis for the fourth fiscal quarter was 36.6%, versus 38.1% in the prior year quarter. Excluding the current and prior year restructuring costs, network transition costs and integration costs, Adjusted Gross margin was 38.5%, down 370 basis points from the prior year quarter.(1)

Gross margin percentage on a reported basis for fiscal 2025 was 41.7%, versus 38.3% in the prior year. Excluding the FY23 & FY24 production credits recorded in the current year, the current and prior year restructuring costs, network transition costs and integration costs, Adjusted Gross margin was 40.9% and consistent with prior year.(1) 

Fourth Quarter

Full Fiscal Year

Gross margin - FY'24 Reported

38.1 %

38.3 %

Prior year impact of restructuring, network transition and integration costs

4.1 %

2.6 %

Adjusted Gross margin - FY'24 (1)

42.2 %

40.9 %

FY25 production credits

1.0 %

1.4 %

Project Momentum initiatives

0.7 %

1.7 %

Pricing

0.4 %

(0.5) %

Product cost impacts

(2.2) %

(1.4) %

Tariffs

(2.1) %

(0.5) %

Acquisition impact

(1.0) %

(0.4) %

Currency impact, including highly inflationary markets

(0.5) %

(0.3) %

Gross margin - FY'25 Adjusted

38.5 %

40.9 %

Current year impact of restructuring, network transition and integration costs and FY23 & FY24 production credits

(1.9) %

0.8 %

Gross margin - FY'25 Reported

36.6 %

41.7 %

Adjusted Gross margin declined in the fourth fiscal quarter driven by increased input costs from production inefficiencies associated with rebalancing our network and increased warehousing, distribution and tariff costs, as well as the lower margin profile of the APS business.  These declines were partially offset by the FY25 production tax credit of $7.7 million and the Project Momentum initiatives, which delivered savings of approximately $6 million, as well as benefits from price increases implemented to offset tariff impacts.

Adjusted Gross margin was flat to fiscal 2024.  The benefits from the FY25 production credit of $41.6 million and the Project Momentum initiatives, which delivered savings of approximately $50 million, were fully offset by the full year impact from increased product costs from production inefficiencies associated with rebalancing our network and increased warehousing, distribution and tariff costs, as well as the lower margin profile of the APS business and the planned strategic pricing and promotional investments noted above.

Selling, General and Administrative Expense (SG&A)

SG&A for the fourth fiscal quarter was 15.4% of Net sales, or $128.2 million, as compared to 15.3% of Net sales, or $123.0 million, in the prior year when excluding restructuring and related costs, acquisition and integration costs and a litigation matter. The year-over-year increase was primarily driven by increased SG&A from the APS business of $7.3 million, increased investment in digital transformation and increased recycling fees. These increases were partially offset by savings from Project Momentum of approximately $4 million.(1) 

SG&A for fiscal 2025 was $495.5 million, or 16.8% of Net sales, as compared to $473.1 million, or 16.4% of Net sales, in the prior year when excluding restructuring and related costs, acquisition and integration costs, and a litigation matter. The year-over-year increase was primarily driven by increased SG&A from the APS business of $11.8 million, increased investment in digital transformation and increased legal and recycling fees.  This increase was partially offset by Project Momentum savings of approximately $14 million in the period.(1) 

Advertising and Promotion Expense (A&P)

A&P was 4.1% of Net sales for the fourth fiscal quarter and 5.1% of Net sales for fiscal 2025. A&P spending in the prior year was 4.6% for the fourth fiscal quarter of 2024 and 5.0% for fiscal 2024. For the quarter, this was a decrease of 50 basis points, or $3.3 million and for fiscal 2025 this was an increase of 10 basis points or $8.0 million.

Earnings Per Share and Adjusted EBITDA

Fourth Quarter

Full Fiscal Year

(In millions, except per share data)

2025

2024

2025

2024

Net earnings

$       34.9

$       47.6

$     239.0

$       38.1

Diluted net earnings per common share

$       0.50

$       0.65

$       3.32

$       0.52

Adjusted net earnings(1)

$       72.8

$       89.3

$     253.1

$     241.3

Adjusted diluted net earnings per common share(1)

$       1.05

$       1.22

$       3.52

$       3.32

Adjusted EBITDA(1)

$     171.2

$     187.3

$     623.6

$     612.4

Currency neutral Adjusted diluted net earnings per common share(1)

$       1.08

$       3.59

Currency neutral Adjusted EBITDA(1)

$     173.3

$     629.4

The decline in net earnings in the fourth fiscal quarter was primarily driven by a current year non-cash pre-tax impairment charge of $5.9 million on certain proprietary formulas the Company no longer plans to utilize and the increase in the loss on extinguishment of debt. The increase in net earnings in fiscal 2025 was primarily driven by the current and prior year production credits of $120.9 million recorded in fiscal 2025.  Fiscal 2024 was further impacted by the non-cash pre-tax impairment charge of $110.6 million.

For the fourth fiscal quarter, the decrease in Adjusted earnings and Adjusted EBITDA reflects the decrease in Gross margin due to the increased product costs and tariffs, as well as increased SG&A spending and unfavorable currency impacts, partially offset by Project Momentum savings, FY25 production tax credits and lower A&P spending. Adjusted earnings per share was further impacted by higher interest expense as the Company's overall debt balance has increased, partially offset by decreased tax expense.

For the full year, Adjusted net earnings per share and Adjusted EBITDA reflects improvement driven by Project Momentum, as well as the FY25 production credits, which were more than enough to offset the impacts of lower consumer demand and increased costs. Adjusted earnings per share further benefited from lower tax expense.

For the quarter, currency had an unfavorable pre-tax impact of $2.3 million, or $0.03 per share, and for fiscal 2025, currency had an unfavorable pre-tax impact of $6.0 million, or $0.07 per share.

Capital Allocation 

Operating cash flow for fiscal 2025 was $147.1 million. Fiscal 2025 free cash flow was $63.2 million, or 2.1% of Net sales.
The Company repurchased 1.2 million shares of common stock for $27.1 million, or $22.49 per share during the fourth fiscal quarter. During fiscal 2025, the Company repurchased a total of 4.0 million shares of common stock at $22.42 per share.
The Company paid dividends in the quarter of $21.3 million, or $0.30 per common share. Dividend payments for fiscal 2025 were $87.1 million, or $1.20 per common share.
The Company refinanced $500.0 million of existing debt during the fourth quarter.  The proceeds were used to redeem the 2027 6.50% notes and fully restore revolver capacity. 
Subsequent to year-end, the Company received a tax refund of $50.7 million, which included the fiscal 2024 production credit refund. The Company utilized these funds, as well as other funds, to pay down approximately $80.0 million of outstanding debt.

Financial Outlook and Assumptions for Fiscal 2026 (1)

For fiscal 2026, we expect organic Net sales to be flat to slightly up in both Batteries and Lights and Auto Care. Gross margin is expected to modestly decline, as the impact of tariffs will be largely offset through already executed pricing, production credits and productivity initiatives, with slight margin dilution from the inclusion of the APS business for the full year. As a result, we expect to deliver adjusted earnings per share for the full year in the range of $3.30 to $3.60 and Adjusted EBITDA in the range of $580 million to $610 million.

Our earnings cadence this year will be influenced by a challenging sales comparison and transitory costs, both of which are primarily impacting the first quarter.  Following the first quarter, we expect to generate double digit Adjusted earnings per share growth over the remainder of the year.  For the first quarter, we expect organic Net sales to decline high-single digits and Adjusted earnings per share to be in the range of $0.20 to $0.30.

Webcast Information

In conjunction with this announcement, the Company posted prepared comments under the Investor/Events & Presentation section of the Company website and will hold an investor conference call beginning at 10:00 a.m. eastern time today. The call will focus on fourth quarter and fiscal 2025 financial results and the financial outlook for fiscal 2026. All interested parties may access a live webcast of this conference call at www.energizerholdings.com, under "Investors" and "Events and Presentations" tabs or by using the following link:

https://app.webinar.net/weKgmMqmP4p

For those unable to participate during the live webcast, a replay will be available on www.energizerholdings.com, under "Investors," "Events and Presentations," and "Past Events" tabs.

(1)

See Press Release attachments and supplemental schedules for additional information, including the GAAP to Non-GAAP reconciliations.

This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, the future sales, gross margins, costs, earnings, cash flows, tax rates and performance of the Company. These statements generally can be identified by the use of forward-looking words or phrases such as "believe," "expect," "expectation," "anticipate," "may," "could," "will," "intend," "belief," "estimate," "plan," "target," "predict," "likely," "should," "forecast," "outlook," or other similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this document are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation:

Global economic and financial market conditions beyond our control might materially and negatively impact us.
Competition in our product categories might hinder our ability to execute our business strategy, achieve profitability, or maintain relationships with existing customers.
Changes in the retail environment and consumer preferences could adversely affect our business, financial condition and results of operations.
We must successfully manage the demand, supply, and operational challenges brought on by any disease outbreak, including epidemics, pandemics, or similar widespread public health concerns.
Loss or impairment of the reputation of our Company or our leading brands or failure of our marketing plans could have an adverse effect on our business.
Loss of any of our principal customers could significantly decrease our sales and profitability.
Our ability to meet our growth targets depends on successful product, marketing and operations innovation and successful responses to competitive innovation and changing consumer habits.
We are subject to risks related to our international operations, including tariffs and currency fluctuations, which could adversely affect our results of operations.
If we fail to protect our intellectual property rights, competitors may manufacture and market similar products, which could adversely affect our market share and results of operations.
Changes in production costs, including raw material prices and transportation costs, from inflation or otherwise, have adversely affected, and in the future could erode, our profit margins and negatively impact operating results.
Our reliance on certain significant suppliers subjects us to numerous risks, including possible interruptions in supply, which could adversely affect our business.
Our business is vulnerable to the availability of raw materials, our ability to forecast customer demand and our ability to manage production capacity.
The manufacturing facilities, supply channels or other business operations of the Company and our suppliers may be subject to disruption from events beyond our control.
The Company's future results may be affected by its operational execution, including its ability to achieve cost savings as a result of any current or future restructuring events.  
If our goodwill and indefinite-lived intangible assets become impaired, we will be required to record impairment charges, which may be significant.
A failure of a key information technology system could adversely impact our ability to conduct business.
We rely significantly on information technology and any inadequacy, interruption, theft or loss of data, malicious attack, integration failure, failure to maintain the security, confidentiality or privacy of sensitive data residing on our systems or other security failure of that technology could harm our ability to effectively operate our business and damage the reputation of our brands.
We may not be able to attract, retain and develop key employees, as well as effectively manage human capital resources.
We have significant debt obligations that could adversely affect our business.
Our credit ratings are important to our cost of capital.
We may experience losses or be subject to increased funding and expenses related to our pension plans.
The estimates and assumptions on which our financial projections are based may prove to be inaccurate, which may cause our actual results to materially differ from our projections, which may adversely affect our future profitability, cash flows and stock price.
If we pursue strategic acquisitions, divestitures or joint ventures, we might experience operating difficulties, dilution, and other consequences that may harm our business, financial condition, and operating results, and we may not be able to successfully consummate favorable transactions or successfully integrate acquired businesses.
Our business involves the potential for product liability claims, labeling claims, commercial claims and other legal claims against us, which could affect our results of operations and financial condition and result in product recalls or withdrawals.
Our business is subject to increasing government regulations in both the U.S. and abroad that could impose material costs.
Increased focus by governmental and non-governmental organizations, customers, consumers and shareholders on environmental, social and governance (ESG) issues, including those related to sustainability and climate change, may have an adverse effect on our business, financial condition and results of operations and damage our reputation.
We are subject to environmental laws and regulations that may expose us to significant liabilities and have a material adverse effect on our results of operations and financial condition.
Section 45X of the Internal Revenue Code contains production tax credits for certain battery components. Our ability to benefit from Section 45X production tax credits is not guaranteed and is dependent upon the federal government's ongoing implementation, guidance, regulations, or rulemakings.

In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of any such forward-looking statements. The list of factors above is illustrative, but by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Additional risks and uncertainties include those detailed from time to time in our publicly filed documents, including those described under the heading "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission on November 19, 2024 and in our Form 10-Q filed August 4, 2025.

ENERGIZER HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(Condensed)

(In millions, except per share data - Unaudited)

Quarter Ended
September 30,

Twelve Months Ended
September 30,

2025

2024

2025

2024

Net sales

$        832.8

$        805.7

$     2,952.7

$     2,887.0

Cost of products sold (1)

528.4

498.9

1,720.0

1,782.7

Gross profit

304.4

306.8

1,232.7

1,104.3

Selling, general and administrative expense (1)

136.8

146.1

532.4

526.3

Advertising and promotion expense

34.1

37.4

151.7

143.7

Research and development expense

8.3

8.5

32.6

31.6

Amortization of intangible assets

14.6

14.7

58.7

58.2

Impairment of intangible assets (2)

5.9

—

5.9

110.6

Interest expense

40.3

37.8

154.3

155.7

Loss on extinguishment/modification of debt (3)

6.8

0.3

12.1

2.4

Other items, net (1) (4)

4.2

2.5

0.9

22.0

Earnings before income taxes

53.4

59.5

284.1

53.8

Income tax expense

18.5

11.9

45.1

15.7

Net earnings

$           34.9

$           47.6

$        239.0

$           38.1

Basic net earnings per common share

$           0.51

$           0.66

$           3.37

$           0.53

Diluted net earnings per common share

$           0.50

$           0.65

$           3.32

$           0.52

Weighted average shares of common stock - Basic

68.4

71.8

70.9

71.8

Weighted average shares of common stock - Diluted

69.5

73.0

72.0

72.7

(1) See the attached Supplemental Schedules - Non-GAAP Reconciliations, which break out the Project Momentum restructuring and related costs, Network transition costs, FY23 & FY24 production tax credits, Acquisition and integration related costs, and Litigation matters recorded included within these lines.

(2) The non-cash impairment of intangible assets for the quarter and twelve months ended September 30, 2025 related to impairing the remaining book value of certain proprietary formulas the Company plans to no longer utilize. The non-cash Impairment of intangible assets for the twelve months ended September 30, 2024 related to the Company's Rayovac trade name impairment of $85.2 million and Varta trade name impairment of $25.4 million.

(3) The Loss on extinguishment/modification of debt for the quarter ended September 30, 2025 related to the Company's September 2025 redemption of the $300.0 million Senior Notes due in 2027. The loss for the twelve months ended September 30, 2025 also included the refinancing and extension of the Company's $760 million term loan and $500 million credit facility completed earlier in the year. The Loss on extinguishment/modification of debt for the quarter and twelve months ended September 30, 2024 related to the early repayment of term loan during the respective periods, as well as the term loan repricing during the prior year.

(4) During December 2023, a new president was inaugurated in Argentina bringing significant economic reform to the country including devaluing the Argentine Peso by 50% in the month of December (the "December 2023 Argentina Economic Reform"). As a result of this reform and devaluation, the Company has recorded $22.0 million of currency exchange and related losses within Other items, net for the twelve months ended September 30, 2024.

ENERGIZER HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(Condensed)

(In millions - Unaudited)

SEPTEMBER 30,

2025

2024

Assets

Current assets

Cash and cash equivalents

$                 236.2

$                 216.9

Trade receivables

404.2

441.3

Inventories

781.2

657.3

Other current assets

257.5

163.4

Total current assets

$              1,679.1

$              1,478.9

Property, plant and equipment, net

403.0

380.1

Operating lease assets

93.2

94.7

Goodwill

1,051.2

1,046.0

Other intangible assets, net

1,005.5

1,070.9

Deferred tax asset

166.6

145.8

Other assets

158.1

126.0

 Total assets

$              4,556.7

$              4,342.4

Liabilities and Shareholders' Equity

Current liabilities

Current maturities of long-term debt

$                     8.6

$                   12.0

Current portion of finance leases

1.5

0.6

Notes payable

13.7

2.1

Accounts payable

402.2

433.1

Current operating lease liabilities

16.2

18.2

Other current liabilities

352.8

353.8

Total current liabilities

$                 795.0

$                 819.8

Long-term debt

3,407.9

3,193.0

Operating lease liabilities

84.8

82.4

Deferred tax liability

6.1

8.3

Other liabilities

93.0

103.1

 Total liabilities

$              4,386.8

$              4,206.6

Shareholders' equity

Common stock

0.8

0.8

Additional paid-in capital

603.5

667.6

Retained earnings/(losses)

87.0

(128.4)

Treasury stock

(295.8)

(223.6)

Accumulated other comprehensive loss

(225.6)

(180.6)

Total shareholders' equity

$                 169.9

$                 135.8

Total liabilities and shareholders' equity

$              4,556.7

$              4,342.4

ENERGIZER HOLDINGS, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(Condensed)

(In millions - Unaudited)

FOR THE YEARS ENDED
SEPTEMBER 30,

2025

2024

Cash Flow from Operating Activities

Net earnings

$               239.0

$                 38.1

  Adjustments to reconcile net earnings to net cash flow from operations:

Non-cash integration and restructuring charges

15.5

13.0

Impairment of intangible assets

5.9

110.6

Depreciation and amortization

126.7

120.5

Deferred income taxes

(16.6)

(43.3)

Share-based compensation expense

25.6

23.1

Gain on sale of real estate

—

(4.4)

Loss on extinguishment on debt

7.9

2.4

Foreign currency exchange loss included in income

1.6

32.1

Non-cash items included in income, net

11.9

17.8

Production tax credits

(120.9)

—

Other, net

(9.3)

(2.2)

  Changes in assets and liabilities used in operations, net of acquisitions

Decrease in accounts receivable, net

32.9

71.8

Increase in inventories

(88.6)

(4.0)

Increase in other current assets

(12.2)

(0.1)

(Decrease)/increase in accounts payable

(60.0)

62.2

Decrease in other current liabilities

(12.3)

(8.0)

Net cash from operating activities

147.1

429.6

Cash Flow from Investing Activities

Capital expenditures

(83.9)

(97.9)

Proceeds from sale of assets

—

7.3

Acquisitions, net of cash acquired

(14.3)

(22.4)

Purchase of available-for-sale securities

—

(5.2)

Proceeds from sale of available-for-sale securities

—

4.2

Net cash used by investing activities

(98.2)

(114.0)

Cash Flow from Financing Activities

Cash proceeds from issuance of debt with original maturities greater than 90 days

698.0

—

Payments on debt with maturities greater than 90 days

(523.5)

(200.8)

Net decrease in debt with maturities 90 days or less

(0.1)

(6.2)

Debt issuance costs

(13.6)

(0.9)

Premiums paid on extinguishment of debt

(4.9)

—

Payment of acquisition indemnification hold back

(0.5)

—

Dividends paid on common stock

(87.1)

(87.4)

Common stock repurchased

(89.7)

—

Taxes paid for withheld share-based payments

(7.7)

(5.0)

Net cash used by financing activities

(29.1)

(300.3)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(0.5)

(21.7)

Net increase/(decrease) in cash, cash equivalents and restricted cash

19.3

(6.4)

Cash, cash equivalents and restricted cash, beginning of period

216.9

223.3

Cash, cash equivalents and restricted cash, end of period

$               236.2

$               216.9

ENERGIZER HOLDINGS, INC.
Supplemental Schedules
Introduction to the Reconciliation of GAAP and Non-GAAP Measures
For the Quarter and Twelve Months ended September 30, 2025

The Company reports its financial results in accordance with accounting principles generally accepted in the U.S. ("GAAP").  However, management believes that certain non-GAAP financial measures provide users with additional meaningful comparisons to the corresponding historical or future period, and are used for management incentive compensation. These non-GAAP financial measures exclude items that are not reflective of the Company's on-going operating performance, such as restructuring and related costs, network transition costs, acquisition and integration costs, a litigation matter, FY23 & FY24 production credits, impairment of intangible assets, the loss on extinguishment/modification of debt, and the December 2023 Argentina Economic Reform. In addition, these measures help investors to analyze year over year comparability when excluding currency fluctuations as well as other Company initiatives that are not on-going.  We believe these non-GAAP financial measures are an enhancement to assist investors in understanding our business and in performing analysis consistent with financial models developed by research analysts. Investors should consider non-GAAP measures in addition to, not as a substitute for, or superior to, the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures used by other companies due to possible differences in methods and in the items being adjusted.

We provide the following non-GAAP measures and calculations, as well as the corresponding reconciliation to the closest GAAP measure in the following supplemental schedules:

Segment Profit.  This amount represents the operations of our two reportable segments including allocations for shared support functions. General corporate and other expenses, amortization expense, impairment of intangible assets, interest expense, loss on extinguishment/modification of debt, other items, net, restructuring and related costs, network transition costs, FY23 & FY24 production credits, a litigation matter, and acquisition and integration costs have all been excluded from segment profit. 

Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Common Share (EPS).  These measures exclude the impact of restructuring and related costs, network transition costs, FY23 & FY24 production credits, impairment of intangible assets, costs related to acquisition and integration, a litigation matter, the loss on extinguishment/modification of debt, and the December 2023 Argentina Economic Reform.

Non-GAAP Tax Rate. This is the tax rate when excluding the pre-tax impact of restructuring and related costs, network transition costs, impairment of intangible assets, costs related to acquisition and integration, FY23 & FY24 production credits, a litigation matter, the loss on extinguishment/modification of debt, and the December 2023 Argentina Economic Reform, as well as the related tax impact for these items, calculated utilizing the statutory rate for the jurisdiction where the impact was incurred.

Organic.  This is the non-GAAP financial measurement of the change in Net sales or segment profit that excludes or otherwise adjusts for the Acquisition impact, Change in highly inflationary markets and Impact of currency from the changes in foreign currency exchange rates as defined below:

Acquisition impact. The Company completed the Advanced Power Solutions acquisition on May 2, 2025. These adjustments include the impact of the operations associated with the acquired branded battery business. The Company will be working to transition from these branded business to legacy brands by December 31, 2025. This does not include the impact of acquisition and integration costs associated with this acquisition.
Change in highly inflationary markets. The Company is presenting separately all changes in sales and segment profit from our Egypt and Argentina affiliates due to the designation of the economies as highly inflationary as of October 1, 2024 and July 1, 2018, respectively.
Impact of currency. The Company evaluates the operating performance of our Company on a currency neutral basis. The Impact of Currency is the change in foreign currency exchange rates year-over-year on reported results, which is calculated by comparing the value of current year foreign operations at the current period USD exchange rate versus the value of current year foreign operations at the prior period USD exchange rate. The impact of currency also includes (gains)/losses of currency hedging programs, and it excludes highly inflationary markets.

Adjusted Comparisons.  Detail for adjusted gross profit, adjusted gross margin, adjusted SG&A and adjusted SG&A as percent of sales and adjusted Other items, net are also supplemental non-GAAP measure disclosures. These measures exclude the impact of restructuring and related costs, network transition costs, acquisition and integration costs, FY23 & FY24 production credits, a litigation matter, and the December 2023 Argentina Economic Reform.

EBITDA and Adjusted EBITDA. EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment/modification of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs related to restructuring, network transition costs, FY23 & FY24 production credits, a litigation matter, and the December 2023 Argentina Economic Reform, impairment of intangible assets, acquisition and integration costs, and share based payments.

Free Cash Flow. Free Cash Flow is defined as net cash provided by operating activities reduced by capital expenditures, net of the proceeds from asset sales.

Net Debt. Net Debt is defined as total Company debt, less cash and cash equivalents.

Currency-neutral. Currency-neutral excludes the Impact of currency as defined above on key measures. Highly inflationary markets are excluded from this calculation.

Energizer Holdings, Inc.
Supplemental Schedules - Segment Information and Supplemental Sales Data
For the Quarter and Twelve Months ended September 30, 2025
(In millions, except per share data - Unaudited)

Operations for Energizer are managed via two product segments: Batteries & Lights and Auto Care. Energizer's operating model includes a combination of standalone and shared business functions between the product segments, varying by country and region of the world. Shared functions include the sales and marketing functions, as well as human resources, IT and finance shared service costs. Energizer applies a fully allocated cost basis, in which shared business functions are allocated between segments. Such allocations are estimates, and may not represent the costs of such services if performed on a standalone basis. Segment sales and profitability, as well as the reconciliation to earnings before income taxes for the quarters and twelve months ended September 30, 2025 and 2024 are presented below:

For the Quarter Ended
September 30,

For the Twelve Months Ended
September 30,

Net sales

2025

2024

2025

2024

Batteries & Lights

$             677.2

$             651.6

$          2,332.7

$          2,259.5

Auto Care

155.6

154.1

620.0

627.5

Total Net sales

$             832.8

$             805.7

$          2,952.7

$          2,887.0

Segment Profit

Batteries & Lights

$             151.8

$             179.5

$             542.2

$             554.8

Auto Care

25.8

20.0

105.6

94.1

Total segment profit

$             177.6

$             199.5

$             647.8

$             648.9

General corporate and other expenses (1)

(27.9)

(28.7)

(118.9)

(115.3)

Restructuring and related costs (2)

(22.8)

(27.1)

(68.7)

(91.7)

Network transition costs (3)

(2.1)

(11.7)

(19.7)

(11.7)

Acquisition and integration costs (2)

(1.4)

(2.3)

(6.2)

(7.2)

FY23 & FY24 production credits (4)

(0.5)

—

78.0

—

Amortization of intangible assets

(14.6)

(14.7)

(58.7)

(58.2)

Impairment of intangible assets

(5.9)

—

(5.9)

(110.6)

      Litigation matter (5)

—

(13.7)

1.7

(13.7)

Interest expense

(40.3)

(37.8)

(154.3)

(155.7)

Loss on extinguishment/modification of debt

(6.8)

(0.3)

(12.1)

(2.4)

      December 2023 Argentina economic reform (2)

—

—

—

(22.0)

Other items, net - Adjusted (6)

(1.9)

(3.7)

1.1

(6.6)

Total earnings before income taxes

$               53.4

$               59.5

$             284.1

$               53.8

(1)

Recorded in SG&A on the Consolidated (Condensed) Statement of Earnings.

(2)

See the Supplemental Schedules - Non-GAAP Reconciliations for the line items where these charges are recorded in the Consolidated (Condensed) Statement of Earnings.

(3)

This represents incremental network transition costs, primarily related to freight and third-party packaging support, to maintain business continuity and service our customers as the Company decommissions certain facilities and relocates production and packaging lines as part of Project Momentum.  These costs were recorded in Cost of products sold on the Consolidated (Condensed) Statement of Earnings.

(4)

During fiscal 2025, the Company obtained reasonable assurance on the qualification of certain battery cell and manufacturing component product credits (production credits) eligibility under Section 45X of the Internal Revenue Code.  This adjustment represents the estimated production credits retroactive to the start of the credit period and prior to the current year. These credits were recorded in Cost of products sold on the Consolidated (Condensed) Statement of Earnings.

(5)

Litigation matter relates to a September 2024 Swiss court judgment against the Company which has now been resolved.

(6)

See the Supplemental Non-GAAP reconciliation for the Other items, net reconciliation between the reported and adjusted balances.

Supplemental product information is presented below for depreciation and amortization:

For the Quarter Ended
September 30,

For the Twelve Months Ended
September 30,

Depreciation and amortization

2025

2024

2025

2024

Batteries & Lights

$                14.3

$               13.1

$                54.9

$                50.3

Auto Care

3.2

3.1

13.1

12.0

Total segment depreciation and amortization

17.5

16.2

68.0

62.3

Amortization of intangible assets

14.6

14.7

58.7

58.2

Total depreciation and amortization

$                32.1

$               30.9

$              126.7

$              120.5

Energizer Holdings, Inc.
Supplemental Schedules - GAAP EPS to Adjusted EPS Reconciliation
For the Quarter and Twelve Months ended September 30, 2025
(In millions, except for per share data- Unaudited)

The following tables provide a reconciliation of Net earnings and Diluted net earnings per common share to Adjusted net earnings and Adjusted diluted net earnings per share, which are non-GAAP measures.

For the Quarter Ended
September 30,

For the Twelve Months Ended
September 30,

2025

2024

2025

2024

Net earnings

34.9

47.6

239.0

38.1

Pre-tax adjustments

Restructuring and related costs (1)

$             22.8

$             27.1

$             68.7

$             91.7

Network transition costs (1)

2.1

11.7

19.7

11.7

Acquisition and integration (1)

1.4

2.3

6.2

7.2

FY23 & FY24 production credits (1)

0.5

—

(78.0)

—

Impairment of intangible assets

5.9

—

5.9

110.6

Litigation matter (1)

—

13.7

(1.7)

13.7

Loss on extinguishment/modification of debt

6.8

0.3

12.1

2.4

December 2023 Argentina Economic Reform (1)

—

—

—

22.0

   Total adjustments, pre-tax

$             39.5

$             55.1

$             32.9

$           259.3

   Total adjustments, after tax

$             37.9

$             41.7

$             14.1

$           203.2

Adjusted net earnings (2)

$             72.8

$             89.3

$           253.1

$           241.3

Diluted net earnings per common share

$             0.50

$             0.65

$             3.32

$             0.52

Adjustments

Restructuring and related costs

$             0.33

$             0.28

$             0.80

$             0.97

Network transition costs

0.03

0.12

0.22

0.12

Acquisition and integration

0.03

0.02

0.08

0.08

FY23 & FY24 production credits

0.01

—

(1.08)

—

Impairment of intangible assets

0.07

—

0.07

1.16

Litigation matter

—

0.14

(0.02)

0.14

Loss on extinguishment/modification of debt

0.08

0.01

0.13

0.03

December 2023 Argentina Economic Reform

—

—

—

0.30

Adjusted diluted net earnings per diluted common share

$             1.05

$             1.22

$             3.52

$             3.32

Weighted average shares of common stock - Diluted

69.5

73.0

72.0

72.7

(1) See Supplemental Schedules - Non-GAAP Reconciliation for where these costs are recorded on the unaudited Consolidated (Condensed) Statement of Earnings.

(2) The Effective tax rate for the Adjusted - Non-GAAP Net Earnings and Diluted EPS for the quarters ended September 30, 2025 and 2024 was 21.6% and 22.1%, respectively, and for the twelve months ended September 30, 2025 and 2024 was 20.2% and 22.9%, respectively, as calculated utilizing the statutory rate for the jurisdictions where the costs were incurred.

Energizer Holdings, Inc.

Supplemental Schedules - Currency Neutral Results

For the Quarter and Twelve Months Ended September 30, 2025

(In millions, except per share data - Unaudited)

For the Quarter Ended

Prior
Quarter
Ended

September 30, 2025

% Change

% Change

As Reported

Impact of
Currency(1)

Currency
Neutral

September
30, 2024

As Reported
Basis

Currency
Neutral
Basis

As Reported under GAAP

Diluted net earnings per common share

$             0.50

$           (0.03)

$             0.53

$             0.65

(23.1) %

(18.5) %

Net earnings

$             34.9

$              (1.8)

$             36.7

$             47.6

(26.7) %

(22.9) %

As Adjusted (non-GAAP)(2)

Adjusted diluted net earnings per common share

$             1.05

$           (0.03)

$             1.08

$             1.22

(13.9) %

(11.5) %

Adjusted EBITDA

$           171.2

$              (2.3)

$           173.3

$           187.3

(8.6) %

(7.5) %

For the Twelve Months Ended

Prior
Twelve
Months
Ended

September 30, 2025

% Change

% Change

As Reported

Impact of
Currency(1)

Currency
Neutral

September
30, 2024

As Reported
Basis

Currency
Neutral
Basis

As Reported under GAAP

Diluted net earnings per common share

$             3.32

$           (0.07)

$             3.39

$             0.52

NM

NM

Net earnings

$           239.0

$              (4.8)

$           243.8

$             38.1

NM

NM

As Adjusted (non-GAAP)(2)

Adjusted diluted net earnings per common share

$             3.52

$           (0.07)

$             3.59

$             3.32

6.0 %

8.1 %

Adjusted EBITDA

$           623.6

$              (6.0)

$           629.4

$           612.4

1.8 %

2.8 %

(1) The Impact of Currency is the change in foreign currency exchange rates year-over-year on reported results, which is calculated by comparing the value of current year foreign operations at the current period USD exchange rate versus the value of current year foreign operations at the prior period USD exchange rate. The impact of currency also includes gains/(losses) of currency hedging programs, and it excludes highly inflationary markets.

(2) See supplemental schedules - Non-GAAP Reconciliations for full reconciliations of the Company's non-GAAP adjusted amounts.

NM - Percentages are not meaningful

Energizer Holdings, Inc.

Supplemental Schedules - Segment Sales

For the Quarter and Twelve Months Ended September 30, 2025

(In millions, except per share data - Unaudited)

Net sales

Batteries & Lights

Q1'25

% Chg

Q2'25

% Chg

Q3'25

% Chg

Q4'25

% Chg

FY '25

% Chg

Net sales - prior year

$  617.8

$  481.0

$ 509.1

$  651.6

$  2,259.5

Organic

24.9

4.0 %

14.2

3.0 %

2.5

0.5 %

(18.2)

(2.8) %

23.4

1.0 %

Acquisition impact

—

— %

—

— %

20.8

4.1 %

42.8

6.6 %

63.6

2.8 %

Change in highly inflationary markets

(5.4)

(0.9) %

1.2

0.2 %

1.4

0.3 %

(2.8)

(0.4) %

(5.6)

(0.2) %

Impact of currency

(4.9)

(0.7) %

(8.4)

(1.7) %

1.3

0.2 %

3.8

0.5 %

(8.2)

(0.4) %

Net sales - current year

$  632.4

2.4 %

$  488.0

1.5 %

$ 535.1

5.1 %

$  677.2

3.9 %

$  2,332.7

3.2 %

Auto Care

Net sales - prior year

$ 98.8

$  182.3

$ 192.3

$  154.1

$  627.5

Organic

2.1

2.1 %

(4.8)

(2.6) %

(1.7)

(0.9) %

0.8

0.5 %

(3.6)

(0.6) %

Change in highly inflationary markets

0.1

0.1 %

0.2

0.1 %

—

— %

—

— %

0.3

— %

Impact of currency

(1.7)

(1.7) %

(2.8)

(1.6) %

(0.4)

(0.2) %

0.7

0.5 %

(4.2)

(0.6) %

Net sales - current year

$ 99.3

0.5 %

$  174.9

(4.1) %

$ 190.2

(1.1) %

$  155.6

1.0 %

$  620.0

(1.2) %

Total Net sales

Net sales - prior year

$  716.6

$  663.3

$ 701.4

$  805.7

$  2,887.0

Organic

27.0

3.8 %

9.4

1.4 %

0.8

0.1 %

(17.4)

(2.2) %

19.8

0.7 %

Acquisition impact

—

— %

—

— %

20.8

3.0 %

42.8

5.3 %

63.6

2.2 %

Change in highly inflationary markets

(5.3)

(0.7) %

1.4

0.2 %

1.4

0.2 %

(2.8)

(0.3) %

(5.3)

(0.2) %

Impact of currency

(6.6)

(1.0) %

(11.2)

(1.7) %

0.9

0.1 %

4.5

0.6 %

(12.4)

(0.4) %

Net sales - current year

$  731.7

2.1 %

$  662.9

(0.1) %

$ 725.3

3.4 %

$  832.8

3.4 %

$  2,952.7

2.3 %

Segment Profit

Batteries & Lights

Q1'25

% Chg

Q2'25

% Chg

Q3'25

% Chg

Q4'25

% Chg

FY '25

% Chg

Segment Profit - prior year

$  132.4

$  113.5

$  129.4

$  179.5

$  554.8

Organic

(6.5)

(4.9) %

(0.3)

(0.3) %

27.7

21.4 %

(26.9)

(15.0) %

(6.0)

(1.1) %

Acquisition impact

—

— %

—

— %

0.4

0.3 %

1.8

1.0 %

2.2

0.4 %

Change in highly inflationary markets

(3.5)

(2.6) %

0.3

0.3 %

1.1

0.9 %

(1.1)

(0.6) %

(3.2)

(0.6) %

Impact of currency

(3.1)

(2.4) %

(1.2)

(1.1) %

0.2

0.1 %

(1.5)

(0.8) %

(5.6)

(1.0) %

Segment Profit - current year

$  119.3

(9.9) %

$  112.3

(1.1) %

$  158.8

22.7 %

$  151.8

(15.4) %

$  542.2

(2.3) %

Auto Care

Segment Profit - prior year

$  6.9

$ 40.4

$ 26.8

$ 20.0

$ 94.1

Organic

14.7

213.0 %

(3.5)

(8.7) %

—

— %

5.5

27.5 %

16.7

17.7 %

Change in highly inflationary markets

—

— %

0.1

0.2 %

—

— %

0.1

0.5 %

0.2

0.2 %

Impact of currency

(1.1)

(15.9) %

(1.8)

(4.4) %

(2.7)

(10.1) %

0.2

1.0 %

(5.4)

(5.7) %

Segment Profit - current year

$            20.5

197.1 %

$ 35.2

(12.9) %

$ 24.1

(10.1) %

$ 25.8

29.0 %

$  105.6

12.2 %

Total Segment Profit

Segment Profit - prior year

$  139.3

$  153.9

$  156.2

$  199.5

$  648.9

Organic

8.2

5.9 %

(3.8)

(2.5) %

27.7

17.7 %

(21.4)

(10.7) %

10.7

1.6 %

Acquisition impact

—

— %

—

— %

0.4

0.3 %

1.8

0.9 %

2.2

0.3 %

Change in highly inflationary markets

(3.5)

(2.5) %

0.4

0.3 %

1.1

0.7 %

(1.0)

(0.5) %

(3.0)

(0.5) %

Impact of currency

(4.2)

(3.0) %

(3.0)

(2.0) %

(2.5)

(1.6) %

(1.3)

(0.7) %

(11.0)

(1.6) %

Segment Profit - current year

$  139.8

0.4 %

$  147.5

(4.2) %

$  182.9

17.1 %

$  177.6

(11.0) %

$  647.8

(0.2) %

Energizer Holdings, Inc.

Supplemental Schedules - Non-GAAP Reconciliations

For the Quarter and Twelve Months Ended September 30, 2025

(In millions, except per share data - Unaudited)

Gross Profit

Q1'25

Q2'25

Q3'25

Q4'25

Q1'24

Q2'24

Q3'24

Q4'24

2025

2024

Net sales

$731.7

$662.9

$725.3

$832.8

$716.6

$663.3

$701.4

$805.7

$2,952.7

$2,887.0

Reported Cost of products sold

462.1

403.9

325.6

528.4

449.6

410.0

424.2

498.9

1,720.0

1,782.7

Gross profit

$269.6

$259.0

$399.7

$304.4

$267.0

$253.3

$277.2

$306.8

$1,232.7

$1,104.3

Gross margin

36.8 %

39.1 %

55.1 %

36.6 %

37.3 %

38.2 %

39.5 %

38.1 %

41.7 %

38.3 %

Adjustments

Restructuring and related costs

9.4

8.7

2.9

12.8

12.8

15.5

13.4

21.2

33.8

62.9

Network transition costs

14.0

2.7

0.9

2.1

—

—

—

11.7

19.7

11.7

Acquisition and integration costs

—

—

—

0.5

2.9

—

0.2

—

0.5

3.1

FY23 & FY24 Production credits

—

—

(78.5)

0.5

—

—

—

—

(78.0)

—

Cost of products sold - adjusted

438.7

392.5

400.3

512.5

433.9

394.5

410.6

466.0

$1,744.0

1,705.0

Adjusted Gross profit

$293.0

$270.4

$325.0

$320.3

$282.7

$268.8

$290.8

$339.7

$1,208.7

$1,182.0

Adjusted Gross margin

40.0 %

40.8 %

44.8 %

38.5 %

39.5 %

40.5 %

41.5 %

42.2 %

40.9 %

40.9 %

SG&A

Q1'25

Q2'25

Q3'25

Q4'25

Q1'24

Q2'24

Q3'24

Q4'24

2025

2024

Reported SG&A

$131.3

$136.0

$128.3

$136.8

$128.1

$122.5

$129.6

$146.1

$532.4

$526.3

Reported SG&A % of Net sales

17.9 %

20.5 %

17.7 %

16.4 %

17.9 %

18.5 %

18.5 %

18.1 %

18.0 %

18.2 %

Adjustments

Restructuring and related costs

10.9

9.2

5.1

7.7

9.6

7.9

9.8

7.1

32.9

34.4

Acquisition and integration costs

1.2

2.3

1.3

0.9

0.7

0.7

1.4

2.3

5.7

5.1

Litigation matter

—

—

(1.7)

—

—

—

—

13.7

(1.7)

13.7

SG&A Adjusted - subtotal

$119.2

$124.5

$123.6

$128.2

$117.8

$113.9

$118.4

$123.0

$495.5

$473.1

SG&A Adjusted % of Net sales

16.3 %

18.8 %

17.0 %

15.4 %

16.4 %

17.2 %

16.9 %

15.3 %

16.8 %

16.4 %

Other items, net

Q1'25

Q2'25

Q3'25

Q4'25

Q1'24

Q2'24

Q3'24

Q4'24

2025

2024

Interest income

$(1.2)

$(0.6)

$(0.2)

$(1.2)

$(5.6)

$(2.4)

$(1.4)

$(1.3)

$(3.2)

$(10.7)

Foreign currency exchange (loss)/gain

(3.8)

0.4

2.0

3.2

2.7

5.9

(0.3)

2.8

1.8

11.1

Pension benefit other than service costs

—

—

—

0.1

1.0

1.0

1.1

0.9

0.1

4.0

Other

—

0.3

0.1

(0.2)

0.9

—

—

1.3

0.2

2.2

Other items, net - Adjusted

$(5.0)

$0.1

$1.9

$1.9

$(1.0)

$4.5

$(0.6)

$3.7

$(1.1)

$6.6

Acquisition and integration - TSA income

—

—

—

—

(1.0)

—

—

—

—

(1.0)

December 2023 Argentina Economic Reform

—

—

—

—

21.0

1.0

—

—

—

22.0

Gain on sale of real estate (restructuring)

—

—

—

—

—

—

(3.7)

(0.7)

—

(4.4)

Restructuring and related costs

—

(0.3)

—

2.3

—

—

(0.7)

(0.5)

2.0

(1.2)

Total Other items, net

$(5.0)

$(0.2)

$1.9

$4.2

$19.0

$5.5

$(5.0)

$2.5

$0.9

$22.0

Restructuring and related costs

Q1'25

Q2'25

Q3'25

Q4'25

Q1'24

Q2'24

Q3'24

Q4'24

2025

2024

Cost of products sold - Restructuring costs

$9.4

$8.7

$2.9

$7.6

$12.8

$15.5

$13.4

$21.2

$28.6

$62.9

Cost of products sold - US operating efficiency project

—

—

—

5.2

—

—

—

—

$5.2

$—

SG&A - Restructuring costs

4.8

3.8

3.4

5.2

5.7

4.6

7.0

2.6

17.2

19.9

SG&A - IT Enablement

6.1

5.4

1.7

2.5

3.9

3.3

2.8

4.5

15.7

14.5

Other items, net

—

(0.3)

—

2.3

—

—

(4.4)

(1.2)

2.0

(5.6)

Total Restructuring and related costs

$20.3

$17.6

$8.0

$22.8

$22.4

$23.4

$18.8

$27.1

$68.7

$91.7

Acquisition and integration

Q1'25

Q2'25

Q3'25

Q4'25

Q1'24

Q2'24

Q3'24

Q4'24

2025

2024

Cost of products sold

$—

$—

$—

$0.5

$2.9

$—

$0.2

$—

$0.5

$3.1

SG&A

1.2

2.3

1.3

0.9

0.7

0.7

1.4

2.3

5.7

5.1

Other items, net

—

—

—

—

(1.0)

—

—

—

—

(1.0)

Acquisition and integration related items

$1.2

$2.3

$1.3

$1.4

$2.6

$0.7

$1.6

$2.3

$6.2

$7.2

Energizer Holdings, Inc.

Supplemental Schedules - Non-GAAP Reconciliations

For the Quarter and Twelve Months Ended September 30, 2025

(In millions, except per share data - Unaudited)

Q1'25

Q2'25

Q3'25

Q4'25

FY 2025

Q4'24

FY2024

Net earnings

$      22.3

$      28.3

$    153.5

$      34.9

$     239.0

$       47.6

$       38.1

Income tax provision

7.8

8.1

10.7

18.5

45.1

11.9

15.7

Earnings before income taxes

30.1

36.4

164.2

53.4

284.1

59.5

53.8

Interest expense

37.0

38.0

39.0

40.3

154.3

37.8

155.7

Loss on extinguishment/modification of debt

0.1

5.2

—

6.8

12.1

0.3

2.4

Depreciation & Amortization

31.8

30.9

31.9

32.1

126.7

30.9

120.5

EBITDA

99.0

110.5

235.1

132.6

577.2

128.5

332.4

Adjustments:

Restructuring and related costs

20.3

17.6

8.0

22.8

68.7

27.1

91.7

Network transitional costs

14.0

2.7

0.9

2.1

19.7

11.7

11.7

Acquisition and integration costs

1.2

2.3

1.3

1.4

6.2

2.3

7.2

FY23 & FY24 production credits

—

—

(78.5)

0.5

(78.0)

—

—

Litigation matter

—

—

(1.7)

—

(1.7)

13.7

13.7

Impairment of intangible assets

—

—

—

5.9

5.9

—

110.6

December 2023 Argentina Economic Reform

—

—

—

—

—

—

22.0

Share-based payments

6.2

7.2

6.3

5.9

25.6

4.0

23.1

Adjusted EBITDA

$    140.7

$    140.3

$    171.4

$    171.2

$     623.6

$     187.3

$     612.4

Twelve Months Ended September 30,

Free cash flow

2025

2024

Net cash from operating activities

$                           147.1

$                                429.6

Capital expenditures

(83.9)

(97.9)

Proceeds from sale of assets

—

7.3

Free cash flow

$                             63.2

$                                339.0

Net Debt

9/30/2025

9/30/2024

Current maturities of long-term debt

$                                    8.6

$                                  12.0

Current portion of finance leases

1.5

0.6

Notes payable

13.7

2.1

Long-term debt

3,407.9

3,193.0

Total debt per the balance sheet

$                            3,431.7

$                            3,207.7

Cash and cash equivalents

236.2

216.9

Net Debt

$                            3,195.5

$                            2,990.8

Energizer Holdings, Inc.

Supplemental Schedules - Non-GAAP Reconciliations

For the Quarter and Twelve Months Ended September 30, 2025

(In millions, except per share data - Unaudited)

Fiscal 2026 Outlook Reconciliation - Adjusted earnings and Adjusted diluted net earnings per common share (EPS)

Fiscal Q1 2026 Outlook

Fiscal Year 2026 Outlook

(in millions, except per share data)

Net earnings

EPS

Net earnings

EPS

Fiscal 2026 - GAAP Outlook

$(6)

to

$6

$(0.08)

to

$0.09

$172

to

$207

$2.45

to

$2.94

Impacts:

Restructuring and related costs

15

12

0.21

0.17

49

42

0.70

0.60

Loss on extinguishment of debt

1

1

0.01

0.01

2

1

0.03

0.01

Acquisition and integration costs

4

2

0.06

0.03

8

4

0.12

0.05

Fiscal 2026 - Adjusted Outlook

$14

to

$21

$0.20

to

$0.30

$231

to

$254

$3.30

to

$3.60

Fiscal 2026 Outlook Reconciliation - Adjusted EBITDA

(in millions, except per share data)

Net earnings

$172

to

$207

Income tax provision

16

to

57

Earnings before income taxes

$188

to

$264

Interest expense

155

145

Loss on extinguishment of debt

2

1

Amortization of intangible assets

55

50

Depreciation expense

75

65

EBITDA

$475

to

$525

Adjustments:

Restructuring and related costs

65

55

Acquisition and integration costs

10

5

Share-based payments

30

25

Adjusted EBITDA

$580

to

$610

SOURCE Energizer Holdings, Inc.

STEINHAUSEN, Switzerland, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today announced contract fixtures for one ultra-deepwater drillship and two harsh environment semisubmersibles. In aggregate, the fixtures represent approximately $89 million in firm contract backlog.

In Brazil, Petrobras exercised a 90-day option for the Deepwater Mykonos in direct continuation of its current program. The program is expected to contribute approximately $33 million in backlog.

In Norway, a two-well option was exercised for the Transocean Enabler at a dayrate of $453,000 per day, excluding additional services.

In Romania, OMV Petrom exercised a one-well option for the Transocean Barents at a dayrate of $480,000 per day.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond Transocean’s control, and in many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks relating to the terms and timing of the Tender Offer, including the acceptance for purchase of any Notes validly tendered and the expected expiration time and the satisfaction or waiver of certain conditions of the Tender Offer, risks relating to the closing of the New Notes Offering, including the terms and timing thereof and the satisfaction of customary closing conditions, conditions in financial markets, investor response to the New Notes Offering and the Tender Offer, and other factors, including those risks discussed in the section entitled “Risk Factors” in Transocean’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in Transocean’s other filings with the United States Securities and Exchange Commission (the “SEC”), which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to Transocean, the Company or to persons acting on their behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. Transocean expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law.

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Kristina Mays
+1 713-232-7734

FOSTER CITY, Calif. & MBABANE, Eswatini--(BUSINESS WIRE)--Gilead Sciences, Inc. (Nasdaq: GILD) today announced the delivery of first shipments of lenacapavir – Gilead's twice-yearly injectable HIV-1 capsid inhibitor – for the prevention of HIV as pre-exposure prophylaxis (PrEP) to Eswatini and Zambia. The deliveries advance ongoing efforts to accelerate equitable access to long-acting HIV prevention options across sub-Saharan Africa, which is home to approximately two-thirds of all people livin.

Africa's largest airline expands in-flight comfort with Collins' Elevation suites and Parallel Diamond business class seats

, /PRNewswire/ -- Collins Aerospace, an RTX (NYSE: RTX) business, signed an agreement with Ethiopian Airlines at the Dubai Air Show to provide premium lie-flat business class seating solutions across Ethiopian's number of fleet of Airbus A350 and Boeing 737 MAX aircraft.

Ethiopian Airlines' 11 new A350-900 aircraft will feature Collins Elevation suites, offering premium privacy, comfort, and ample space to work, relax and dine. The agreement builds on the strong relationship between the African leading carrier, Ethiopian Airlines and Collins, which is also providing Elevation suites for the airline's recently announced 777-9 order. Together, the collaboration ensures a consistent and seamless passenger experience across both fleets.

Fifty-six Ethiopian 737 MAX aircraft will be outfitted with Collins' Parallel Diamond business class seats, bringing elegant design and enhanced wide body comfort for longer range aircraft.

"Collins' suite of premium business class solutions not only provide luxury air travel accommodations but are distinctly tailored to reflect and amplify Ethiopian's rapidly expanding brand to travelers across the globe," said Cynthia Muklevicz, vice president of Global Airlines & Lessors at Collins Aerospace. "Collins' focus on quality and function, aligned with Ethiopian's commitment to delivering world-class service and innovation, result in an elevated inflight experience that will delight passengers from Addis Ababa and throughout the world."

Ethiopian Airlines Group Chief Operating Officer, Mr. Retta Melaku, on his part remarked, "As a customer-centric airline, we are thrilled to collaborate with Collins Aerospace and invest in products that would take our customers' comfort and overall flight experience to the next level. By combining Collins' technology such as the Elevation suites and Parallel Diamond seats with our onboard services, we are enhancing our passengers' in-flight experience with superior comfort, privacy, and truly reflecting the essence of Ethiopian hospitality and innovation."

The reverse herringbone Elevation suite provides travelers exceptional living space, a privacy door and intuitively integrated stowage areas, perfect for storing and accessing personal items during flight. Thoughtful design and engineering provide increased in-suite living space for hips, knees and elbows, without impacting cabin densities.

Collins' Parallel Diamond seat incorporates advanced kinematic design and is angled toward the windows to maximize passenger space, privacy and cabin density on a single-aisle aircraft. The seat features adjustment and transforms into a 78" lie-flat bed, serving as an ideal place to rest as narrow body aircraft continue to fly longer missions.

About Collins Aerospace
Collins Aerospace, an RTX business, is a leader in integrated and intelligent solutions for the global aerospace and defense industry. Our 80,000 employees are dedicated to delivering future-focused technologies to advance sustainable and connected aviation, passenger safety and comfort, mission success, space exploration, and more.

About RTX
RTX is the world's largest aerospace and defense company. With more than 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney, and Raytheon – we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than $80 billion, is headquartered in Arlington, Virginia.

For questions or to schedule an interview, please contact [email protected]

About Ethiopian
Ethiopian Airlines Group (Ethiopian) is a true African success story, transforming a visionary dream into a globally renowned reality for nearly eight decades. Operating flights to more than 160 domestic and international passengers, and cargo destinations across five continents, Ethiopian bridges the gaps between Africa and the world. Emphasizing passenger comfort and environmental sustainability, Ethiopian utilizes ultra-modern aircraft such as Boeing 737s, 777s, 787s, Airbus A350-900, A350-1000 and De Havilland Q400.

Ethiopian, the Star Alliance member airline, champions in various coveted awards including Skytrax's 'Best Airline in Africa Award' for eight consecutive years, APEX 'Best Overall in Africa' award and 'Leadership in Connecting Africa through Transport' Award among others. Ethiopian aims to further excel in its success through a strategic plan dubbed 'Vision 2035' and become one of the top 20 most competitive and leading aviation groups in the world. Embracing a Pan-African spirit, Ethiopian is pursuing multi-hub strategy through hubs in Lomé, Togo with ASKY, in Lilongwe, Malawi with Malawi Airlines, in Lusaka, Zambia with Zambia Airways, and in Kinshasa, Democratic Republic of the Congo (DRC) with Air Congo.

For more information, visit our website at  www.ethiopianairlines.com  email us at [email protected] , or call us at (251-11)517-8913/8165/8907.

SOURCE RTX

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

As the S&P 500 broke below the 50-day average for the first time in 139 sessions, MarketWatch looked back to find out what happened when the benchmark index broke below that technical level in the past.

ams-OSRAM AG (OTCPK:AMSSY) Q3 2025 Earnings Call November 18, 2025 3:45 AM EST

Company Participants

Juergen Rebel - Senior Vice President of Investor Relations
Aldo Kamper - Chairman of the Management Board & CEO
Rainer Irle - CFO & Member of Management Board

Conference Call Participants

Sébastien Sztabowicz - Kepler Cheuvreux, Research Division
Harry Blaiklock - UBS Investment Bank, Research Division
Reto Huber - Research Partners AG

Presentation

Operator

Ladies and gentlemen, welcome to the conference call on third quarter 2025 Results. I am Mathilde, the Chorus Call operator. [Operator Instructions] The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Juergen Rebel, Head of Investor Relations. Please go ahead.

Juergen Rebel
Senior Vice President of Investor Relations

Good morning, everyone. This is Juergen speaking. We welcome you to today's call on third quarter results of fiscal year 2025. Aldo, our CEO, will comment on business and strategy; Rainer, our CFO, will focus on financials. We are referring to the Q3 earnings call presentation that you can find on our website. There, you'll also find further materials such as the full comprehensive IR presentation.

Aldo, please let us have your thoughts on Q3.

Aldo Kamper
Chairman of the Management Board & CEO

Thank you, Juergen, and good morning also from my side. Overall, I would say a good quarter. Our strategic focus is paying off. We delivered strong cash flow and significant growth in the core portfolio on a like-for-like basis. Profitability was better than previous quarter, also supported by a one-off.

We established base savings continue to be ahead of plan, and I'm now on Page 3, looking at the financial performance of the group.

Revenues came in at EUR 853 million, above the midpoint

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Anyone putting $1,000 into Nike's 1980 IPO would be receiving $4,800 per year in dividends today.

Almost 45 years ago, in December 1980, the athletic apparel giant Nike (NKE 1.95%) and tech behemoth Apple (AAPL 1.82%) went public within 10 days of each other. And for the next 40 years, Nike's shares outperformed Apple's.

In a world where 1.5 billion people have iPhones, this might be surprising. But in the eight years leading up to Nike's initial public offering (IPO), the company had grown annual revenue at an average rate of 85%, while net income had grown by an average of 100% each year. The explosive growth meant that management could rightly claim in Nike's first annual report in 1981 that Nike had "raced ahead of its competitors" to claim the premier position in its industry.

Today's Change

(

-1.82

%) $

-4.95

Current Price

$

267.46

Apple, by contrast, rang in the decade facing fierce competition from International Business Machines, which decided to enter the personal computer space with a cheaper basic personal computer that led The New York Times to wonder whether Apple could prove to be "a worthy competitor for IBM."

With 45 years of hindsight, that rumination is funny, as Apple is now 14 times bigger than IBM by market capitalization. But at the time, Apple shares were under serious pressure, and sank almost 50% within months. This was the beginning of a ferocious battle for market share between Apple and IBM in which Apple pursued a strategy of portraying IBM's computers as corporate and generic, culminating in an ad portraying IBM as "Big Brother."

The ad cost $1.9 million to create and air, no small sum in the 1980s. But with 3.5 million Macintoshes selling in its aftermath, it was judged a success.

Image source: Getty Images.

But the road ahead was still fraught for Apple. By the 1990s, the PC market was swamped with cheaper, IBM-compatible computers that ran on Microsoft Windows, and Apple's market share fell to just 3.1% by 1997. The company almost went bankrupt after losses totaling $1.8 billion in 1995 and 1996.

Anyone in 1997 who guessed Apple would become the first trillion-dollar company must have had a crystal ball.

Nike faced no such struggles early on. It kept its capital investments low by outsourcing, which was not such a stigmatized practice then, and minimized risk through an inventory system allowing retailers to book at fixed prices under a five-month "futures" program. In 1982, The New York Times was saying of Nike, in sharp contrast to Apple, that the company was "so big that skeptics are asking if the party is already over."

Today's Change

(

-1.95

%) $

-1.25

Current Price

$

62.92

The party was not already over. Nike enlisted Tiger Woods, Serena Williams, John McEnroe, Roger Federer, and other international stars across an array of sports to help cement their brand, even paying Tiger Woods $500 million over the years. In 1997, Apple's year of misery, Nike reported $155.8 million net income in Q4, while Apple reported a profit of less than a third of that for the entire year.

But as the story goes, an era of innovation saved Apple. Steve Jobs, returning as CEO in 1997, ruthlessly cut dozens of products and unveiled the iMac's revolutionary design the following year. The iPod, launching in 2001, had sold 100 million units by April 2007, just when the iPhone's summer launch was right around the corner.

Throughout this renaissance, however, Apple didn't pay a single dividend until 2012, nor did its management repurchase a single share. Nike, by contrast, has raised its dividend each year since 2001. It has also spent billions of dollars buying back shares, including a savvy $5 billion share repurchase during the 2008 sell-off.

So, which stock has done better since its 1980 IPO?
From its split-adjusted price of $0.18 per share, Nike has returned 35,550% in capital appreciation alone as of market close on Friday, November 14. That's enough to turn an initial $1,000 stake into $356,500.

Apple's split-adjusted IPO price was $0.10 per share, and its Friday, November 14 close of $272.41 means it has returned 272,310%, or enough to turn an initial stake of $1,000 into $2,724,100.

While Nike's history of paying growing dividends since 2001 would help to narrow the gap, it wouldn't come close to closing it, reinvested or otherwise, especially since Apple has paid a dividend since 2012 that has grown by 174% over that time frame.

Last year, Apple paid out $15.2 billion in dividends, while Nike shelled out a mere $2.17 billion to investors. Anyone putting $1,000 into Apple's IPO would now own 10,000 shares thanks to stock splits, and receive $2,600 in dividends each quarter. Meanwhile $1,000 worth of Nike's IPO shares would be paying about $2,200 in dividends each quarter.

LONDON--(BUSINESS WIRE)--Shoppers are changing holiday traditions this festive season, with a new focus on enjoying and gifting meaningful experiences, according to global consumer research issued today by Paysafe (NYSE: PSFE), a leading payments platform. The ‘Inside the Wallet: Holiday Edition' report also indicates that consumers gravitate towards merchants offering a flexible range of payment options, including digital wallets, and robust transactional security. Surveying 8,500 consumers ac.

U.S. stock futures declined on Tuesday after Monday’s sell-off. Futures of major benchmark indices were lower.

The market sentiment remained cautious ahead of the post-shutdown economic data and Nvidia Corp.'s (NASDAQ:NVDA) highly anticipated earnings report on Wednesday.

Meanwhile, the 10-year Treasury bond yielded 4.10% and the two-year bond was at 3.57%. The CME Group's FedWatch tool’s projections show markets pricing a 46.4% likelihood of the Federal Reserve cutting the current interest rates during its December meeting.

FuturesChange (+/-)Dow Jones-0.23%S&P 500-0.15%Nasdaq 100-0.15%Russell 2000-0.29%The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Tuesday. The SPY was down 0.19% at $664.42, while the QQQ declined 0.24% to $602.23, according to Benzinga Pro data.

Stocks In Focus
Axalta Coating Systems Ltd. (NYSE:AXTA) jumped 10.68% after inking a deal with Akzo Nobel N.V. to combine in an all-stock merger of equals.

Benzinga’s Edge Stock Rankings indicate that AXTA maintains a stronger price trend over the short and medium terms but a weak trend in the long term, with a moderate quality ranking. Additional performance details are available here.

Molina Healthcare
Molina Healthcare Inc. (NYSE:MOH) gained 3.05% after announcing a proposed offering of $750 million of Senior Notes due 2031 and Michael Burry reiterating his long stance on the copy.

MOH maintained a weaker price trend over the short and medium terms, but a strong trend in the long term, with a strong value ranking. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.

Avantor
Avantor Inc. (NYSE:AVTR) was up 2.76% as CEO Ligner Emmanuel bought 87,500 shares worth $993,125 on Nov. 17, at $11.35 apiece.

Benzinga’s Edge Stock Rankings shows that AVTR maintains a weaker price trend over the short, medium, and long terms, with a poor quality ranking. Additional information is available here.

Home Depot
Home Depot Inc. (NYSE:HD) fell 0.71% as analysts expect it to report earnings of $3.85 per share on revenue of $41.14 billion before the opening bell.

It maintained a weaker price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details, as per Benzinga's Edge Stock Rankings, are available here.

Helmerich And Payne
Helmerich and Payne Inc. (NYSE:HP) tumbled 8.22% after reporting a loss of 1 cent per share for the fourth quarter. However, the company reported quarterly sales of $1.012 billion, which beat the analyst consensus estimate of $973.678 million.

HP maintained a stronger price trend over the short, medium, and long terms, with a poor growth ranking. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.

Cues From Last SessionMaterials, financials, and energy stocks recorded the biggest losses on Monday, while communication services and utilities bucked the trend to close higher, setting a negative tone for most S&P 500 sectors.

IndexPerformance (+/-)ValueNasdaq Composite-0.84%22,708.07S&P 500-0.82%6,672.41Dow Jones-1.18%46,590.24Russell 2000-1.96%2,341.38Insights From AnalystsLPL Financial projects that 2026 will be defined by a “transforming and evolving landscape for markets”. A resilient economy, bolstered by the “One Big Beautiful Bill Act,” is expected to support corporate profits, with Artificial Intelligence (AI) driving essential efficiency gains.

LPL emphasizes that hitting double-digit earnings growth will be the primary driver for stock performance, noting that “hitting lofty EPS targets will be key in 2026; it won’t be easy” given current valuations.

AI remains a central theme, with LPL stating that “AI’s transformative potential positions it as a cornerstone for equity gains in 2026,” though they caution that stretched valuations remain a top risk.

Regarding monetary policy, LPL views the Federal Reserve's normalization efforts favorably.

They observe that historically, “stocks have fared well when the Fed has cut rates while stocks were near all-time highs”. While fundamentals are supportive, LPL advises investors to prepare for volatility surrounding the midterm elections and potential trade tensions.

See Also: How to Trade Futures

Upcoming Economic DataHere's what investors will be keeping an eye on Tuesday;

October’s import price index, scheduled at 8:30 a.m., and industrial production and capacity utilization data, scheduled for 9:15 a.m., can be impacted despite the government reopening, according to the BLS website.
November’s home builder confidence index and August’s business inventories data will be out by 10:00 a.m., and Federal Reserve Governor Michael Barr will speak at 10:30 a.m. ET.
Commodities, Gold, Crypto, And Global Equity MarketsCrude oil futures were trading lower in the early New York session by 0.52% to hover around $59.55 per barrel.

Gold Spot US Dollar fell 0.15% to hover around $4,039.22 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.06% lower at the 99.5240 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 4.47% lower at $91,327.61 per coin after briefly falling below the $90,000 mark.

Asian markets closed lower on Tuesday as China’s CSI 300, Hong Kong's Hang Seng, Japan's Nikkei 225, Australia's ASX 200, India’s NIFTY 50, and South Korea's Kospi indices fell. European markets were also lower in early trade.

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SODANKYLÄ, FINLAND / ACCESS Newswire / November 18, 2025 / FireFox Gold Corp. (TSXV:FFOX)(OTCQB:FFOXF) ("FireFox" or the "Company") is pleased to report the completion of a small reconnaissance diamond drilling campaign at the Company's 100%-held Sarvi project in Lapland, Finland. The Sarvi project shares an 8-kilometre tenement boundary with Rupert Resources' Area 1 Project, which hosts the Ikkari gold deposit.

LONDON, UK / ACCESS Newswire / November 18, 2025 / Birkenstock Holding plc ("BIRKENSTOCK" or the "Company", NYSE:BIRK), announced today that the Company will report its fourth quarter and full fiscal year 2025 (ended September 30, 2025) financial results on Thursday, December 18, 2025 before the US market open. The Company will host a conference call and live webcast with the investment community at 8:00 a.m.

Home Depot will report earnings before the bell on Tuesday as the retailer tries to attract more business from contractors, roofers and other professionals to help offset a slower housing market.

The company expects its full-year sales to grow by 2.8% and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to rise about 1%.

Here's what Wall Street is expecting for the company's fiscal third quarter, according to a survey of analysts by LSEG:

Earnings per share: $3.84 expectedRevenue: $41.11 billion expectedFor Home Depot, housing turnover typically sparks larger and more lucrative projects as customers fix up their homes before or after moving. Those big projects, however, have dropped in frequency as higher interest rates have led to steeper mortgage rates and borrowing costs for loans, which a homeowner may use to pay for a kitchen remodel or major addition.

Since roughly the middle of 2023, Home Depot CFO Richard McPhail has told CNBC that homeowners have been in a "deferral mindset." That's led to a bit of a waiting game for Home Depot, as it holds out for either lower mortgage rates or a shift by consumers who get used to higher mortgage rates as the new normal.

In the meantime, Home Depot's do-it-yourself customers have taken on smaller projects and the company has gotten a business bump from a growing home professional business.

Home Depot has made two key purchases of pro-related companies. Last year, it bought Texas-based SRS Distribution for $18.25 billion — the largest acquisition in its history. The company sells supplies to professionals in the landscaping, pool and roofing businesses.

Earlier this year, Home Depot announced it is buying GMS, a building products distributor, for about $4.3 billion. The deal expected to close in early 2026.

As of Monday's close, Home Depot's shares are down about 8% so far this year. That trails the S&P 500's 13% gains during the same period.

Here are three stocks with buy rank and strong income characteristics for investors to consider today, Nov. 18th:

Farmers & Merchants Bancorp (FMAO - Free Report) : This locally owned and operated community bank which provides commercial banking, retail banking and other financial services through its 19 offices with locations in Fulton, Defiance, Henry, Williams, and Wood counties in Northwest Ohio, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.3% over the last 60 days.

This Zacks Rank #1 (Strong Buy) company has a dividend yield of 3.7%, compared with the industry average of 2.6%.

First Financial Corporation Indiana (THFF - Free Report) : This multi-bank holding company, which provides various financial products and services in west-central Indiana, east-central Illinois, western Kentucky, central and eastern Tennessee, and northern Georgia, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 3.9% over the last 60 days.

This Zacks Rank #1 (Strong Buy) company has a dividend yield of 3.6%, compared with the industry average of 2.9%.

Allstate (ALL - Free Report) : This company which is the third-largest property-casualty (P&C) insurer and the largest publicly-held personal lines carrier in the U.S., has witnessed the Zacks Consensus Estimate for its current year earnings increasing 29.9% over the last 60 days.

This Zacks Rank #1 (Strong Buy) company has a dividend yield of 1.9%, compared with the industry average of 0.7%.

See the full list of top ranked stocks here.

Find more top income stocks with some of our great premium screens

BlueScope Steel Limited (OTCPK:BLSFY) Shareholder/Analyst Call November 17, 2025 6:00 PM EST

Company Participants

Jane McAloon
Michael Reay - Head of Corporate Affairs
Mark Vassella - MD, CEO & Executive Director
Tania Archibald - Chief Executive of Australian Steel Products
Rebecca Dee-Bradbury
K'Lynne Johnson
Zhi-Qiang Zhang
Cheri Phyfer
John Nowlan - Chief Technical & Development Officer

Conference Call Participants

Richard Davis
Philip Laird
Michael Muntisov

Presentation

Jane McAloon

Well, good morning, ladies and gentlemen. My name is Jane McAloon, and I'm the Chair of your Board. On behalf of the Board, I welcome you today to BlueScope's 25th Annual General Meeting.

As a necessary quorum is present, I declare this Annual General Meeting of Shareholders open. I would now like to welcome Uncle Richard to the stage. He is a Dharawal Elder, who is the Chair of the Illawarra Aboriginal Corporation. Uncle Richard, who many of you know, is an important figure in the local community with whom we have a trusted relationship. He has helped us shape our thinking towards the land transformation master plan here at Port Kembla and its design with country principles.

Welcome, Uncle Richard.

Richard Davis

Good morning, ladies and gentlemen. Yes. Look, it's not a very good morning this morning, but we'll go through it. We'll get there. First of all, I'd like to acknowledge BlueScope for wanting to welcome the country on behalf of the traditional owners of the land that we're meeting on.

I think we're moving forward. We're getting better. It's understanding that Aboriginal people are and will always be first people of this nation. Before I go, I'd just like to acknowledge the incident that happened yesterday. I'd like to pass my respects to the family that what happened yesterday, it's a sad occasion. I'm indirectly within the family or know the family. So it was a bit shocking to hear the news of the

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Zach Anderson
Nov 18, 2025 09:41

AVAX price prediction suggests potential recovery to $18-25 range after finding support near $14, though bearish momentum remains a near-term concern for Avalanche investors.

AVAX Price Prediction: Targeting $18-25 Recovery Despite Current Bearish Momentum
Avalanche (AVAX) finds itself at a critical juncture as November 2025 progresses, trading at $14.61 after a sharp 6.71% decline in the past 24 hours. With the token sitting dangerously close to its 52-week low of $14.53, our comprehensive AVAX price prediction analysis reveals both immediate risks and compelling recovery opportunities for savvy traders.

AVAX Price Prediction Summary
• AVAX short-term target (1 week): $17.25-18.50 (+18-27%)
• Avalanche medium-term forecast (1 month): $18.50-25.20 range

• Key level to break for bullish continuation: $19.97 (immediate resistance)
• Critical support if bearish: $14.03 (immediate), $8.52 (strong support)

Recent Avalanche Price Predictions from Analysts
Recent analyst forecasts present a mixed but generally optimistic outlook for our AVAX price prediction framework. Changelly's conservative $17.25 target aligns with our technical support levels, while AMB Crypto's $18.53 forecast sits comfortably within our expected recovery range. The most bullish Avalanche forecast comes from Price Forecast Bot, projecting $41.70 for December 2025, though this appears overly optimistic given current market conditions.

Coindcx provides the most actionable near-term insight, identifying the current $23 consolidation area and predicting an 8-10% weekly gain to $25.20. This prediction carries particular weight as it acknowledges the recent 18% correction while highlighting strengthening on-chain activity and positive EMA alignment.

The consensus among these predictions suggests AVAX has likely found its near-term bottom, with most analysts expecting at least a modest recovery in the coming weeks.

AVAX Technical Analysis: Setting Up for Oversold Bounce
Current Avalanche technical analysis reveals classic oversold conditions that typically precede meaningful bounces. The RSI reading of 31.45 sits in neutral territory but approaching oversold levels, while the MACD histogram at -0.0132 confirms bearish momentum is weakening.

Most significantly, AVAX's position at 0.09 on the Bollinger Bands indicates the price is hugging the lower band at $14.14, a technical setup that often signals impending reversals. The distance between the current price ($14.61) and the middle band ($16.76) provides a clear initial target for any bounce.

Volume analysis shows elevated activity at $74.7 million over 24 hours, suggesting institutional interest at these lower levels. The Average True Range of $1.44 indicates sufficient volatility for meaningful moves in either direction.

Avalanche Price Targets: Bull and Bear Scenarios
Bullish Case for AVAX
Our primary AVAX price target focuses on the $17.25-18.53 range, representing the confluence of the SMA 7 ($15.41) and previous support levels. A successful break above immediate resistance at $19.97 could trigger momentum toward the $25.20 level identified by multiple analysts.

The bullish scenario requires AVAX to reclaim the SMA 20 at $16.76, which would signal the beginning of trend reversal. Volume expansion above 100 million daily would provide additional confirmation of institutional buying interest.

Key bullish catalysts include a broader crypto market recovery and positive developments in Avalanche's ecosystem fundamentals. The technical setup suggests a 25-35% upside potential from current levels within the next month.

Bearish Risk for Avalanche
The bearish scenario remains active as long as AVAX trades below the SMA 20 at $16.76. Immediate support at $14.03 represents the final defense before a potential drop toward the strong support zone at $8.52.

A breakdown below $14.03 would invalidate our bullish Avalanche forecast and likely trigger algorithmic selling toward the 52-week low area. The distance from the 52-week high of $35.19 (-58.48%) indicates significant technical damage that could take months to repair.

Risk factors include broader market weakness, regulatory concerns, and failure to maintain current support levels during weekend trading when liquidity typically decreases.

Should You Buy AVAX Now? Entry Strategy
Based on our AVAX price prediction analysis, current levels present a compelling risk-reward opportunity for patient investors. The optimal entry strategy involves scaling into positions between $14.03-14.83 (the identified pivot point).

Conservative traders should wait for a clear break above $16.76 before initiating positions, while aggressive buyers can consider the current $14.61 level as an acceptable entry point with tight stop-losses below $14.00.

Position sizing should remain conservative given the prevailing uncertainty, with initial allocations limited to 2-3% of portfolio value. Stop-loss placement below $13.50 provides protection against a breakdown toward the $8.52 support zone.

The buy or sell AVAX decision ultimately depends on risk tolerance and investment timeframe. Short-term traders face elevated volatility risks, while longer-term investors may find current prices attractive given the distance from fair value estimates.

AVAX Price Prediction Conclusion
Our comprehensive analysis suggests AVAX has likely found near-term support around current levels, with recovery potential toward $18-25 over the next 4-6 weeks. The confluence of oversold technical conditions, analyst consensus, and proximity to 52-week lows creates a compelling setup for patient investors.

Confidence Level: MEDIUM - while technical indicators support a bounce, broader market conditions and AVAX's position below all major moving averages warrant cautious optimism rather than aggressive positioning.

Key indicators to monitor include daily closes above $16.76 for bullish confirmation, or breaks below $14.03 for bearish invalidation. The timeline for this prediction spans through December 2025, with initial confirmation expected within the next 7-10 trading days.

Traders should remain flexible as market conditions evolve, using the identified support and resistance levels to guide position management and risk control decisions.

Image source: Shutterstock

avax price analysis
avax price prediction

Bitcoin sank to its lowest level since April as losses continued on Tuesday morning, with a seven-day decline topping 13% as investors took flight from assets seen as higher risk. 

Over 24 hours, bitcoin was down 4.6%, sinking below $90K overnight but paring losses slightly to reach $91,200.

The largest cryptocurrency has shed almost 28% of its all-time high reached in early October.

Among alt-coins, Ethereum was down 4% over 24 hours to $3,055, down 14% over a week; with XRP falling 3.35%, and Solana dropping 2.26%.

Bitcoin's plunge was "intensifying a month-long downturn that has wiped out its gains for 2025 and shaken confidence across the digital asset market", said market analyst Patrick Munnelly at Tickmill.

"The last time Bitcoin dipped below this level was in April, when it nosedived to a low of 74k following President Donald Trump’s announcement of his initial tariff plans, which rattled global financial markets."

Move introduces verified aliases for crypto transfers and adds an ID layer to self-custody tools. Nov 18, 2025, 8:57 a.m.

Mastercard (MA) has chosen Polygon to power a new system that lets people send crypto to verified usernames instead of long wallet addresses, the companies said on Tuesday.

Mastercard Crypto Credential standardizes how blockchain addresses are verified by enabling human-readable aliases that correspond to a verified individual, the company said in a an emailed press release.

STORY CONTINUES BELOW

Mercuryo, a crypto payment API firm, will perform identity verification and issue the aliases, which users can then link to their self-custody wallets.

The approach, which mirrors how people send money through apps that use usernames instead of bank details, involves issuing users a unique name they can connect to their wallet. They can also request a token on Polygon that shows their wallet supports verified transfers and helps apps route credential-based transactions.

The long, complex nature of crypto wallet addresses can prove a barrier to entry for new users, which companies have attempted to tackle with more user-friendly options like QR codes or services that replace complex strings with simple, readable names or even phone numbers.

"By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in digital token transfers," said Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard. "Bringing Mercuryo and Polygon’s capabilities together with our infrastructure makes digital assets more accessible and reinforces Mastercard’s commitment to delivering secure, intuitive, and scalable blockchain experiences for consumers worldwide."

Polygon’s network will process these transfers at speed and with low fees. Mastercard said the network can handle a high throughput capable of supporting real-world payments at scale.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Protocol Research: GoPlus Security

Nov 14, 2025

What to know:

As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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DappRadar Shuts Down, Citing ‘Financially Unsustainable’ Market

11 hours ago

Launched in 2018, the platform had grown into one of the most prominent analytics hubs for on-chain activity.

What to know:

DappRadar, a once widely-used platform for tracking decentralized applications, announced via its X account on Monday that it will be shutting down.Launched in 2018, the platform had grown into one of the most prominent analytics hubs for on-chain activity.The team shared that running the platform became “financially unsustainable in the current environment."Read full story

BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury firm led by Wall Street strategist Thomas Lee, kept buying ether (ETH) through last week, adding 54,156 tokens worth around $170 million to its treasury, the firm announced on Monday.

BitMine now holds nearly 3.6 million ETH valued at over $11.1 billion, making it the biggest publicly traded Ethereum treasury in the world, and the second biggest crypto treasury overall behind Michael Saylor’s Strategy and its $61 billion Bitcoin stockpile. 

The Ether-buying firm also holds 192 Bitcoin (worth roughly $17 million) and $607 million in cash holdings.

Just like Strategy, BitMine continues scooping up more ETH despite the battered prices. The industry’s second most valuable crypto has declined by over 15.6% in the past week, and is now 39.7% off its August 2025 record peak.

Lee Pinpoints Reason Behind Current Crypto Weakness
Despite the current downturn, BitMine Chairman Tom Lee is still calling for an ETH “supercycle”, asserting that the token has not reached a cycle peak yet.

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In a Sunday post on X, Lee recalled that he first recommended Bitcoin to clients of his research firm Fundstrat back in 2017 when it was valued at about $1,000, and it had endured several price drops of up to 75% in the years since.

Nonetheless, BTC has now “100x from our first recommendation,” Lee posited. “We believe ETH is embarking on that same Supercycle.”

According to Lee, the crypto market is still attempting to recover from the historic liquidation event in October, which saw nearly $20 billion in positions annihilated in one day. The current weakness corroborates speculation that a wounded market maker may have pulled back operations after the crash.

“When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market,” he opined. “This is the equivalent of QT (quantitative tightening) for crypto, and has the effect of dampening prices. In 2022, this QT effect lasted for 6-8 weeks. And this is probably happening today.”

Lee, who was an early Bitcoin permabull, has remained super optimistic on year-end price forecasts. Earlier this month, he suggested that Bitcoin could grind up to $200,000 before year-end, with Ethereum potentially rocketing to the $7,000 threshold by the end of 2025.

Mastercard, Polygon, and Mercuryo are introducing verified username-style aliases for self-custody wallets.

Mastercard, Polygon Labs, and Mercuryo have announced an expansion of the Mastercard Crypto Credential to self-custody wallets, introducing verified, username-style aliases designed to replace traditional long-form wallet addresses.

Mastercard said it tapped Polygon first due to the network’s speed, reliability, and payments-ready infrastructure for supporting the rollout. Meanwhile, Mercuryo will act as the initial issuer responsible for onboarding verified users and creating Mastercard Crypto Credential aliases.

Crypto Credential Rollout
According to the official press release shared with CryptoPotato, the initiative integrates a verification layer directly into self-custody environments and offers users a more familiar method for sending and receiving digital assets without relinquishing control of their wallets.

The Mastercard Crypto Credential establishes a standardized approach for verifying blockchain addresses by enabling human-readable aliases mapped to verified individuals. Mercuryo has been tasked to handle identity verification and alias issuance, which users can then link to their self-custody wallets and request a Mastercard Crypto Credential soulbound token on Polygon to signal on-chain that their wallet belongs to a verified user and supports credential-based transaction processing.

This system allows users to transact using a single, verified alias recognized across the Mastercard Crypto Credential network, thereby reducing errors associated with copying long hexadecimal addresses and introducing a familiar payments experience to the self-custody space.

In a statement, Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard, said,

“By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in digital token transfers. Bringing Mercuryo and Polygon’s capabilities together with our infrastructure makes digital assets more accessible and reinforces Mastercard’s commitment to delivering secure, intuitive, and scalable blockchain experiences for consumers worldwide.”

Why Polygon
Mastercard chose Polygon to ensure the infrastructure supporting Crypto Credential functions like a global payments network, supported by the Polygon Proof-of-Stake chain’s fast settlement, low transaction costs, and high throughput suited for payment-scale activity.

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Recent upgrades to the network, including the Rio and Heimdall v2 releases, have strengthened finality, removed reorganization risks, and increased transaction capacity. Polygon also processes a significant share of US-based stablecoin transfers and hosts an expanding ecosystem of fintechs, neobanks, and payment providers.

The latest announcement comes less than a week after Polygon announced that Calastone, the global funds network, has integrated its tokenised distribution solution with the Ethereum Layer 2 scaling platform. The integration will allow Calastone’s blockchain-based fund distribution system to run on Polygon’s infrastructure and support institutional-grade, on-chain fund operations.

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Journalist

Posted: November 18, 2025

Key Takeaways 
Why is BlackRock leading ETF outflows? 
Per Hayes, hedge funds are liquidating their BTC positions as the basis trade declines. 

What’s the pivot he sees for the market? 
According to him, an improvement in the liquidity conditions in early December could juice risk assets and drive BTC to $200k. 

Bitcoin’s [BTC] institutional flows have remained negative for the fourth week in a row, further accelerating the ongoing sell-off. 

So far in November, $2.59 billion has left the U.S. spot BTC ETFs, with half of the outflows ($1.26 billion) driven by BlackRock’s IBIT investors. 

Source: SoSo Value

What’s next for BTC as hedge funds exit
According to Arthur Hayes, founder of BitMEX, the BlackRock bleed-out was primarily from hedge funds, such as Goldman Sachs, which have been seeking extra yield above Fed rates via BTC basis trade.

It involves buying spot BTC ETFs and shorting on the asset on CME to capture the spread (basis trade). 

However, now that the basis trade is no longer attractive, they have hedge funds with spot BTC ETFs that have exited their positions, noted Hayes. 

Source: Glassnode

Since October, the yield has shrunk from about 14% to below 5%. And with it, the hedge fund-led ETF outflows intensified, further spooking retail investors, added Hayes. 

“Now retail believes these same investors don’t like Bitcoin and creates a negative feedback loop that influences them to sell, which decreases the basis, finally causing more institutional investors to sell the ETF.”

Treasury demand and liquidity shifts
Additionally, the demand from BTC treasuries has also faded, further reinforcing the short-term concern that major players are taking a wait-and-see approach. 

Hayes highlighted that the dollar liquidity has also been withdrawn and could be re-injected by December when the Fed ends Quantitative Tightening (QT). 

Source: Bloomberg/Arthur Hayes (Treasury General Account, TGA balance)

The Treasury General Balance (TGA) is the U.S government’s primary operating account and directly affects market liquidity.

A TGA balance increase leads to liquidity drains as the Treasury collects more money from the market, while a decrease boosts liquidity. 

According to the chart shared by Hayes, there was an uptick in TGA in late October that further deepened the market rout, particularly for risk assets. 

Hayes projected that BTC could slip toward $80k–$85k in the short term before surging toward $200k by year-end, contingent on liquidity easing.

In the meantime, Hayes expected the privacy narrative, led by Zcash [ZEC], to remain strong despite broader weakening. In fact, he dumped most of the altcoins for ZEC.

Bitcoin (BTC) held by Mt. Gox, the long-defunct Japanese crypto exchange that imploded in 2014, was on the move on Monday. Mt. Gox shifted roughly 10,608 BTC, according to data from blockchain analytics firm Arkham Intelligence.

Mt. Gox Moves $956 Million Worth Of BTC
The transfer happened at around 11:40 p.m. ET, with the exchange moving 10,422 BTC, worth roughly $956 million, to an unmarked address “1ANkD…ojwyt,” while roughly 185.5 BTC went back to Mt. Gox’s hot wallet, on-chain data shows. 

Historically, such significant BTC transfers by Mt. Gox have typically signaled an imminent repayment of creditors that lost money when the bankrupt exchange collapsed.

While it remains unclear whether Monday’s transfers were part of preparation for any future distribution to creditors, the timing is rather unfavorable given the ongoing market downturn. The price of Bitcoin crashed below the $90,000 mark early Tuesday, erasing the entirety of its 2025 gains and marking a notable reversal from its recent peak.

The BTC latest movement may have stirred market speculation about imminent creditor repayments, reigniting fears of selling pressure when crypto markets are already in the middle of a correction.

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Mt. Gox Repayments Still Stuck Until 2026
Mt. Gox fell into bankruptcy in early 2014 after falling victim to an 850,000 Bitcoin hack in one of the largest crypto exploits ever recorded. Before the security breach, it was the largest Bitcoin exchange, servicing 70% of all Bitcoin trades worldwide.

After filing for bankruptcy protection in February 2014, a Tokyo court appointed a trustee to handle the bankruptcy proceedings and repay creditors with the exchange’s assets.

Mt. Gox started repaying its creditors in July 2024 from its holdings of 142,000 BTC ($11 billion), 143,000 Bitcoin Cash ($47 million), and 69 billion Japanese yen ($469 million). 

However, last October, the trustee managing the exchange’s Bitcoin stash postponed the creditor repayment deadline, extending it by a whole year to Oct. 31, 2025, claiming many creditors “still have not received their repayments because they have not completed the necessary procedures for receiving repayments.” The rehabilitation trustee then pushed the deadline by another year to October 2026, marking a third delay from its original Oct. 31, 2023 deadline. 

Mt. Gox currently holds around 34,689 BTC, worth approximately $3.1 billion across various wallets, according to Arkham.

At the time of writing, the Bitcoin price hovered around $91,268, still down 4.8% over the past 24 hours, per CoinGecko data.

TLDR

El Salvador adds 1,090 BTC worth $100M, bringing its total holdings to 7,474 BTC.
The purchase occurs while Bitcoin’s price drops 4.92%, settling at $90,999.
El Salvador has been buying Bitcoin daily since November 2022, despite IMF restrictions.
The IMF’s $1.4 billion loan agreement with El Salvador restricts public sector Bitcoin purchases.
The price of Bitcoin fluctuates between $95K and $90K, showing a downward trend in the market.

El Salvador has made its largest Bitcoin purchase to date, adding 1,090 BTC worth approximately $100 million. This acquisition, announced by the country’s Bitcoin Office on Monday evening, raises El Salvador’s total Bitcoin holdings to 7,474 BTC, valued around $676 million. Despite restrictions in place from the International Monetary Fund (IMF), El Salvador continues its aggressive Bitcoin acquisition strategy, drawing attention and concern from financial experts.

El Salvador’s Commitment to Bitcoin Despite IMF Restrictions
Since November 2022, El Salvador has been purchasing Bitcoin regularly, following a policy of buying at least one BTC daily. The most recent purchase of 1,090 BTC occurred when Bitcoin’s price dropped below $90,000, marking its lowest value since April. This strategic move to buy during market downturns is part of El Salvador’s broader plan to expand its Bitcoin reserves. The president shared a screenshot via his official X page confirming the purchase.

Despite the volatile market, President Nayib Bukele remains resolute in his commitment to Bitcoin. Bukele shared the purchase on social media, further emphasizing the government’s dedication to this digital asset strategy. However, the acquisition raises concerns regarding El Salvador’s compliance with its $1.4 billion loan agreement with the IMF.

Bukele’s Bitcoin Strategy Under IMF Scrutiny
The IMF’s loan agreement with El Salvador includes explicit restrictions on the purchase of Bitcoin by the public sector. These restrictions directly conflict with the country’s ongoing Bitcoin buying activities. El Salvador’s Bitcoin Office, led by Stacy Herbert, has confirmed that the government is purposefully disregarding the IMF’s terms. According to Herbert, the government views these purchases as a vital strategy for securing financial independence, regardless of the loan conditions.

The IMF has expressed concern over El Salvador’s Bitcoin policy, suggesting that the increase in Bitcoin holdings is due to the consolidation of assets from various government wallets. However, this contradicts earlier statements from El Salvador’s finance officials, who claimed no new Bitcoin had been purchased since February.

El Salvador’s Bitcoin acquisition continues to spark debates over transparency. Despite official claims that no new Bitcoin purchases have been made since February, President Bukele’s public announcements contradict this narrative. The government’s ongoing Bitcoin buys have led to increasing scrutiny regarding the transparency of El Salvador’s digital asset holdings.

Bitcoin Drops 4.92% in 24 Hours, Settling at $90K
Tracking the ongoing price trend at the time of press, CoinMarketCap data confirms that Bitcoin’s price has experienced a notable decline of 4.92% in the last 24 hours, dropping to $90,999.40. The market capitalization of Bitcoin currently stands at $1.81 trillion, reflecting a 4.9% decrease. During this period, the trading volume reached $115.55 billion, showing a 46.37% increase compared to the previous day.

The price of Bitcoin fluctuated between $95,670 and $90,000, showing a consistent downward trend throughout the day. As the price dropped below $91,000, it continued to decline, settling at $90,999.40. This price movement indicates a decrease in Bitcoin’s value despite a higher trading volume. The total market activity during this period aligns with the ongoing bearish trend in the crypto market. The data showcases a downward price shift, with Bitcoin struggling to maintain its earlier levels.

What to Know:

Solana’s ecosystem growth and institutional integrations highlight rising demand for tools that match its speed, security, and expanding real-world utility.
Rising developer activity and on-chain innovation reinforce the view that Solana remains undervalued, increasing the need for wallets that fully support its ecosystem.
Best Wallet’s MPC security and integrated DEXes deliver a unified, high-security experience tailored to users engaging with fast-growing networks like Solana.
The $BEST token powers a mobile-first, no-KYC wallet ecosystem built to simplify Web3 access while giving users full control and utility-driven rewards.

As the crypto market matures, investors are constantly searching for the next big opportunity. This has led to a renewed focus on assets that may be flying under the radar, sparking debates around whether major players like Solana are undervalued. Even as $SOL’s ecosystem continues to mature, some traders believe this crypto is yet to show its full potential.

Right now, $SOL is holding firm at a key technical support zone – around $128–$130, with $SOL now back above $130). This could form the foundation for a strong rebound if the price reclaims higher levels. 

Behind this stability lies a thriving ecosystem: hackathons and developer events are flourishing, signaling deep and sustained innovation on the chain. Institutional and retail adoption are also scaling up rapidly. Cash App plans to support USDC payments on Solana in 2026, and SoFi has enabled $SOL trading directly from checking accounts. 

Source: Colosseum on X
On-chain use cases are broadening beyond DeFi: real-world projects are tapping into Solana for credit instruments, lending, and other financial applications. Meanwhile, record-breaking fundraising and product launches, from prediction markets to native hardware wallets, demonstrate that Solana’s ecosystem isn’t just growing, it’s evolving.

This strong fundamental backdrop of technical resilience, growing adoption, and real utility suggests that $SOL’s current valuation may not fully reflect its potential.

And that’s where Best Wallet Token ($BEST) comes in: as users look for more secure, accessible, and powerful ways to interact with high-potential blockchains like Solana, $BEST’s next-gen wallet ecosystem is uniquely positioned to capture this momentum and turn this utility token into a 10x opportunity.

That’s because the new conversation isn’t just about price charts; it reflects a deeper trend of users seeking more efficient, secure, and feature-rich ways to interact with crypto. This demand for innovation has exposed cracks in the offerings of established wallet providers.

Many are either centralized, creating potential points of failure, or decentralized but lack the mobile-first, user-friendly interface needed for mainstream adoption. They offer basic functions but little else, failing to provide the added benefits and utility that today’s crypto users expect.

This gap in the market creates a significant opportunity for a new solution to emerge, one that combines top-tier security with a comprehensive suite of tools designed for both new and experienced investors.

Best Wallet and $BEST Redefine On-Chain Security and Access
In a landscape where security is paramount, Best Wallet sets a new standard. It is the first fully integrated wallet to use Fireblocks’ advanced MPC-CMP technology, providing institutional-grade security that protects users from common threats like private key theft.

This technology removes the single point of failure associated with traditional seed phrases, offering peace of mind. This focus on security is paired with a commitment to accessibility.

The platform features a unique ‘Upcoming Tokens’ launchpad, which simplifies the often-complex process of participating in presales. It provides users with vetted, early-stage opportunities, removing barriers for those looking to get in on the ground floor of new projects.

This feature is crucial for investors searching for the next breakout token, whether it’s a Solana meme coin or an emerging ecosystem project. Find out more about this wallet ecosystem in our Best Wallet token review.

The project’s momentum is undeniable. The Best Wallet Token presale has already raised an impressive $17M+, with $BEST currently priced at $0.025965. This strong early performance signals significant investor confidence in its vision to create the easiest and safest crypto wallet on the market.

Check the live $BEST presale.

A Multi-Chain Future Demands More Than Basic Swaps
Today’s crypto landscape is a multi-chain universe, and Best Wallet is built for it. The platform features the Best DEX aggregator, powered by Rubic, which connects to over 50 chains, 200+ DEXs, and 20 cross-chain bridges. This ensures users always get the best rates for swaps with minimal fees, all within a single, intuitive interface.

The $BEST token presale is seeing serious attention thanks to this powerful utility.

On-chain data shows whale wallets accumulated $30K+ in single transactions, with the largest recent purchase hitting $30.2K on November 17. This follows several older large transactions, like a $70.2K whale buy back in September.

This ‘smart money’ movement suggests big retail investors see long-term potential in the project’s comprehensive approach. For those wondering if Solana is undervalued, the activity around innovative infrastructure like Best Wallet provides a compelling narrative. And beyond its trading capabilities, the $BEST token offers tangible benefits within the ecosystem.

Holders gain access to reduced transaction fees and can participate in staking immediately during the presale. With 800M tokens allocated for dynamic APY rewards (now at 76%), early backers can start earning returns on their investment from day one, creating a powerful incentive to join the growing community.

The project’s robust features make a strong case for its $BEST’s price potential, with our forecast putting the token at a $0.05 high in 2026 – a 1.9x growth from today’s price of $0.025965. For those ready to participate, the process is straightforward; learn how to buy the Best Wallet token and secure your position in this innovative ecosystem.

Join the $BEST presale today.

This article is for informational purposes only and does not constitute financial advice. Please conduct your own research before investing in any cryptocurrency.

Authored by Aaron Walker, NewsBTC — https://www.newsbtc.com/news/solana-undervalued-proof-best-wallet-token-presale-10x-opportunity/

The price of IBIT has dropped 16% to $52, a level last seen in April. Nov 18, 2025, 9:22 a.m.

BlackRock's spot bitcoin ETF, IBIT, has registered record outflows this month amid a price slide and a sharp rise in the cost of bearish options used to hedge against further market declines.

The Nasdaq-listed BlackRock Bitcoin ETF, IBIT, has recorded a net outflow of $1.26 billion so far this month, marking the largest monthly redemption since its launch in January 2024, according to data from SoSoValue. This outflow is part of a broader trend affecting the market, with 11 spot Bitcoin ETFs collectively experiencing withdrawals totaling $2.59 billion.

STORY CONTINUES BELOW

IBIT's price has collapsed 16% to $52, the level last seen on April 22, data from TradingView show.

The price crash has traders aggressively chasing put options as a form of protection against further declines. This is reflected in the 250-day put-call skew tracked by MarketChameleon, which measures the relative cost of puts compared to calls.

The 250-day put-call skew has surged to a seven-month high of 3.1%, indicating that put options, used to hedge downside risks, are currently at their most expensive relative to calls since April.

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