EPC 10-K & 10-Q changes, risk factors and insider trading

Our future performance depends in significant part upon the continued service of our executive officers and other key personnel. Further, our financial projections assume certain new and ongoing productivity improvements and cost savings, including staffing adjustments and employee departures. Failure to deliver these planned productivity improvements and cost savings, while continuing to invest in business growth, could adversely impact our results of operations and cash flows. The loss of the services of one or more of our executive officers or other key employees could have a material adverse effect on our business, prospects, financial condition and results of operations. Additionally, successfully executing organizational change, management transitions at leadership levels of the Company, and motivation and retention of key employees is critical to our business success. Our success also depends on our continuing ability to attract, retain and develop highly qualified personnel. Competition for such personnel is intense, and there can be no assurance that we can retain and motivate our key employees or attract and retain other highly qualified personnel in the future.

The manufacturing, packaging, labeling, storage, distribution, advertising and sale of our products are subject to extensive regulation. For example, a number of our products are regulated by health authorities both in the U.S. and in the E.U. (such as the U.S. FDA), and by consumer protection organizations (such as the U.S. Consumer Product Safety Commission). These regulatory frameworks focus on our ingredients as well as the safety and efficacy of our products. Similarly, the advertising and marketing of our products is further regulated by agencies such as the U.S. Federal Trade Commission. All of these regulatory frameworks exist at the federal, state and local level in the U.S. as well as in foreign countries where we sell our products. New or more restrictive regulations or more restrictive interpretations of existing regulations are likely and could lead to additional compliance costs and could have an adverse impact on our business. Additionally, a finding that we are in violation of, or not in compliance with, applicable laws or regulations could subject us to material civil remedies, including fines, damages, injunctionswarning or untitled letters, injunctions, suspensions or delays in manufacturing, product recalls, seizures or withdrawals, or criminal sanctions. Even if a claim is unsuccessful, is not merited or is not fully pursued, the negative publicity surrounding such assertions could jeopardize our reputation and brand image and have a material adverse effect on our businesses, as well as require resources to rebuild our reputation.

There is increased focus from certain investors, customers, consumers, employees, and other stakeholders concerning corporate citizenship and sustainability matters. From time to time, we announce certain initiatives, including goals, regarding our focus areas, which include environmental matters, packaging, responsible sourcing, social investments and diversity, equityinclusion and inclusion.belonging. We could fail, or be perceived to have failed, in our achievement of such initiatives or goals, or we could fail in accurately reporting our progress on such initiatives and goals. Such failures could be due to changes in our business or consumer or business partner sentiment (e.g., shifts in business among distribution channels or acquisitions). Moreover, the standards by which citizenship and sustainability efforts and related matters are measured are evolving, and certain areas are subject to assumptions which could change over time. In addition, we could be criticized for the scope of such initiatives or goals or perceived as not acting responsibly in connection with these matters. Adverse incidents related to corporate citizenship or sustainability matters could impact the value of our brands, the cost of our operations, and our relationships with existing and future investors, which could have a material adverse effect on our business. In addition, in recent years, investor advocacy groups and certain institutional investors have placed increasing importance on sustainability. If, as a result of their assessment of our sustainability practices, certain investors are unsatisfied with our actions or progress, they may reconsider their investment in our Company. At the same time, there also exists “anti-ESG” sentiment among certain stakeholders and government institutions, and we may face scrutiny, reputational risk, product boycotts, lawsuits or market access restrictions from these parties regarding our sustainability initiatives.

Increasing focus on sustainability matters has resulted in, and is expected to continue to result in, evolving legal and regulatory requirements, including mandatory due diligence, disclosure and reporting requirements, as well as a variety of voluntary disclosure frameworks and standards. We have incurred, and are likely to continue to incur, increased costs complying with such standards and regulations, particularly given the lack of convergence among standards. In addition, our processes and controls may not always comply with evolving standards and regulations for identifying, measuring and reporting sustainability metrics; our interpretation of reporting standards and regulations may differ from those of others; and such standards and regulations may change over time, any of which could result in significant revisions to our goals or reported progress in achieving such goals. In addition, methodologies for reporting our data may be updated and previously reported data may be adjusted to reflect improvement in availability and quality of third-party data, changing assumptions, changes in the nature and scope of our operations (including from acquisitions and divestitures), and other changes in circumstances. Any failure or perceived failure, whether or not valid, to pursue or fulfill our sustainability goals and aspirations or to satisfy various sustainability reporting standards or regulatory requirements within the timelines we announce, or at all, could increase the risk of litigation or result in regulatory actions.actions and associated costs.

The vast majority of our total net sales are from products bearing proprietary trademarks and brand names. In addition, we own or license from third parties a considerable number of patents, patent applications and other technology. We rely on trademark, trade secret, patent and copyright laws to protect our intellectual property rights. If other companies or entities infringe on our intellectual property rights or engage in counterfeiting activities, they may dilute the value of our brands in the marketplace, which could diminish the value that consumers associate with our brands, harm our sales, or divert sales of product that we would ordinarily capture in the absence of infringing or counterfeit products. There is a risk that we will not be able to obtain and perfect or maintain our own intellectual property rights or, where appropriate, license intellectual property rights necessary to support new product introductions. In addition, even if such rights are protected in the U.S., the laws of some other countries in which our products are or may be sold do not protect intellectual property rights to the same extent as the laws of the U.S. Our intellectual property rights could be invalidated, circumvented or challenged in the future, and we could incur significant costs in connection with legal actions relating to such rights. As patents expire, we could face increased competition or decreased royalties, either of which could negatively impact our operating results. If other parties infringe our intellectual property rights, they may dilute the value of our brands in the marketplace, which could diminish the value that consumers associate with our brands which may harm our sales.

We rely extensively on information technology systems in order to conduct business, including some that are managed by third-party service providers. These systems include, but are not limited to, programs and processes relating to internal and external communications, ordering and managing materials from suppliers, converting materials to finished products, shipping products to customers, processing transactions, summarizing and reporting results of operations, and complying with regulatory, legal or tax requirements. These information technology systems could be damaged or cease to function properly due to the poor performance or failure of third-party service providers, catastrophic events, power outages, network outages, failed upgrades or other similar events.events, computer viruses and malware (e.g., ransomware), misconfigurations, “bugs” or other vulnerabilities, malicious code, natural disasters, terrorism, war, telecommunication and electrical failures, hacking, cyberattacks, phishing attacks and other social engineering schemes, employee theft or misuse, human error, fraud, or denial or degradation of service attacks. If our business continuity plans do not effectively resolve such issues on a timely basis, we may suffer interruptions in conducting our business which may adversely impact our operating results.

Periodically, we also need to upgrade our information technology systems or adopt new technologies. If such a new system or technology does not function properly or otherwise exposes us to increased cybersecurity breaches and failures, it could affect our ability to order materials, make and ship orders, and process payments in addition to other operational and information integrity and loss issues. Further, if the information technology systems, networks or service providers we rely upon fail to function properly or cause operational outages or aberrations, or if we or one of our third-party providers suffer significant unavailability of key operations, or inadvertent disclosure of, lack ofcompromised integrity of, or loss of our sensitive business or stakeholder information, due to any number of causes, ranging from catastrophic events or power outages to improper data handling, security incidents or employee error or malfeasance, and our business continuity plans do not effectively address these failures on a timely basis, we may be exposed to reputational, competitive, operational, financial and business harm as well as litigation and regulatory action. The costs and operational consequences of responding to the above items and implementing remediation measures could be significant and could adversely impact our results.

Walmart, together with its subsidiaries, is our largest customer, accounting for 17.2%17.4% of our net sales in fiscal 2024.2025. Generally, sales to our top customers are made pursuant to purchase orders and we do not have supply agreements or guarantees of minimum purchases from them. As a result, these customers may decrease their level of purchases from us at any time. If we are unable to maintain good relationships with our top customers, or our top customers’ business performance declines, our results may suffer. The loss or a substantial decrease in the volume of purchases by any of our top customers would harm our sales and profitability. Increasing customer concentration could result in reduced sales outlets for our products, as well as greater negotiating pressures and pricing requirements.

We depend on the continuing reputation and success of our brands, particularly the Schick, Wilkinson Sword, Billie, Edge, Skintimate, Playtex, Wet Ones, Banana Boat, Hawaiian Tropic, Bulldog, Cremo, Jack Black, Stayfree, Carefree and o.b. brands. Our operating results could be adversely affected if one of our leading brands suffers damage to its reputation due to real or perceived quality issues.issues, changing consumer perceptions of certain ingredients, negative perceptions of packaging, lack of recyclability or other environmental attributes. In addition, responding to any allegations of quality or safety issues or other adverse effects from our products may require substantial time and resources to and may effectuate a recall. Our business can also be adversely affected if consumers lose confidence in product quality, safety and integrity as a result of a recall or other issue pertaining to our products. We have, in the past, and may again need to recall a product from the market or markets in which it was distributed, which did and could again adversely affect our profitability and reputation. Further, the success of our brands can suffer if our marketing plans or new product offerings do not improve or have a negative impact on our brands’ image or ability to attract and retain consumers. Additionally, if claims made in our marketing campaigns become subject to litigation alleging false advertising, it could damage one or several of our brands, cause us to alter our marketing plans in ways that may materially and adversely affect sales, or result in the imposition of significant damages against us. Further, a boycott or other campaign critical of us, through social media or otherwise, could negatively impact our brands’ reputation and, consequently, our products’ sales.

Customer orders for sun care products within our Sun and Skin Care segment are highly seasonal, which has historically resulted in higher sun care sales to retailers during the late winter through mid-summer months. Accordingly, our sales, financial performance, working capital requirements and cash flow may experience volatility during these periods. Further, purchases of our sun care products can be significantly impacted by unfavorable weather conditions during the summer period, and as a result we have suffered and in the future may suffer decreases in net sales if conditions are not favorable for use of our products, which could in turn have a material adverse effect on our financial condition, results of operation and cash flows. Within our Wet Shave segment, sales of women’s products are moderately seasonal, with increased consumer demand in the spring and summer months.

•Net sales infor fiscal 20242025 increaseddecreased $2.1,$30.2, or 0.1%,1.3%, to $2,253.7,$2,223.5, including a $2.2, or 0.1%,$0.2 unfavorable impact due to currency movements. Organic net sales increaseddecreased $4.3,$30.0, or 0.2%,1.3%. asInternational 7.3%markets delivered organic growth inof international3.5%, markets,driven reflectingby both increasedhigher volumes and price,increased waspricing. North America declined 4.4%, primarily attributable to lower volumes in Wet Shave, Feminine Care, and Sun Care, partially offset by a 3.8% decreasegrowth in NorthSkin AmericaCare and Grooming. In aggregate, organic net sales,sales primarilydecreased reflectingas a result of volume declines in Feminine Care, Wet ShaveShave, and Wet Ones, partially offset by organic growth across SunFeminine Care and Grooming.Sun Care.

•Net earnings for fiscal 20242025 decreased $16.1,$73.2, or 14.0%,74.2%, to $98.6.$25.4. On an adjusted basis, net earnings for fiscal 20242025 increaseddecreased 13.8%$32.6, or 21.3%, to $153.0.$120.4. Adjusted net earnings increaseddecreased primarily due to higherlower gross margin.margin and higher brand investment, which was partially offset by lower SG&A.

(12) Also includes pre-tax research and development (“R&D) costs of $3.3 related to the reformulation, recall, and destruction of certain Sun Care products For further discussion of these items refer to Note 20 of Notes to Consolidated Financial Statements.

For fiscal 2024,2025, net sales were $2,253.7,$2,223.5, ana increasedecrease of $2.1,$30.2, or 0.1%,1.3%, to $2,223.5, including a $2.2, or 0.1%,$0.2 unfavorable impact due to currency movements. Organic net sales increaseddecreased $4.3,$30.0, or 0.2%,1.3%. asInternational 7.3%markets delivered organic growth inof international3.5%, markets,driven reflectingby both increasedhigher volumes and price,increased waspricing. North America declined 4.4%, primarily attributable to lower volumes in Wet Shave, Feminine Care, and Sun Care, partially offset by a 3.8% decreasegrowth in NorthSkin AmericaCare and Grooming. In aggregate, organic net sales,sales primarilydecreased reflectingas a result of volume declines in Feminine Care, Wet ShaveShave, and Wet Ones, partially offset by organic growth across SunFeminine Care and Grooming.Sun Care.

Gross profit was $924.9 in fiscal 2025, as compared to $955.7 in fiscal 2024, asa compared to $940.8 in fiscal 2023, an increasedecrease of $14.9,$30.8, or 1.6%.3.2%. Gross margin for fiscal 20242025 was 42.4%41.6% of net salessales, a decrease of 80-basis points, compared to 41.8%42.4%, in the prior year period. Adjusted gross margin increaseddecreased 140-basis110-basis points,points to 42.0%, or 20-basis points excluding currency movements, as productivity savings of approximately 280-basis270-basis points and favorable price of approximately 115-basis points,was more than offset coreby inflation150-basis andpoints transitory cost headwinds related toof unfavorable absorptioncore andinflation, heightened unit cost inflation trapped in inventoryinclusive of approximatelytariffs, 185-basis75-basis points,points andof unfavorable mix and other, 45-basis points from increased promotional levels (net of approximatelypricing), 70-basisand points.20-basis points of unfavorable absorption.

SG&A was $430.1,$425.0, or 19.1%, of net sales in fiscal 20242025 compared to $409.6,$430.1, or 18.2%,19.1%, of net sales in the prior year period. Adjusted SG&A increased 40-basis10-basis points to 18.5%18.6% of net sales,sales primarilyas drivencompared to 18.5% in the prior year, as lower incentive compensation expense and legal costs were offset by higher people expenses, legal costs, and brokercorporate costs,project partially offset by operational efficiency savings, lower bad debt expense and lower incentive compensation expense.expenses.

For fiscal 2024, Advertising and Sales Promotion Expense (“A&P”) was $232.0,$246.7, upan $2.9,increase of $14.7, or 1.3%,6.3%, compared to fiscalthe 2023.prior year period. A&P was 10.3%11.1% of net sales for fiscal 2024,2025, compared with 10.2%10.3% in fiscalthe 2023.prior year period. The increase in A&P was primarily due to incremental investment in Women’sSun groomingCare, Woman’s Shave, and SunMen’s Care,Grooming, partially offset by WetWoman’s Shave.grooming.

WeIn incurredfiscal $36.02025, inwe recorded pre-tax restructuring chargesand inrelated fiscalcosts 2024,of $53.1, consisting largely of severance, project implementation and other exit costs.costs Thisin includessupport aof $15.6cost restructuringefficiency chargeprograms. relatedIn tofiscal 2024, it was announced that we were undertaking certain operational and organizational steps designed to streamline the Company’sour operations and supply chain by consolidating itsour current Mexico operations in Obregon and Mexico City into a single facility in Aguascalientes, Mexico. WeAs a result of these actions, we expect to incur restructuringpre-tax charges of approximately $29$49.0 in fiscal 2025.2026. We incurred $36.0 of restructuring charges during fiscal 2024.

Interest expense associated with debt for fiscal 20242025 was $76.5,$73.2, a decrease of $2.0,$3.3, or 2.5%, as4.3%, compared to $78.5$76.5 in fiscalthe 2023.prior year period. The decrease in interest expense was the result of ahigher capitalized interest for projects with capital expenditures and lower overallinterest debt balance on the Company’s Revolving Credit Facility,rates, partially offset by higher interestborrowing rates.levels on our U.S. revolving credit facility.

Income Tax (Benefit) Provision

Income taxes, which include federal, state and foreign taxes, werewas a benefit of (7.3)% compared to expense of 18.5% and 22.3% of Earnings before income taxes in fiscal 20242025 and 2023,2024, respectively. The fiscal 20242025 effective tax rate reflects a tax benefit on net income primarily due to favorable mixunusual ofitems earningsincluding inrestructuring loweras taxwell rate jurisdictions andas the impact of a change in the Company’s prior estimates. On an adjusted basis, the effective tax rate for fiscal 20242025 was 20.3%15.8% compared to 23.0%20.3% in the prior year.

Wet Shave net sales for fiscal 20242025 were $1,229.3,$1,218.9, a decrease of $1.6,$10.4, or 0.1%,0.8%, as compared to the prior year period, including $4.6,$4.2, or 0.3%,0.4%, unfavorablefavorable impact from currency. Organic net sales increaseddecreased $3.0,$14.6, or 0.2%,1.2%, driven by a 7.3%7.2% increasedecrease in North America organic sales, primarily due to lower volumes and higher promotional spending. North America volume sales were impacted by continued declines in Shave Preps and Disposables, along with heightened competitive dynamics in Women’s shave. The decline was partially offset by growth of 3.7% in International organic sales, driven by both higher volumes and price. North America sales declined 7.2%, primarily due to lower volumes. North America sales were impacted by continued weak category and channel dynamics, particularly in the highly promotional drug channel, along with heightened competitive dynamics in Women’s shave, as well as significant declines in Shave Preps and Disposables.

Wet Shave segment profit for fiscal 20242025 was $203.9,$190.3, ana increasedecrease of $45.6,$13.6, or 28.8%,6.7%, and inclusive of a $1.8,$16.7, or 1.1%,8.2%, unfavorable impact from currency. Organic segment profit increased $47.4,$3.1, or 29.9%,1.5%, reflectingas higher gross margin andwas lowerpartly offset by higher marketing expense.expenses.

Sun and Skin Care segment profit for fiscal 20242025 was $131.3,$98.4, a decrease of $6.1,$32.9, or 4.4%.25.1%. Organic segment profit decreased $7.3,$28.1, or 5.3%, primarily21.4%, driven by lower gross margin and higher SG&A and marketing expenses, partially offset by higher gross margins.expenses.

Feminine Care net sales for fiscal 20242025 were $283.6,$261.5, a decrease of $31.6,$22.1, or 10.0%,7.8%, primarily related to volume decline in TamponsPads and Pads.Tampons.

During fiscal 2025 and 2024, total general corporate and other expenses were $65.7,$173.4, or 2.9%,7.8%, of net sales, compared to $68.7,$136.7, or 3.1%, of net sales6.1% in the prior year.year The decrease in corporate expenses was primarily due to lower incentive compensation expense, partially offset by higher people expenses.quarter.

During fiscal 2025, we recorded a gain of $0.9 for an equity method investment. During fiscal 2024, we recorded a chargeloss of $3.1 for a loss on investment associated with an equity method investment and a related note receivable as a result of a new contractual agreement.

EffectiveWe Februaryparticipate 7,in 2022,accounts wereceivable increasedfacility programs both in the maximumUnited receivablesStates soldand facility amount under the Sixth Amendment to the Accounts Receivable Facility to $180.0 from $150.0.Japan. Refer to Note 1110 of Notes to the Consolidated Financial Statements for further discussion on the Accounts Receivable Facility.

Historically, we have generated, and expect to continue to generate, favorable cash flows from operations. Our cash flows are affected by the seasonality of our Sun Care business, typically resulting in higher net sales and increased cash generated in the second and third quarter of each fiscal year. We believe our cash on hand, cash flows from operations and borrowing capacity under the Revolving Credit Facility will be sufficient to satisfy our future working capital requirements, interest payments, R&D activities, capital expenditures, and other financingcapital requirements for at least the next 12 months. We will continue to monitor our cash flows, spending and liquidity needs.

During fiscal 2024,2025, we didcontributed not make any contributions$7.4 to our pension and post-retirement plans. Due to the election of certain terms of the American Rescue Plan Act, we were not required to make any cash contributions to our pension and postretirement plans in fiscal 2023. Pension contributions required beyond fiscal 20252026 represent future pension payments to comply with local funding requirements in the U.S. only. The projected contributions for the U.S. pension plans total $6.5 in fiscal 2025, $7.0$5.6 in fiscal 2026, $5.0$3.6 in fiscal 2027, $4.5$2.7 in fiscal 2028, and $4.2$2.4 in fiscal 2029.2029, and $2.2 in fiscal 2030. Estimated contributions beyond fiscal 20292030 are not determinable. The CompanyWe may also elect to make discretionary contributions.

Cash flow from operating activities was $231.0$118.4 in fiscal 2024,2025, as compared to $216.1$231.0 in fiscal 2023.2024. The increasedecrease in fiscal 20242025 was driven by favorable changes in net working capital,capital partiallyand offset by decreasedlower earnings.

Cash flow used by investing activities was $62.4$72.9 in fiscal 20242025 as compared to $50.5$62.4 in fiscal 2023.2024. CapitalThe increase is primarily related to capital expenditures which were $56.5$77.0 during fiscal 2024,2025, compared to $49.5$56.5 in the prior year period.period, Thepartially increase in cash usedoffset by investing activities is also due to an outflow of $6.5 for an investment in a business.business in the prior year period.

Net cash used by financing activities was $179.4$30.0 in fiscal 20242025 as compared to $146.5$179.4 in fiscal 2023.2024. During fiscal 2024,2025, we had net borrowingsproceeds of $88.0$106.0 under the Revolving Credit Facility, compared to $33.0net repayments of $88.0 in the prior year period. During fiscal 2024,2025, we repurchased $58.5$90.2 of our common stock under our 2018 Board authorization to repurchase our common stock (the “Repurchase Plan”) compared to $75.2$58.5 in the prior year period. Dividend payments totaled $30.7$29.3 in fiscal 2024,2025, compared to $31.5$30.7 in the prior year period. We had financing outflows for employee equity awards held for taxes totaling $7.3 in fiscal 2024, compared to $9.0 in the prior year period.

The following is a summary of cash dividends paid and declared per share on theour Company’scommon Common Stockstock during the year ended September 30, 20242025:

On OctoberNovember 31,13, 2024,2025, the Board declared a quarterly cash dividend of $0.15 per share of common sharestock for the fourth fiscal quarter of 2024.2025. The dividend will be paid on January 8, 20252026 to shareholders of record as the close of business on December 3, 2024.2025.

Management recognizes that inflationary pressures may have an adverse effect on our company through higher material costs, labor and transportation costs, asset replacement costs and related depreciation, healthcare and other costs. We continued to navigate the challenging and uncertain inflationary environment and resultant cost pressure with a combination of productivity efforts to achieve efficiencies and lower costs to our Cost of products sold and SG&A expenses and increase focus on revenue management. We can provide no assurance that such mitigation will be available or effective in the future.

Our most critical accounting estimates are revenue recognition, pension and other postretirement benefits, the valuation of long-lived assets (including property, plant and equipment), income taxes (including uncertain tax positions) and valuation related to goodwill and intangible assets. A summary of our significant accounting policies is contained in Note 2 of Notes to Consolidated Financial Statements. This listing is not intended to be a comprehensive list of all of our accounting policies. We believe the following accounting policies are the most critical in understanding the estimates and judgments that are involved in preparing our financial statements.

For our annual impairment assessment as of July 1, 2024,2025, the Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate certainall goodwill reporting units and certain trade names and brands. The Company elected to perform a qualitative assessment on the other goodwill reporting units and indefinite-lived intangible assetsasset noting no events that indicated that the fair value was less than the carrying value that would require a quantitative impairment assessment.

The market approach uses the guideline public company method to calculate the fair value of each reporting unit by applying earnings multiples to the operating performance of each reporting unit. The multiples are derived from comparable publicly traded companies with operating and investment characteristics similar to the reporting unit. The multiples are adjusted given the specific characteristics of the reporting unit including its position in the market relative to the guideline companies and applied to the reporting unit’s operating data to arrive at an indication of fair value. For the Feminine Care reporting unit, the market approach was based on an offer received to purchase this reporting unit given, concurrent with the annual impairment analysis, additional information related to the potential sale of this business developed indicating that the offer was the best evidence of fair value. As discussed in Note 21 of Notes to Consolidated Financial Statements, the Company entered into a definitive agreement to sell this reporting unit for a purchase price of $340.0.

The key assumptions and estimates for the market and income approaches used to determine fair value of the reporting units are updated at least annually. Those assumptions and estimates include market multiples, determination of comparable publicly traded companies, discount rates, terminal growth rates, and future levels of revenue growth and EBITDA margins based upon our annual business and strategic plan. The assumptions used for the income approach include a weighted-average cost of capital ofranging from 11.0% to 12.0% and terminal growth rates of 2.50%.2.5%.

Based on the results of our annual quantitative assessment performed as of July 1, 2024,2025, the faircarrying valuesvalue of our Wet Shave, Skin Care andthe Feminine Care reporting unitsunit exceededwas theirgreater respectivethan carryingthe valuesfair byvalue 29%,resulting 29%in anda 21%,non-cash respectively.goodwill impairment charge of $51.1, reflecting a partial impairment of the reporting unit.

For a discussion of potential risks and uncertainties related to us, see the information included in Part I, Item 1A, "Risk Factors" of our 2025 Annual Report. Except for the risk factor discussed below, we do not believe that there have been noany material changes to the risk factors disclosed in our 2025 Annual Report.

Retail sales for purposes of market size, market position and market share information are based on measured retail sales in U.S.United States dollars.

On February 2, 2026, we closed the transaction and received proceeds of approximately $340 on a cash-free and debt-free basis. In connection with closing of the transaction, we and Essity entered into a transition services agreement for the provision of certain services to support the transition of the Feminine Care segment following the closing. The divestiture of the Feminine Care segment is a key step to transform Edgewell into a more focused, agile and consumer-driven personal care company. The former Feminine Care segment’s results are presented as discontinued operations on a retrospective basis for the three and sixnine months period ended MarchJune 31,30, 2026 and 2025.

SecondThird Quarter of Fiscal 2026

The following is a summary of results from continuing operations for the secondthird quarter and first nine months of fiscal 2026, as compared to the corresponding periodperiods in fiscal 2025. In addition to net sales, net incomeearnings (loss) from continuing operations and earnings per share (“EPS”) from continuing operations for the periods presented were also impacted by certain costs or income, as described in the table below. The impact of these items on reported net incomeearnings (loss) from continuing operations and EPS from continuing operations are provided as a reconciliation of net incomeearnings (loss) from continuing operations and EPS from continuing operations to adjusted net incomeearnings from continuing operations and adjusted diluted EPS from continuing operations, both of which are non-GAAP measures.

•Net sales in the secondthird quarter of fiscal 2026 increased $2.9,$9.7, or 0.6%,1.7%, to $519.5,$570.1, as compared to the prior year quarter. Organic net sales decreasedincreased $12.6,$6.1, or 2.4%.1.1%, Organicreflecting a return to growth in InternationalNorth marketsAmerica, waspartially 1.0%,offset largelyby lower sales in international markets. North America net sales increased 3.0%, driven by volume growth across Sun, Skin Care and Grooming, reflecting improving execution, increased distribution and continued strength across several of the Company's priority brands. International organic sales declined 1.4%, primarily reflecting temporary disruption associated with the conflict in the Middle East and short-term supply chain impacts related to the Company's Wet Shave andmanufacturing favorable pricing in Wet Shave and Sun Care. Organic sales declined in North America by 4.8%, driven primarily by lower volumes in Wet Shave and Sun Care,consolidation, partially offset by volume growth in Grooming.Grooming and several key international markets.

•Net earnings from continuing operations in the secondthird quarter of fiscal 2026 were $4.0, as$12.3 compared to $20.8$21.5 in the prior year quarter. On an adjusted basis, net earnings from continuing operations for the secondthird quarter of fiscal 2026 were $27.8, as$33.5 compared to $32.9$33.6 in the prior year quarter. Adjusted net earnings decreased primarily due to lower gross profitmargin and higher operating expenses, partially offset by higher sales and lower interest expense.expenses.

•Diluted net earnings per share from continuing operations during the secondthird quarter of fiscal 2026 were $0.09, as$0.26 compared to $0.43$0.46 in the prior year quarter. On an adjusted basis, diluted net earnings per share from continuing operations per share during the secondthird quarter of fiscal 2026 were $0.60, as$0.72 compared to $0.69$0.72 in the prior year quarter.

First SixNine Months of Fiscal 2026

•Net sales infor the first sixnine months of fiscal 2026 increased $10.6,$20.3, or 1.1%,1.4%, to $942.3,$1,512.4, asincluding compareda $28.7, or 2.0% favorable impact due to thecurrency prior year period.movements. Organic net sales decreased $14.5,$8.4, or 1.6%.0.6%. Organic sales in North America declined 2.6%0.4% driven primarily by lower volumes in Wet Shave and Skin Care, partially offset by volume growth in Grooming and Sun Care. Organic sales in International markets declined 0.3%0.7% largely driven by lower volumes in Sun Care and Grooming,Care, partially offset by favorable pricing in Wet Shave.

•Net earnings (loss) earnings from continuing operations infor the first sixnine months of fiscal 2026 weredecreased $45.0, or 140.2%, to $(25.212.9), as compared to $10.7 in the prior year period.. On an adjusted basis, net earnings from continuing operations for the secondfirst quarternine months of fiscal 2026 weredecreased $20.2,$8.2, asor compared13.2%, to $28.2 in the prior year period.$53.7. Adjusted net earnings from continuing operations decreased primarily due to lower gross profit and higher operating expenses, partially offset by higher sales and lower interest expense.

•Diluted net earnings (loss) earnings per share from continuing operations during the first sixnine months of fiscal 2026 werewas $(0.540.28), as compared to $0.22$0.67 in the prior year period. On an adjusted basis, dilutedas illustrated in the table below, net earnings per diluted share from continuing operations during the first sixnine months of fiscal 2026 were $0.44, as$1.15 compared to $0.59$1.28 in the prior year period.

The following table presents changes in net sales for the firstthird six monthsquarter and secondfirst quarternine months of fiscal 2026, as compared to the corresponding periods in fiscal 2025, and provides a reconciliation of organic net sales to reported amounts.

For the secondthird quarter of fiscal 2026, net sales increased $2.9,9.7, or 0.6%,1.7%, to $519.5,$570.1, including a $15.5,$3.6, or 3.0%,0.6%, favorable impact from currency movements, as compared to the prior year quarter. Organic net sales decreasedincreased $12.6,$6.1, or 2.4%.1.1%, Organicreflecting a return to growth in InternationalNorth marketsAmerica, waspartially 1.0%,offset largelyby lower sales in international markets. North America organic sales increased 3.0%, driven by volume growth across Sun, Skin Care and Grooming, reflecting improving execution, increased distribution and continued strength across several of the Company's priority brands. International organic sales declined 1.4%, primarily reflecting temporary disruption associated with the conflict in the Middle East and short-term supply chain impacts related to the Company's Wet Shave andmanufacturing favorable pricing in Wet Shave and Sun Care. Organic sales declined in North America by 4.8%, driven primarily by lower volumes in Wet Shave and Sun Care,consolidation, partially offset by volume growth in Grooming.Grooming and several key international markets.

For the first sixnine months of fiscal 2026, net sales increasedwere $10.6,$1,512.4, an increase of $20.3, or 1.1%, to $942.3,1.4%, including a $25.1,$28.7, or 2.7%,2.0%, favorable impact from currency movements, as compared to the prior period.movements. Organic net sales decreasedincreased $14.5,$8.4, or 1.6%.0.6%. Organic sales in North America declined 2.6%0.4% driven primarily by lower volumes in Wet Shave and Skin Care, partially offset by volume growth in Grooming and Sun Care. Organic sales in International markets declined 0.3%,0.7% largely driven by lower volumes in Sun Care and Grooming,Care, partially offset by favorable pricing in Wet Shave.

Gross profit was $216.9$242.5 during the secondthird quarter of fiscal 2026, compared to $236.9$250.1 in the prior year quarter, a decrease of $20.0,$7.6, or 8.4%.3.0%. Gross margin as a percent of net sales for the secondthird quarter of fiscal 2026 decreased 410-basis210-basis points, to 41.8%.42.5%. Adjusted gross margin, as a percent of net sales, decreased 310-basis30-basis points to 43.4% in the quarter.points. Productivity savings of approximately 220-basis200-basis points and 40-basis points of favorable currency movements were more than offset by 420-basis160-basis points of core inflation and tariffs,net 70-basistariffs and 110-basis points of unfavorable mix and promotional levels (net of pricing), and 40-basis points of unfavorable currency movements..

Gross profit was $377.9$620.4 during the first sixnine months of fiscal 2026, compared to $409.4$659.4 in the prior year period, a decrease of $31.5,$39.0, or 7.7%.5.9%. Gross margin as a percent of net sales for the first sixnine months of fiscal 2026 decreased 380-basis320-basis points, to 40.1%.41.0%. Adjusted gross margin,margin as a percent of net sales,sales decreased 270-basis180-basis points.points, to 42.7%. Productivity savings of approximately 230-basis220-basis points and 20-basis points of favorable foreign currency were more than offset by approximately 430-basis320-basis points of core inflation, tariffs, and volume absorption and 75-basisnet tariffs and 100-basis points of unfavorable mix and promotional levels (net of pricing).

Selling, general and administrative (“SG&A”) expense was $111.0,$108.3, or 21.4%,19.0%, of net sales in the secondthird quarter of fiscal 2026 compared to $102.8,$100.7, or 19.9%,18.0%, of net sales in the prior year quarter. Adjusted SG&A was 20.1%18.4% of net sales, compared to 19.6%17.6% in the prior year quarter, which was primarily driven by higher consultingincentive andcompensation corporate expensesexpense and unfavorable currency impacts,impacts in the current year, partly offset by lower people costs.and consulting expenses.

Selling, general and administrative (“SG&A”) expense was $213.4,$321.7, or 22.6%,21.3%, of net sales in the first sixnine months of fiscal 2026 compared to $202.4,$303.1, or 21.7%,20.3%, of net sales in the prior year period. Adjusted SG&A was 21.7%$309.5, or 20.5% of net sales, comparedan toincrease 21.4%of in50-basis the prior year quarter,points, which was primarily driven by higher outsideincentive servicescompensation costsexpense and corporatehigher expenses,consulting partially offset by lower people costs.expenses.

Advertising and sales promotion (“A&P”) expense for the secondthird quarter of fiscal 2026 was $58.6,$83.2, aan decreaseincrease of $1.3,$7.2, or 2.2%,9.5%, compared to $59.9$76.0 in the prior year quarter. A&P was 11.3%14.6% of net sales, compared to 11.6%13.6% in the prior year quarter.

Advertising and sales promotion (“A&P”) expense for the first sixnine months of fiscal 2026 was $104.2,$187.4, aan decreaseincrease of $1.8,$5.4, or 1.7%,3.0%, compared to $106.0$182.0 in the prior year period. A&P was 11.1%12.4% of net sales, compared to 11.4%12.2% in the prior year quarter.period.

Research and development (“R&D”) expense for the secondthird quarter of fiscal 2026 was $14.9,$13.3, ana increasedecrease of $1.5,$0.2, or 11.2%,1.5%, compared to $13.4$13.5 in the prior year quarter. As a percentage of net sales, R&D expense was 2.9%2.3% in the secondthird quarter of fiscal 2026, compared to 2.6%2.4% in the prior year quarter.

Research and development (“R&D”) expense for the first sixnine months of fiscal 2026 was $28.7,$42.0, an increase of $1.9,$1.8, or 7.1%,4.5%, compared to $26.8$40.2 in the prior year period. As a percentage of net sales, R&D expense was 3.0%2.8% in the first sixnine months of fiscal 2026, compared to 2.9%2.7% in the prior year period.

In fiscal 2026, the Company continues to take specific actions to strengthen its operating model, simplify the organization and improve manufacturing and supply chain efficiency through restructuring actions, including streamlining the Company’s operations and supply chain by consolidating its Mexico facilities and Wet Shave operations. As a result of these actions, we expect to incur pre-tax charges of approximately $90$92 in fiscal 2026. We incurred $14.0$12.7 and $11.8$14.9 of restructuring and related charges induring the secondthird quarter of fiscal 2026 and 2025, respectively, and $32.1$44.8 and $15.9$30.9 during the first sixnine months of fiscal 2026 and 2025, respectively.

Other restructuring related charges of $8.7$11.2 and $14.5 associated with the consolidation of Wet Shave operations and supply chain actions$25.7 were recorded in costs of products sold in the secondthird quarter and first sixnine months of fiscal 2026, respectively, and $0.3$0.6 and $0.8$1.4 were recorded in selling, general and administrative expense in the secondthird quarter and first sixnine months of fiscal 2026, respectively. NoOther restructuring related charges wereof incurred$1.2 inwas the comparative prior periodrecorded in costs of products sold in both the third quarter and SG&Afirst relatednine tomonths theseof actions.fiscal 2025 and $0.6 was recorded in selling, general and administrative expense in both the third quarter and first nine months of fiscal 2025.

Interest expense associated with debt for the secondthird quarter of fiscal 2026 was $17.9,$16.7, a decrease of $2.3,$2.7, or 11.4%,13.9%, compared to $20.2$19.4 in the prior year quarter. The decrease in interest expense was the result of lower borrowing levels on the Company’s U.S. Revolving Credit Facility asdue a result ofto the paydown of the revolving credit facility utilizingwith cashthe proceeds from the divestiture of the Feminine Care business.divestiture.

Interest expense associated with debt for the first sixnine months of fiscal 2026 was $37.2,$53.9, a decrease of $1.8,$4.5, or 4.6%,7.7%, compared to $39.0$58.4 in the prior year period. The decrease in interest expense was the result of lower borrowing levels on the Company’s U.S. Revolving Credit Facility asdue a result ofto the paydown of the revolving credit facility utilizingwith cashthe proceeds from the divestiture of the Feminine Care business.divestiture.

Other (income) expense, net, $(7.4)was income of $9.7 in the third quarter of fiscal 2026, compared to $(2.6)income of $2.9 in the prior year quarter. The current year quarter included $6.7$7.7 million of Transition Services Agreement (“TSA”) income.income Additionally,and the currentprior year quarter included $0.2$2.7 of other project gains, compared to $0.6 in the prior year quarter.gains. Currency hedge and remeasurementremeasurements lossesgains were $0.9$0.6 million in the current quarter, compared to gainsa gain of $2.4$1.1 million in the prior year quarter. Adjusted other (income) expense, net was $(7.29.7) compared to $(2.00.2) in the prior year quarter.

Other (income) expense, net, was $(8.7)income of $18.4 in the first nine months of fiscal 2026 compared to $0.6income of $2.3 in the prior year period. The currentfirst yearnine quartermonths of fiscal 2026 included $6.7$14.4 of TSA income.income and the prior year period included $1.5 of other project gains. Currency hedge and remeasurementremeasurements losses were $1.7$1.1 million in the current period, compared to gainsa gain of $0.4$1.4 million in the prior year period. The current year period included $0.7 of other project gains, compared to $1.2 of expense in the prior year quarter. Adjusted other (income) expense, net was $(6.516.2) compared to $0.3$0.1 in the prior year period.

The continuing operations effective tax rate for the secondthird quarter of fiscal 2026, was 49.7%, as31.5%, compared to 33.7%24.5% in the prior year quarter. The fiscal 2026 effective tax rate reflects an unfavorable mix of earnings in higher tax rate jurisdictions and more unusual items resulting in a larger tax expense compared to fiscal 2025. On an adjusted basis, the effective tax rate was 27.9%,27.2% downfor fromthe third quarter of fiscal 2026, and 24.3% in the prior year quarter adjusted effective tax rate of 30.9%.quarter.

The continuing operations effective tax rate for the first sixnine months of fiscal 2026, was 13.1%,(17.0)%, as compared to 42.6%31.7% in the prior year period. The current year period reflects a tax benefitexpense on a loss. The fiscal 2026 effective tax rate reflects more favorable discrete and unusual items resulting in a tax benefit compared to fiscal 2025. On an adjusted basis, the effective tax rate was 24.9%26.3% down from the prior year period adjusted effective tax rate of 33.6%.28.8%.

(Loss) earnings from discontinued operations, net of taxEarnings (Lossloss) earnings from discontinued operations, net of tax includes the results of the Feminine Care business.

The lossincome of $14.6$1.4 in the secondthird quarter of fiscal 2026 primarily includes the impact of tax related charges from the completion of the Feminine Care Divestiture.divestiture. The loss of $51.1$49.7 in the first sixnine months of 2026 also includes the impact of the goodwill impairment charge of $37.4 recorded during the first quarter.quarter of fiscal 2026.

The following tables present changes in segment net sales and segment profit for the secondthird quarter and first sixnine months of fiscal 2026, compared to the corresponding period in fiscal 2025, and provide a reconciliation of organic segment net sales and organic segment profit to reported amounts. For a reconciliation of segment profit to IncomeEarnings (loss) from continuing operations before income taxes, refer to Note 1718 of Notes to Condensed Consolidated Financial Statements.

Wet Shave net sales for the secondthird quarter of fiscal 2026 were $294.1,$312.8, ana increasedecrease of $8.6,$4.2, or 3.0%,1.3%, as compared to the prior year quarter, including a $10.7,$1.9, or 3.7%,0.6%, favorable impact from currency. Organic net sales decreased $2.1,$6.1, or 0.7%,1.9%, as Internationalgrowth marketsin grewthe 3.6%,branded primarilybusiness reflectingwas highermore volumes,than whileoffset by lower Private Label sales, related to temporary supply constraints in North America declinedand 6.0%,certain primarilyinternational reflectingmarkets. lowerIn volumes.aggregate, a decrease in organic sales was related to a 2.8% decline in North America, and a decrease of 1.4% in International sales.

Wet Shave net sales for the first sixnine months of fiscal 2026 were $585.4,$898.2, an increase of $5.4,$1.2, or 0.9%,0.1%, as compared to the prior year period, including a $19.1,$21.0, or 3.3%,2.3%, favorable impact from currency. Organic net sales decreased $13.7,$19.8, or 2.4%,2.2%, as Internationalinternational markets grew 1.4%,0.3%, primarilydriven reflectingby favorablehigher pricing,price whileand North America organic sales declined approximatelyby 7.1%,5.7% primarilydue reflectingto lower volumes.

Wet Shave segment profit for the secondthird quarter of fiscal 2026 was $33.7,$34.9, a decrease of $12.9,$9.2, or 27.7%,20.9%, and inclusive of a $0.7,$1.7, or 1.5%,3.8%, unfavorablefavorable impact from currency. Organic segment profit decreased $12.2,$10.9, or 26.2%,24.7%, drivenexcluding bythe lowerimpact grossof marginsforeign andcurrency, as higher SG&A expense,and marketing expenses, were partially offset by lowerhigher marketinggross expense.margins.

Wet Shave segment profit for the first sixnine months of fiscal 2026 was $75.9,$106.0, a decrease of $17.3,$31.3, or 18.6%,22.8%, and inclusive of a $3.4,$5.1, or 3.6%,3.7%, favorable impact from currency. Organic segment profit decreased $20.7,$36.4, or 22.2%,26.5%, asdue to lower gross marginsmargin and higher SG&A expense were primarily offset by lower marketing expenses.A.

Sun and Skin Care net sales for the secondthird quarter of fiscal 2026 decreasedincreased $5.7,$13.9, or 2.5%,5.7%, as compared to the prior year quarter, including a favorable impact from foreign currency of $4.8,$1.7, or 2.0%.0.7%. Organic net sales decreasedincreased $10.5,$12.2, or 4.5%,5.0%, driven by mid-single digit growth in Sun Care in North America and strong global Grooming and Skin Care performance, partly offset by Sun Care declines in international markets. In aggregate, an 8.4%increase in organic sales was related to a 7.1% decline in SunNorth Care.America The, Sunpartially Careoffset declineby primarilyan reflects lower volumes, as expected, due to the pull-forwardincrease of Sun Care orders into the first quarter. Grooming increased 6.3%, driven by significant volume growth0.7% in Cremo.International sales.

Sun and Skin Care net sales for the first sixnine months increasedof $5.2,fiscal 2026 were $614.2, an increase of $19.1, or 1.5%,3.2%, as compared to the prior year period, including a favorable impact from foreign currency of $6.0,$7.7, or 1.6%.1.3%. Organic net sales decreasedincreased $0.8,$11.4, or 0.1%,1.9%, driven by strong performance in Grooming and Sun Care in North America, partlypartially offset by Sun Care declines in international markets. In aggregate, an increase in organic sales was related to a 8.7% decrease in North America, partially offset by an increase of 2.9% decline in International Sun Care.sales.

Sun and Skin Care segment profit for the secondthird quarter of fiscal 2026 was $47.6,$46.2, aan decreaseincrease of $3.2,$0.2, or 6.3%,0.4%, as compared to the prior year quarter, including a favorable impact from foreign currency of $1.2,$0.9, or 2.4%.2.0%. Organic segment profit decreased $4.4,$0.7, or 8.7%,1.6%, driven by drivenhigher primarilymarketing and SG&A expenses, partially offset by lowerhigher gross profit.

Sun and Skin Care segment profit for the first sixnine months of fiscal 2026 was $44.0,$89.5, a decrease of $3.4,$3.9, or 7.2%,4.2%, as compared to the prior year period, including a favorable impact from foreign currency of $1.5,$2.4, or 3.1%.2.6%. Organic segment profit decreased $4.9,$6.3, or 10.3%,6.8%, driven by higher marketing expensesSG&A and lowermarketing gross margins.expenses.

For the secondthird quarter of fiscal 2026, general corporate2026 and other2025, corporate expenses were $148.9,$63.1, or 15.8%,11.1%, of net sales, as compared to $121.9,$61.6, or 13.1%11.0% in the prior year quarter. For the first nine months of fiscal 2026, corporate expenses were $206.5, or 13.7%, of net sales, compared to $183.6, or 12.3% in the prior year period.

During both the secondthird quarter and first sixnine months of fiscal 2026, corporate expenses increased primarily related tohigher indirectincentive corporatecompensation, overheadpartially costsoffset previouslyby allocatedlower topeople the Feminine Care segment.costs.

During the secondthird quarter and first sixnine months of fiscal 2026, we recorded TSA income of $6.7$7.7 and $14.4 in Interest and other expense, net.

During the secondfirst quarternine months of fiscal 2026, we recorded a chargecharges of $4.7$5.7 related to legal matters.

During the first sixnine months of fiscal 2026 and 2025, we recorded a gaingains of $1.5 andof $0.9, respectively, for the fair value measurement of certainan equity interestsmethod accounted for under the cost and equity methods.investment.

AsAt June 30, 2026, we had cash of March 31, 2026,$397.1, a significant portion of our cash balanceswhich was located outside the U.S. Given our extensive international operations, a significant portion of our cash is denominated in foreign currencies. Refer to Note 16 of Notes to Condensed Consolidated Financial Statements for a discussion of the primary currencies to which the Company is exposed. We manage our worldwide cash requirements by reviewing available funds among the many subsidiaries through which we conduct business and the cost effectiveness with which those funds can be accessed. We generally repatriate a portion of current year earnings from select non-U.S. subsidiaries only if the economic cost of the repatriation is not considered material.

Our total borrowings as of MarchJune 31,30, 2026 and September 30, 2025 were as follows:

Historically, we have generated, and expect to continue to generate, favorable cash flows from operations. Our cash flows are affected by the seasonality of our Sun Care businesses,business, typically resulting in higher net sales and increased cash generated in the second and third quartersquarter of each fiscal year. We believe our cash on hand, including remaining proceeds from the sale of our Feminine Care segment, cash flows from operations and borrowing capacity under the U.S. Revolving Credit Facility will be sufficient to satisfy our future working capital requirements, interest payments, R&D activities, capital expenditures, and other capital requirements for at least the next 12 months. We will continue to monitor our cash flows, spending and liquidity needs. For more information on the U.S. Revolving Credit Facility and our other debt, see Note 11 to the Notes To Condensed Consolidated Financial Statements and Note 1213 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.

Short-term financing needs primarily consist of working capital requirements and interest payments on our long-term debt. Long-term financing needs will depend largely on potential growth opportunities, including acquisition activity and repayment or refinancing of our long-term debt obligations. Our long-term liquidity may be influenced by our ability to borrow additional funds, renegotiate existing debt, and raise equity under terms that are favorable to us. We may, from time-to-time,time to time, seek to repurchase shares of our common stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.

As of MarchJune 31,30, 2026, we were in compliance with the provisions and covenants associated with our debt agreements.

A summary of our cash flow from operating, investing and financing activities is provided in the following table:

Cash flow usedprovided forby operating activities was $71.6$47.1 during the first sixnine months of fiscal 2026, as compared to $70.5$44.3 during the prior year period. The increase in cash usedprovided forby operating activities in the first nine months of fiscal 2026 was largely driven by lower earnings, partially offset by changes in net working capital.

NetCash cash proceedsflow provided by investing activities was $315.1$301.0 during the first sixnine months of fiscal 2026,2026 as compared to net cash used for investing activities of $33.0$45.3 during the prior year period. The increase in cash provided by investing activities was primarily related to proceeds received from the sale of our Feminine Care segment of $338.9338.9 and a decrease in capital expenditures,expenditures which were $25.6$41.2 during the first sixnine months of fiscal 2026, compared to $33.9$49.4 in the prior year period.

Net cash used byfor financing activities was $167.4$174.7 during the first sixnine months of fiscal 2026,2026 as compared to $72.5$10.9 cash provided by financing activities induring the prior year period. During the first sixnine months of fiscal 2026, we had net payments of $140.0 under the U.S. Revolving Credit Facility, compared to net proceeds of $157.0$96.0 in the prior year period. Dividend payments totaled $14.5$21.5 induring the first sixnine months of fiscal 2026, compared to $15.2$22.4 in the prior year period. We had $15.8 share repurchases in the first sixnine months of fiscal 2026, compared to $65.7$90.2 in the prior year period.