Barclays Global Consumer Staples Conference Edgewell Personal Care Company September 5, 2018 Page 1
Forward-Looking Statements Unless the context otherwise requires, references in this presentation to “Edgewell,” “we,” “our,” and “the Company” refer to Edgewell Personal Care Company, a Missouri corporation, and its consolidated subsidiaries. Forward-looking statements are not based on historical facts but instead reflect the Company's expectations, estimates or projections concerning future results or events, including, without limitation, the future earnings and performance of the Company or any of its businesses. 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 the Company's actual results to differ materially from those indicated by those statements. The Company cannot assure you that any of its expectations, estimates or projections will be achieved. The forward-looking statements included in this presentation are only made as of the date of this presentation and the Company disclaims any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. Numerous factors could cause the Company's actual results and events to differ materially from those expressed or implied by forward-looking statements. In addition, other risks and uncertainties not presently known to the Company or that it considers immaterial could affect the accuracy of any such forward-looking statements. 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 the Company's publicly filed documents, including the Company's annual report on Form 10-K for the year ended September 30, 2017 and its quarterly reports on Form 10-Q for the quarters ended December 31, 2017, March 31, 2018, and June 30, 2018. Page 2
Non-GAAP Financial Measures While the Company reports financial results in accordance with accounting principles generally accepted in the U.S. ("GAAP"), this discussion also includes Non-GAAP measures. These Non-GAAP measures are referred to as "adjusted“, "organic" or “underlying” and exclude items such as impairment charges, the disposition of the Playtex gloves business, the impact of the Tax Cuts and Jobs Act (the "Tax Act"), costs associated with the acquisition and integration of Jack Black, L.L.C. ("Jack Black"), restructuring charges and amortization of intangibles. Reconciliations of Non-GAAP measures, including reconciliations of measures related to the Company's fiscal 2018 financial outlook, can be found in the Company’s earnings releases for the third quarter of fiscal 2018 and full year fiscal 2017. This Non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The Company uses this Non-GAAP information internally to make operating decisions and believes it is helpful to investors because it allows more meaningful period-to-period comparisons of ongoing operating results. The information can also be used to perform analysis and to better identify operating trends that may otherwise be masked or distorted by the types of items that are excluded. This Non-GAAP information is a component in determining management's incentive compensation. Finally, the Company believes this information provides a higher degree of transparency. For definitions of these terms and reconciliations to GAAP measures, refer to the Company’s earnings release for the third quarter of the 2018 fiscal year and other materials that can be found on its Investor Relations website at http://ir.edgewell.com. Page 3
Agenda Strategic Overview David Hatfield, CEO and Chairman Project Fuel and Financials Rod Little, CFO Reinvestment Priorities Colin Hutchison, COO Page 4
Today’s Key Messages • Portfolio of competitive and profitable brands Since the launch of Edgewell in July 2015, have gained market share in challenging o categories Innovating and launching compelling new products o Executing strategic growth initiatives o • Evolving categories create challenges and opportunities New entrants increase competition and pricing pressure o Accelerating shift to new channels, digital and customization o • Taking proactive steps to drive change Strengthened Board and management team o Conducted a comprehensive review of the business o Implementing Project Fuel and Transformation o o Expect $225M in annual gross savings by the end of fiscal 2021 to fund growth, transformation and margin expansion Page 5
Overview of Edgewell Strong Brands Feminine Wet Shave Care Sun & Skin Infant Care Care Strong consumer brands Wet Shave has strong representation across sub-segments* across multiple segments* Infant & Other Geographic Mix Shave Prep Branded Men’s 48% International 6% 11% Systems 52% USA Femcare 24% 15% Private Label 20% 60% 19% Wet Shave Sun & Skin 20% Branded Women’s Systems 25% Branded Disposables * Fiscal 2017 mix Page 6
Strategy for Growth Fuel Growth - Colleague Engagement - Enhanced Organizational Capabilities - Systematic Cost Reduction - ZBS, Productivity Focus on the Fundamentals Re-configure into Growth Opportunities - Build Brand Equity/ Consumer Engagement - Grow Share in E-Retail, Growth Channels - Compelling Innovation - Expand International Footprint / Scale - Leverage the Full Portfolio - Build E-Comm & Digital Capabilities - Category Solutions - Enter New Growth Categories via M&A Page 7
Focus on the Fundamentals Led by a Full Portfolio of Innovation Page 8
Re-configure into Growth Opportunities Investments in Strategic Growth Initiatives are Working Approx. 20% of EPC Sales (2018E) - International Expansion (1) - International Sun Care Shave - eCommerce (all segments) Innovation - Bulldog/Jack Black eCommerce International Expansion International Sun Care Bulldog / Jack Black (1) Includes Latin America, Asia Pacific (excluding Japan and Australia), Eastern & Central Europe and Middle East & Africa. Page 9
Increased Market Share in Core Segments, Despite Challenging Categories U.S. Razors & Blades Share Global Razors & Blades Share (1) +10 bps +140 27.0 22.9 22.8 bps 25.6 Category Category growth growth -570bps -300bps Q3’15 Q3’18 Q3’15 Q3’18 U.S. Sun Care Share +110 26.0 bps 24.9 Category growth +80bps Q3’15 Q3’18 Sources: Nielsen xAOC; Global defined as select EPC markets; Category growth 2015 thru 2018 Q3 YTD (1) Understated due to exclusion of international private label. Page 10
Driving Change • As part of the Company’s annual strategic review process, the Board and management team considered rapidly changing consumer, competitive and retail trends, their impact on Edgewell’s future performance, and potential opportunities created for Edgewell • This review was conducted with the assistance of external advisors and included: – A comprehensive review of all business segments, addressing performance in challenging category environments – Assessment of all value creation levers • Following this review, the Edgewell Board and management team determined that Project Fuel is the best path to drive value creation for all stakeholders • Project Fuel is an enterprise-wide initiative to transform the Company's business and cost structure, enabling investment for growth and margin expansion • Management and the Board have been and will remain open minded and committed to taking actions in the best interests of the Company and its shareholders Page 11
Driving Improvement and Growth Through Project Fuel Executing on our strategic pillars Faster Better Deeper Fuel Growth Focus on the Fundamentals Re-configure into Growth Opportunities Page 12
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