ENR – No Traded CDS, Base Case iCDS 258bps, Negative Case iCDS 506bps, 2026 4.625% Bond YTW of 3.906%, iYTW of 2.226%, B1 Rating from Moody’s, XO- (equivalent to Ba1) Rating from Valens, Moderate Refinancing Need

• Credit markets are materially overstating credit risk, with a bond YTW of 3.906% relative to an Intrinsic YTW of 2.226% and an Intrinsic CDS of 258bps. Furthermore, Moody’s is overstating ENR’s fundamental credit risk, with its B1 rating three notches lower than Valens’ XO- (Ba1) rating
  
• Incentives Dictate Behavior™ analysis highlights positive signals for credit holders. ENR’s compensation framework should drive management to focus on Uniform ROA improvement and growth over time. Moreover, management’s change-in-control compensation for 2019 was low relative to their average annual compensation, reducing event risk, and management holds material ENR equity, aligning them with shareholders