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LOGO

A MESSAGE FROM OUR INDEPENDENT NON-EXECUTIVE CHAIR OF THE BOARD

AND OUR CHIEF EXECUTIVE OFFICER

July 2, 2026

Dear Fellow Stockholders:

A year ago, we wrote to you at an important moment of transition for EnerSys. We appointed a new President and Chief Executive Officer, and our Board was confident that his experience across our businesses, regions, and end markets would help move EnerSys into its next chapter.

Fiscal year 2026 was about turning that transition into action. This year, EnerSys delivered record full-year net sales and record adjusted diluted earnings per share, both with and excluding Internal Revenue Code Section 45X benefits. That result says something important about the business we are building. Not every part of our business had the wind at its back. The forklift market, one of our core end markets and an important part of our future, faced a pullback in demand, and transportation remained soft. In prior cycles, that kind of pressure could have weighed more heavily on the entire company. Our earnings profile and strength of our entire business is broader. Our end markets are more diversified and our team is operating with greater discipline.

Strength in data center, communications, and aerospace and defense, together with favorable price and mix, tighter operating expense discipline, realignment savings, and a continued shift toward higher-value solutions, helped carry the year. The lesson is not that the forklift market matters less. It is that EnerSys is stronger when no single market has to do all the work. That is what progress looks like, a more resilient company executing with focus.

It was a consequential year for EnerSys. We navigated uneven demand, tariff and public policy uncertainty, inflationary pressure, and changing customer behavior across several markets. We also made real progress simplifying how we operate, strengthening accountability, sharpening our focus on customers, and improving the speed of execution across the company.

The result, on top of record sales and earnings, was a year of strong cash generation, and significant capital returned to stockholders. We are proud of those results, but we are not treating them as a finish line. The credit belongs to our employees around the world, whose discipline and talent helped us move forward in a demanding environment.

Growing Profitability, Cash Flow and Portfolio Durability



(Dollar amounts in Millions) Except per Share Amounts	FY’26	FY’25	YOY	FY’26 Adj⁽⁴⁾	FY’25 Adj⁽⁴⁾	YOY Adj⁽⁴⁾

Sales	$ 3,751.4	$ 3,617.6	3.7%

Operating Earnings⁽¹⁾	$ 426.4	$ 464.7	(8.2%)	$ 540.2	$ 528.1	2.3%

EBITDA⁽¹⁾⁽³⁾	$ 511.5	$ 558.6	(8.4%)	$ 601.6	$ 588.6	2.2%

Diluted EPS⁽²⁾	$ 7.70

Table of Contents

Table of Contents