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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended September 30, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ____ to _____

Commission File No. 001-33794

HILLENBRAND, INC.

(Exact name of registrant as specified in its charter)


IN		26-1342272
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Batesville Boulevard
Batesville,	IN	47006
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (812) 931-5000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, without par value

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Emerging growth company

☐

Non-accelerated filer

Smaller reporting company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes x No o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of capital stock (consisting solely of shares of common stock) held by non-affiliates of the registrant as of March 31, 2025 was $1,682,990,619. As of November 14, 2025, 70,506,819 shares of common stock were outstanding.

Documents Incorporated by Reference

Portions of our definitive proxy statement for the 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.

Table of Contents

TABLE OF CONTENTS


		Page
	PART I

	Disclosure Regarding Forward-looking Statements	2

Item 1.	Business	3

Item 1A.	Risk Factors	16

Item 1B.	Unresolved Staff Comments	28

Item 1C.	Cybersecurity	28

Item 2.	Properties	29

Item 3.	Legal Proceedings	29

Item 4.	Mine Safety Disclosures	30

	PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	30

Item 6.	Reserved	31

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	46

Item 8.	Financial Statements and Supplementary Data	48

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	96

Item 9A.	Controls and Procedures	96

Item 9B.	Other Information	96

Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	96

	PART III

Item 10.	Directors, Executive Officers, and Corporate Governance	96

Item 11.	Executive Compensation	97

Item 12.	Security Ownership of Certain Beneficial Owners and Management, and Related Shareholder Matters	97

Item 13.	Certain Relationships and Related Transactions, and Director Independence	97

Item 14.	Principal Accountant Fees and Services	97

	PART IV

Item 15.	Exhibits and Financial Statement Schedule	97

Item 16.	Form 10-K Summary	102

	Signatures	103

Table of Contents

(monetary amounts in millions, except per share data)

PART I

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS AND FACTORS THAT MAY AFFECT FUTURE RESULTS

Throughout this Annual Report on Form 10-K (“Form 10-K”), we make a number of “forward-looking statements,” including statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and that are intended to be covered by the safe harbor provided under these sections. As the words imply, these are statements about future sales, earnings, cash flow, results of operations, uses of cash, financings, share repurchases, ability to meet deleveraging goals, and other measures of financial performance or potential future plans or events, strategies, objectives, beliefs, prospects, assumptions, expectations, and projected costs or savings or transactions of the Company, including the proposed acquisition of Hillenbrand by Lone Star through a merger transaction (the “Merger”), that might or might not happen in the future, as contrasted with historical information. Forward-looking statements are based on assumptions that we believe are reasonable, but by their very nature are subject to a wide range of risks. If our assumptions prove inaccurate or unknown risks and uncertainties materialize, actual results could vary materially from Hillenbrand’s expectations and projections.

The following list, though not exhaustive, contains words that could indicate a forward-looking statement.

intend

believe

plan

expect

may

goal

would

project

position

future

outlook

become

pursue

estimate

will

forecast

continue

could

anticipate

remain

likely

target

encourage

promise

improve

progress

potential

should

impact

strategy

assume

Any number of factors, many of which are beyond our control, could cause our performance to differ significantly from what is described in the forward-looking statements. These factors include, but are not limited to: the risk that the Merger may not be consummated in a timely manner or at all; the possible inability of the parties to consummate the definitive agreement for the Merger (the “Merger Agreement”) to obtain the required regulatory approvals for the Merger and to satisfy the other conditions to the closing of the Merger, including approval of the Merger Agreement by Hillenbrand’s shareholders, on a timely basis or at all; the possible occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; the risk that the Merger Agreement may be terminated in circumstances that require Hillenbrand to pay a termination fee; the risk that the relevant affiliates of Lone Star Funds fail to obtain on a timely basis or at all the financing necessary to complete the Merger; potential litigation relating to the Merger and the outcome of any such litigation; the potential adverse impact on Hillenbrand of contractual restrictions under the Merger Agreement that limit Hillenbrand’s ability to pursue business opportunities or strategic transactions; risks relating to significant transaction costs associated with the Merger and the possibility that the Merger may be more expensive to complete than anticipated; competitors’ responses to the Merger; global market and economic conditions, including those related to the continued volatility in the financial markets, including as a result of the United States (“U.S.”) administration’s imposition of tariffs and changing trade policies; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; increasing competition for highly skilled and talented workers, as well as labor shortages; closures or slowdowns and changes in labor costs and labor difficulties; uncertainty related to environmental regulation and industry standards, as well as physical risks of climate change; increased costs, poor quality, or unavailability of raw materials or certain outsourced services and supply chain disruptions; economic and financial conditions including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; uncertainty in U.S. global trade policy and risks with governmental instability in certain parts of the world; our level of international sales and operations; negative effects of acquisitions, including the Schenck Process Food and Performance Materials business and Linxis Group SAS acquisitions, on the Company’s business, financial condition, results of operations and financial performance; competition in the industries in which we operate, including on price; cyclical demand for industrial capital goods; the ability to recognize the benefits of any acquisition or divestiture, including the sale of the Milacron injection molding and extrusion business (the “Disposition”), including potential synergies and cost savings or the failure of the Company or any acquired company, or the Disposition, to achieve its plans and objectives generally; any strategic and operational initiatives implemented by the parties to the Disposition after the consummation of the Disposition; potential adverse effects of the announcement or results of the Disposition or the announcement or pendency of the Merger, or any failure to complete the Merger, on the market price of the Company’s common stock or on the ability of the Company to develop and maintain relationships with its personnel and customers, suppliers and others with whom it does business or otherwise on the company’s business, financial condition, results of operations and financial performance; risks related to diversion of management’s attention from our ongoing business operations due to the Disposition or the Merger; impairment charges to goodwill and other identifiable intangible assets; impacts of decreases in demand or changes in technological advances, laws, or regulation on the net revenues that we derive from the plastics industry; the impact to the Company’s effective tax rate of changes in the mix of earnings or in tax laws and certain other tax-related matters; exposure to

Table of Contents

tax uncertainties and audits; involvement in claims, lawsuits, and governmental proceedings related to operations; uncertainty in the U.S. political and regulatory environment; adverse foreign currency fluctuations; and labor disruptions.

Shareholders, potential investors, and other readers are urged to consider these risks and uncertainties in evaluating forward looking statements and are cautioned not to place undue reliance on the forward-looking statements. For a more in-depth discussion of these and other factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions under the heading “Risk Factors” in Part I, Item 1A of this Form 10-K. Any forward-looking statement made by us in this Form 10-K is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update or revise any forward-looking statement, whether written or oral, that may be made from time to time, to reflect new information or future developments or otherwise.

Item 1. BUSINESS

In this section of the Form 10-K, we provide you with a general overview of the Company, including a high-level review of our reportable segments and how we operate. We then present our reportable operating segments in greater detail, including the products we manufacture and sell, how those products are distributed and to whom, with whom we compete, the key inputs to production, and an explanation of our business strategies. We also provide you information on any key patents, trademarks, and regulatory matters important to our business. Finally, we provide you with a brief background on our executive officers so that you can understand their experience and qualifications.

GENERAL

Hillenbrand (www.Hillenbrand.com) is a global industrial company that provides highly-engineered processing equipment and solutions to customers around the world. Our portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food, and recycling. Guided by our Purpose, Shape What Matters For Tomorrow™, we pursue excellence, collaboration, and innovation to shape solutions that best serve our people, our customers, and our communities. Customers choose Hillenbrand due to our reputation for designing, manufacturing, and servicing highly-engineered, mission-critical equipment and solutions that meet their unique and complex processing requirements.

Hillenbrand’s portfolio is composed of two reportable operating segments: Advanced Process Solutions and Molding Technology Solutions. Advanced Process Solutions is a leading global provider of highly-engineered process and material handling equipment, systems, and aftermarket parts and services for a variety of industries, including durable plastics, food, and recycling. Key technologies within the Advanced Process Solutions portfolio include compounding, extrusion, material handling, conveying, mixing, ingredient automation, portion process, and screening and separating equipment. Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a comprehensive product portfolio that includes hot runner systems, process control systems, mold bases and components, and maintenance, repair, and operating (“MRO”) supplies. These reportable operating segments are characterized by well-known brands that are recognized for technological capabilities and process expertise that can be shared across the reportable operating segments to serve customers globally. These reportable operating segments address macro trends supported by a growing middle class driving demand for plastics in a variety of applications, such as construction, food safety, and recycling, and demand for more sustainable food sources such as plant-based proteins.

Hillenbrand was incorporated on November 1, 2007, in the state of Indiana and began trading on the NYSE under the symbol “HI” on April 1, 2008. “Hillenbrand,” “the Company,” “we,” “us,” “our,” and similar words refer to Hillenbrand, Inc. and its subsidiaries unless context otherwise requires. Although Hillenbrand has been a publicly traded company since 2008, the brands owned by Hillenbrand have been in operation for many decades.

Over the past several years, we have significantly transformed our business through not only the completion of several strategic acquisitions, but also the divestiture of our historical Batesville reportable operating segment, as well as the divestiture of certain other non-core brands. The acquisitions provided leading brands, complementary technologies, and enhanced scale in attractive end markets, including food and recycling. These end markets are attractive to Hillenbrand because they have strong, long-term growth characteristics, and allow us to leverage our existing expertise in process technology and systems engineering to provide comprehensive solutions to our customers.

Divestitures

On February 1, 2023, the Company completed the divestiture of its historical Batesville reportable operating segment. This divestiture represented a strategic shift in Hillenbrand’s business and qualified as a discontinued operation. Accordingly, the operating results and cash flows related to the historical Batesville reportable operating segment have been reflected as

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discontinued operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows for all periods presented. Unless otherwise noted, discussion within this Form 10-K relates to continuing operations only and excludes the historical Batesville reportable operating segment.

On March 31, 2025, the Company completed the divestiture of its majority interest in the Milacron injection molding and extrusion business (“Milacron”) pursuant to the Contribution and Purchase Agreement (“Agreement”) between the Company and an affiliate of Bain Capital (“Bain”). In accordance with the terms of the Agreement, Hillenbrand contributed the net assets of Milacron, and its wholly-owned subsidiaries, to a newly formed limited liability company, Milacron Holdings, LLC (“Milacron Holdings”). Hillenbrand retained 48.74% minority ownership of Milacron Holdings upon contribution of Milacron. The Company determined that the divestiture of Milacron does not represent a strategic shift in Hillenbrand’s business and that the divestiture, and ongoing equity method investment accounting, does not have significant effect on its consolidated results of operations or cash flows, and therefore the Milacron divestiture does not qualify as a discontinued operation. The results of operations for Milacron are included within the Molding Technology Solutions reportable operating segment until the completion of the sale on March 31, 2025. The loss on the divestiture is recorded in corporate expenses.

For further information, see Note 4 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.

Acquisition by Lone Star

As announced on October 15, 2025, on October 14, 2025, Hillenbrand entered into an Agreement and Plan of Merger (the “Merger Agreement”) with LSF12 Helix Parent, LLC, a Delaware limited liability company (“Parent”), and LSF12 Helix Merger Sub, Inc., an Indiana corporation and a wholly owned subsidiary of Lone Star (“Merger Sub”), providing for the merger of Merger Sub with and into Hillenbrand (the “Merger”), with Hillenbrand surviving the Merger as a wholly owned subsidiary of Parent. Parent and Merger Sub are affiliates of Lone Star Fund XII, L.P. At the effective time of the Merger (the “Effective Time”), on the terms and subject to the conditions set forth in the Merger Agreement, each share of the Company’s common stock issued and outstanding immediately prior to such time, other than shares of the Company’s common stock owned by Hillenbrand, any wholly owned subsidiary of Hillenbrand, Parent, Merger Sub or any other wholly owned subsidiary of Parent (each of which will be cancelled), will be converted into the right to receive $32.00 in cash, without interest. The transactions contemplated by the Merger Agreement were unanimously approved by Hillenbrand’s Board of Directors, and the Merger is expected to close by the end of the first quarter of calendar year 2026, subject to customary closing conditions, including approval by Hillenbrand shareholders and receipt of required regulatory approvals.

Reportable Operating Segments

Advanced Process Solutions

Advanced Process Solutions is a leading global provider of highly-engineered process and material handling equipment, systems, and aftermarket parts and services for a variety of industries, including durable plastics, food, and recycling. Key technologies within the Advanced Process Solutions portfolio include compounding, extrusion, material handling, conveying, mixing, ingredient automation, portion process, and screening and separating equipment.

We believe Advanced Process Solutions has attractive fundamentals including:

•Strong product and technology positions with substantial brand value and recognition;

•Industry-leading applications and engineering expertise;

•Comprehensive solutions capabilities through a differentiated suite of complementary processing technologies;

•A large installed base that supports an aftermarket parts and service business with historically stable revenue and attractive margins;

•A customer base that is highly diversified, including a strong history of long-term relationships with blue-chip end user customers; and

•A strong global footprint for sales, manufacturing, engineering, and service, including established operations in high growth countries such as India and China.

Molding Technology Solutions

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We believe Molding Technology Solutions has attractive fundamentals including:

•Strong product and technology positions with substantial brand value and recognition;

•Strong market positions and engineering expertise;

•A large installed base that supports an aftermarket parts and service business with historically stable revenue and attractive margins;

•A customer base that is highly diversified in end markets and applications, with a strong history of long-term customer relationships; and

•Geographic diversification, including established operations in high growth countries such as India and China.

How We Operate

Guided by our Purpose, Shape What Matters for Tomorrow, we strive to provide superior return for our shareholders, exceptional value for our customers, great professional opportunities for our employees, and to be responsible to our communities through the execution of our profitable growth strategy. We aim to deliver sustainable revenue expansion, profit growth, and substantial free cash flow through our world-class products, solutions, and service, drive continuous improvement through the deployment of the Hillenbrand Operating Model (“HOM”), and effectively deploy our cash flow to maximize shareholder value creation.

Driving Long-Term Growth

Our growth is driven by several key factors, including:

•Our leading positions in large, attractive end markets that are supported by long-term macro demand trends, including the expanding global middle class, the desire for more sustainable products and solutions, and the evolution of the global supply chain;

•Our strong global footprint and large installed base, which supports profitable aftermarket expansion; and

•A disciplined mergers and acquisitions framework that accelerates our growth with a focus on leading brands that enhance our technological capabilities and build scale in key end markets or geographies.

The Hillenbrand Operating Model

Our continuous improvement culture is fueled by the HOM. The HOM is a consistent and repeatable framework designed to produce sustainable and predictable results. The HOM describes the Company’s Purpose, mission, vision, values, and mindset as leaders; applies our management practices in Strategy, People, Operational Excellence, and Innovation & Technology; and prescribes four steps (Understand, Focus, Execute, and Grow) designed to make the Company’s businesses deliver sustainable revenue expansion, profit growth, and substantial free cash flow. The Company’s goal is to continue developing Hillenbrand as a world-class global industrial company through the deployment of the HOM to drive product innovation, best-in-class pricing and commercial practices, and margin enhancement through productivity and integration-related synergy realization.

Sustainability

Hillenbrand’s sustainability program is overseen by the Board of Directors. The Chief Sustainability Officer, who reports directly to Hillenbrand’s President and CEO, also reports quarterly to the Board’s Nominating Corporate Governance Committee on the progress of our sustainability program, as driven by our Sustainability Steering Committee. This committee consists of executive leaders from across the organization with diverse functional expertise who meet quarterly to review strategies, action plans, and key performance indicators and to make key decisions about the sustainability program, forming a critical path for the flow of information between the operating locations and the Hillenbrand Board of Directors.

The HOM pushes us to deliver excellence through a consistent framework and key management practices. Since the establishment of our sustainability program, we have leveraged our HOM to drive sustainability performance in our operations throughout the Company. Among other things, we believe climate change will require meaningful action on a global scale, however, to date, our costs relating to addressing climate change have not been material. We have taken steps to better understand the risks and opportunities that climate change poses to our business and those risks and opportunities that result from our business. This includes reporting under the Task Force on Climate-related Financial Disclosures (the “TCFD”), starting in fiscal 2025, which forms the basis of many upcoming global regulations and provides a standardized approach to reporting on and disclosing climate-related risks and opportunities and further aligning this report to additional climate disclosures. Assessing these potential risks — including market risks, extreme weather events, regulatory and policy constraints, cost of energy, and supply chain disruption — improves our ability to be proactive in mitigating and minimizing any adverse effects. Conversely, assessing potential opportunities — such as product innovation, market expansion, new technologies, and supply chain optimization — allows us to maximize the benefit to our customers and shareholders and

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continually grow our potential as a pure-play industrial company. The TCFD Report can be found on our website under the “Sustainability” section at www.hillenbrand.com.

Sustainability is an integral part of our business strategy, and we lead our industries by delivering innovative products and solutions that help address today’s challenges and tomorrow’s needs. Innovation, new product development, and strategic acquisitions help support our success in key end markets, and we are dedicated to maximizing customer value, focusing on efficiency, and driving continuous improvement through HOM, all of which contribute to our operational excellence. Through innovation, we support the advancement of our customers’ sustainability goals, and we seek to better understand their needs and develop solutions through our extensive applications expertise. We achieve this by developing equipment and solutions, as well as modernization projects, which are designed to minimize impact on the environment by promoting sustainable energy and water use, optimizing material use, and reducing emissions. Our operating locations also partner with customers to extend a product’s lifespan through recommended and preventative maintenance, and our aftermarket services demonstrate how we take responsibility for the full life cycle of our products. This includes looking at the total cost of ownership, how to be more effective with energy use, and how to help align services with their sustainability goals. Guided by customer needs, Hillenbrand aims to create solutions that expedite progress towards a sustainable future.

Capital Allocation Framework

Our capital allocation framework is built around three core priorities in the following order:

•Safety and financial sustainability

◦Maintaining adequate liquidity to support and sustain our ongoing operations;

◦Maintaining an appropriate capital structure with a net debt to consolidated adjusted earnings before interest, income tax, depreciation, and amortization (“adjusted EBITDA”) target range of 1.7x to 2.7x.

•Growing our business

◦Reinvesting in the business organically to drive innovation, growth, and operating efficiency;

◦Enhancing our growth with strategic acquisitions that expand our technological capabilities, accelerate scale in key end markets or geographies, and provide an appropriate return for our shareholders

•Return capital

◦Providing cash return to our shareholders through our dividend;

◦Opportunistic share repurchases to return capital to our shareholders.

We intend to continue to prioritize cash flow deployment to pay down debt, invest in organic initiatives for growth and operating efficiencies, as well as integration-related activities.

Human Capital Management

Purpose and Core Values

Purpose remains our clear foundation. It is the “why” behind everything we do. Purpose shapes the actions we take and the business decisions we make.. Our employees are at the center of everything we do because without them, we can’t move the world forward. They are the designers, engineers, manufacturers, makers, and shapers that bring our products and brands to life and strengthen our communities.

Hillenbrand employees around the world are united by a shared Purpose — to Shape What Matters For Tomorrow. Each of our Core Values — Win As One, Partner With Possibility, Make It Matter, and Drive To Deliver — helps activate our Purpose, guides our decision-making, and continually challenges us to be better.

We remain focused on bringing our Purpose to life locally through our daily practices. Purpose and Core Values are an important part of our onboarding as we welcome new employees and integrate new companies. We connect the new capabilities and experiences of these companies to our shared Purpose. As we continue to grow as a company, living out our Purpose empowers us to better serve one another, our communities, and our customers while we continue to pursue exceptional performance and long-term shareholder value.

As we commit to our Purpose, together, we strive to ensuring a respectful and inclusive culture that enables career growth, development, and support for well-being. We are steadfast in our commitment to building a purpose-driven workplace where our people understand our mission and are empowered to achieve their full potential in support of it.

People

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People are a key pillar of the HOM, and our talent management philosophy is to develop and promote internal employees and supplement with external hires where we require new or different skills and capabilities. This approach has yielded a deep understanding among our employee base of our products and our customers, while encouraging new employees to bring innovative ideas in support of our continuous improvement mindset. We believe that our average employee tenure across the globe — 10.6 years as of the end of the fiscal year 2025 — reflects the high engagement and dedication of our employees. Our talent acquisition team uses internal and external resources to recruit highly skilled and talented employees, and we encourage employee referrals for open positions.

Once employees are hired, performance expectations are established and tracked annually. Additionally, development plans are created and monitored for critical roles to ensure progress is made along established timelines. Development plans also intersect with our mission, helping us increase our commitment to serve the needs of the local communities in which we operate, while simultaneously providing leadership development opportunities for our employees. Effectively managing employee performance and linking pay to performance management is a critical part of our approach.

Our culture is underpinned by a track record of performance and innovation. We have standardized our global performance management approach along with employee driven and manager supported development tools. We remain committed to growing the skills we need to be successful today and continue to innovate for tomorrow.

Workplace Demographics

Hillenbrand is committed to the growth of our employees by developing talent and building a growth-minded culture. We believe our employees give us the strength and skills to compete, and we must in turn help our employees reach their potential.

As of September 30, 2025, we had approximately 8,200 employees worldwide. Approximately 1,800 employees were located within the United States (“U.S.”) and 6,400 employees were located outside of the U.S., primarily throughout Europe and Asia. Approximately 69% of our workforce globally is composed of manufacturing direct labor, and the remaining population includes all other selling, general and administrative professional employees.

As of September 30, 2025, approximately 3,500 employees globally work under collective bargaining agreements or works councils. Hillenbrand strives to maintain satisfactory relationships with all its employees, including the unions and works councils representing those employees. As a result, we have not experienced a significant work stoppage due to labor relations in more than 20 years.

Health and Safety

The health and safety of our employees is our highest priority. We have developed a Safety Framework that sets the foundational safety standards and expectations for every one of our associates, whether sitting at a desk or working on the plant floor. Maintaining a safe working environment for our associates is critical; setting standards, structure, systems, and a safety culture has been a primary focus. This work has been led by a coalition of Environment, Health, and Safety (“EHS”) and other professionals. This group, under the direction of our Global EHS Director, leads our safety strategy, has oversight for EHS data collection, and drives training and awareness on safety and other key topics throughout our enterprise. Safety data can be found in our Sustainability Report.

Diversity, Equity and Inclusion

Diversity, Equity, and Inclusion (“DEI”) at Hillenbrand is embedded in how we live and work and is part of our Core Values. By listening and acting with respect, embracing our individuality, and trusting in each other’s strengths, we create an inclusive culture that brings our Purpose to life. We also hold ourselves accountable through measurement and transparency, including sharing our diversity, equity, and inclusion progress regularly with our Board of Directors and publicly disclosing our global gender and U.S. ethnically diverse representation in our annual Sustainability Report.

Total Rewards

Hillenbrand offers rewards programs focused on supporting employees and their families as they navigate work and life. Hillenbrand’s programs are designed to ensure employees are effectively compensated in terms of base salary, incentive compensation, and other benefits that support the health and wellness of themselves and their families. While specific compensation and benefits vary worldwide and are based on regional practices, we offer market-competitive compensation and benefits to retain and attract top talent. Our compensation programs focus on pay for performance, and we strive to pay within pay ranges developed based on market data and internal pay equity. We focus many benefit programs on employee wellness

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and have implemented solutions including a biometric screening program, mental health support, and telemedicine. We believe that these solutions have helped us successfully manage healthcare and prescription drug costs for our employee population.

Hillenbrand believes in supporting employee’s mental health in addition to physical well-being. Mental health care is a covered service under all U.S. company medical plans, including inpatient care facility services, inpatient professional services, office visits, and outpatient care.

Hillenbrand recognizes the importance of preparing for retirement. Employees are encouraged to participate in their own retirement savings where available. In the U.S., most employees are eligible to participate in company 401(k) savings plans.

Outside of the U.S., Hillenbrand offers an array of benefits to support employees and their families. These include benefits such as paid leaves of absence, medical insurance, disability coverage and life insurance, among others.

Hillenbrand is committed to attracting, developing, engaging, and retaining the best people from around the world to make our businesses run and grow. In everything we do, we strive to provide great professional opportunities for our people and recognize the critical role our human capital plays in supporting our strategy.

As Hillenbrand acquires companies, it will take time to integrate them into our overall programs.

REPORTABLE OPERATING SEGMENTS

Advanced Process Solutions

Advanced Process Solutions designs, engineers, manufactures, markets, and services differentiated process and material handling equipment and systems for a wide variety of industries, including plastics, food and pharmaceuticals, chemicals, fertilizers, minerals, energy, recycling, and other general industrials. Advanced Process Solutions uses its strong applications and process engineering expertise to solve problems for customers. Its highly engineered capital equipment and systems offerings require aftermarket service or parts replacement, providing an opportunity for ongoing revenue at attractive margins.

Advanced Process Solutions: Products and Services

Advanced Process Solutions’ product portfolio has grown through a series of acquisitions and includes products and services for compounding, extrusion, material handling, conveying, mixing, ingredient automation, portion process, and screening and separating equipment. Advanced Process Solutions’ product lines are supported by aftermarket parts and services, which represented approximately 35% of Advanced Process Solutions’ total net revenue during fiscal 2025. Products are offered under brand names that are recognized as leaders in their respective categories.

•Compounding, extrusion, and material handling equipment and equipment system design

◦Twin screw compounding and extrusion machines range from small laboratory compounding machines to high performance, high throughput extrusion systems. Small and mid-sized compounders are used by customers in engineered plastics, masterbatch, PVC, recycling, biodegradable products, and other applications for the plastics, chemical, food, and pharmaceutical industries. With the acquisition of FPM in 2023, the Company now offers broader application solutions to support these industries. Extrusion systems are sold to customers in multiple industries. These extrusion products are sold under the Coperion® brand.

◦Material handling equipment includes pneumatic and hydraulic conveying equipment for difficult-to-move materials; high-precision feeders that can operate at both very high and very low fill rates; blenders for pellets and powders; and rotary valves, diverter valves, and slide-gate valves used for feeding, dosing, discharge, and distribution during pneumatic conveying. The proprietary equipment is highly engineered and designed to solve the needs of customers for customized solutions. Material handling equipment is sold to a variety of industries, including plastics, food and pharmaceuticals, chemicals, minerals, and recycling. With the acquisition of FPM in 2023, the Company offers expanded material handling capabilities in each of these industries. These products are sold under the Coperion®, Coperion K-Tron®, and Herbold® brands.

◦Compounding, extrusion, and material handling equipment can be sold as a complete system, where strong application and process engineering expertise is used to design and create a broad system solution for customers. Systems can range from a single manufacturing line to large scale manufacturing lines and turnkey systems. Larger system sales are generally fulfilled over 18 to 24 months. A considerable portion of revenue for large system sales typically comes from third-party-sourced products that carry only a small up-charge. As a result, margin percentages tend to be lower on these large system sales when compared to the

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rest of the reportable operating segment. The Company offers complete, innovative recycling solutions. From mechanical processing — shredding, washing, separating, drying, and agglomerating of plastics — to bulk material handling, feeding and extrusion, as well as compounding and pelletizing, our recycling product offering encompasses the complete process chain. With the acquisition of FPM in 2023, the Company offers end-to-end systems and full production line capabilities, as well as broader expertise in food and pet food applications. These products are sold under the Coperion and Herbold brands.

•Mixing technology, ingredient automation, and portion process

◦Mixing machines for both solids and liquids range from small laboratory mixers to large industrial equipment. These products are primarily sold under the VMI, Shaffer, Peerless, and Diosna brands. Ingredient automation provides complete systems for bulk ingredient storage, micro automation, liquid handling, and process control. These products are primarily sold under the Shick Esteve brand. Portion process provides processing equipment, portioning, and equipment solutions. These products are primarily sold under Unifiller and BAKON brands. Primary industries served include food, pharmaceutical, and cosmetics.

•Screening and separating equipment

◦Screening and separating equipment sorts dry, granular products based on the size of the particles being processed. These products are sold under the Rotex® and BM&M® brands to customers in a variety of industries including proppants, fertilizers, chemicals, agricultural goods, plastics, forest products, and food processing. A majority of the products use a unique technology based on a specific gyratory-reciprocating motion that provides an optimal material distribution on the screens, gentle handling of particles, and accurate separations.

•Aftermarket parts and service

◦Aftermarket parts and service are a major component of most of Advanced Process Solutions’ product lines. Service engineers and technicians are located around the globe to better respond to customers’ machines and systems service needs. Advanced Process Solutions offers its customers services such as installation, consulting, training, maintenance and repairs, spare parts, and modernization solutions.

Advanced Process Solutions: Sales, Distribution, and Operations

Advanced Process Solutions sells equipment and systems throughout the world using a combination of direct sales and a global network of independent sales representatives and distributors. A part of Advanced Process Solutions’ sales is made through independent sales representatives who are compensated by commission.

Equipment and systems orders are often for unique, engineered-to-order items. Products are either assembled and tested at an Advanced Process Solutions facility and then shipped to a customer or are assembled at the customer’s desired location.

We expect that future net revenue associated with Advanced Process Solutions will be influenced by order backlog because of the lead time involved in fulfilling engineered-to-order equipment and solutions for customers. Backlog represents the amount of net revenue that we expect to realize on contracts awarded to Advanced Process Solutions. Though backlog can be an indicator of future net revenue, it does not include projects and aftermarket orders that are booked and shipped within the same quarter. The timing of order placement, size of order, extent of customization, and customer delivery dates can create fluctuations in backlog and net revenue. Net revenue attributable to backlog may also be affected by foreign exchange fluctuations for orders denominated in currencies other than U.S. dollars or by provisions for cancellation, termination, or suspension at the discretion of the customer.

Advanced Process Solutions: Customers

Advanced Process Solutions has customers in a wide range of industries, including plastics, food and pharmaceuticals, chemicals, fertilizers, minerals, and recycling. These customers range from large, Fortune 500 global companies to regional and local businesses. No one Advanced Process Solutions customer accounted for more than 10% of Hillenbrand’s consolidated net revenue during the years ended September 30, 2025, 2024, or 2023. For large or customized orders, customers generally pay a deposit and make progress payments in accordance with the project progress. Often, long-term relationships are established with these customers.

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Advanced Process Solutions’ net revenue is diversified by end markets, and further penetration of these end markets is an important element of its strategy. Geographically, approximately 45% of Advanced Process Solutions’ net revenue in fiscal 2025 came from the Americas, 26% from Asia, and 29% from EMEA (Europe, the Middle East, and Africa).

We believe that long-term growth for this segment is driven by megatrends such as a rapidly growing middle class in certain geographies, such as China and India and a growing global population, resulting in rising demand for products sold in many of the end markets that Advanced Process Solutions serves, including plastic goods, food, and recycling. These trends include increased use of lightweight plastics in the automotive industry which helps reduce emissions; more effective packaging in emerging markets to improve food shelf life, freshness, and safety; increased consumption of processed foods in emerging markets; innovation in a variety of applications in the medical space designed to improve safety, drug and therapy delivery, and durability; increased use of engineered plastics in construction that are more durable, lightweight and require little maintenance; increased use of biopolymers to help meet customer content goals; and more sustainable food sources such as plant-based proteins. Additionally, we expect Advanced Process Solutions to be able to leverage its technical know-how to win in emerging end markets such as recycling and biodegradable plastics. While overall demand for these products is expected to increase over the long run, we expect short-term periodic fluctuations in demand from time-to-time.

Advanced Process Solutions: Competition

Advanced Process Solutions holds leading positions in key industries and has strong brand name recognition because of its commitment to serving the broad needs of customers through the design and quality of products, extensive application and process engineering expertise, product support services, and its unique ability to provide compounding, extrusion, and material handling equipment as a complete system that optimizes output, quality, and energy efficiency to achieve a lower overall cost of ownership for its customers.

Advanced Process Solutions brands face strong competition. Competitors range in size from small, privately-held companies serving narrow market segments or geographical areas to larger, well-known global companies serving national and international markets with multiple product lines. We believe Advanced Process Solutions’ diversification into multiple industries and markets, its base of aftermarket business, and its strong worldwide network of suppliers and dealers will allow it to maintain leadership positions even during economic downturns.

Advanced Process Solutions: Raw and Component Materials

The manufacturing of Advanced Process Solutions’ products involves the machining and welding of raw materials (primarily sheet metals and steel) and castings that are assembled with other component parts purchased from third-party suppliers that generally require particular specifications or qualifications. Although most of these raw materials and components are generally available from several sources, some of these items are currently purchased from single sources. Volatility in the prices Advanced Process Solutions pays for raw materials used in its products has a direct effect on profitability. Advanced Process Solutions regularly takes steps designed to mitigate the impact of volatility in raw and component material prices, including executing Lean initiatives through the application of HOM and various pricing and sourcing actions. In instances where third-party suppliers are depended upon for outsourced products or components, there is risk of customer dissatisfaction with the quality or performance of the products sold due to supplier failure. Difficulties experienced by third-party suppliers can interrupt Advanced Process Solutions’ ability to obtain the outsourced product and ultimately to supply products to customers. While global supply chains have recently suffered from various headwinds, those supporting our products have generally remained intact, providing access to sufficient inventory of the key materials needed for manufacturing. Advanced Process Solutions continues to identify and qualify alternative sources to mitigate risk associated to single or sole source supply continuity, and has and may continue to purchase certain materials in safety stock where we have supply chain continuity concerns. See Part I, Item 1A of this Form 10-K for a more in-depth discussion of Risk Factors that could impact Advanced Process Solutions’ ability to fulfill customer obligations.

Advanced Process Solutions: Strategy

Advanced Process Solutions seeks profitable growth through the following strategic initiatives:

•Strengthen leadership positions and build targeted platforms

◦Grow platforms to critical mass to achieve benefits of leadership and scale in attractive end markets organically and through acquisitions.

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◦Capitalize on emerging trends in end markets such as food, recycling, and biopolymers.

◦Leverage global footprint to provide leading aftermarket support to customers.

•Drive innovation and new product development

◦Provide innovative product and service solutions to solve customers’ challenges.

◦Extend applications expertise to win in adjacent markets with high growth potential.

◦Develop new products driven by voice of customer input and changing needs.

◦Provide value-added end-to-end solutions from individual components to integrated systems.

•Leverage HOM to drive margin expansion and profitable growth

◦Apply HOM principles and tools, including voice of customer and segmentation, for profitable growth.

◦Drive best-in-class lead times to grow share in aftermarket business.

◦Implement strategic supplier relationships to improve cost and quality.

◦Enhance productivity through process standardization.

Molding Technology Solutions

Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a comprehensive product portfolio that includes hot runner systems, process control systems, mold bases and components, and MRO supplies. The product lines within Molding Technology Solutions have strong brand recognition and an established global footprint, and we believe are well-positioned to benefit from continued robust industry growth in both developed and emerging markets. Molding Technology Solutions’ breadth of products, long history, and global reach have resulted in a large installed base of hot runner systems.

Molding Technology Solutions: Products and Services

Molding Technology Solutions has a product portfolio that includes hot runner systems and process controller technology. Molding Technology Solutions maintains leadership positions across these product lines, as well as leading positions in process control systems, mold bases and components, and MRO supplies. The Molding Technology Solutions product lines are supported by aftermarket parts and services, which represented approximately 37% of Molding Technology Solutions’ total net revenue during fiscal 2025. Products are offered under brand names that are recognized as being among the leaders in their respective industries.

•Hot runner and process control systems

◦Molding Technology Solutions designs, manufactures and sells highly-engineered, technically advanced hot runner and process control systems. Hot runner and controller systems are sold under the Mold-Masters® brand and designed for each product a customer manufactures on an injection molding machine. Hot runner systems are end product-specific and replaced frequently due to design changes and innovation in customers’ end products, with a typical aftermarket cycle of one to five years. Recurring sales are supported by a large installed base of hot runner systems worldwide.

•Mold bases and components

◦Molding Technology Solutions designs, manufactures, and sells high-quality mold bases and plates available in various configurations to meet the needs of customers for a variety of applications under the DME® brand. Pre-engineered assemblies, plates and components provide the economic and technical benefits of interchangeability.

•Aftermarket parts and service

◦Aftermarket parts and service are a major component of most of the Molding Technology Solutions product lines. Service engineers and technicians are located around the globe to better respond to customers’ equipment and service needs. Molding Technology Solutions offers its customers service, consulting, training, maintenance and repairs, spare parts, and rebuilds.

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Molding Technology Solutions: Sales, Distribution, and Operations

Molding Technology Solutions sells equipment and systems throughout the world using a combination of direct sales and a global network of independent sales representatives and distributors. A part of Molding Technology Solutions’ sales is made through independent sales representatives who are compensated by commission.

Molding Technology Solutions does not typically have long-term supply agreements with customers, and terms are generally negotiated on an individual order basis. Pricing is set at the time of order, typically on a customized basis for each product. Raw materials and component purchases are managed based on order trends and mid-term contracts with strategic vendors, allowing Molding Technology Solutions to partially mitigate the risk of short-term changes in raw material and components pricing. The majority of hot runner and mold base equipment orders are fulfilled within three months. Backlog represents the amount of net revenue that we expect to realize on contracts awarded to Molding Technology Solutions. Though backlog can be an indicator of future net revenue, it does not include projects and aftermarket parts orders that are booked and shipped within the same quarter. The timing of order placement, size of order, extent of customization, and customer delivery dates can create fluctuations in backlog and net revenue. Net revenue attributable to backlog may also be affected by foreign exchange fluctuations for orders denominated in currencies other than U.S. dollars, or by provisions for cancellation, termination, or suspension at the discretion of the customer.

Molding Technology Solutions: Customers

Molding Technology Solutions has customers in a wide range of industries, including automotive, medical, consumer goods, packaging, construction, and electronics. These customers range from large, Fortune 500 global companies to regional and local businesses, including original equipment manufacturers (“OEMs”), molders and mold-makers. Molding Technology Solutions has long-standing relationships with its largest customers, having served many of them for over 30 years. No one Molding Technology Solutions customer accounted for more than 10% of Hillenbrand’s consolidated net revenue during the years ended September 30, 2025, 2024, or 2023.

Molding Technology Solutions’ net revenue is further diversified by end markets, and continued expansion into these end markets is an important element of its strategy. Geographically, approximately 46% of Molding Technology Solutions’ net revenue in fiscal 2025 came from the Americas, 34% from Asia, and 20% from EMEA (Europe, the Middle East, and Africa).

Global population growth, coupled with continued urbanization, increased purchasing power and improved lifestyle in emerging markets and technical innovation has resulted in greater demand for a broad range of finished plastic products in many segments of the economy, including automotive, medical, construction, and consumer products. We believe Molding Technology Solutions’ strong global presence positions it well to benefit from this growth. Molding Technology Solutions has made significant investments in China and India in order to capitalize on the projected growth in plastics in these markets.

Molding Technology Solutions: Competition

Molding Technology Solutions holds leading positions in key industries because of design and quality of products, extensive application and process engineering expertise, product support services, brand name recognition, and commitment to serving the broad needs of its customers.

Molding Technology Solutions brands face strong competition in the markets where they compete. Competitors range in size from small, privately-held companies serving niche industries or geographical areas to larger, well-known global companies serving national and international markets with multiple product lines. We believe Molding Technology Solutions’ leading product quality and design inclusion in a number of flagship products, diversification into multiple industries and markets, its base of aftermarket parts business, and its strong worldwide network of suppliers and dealers will allow it to maintain leadership positions even during economic downturns.

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Molding Technology Solutions: Raw and Component Materials

Steel, which Molding Technology Solutions sources both directly and indirectly through its component suppliers, is the primary material used in the manufacturing of its products. Molding Technology Solutions does not enter into derivative financial instruments to hedge its commodity price risk but it does have some long-term supply contracts with key suppliers. Molding Technology Solutions has developed a global network of reliable, low-cost suppliers in order to secure its supply needs. Difficulties experienced by third-party suppliers can interrupt Molding Technology Solutions’ ability to obtain materials or components and ultimately to supply products to customers. While global supply chains have recently suffered from various headwinds, those supporting Molding Technology Solutions products have generally remained intact, providing access to sufficient inventory of the key materials needed for manufacturing. However, Molding Technology Solutions has experienced significant delays of certain raw materials and components, but has largely been able to mitigate the impact on our consolidated results of operations. Molding Technology Solutions continues to identify and qualify alternative sources to mitigate risk associated to single or sole source supply continuity, and has and may continue to purchase certain materials in safety stock where there are supply chain continuity concerns.

Volatility in the prices Molding Technology Solutions pays for raw materials used in its products, including sheet metals and steel, has a direct effect on profitability. Molding Technology Solutions regularly takes steps designed to mitigate the impact of volatility in raw and component material prices, including executing Lean initiatives and various pricing and sourcing actions. Where possible, Molding Technology Solutions seeks alternative sources and, in some situations, is able to reformulate product with alternative materials without impacting performance, environmental, and health and safety features. We believe that Molding Technology Solutions has taken reasonable steps to mitigate recent increases to these risks. See Part I, Item 1A of this Form 10-K for a more in-depth discussion of Risk Factors that could impact Molding Technology Solutions’ ability to source the necessary materials to fulfill customer obligations.

Molding Technology Solutions: Strategy

Molding Technology Solutions seeks to execute its strategy through the following initiatives:

•Strengthen leadership positions in global markets

◦Leverage core technologies and applications expertise to expand presence in current end markets.

◦Leverage Hillenbrand’s strong positions across the plastics value chain to cross-sell product lines.

◦Expand product offering in key end markets, including emerging markets and new segments such as recycling and biodegradable plastics.

•Drive innovation and new product development

◦Provide innovative product and service solutions to solve customers’ challenges, leveraging shared research and development and technology across the enterprise.

◦Develop new products that are focused on solidifying Molding Technology Solutions’ current market positions and expanding the market through the introduction of technology that displaces other materials, primarily metal and glass.

◦Provide value-added end-to-end solutions from individual components to integrated systems.

◦Enable the customer in key end markets to fulfill sustainability requirements (e.g., reduction of virgin resin).

•Leverage HOM to drive margin expansion and profitable growth

◦Apply HOM principles and tools, including voice of customer and segmentation with a goal to drive profitable growth.

◦Leverage Hillenbrand’s global footprint and enhance support to customers through the entire lifecycle of their equipment usage to expand sales of aftermarket parts and services.

◦Drive global supply strategy to achieve operating efficiencies to improve cost and quality.

◦Enhance productivity through process standardization.

HILLENBRAND INTELLECTUAL PROPERTY

We own a number of patents on our products and manufacturing processes and maintain trade secrets related to manufacturing processes. These are important patents and trade secrets, but we do not believe any single patent or trade secret, or related group of patents or trade secrets is of material significance to our business as a whole. We also own a number of trademarks

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and service marks relating to products and services which are of importance. We believe the marks Coperion, Coperion K-Tron, K-Tron, Rotex, BM&M, Herbold, VMI, Bakon, Shaffer, Peerless, Shick Esteve, Unifiller, DIOSNA, and Coperion Food Equipment brands are material to our Advanced Process Solutions reportable operating segment. We believe the Mold-Masters mark is material to our Molding Technology Solutions reportable operating segment.

Coperion, Coperion K-Tron, K-Tron, Rotex, BM&M, Herbold, VMI, Bakon, Shaffer, Peerless, Shick Esteve, Unifiller, DIOSNA, and Mold-Masters, as well as other registered or common law trade names, trademarks or service marks appearing in this Annual Report on Form 10-K are the property of Hillenbrand or its subsidiaries. Except as set forth above and solely for convenience, the trademarks, trade names or service marks in this Form 10-K are generally referred to without the ™ and ® symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

Our ability to compete effectively depends, to an extent, on our ability to maintain the proprietary nature of our intellectual property. In the past, certain of our products have been copied and sold by others and could continue to be. Hillenbrand vigorously seeks to enforce its intellectual property rights. However, we may not be sufficiently protected by our various patents, trademarks, and service marks, and they may be challenged, invalidated, cancelled, narrowed, or circumvented. Beyond that, we may not receive the pending or contemplated patents, trademarks, or service marks for which we have applied or filed.

HILLENBRAND REGULATORY MATTERS

The Advanced Process Solutions and Molding Technology Solutions reportable operating segments are subject to a variety of federal, state, local, and foreign laws and regulations relating to environmental, health, and safety concerns, including relating to the handling, storage, discharge, and disposal of hazardous materials used in or derived from our manufacturing processes. We are committed to operating all our businesses in a manner that protects the environment and makes us good corporate citizens in the communities in which we operate. We have established various cross-functional sustainability working groups, which include top operational leaders and other key team members, to support our sustainability strategy and to facilitate and drive key priorities, including those related to the environment. In addition, we maintain standards for our global suppliers in support of critical environmental policies and other regulatory requirements, and Hillenbrand’s Global Supply Management department engages with our suppliers to support compliance with applicable standards and legal requirements. While we believe that continued compliance with current federal, state, local, and foreign laws relating to the protection of the environment and supply chain diligence will not have a material effect on our capital expenditures, earnings, or competitive position, future events or changes in existing laws and regulations or their interpretation may require us to make additional expenditures in the future. The cost or need for any such additional expenditure is not known.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Our Board of Directors is responsible for electing the Company’s executive officers annually and from time to time as necessary. Executive officers serve in the ensuing year and until their respective successors are elected and qualified. There are no family relationships between any of our executive officers or between any of them and any members of the Board of Directors. The following is a list of our executive officers as of November 19, 2025.

Kimberly K. Ryan, 58, has served as a director and as President and Chief Executive Officer of the Company since December 2021. Prior to becoming Chief Executive Officer, Ms. Ryan was the Company’s Executive Vice President, beginning in June 2021. Prior to that role, she served as President of the Company’s Coperion business beginning in September 2015, also overseeing Hillenbrand’s Rotex business during part of that period. She previously served as President of the Company’s historical Batesville reportable operating segment (death care) beginning in April 2011, at which time she was also named a Senior Vice President of Hillenbrand. Ms. Ryan began her career with Batesville in 1989, holding positions of increasing responsibility within Batesville and the Company’s former parent in finance, strategy, operations, logistics, and information technology.

Since 2024 Ms. Ryan has served on the Board of Directors of Timken Company, a global manufacturer of engineered bearings and industrial motion products. From 2014 to 2023, Ms. Ryan served on the Board of Directors of Kimball International, Inc., a public manufacturing company (“Kimball”), including as a member of the Audit Committee. She also served as Kimball’s Board Chair from November 2018 to October 2021, during which time she also served on the Compensation Committee and Governance Committee.

Aneesha Arora, 47, has served as the Company’s Senior Vice President and Chief Human Resources Officer since January 2022. She brings to this role more than two decades of diverse experience in human resources across multiple industries. Prior

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to joining Hillenbrand, Ms. Arora was Vice President of Global HR Services for Honeywell International Inc. (“Honeywell”), a diversified technology and manufacturing company, from October 2019 through December 2021. Prior to that, she served as Vice President, Global Human Resources and Communications, Safety and Productivity Solutions at Honeywell from November 2016 to October 2019. Since September 2020, Ms. Arora has also served on the Board of Advisors of the Michigan State University School of Human Resources and Labor Relations.

Ulrich Bartel, 65, was appointed Senior Vice President of Hillenbrand in June 2021 and serves as Group President, overseeing our Coperion Performance Materials and Aftermarket divisions, as well as Rotex. Since June 2021, he has served as President of the Company's Coperion business. Prior to these roles, Mr. Bartel served as President of Coperion’s Polymer Division from March 2020 to June 2021 and as Coperion’s Vice President of Compounding Machines from October 2013 to February 2020. Mr. Bartel began his career at Coperion in 1990 as a process engineer, holding positions of increasing responsibility within Coperion in sales, service, process technology, engineering, manufacturing, and research.

Nicholas R. Farrell, 46, is the Company’s Senior Vice President, General Counsel, and Secretary. He has served as General Counsel and Secretary since 2015 and also served as the Company’s Chief Compliance Officer from 2016 until 2023. Mr. Farrell began his career with the Company in 2011 as Corporate and Securities Counsel, and in 2014 was named Vice President, Associate General Counsel and Assistant Secretary. Prior to joining Hillenbrand, Mr. Farrell was in private practice for six years with global law firm Troutman Pepper. Mr. Farrell is also Chair of the Board of Trustees of Cure SMA, an international not-for-profit organization committed to developing a treatment and cure for spinal muscular atrophy, the number one genetic cause of death for infants.

Tamara Morytko, 54, was appointed Senior Vice President of Hillenbrand in September 2023 and serves as Group President, overseeing our Molding Technology Solutions and Food, Health and Nutrition divisions along with oversight of our Hillenbrand Operating Model and Operations Center of Excellence. Ms. Morytko has more than two decades of leadership in regional and global business operations. Prior to joining Hillenbrand, she served most recently as President of the Pumps Division at Flowserve Corporation, a manufacturer of pumps, valves, and seals, beginning in September 2020. Prior to that role, she served as Chief Operating Officer of Norsk Titanium, an aerospace-grade components manufacturer, beginning in February 2018, and previously held positions of increasing responsibility in finance, executive general management, and supply chain leadership, including at Baker Hughes (energy technology) and Pratt & Whitney (aircraft engines). She began her career as an auditor at accounting firm Arthur Andersen LLP. From May 2019 through December 2022, Ms. Morytko served on the board for The Crosby Group (rigging, lifting, and material handling applications), a KKR company, as well as Pioneer Energy Services (oilfield services applications), a former publicly traded company. She currently serves on the Board of Directors of EnerSys (stored energy solutions for industrial applications), a position she has held since December 2022, including as a member of its Compensation and Audit Committees. In November 2024, Ms. Morytko became a Trustee of the Board for Harpswell Foundation, a young woman leadership building organization in Cambodia and APAC that empowers young women to live impactful lives, and is Vice-Chair of its Finance Committee.

Carole A. Phillips, 54, became the Company’s Senior Vice President, Chief Procurement Officer in January 2023. Ms. Phillips joined the Company as Vice President, Procurement for a transition period beginning September 2022, from Stanley Black & Decker (“Stanley”), a global provider of power and hand tools, mechanical access solutions, and electronic monitoring systems, where she was Vice President, Global Supply Management – M&A, Integrations, and Divestitures (from July 2021). Prior to that role, Ms. Phillips served at Stanley as Vice President, Global Supply Management – Outdoor (from October 2019 to July 2021) and Vice President, Global Supply Management – Industrial Division (from January 2015 to October 2019), as part of more than 25 years of experience in global manufacturing environments.

Bhavik N. Soni, 52, was elected Senior Vice President, Chief Information Officer effective January 2023, prior to which he served as Vice President, Chief Information Officer beginning May 2017. Mr. Soni joined the Company from Honda Aircraft Company, a jet airplane manufacturer, where he served as Chief Information Officer – IT & Engineering Systems Division from 2015 to 2017. Prior to that, he served as Chief Information Officer for Artificial Lift, GE Oil & Gas at General Electric Company (“GE”), an energy technology company, from 2013 to 2015, preceded by fifteen years in other information technology related roles of increasing responsibility at GE. Mr. Soni’s experience prior to GE included software engineering roles at Rockwell Collins, Inc. (aerospace) and General Dynamics Corporation (aerospace and defense).

Megan A. Walke, 46, was appointed Interim Chief Financial Officer in June 2025, prior to which she was named Vice President, Corporate Controller and Chief Accounting Officer in December 2024, and was previously elected Vice President, Chief Accounting Officer in May 2022. Prior to that time, she served as the Company’s Director, Financial Reporting since August 2014 and prior to that in roles of increasing responsibility in the Company’s finance organization. Ms. Walke began her career with nearly a decade in public accounting at the firm of Ernst and Young LLP. She served as a member of the Board of

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Trustees of Oldenburg Academy, a private high school in Indiana, from 2013 to 2024. Ms. Walke also has served on the board of the Ripley County Community Foundation since February 2023.

J. Michael Whitted, 53, was elected Senior Vice President, Strategy and Corporate Development effective June 2018. Prior to joining the Company, Mr. Whitted served as Vice President, Corporate Development for SPX Corporation and SPX Flow, Inc., diversified global suppliers of infrastructure equipment to various industries, from 2001 to 2015. Prior to that, he served as a Vice President for Bear Stearns from 1998 to 2001, where he led corporate finance and M&A advisory transactions. Mr. Whitted’s experience prior to Bear Stearns included corporate finance and M&A advisory roles at CIBC World Markets, Bankers Trust, and First Chicago NBD.

AVAILABILITY OF REPORTS AND OTHER INFORMATION

Our website is www.hillenbrand.com. We make available on this website, free of charge, access to press releases, conference calls, our annual and quarterly reports, and other documents filed with or furnished to the Securities and Exchange Commission (“SEC”) as soon as reasonably practicable after these reports are filed or furnished. We also make available through the “Investors” section of this website information related to the corporate governance of the Company, including position specifications for the Chairperson and each of the members of the Board of Directors, as well as for committee chairpersons and vice chairpersons; the Corporate Governance Standards of our Board of Directors; the charters of each of the standing committees of the Board of Directors; our Code of Ethical Business Conduct; our Global Anti-Corruption Policy; and our Supply Chain Transparency Policy. All of these documents are also available to shareholders in print upon request.

All reports and documents filed with the SEC are also available via the SEC website, www.sec.gov.

Item 1A. RISK FACTORS

In this section of the Form 10-K, we describe the risks we believe are most important for you to think about when you consider investing in, selling, or owning our securities. This information should be assessed along with the other information we provide you in this Form 10-K and that we file from time to time with the SEC. Like most companies, our business involves risks. The risks described below are not the only risks we face, but these are the ones we currently think have the potential to significantly affect stakeholders in our Company if they were to develop adversely (due to size, volatility, or both). We exclude risks that we believe are inherent in all businesses broadly as a function of simply being “in business.” Additional risks not currently known or considered immaterial by us at this time and thus not listed below could also result in adverse effects on our business.

1.The announcement and pendency of the proposed acquisition of the Company could adversely impact the Company’s business, financial condition and results of operations.

Uncertainty about the effect of the Merger on the Company’s employees, customers, and other parties may have an adverse effect on the Company’s business, financial condition and results of operation regardless of whether the Merger is completed. These risks to the Company’s business include the following, all of which could be exacerbated by a delay in the completion of, or failure to complete, the Merger:

•the impairment of the Company’s ability to attract, retain, and motivate its employees, including key personnel;

•the diversion of significant management time and resources towards the completion of the Merger;

•difficulties maintaining relationships with customers, suppliers, and other business partners;

•delays or deferments of certain business decisions by the Company’s customers, suppliers, and other business partners;

•the inability to pursue alternative business opportunities or make changes to the Company’s business because the Merger Agreement requires the Company to use commercially reasonable efforts to conduct its business in the ordinary course consistent with past practice, and to preserve its organization intact and business relations with employees, customers, suppliers, joint venture partners, lenders, governmental authorities and others having material business relations with the Company, and refrain from taking certain actions without Lone Star’s consent prior to the completion of the Merger, including a prohibition on paying dividends other than one cash dividend on or prior to December 31, 2025 in an amount not to exceed $0.2275 per share;

•litigation relating to the Merger and the costs related thereto; and

•the occurrence of significant costs, expenses, and fees for professional services and other transaction costs in connection with the Merger.

2.Litigation relating to the Merger may be filed against the Company, its Board of Directors, or others, which could prevent or delay the completion of the Merger or result in the payment of damages.

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Litigation relating to the Merger may be filed against the Company, its Board of Directors, or others. Among other remedies, these claimants could seek damages and/or to enjoin the Merger and the other transactions contemplated by the Merger Agreement. If the Merger is not consummated for any reason, litigation could be filed in connection with the failure to consummate the Merger. The outcome of any litigation is uncertain and any such lawsuits could prevent or delay the completion of the Merger and result in significant costs. Any such actions may create uncertainty relating to the Merger and may be costly and distracting to management.

3.Failure to consummate the Merger within the expected timeframe or at all could adversely impact the Company’s business, financial condition and results of operations.

The completion of the Merger is subject to the satisfaction or waiver of certain closing conditions, including the approval of the Merger Agreement by holders of a majority of the outstanding shares of Company common stock, the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and specified non-U.S. antitrust and foreign investment laws and CFIUS Approval (as defined in the Merger Agreement). Many of the closing conditions are outside our control, and regulatory authorities have broad discretion in administering relevant laws. Regulatory authorities may impose requirements, limitations, require divestitures, or restrictions on our business as a condition to approval or clearance of the Merger, any of which could delay, jeopardize, or prevent the consummation of the Merger. There can be no assurance that these conditions and the other conditions set forth in the Merger Agreement will be satisfied in a timely manner or at all or that the Merger will be completed.

If the Merger is not completed, including as a result of the Company’s stockholders failing to approve the Merger Agreement, the Company’s stockholders will not receive any payment for their shares in connection with the Merger. Instead, the Company will remain an independent public company, and the shares will continue to be traded on the New York Stock Exchange. The Company’s ongoing business may be materially adversely affected and the Company would be subject to a number of risks, including the following:

•the Company may experience negative publicity, which could have an adverse effect on its ongoing operations including, but not limited to, retaining and attracting customers, suppliers, and other business partners;

•the Company would incur significant costs in future periods relating to the Merger, such as legal, accounting, financial advisor, printing and other professional services fees, which may relate to activities that the Company would not have undertaken other than to complete the Merger;

•the Merger Agreement places certain restrictions on the conduct of the Company’s business, which may have delayed or prevented the Company from undertaking business opportunities that, absent the Merger Agreement, it may have pursued.

If the Merger is not consummated, the risks described above may materialize and they may have a material adverse effect on the Company’s business operations, financial condition, results of operations, and stock price, especially to the extent that the current market price of the Company’s common stock reflects an assumption that the Merger will be completed.

4.The Merger Agreement contains restrictions on solicitation that limit our ability to pursue alternatives to the Merger. If the Merger Agreement is terminated, we may, under certain circumstances, be required to pay a termination fee to Parent, using cash that would otherwise have been available for other purposes.

Under the Merger Agreement, the Company is restricted from soliciting, initiating, or knowingly encouraging or facilitating alternative acquisition proposals from third parties, and/or providing non-public information to third parties relating to any inquiries, proposals or offers that would reasonably be expected to lead to certain transactions involving a third party, including a merger, business combination or similar transaction, subject to specified exceptions. The Merger Agreement also contains customary termination provisions for both the Company and Lone Star, including the right of the Company to terminate the Merger Agreement, subject to and in accordance with the terms and conditions of the Merger Agreement, and provides that, in connection with certain terminations of the Merger Agreement by the Company, the Company will pay Lone Star a cash termination fee of $69.0. Payment of a termination fee may require the Company to use available cash that would have otherwise been available for general corporate purposes or other uses and could affect the structure, pricing and terms proposed by a third party seeking to acquire or merge with the Company or deter such third party from making a competing acquisition proposal.

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5.Global market and economic conditions, including those related to the financial markets, could have a material adverse effect on our consolidated results of operations, financial condition, and liquidity.

Our business is sensitive to changes in general economic conditions, both inside and outside the United States. Instability in the global economy and financial markets can adversely affect our business in several ways, including limiting our customers’ ability to obtain sufficient credit or to pay for our products within the terms of sale. Competition could further intensify among the manufacturers and distributors with whom we compete for volume and market share, resulting in lower net revenue due to steeper discounts and product mix-down. In addition, if certain key or sole suppliers were to become capacity constrained or insolvent, it could result in a reduction or interruption in supplies or a significant increase in the price of supplies.

6.We may be unable to successfully integrate with the businesses of FPM or Linxis, or other acquired companies, or to realize the anticipated benefits of such acquisitions.

The successes of these acquisitions will depend, in part, on the Company’s ability to successfully combine and integrate these and other acquired businesses and realize the anticipated benefits, including synergies, cost savings, revenue and innovation opportunities, and operational efficiencies, in a manner that does not materially disrupt existing customer, supplier, and employee relations, or result in decreased revenue due to losses of, or decreases in orders by, customers. If the Company is unable to achieve these objectives within the anticipated time frame, or at all, the anticipated benefits may not be realized fully or at all, or may take longer to realize than expected, and the value of the Company’s common stock may decline.

The integration of these companies may result in material challenges, including, but without limitation:

•the diversion of management’s attention from ongoing business concerns, and performance shortfalls as a result of the devotion of management’s attention to the integration;

•managing a larger combined business;

•maintaining employee morale and retaining key management and other employees;

•retaining existing business and operational relationships, including customers, suppliers and other counterparties, and attracting new business and operational relationships;

•the possibility of faulty assumptions underlying expectations regarding the integration process;

•consolidating corporate and administrative infrastructures and eliminating duplicative operations;

•coordinating geographically separate organizations; and

•unanticipated issues in integrating information technology, communications and other systems.

As discussed elsewhere in our risk factors, some of these factors are outside of the Company’s control, and any one of them could result in delays, increased costs, decreases in the amount of expected net revenue or synergies, and diversion of management’s time and energy, which could materially affect our financial position, consolidated results of operations, and cash flows.

We have incurred substantial expenses in connection with the completion of the acquisitions of FPM and Linxis, and we expect to incur further expenses in order to integrate a large number of processes, policies, procedures, operations, technologies, and systems in connection with these acquisitions.

7.Increasing competition for highly skilled and talented workers, as well as labor shortages, could adversely affect our business.

The successful implementation of our business strategy depends, in part, on our ability to attract and retain a skilled and talented workforce. Because of the complex nature of many of our products and services, we are generally dependent on a thoroughly trained and highly skilled workforce, including, for example, our engineers. In many of the geographies where we operate, we face a potential shortage of qualified employees.

A number of factors may adversely affect the labor force available to us or increase labor costs, including high employment levels, and government regulations. Although we have not experienced any material labor shortages to date, the labor market has become increasingly competitive. The increasing competition for highly skilled and talented employees could result in higher compensation costs, difficulties in maintaining a capable workforce, and leadership succession planning challenges. Although we believe we will be able to attract and retain talented personnel and replace key personnel should the need arise, if we are unable to hire and retain employees capable of performing at a high-level, or if mitigation measures we may take to respond to a decrease in labor availability, such as overtime and third-party outsourcing, have unintended negative effects, our business could be adversely affected. A sustained labor shortage, lack of skilled labor, or increased turnover or labor inflation could lead to increased costs, such as increased overtime to meet demand and increased wage rates to attract and retain

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employees, which could negatively affect our ability to efficiently operate our manufacturing and distribution facilities and overall business and have other material adverse effects on our business, financial condition, and consolidated results of operations.

8.Sustainability-related regulations could adversely impact the Company's reputation, consolidated results of operations, financial condition, and liquidity.

Sustainability-related regulations could require the Company to change its manufacturing processes or obtain substitute materials that may cost more or be less available for its manufacturing operations. For example, various jurisdictions in which the Company does business have implemented, or in the future could implement or amend, a tax on carbon emissions or restrictions of greenhouse gases. Regulations on energy management and material management and other rules and regulations to address climate change and other sustainability-related risks may increase the Company’s expenses and adversely affect its consolidated results of operations. Any future increased regulatory activity relating to these matters could expand the nature, scope, and complexity of matters that the Company is required to control, assess, and report. If environmental laws or sustainability regulations or industry standards are either changed or adopted and impose significant operational restrictions and compliance requirements upon the Company, this could impact suppliers, customers, products, or consolidated results of operations. Further, any failure to comply with sustainability-related regulations with respect to environment, supply chain, or governance matters may adversely impact our reputation, business, consolidated results of operations, financial condition, and liquidity.

9.The performance of the Company may suffer from business disruptions associated with information technology, cyber-attacks or unauthorized access, or catastrophic losses affecting infrastructure.

The Company relies heavily on computer systems to manage and operate its businesses and record and process transactions. Computer systems are important to production planning, customer service, and order management, as well as other critical processes.

Despite efforts to prevent such situations and the existence of established risk management practices that partially mitigate these risks, the Company’s systems may be affected by damage or interruption from, among other causes, power outages, system failures, or computer viruses. Computer hardware and storage equipment that is integral to efficient operations, such as email, telephone and other functionality, is concentrated in certain physical locations in the various geographies in which the Company operates.

In addition, cybersecurity threats and sophisticated computer crime pose a potential risk to the security of the Company’s information technology systems, operational technology systems, networks, and services, as well as the confidentiality and integrity of the Company’s data. Cyber-attacks, security breaches, and other cyber incidents could include, among other things, computer viruses, malicious or destructive code, ransomware, social engineering attacks (including phishing and impersonation), hacking, denial-of-service attacks, and other attacks. These risks may be heightened given our employees’ increased use of remote working environments. Sensitive information is also stored by our vendors and on the platforms and networks of third-party providers. Cyber-attacks on the Company, our vendors, or our third-party providers of service and software could result in inappropriate access to intellectual property, personally identifiable information of our global workforce, suppliers, or customers, or personal credit card or other payment information of our customers. Potential consequences of a successful cyber-attack or other cybersecurity incident include remediation costs, increased cybersecurity protection costs, lost revenue resulting from the unauthorized use of proprietary information or the failure to retain or attract customers following an attack, litigation and legal risks including governmental or regulatory enforcement actions, increased insurance premiums, reputational damage that adversely affects customer or investor confidence, and damage to the Company’s competitiveness, stock price, and long-term shareholder value. The Company has been subject to cyber-attacks and unauthorized access in the past, which it deemed immaterial to its business and operations, and may be subject to cyber-attacks or unauthorized access of its systems in the future. There can be no assurance that any future cyber-attacks or unauthorized access to the Company’s information systems will not be material to the Company’s business, operations, or financial condition. While we believe that our insurance plan provides appropriate levels of coverage for cyber risks and have taken steps to address these risks by implementing enhanced security technologies, internal controls, and business continuity plans, these measures may not be adequate to cover or prevent all potential losses nor remedy related damage to our reputation.

Regulators globally are increasingly imposing greater fines and penalties for privacy and data protection violations. For example, the European Union and other jurisdictions, including China and some U.S. states, have enacted, and others may enact, new and expanded sets of compliance requirements on companies, like ours, that collect or process personal data. Failure to comply with these or other data protection regulations could expose us to potentially significant liabilities. If the Company suffers a loss or disclosure of protected information due to security breaches or other reasons, and if business continuity plans

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do not effectively address these issues on a timely basis, the Company may incur fines or penalties, or suffer interruption in its ability to manage operations, as well as reputational, competitive, or business harm, which could have a material adverse effect on our business, financial condition, and consolidated results of operations.

The development and use of artificial technologies are still in their early stages, and we are in the initial phase of incorporating artificial intelligence into our business. Artificial intelligence presents risks and challenges that could adversely impact our business. The legal and regulatory landscape surrounding artificial intelligence technologies is rapidly evolving and uncertain, including in the areas of intellectual property, cybersecurity, privacy, and data protection. Compliance with new or changing laws, regulations, or industry standards relating to artificial intelligence may impose significant costs and may limit our ability to develop, deploy, or use artificial intelligence technologies. Failure to appropriately respond to this evolving landscape may result in legal liability, regulatory action, or brand and reputational harm.

10.We have a significant amount of debt, which could adversely affect the Company and limit our ability to respond to changes in our business or make future desirable acquisitions.

As of September 30, 2025, our outstanding debt was $1,524.8, and this amount could increase if additional levels of liquidity are needed. This amount of debt (and additional debt we may incur) has important consequences to our businesses. For example:

•We may be more vulnerable to general adverse economic and industry conditions, because we have lower borrowing capacity.

•We may be required to dedicate a larger portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow for other purposes, including business development efforts and acquisitions, working capital requirements, and capital expenditures.

•We could be exposed to the risk of increased interest rates, because our capital structure target normally includes a component of variable rate debt in addition to fixed rate debt.

•We may be more limited in our flexibility in planning for, or reacting to, changes in our businesses and the industries in which they operate, thereby placing us at a competitive disadvantage compared to competitors that may have less indebtedness.

We may be vulnerable to credit rating downgrades, which could have an impact on our ability to secure future financing on terms commercially acceptable to us, to access the credit and capital markets, or to negotiate favorable covenants in any future amendments to our financial documents or new financings.

11.If we are unable to comply with the financial and other covenants in our debt agreements, our business, financial condition, and liquidity could be materially adversely affected.

Our credit arrangements, including the Amended Credit Agreement and the 2025 Amended L/G Facility Agreement (each as defined below) contain financial and other restrictive covenants. These covenants could adversely affect us by limiting our financial and operating flexibility as well as our ability to plan for and react to market conditions, including as a result of global financial, socioeconomic, and political uncertainty and the effect on our business, and to meet our capital needs. Our failure to comply with these covenants could result in events of default which, if not cured or waived, could result in us being required to repay indebtedness before its due date, and we may not have the financial resources or be able to arrange alternative financing to do so. Any event that requires us to repay any of our debt before it is due could require us to borrow additional amounts at unfavorable borrowing terms, cause a significant reduction in our liquidity, and impair our ability to pay amounts due on our indebtedness. Moreover, if we are required to repay any of our debt before it becomes due, we may be unable to borrow or draw additional amounts under the Amended Credit Agreement and 2025 Amended L/G Facility Agreement or otherwise obtain the cash necessary to repay that additional debt when due, which could materially adversely affect our business, financial condition, and liquidity. Furthermore, interest rates we pay on our borrowings and our ability to borrow or draw under the Amended Credit Agreement and 2025 Amended L/G Facility Agreement or any other credit facility in the future, or pursuant to other available sources, could be adversely affected by matters including market volatility, economic downturns, or other instability or uncertainty. In addition, in light of the impacts to our ability to generate cash from operations during periods of global financial, socioeconomic, and political uncertainty, our results may be further negatively impacted by our payment obligations (including interest) with respect to our outstanding borrowings under our credit arrangements.

12.A disease outbreak, a pandemic, or other health crisis, could have a material adverse effect on our business and consolidated results of operations, the nature and extent of which are highly uncertain and unpredictable.

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We have global operations, and a widespread pandemic, disease outbreak, or other health crisis, and the various government, industry and consumer actions related thereto, including mandated or voluntary shutdowns, could have negative impacts on our business and have created, and could in the future create or intensify adverse conditions described in our other risk factors. These impacts and conditions include, but may not be limited to, potential significant volatility or decreases in demand for our products, changes in customer behavior and preferences, disruptions in or closures of our manufacturing operations or those of our customers and suppliers, disruptions within our supply chain, limitations on our employees’ ability to work and travel, potential increased vulnerability to cybersecurity incidents, including breaches of information systems security that could be due to widespread remote working arrangements or other conditions, potential financial difficulties of customers and suppliers, significant changes in economic or political conditions, including rapidly changing government orders and regulations and our efforts to comply with them, and related financial and commodity volatility, including volatility in raw material and other input costs (including but not limited to oil prices), any of which could last for extended periods. Disruption caused by a pandemic and the Company’s response thereto could also increase the Company’s exposure to claims from customers, suppliers, financial institutions, regulators, payment card associations, employees and others, and to other workforce related risks, any of which could have a material adverse effect on the Company’s financial condition and consolidated results of operations.

Despite our efforts to manage through a widespread pandemic, disease outbreak, or other health crisis, the degree to which these events ultimately impact our business, financial position, consolidated results of operations, and cash flows may depend on certain factors beyond our control, including the duration, spread, and severity of the event, the actions taken to contain the event and mitigate its public health effects, the impact on the U.S. and global economies and demand for our products, and how quickly and to what extent normal economic and operating conditions resume or become impacted by long-lasting changes. The extent to which a disease outbreak, or any other health crisis, could impact our business cannot be predicted with certainty.

13.Increased prices for, poor quality of, or extended inability to source raw materials used in our products or associated services, or supply chain disruptions, could adversely affect profitability.

Our profitability is affected by the prices of the raw materials used in the manufacture of our products. These prices fluctuate based on a number of factors beyond our control, including changes in supply and demand, general economic conditions, labor costs, fuel-related delivery costs, competition, import duties, tariffs, currency exchange rates, and, in some cases, government regulation. Significant increases in the prices of raw materials, similar to the inflationary increases we have experienced in the past, that cannot be recovered through increases in the price of our products and services could adversely affect our consolidated results of operations and cash flows.

We cannot guarantee that the prices we are paying for raw materials today will continue in the future or that the marketplace will continue to support current prices for our products or that such prices can be adjusted to fully or partially offset raw material price increases in the future. Any increases in prices of these or other commodities or services could adversely affect our profitability. We do not engage in hedging transactions for raw material purchases, but we do enter into some fixed-price supply contracts, in an attempt to delay or suppress the impacts of higher prices in the market.

Our dependency upon regular deliveries of supplies and the quality of those supplies upon delivery from particular suppliers means that interruptions, stoppages, or deterioration of quality in such deliveries could adversely affect our operations until arrangements with alternate suppliers could be made. Some of the raw materials used in the manufacture of our products currently are procured from a single source. In some cases, we also outsource certain services to suppliers, including but not limited to, engineering, assembly, shipping, and commissioning services. If a supplier were unable to deliver these materials or services, or unable to deliver quality materials or services, for an extended period of time as a result of financial difficulties, catastrophic events affecting their facilities, or other factors, including recent supply chain disruptions we have experienced, or if we were unable to negotiate acceptable terms for the supply of materials or services with these suppliers, our business could be adversely affected. We may not be able to find acceptable alternatives, and any such alternatives could result in increased costs. We believe that our supply management and production practices are based on an appropriate balancing of the foreseeable risks and the costs of alternative practices. Nonetheless, reduced availability or interruption in supplies, whether resulting from more stringent regulatory requirements, increases in duties or tariff costs, disruptions in transportation, severe weather, the occurrence or threat of wars or other conflicts, or any other reason, could have an adverse effect on our financial condition, consolidated results of operations, and cash flows. Extended inability to source a necessary raw material or service could cause us to cease manufacturing one or more products for a period of time, which could also lead to loss of customers, as well as reputational, competitive, or business harm, which could have a material adverse effect on our business, financial condition, and consolidated results of operations.

14.Uncertainty in United States global trade policy and risks with governmental instability in certain parts of the world could negatively impact our business.

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The U.S. government has at times indicated a willingness to significantly change, and has in some cases significantly changed, trade policies or agreements. Specific proposals that could have a material impact on us involve matters including (but not limited to) changes to existing trade agreements or entry into new trade agreements, sanctions policies, import and export regulations, tariffs or proposed tariffs, taxes and customs duties, public company reporting requirements, environmental regulation, and antitrust enforcement.

The U.S. administration has recently announced or proposed multiple new tariffs on certain industry sectors or imports from various countries, including India, the European Union, Switzerland, Mexico, Canada, and China. These tariffs may increase the cost of certain products and may negatively impact our results of operations.

Because the situation is fluid and trade negotiations may be ongoing, we cannot at this time predict future trade policy or what additional actions, if any, will be taken by the U.S. government with respect to trade agreements or the imposition of additional tariffs or other measures, including ongoing trade negotiations between U.S. and other nations, as trade agreements are negotiated. As a result, an increase in tariffs on imported goods, the suspension, reversal, or reinstatement of originally announced agreements, or the occurrence of a trade war or other governmental action related to tariffs or trade agreements, could potentially adversely impact demand for our products, our costs, our customers, our suppliers, and the U.S. or global economy, which in turn could adversely impact our business, financial condition, and results of operations.

In addition, certain countries that are central to our businesses have imposed or been subject to imposition or have threatened imposition of retaliatory tariffs in response to tariffs imposed by the U.S. While the implementation of the tariffs from certain countries or Section 232 investigations are currently under negotiation or investigations, these actions, along with recent governmental instability in certain parts of the world, expose us to risk. In addition, support for protectionism and rising anti-globalization sentiment in the U.S. and in other countries could lead to disruption and cost increases in our established patterns for sourcing our raw materials and create increased uncertainties in planning our sourcing strategies and forecasting our margins. Changes or threats in U.S. tariffs, quotas, trade relationships or agreements, or tax law, or similar actions taken by other countries, could reduce the supply of goods available to us or increase our cost of goods. Although such changes would in many cases have implications across the entire industry, we may fail to effectively adapt to and manage the adjustments in strategy that would be necessary in response to those changes. As we make business decisions in the face of uncertainty, we may incorrectly anticipate the outcomes, miss out on business opportunities or fail to effectively adapt our business strategies and manage the adjustments that are necessary in response to those changes. These risks could materially and adversely impact our business, consolidated results of operations, and financial condition.

15.International economic, political, legal, and business factors could negatively affect our consolidated results of operations, cash flows, financial condition, and growth.

We derived approximately 63%, 59%, and 62% of our net revenue from our operations outside the U.S. for the years ended September 30, 2025, 2024, and 2023, respectively. This net revenue was primarily generated in Europe, the Middle East, Asia, South America, and Canada. In addition, we have manufacturing operations, suppliers, and employees located outside the U.S. Since our growth strategy depends in part on our ability to further penetrate markets outside the U.S., we expect to continue to increase our revenue and presence outside the U.S., including in emerging markets.

Our international business is subject to risks that are often encountered in non-U.S. operations, including:

•interruption in the transportation of materials to us and finished goods to our customers, including conditions where recovery from natural disasters may be delayed due to country-specific infrastructure and resources;

•threat of wars or other conflicts;

•differences in terms of sale, including payment terms;

•local product preferences and product requirements;

•changes in a country’s or region’s political or economic condition, including with respect to safety and health issues;

•trade protection measures and import or export licensing requirements;

•unexpected changes in laws or regulatory requirements, including unfavorable changes with respect to tax, trade, sanctions compliance, or climate change related matters;

•limitations on ownership and on repatriation of earnings and cash;

•difficulty in staffing and managing widespread operations;

•differing labor regulations;

•difficulties in enforcing contract and property rights under local law;

•difficulties in implementing restructuring actions on a timely or comprehensive basis; and

•differing protection of intellectual property.

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Such risks may be more likely or pronounced in emerging markets, where our operations may be subject to greater uncertainty due to increased volatility associated with the developing nature of their economic, legal, and governmental systems.

If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition, or consolidated results of operations.

16.We operate in highly competitive industries, many of which are currently subject to intense price competition, and if we are unable to compete successfully, it could have a material adverse effect on our business, financial condition, and consolidated results of operations.

Many of the industries in which we operate are highly competitive. Our products may not compete successfully with those of our competitors. The markets for plastic processing equipment and related products, material handling equipment, complete equipment systems, and mold components are highly competitive and include a number of North American, European, and Asian competitors. Principal competitive factors in the plastic processing industry, material handling equipment, and complete equipment systems include price, lead time, product features, technology, total cost of ownership, performance, reliability, quality, delivery, and customer service. Principal competitive factors in the mold components industry include technology, price, quality, performance, and delivery.

Our competitors may be positioned to offer more favorable pricing to customers, resulting in reduced volume and profitability. In certain cases, we have lost business to competitors who offered prices lower than ours. Competition may also limit our ability to pass on the effects of increases in our cost structure. In addition, some of our competitors may have greater financial resources and less debt than we do, which may place us at a competitive disadvantage in the future. These competitors may be better able to withstand and respond to changes in conditions within our industry.

Additionally, the Company’s competitors may adopt new technologies and technological advancements using artificial intelligence and machine learning to pursue new products and services more quickly, successfully and effectively than the Company.

Competition in any of these areas may reduce our sales and adversely affect our earnings or cash flow by resulting in decreased sales volumes, reduced prices, and increased costs of manufacturing, distributing, and selling our products.

17.We operate in cyclical industries.

As an industrial capital goods supplier, we serve industries that are cyclical and sensitive to changes in general economic conditions, such as packaging, automotive, construction, consumer goods, electronics, chemicals, and plastics industries. The performance of many of our businesses is directly related to the production levels of our customers. In particular, prices for plastic resins used to make plastic products and parts tend to fluctuate to a greater degree than our customers can adjust for in the pricing of their products. When resin prices increase, certain of our customers’ profit margins decrease, which may result in lower demand for our products. Therefore, our business is affected by fluctuations in the price of resin, which could have an adverse effect on our business and ability to generate operating cash flows.

During periods of economic expansion, when capital spending normally increases, our businesses generally benefit from greater demand for our products. During periods of economic contraction, when capital spending normally decreases, they generally are adversely affected by declining demand for new equipment orders, and may be subject to increases in uncollectible receivables from customers who become insolvent. There can be no assurance that economic expansion or increased demand will occur or be sustainable, and our financial condition, consolidated results of operations, and cash flows could be materially adversely affected.

18.A key component of our growth strategy is making significant acquisitions, some of which may be outside the industries in which we currently operate. We may not be able to achieve some or all of the benefits that we expect to achieve from these acquisitions. If an acquisition were to perform unfavorably, it could have an adverse impact on our business and consolidated results of operations.

All acquisitions, including the FPM and Linxis acquisitions, involve inherent uncertainties, which may include, among other things, our ability to:

•successfully identify the most suitable targets for acquisition;

•negotiate reasonable terms;

•properly perform due diligence and determine all the significant risks associated with a particular acquisition;

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•successfully achieve the desired performance of the acquired company;

•avoid diversion of Company management’s attention from other important business activities; and

•where applicable, implement restructuring activities without an adverse impact to business operations.

We may acquire businesses with unknown liabilities, contingent liabilities, internal control deficiencies, or other risks. We have plans and procedures to review potential acquisition candidates for a variety of due diligence matters, including compliance with applicable regulations and laws prior to acquisition. Despite these efforts, realization of any of these liabilities or deficiencies may increase our expenses, adversely affect our financial position, or cause us to fail to meet our public financial reporting obligations.

We generally seek indemnification covering these matters from sellers or other sources including insurance policies; however, the liability of the sellers or other sources is often limited, and certain former owners may be unable to meet their indemnification responsibilities. We cannot be assured that these indemnification provisions will fully protect us, and as a result we may face unexpected liabilities that adversely affect our profitability and financial position.

We may not achieve the intended benefits of our acquisitions. Under such circumstances, management could be required to spend significant amounts of time and resources in the transition of the acquired business, and we may not fully realize benefits anticipated from key initiatives, including the application of the HOM. We may also decide to sell previously acquired businesses, or portions thereof, that no longer meet our strategic objectives, potentially resulting in a loss, accounting charge, or other negative impact. As a result of these factors, our business, cash flows, and consolidated results of operations could be materially impacted.

If we acquire a company that operates in an industry that is different from the ones in which we currently operate, our lack of experience with that company’s industry could have a material adverse impact on our ability to manage that business and realize the benefits of that acquisition.

19.We have completed several divestitures, including the divestiture of our historical Batesville reportable operating segment and a majority interest in Milacron, and we continually assess the strategic fit of our existing businesses. We may divest or otherwise dispose of businesses that are deemed not to fit with our strategic plan or are not achieving the desired return on investment, and we cannot be certain that our business, consolidated results of operations, and financial condition will not be materially and adversely affected.

A successful divestiture depends on various factors, including reaching an agreement with potential buyers on terms we deem attractive, as well as our ability to effectively transfer liabilities, contracts, facilities, and employees to any purchaser, identify and separate the intellectual property to be divested from the intellectual property that we wish to retain, reduce fixed costs previously associated with the divested assets or business, and collect the proceeds from any divestitures. These efforts require varying levels of management resources, which may divert our attention from other business operations. If we do not realize the expected benefits of any divestiture transaction or experience unexpected costs or similar risks, our consolidated financial position, consolidated results of operations, and cash flows could be negatively impacted. In addition, divestitures of businesses involve a number of risks, including significant costs and expenses, the potential loss of or changes to customer, employee, or supplier relationships, potential adverse impacts to volume-based pricing under existing and future purchasing arrangements, and a decrease in net revenue and earnings associated with the divested business. Furthermore, any divestiture may result in a dilutive impact to our future earnings if we are unable to offset the dilutive impact from the associated loss of revenue, and may also result in significant write-offs, including those related to goodwill and other intangible assets, any of which could have a material adverse effect on our consolidated results of operations and financial condition.

In addition, divestitures, in particular the divestitures of our historical Batesville reportable operating segment and majority interest in Milacron, potentially involve significant post-closing separation and transition activities, which could involve the expenditure of material financial resources and significant employee resources. These activities may require diversion of significant capital and other resources that otherwise could have been used in our business operations. There can be no assurance that divestitures, including the Batesville and Milacron business divestitures noted above, will be ultimately beneficial to us or have a positive effect on shareholder value.

20.Goodwill and other identifiable indefinite-lived intangible assets, which are subject to periodic impairment evaluations, represent a significant portion of our total assets. An impairment charge on these assets could have a material adverse impact on our financial condition and consolidated results of operations.

We maintain intangible assets related to a number of historical acquisitions, portions of which were identified as either goodwill or indefinite-lived assets. We periodically assess these assets to determine if they are impaired. Significant negative industry or

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economic trends, disruptions to our business, inability to effectively integrate acquired businesses, unexpected significant changes or planned changes in use of the assets, divestitures, and market capitalization declines may impair these assets, and any of these factors may be increasingly impactful during a period of ongoing global supply chain disruption or macroeconomic uncertainty.

As required by applicable accounting standards, we review goodwill and other identifiable intangible assets for impairment either annually or whenever changes in circumstances indicate that the carrying value may not be recoverable. The risk of impairment to goodwill and other indefinite-lived intangible assets is generally higher during the early years following an acquisition, because the fair values of these assets align very closely with what we paid to acquire them. As a result, and especially if the acquired business is a separate reporting unit, the difference between the carrying value of the reporting unit and its fair value (typically referred to as “headroom”) is smaller at the time of acquisition. If the acquired business is included in an existing reporting unit, this impact often can be less significant. In any case, until this headroom grows over time, due to business growth or lower carrying value of the reporting unit, a small decline in reporting unit fair value may trigger impairment charges. When impairment charges are triggered, they tend to be material due to the size of the assets involved. Future acquisitions could present these same risks as with acquisitions we have made to date.

Any charges relating to such impairments, similar to those recorded for the years ended September 30, 2025 and 2024, could adversely affect our consolidated results of operations in the periods recognized.

21.We derive significant net revenue from the plastics industry. Decrease in demand for base resin or engineering plastics or equipment used in the production of these products, changes in technological advances, or changes in laws or regulations could have a material adverse effect on our business, financial condition, and consolidated results of operations.

The majority of net revenue from our Molding Technology Solutions reportable operating segment is realized from the manufacture, distribution, and service of highly engineered and customized systems within the plastic technology and processing market. Advanced Process Solutions also sells equipment, including highly engineered extruders, feeders, and conveying systems, to the plastics industry for the production of base resins, durable engineering grade plastics, and other compounded plastics (including bioplastics and recycled plastic product). Sales volume is dependent upon the need for equipment used to produce these products, which may be significantly influenced by the demand for plastics, the capital investment needs of companies in the plastics industry, changes in technological advances, or changes in laws or regulations such as, but not limited to, those related to single-use plastics, expanded-polystyrene and polystyrene foams, extended producer responsibility, content requirements for products, recycled content requirements, and reduction mandates. Unfavorable developments in the plastics industry could impact our customers and, as a result, have a material adverse effect on our business, financial condition, and consolidated results of operations.

22.Changes in economic conditions, food consumption patterns due to dietary trends, or other reasons may adversely affect our business, financial condition, consolidated results of operations, and cash flows.

Rising food and other input costs, as well as recessionary fears, may negatively impact our customers’ ability to forecast consumer demand for various food products, including pet food, and as a result negatively impact demand for our goods and services. Dietary trends can positively or negatively impact demand for certain types of food, including, for example, proteins or carbohydrates, or for certain packaging or categories of food products, including, for example, easy to prepare, transportable meals, or traditional canned food products. Because demand for different food types, packagings, or categories can quickly fluctuate as a function of dietary, health, convenience, sustainability, or other trends, food processors can be challenged in accurately forecasting their needed manufacturing capacity and the related investment in equipment and services. A demand shift away from protein products or processed foods could have a material adverse effect on our business, financial condition, consolidated results of operations, and cash flows.

23.We rely upon our employees, agents, and business partners to comply with laws in many different countries and jurisdictions. We establish policies and provide training to assist them in understanding our policies and the regulations most applicable to our business; however, our reputation, ability to do business, and consolidated results of operations may be impaired by improper conduct by these parties.

We cannot provide assurance that our internal controls and compliance systems will always protect us from acts committed by our employees, agents, or business partners that would violate U.S. or non-U.S. laws, including laws governing payments to government officials, bribery, fraud, anti-kickback, false claims, competition, export and import compliance, including the U.S. Commerce Department’s Export Administration Regulations, trade sanctions promulgated by the Office of Foreign Asset Control (“OFAC”), anti-money laundering, and data privacy. In particular, the U.S. Foreign Corrupt Practices Act, the U.K.

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Bribery Act, and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries, including us, from making improper payments to government officials or other parties for the purpose of obtaining or retaining business, and we operate in many parts of the world that have experienced corruption to some degree. Consequently, we are subject to the jurisdiction of various governments and regulatory agencies outside of the U.S., which may bring our personnel into contact with foreign officials responsible for issuing or renewing permits, licenses, or approvals or for enforcing other governmental regulations. In addition, some of the international locations in which we operate lack a developed legal system and have elevated levels of corruption. Our global operations expose us to the risk of violating, or being accused of violating, the foregoing or other anti-corruption laws. Any such improper actions could subject us to civil or criminal investigations in the U.S. and in other jurisdictions; could lead to substantial civil and criminal, monetary and non-monetary penalties, and related shareholder lawsuits; could cause us to incur significant legal fees; and could damage our reputation.

24.The effective tax rate of the Company may be negatively impacted by changes in the mix of earnings as well as future changes to tax laws in global jurisdictions in which we operate.

We are subject to income taxes in the U.S. and various other global jurisdictions. Our effective tax rate could be adversely affected by changes in the mix of earnings by jurisdiction and the valuation of deferred tax assets and liabilities. There is a global effort among developed countries to enact international tax reform that would change the way multinational organizations are taxed. If the tax reform proposals are enacted, they could have a material impact on our tax provision and value of deferred tax assets and liabilities. We recognize deferred tax assets and liabilities based on the differences between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities. Significant judgment is required in determining our provision for income taxes. We regularly review our deferred tax assets for recoverability and establish a valuation allowance if it is more likely than not that some portion or all of a deferred tax asset will not be realized. If we are unable to generate sufficient future taxable income, if there is a material change in the actual effective tax rates, or if there is a change to the time period within which the underlying temporary differences become taxable or deductible, we could be required to increase our valuation allowance against our deferred tax assets, which could result in a material increase in our effective tax rate.

Changes in tax laws or tax rulings could have a material impact on our effective tax rate. Many countries in the European Union, as well as several other countries and organizations such as the Organization for Economic Cooperation and Development, are actively considering changes to existing tax laws. Certain proposals could include recommendations that could increase our tax obligations in those countries where we do business. Any changes in the taxation of our activities in such jurisdictions may result in a material increase in our effective tax rate.

25.We are exposed to a number of different tax uncertainties, which could have a material adverse effect on our consolidated results of operations.

We are required to pay taxes in multiple jurisdictions. We determine the tax liability we are required to pay based on our interpretation of applicable tax laws and regulations in the jurisdictions in which we operate. We may be subject to unfavorable changes, including retroactive changes, in the tax laws and regulations to which we are subject.

We are subject to tax audits by governmental authorities in the U.S. and numerous non-U.S. jurisdictions, which are inherently uncertain. Negative or unexpected results from one or more such tax audits could adversely affect our consolidated results of operations. Tax controls and changes in tax laws or regulations or the interpretation given to them may expose us to negative tax consequences, including interest payments and potential penalties, which could have a material adverse effect on our consolidated results of operations.

26.We are involved from time to time in claims, lawsuits, and governmental proceedings relating to our operations, including environmental, antitrust, patent infringement, business practices, commercial transactions, and other matters. The ultimate outcome of these claims, lawsuits, and governmental proceedings cannot be predicted with certainty but could have a material adverse effect on our financial condition, consolidated results of operations, and cash flows.

We are subject to potential claims, including environmental, antitrust, patent infringement, business practices, commercial transactions, product and general liability, cybersecurity and privacy matters, workers’ compensation, auto liability, employment-related, and other matters. While we maintain insurance for certain of these exposures, the policies in place are often high-deductible policies. It is difficult to measure the actual loss that might be incurred related to litigation or other potential claims, and the ultimate outcome of claims, lawsuits, and proceedings could have a material adverse effect on our financial condition, consolidated results of operations, and cash flows. For a more detailed discussion of claims, see Note 12 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.

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27.Uncertainty in the U.S. political and regulatory environment could negatively impact our business.

The U.S. political and regulatory environment may create uncertainty with respect to, and could result in additional changes in, or potential gridlock hindering legislation, regulation, international relations, and government policy, or could result in possible civil unrest or other disturbances in connection therewith. Additionally, the scope, clarity of guidance from regulators, and uncertain enforcement and implementation times allowed for new regulations in the U.S. and other jurisdictions may result in increased costs or temporarily impact business operations. While it is not possible to predict whether and when any such additional changes or disturbances could occur, any such events, whether at the local, state, or federal level, or outside the U.S., could significantly impact our business and the industries in which we compete. To the extent such disturbances or changes in the political or regulatory environment have a negative impact on the Company or the markets in which we operate, it may materially and adversely impact our business, consolidated results of operations, and financial condition.

28.We are subject to risks arising from currency exchange rate fluctuations, which may adversely affect our consolidated results of operations and financial condition.

We are subject to currency exchange rate risk to the extent that our costs are denominated in currencies other than those in which we earn revenue. In addition, since our Consolidated Financial Statements are denominated in U.S. dollars, changes in currency exchange rates between the U.S. dollar and other currencies have had, and will continue to have, an impact on our consolidated results of operations. The Company’s predominant exposures are to the Euro, Canadian dollar, Swiss franc, Mexican peso, Chinese Renminbi, Japanese Yen, Indian Rupee, and British pound sterling. In preparing financial statements for foreign operations with functional currencies other than the U.S. dollar, asset and liability accounts are translated at current exchange rates and income and expenses are translated using weighted-average exchange rates. With respect to the effects on translated earnings, if the U.S. dollar strengthens relative to local currencies, as happens from time to time, the Company’s earnings could be negatively impacted. Although we address currency risk management through regular operating and financing activities and through the use of derivative financial instruments, those actions may not prove to be fully effective.

29.The Company could face labor disruptions that interfere with operations.

As of September 30, 2025 and 2024, approximately 43% and 32%, respectively, of Hillenbrand’s employees work under collective bargaining agreements or works councils. Although we have not experienced any significant work stoppages in the past 20 years as a result of labor disagreements, we will need to negotiate new labor agreements in coming years and cannot ensure that such a stoppage will not occur in the future. Inability to negotiate satisfactory new agreements or a labor disturbance at one or more of our facilities could have a material adverse effect on our consolidated results of operations.

30.Business disruptions due to physical risks of climate change, such as catastrophic weather events and natural disasters, could adversely impact the Company’s consolidated results of operations, financial condition, and liquidity.

The physical risks of climate change are highly uncertain and may differ in the geographic regions in which the Company operates. These physical risks may impact the availability and cost of materials, sources and supply of energy, or product demand and manufacturing, and could increase insurance and other operating costs. There may be operational risk due to the significant impact climate change could pose to employees’ lives, the Company’s supply chain, or electrical power availability from climate-related weather events. Climate-related events have the potential to disrupt our business, including the business of our suppliers, and may cause us to experience higher attrition, losses, and additional costs to resume operations.

31.Provisions in our Articles of Incorporation and By-laws and facets of Indiana law may prevent or delay an acquisition of the Company, which could decrease the trading price of our common stock.

Our Articles of Incorporation and By-laws, as well as Indiana law, contain provisions that could delay or prevent changes in control if our Board of Directors determines that such changes in control are not in the best interests of our shareholders. While these provisions have the effect of encouraging persons seeking to acquire control of our Company to negotiate with our Board of Directors, they could enable our Board of Directors to hinder or frustrate a transaction that the Board of Directors believes is not in the best interests of shareholders, but which some, or a majority, of our shareholders might believe to be in their best interests.

These provisions include, among others:

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•the division of our Board of Directors into three classes with staggered terms;

•the inability of our shareholders to act by less than unanimous written consent;

•rules regarding how shareholders may present proposals or nominate directors for election at shareholder meetings;

•the right of our Board of Directors to issue preferred stock without shareholder approval; and

•limitations on the right of shareholders to remove directors.

Indiana law also imposes some restrictions on mergers and other business combinations between the Company and any holder of 10% or more of our outstanding common stock.

We believe these provisions are important for a public company and protect our shareholders from coercive or otherwise potentially unfair takeover tactics by encouraging potential acquirers to negotiate with our Board of Directors and by providing our Board of Directors with appropriate time to assess any acquisition proposal. These provisions are not intended to make our Company immune from takeovers; however, they may apply if the Board of Directors determines that a takeover offer is not in the best interests of our shareholders, even if some shareholders believe the offer to be beneficial.

Item 1B. UNRESOLVED STAFF COMMENTS

We have not received any comments from the staff of the SEC regarding our periodic or current reports that remain unresolved.

Item 1C. CYBERSECURITY

Risk management and strategy

We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, which include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to employees or customers, and violation of data privacy or security laws.

We have developed and implemented a cybersecurity risk management program to protect critical assets, scale with business growth, identify and mitigate threats, and enable us to conduct our business securely. The program’s design utilizes the National Institute of Standards and Technology (NIST) Cybersecurity Framework, while adapting certain elements to align with our specific operational needs and objectives. The program and other cybersecurity processes have been integrated into our overall risk management framework.

Certain key components of our cybersecurity program include the following:

Protecting our technology and information systems: We use various tools to help manage our overall program including unauthorized access detection, 24x7 security monitoring, email protection, network intrusion prevention systems, security training, penetration testing, and other similar tools to protect the Company’s data. When adopting or changing technology, we conduct risk-based security and privacy impact assessments and deploy administrative, physical, and technical safeguards that are designed to reasonably protect us from cybersecurity threats. We actively monitor and proactively research potential cybersecurity threats to our technologies and information systems and use what we learn to evolve our security controls over time to mitigate risks posed by such threats.

Incident response and recovery planning: We maintain incident response and recovery plans that direct our response to cybersecurity incidents. These plans guide how we evaluate and assign incident severity levels and reporting thresholds, escalate and engage cross functional incident response teams, perform materiality assessments, and manage and mitigate the related risks. We also maintain a cybersecurity insurance program to reimburse covered costs, losses and claims relating to a data or security breach.

Third-party risk management: We maintain a risk-based approach to identifying and managing cybersecurity threats presented by third-party systems that support our operations, as well as third-party users of our data and systems, including vendors, service providers, and subcontractors. Further, we require third-party users with such access to our data and systems to adhere to industry policies and standards that are comparable to or exceed our policies and standards. For third-party users that do not have access to our data and systems, we require those users to maintain cybersecurity practices that align with industry standards and applicable laws.

Training and awareness: We have a cybersecurity training program designed to educate and train employees on how to identify and report cybersecurity threats, which includes regular phishing exercises and recurring cybersecurity awareness training to all our associates and third parties who have access to Company email and networks. Training programs are conducted on a

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periodic basis and are focused on giving employees awareness and tools to manage the most relevant and prevalent cybersecurity risks to us. Specialized training is also offered to employees in sensitive roles.

Assessments and testing: We use third party specialists to conduct periodic assessment and testing of our policies, standards, processes, and practices that are designed to address cybersecurity threats. These efforts include tabletop exercises, risk assessments, vulnerability testing, and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. Where appropriate we adjust our cybersecurity policies, standards, processes, and practices accordingly based on internal and external assessment and testing results.

As of the date of this Form 10-K, we are not aware of any cybersecurity threats or incidents that have materially affected us or are reasonably likely to materially affect us, including our business strategy, consolidated results of operations, or financial condition. However, despite our security measures, we cannot assure that we or our third-party partners will not experience a future cybersecurity incident that could materially affect us.

Governance

Our Board of Directors oversees overall cybersecurity risk and strategy, and the Audit Committee of the Board of Directors oversees information security compliance as part of its broader compliance oversight mandate. Together, this ensures that the Board of Directors has a comprehensive view of the Company’s cybersecurity risk profile and framework. The Board of Directors and its Audit Committee include directors with knowledge, skills, and cybersecurity and information technology experience.

Our Company’s Executive Management Team (“EMT”) receives periodic briefings, and the Board of Directors and its Audit Committee receives annual and quarterly briefings, respectively, on cybersecurity matters. These briefings may include updates on critical information security and cybersecurity risks and the threat landscape; cybersecurity improvement initiatives and the internal control environment; and, if relevant, the status of actions taken with respect to any cybersecurity incidents.

The Chief Information Security Officer (“CISO”) is responsible for assessing, identifying, and managing cybersecurity risks, including implementation of our cybersecurity risk management program. The CISO works in partnership with the information technology, legal, finance, and internal audit functions to review information technology-related policies and internal controls in managing the cyber risk.

The CISO has information technology and information security experience, including enterprise risk management leadership, and holds a Certified Information Security Manager certification from the Information Systems Audit and Control Association (ISACA). The CISO reports to the Chief Information Officer (“CIO”), who is a member of the EMT and reports directly to the CEO. The CIO has extensive experience overseeing and executing technology strategies and implementations in complex, global organizations.

As a part of our incident response plan, the CISO also reports and escalates cybersecurity incidents to the EMT and the Audit Committee as appropriate.

Item 2. PROPERTIES

Our corporate headquarters is located in Batesville, Indiana, in a facility that we lease. At September 30, 2025, Advanced Process Solutions operated 14 significant manufacturing facilities located in the U.S. (in Kansas, Missouri, Ohio, Virginia and Wisconsin), Germany, France, Switzerland, China, and the United Kingdom. Five of these facilities are owned and nine are leased. Advanced Process Solutions also leases or owns a number of warehouse distribution centers, service centers, and sales offices located in the U.S., Canada, Europe, Asia, and South America.

At September 30, 2025, Molding Technology Solutions operated five significant manufacturing facilities located in Germany, China, India, Canada, and the Czech Republic. Two of these facilities are owned and three are leased. Molding Technology Solutions also leases or owns a number of warehouse distribution centers, service centers, and sales offices located in the U.S., Mexico, Canada, Europe, Asia, and South America.

Facilities often serve multiple purposes, such as administration, sales, manufacturing, testing, warehousing, and distribution. We believe our current facilities will provide adequate capacity to meet expected demand for the next several years.

Item 3. LEGAL PROCEEDINGS

From time to time, we are involved in claims, lawsuits, and government proceedings relating to our operations, including environmental, antitrust, patent infringement, business practices, commercial transactions, product and general liability,

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cybersecurity and privacy matters, workers’ compensation, auto liability, employment-related, and other matters. The ultimate outcome of any claims, lawsuits, and proceedings cannot be predicted with certainty. We carry various forms of commercial, property and casualty, cybersecurity, product liability, and other forms of insurance; however, such insurance may not be applicable or adequate to cover the costs associated with a judgment against us, and in most instances have deductibles and self-funded retentions up to $0.5 per occurrence or per claim, depending upon the type of coverage and policy period. It is difficult to measure the actual loss that might be incurred related to litigation, and the ultimate outcome of these claims, lawsuits, and proceedings could have a material adverse effect on our financial condition, consolidated results of operations, and cash flows.

For more information on various legal proceedings, see Note 12 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K. That information is incorporated into this Item 3 by reference.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS,

AND ISSUER PURCHASES OF EQUITY SECURITIES

Hillenbrand common stock is traded on the New York Stock Exchange under the ticker symbol “HI.”

As of November 14, 2025, we had approximately 1,351 shareholders of record.

Share Repurchases

On December 2, 2021, our Board of Directors authorized a new share repurchase program of up to $300.0, which replaced the previous $200.0 share repurchase program authorized on December 7, 2018. The repurchase program has no expiration date but may be terminated by the Board of Directors at any time. No purchases of our common stock were made during the year ended September 30, 2025.

Dividend Policy

We returned $63.4 to shareholders in fiscal 2025 in the form of quarterly dividends. We increased our quarterly dividend in fiscal 2025 to $0.2250 per common share from $0.2225 per common share paid in fiscal 2024. The Merger Agreement includes

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certain limitations on our ability to pay dividends. Pursuant to the terms of the Merger Agreement, we currently expect to pay approximately $16.0 in the first quarter of fiscal 2026 based on our outstanding common stock at September 30, 2025, subject to the discretion of our Board of Directors.

Item 6. Reserved

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Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(dollars in millions throughout Management’s Discussion and Analysis of Financial Condition and Results of Operations)

(unless otherwise stated, references to years relate to fiscal years)

The following discussion compares our results for the year ended September 30, 2025, to the year ended September 30, 2024. The discussion comparing our results for the year ended September 30, 2024, to the year ended September 30, 2023, is included within Management’s Discussion and Analysis of Financial Condition and Results of Operation in our Annual Report on Form 10-K for the year ended September 30, 2024, filed with the SEC on November 19, 2024. We begin the discussion at a consolidated level and then provide separate detail about Advanced Process Solutions and Molding Technology Solutions reportable operating segments, as well as Corporate. These financial results are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”).

We also provide certain non-GAAP operating performance measures. These non-GAAP measures are referred to as “adjusted” measures and generally exclude expenses associated with business acquisitions, divestiture, and integration costs, restructuring and restructuring-related charges, impairment charges, gains on sale of property, plant, and equipment, gain on equity method investments, pension settlement (gain) charges, inventory step-up costs related to acquisitions, other non-recurring costs related to a discrete commercial dispute, and gains and losses on divestitures.

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.

We use this non-GAAP information internally to make operating decisions and believe it is helpful to investors because it allows more meaningful period-to-period comparisons of our ongoing operating results. The information can also be used to perform trend analysis and to better identify operating trends that may otherwise be masked or distorted by items such as the above excluded items. We believe this information provides a higher degree of transparency.

An important non-GAAP measure that we use is adjusted EBITDA. A part of Hillenbrand’s strategy is to selectively acquire companies that we believe can benefit from the Hillenbrand Operating Model (“HOM”) to spur faster and more profitable growth. Given that strategy, it is a natural consequence to incur related expenses, such as amortization from acquired intangible assets and additional interest expense from debt-funded acquisitions. Accordingly, we use adjusted EBITDA, among other measures, to monitor our business performance. Adjusted EBITDA is not a recognized term under GAAP and therefore does not purport to be an alternative to consolidated net income (loss). Further, the Company’s measure of adjusted EBITDA may not be comparable to similarly titled measures of other companies.

We expect that future net revenue associated with our reportable operating segments will be influenced by order backlog because of the lead time involved in fulfilling engineered-to-order equipment and solutions for customers. Although backlog can be an indicator of future net revenue, it does not include projects and aftermarket parts orders that are booked and shipped within the same quarter. The timing of order placement, size, extent of customization, and customer delivery dates can create fluctuations in backlog and net revenue. Net revenue attributable to backlog may also be affected by foreign exchange fluctuations for orders denominated in currencies other than U.S. dollars.

We calculate the foreign currency impact on net revenue, gross profit, selling, general and administrative expenses, consolidated net income (loss) and consolidated adjusted EBITDA, in order to better measure the comparability of results between periods. We calculate the foreign currency impact by translating current year results at prior year foreign exchange rates. This information is provided because exchange rates can distort the underlying change in these metrics, either positively or negatively. The cost structure for Corporate is generally not significantly impacted by the fluctuation in foreign exchange rates, and we do not disclose the foreign currency impact in the Operations Review below where the impact is not significant.

Another important operational measure used is backlog. Backlog is not a term recognized under GAAP; however, it is a common measurement used in industries with extended lead times for order fulfillment (long-term contracts), like those in which our reportable operating segments compete. Backlog represents the amount of net revenue that we expect to realize on contracts awarded to our reportable operating segments. For purposes of calculating backlog, 100% of estimated net revenue attributable to consolidated subsidiaries is included. Backlog includes expected net revenue from large systems and equipment, as well as aftermarket parts, components, and service. The length of time that projects remain in backlog can span from days for aftermarket parts or service to approximately 18 to 24 months for larger system sales within the Advanced Process Solutions reportable operating segment. The majority of the backlog within the Molding Technology Solutions reportable operating

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segment is expected to be fulfilled within the next twelve months. Backlog includes expected net revenue from the remaining portion of firm orders not yet completed, as well as net revenue from change orders to the extent that they are reasonably expected to be realized. We include in backlog the full contract award, including awards subject to further customer approvals, which we expect to result in net revenue in future periods. In accordance with industry practice, our contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.

See page 41 for reconciliation of adjusted EBITDA to consolidated net income, the most directly comparable GAAP measure. We use non-GAAP measures in certain other instances and include information reconciling such non-GAAP measures to the respective most directly comparable GAAP measures. Given that backlog is an operational measure and that the Company’s methodology for calculating backlog does not meet the definition of a non-GAAP measure, as that term is defined by the SEC, a quantitative reconciliation is not required or provided.

Acquisition by Lone Star

As announced on October 15, 2025, on October 14, 2025, Hillenbrand entered into the Merger Agreement with affiliates of Lone Star Fund XII, L.P. referred to in this Form 10-K as Parent and Merger Sub. The Merger Agreement provides for the merger of Merger Sub with and into Hillenbrand, with Hillenbrand surviving the Merger as a wholly owned subsidiary of Parent. At the Effective Time, on the terms and subject to the conditions set forth in the Merger Agreement, each share of the Company’s common stock issued and outstanding immediately prior to such time, other than shares of the Company’s common stock owned by Hillenbrand, any wholly owned subsidiary of Hillenbrand, Parent, Merger Sub or any other wholly owned subsidiary of Parent (each of which will be cancelled), will be converted into the right to receive $32.00 in cash, without interest. The transactions contemplated by the Merger Agreement were unanimously approved by Hillenbrand’s Board of Directors, and the Merger is expected to close by the end of the first quarter of calendar year 2026, subject to customary closing conditions, including approval by Hillenbrand shareholders and receipt of required regulatory approvals.

Other than transaction expenses associated with the Merger of $3.3 for the year ended September 30, 2025, recorded in selling, general and administrative expenses in our Consolidated Statements of Operations, the Merger Agreement did not affect the Company’s Consolidated Financial Statements for the year ended September 30, 2025.

CRITICAL ACCOUNTING POLICY AND ESTIMATE

Our financial results are affected by the selection and application of accounting policies and methods. Significant accounting policies which require management’s judgment are discussed below. A detailed description of our accounting policies is included in the Notes to Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.

Revenue Recognition (Critical Accounting Policy)

Net revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services and is recognized when performance obligations are satisfied under the terms of contracts with customers.

A performance obligation is deemed to be satisfied by the Company when control of the product or service is transferred to the customer. The transaction price of a contract, or the amount the Company expects to receive upon satisfaction of the performance obligation, is determined by reference to the contract’s terms and includes adjustments, if applicable, for any variable consideration, such as sales discounts. The majority of sales discounts are included on the invoice to the customer and therefore, involved no estimation. If an estimate is required, these allowances are determined using the expected value method, which is typically based upon historical rates.

The timing of revenue recognition for the contract’s performance obligation is either over time or at a point in time. We recognize revenue over time for contracts that have an enforceable right to collect payment for performance completed to date upon customer cancellation and provide one or more of the following: (i) service over a period of time, (ii) highly customized equipment, or (iii) parts which are highly engineered and have no alternative use. Net revenue generated from standard equipment and highly customized equipment or parts contracts without an enforceable right to payment for performance completed to date, as well as net revenue from non-specialized parts sales, is recognized at a point in time.

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the customer. Contract costs include labor, material, and certain overhead expenses. Cost estimates are based on various assumptions to project the outcome of future events, including the complexity and length of the work to be performed, the cost of materials, and the performance of suppliers and subcontractors. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal performance trends, business volume assumptions, and anticipated labor agreements. Net revenue and cost estimates are regularly monitored and revised based on changes in circumstances. Anticipated losses on long-term manufacturing contracts are recognized immediately when such losses become evident, which is rare. We maintain financial controls over the customer qualification, contract pricing, and estimation processes designed to reduce the risk of contract losses.

Standalone service net revenue is recognized either over time proportionately over the period of the underlying contract or as invoiced, depending on the terms of the arrangement. Standalone service net revenue is not material to the Company.

Intangible Asset Impairment Determinations (Critical Accounting Estimate)

Impairment of goodwill and indefinite-lived intangible assets

Goodwill and other intangible assets with indefinite lives, primarily tradenames, are tested for impairment at least annually and upon the occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value may be below carrying value.

Impairment of goodwill is tested at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment if discrete financial information is prepared and regularly reviewed by operating segment management. The Company currently has five reporting units. For the purpose of the goodwill impairment test, the Company can elect to perform a quantitative or qualitative analysis. If the qualitative test is elected, qualitative factors are assessed to determine whether it is more likely than not that the fair values of its reporting units are less than the respective carrying values of those reporting units. Such factors we consider in a qualitative analysis include, but are not limited to, macroeconomic conditions, industry and market considerations, cost factors, Company-specific events, events affecting the reporting unit, and the overall financial performance of the reporting unit. If after performing the qualitative analysis, the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company must perform the quantitative goodwill impairment test.

If we elect to perform or are required to perform a quantitative analysis, we compare the carrying amount of the reporting unit’s carrying value, including goodwill, to the fair value of the reporting unit. If the fair value exceeds the carrying value, no further evaluation is required, and no impairment loss is recognized. If the carrying value exceeds the fair value, an impairment charge is recognized for the difference between carrying amount and fair value, not to exceed the original amount of goodwill.

In determining the estimated fair value of the reporting units when performing a quantitative analysis, we consider both the market approach and the income approach. For purposes of the goodwill impairment test, weighting is equally attributed to both the market and income approaches in arriving at the fair value of the reporting units. To determine the reasonableness of the calculated fair values of our reporting units, the Company reviews the assumptions described below to ensure that neither the market approach nor the income approach yields significantly different valuations. We selected these valuation approaches because we believe the combination of these approaches, along with our best judgment regarding underlying assumptions and estimates, provides us with the best estimate of fair value of our reporting units. We believe these valuation approaches are appropriate for the industry and widely accepted by investors.

Under the market approach, we utilize the guideline company method, which involves calculating valuation multiples based on financial data from comparable publicly traded companies. Multiples derived from these companies provide an indication of how much a knowledgeable investor in the marketplace would be willing to pay for a company. These multiples are then applied to the financial data for our reporting units to arrive at an indication of value.

Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows utilizing a market-based weighted-average cost of capital determined separately for each reporting unit.

The key assumptions for the market and income approaches we use to determine fair value of our reporting units are updated at least annually. Those assumptions and estimates include macroeconomic conditions, competitive activities, cost containment, achievement of synergy initiatives, market data and market multiples (5.5-13.0 times adjusted EBITDA), discount rates (12.0-16.0%), as well as future levels of net revenue growth, adjusted EBITDA, and working capital requirements, which are based upon the Company’s strategic plan. Hillenbrand’s strategic plan is updated as part of its annual planning process and is reviewed and approved by management and the Board of Directors. The strategic plan may be revised as necessary during a

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fiscal year, based on changes in market conditions or other changes in the reporting units. The discount rate assumption is based on the overall after-tax rate of return required by a market participant whose weighted-average cost of capital includes both equity and debt, including a risk premium. The discount rates may be impacted by adverse changes in the macroeconomic environment, volatility in the equity and debt markets or other factors. While the Company can implement and has implemented certain strategies to address these events, changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate reporting unit fair values and could result in a further decline in fair value that would trigger a future material impairment charge of the reporting units’ goodwill balance.

Determining the fair value of a reporting unit requires us to make significant judgments, estimates, and assumptions. The Company believes these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions and estimates that are used in the impairment testing for goodwill, including discount rates or future cash flow projections, could result in significantly different estimates of the fair values. As a result of these factors and the limited cushion (or headroom, as commonly referred) due to a number of recent acquisitions and prior year impairments, and the impact of macroeconomic conditions, goodwill for certain of the reporting units within the Molding Technology Solutions and Advanced Process Solutions reportable operating segments may be more susceptible to impairment risk.

Although there are always changes in assumptions to reflect changing business and market conditions, our overall valuation methodology and the types of assumptions we use have remained consistent. While we use the best available information to prepare the cash flow and discount rate assumptions, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances.

Similar to goodwill, the Company can elect to perform the annual impairment test for indefinite-lived intangible assets other than goodwill (primarily trade names) using a qualitative analysis, considering similar factors as outlined in the goodwill discussion above in order to determine if it is more likely than not that the fair values of the trade names are less than the respective carrying values. If we elect to perform or are required to perform a quantitative analysis, the test consists of a comparison of the fair value of the indefinite-lived intangible asset to the carrying value of the asset as of the impairment testing date. We estimate the fair value of indefinite-lived intangible assets using the relief-from-royalty method, which we believe is an appropriate and widely used valuation technique for such assets. The fair value derived from the relief-from-royalty method is measured as the discounted cash flow savings realized from owning such trade names and not being required to pay a royalty for their use. The royalty rates utilized by the Company range from 1.5% to 3.0% and are consistent with industry standards.

Annual impairment assessment

The Company performed its annual July 1 goodwill and indefinite-lived intangible assets impairment assessment during the fourth quarter of fiscal 2025 for all reporting units and indefinite-lived intangible assets.

For the three reporting units within the Advanced Process Solutions reportable segment, the fair value was determined to exceed the carrying value, resulting in no impairment to goodwill as part of the annual assessment. The estimated fair value, as calculated on July 1, 2025, for the three units within the Advanced Process Solutions reportable operating segment ranged from approximately 12% to 96% greater than their carrying value (29% to 93% at the previous annual goodwill impairment assessment date).

For the two reporting units within the Molding Technology Solutions reportable segment, the Company concluded that the carrying value for the Mold-Masters and DME reporting units exceeded their fair values, resulting in a goodwill impairment charge of $82.3 as of July 1, 2025. As a result of the limited cushion (or headroom as commonly referred) due to the prior year impairment of the Mold-Masters reporting unit and recent acquisitions, changes to exchange rates during 2025 that increased the carrying value of the reporting units, and modified revenue and cash flow projections utilized as inputs to estimating the fair value of the reporting units within the Molding Technology Solutions reportable operating segment, the Company concluded that the carrying value for those reporting units exceeded their fair value.

Additionally, under the relief-from-royalty fair value method, the Company concluded that the carrying value of the trade name associated with that Mold-Masters reporting unit exceeded its fair value, resulting in an impairment charge of $1.2 as of July 1, 2025. The goodwill and indefinite-lived intangible asset impairment charges are nondeductible for tax purposes.

EXECUTIVE OVERVIEW

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pursue excellence, collaboration, and innovation to shape solutions that best serve our people, our customers, and our communities. Customers choose Hillenbrand due to our reputation for designing, manufacturing, and servicing highly-engineered, mission-critical equipment and solutions that meet their unique and complex processing requirements.

Hillenbrand’s portfolio is composed of two reportable operating segments: Advanced Process Solutions and Molding Technology Solutions. Advanced Process Solutions is a leading global provider of highly-engineered process and material handling equipment, systems, and aftermarket parts and services for a variety of industries, including durable plastics, food, and recycling. Key technologies within the Advanced Process Solutions portfolio include compounding, extrusion, material handling, conveying, mixing, ingredient automation, portion process, and screening and separating equipment. Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a comprehensive product portfolio that includes hot runner systems, process control systems, mold bases and components, and MRO supplies. These reportable operating segments are characterized by well-known brands that are recognized for technological capabilities and process expertise that can be shared across the reportable operating segments to serve customers globally. These reportable operating segments address macro trends supported by a growing middle class driving demand for plastics in a variety of applications, such as construction, food safety, and recycling.

We strive to provide superior return for our shareholders, exceptional value for our customers, great professional opportunities for our employees, and to be responsible to our communities through the execution of our profitable growth strategy. We aim to deliver sustainable revenue expansion, profit growth, and substantial free cash flow through our world-class products, solutions, and service, drive continuous improvement through the deployment of the Hillenbrand Operating Model (“HOM”), and effectively deploy our cash flow to maximize shareholder value creation.

During the year ended September 30, 2025, the following operational decisions and economic developments had an impact on our current and may impact our future cash flows, consolidated results of operations, and financial position.

Impairment recorded during the year ended September 30, 2025

The Company performed its July 1, 2025 annual goodwill and indefinite-lived intangible asset impairment assessments for all five of its reporting units. For the two reporting units within the Molding Technology Solutions reportable segment, the Company concluded that the carrying value for the Mold-Masters and DME reporting units exceeded their fair values, resulting in a goodwill impairment charge of $82.3 as of July 1, 2025. As a result of the limited cushion (or headroom as commonly referred) due to the prior year impairment of the Mold-Masters reporting unit and recent acquisitions, changes to exchanges rates during 2025 that increased the carrying value of the reporting units and modified revenue and cash flow projections utilized as inputs to estimating the fair value of the reporting units within the Molding Technology Solutions segment, the Company concluded that the carrying value for those reporting units exceeded their fair value. Additionally, under the relief-from-royalty fair value method, the Company concluded that the carrying value of the trade name associated with that Mold-Masters reporting unit exceeded its fair value, resulting in an impairment charge of $1.2 as of July 1, 2025.

Divestiture of Milacron

On March 31, 2025, the Company completed the divestiture of its majority interest in the Milacron injection molding and extrusion business (“Milacron”) pursuant to the Contribution and Purchase Agreement (“Agreement”) between the Company and an affiliate of Bain Capital (“Bain”). In accordance with the terms of the Agreement, Hillenbrand contributed $222.6 of net assets of Milacron, and its wholly-owned subsidiaries, to a newly formed limited liability company, Milacron Holdings, LLC (“Milacron Holdings”). Hillenbrand retained a 48.74% minority ownership of Milacron Holdings upon contribution of Milacron. Hillenbrand received total consideration of $286.0 for its contribution of Milacron. The total consideration was comprised of $98.0 of cash proceeds paid by Bain and $188.0 of debt assumed by Bain (as described below), in exchange for obtaining a 51.26% majority ownership of Milacron Holdings.

In connection with the closing of the transactions contemplated by the Agreement, certain wholly-owned subsidiaries of Milacron entered into a long-term credit agreement with Midcap Financial Trust, which included initial term loans in an aggregate principal amount of $188.0, which were then assumed by Bain as described above. The maturity date of the long-term credit agreement is March 31, 2032 and includes standard financial and non-financial covenants. The long-term credit agreement also included revolving credit loans available to certain wholly-owned subsidiaries of Milacron not to exceed $30.0.

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As a result of the Milacron divestiture, the Company recorded a pre-tax loss of $57.2, after post-closing adjustments, in the Consolidated Statement of Operations during year ended September 30, 2025. The Company incurred $8.9 of transaction costs associated with the divestiture during the year ended September 30, 2025, which were recorded within the Molding Technology Solutions reportable operating segment. Upon the divestiture of Milacron, the Company’s equity interest in Milacron Holdings is accounted for under the equity method of accounting as prescribed by GAAP.

Divestiture of TerraSource Investment

On July 1, 2025, the Company, in conjunction with its majority stake joint-venture partner in TerraSource Holdings, LLC (“TerraSource”), completed the divestiture of its 46% interest in TerraSource to Astec Industries for $245.0. The sale included proceeds to the Company of $116.7, including post-closing adjustments. During the year ended September 30, 2025, the Company recorded a pre-tax gain of $68.1. During the years ended September 30, 2025, 2024, and 2023, Hillenbrand’s consolidated results included its proportionate share of TerraSource’s net income, and the TerraSource equity method investment was recorded on the Consolidated Balance Sheet as of September 30, 2024.

OPERATIONS REVIEW — CONSOLIDATED


	Year Ended September 30,
	2025			2024
	Amount		% of Net Revenue	Amount		% of Net Revenue
Net revenue	$	2,673.8	100.0	$	3,182.8	100.0
Gross profit	900.8		33.7	1,056.5		33.2
Selling, general and administrative expenses	650.0		24.3	713.6		22.2
Amortization expense	94.3			102.4
Impairment charges	83.5			265.0
Gain on sale of property, plant, and equipment	—			(36.0)
Gain on equity method investments	(74.6)			(5.8)
Pension settlement (gain) charges	(1.7)			35.2
Loss on divestiture	57.2			—
Interest expense, net	94.5			121.5
Income tax (benefit) expense	(54.5)			64.8
Net income (loss) attributable to Hillenbrand	43.1			(211.0)

Year Ended September 30, 2025 Compared to Year Ended September 30, 2024

Net revenue decreased $509.0 (16%).

•Advanced Process Solutions’ net revenue decreased $218.6 (10%) primarily driven by a decrease in capital equipment sales volume and lower aftermarket parts and service net revenue, partially offset by favorable pricing. Foreign currency impact increased net revenue by 1%.

•Molding Technology Solutions’ net revenue decreased $290.4 (32%), primarily driven by the divestiture of Milacron.

Gross profit decreased $155.7 (15%). Gross profit margin improved 50 basis points to 33.7%. On an adjusted basis, which excluded restructuring and restructuring-related charges ($11.5 in 2025 and $20.3 in 2024), business acquisition, divestiture, and integration costs ($1.3 in 2025), and inventory step-up costs related to acquisitions ($0.6 in 2024), adjusted gross profit decreased $164.0 (15%), and adjusted gross profit margin improved 30 basis points to 34.2%.

•Advanced Process Solutions’ gross profit decreased $109.3 (13%), primarily driven by lower volume, unfavorable product mix, and cost inflation, partially offset by favorable pricing and productivity improvements. Foreign currency impact increased gross profit by 1%. Gross profit margin decreased 150 basis points to 34.0% in 2025,

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related to acquisitions ($0.6 in 2024). Excluding these charges, adjusted gross profit decreased $99.0 (12%) and adjusted gross profit margin decreased 100 basis points to 34.5%.

•Molding Technology Solutions’ gross profit decreased $46.4 (19%), primarily driven by the divestiture of Milacron and cost inflation, partially offset by a decrease in restructuring and restructuring-related charges and productivity improvements. Gross profit margin improved 550 basis points to 32.8% in 2025, primarily driven by a decrease in restructuring and restructuring-related charges and productivity improvements, including savings from restructuring actions, and favorable product mix, partially offset by cost inflation.

Molding Technology Solutions’ gross profit included restructuring and restructuring-related charges ($1.6 in 2025 and $20.0 in 2024). Excluding these charges, adjusted gross profit decreased $64.9 (25%) and adjusted gross profit margin improved 340 basis points to 33.0%.

Selling, general and administrative expenses decreased $63.6 (9%), primarily driven by the divestiture of Milacron, productivity improvements, and decreases in business acquisition, divestiture, and integration costs and other non-recurring costs in the prior year related to a discrete commercial dispute stemming from a customer contract entered into prior to the acquisition of the Molding Technology Solutions reporting units, partially offset by cost inflation. Foreign currency impact increased selling, general and administrative expenses by 1%. Selling, general and administrative expenses as a percentage of net revenue increased 210 basis points to 24.3%. Selling, general and administrative expenses included the following items:


	Year Ended September 30,
	2025		2024
Business acquisition, divestiture, and integration costs (1)	$	63.8	$	72.0
Restructuring and restructuring-related charges	9.9		8.4
Other non-recurring costs related to a discrete commercial dispute	—		6.1

(1) Business acquisition, divestiture, and integration costs during 2025 and 2024 primarily included costs associated with the integration of recent acquisitions. Includes acquisition costs of $0.0 and $0.0 for 2025 and 2024, respectively, divestiture costs of $8.9 and $0.4 for 2025 and 2024, respectively, and integration costs of $54.9 and $71.6 for 2025 and 2024, respectively.

On an adjusted basis, which excludes business acquisition, divestiture, and integration costs, restructuring and restructuring-related charges, and other non-recurring costs in the current year related to the discrete commercial dispute described above, selling, general and administrative expenses decreased $57.3 (9%), which included unfavorable foreign currency impact (1%). Adjusted selling, general and administrative expense as a percentage of net revenue increased 180 basis points to 21.3%.

Amortization expense decreased $8.1 (8%), primarily due to the impact of the divestiture of Milacron.

Impairment charges were $83.5 in 2025 and $265.0 in 2024 due to goodwill and indefinite-lived intangible asset impairments. See Note 2 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the impairment charges.

Gain on sale of property, plant, and equipment decreased $36.0 primarily due to the gain on sale of property located in Ohio during the year ended September 30, 2024. No such transaction occurred in 2025.

Gain on equity method investments increased $68.8 as a result of the sale of the Company’s minority interest investment in TerraSource during the year ended September 30, 2025. No such transaction occurred in 2024.

Pension settlement (gain) charges decreased $36.9 due to lump-sum payments made from the Company’s U.S. pension plan to former employees who elected to received such payments in 2024, partially offset by premium refunds received in 2025. See Note 7 our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the pension settlement (gain) charges.

Loss on divestiture of $57.2 was due to the loss realized on the divestiture of Milacron during the year ended September 30, 2025. See Note 4 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for more information.

Interest expense decreased $27.0 (22%), primarily due to lower weighted average borrowings. For further information, see Note 6 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K.

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The effective tax rate was 2,270.8% in fiscal 2025 compared to (46.5)% in fiscal 2024. The increase in the effective tax rate was primarily driven by non-recurring tax benefits of restructuring activities completed during the fiscal year, non-recurring tax benefits recognized for redetermining prior period taxes related to the provisions of the 2017 tax act, and a decrease in the accrual for uncertain tax positions primarily related to current year corporate restructuring activities. This increase is partially offset by the negative effect of the loss from continuing operations before income taxes, taxable gains from the divestitures of Milacron and the Company’s minority interest in TerraSource, non-deductible impairment charges in the current year, and an increase in withholding tax expense for repatriation of foreign earnings.

OPERATIONS REVIEW — ADVANCED PROCESS SOLUTIONS


	Year Ended September 30,
	2025			2024
	Amount		% of Net Revenue	Amount		% of Net Revenue
Net revenue	$	2,069.4	100.0	$	2,288.0	100.0
Gross profit	702.6		34.0	811.9		35.5
Selling, general and administrative expenses	433.4		20.9	451.1		19.7
Amortization expense	65.0			67.2

Year Ended September 30, 2025 Compared to Year Ended September 30, 2024

Net revenue decreased $218.6 (10%) primarily driven by a decrease in capital equipment sales volume and lower aftermarket parts and service net revenue, partially offset by favorable pricing. Foreign currency impact increased net revenue by 1%.

We expect future net revenue for Advanced Process Solutions to continue to be influenced by order backlog because of the lead time involved in fulfilling engineered-to-order equipment and solutions for customers. Though backlog can be an indicator of future net revenue, it does not include projects and aftermarket parts orders that are booked and shipped within the same quarter. The timing of order placement, size of orders, extent of order customization, and customer delivery dates can create fluctuations in backlog and net revenue. Net revenue attributable to backlog is also affected by foreign exchange rate fluctuations for orders denominated in currencies other than U.S. dollars. Order backlog decreased $159.0 (9%) from $1,681.4 at September 30, 2024, to $1,522.4 at September 30, 2025. The decrease in order backlog was primarily driven by a decrease in capital equipment orders, partially offset by a favorable foreign currency impact (2%). On a sequential basis, order backlog decreased $47.2 (3%) to $1,522.4 at September 30, 2025, down from $1,569.6 at June 30, 2025, primarily driven by a decrease in capital equipment orders.

Gross profit decreased $109.3 (13%), primarily driven by lower volume, unfavorable product mix, and cost inflation, partially offset by favorable pricing and productivity improvements. Foreign currency impact increased gross profit by 1%. Gross profit margin decreased 150 basis points to 34.0% in 2025.

Advanced Process Solutions’ gross profit included business acquisition, divestiture, and integration costs ($1.3 in 2025), restructuring and restructuring-related charges ($9.9 in 2025 and $0.3 in 2024), and inventory step-up costs related to acquisitions ($0.6 in 2024). Excluding these charges, adjusted gross profit decreased $99.0 (12%) and adjusted gross profit margin decreased 100 basis points to 34.5%.

Selling, general and administrative expenses decreased $17.7 (4%), primarily driven by productivity improvements, including savings from restructuring actions, partially offset by cost inflation. Foreign currency impact decreased selling, general and administrative expenses by 1%. Selling, general and administrative expenses as a percentage of net revenue increased 120 basis points to 20.9%.

Selling, general and administrative expenses included business acquisition, divestiture, and integration costs ($29.6 in 2025 and $30.3 in 2024) and restructuring and restructuring-related charges ($6.7 in 2025 and $1.6 in 2024). Excluding these items, adjusted selling, general and administrative expenses decreased $22.1 (5%). Adjusted selling, general and administrative expenses as a percentage of net revenue increased 90 basis points to 19.2%.

Amortization expense decreased $2.2 (3%), primarily driven by favorable foreign currency impact and an intangible asset that became fully amortized during the year ended September 30, 2025.

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OPERATIONS REVIEW — MOLDING TECHNOLOGY SOLUTIONS


	Year Ended September 30,
	2025			2024
	Amount		% of Net Revenue	Amount		% of Net Revenue
Net revenue	$	604.4	100.0	$	894.8	100.0
Gross profit	198.2		32.8	244.6		27.3
Selling, general and administrative expenses	127.3		21.1	175.1		19.6
Amortization expense	29.3			35.2
Impairment charges	83.5			265.0
Gain on sale of property, plant, and equipment	—			(36.0)

Year Ended September 30, 2025 Compared to Year Ended September 30, 2024

Net revenue decreased $290.4 (32%), primarily driven by the divestiture of Milacron.

Order backlog decreased $179.3 (78%) from $231.1 at September 30, 2024, to $51.8 at September 30, 2025 primarily due to the Milacron divestiture. On a sequential basis, order backlog decreased $2.8 (5%) to $51.8 at September 30, 2025, down from $54.6 at June 30, 2025. The decrease in order backlog was primarily driven by the execution of existing backlog.

Gross profit decreased $46.4 (19%) primarily driven by the divestiture of Milacron and cost inflation, partially offset by a decrease in restructuring and restructuring-related charges and productivity improvements. Gross profit margin improved 550 basis points to 32.8% in 2025, primarily driven by a decrease in restructuring and restructuring-related charges and productivity improvements, including savings from restructuring actions, and favorable product mix, partially offset by cost inflation.

Selling, general and administrative expenses decreased $47.8 (27%), primarily driven by the divestiture of Milacron, a decrease in restructuring and restructuring-related charges, and a decrease in business acquisition, divestiture and integration costs. Selling, general and administrative expenses as a percentage of net revenue increased 150 basis points to 21.1%.

Selling, general and administrative expenses included business acquisition, divestiture, and integration costs ($11.5 in 2025 and $16.0 in 2024) and restructuring and restructuring-related charges ($2.7 in 2025 and $6.7 in 2024). Excluding these charges, adjusted selling, general and administrative expenses as a percentage of net revenue increased 240 basis points to 18.7%.

Amortization expense decreased $5.9 (17%), primarily driven by the impact of the divestiture of Milacron.

Impairment charges of $83.5 in 2025 and $265.0 in 2024 were due to goodwill and indefinite-lived intangible asset impairments. See Note 2 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the impairment charges.

REVIEW OF CORPORATE EXPENSES

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	Year Ended September 30,
	2025			2024
	Amount		% of Net Revenue	Amount		% of Net Revenue
Core corporate expenses	$	66.0	2.5	$	61.7	1.9
Business acquisition, divestiture, and integration costs	22.7		0.8	25.7		0.8
Restructuring and restructuring-related charges	0.6		—	—		—

Corporate expenses	$	89.3	3.3	$	87.4	2.7

Corporate expenses include the cost of providing management and administrative services to each reportable operating segment. These services include treasury management, human resources, legal, business development, information technology, tax compliance, procurement, sustainability, and other public company support functions such as internal audit, investor relations, and financial reporting. Corporate expenses also include costs related to business acquisition, divestiture, and integration, which we incur as a result of our strategy to grow through selective acquisitions. Core corporate expenses primarily represent corporate expenses excluding costs related to business acquisition, divestiture, and integration costs.

Business acquisition, divestiture, and integration costs include legal, tax, accounting, and other advisory fees and due diligence costs associated with investigating opportunities (including acquisitions and divestitures) and integrating completed acquisitions, as well as accelerating synergies and cost saving initiatives across the Company. These expenses are incurred in the Advanced Process Solutions and Molding Technology Solutions reportable operating segments, and at Corporate.

Corporate expenses increased $1.9 (2%) in 2025, primarily due to cost inflation and higher variable compensation, partially offset by lower business acquisition, divestiture and integration costs. Corporate expenses as a percentage of net revenue were 3.3%, an increase of 60 basis points from the prior year.

Core corporate expenses increased $4.3 (7%) in 2025, primarily due to cost inflation and higher variable compensation. Core corporate expenses as a percentage of net revenue were 2.5%, an increase of 60 basis points from the prior year.

NON-GAAP OPERATING PERFORMANCE MEASURES

The following is a reconciliation from consolidated net income (loss), the most directly comparable GAAP operating performance measure, to our non-GAAP adjusted EBITDA.


	Year Ended September 30,
	2025		2024
Consolidated net income (loss)	$	52.1	$	(202.0)
Interest expense, net	94.5		121.5
Income tax (benefit) expense	(54.5)		64.8
Depreciation and amortization	138.5		158.0
Consolidated EBITDA	230.6		142.3
Income from discontinued operations (net of income tax benefit)	—		(2.2)
Impairment charges (1)	83.5		265.0
Pension settlement (gain) charges (2)	(1.7)		35.2
Business acquisition, divestiture, and integration costs (3)	65.1		72.2
Inventory step-up costs	—		0.6
Restructuring and restructuring-related charges (4)	21.4		26.2
Loss on divestiture (5)	57.2		—
Gain on sale of property, plant, and equipment	—		(33.7)
Gain on equity method investments (6)	(68.1)		—
Other non-recurring costs related to a discrete commercial dispute	—		6.1
Adjusted EBITDA from Continuing Operations	$	388.0	$	511.7

(1)Hillenbrand recorded impairment charges to goodwill and certain indefinite-lived intangible assets within the Molding Technology Solutions reportable operating segment during 2025 and 2024.

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(2)The pension settlement gain during 2025 was due to one-time premium refunds received related to the termination of the Company’s U.S. pension plan. The pension settlement charges during 2024 were due to lump-sum payments made from the Company’s U.S. pension plan to former employees who elected to receive such payments.

(3)Business acquisition, divestiture, and integration costs during 2025 and 2024 primarily included costs associated with the integration of recent acquisitions. Includes acquisition costs of $1.3 and $0.2 for 2025 and 2024, respectively, divestiture costs of $8.9 and $0.4 for 2025 and 2024, respectively, and integration costs of $54.9 and $71.6 for 2025 and 2024, respectively.

(4)Restructuring and restructuring-related charges primarily included severance costs during 2025 and 2024.

(5)The current year amount represents the loss on the divestiture of Milacron during 2025. See Note 4 of Part II, Item 8 of this Form 10-K for more information.

(6)The current year amount represents the gain on the sale of the 46% minority interest in TerraSource during 2025. See Note 2 or Part II, Item of this form 10-K for more information.

Consolidated net income (loss) for 2025 compared to 2024 increased $254.1 (126%). The increase was primarily due to a decrease in non-cash impairment charges recorded related to the hot runner product line within the MTS segment, a decrease in income taxes, gain on sale of our minority stake in TerraSource, and favorable pricing and productivity improvements, partially offset by the loss on the divestiture of Milacron and lower Advance Process Solutions reportable operating segment volume and cost inflation.

Consolidated adjusted EBITDA for 2025 compared to 2024 decreased $123.7 (24%). The decrease was primarily driven by lower Advance Process Solutions reportable operating segment volume and cost inflation, partially offset by favorable pricing and productivity improvements.

LIQUIDITY AND CAPITAL RESOURCES

In this section, we discuss our ability to access cash to meet business needs. We discuss how we see cash flow being affected for the next twelve months. We describe actual results in generating and using cash by comparing 2025 to 2024. Finally, we identify other significant matters, such as contractual obligations and contingent liabilities and commitments that could affect liquidity on an ongoing basis.

Ability to Access Cash

Our debt financing has historically included revolving credit facilities, term loans, and long-term notes as part of our overall financing strategy. We regularly review and adjust the mix of fixed-rate and variable-rate debt within our capital structure in order to achieve a target range based on our financing strategy.

We have taken proactive measures to maintain financial flexibility. We believe the Company ended the fiscal year with and continues to have sufficient liquidity to operate in the current business environment.

With respect to our Facility (defined below), as of September 30, 2025, the Company had an outstanding balance of $225.0. As of September 30, 2025, the Company had $15.5 in outstanding letters of credit issued and $459.5 of available borrowing capacity under the Facility, of which $208.5 was immediately available based on our most restrictive covenant. The Company may request an increase of up to $600.0 in the total borrowing capacity under the Amended Credit Agreement (defined below), subject to approval of the lenders.

In the normal course of business, the Company provides, primarily to certain customers, bank guarantees and other credit arrangements in support of performance, warranty, advance payment, and other contractual obligations. This form of trade finance is customary in the industry and, as a result, we maintain adequate capacity to provide the guarantees. As of September 30, 2025, we had guarantee arrangements totaling $666.1, under which $374.3 was utilized for this purpose. These arrangements include the 2025 Amended L/G Facility Agreement (defined below) under which unsecured letters of credit, bank guarantees, or other surety bonds may be issued. The Company may request an increase to the total capacity under the 2025 Amended L/G Facility Agreement by an additional €100.0, subject to approval of the lenders.

We have significant operations outside the U.S. We continue to assert that the basis differences in the majority of our foreign subsidiaries continue to be permanently reinvested outside of the U.S. We have recorded tax liabilities associated with distribution taxes on expected distributions of available cash and current earnings. The Company has made, and intends to continue to make, substantial investments in our businesses in foreign jurisdictions to support the ongoing development and growth of our international operations. The cash at our international subsidiaries, including U.S. subsidiaries participating in

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non-U.S. cash pooling arrangements, totaled $140.5 at September 30, 2025. We continue to actively evaluate our global capital deployment and cash needs.

12-month Outlook

On December 2, 2021, the Board of Directors authorized a new share repurchase program of up to $300.0, which replaced the previous $200.0 share repurchase program. The repurchase program has no expiration date but may be terminated by the Board of Directors at any time. As of September 30, 2025, we repurchased 4,143,000 shares under the December 2, 2021 share repurchase program for approximately $175.0 in the aggregate. At September 30, 2025, we had approximately $125.0 remaining for share repurchases under the existing authorization by the Board of Directors. No repurchases of our common stock were made during the year ended September 30, 2025.

Our anticipated contribution to our defined benefit pension plans in 2026 is $10.1. We will continue to monitor plan funding levels, performance of the assets within the plans, and overall economic activity, and we may make additional discretionary funding decisions based on the net impact of the above factors.

The Merger Agreement includes certain limitations on our ability to pay dividends. Pursuant to the terms of the Merger Agreement, we currently expect to pay approximately $16.0 in cash dividends in the first quarter of fiscal 2026 based on our outstanding common stock at September 30, 2025. We increased our quarterly dividend in 2025 to $0.2250 per common share from $0.2225 per common share paid in 2024.

We believe existing cash and cash equivalents, cash flows from operations, borrowings under existing arrangements, and the issuance of debt will be sufficient to fund our operating activities and cash commitments for investing and financing activities. Based on these factors, we believe our current liquidity position is sufficient and will continue to meet all of our financial commitments in the current business environment.

Merger Agreement

The Merger Agreement contains customary covenants regarding the conduct of the business of the Company and its subsidiaries prior to the closing of the Merger. In addition, pursuant to the Merger Agreement, the Company has agreed, subject to certain exceptions, not to take, authorize or agree or commit to do certain actions, including incurring indebtedness for borrowed money or guaranteeing any such indebtedness, or issuing or selling any debt securities or warrants or other rights to acquire any debt security of the Company or any of its subsidiaries. Notwithstanding the foregoing, the Merger Agreement permits the Company and its subsidiaries to incur indebtedness pursuant to agreements in effect prior to the execution of the Merger Agreement, including under the Amended Credit Agreement, the 2025 Amended L/G Facility Agreement and the indentures governing the 2024 Notes and 2021 Notes, (each as defined in Note 6 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K). The Merger Agreement also prohibits the aggregate principal amount of all outstanding letters of credit, bank guarantees, credit support instruments (other than surety bonds or similar instruments) or similar obligations in respect of the Company and/or any of its subsidiaries to exceed $350 million in the aggregate at any time prior to the consummation of the Merger, subject to certain exceptions. We do not believe that these restrictions or other restrictions in the Merger Agreement will prevent us from meeting our debt obligations, ongoing costs of operations, working capital needs or capital expenditure requirements.

Key Liquidity Events

$700 Revolving Credit Facility, $175 Term Loan, and €240 Term Loan Commitment

On July 9, 2025, the Company entered into a Fifth Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which governs the multi-currency revolving credit facility (the “Facility”), by and among Hillenbrand and certain of its affiliates, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Amended Credit Agreement decreased the maximum principal amount available for borrowing under the Facility to $700.0. The aggregate principal amount available for borrowing under the Amended Credit Agreement may be expanded, subject to the approval of the lenders, by an additional $600.0. The Amended Credit Agreement extended the maturity date of the Facility to July 9, 2030. The Amended Credit Agreement further provided for a U.S. Dollar denominated $175.0 term loan facility (the “$175 Term Loan”) and a delayed-draw term loan facility in an aggregate principal amount of up to €240.0 (the “€240 Term Loan”). The €240 Term Loan commitment was subject to ticking fees if not drawn within 60 days of closing.

€325 L/G Facility Agreement

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On July 17, 2025 (the “LG Effective Date”), the Company completed an amendment (the “2025 Amended L/G Facility Agreement ”) to its €325 Syndicated L/G Facility Agreement, dated as of June 21, 2022 (as amended or modified prior to the LG Effective Date, the “Amended L/G Facility Agreement”). The 2025 Amended L/G Facility Agreement amends the Amended L/G Facility Agreement by, among other things, increasing the maximum permitted leverage ratio to (i) 4.25x for the fiscal quarters ended June 30, 2025 through and including June 30, 2026; (ii) 4.00x for the fiscal quarter ending September 30, 2026; (iii) 3.75x for the fiscal quarter ending December 31, 2026; and (iv) 3.50x for the fiscal quarter ending March 31, 2027, and each fiscal quarter thereafter. Except for the amendments applicable during the Adjustment Period (as defined in Note 6 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K), the 2025 Amended L/G Facility Agreement contains substantially the same affirmative and negative covenants and events of default as the Amended L/G Facility Agreement. The 2025 Amended L/G Facility Agreement matures on June 22, 2027.

Cash Flows


	Year Ended September 30,
(in millions)	2025		2024		2023
Cash flows provided by (used in):
Operating activities from continuing operations	$	56.2	$	191.3	$	207.0
Investing activities from continuing operations	192.7		26.8		(722.3)
Financing activities from continuing operations	(279.4)		(227.1)		693.4
Net cash flows from discontinued operations	—		(23.3)		(144.4)
Effect of exchange rate changes on cash and cash equivalents	(6.0)		10.0		(21.1)
Net cash flows	$	(36.5)	$	(22.3)	$	12.6

Operating Activities

Operating activities from continuing operations provided $56.2 of cash during 2025, and provided $191.3 of cash during 2024, a $135.1 (71%) decrease. The decrease in operating cash flow provided by continuing operations was primarily due to lower earnings from decreased order volume and unfavorable timing of working capital requirements related to capital equipment sales. We utilize a trade receivables financing agreement with a deferred purchase price feature. Under applicable accounting guidance, the proceeds received (collections) from the deferred purchase price component of our trade receivables financing agreement is required to be classified as a cash flow provided by investing activities from continuing operations. Had the proceeds received instead been classified as an operating cash flow with other trade receivables activity, cash flows provided by operating activities from continuing operations would have been $20.8 and $25.6 higher for the years ended September 30, 2025 and 2024, respectively. See Note 2 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for further information on collections of deferred purchase price receivables associated with our factoring arrangement.

Working capital requirements for our reportable operating segments fluctuate and may continue to fluctuate in the future due primarily to the type of product and geography of customer projects in process at any point in time. Working capital needs are lower when advance payments from customers are more heavily weighted toward the beginning of the project. Conversely, working capital needs are higher when a larger portion of the cash is to be received in later stages of manufacturing.

Investing Activities

The $165.9 increase in net cash flows from investing activities from continuing operations during 2025 was primarily due to the divestiture of the Company’s minority interest in TerraSource and divestiture of Milacron. See Notes 2 and 4 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for further information on these divestitures.

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Financing Activities

Cash used in financing activities from continuing operations was largely impacted by net borrowing activity. Our general practice is to use available cash to pay down debt unless it is needed for an acquisition. Cash used in financing activities from continuing operations during 2025 was $279.4, primarily due to the repayment of the $375 senior unsecured notes that were due September 2026 using the net proceeds from the TerraSource divestiture and draw down from the €240 term loan due July 2030, repayment of the €185 term loan with proceeds from the Milacron divestiture, net repayments on the multi-currency revolving credit facility of $86.9, and payment of dividends on common stock. Cash used in financing activities from continuing operations during 2024 was $227.1, primarily due to repayment of the $400.0 of senior unsecured notes that were due June 2025, net repayments on the multi-currency revolving credit facility of $228.4, and payment of dividends on common stock, partially offset by the proceeds from the issuance of the $500.0 of senior unsecured notes due February 2029.

We returned $63.4 to shareholders in 2025 in the form of quarterly dividends compared to $62.5 in 2024. We increased our quarterly dividend in 2025 to $0.2250 per common share from $0.2225 paid during 2024.

Off-Balance Sheet Arrangements

As part of its normal course of business, Hillenbrand is a party to various financial guarantees and other commitments. These arrangements involve elements of performance and credit risk that are not included in the Consolidated Balance Sheets. The possibility that Hillenbrand would have to make actual cash expenditures in connection with these obligations is largely dependent on the performance of the guaranteed party, or the occurrence of future events that Hillenbrand is unable to predict. We have no off-balance sheet financing agreements or guarantees as of September 30, 2025 that we believe are reasonably likely to have a current or future effect on our financial condition, consolidated results of operations, or cash flows.

Contractual Obligations and Contingent Liabilities and Commitments

The following table summarizes our future obligations not quantified and disclosed elsewhere in this Form 10-K as of September 30, 2025. This will help provide an understanding of the significance of cash outlays that are fixed beyond the normal accounts payable and other obligations we have already incurred, have recorded, and disclosed in the Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.


	Payment Due by Period
(in millions)	Total		Less Than 1 Year		1-3 Years		4-5 Years		After 5 Years
Interest on financing agreements (1)	$	293.0	$	72.1	$	141.0	$	74.4	$	5.5
Purchase obligations (2)	302.1		283.7		18.3		0.1		—
Other obligations (3)	38.2		37.0		0.6		0.3		0.3

Total contractual obligations (4)(5)	$	633.3	$	392.8	$	159.9	$	74.8	$	5.8

(1)Cash obligations for interest requirements relate to our fixed-rate debt obligations at the contractual rates and our variable-rate debt obligations at the current rates as of September 30, 2025.

(2)Agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.

(3)Primarily includes estimated payments for the transition tax liability, the estimated liquidation of liabilities related to both our self-insurance reserves, and severance payments.

(4)We have excluded from the table our $47.0 liability related to uncertain tax positions as the current portion is not significant, and we are not able to reasonably estimate the timing of the long-term portion.

(5)See Notes 5, 6, and 7 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for lease, financing, and pension obligations, respectively.

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Summarized Financial Information for Guarantors and the Issuer of Guaranteed Securities

Summarized financial information of Hillenbrand (the “Parent”) and our subsidiaries that are guarantors of our senior unsecured notes (the “Guarantor Subsidiaries”) is shown below on a combined basis as the “Obligor Group.” The Company’s senior unsecured notes are guaranteed by certain of our wholly-owned domestic subsidiaries and rank equally in right of payment with all of our existing and financial information of the Obligor Group. All intercompany balances and transactions between the Parent and Guarantor Subsidiaries have been eliminated and all information excludes subsidiaries that are not issuers or guarantors of our senior unsecured notes, including earnings from and investments in these entities.

Upon the divestiture of Milacron on March 31, 2025, certain subsidiaries of Milacron that were Guarantor Subsidiaries ceased to be a guarantor of the senior unsecured notes.


	September 30, 2025		September 30, 2024
Combined Balance Sheets Information:
Current assets (1)	$	1,968.0	$	2,077.4
Non-current assets	5,667.2		6,453.1
Current liabilities	1,575.7		753.3
Non-current liabilities	1,342.2		1,591.6

	Year Ended September 30, 2025		Year Ended September 30, 2024
Combined Statements of Operations Information:
Net revenue (2)	$	369.8	$	784.3
Gross profit	126.7		215.2
Net income (loss) attributable to Obligors	125.6		(84.2)

(1) Current assets include intercompany receivables from non-guarantors of $877.5 and $1,487.7 as of September 30, 2025 and September 30, 2024, respectively.

(2) Net revenue includes intercompany sales with non-guarantors of $16.8 and $11.3 for the years ended September 30, 2025 and September 30, 2024, respectively.

Recently Issued and Adopted Accounting Standards

For a summary of recently issued and adopted accounting standards applicable to us, see Note 2 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K, none of which has or is expected to have a material impact on the Consolidated Financial Statements.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In this section, we tell you about market risks we think could have a significant impact on our bottom line or the financial strength of our Company. The term “market risk” generally means how consolidated results of operations and the value of assets and liabilities could be affected by market factors such as interest rates, currency exchange rates, the value of commodities, and debt and equity price risks. If those factors change significantly, it could help or hurt our bottom line, depending on how we react to them.

We are exposed to various market risks. We have established policies, procedures, and internal processes governing our management of market risks and the use of financial instruments to manage our exposure to such risks. Our primary exposures are typically to: fluctuations in market prices for purchases of certain commodities; volatility in interest rates associated with the Facility; volatility in the fair value of the assets held by our pension plans; and variability in exchange rates in foreign locations.

We are subject to market risk from fluctuating market prices of certain purchased commodity raw materials including steel. While these materials are typically available from multiple suppliers, commodity raw materials are subject to market price fluctuations. We generally buy these commodities based upon market prices that are established with the supplier as part of the purchasing process. We generally attempt to obtain firm pricing from our larger suppliers for volumes consistent with planned production. To the extent that commodity prices increase and we do not have firm pricing from our suppliers, or if our

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suppliers are not able to honor such prices, we may experience a decline in our gross margins to the extent we are not able to increase selling prices of our products or obtain supply chain efficiencies, including as a result of current global supply chain disruptions, to offset increases in commodity costs.

At September 30, 2025, our variable rate debt obligations were $681.3, which included borrowings on the Facility. We are subject to interest rate risk associated with such borrowings, which bear a variable rate of interest that is based upon, at the Company’s option, (A) if denominated in U.S. dollars, at the Term SOFR Rate or the Alternate Base Rate (each as defined in the Amended Credit Agreement), (B) if denominated in Japanese Yen, Canadian dollars or Euros, at rates based on the rates offered for deposits in the applicable interbank markets for such currencies and (C) if denominated in Pounds Sterling or Swiss Francs, at SONIA and SARON, respectively (each as defined in the Amended Credit Agreement), plus, in each case, a margin based on the Company’s leverage ratio. The interest we pay on such borrowings is dependent on interest rate conditions and the timing of our financing needs. If we assumed borrowings under our variable rate debt obligations remained unchanged for the next fiscal year, a one percentage point change in the related interest rates would decrease or increase our annual interest expense by approximately $6.8.

We are subject to variability in foreign currency exchange rates in our international operations. Exposure to this variability is periodically managed through the use of natural hedges and also by entering into currency exchange agreements. The aggregate notional amount of all derivative instruments was $1,143.3 and $900.3 at September 30, 2025 and 2024, respectively. The carrying value of all of the Company’s derivative instruments at fair value resulted in assets of $12.5 and $19.0 (included in prepaid expenses and other current assets) and liabilities of $81.3 and $40.5 (included in other current liabilities and other long-term liabilities) at September 30, 2025 and 2024, respectively. The fair value of these financial instruments would hypothetically change by $8.1 and $4.1 as of September 30, 2025 and 2024, respectively, if there were a 10% movement in end-of-period market rates.

The translation of the financial statements of our non-U.S. operations from local currencies into U.S. dollars is also sensitive to changes in foreign exchange rates. These translation gains or losses are recorded as cumulative translation adjustments (“CTA”) within accumulated other comprehensive loss on our Consolidated Balance Sheets. The hypothetical change in CTA is calculated by multiplying the net assets of our non-U.S. operations by a 10% change in the applicable foreign exchange rates. The result of the appreciation or depreciation of all applicable currencies against the U.S. dollar would be a change in shareholders’ equity of $131.5 and $125.3 as of September 30, 2025 and 2024, respectively.

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Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


		Page

Management’s Report on Internal Control Over Financial Reporting		49

Reports of Independent Registered Public Accounting Firms (PCAOB ID 42)		50

Consolidated Financial Statements:

	Consolidated Statements of Operations for years ended September 30, 2025, 2024, and 2023	53

	Consolidated Statements of Comprehensive Income (Loss) for years ended September 30, 2025, 2024, and 2023	54

	Consolidated Balance Sheets at September 30, 2025 and 2024	55

	Consolidated Statements of Cash Flows for years ended September 30, 2025, 2024, and 2023	56

	Consolidated Statements of Shareholders’ Equity for years ended September 30, 2025, 2024, and 2023	57

	Notes to Consolidated Financial Statements	58-93

Consolidated Financial Statement Schedule for years ended September 30, 2025, 2024, and 2023:

	Schedule II — Valuation and Qualifying Accounts	95

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MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. In order to evaluate the effectiveness of internal control over financial reporting, management has conducted an assessment, including testing, using the criteria set forth by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission in Internal Control — Integrated Framework (2013 Framework). The Company’s internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended, is a process designed to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Based on our assessment under the criteria established in Internal Control — Integrated Framework (2013 Framework), issued by the COSO, management has concluded that the Company maintained effective internal control over financial reporting as of September 30, 2025.

The effectiveness of the Company’s internal control over financial reporting as of September 30, 2025, has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report included herein.


By:			/s/ Megan A. Walke
			Megan A. Walke
			Interim Chief Financial Officer, Vice President, Corporate Controller and Chief Accounting Officer





By:			/s/ Kimberly K. Ryan
			Kimberly K. Ryan
			President and Chief Executive Officer

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Hillenbrand, Inc.

Opinion on Internal Control over Financial Reporting

We have audited Hillenbrand, Inc.’s internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Hillenbrand, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of September 30, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), shareholders’ equity and cash flows for each of the three years in the period ended September 30, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated November 19, 2025, expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Cincinnati, Ohio

November 19, 2025

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Hillenbrand, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Hillenbrand, Inc. (the Company) as of September 30, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), shareholders’ equity and cash flows for each of the three years in the period ended September 30, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated November 19, 2025, expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which they relate.

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			Evaluation of Goodwill and Indefinite-Lived Intangible Assets Impairment for A Reporting Unit and Indefinite-Lived Intangible Asset within the Molding Technology Solutions reportable operating segment
Description of the Matter			At September 30, 2025, the Company had $142.6 million and $60.4 million of goodwill and indefinite-lived intangible assets, respectively, within the Molding Technology Solutions reportable operating segment. As discussed in Note 2 to the consolidated financial statements, goodwill and indefinite-lived intangible assets are tested for impairment annually on July 1st, or more frequently upon the occurrence of triggering events or substantive changes in circumstances that indicate that the fair value of the reporting unit or indefinite-lived intangible asset may have decreased below the carrying value. As a result of the annual impairment assessment, the Company recorded a $82.3 million goodwill impairment charge related to reporting units within the Molding Technology Solutions reportable operating segment. Additionally, as a result of the annual impairment assessment, the Company recorded a $1.2 million impairment charge related to an indefinite-lived intangible asset within the Molding Technology Solutions reportable operating segment. Auditing management’s annual goodwill and indefinite-lived intangible assets impairment assessment related to the Mold-Masters reporting unit and indefinite-lived intangible asset within the Molding Technology Solutions reportable operating segment was challenging due to the complexity of forecasting the long-term cash flows of this reporting unit and indefinite-lived intangible asset and the significant estimation uncertainty of certain assumptions included within such forecasts. The significant estimation uncertainty was primarily due to the sensitivity of the reporting unit’s and indefinite-lived intangibles asset’s fair value to changes in the significant assumptions used in the income and relief-from-royalty approaches, as applicable, such as forecasted net revenue, earnings before income taxes, depreciation and amortization (EBITDA) margin, discount rates, and royalty rate. These significant assumptions require a high degree of estimation and judgment based on an evaluation of historical performance, current and forecasted industry trends, and macroeconomic conditions.


How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design, and tested the operating effectiveness of internal controls over the Company’s annual goodwill and indefinite-lived intangible assets impairment process of the Mold-Masters reporting unit, including internal controls over management’s review of the significant assumptions described above as well as internal controls over management’s review of its financial forecasts and carrying values of its reporting units and indefinite-lived intangible assets. To test the estimated fair value of the Mold-Masters reporting unit and indefinite-lived intangible asset within the Molding Technology Solutions reportable operating segments, we performed audit procedures that included, among others, using an internal valuation specialist to assist in our evaluation of the methodologies and certain significant assumptions used by the Company, specifically the discount rates. We assessed the reasonableness of the Company’s assumptions around forecasted net revenue, EBITDA margin, discount rates, and royalty rate by comparing those assumptions to recent historical performance, current and forecasted economic and industry trends, recent transactions and financial forecasts. We also assessed the reasonableness of estimates included in the Company’s financial forecasts by evaluating how such assumptions compared to economic, industry, and peer expectations. We evaluated management’s historical accuracy of forecasting net revenue and EBITDA margin by comparing past forecasts to subsequent actual activity. We performed various sensitivity analyses around these significant assumptions to understand the impact on the reporting unit and indefinite-lived intangible asset fair value calculations.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2019.

Cincinnati, Ohio

November 19, 2025

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HILLENBRAND, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)


	Year Ended September 30,
	2025		2024		2023
Net revenue	$	2,673.8	$	3,182.8	$	2,826.0
Cost of goods sold	1,773.0		2,126.3		1,877.8
Gross profit	900.8		1,056.5		948.2
Selling, general and administrative expenses	650.0		713.6		574.1
Amortization expense	94.3		102.4		79.6
Impairment charges	83.5		265.0		—
Gain on sale of property, plant, and equipment	—		(36.0)		—
Gain on equity method investments	(74.6)		(5.8)		(0.1)
Pension settlement (gain) charges	(1.7)		35.2		—
Loss on divestiture	57.2		—		—
Interest expense, net	94.5		121.5		77.7
(Loss) income from continuing operations before income taxes	(2.4)		(139.4)		216.9
Income tax (benefit) expense	(54.5)		64.8		102.8
Income (loss) from continuing operations	52.1		(204.2)		114.1
Income from discontinued operations (net of income tax (benefit) expense)	—		2.2		19.5
Gain on divestiture of discontinued operations (net of income tax expense)	—		—		443.1
Total income from discontinued operations	—		2.2		462.6
Consolidated net income (loss)	52.1		(202.0)		576.7
Less: Net income attributable to noncontrolling interests	9.0		9.0		7.0
Net income (loss) attributable to Hillenbrand	$	43.1	$	(211.0)	$	569.7

Earnings (loss) per share
Basic earnings (loss) per share
Income (loss) from continuing operations attributable to Hillenbrand	$	0.61	$	(3.03)	$	1.53
Income from discontinued operations	—		0.03		6.63
Net income (loss) attributable to Hillenbrand	$	0.61	$	(3.00)	$	8.16
Diluted earnings (loss) per share
Income (loss) from continuing operations attributable to Hillenbrand	$	0.61	$	(3.03)	$	1.53
Income from discontinued operations	—		0.03		6.60
Net income (loss) attributable to Hillenbrand	$	0.61	$	(3.00)	$	8.13
Weighted-average shares outstanding — basic	70.7		70.4		69.8
Weighted-average shares outstanding — diluted	70.8		70.4		70.1

See Notes to Consolidated Financial Statements

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HILLENBRAND, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)


	Year Ended September 30,
	2025		2024		2023
Consolidated net income (loss)	$	52.1	$	(202.0)	$	576.7
Changes in other comprehensive (loss) income, net of tax:
Currency translation adjustment (1)	2.0		51.6		6.5
Pension and postretirement	1.8		18.9		(1.7)
Change in net unrealized (loss) gain on derivative instruments	(36.8)		(20.1)		3.6

Total other comprehensive (loss) income, net of tax	(33.0)		50.4		8.4
Consolidated comprehensive income (loss)	19.1		(151.6)		585.1
Less: Comprehensive income attributable to noncontrolling interests	7.5		8.9		6.9
Comprehensive income (loss) attributable to Hillenbrand	$	11.6	$	(160.5)	$	578.2

(1) Includes gains and losses on intra-entity foreign currency transactions that are of a long-term investment nature.

See Notes to Consolidated Financial Statements

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HILLENBRAND, INC.

CONSOLIDATED BALANCE SHEETS

(in millions)


	September 30,
	2025		2024
ASSETS
Current Assets
Cash and cash equivalents	$	164.8	$	199.3
Trade receivables, net	297.3		350.1
Receivables from long-term manufacturing contracts	278.8		302.7
Inventories, net	344.0		525.2
Prepaid expenses and other current assets	156.6		132.6

Total current assets	1,241.5		1,509.9
Property, plant, and equipment, net	238.5		316.6
Operating lease right-of-use assets, net	104.1		168.7
Intangible assets, net	1,136.0		1,285.9
Goodwill	1,601.4		1,835.7
Equity method investments	69.2		9.4
Other long-term assets	76.4		112.5

Total Assets	$	4,467.1	$	5,238.7

LIABILITIES
Current Liabilities
Trade accounts payable	$	364.4	$	444.8
Liabilities from long-term manufacturing contracts and advances	241.9		315.2
Current portion of long-term debt	22.8		20.6
Accrued compensation	109.0		122.0
Other current liabilities	282.6		286.5

Total current liabilities	1,020.7		1,189.1
Long-term debt	1,502.0		1,872.4
Accrued pension and postretirement healthcare	82.5		109.3
Operating lease liabilities	77.1		141.1
Deferred income taxes	190.0		314.3
Other long-term liabilities	170.6		155.1

Total Liabilities	3,042.9		3,781.3

Commitments and contingencies (Note 12)

SHAREHOLDERS’ EQUITY
Common stock, no par value (75.8 and 75.8 shares issued, 70.5 and 70.2 shares outstanding)	—		—
Additional paid-in capital	717.9		712.6
Retained earnings	1,024.0		1,045.2
Treasury stock (5.3 and 5.6 shares), at cost	(227.1)		(238.2)
Accumulated other comprehensive loss	(128.1)		(96.6)
Hillenbrand Shareholders’ Equity	1,386.7		1,423.0
Noncontrolling interests	37.5		34.4
Total Shareholders’ Equity	1,424.2		1,457.4

Total Liabilities and Equity	$	4,467.1	$	5,238.7

See Notes to Consolidated Financial Statements

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HILLENBRAND, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Year Ended September 30,
	2025		2024		2023
Operating activities from continuing operations
Consolidated net income (loss)	$	52.1	$	(202.0)	$	576.7
Adjustments to reconcile income (loss) from continuing operations to cash provided by operating activities:
Total income from discontinued operations (net of income tax (benefit) expense)	—		(2.2)		(462.6)
Depreciation and amortization	138.5		158.0		125.6

Impairment charges	83.5		265.0		—
Gain on sale of property, plant, and equipment	—		(36.0)		—
Gain on equity method investments	(74.6)		(5.8)		(0.1)
Pension settlement charges	—		35.2		—
Deferred income taxes	(131.1)		(39.6)		(5.6)

Amortization of deferred financing costs	7.7		6.2		3.8

Share-based compensation	17.9		20.3		18.8

Loss on divestiture	57.2		—		—
Trade receivables and receivables from long-term manufacturing contracts	(1.6)		(5.9)		(30.8)
Inventories, net	33.9		83.1		57.2
Prepaid expenses and other current assets	(17.3)		(17.8)		19.5
Trade accounts payable	(25.3)		(17.8)		(14.7)
Liabilities from long-term manufacturing contracts and advances,
accrued compensation, and other current liabilities	(83.0)		(70.9)		(95.8)
Income taxes payable	6.1		(6.6)		29.4
Accrued pension and postretirement	(3.3)		20.3		(9.4)

Other, net	(4.5)		7.8		(5.0)
Net cash provided by operating activities from continuing operations	56.2		191.3		207.0
Investing activities from continuing operations
Capital expenditures	(38.3)		(54.2)		(69.3)
Proceeds from sales of property, plant, and equipment	2.1		56.3		0.8
Acquisitions of businesses, net of cash acquired	—		(0.9)		(1,350.9)
Proceeds from sale of equity method investment	114.7		—		—
Proceeds from divestiture, net of cash divested	83.9		—		696.7
Cross-currency swap settlement	9.1		—		—
Collection of deferred purchase price receivables	20.8		25.6		—
Other, net	0.4		—		0.4
Net cash provided by (used in) investing activities from continuing operations	192.7		26.8		(722.3)
Financing activities from continuing operations
Proceeds from issuance of long-term debt	468.5		500.0		401.4
Repayments of long-term debt	(579.0)		(420.1)		(107.5)
Proceeds from revolving credit facilities	388.5		895.8		1,467.4
Repayments on revolving credit facilities	(475.4)		(1,124.2)		(1,009.4)
Payment of deferred financing costs	(7.4)		(7.4)		(3.3)
Payment of dividends on common stock	(63.4)		(62.5)		(61.3)

Proceeds from stock option exercises and other	1.0		2.4		21.0
Payments for employee taxes on net settlement equity awards	(3.4)		(7.0)		(12.7)
Other, net	(8.8)		(4.1)		(2.2)
Net cash (used in) provided by financing activities from continuing operations	(279.4)		(227.1)		693.4
Cash (used in) provided by continuing operations	(30.5)		(9.0)		178.1
Cash used in discontinued operations:
Operating cash flows	—		(23.3)		(136.8)
Investing cash flows	—		—		(7.6)
Total cash used in discontinued operations	—		(23.3)		(144.4)
Effect of exchange rates on cash and cash equivalents	(6.0)		10.0		(21.1)
Net cash flows	(36.5)		(22.3)		12.6
Cash, cash equivalents, and restricted cash:
At beginning of period	227.9		250.2		237.6
At end of period	$	191.4	$	227.9	$	250.2

Cash paid for interest	$	89.5	$	123.4	$	80.6
Cash paid for income taxes	$	67.9	$	115.8	$	238.6

See Notes to Consolidated Financial Statements

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HILLENBRAND, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in millions)


	Shareholders of Hillenbrand, Inc.
	Common Stock	Additional Paid-in Capital		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total
	Shares					Shares	Amount
Balance at September 30, 2022	75.8	$	723.8	$	812.0	6.9	$	(297.3)	$	(155.6)	$	25.1	$	1,108.0
Total other comprehensive income (loss), net of tax	—	—		—		—	—		8.5		(0.1)		8.4
Net income	—	—		569.7		—	—		—		7.0		576.7
Issuance/retirement of stock for stock awards/options	—	(37.3)		—		(1.0)	45.6		—		—		8.3
Share-based compensation	—	22.2		—		—	—		—		—		22.2

Dividends ($0.8800 per share)	—	0.8		(62.1)		—	—		—		(1.6)		(62.9)
Acquisition of non-controlling interest	—	—		—		—	—		—		3.0		3.0
Purchase of non-controlling interest				—		—	—		—		(0.8)		(0.8)
Balance at September 30, 2023	75.8	709.5		1,319.6		5.9	(251.7)		(147.1)		32.6		1,662.9
Total other comprehensive income (loss), net of tax	—	—		—		—	—		50.5		(0.1)		50.4
Net (loss) income	—	—		(211.0)		—	—		—		9.0		(202.0)
Issuance/retirement of stock for stock awards/options	—	(18.1)		—		(0.3)	13.5		—		—		(4.6)
Share-based compensation	—	20.3		—		—	—		—		—		20.3

Dividends ($0.8900 per share)	—	0.9		(63.4)		—	—		—		(4.1)		(66.6)


Purchase of non-controlling interest	—	—		—		—	—		—		(3.0)		(3.0)
Balance at September 30, 2024	75.8	712.6		1,045.2		5.6	(238.2)		(96.6)		34.4		1,457.4
Total other comprehensive loss, net of tax	—	—		—		—	—		(31.5)		(1.5)		(33.0)
Net income	—	—		43.1		—	—		—		9.0		52.1
Issuance/retirement of stock for stock awards/options	—	(13.5)		—		(0.3)	11.1		—		—		(2.4)
Share-based compensation	—	17.9		—		—	—		—		—		17.9

Dividends ($0.9000 per share)	—	0.9		(64.3)		—	—		—		(4.4)		(67.8)


Balance at September 30, 2025	75.8	$	717.9	$	1,024.0	5.3	$	(227.1)	$	(128.1)	$	37.5	$	1,424.2

See Notes to Consolidated Financial Statements

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HILLENBRAND, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in millions, except share and per share data)

1. Background

Hillenbrand, Inc. (“Hillenbrand” or the “Company”) is a global industrial company that provides highly-engineered processing equipment and solutions to customers around the world. Our portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food, and recycling. Guided by our Purpose, Shape What Matters For Tomorrow™, we pursue excellence, collaboration, and innovation to shape solutions that best serve our people, our customers, and our communities. Customers choose Hillenbrand due to our reputation for designing, manufacturing, and servicing highly-engineered, mission-critical equipment and solutions that meet their unique and complex processing requirements.

Hillenbrand is composed of two reportable operating segments: Advanced Process Solutions and Molding Technology Solutions. Advanced Process Solutions is a leading global provider of highly-engineered process and material handling equipment, systems, and aftermarket parts and services for a variety of industries, including durable plastics, food, and recycling. Key technologies within the Advanced Process Solutions portfolio include compounding, extrusion, material handling, conveying, mixing, ingredient automation, portion process, and screening and separating equipment. Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a comprehensive product portfolio that includes hot runner systems, process control systems, mold bases and components, and maintenance, repair, and operating (“MRO”) supplies.

2. Summary of Significant Accounting Policies

Basis of presentation — The accompanying Consolidated Financial Statements include the accounts of Hillenbrand and its subsidiaries, as well as three subsidiaries where the Company’s ownership percentage is less than 100%. The portion of the businesses that are not owned by the Company is presented as noncontrolling interests within shareholders’ equity in the Consolidated Balance Sheets. Income attributable to the noncontrolling interests is separately reported within the Consolidated Statements of Operations. All significant intercompany accounts and transactions have been eliminated. Certain prior period balances have been reclassified to conform to the current presentation.

For the year ended September 30, 2024, $9.4 of equity method investments were reclassified from other long-term assets on the accompanying Consolidated Balance Sheet for comparability with the September 30, 2025 Consolidated Balance Sheet. There was no change to total assets for the year ended September 30, 2024 as a result of this reclassification. For the years ended September 30, 2024 and 2023, respectively, $5.8 and $0.1 of gain on equity method investments were reclassified from selling, general and administrative expense in the Consolidated Statements of Operations. There was no change to total net income (loss) from continuing operations for the years ended September 30, 2024 and 2023, respectively, as a result of this change.

Use of estimates — The Company prepared the Consolidated Financial Statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of net revenue and expenses during the reporting period. The Company’s results are affected by economic, political, legislative, regulatory, and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies, and changes in the prices of raw materials, can have a significant effect on operations. These factors and other events may cause actual results to differ from management’s estimates.

Foreign currency translation — The financial statements of the Company’s foreign subsidiaries are translated into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for operating results. Unrealized translation gains and losses are included in accumulated other comprehensive loss in shareholders’ equity in the Consolidated Balance Sheets. When a transaction is denominated in a currency other than the subsidiary’s functional currency, the Company recognizes a transaction gain or loss in selling, general and administrative expenses within the Consolidated Statements of Operations when the transaction is settled.

Cash, cash equivalents, and restricted cash include short-term investments with original maturities of three months or less. The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents and restricted cash are valued at cost, which approximates their fair value.

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The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:


	September 30,
	2025		2024
Cash and cash equivalents	$	164.8	$	199.3
Short-term restricted cash included in other current assets	6.5		7.0
Long-term restricted cash included in other long-term assets	20.1		21.6


Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	191.4	$	227.9

In connection with the termination and liquidation of the U.S. defined benefit pension plan (the “Plan”), as discussed in Note 7 – Retirement Benefits, certain surplus assets within the Plan were returned to the Company. Under Internal Revenue Code (“IRC”) Section 4980, employers that transfer surplus assets from a terminated defined benefit plan to a qualified replacement plan, such as a defined contribution plan, can avoid excise taxes provided that the entire surplus is transferred and that the excess assets are assigned to cover future non-matching contributions. The Company intends to use 100% of these surplus assets to offset non-elective contributions in our defined contribution plans, which represent qualified replacement plans in accordance with the IRC Section 4980, and therefore we consider these surplus assets restricted. Upon return to the Company, these surplus assets are invested in cash equivalents, and represent substantially all of our restricted cash at September 30, 2025 and 2024. While the underlying cash equivalents have maturities of three months or less, the restricted cash is classified on the Consolidated Balance Sheets based on the intended timing of future contributions to our defined contribution plans.

Trade receivables are recorded at the invoiced amount and generally do not bear interest, unless they become past due. The allowance for credit losses is a best estimate of the amount of probable credit losses and collection risk in the existing trade receivables portfolio. Account balances are charged against the allowance when the Company believes it is probable the trade receivables will not be recovered. The Company generally holds trade receivables until they are collected. At September 30, 2025 and 2024, the Company had an allowance for credit losses against trade receivables of $11.3 and $13.6, respectively.

Inventories are generally valued at the lower of cost or net realizable value, unless the inventories are acquired in a business combination, at which time it is recorded at fair value. Costs of inventories have been determined principally by the first-in, first-out (“FIFO”) and average cost methods. Inventories are comprised of the following amounts at:


	September 30,
	2025		2024
Raw materials and components	$	164.7	$	247.0
Work in process	81.9		127.6
Finished goods	97.4		150.6
Total inventories	$	344.0	$	525.2

Property, plant, and equipment are carried at cost less accumulated depreciation, unless the property, plant and equipment is acquired in a business combination, at which time is recorded at fair value. Depreciation is computed using principally the straight-line method based on estimated useful lives of three to 50 years for buildings and improvements and three to 25 years for machinery and equipment. Major improvements that extend the useful lives of such assets are capitalized while expenditures for maintenance, repairs, and minor improvements are expensed as incurred. Upon disposal or retirement, the cost and accumulated depreciation of assets are eliminated. Any gain or loss is reflected within gain on sale of property, plant, and equipment on the Consolidated Statements of Operations. The Company reviews these assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset (i.e. fair value) are less than its carrying amount. The impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value. There was no impairment loss during the years ended September 30, 2025, 2024, or 2023. Total depreciation expense for the years ended September 30, 2025, 2024, and 2023 was $39.8, $51.4, and $42.1, respectively. Property, plant, and equipment are summarized as follows at:

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	September 30, 2025				September 30, 2024
	Cost		Accumulated Depreciation		Cost		Accumulated Depreciation
Land and land improvements	$	23.7	$	(0.4)	$	28.6	$	(0.8)
Buildings and building equipment	133.6		(52.0)		143.0		(51.1)
Machinery and equipment	326.2		(192.6)		410.6		(213.7)
Total	$	483.5	$	(245.0)	$	582.2	$	(265.6)

Leases — The Company’s lease portfolio is comprised of operating leases primarily for manufacturing facilities, offices, vehicles, and certain equipment. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on whether the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Leases are classified as operating or finance leases at the commencement date of the lease. Operating leases are recorded within operating lease right-of-use assets, other current liabilities, and operating lease liabilities in the Consolidated Balance Sheets. The Company’s finance leases were insignificant as of September 30, 2025 and 2024. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The Company elected an accounting policy to combine lease and non-lease components for all leases.

Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit rate is generally not readily determinable for most leases, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate reflects the estimated rate of interest that the Company would pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

Leases may include renewal options, and the renewal option is included in the lease term if the Company concludes that it is reasonably certain that the option will be exercised. A certain number of the Company’s leases contain rent escalation clauses, either fixed or adjusted periodically for inflation of market rates, that are factored into the calculation of lease payments to the extent they are fixed and determinable at lease inception. The Company also has variable lease payments that do not depend on a rate or index, primarily for items such as common area maintenance and real estate taxes, which are recorded as variable costs when incurred.

Goodwill is not amortized, but is tested for impairment at least annually, or on an interim basis upon the occurrence of triggering events or substantive changes in circumstances. Goodwill has been assigned to reporting units. The Company assesses the carrying value of goodwill annually, or more often if events or changes in circumstances indicate there may be impairment. Impairment testing is performed at a reporting unit level.

The following table summarizes the changes in the Company’s goodwill, by reportable operating segment, for the years ended September 30, 2025 and 2024:


	Advanced Process Solutions		Molding Technology Solutions		Total
Balance September 30, 2023	$	1,394.9	$	633.2	$	2,028.1
Impairment charges	—		(238.0)		(238.0)

Acquisition measurement period adjustments	(1.3)		—		(1.3)
Foreign currency adjustments	36.6		10.3		46.9
Balance September 30, 2024	1,430.2		405.5		1,835.7

Divestiture of Milacron	—		(180.0)		(180.0)
Impairment charges	—		(82.3)		(82.3)

Foreign currency adjustments	28.6		(0.6)		28.0
Balance September 30, 2025	$	1,458.8	$	142.6	$	1,601.4

Testing for impairment of goodwill and indefinite-lived intangible assets must be performed annually, or on an interim basis upon the occurrence of triggering events or substantive changes in circumstances that indicate that the fair value of the indefinite-lived intangible asset or reporting unit may have decreased below the carrying value. The Company’s annual goodwill and indefinite-lived intangible asset assessment is performed on July 1 at the indefinite-lived intangible asset and

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reporting unit level, which consists of determining each indefinite-lived intangible asset or reporting unit’s current fair value compared to its current carrying value.

For purposes of the quantitative goodwill impairment assessment, weighting is equally attributed to both the market and income approaches in arriving at the fair value of the reporting units. The key assumptions for the market and income approaches we use to determine fair value of our reporting units are updated at least annually. Those assumptions and estimates include macroeconomic conditions, competitive activities, cost containment activities, achievement of synergy initiatives, market data and market multiples, discount rates, as well as future levels of net revenue growth and EBITDA margins, which are based upon the Company’s strategic plan. The strategic plan is updated as part of its annual planning process and is reviewed and approved by management and the Board of Directors. The strategic plan may be revised as necessary during a fiscal year, based on changes in market conditions or other changes in the reporting units. The most significant assumptions used in the determination of the estimated fair value of the indefinite-lived intangible assets and reporting units are the net revenue and EBITDA growth rates and the discount rate. The discount rate, which is consistent with a weighted-average cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. The discount rates may be impacted by adverse changes in the macroeconomic environment, volatility in the equity and debt markets, or other factors.

Determining the fair value of a reporting unit requires the Company to make significant judgments, estimates, and assumptions. Although there are always changes in assumptions to reflect changing business and market conditions, our overall valuation methodology and the types of assumptions we use have remained consistent and reasonable. However, future changes in the judgments, assumptions, and estimates that are used in the impairment assessment for goodwill, including discount rates and future cash flow projections, could result in significantly different estimates of fair values, resulting in future impairment charges related to recorded goodwill balances.

2025 Impairment

The Company performed its July 1, 2025 annual goodwill and indefinite-lived intangible asset impairment assessments for all five of its reporting units.

For the two reporting units within the Molding Technology Solutions reportable segment, the Company concluded that the carrying value for the Mold-Masters and DME reporting units exceeded their fair values, resulting in a goodwill impairment charge of $82.3 as of July 1, 2025. As a result of the limited cushion (or headroom as commonly referred) due to the prior year impairment of the Mold-Masters reporting unit (see below) and recent acquisitions, changes to exchange rates during 2025 that increased the carrying value of the reporting units, and modified revenue and cash flow projections utilized as inputs to estimating the fair value of the reporting units within the Molding Technology Solutions reportable operating segment, the Company concluded that the carrying value for those reporting units exceeded their fair value.

Additionally, under the relief-from-royalty fair value method, the Company concluded that the carrying value of the trade name associated with that Mold-Masters reporting unit exceeded its fair value resulting in an impairment charge of $1.2 recorded as of July 1, 2025. The goodwill and indefinite-lived intangible asset impairment charges are nondeductible for tax purposes.

During the twelve months ended September 30, 2025, the Company did not observe any triggering events or substantive changes in circumstances requiring the need for an interim impairment assessment prior or subsequent to the annual assessment date of July 1, 2025.

2024 Impairment

During the twelve months ended September 30, 2024, an interim impairment assessment was performed for certain reporting units within the Molding Technology Solutions reportable operating segment as a result of certain triggering events, in advance of the July 1, 2024 annual goodwill assessment date. The prior year interim impairment assessment was triggered by negative macroeconomic conditions and changing market fundamentals, which resulted in an interim downward revision to the forecast and a new five-year operating plan for certain reporting units within the Molding Technology Solutions reportable operating segment. As a result of the change to expected future cash flows within the revised five-year operating plan and the comparable market information used in the market approach for estimating the fair value of the Mold-Masters reporting unit, the Company concluded that the carrying value for the Mold-Masters reporting unit exceeded its fair value, resulting in a goodwill impairment charge of $238.0.

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Additionally, under the relief-from-royalty fair value method, the Company concluded that the carrying value of the trade name associated with that Mold-Masters reporting unit exceeded its fair value. As a result, an impairment charge of $27.0 was recorded during the twelve months ended September 30, 2024. There were no other interim indicators of impairment in 2024, and it was determined that the fair value of all other reporting units that were assessed on the July 1 annual assessment date exceeded the carrying value of each reporting unit. The goodwill and indefinite-lived intangible asset impairment charges were nondeductible for tax purposes.

Summary

As a result of these factors and other factors discussed above, goodwill and indefinite-lived intangible assets for the reporting units within the Molding Technology Solutions reportable operating segment are more susceptible to impairment risk. The estimated fair value, as calculated during the annual impairment assessment, equaled the carrying value as a result of the impairments recognized.

Each of the reporting units within the Advanced Process Solutions reportable operating segment had sufficient cushion or headroom at the annual impairment assessment date.

The Company is required to provide additional disclosures about fair value measurements as part of the Consolidated Financial Statements for each major category of assets and liabilities measured at fair value on a non-recurring basis (including impairment assessments). Goodwill and indefinite-lived intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly higher (lower) fair value measurement.

Intangible assets are stated at the lower of cost or fair value. With the exception of certain trade names, intangible assets are amortized on a straight-line basis over periods ranging from three to 21 years, representing the period over which the Company expects to receive future economic benefits from these intangible assets. The Company assesses the carrying value of indefinite-lived trade names annually, or more often if events or changes in circumstances indicate there may be impairment. Estimated amortization expense related to intangible assets for the next five years is: $91.3 in 2026, $91.3 in 2027, $91.3 in 2028, $90.3 in 2029, and $90.0 in 2030. Intangible assets are summarized as follows at:


	September 30, 2025				September 30, 2024
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Finite-lived assets:
Customer relationships	$	1,239.7	$	(419.1)	$	1,316.9	$	(379.4)
Technology, including patents	189.0		(113.4)		192.3		(100.9)
Software	66.5		(39.2)		53.0		(35.3)
Trade names	53.9		(16.7)		52.5		(10.6)


	1,549.1		(588.4)		1,614.7		(526.2)
Indefinite-lived assets:
Trade names	175.3		—		197.4		—

Total	$	1,724.4	$	(588.4)	$	1,812.1	$	(526.2)

Finite-lived intangible assets, net of $638.1 and $693.0 are included in the Advanced Process Solutions reportable operating segment at September 30, 2025 and 2024, respectively. Indefinite-lived intangible assets of $114.8 and $112.3 are included in the Advanced Process Solutions reportable operating segment at September 30, 2025 and 2024, respectively. The net change in intangible assets in the Advanced Process Solutions reportable operating segment during the years ended September 30, 2025 and 2024, was driven primarily by acquisition measurement period adjustments, amortization, and foreign currency adjustments.

Finite-lived intangible assets, net of $306.2 and $388.3 are included in the Molding Technology Solutions reportable operating segment at September 30, 2025 and 2024, respectively. Indefinite-lived intangible assets of $60.5 and $85.1 are included in the Molding Technology Solutions reportable operating segment at September 30, 2025 and 2024. The net change in indefinite-lived intangible assets in the Molding Technology Solutions reportable operating segment during the years ended September 30, 2025 and 2024, was driven primarily by impairment charges of $1.2 in 2025 and $27.0 in 2024 as discussed previously, and foreign currency adjustments. The net change in finite-lived intangible assets in the Molding Technology reportable operating

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segment during the years ended September 30, 2025 and 2024, was driven primarily by amortization and foreign currency adjustments.

Annual impairment assessment

As a result of the required annual indefinite-lived intangible asset impairment assessment performed in the fourth quarter of 2025 and 2024, as discussed in the goodwill section above, the Company concluded that the carrying value of the trade name associated with the Mold-Masters reporting unit exceeded its fair value. As a result, impairment charges of $1.2 and $27.0 were recorded during the twelve months ended September 30, 2025 and 2024, respectively. There was no impairment to indefinite-lived trade names at the annual indefinite-lived intangible asset impairment assessment date during the year ended 2023. The key assumptions used to determine the fair value of the Company’s indefinite-lived trade names are consistent with those described in the goodwill section above, with the exception of the royalty rate utilized in the relief-from-royalty method, which ranged from 1.5% to 3.0%.

The indefinite-lived intangible assets within the Advanced Process Solutions reportable operating segment have significant cushion or headroom at the annual impairment assessment date.

Equity method investments — The Consolidated Financial Statements includes certain investments, which are accounted for using the equity method of accounting as we have significant influence over the operating and financial policies but not controlling interests. When we record our proportionate share of net income or loss, we record it as an increase to gain on equity method investments in the Consolidated Statements of Operations and adjust the carrying value of our equity method investments. The maximum exposure to loss as a result of the Company’s involvement with the equity method investments cannot be quantified. The value of our equity method investments, which is recorded in equity method investments in the Consolidated Balance Sheets, was $68.8 and $9.2 at September 30, 2025 and 2024, respectively. We recorded our proportionate share of net income from equity method investments of $5.6, $5.8, and $0.1 for the years ended September 30, 2025, 2024, 2023, respectively, as an increase to gain on equity method investments.

On July 1, 2025, the Company, in conjunction with its majority stake joint-venture partner in TerraSource Holdings, LLC (“TerraSource”), completed the divestiture of its 46% interest in TerraSource to Astec Industries for $245.0. The sale included proceeds to the Company of $116.7, including post-closing adjustments. During the twelve months ended September 30, 2025, the Company recorded a pre-tax gain of $68.1. During the years ended September 30, 2025, 2024, and 2023, Hillenbrand’s consolidated results included its proportionate share of TerraSource’s net income and the TerraSource equity method investment was recorded on the Consolidated Balance Sheet as of September 30, 2024.

See Note 4 for additional discussion related to equity method investment activity during the year ended September 30, 2025.

Pension benefit plans — The Company sponsors retirement benefit plans covering a select number of our employees located outside the U.S. The funded status of the Company’s retirement benefit plans is recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at September 30, the measurement date. For defined benefit retirement plans, the benefit obligation is the projected benefit obligation (“PBO”). The PBO represents the actuarial present value of benefits expected to be paid upon retirement based on estimated future compensation levels. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain key assumptions that require significant judgment, including, but not limited to, estimates of discount rates, expected return on plan assets, rate of compensation increases, interest rates and mortality rates. The Company recognizes the change in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is determined to qualify for a remeasurement. The remaining components of net pension (benefit) costs are recorded ratably on a quarterly basis.

Treasury stock consists of the Company’s common shares that have been issued but subsequently reacquired. The Company accounts for treasury stock purchases under the cost method. When these shares are reissued, the Company uses an average-cost method to determine cost. Proceeds in excess of cost are credited to additional paid-in capital.

There were no shares repurchased during the years ended September 30, 2025, 2024 and 2023. During the years ended September 30, 2025, 2024, and 2023, there were shares of approximately 300,000, 300,000, and 1,000,000, respectively, issued from treasury stock under stock compensation programs.

Preferred stock — The Company has authorized 1,000,000 shares of preferred stock (no par value), of which no shares were issued or outstanding at September 30, 2025 and 2024.

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Accumulated other comprehensive loss — Includes all changes in Hillenbrand shareholders’ equity during the period except those that resulted from investments by or distributions to shareholders. Accumulated other comprehensive loss was comprised of the following amounts as of:


	September 30,
	2025		2024
Currency translation	$	(51.9)	$	(55.4)
Pension and postretirement (net of taxes of $4.8 and $4.9)	(13.8)		(15.6)
Unrealized loss on derivative instruments (net of taxes of $0.2 and $(0.4))	(62.4)		(25.6)
Accumulated other comprehensive loss	$	(128.1)	$	(96.6)

Revenue recognition — Net revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services and is recognized when performance obligations are satisfied under the terms of contracts with customers.

We use the input method of “cost-to-cost” to recognize net revenue over time. Accounting for these contracts involves management judgment in estimating total contract revenue and cost. Contract revenue is largely determined by negotiated contract prices and quantities. Contract costs are incurred over longer periods of time and, accordingly, the estimation of these costs requires judgment. We measure progress based on costs incurred to date relative to total estimated cost at completion. Incurred cost represents work performed, which corresponds with, and we believe thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, and certain overhead expenses. Cost estimates are based on various assumptions to project the outcome of future events, including the complexity and length of the work to be performed, the cost of materials, and the performance of suppliers and subcontractors. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal performance trends, business volume assumptions, and anticipated labor agreements. Net revenue and cost estimates are regularly monitored and revised based on changes in circumstances. Anticipated losses on long-term manufacturing contracts are recognized immediately when such losses become evident, which is rare. We maintain financial controls over the customer qualification, contract pricing, and estimation processes designed to reduce the risk of contract losses.

Contract balances

The Company often requires an advance deposit based on the terms and conditions of contracts with customers for many of its contracts. Payment terms generally require an upfront payment at the start of the contract, and the remaining payments during the contract or within a certain number of days of delivery. Typically, net revenue is recognized within one year of receiving an advance deposit. For certain contracts within the Advanced Process Solutions reportable operating segment where an advance payment is received greater than one year from expected net revenue recognition, or a portion of the payment due extends beyond one year, the Company has determined it does not constitute a significant financing component.

The timing of revenue recognition, billings, and cash collections can result in trade receivables, advance payments, and billings in excess of net revenue recognized. Customer receivables include amounts billed and currently due from customers and are

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included in trade receivables, net, as well as unbilled amounts (contract assets) which are included in receivables from long-term manufacturing contracts on the Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses in accordance with contractual terms. Unbilled amounts arise when the timing of billing differs from the timing of net revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost-to-cost method is used and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to payment in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the net revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract.

Advance payments and billings in excess of net revenue recognized are included in liabilities from long-term manufacturing contracts and advances on the Consolidated Balance Sheets. Advance payments and billings in excess of net revenue recognized represent contract liabilities and are recorded when customers remit contractual cash payments in advance of us satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. Billings in excess of net revenue recognized primarily relate to performance obligations satisfied over time when the cost-to-cost method is used and revenue cannot yet be recognized as the Company has not completed the corresponding performance obligation. Contract liabilities become unrecognized when net revenue is recognized and the performance obligation is satisfied.

The balance in receivables from long-term manufacturing contracts at September 30, 2025 and 2024 was $278.8 and $302.7, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance in the liabilities from long-term manufacturing contracts and advances at September 30, 2025 and 2024 was $241.9 and $315.2, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. Substantially all of the liabilities from long-term manufacturing contracts and advances at September 30, 2024 and 2023, were recognized as net revenue during the years ended September 30, 2025 and 2024. During the years ended September 30, 2025, 2024, and 2023, the adjustments related to performance obligations satisfied in previous periods were immaterial.

Costs incurred to obtain a customer contract are not material to the Company. The Company elected to apply the practical expedient to not capitalize contract costs to obtain contracts with a duration of one year or less, which are expensed as incurred.

Cost of goods sold consists primarily of purchased material costs, fixed manufacturing expense, variable direct labor, and overhead costs. It also includes costs associated with the distribution and delivery of products.

Research and development costs are expensed as incurred as a component of selling, general and administrative expenses and were $34.1, $36.7, and $25.4 for the years ended September 30, 2025, 2024, and 2023, respectively.

Warranty costs — The Company records the estimated warranty cost of a product at the time net revenue is recognized. Warranty expense is accrued based upon historical information and may also include specific provisions for known conditions. Warranty obligations are affected by actual product performance and by material usage and service costs incurred in making product corrections. The Company’s warranty provision takes into account the best estimate of amounts necessary to settle future and existing claims on products sold. The Company engages in extensive product quality programs and processes in an effort to minimize warranty obligations, including active monitoring and evaluation of the quality of component suppliers. Warranty reserves were $46.0 and $47.9 as of September 30, 2025 and 2024, respectively. Warranty costs are recorded as a component of cost of goods sold and were $12.3, $19.4, and $15.2 during the years ended September 30, 2025, 2024, and 2023, respectively.

Income taxes — The Company establishes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Consolidated Financial Statements. Deferred tax assets and liabilities are determined in part based on the differences between the accounting treatment of tax assets and liabilities under GAAP and the tax basis of assets and liabilities using statutory tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in statutory tax rates on deferred tax assets and liabilities is recognized in consolidated net income in the period that includes the enactment date. The Company asserts that a portion of the cash at certain foreign subsidiaries represents earnings considered to be permanently reinvested for which deferred taxes have not been recorded in the Consolidated Financial Statements, as the Company does not intend, nor does the Company foresee a need, to repatriate these funds. The Company provides deferred taxes for the portion of the cash at the foreign subsidiaries for which it does not assert permanent reinvestment of these funds. The Company continues to actively evaluate its global capital deployment and cash needs.

The Company has a variety of deferred income tax assets in numerous tax jurisdictions. The recoverability of these deferred income tax assets is assessed periodically, and valuation allowances are recognized if it is determined that it is more likely than not that the benefits will not be realized. When performing this assessment, the Company considers the ability to carryback

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losses to prior tax periods, future taxable income, the reversal of existing temporary differences, and tax planning strategies. The Company accounts for accrued interest and penalties related to unrecognized tax benefits in income tax expense.

Derivative financial instruments — The Company has hedging programs in place to manage its currency exposures. The objectives of the Company’s hedging programs are to mitigate exposures in gross margin and non-functional-currency-denominated assets and liabilities. Under these programs, the Company uses derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates. These include foreign currency exchange forward contracts, which generally have terms up to 24 months. Additionally, the Company periodically enters into interest rate swaps to manage or hedge the risks associated with indebtedness and interest payments. The Company’s objectives in using these interest rate swaps are to add stability to interest expense and to manage exposure to interest rate movements.

Contracts designated as cash flow hedges for customer orders or intercompany purchases have an offsetting tax-adjusted amount in accumulated other comprehensive loss. Foreign exchange contracts intended to manage foreign currency exposures within the Consolidated Balance Sheets have an offsetting amount recorded in selling, general and administrative expenses. The cash flows from such hedges are presented in the same category in the Consolidated Statement of Cash Flows as the items being hedged.

Hillenbrand participates in cross-currency swap agreements aiming to hedge the variability in the movement of foreign currency exchange rates for its operations in Europe, while simultaneously lowering the Company’s overall borrowing costs. The maturity dates of these agreements range from 2027 to 2029. These agreements qualify for hedge accounting and accordingly the changes in fair value of the derivatives are recorded in other comprehensive income (loss) and remain in accumulated other comprehensive loss attributable to Hillenbrand in shareholders’ equity until the hedged item is recognized in earnings. We assess the effectiveness of cross-currency swap contracts using the spot method, and the difference between the interest rate received and paid under the cross-currency swap agreements is recorded in interest expense, net, in the Consolidated Statements of Operations. As a result of participating in these cross-currency swap agreements, Hillenbrand recorded a reduction in interest expense, net of $11.9 and $3.9 during the years ended September 30, 2025 and 2024, respectively. Hillenbrand presents the cross-currency swap agreements’ periodic settlements in operating activities in the Consolidated Statements of Cash Flows.

The Company measures all derivative instruments at fair value and reports them on the Consolidated Balance Sheets as assets or liabilities. Changes in the fair value of derivatives are accounted for depending on the intended use of the derivative, designation of the hedging relationship, and whether or not the criteria to apply hedge accounting have been satisfied. If a derivative is designated as a fair value hedge, the gain or loss on the derivative and the offsetting loss or gain on the hedged asset or liability are recognized in earnings. For derivative instruments designated as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive loss and reclassified to earnings in the same period that the hedged transaction affects earnings. The portion of the gain or loss that does not qualify for hedge accounting is immediately recognized in earnings.

The aggregate notional value of the cross currency swap agreements was $778.0 and $727.8 at September 30, 2025 and 2024, respectively. The aggregate notional value of the foreign currency exchange forward contract derivatives was $365.3 and $172.5 at September 30, 2025 and 2024, respectively. The carrying value of all of the Company’s derivative instruments at fair value resulted in assets of $12.5 and $19.0 (included in prepaid expenses and other current assets) and liabilities of $81.3 and $40.5 (included in other current liabilities and other long-term liabilities) at September 30, 2025 and 2024, respectively. See Note 13 for additional information on the fair value of the Company’s derivative instruments.

Other financial instruments —

Supply chain financing programs

The Company has agreements with third-party financial institutions to facilitate supply chain finance (“SCF”) programs. The SCF programs allow qualifying suppliers to sell their receivables, on an invoice level at the selection of the supplier, from the Company to the financial institutions and negotiate their outstanding receivable arrangements and associated fees directly with the financial institutions. Hillenbrand is not party to the agreements between the supplier and the financial institutions. The supplier invoices that have been confirmed as valid under the SCF programs require payment in full by the financial institutions to the supplier by the original maturity date of the invoice, or discounted payment at an earlier date as agreed upon with the supplier. The Company’s obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by a supplier’s participation in the SCF programs.

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All outstanding amounts related to suppliers participating in the SCF programs are recorded upon confirmation with the third-party financial institutions in trade accounts payable in the Consolidated Balance Sheets, and associated payments are included in cash used in operating activities in the Consolidated Statements of Cash Flows. The Company’s outstanding obligations included in trade accounts payable as of September 30, 2025 and 2024, were $13.7 and $16.0, respectively.

The roll forward of outstanding obligations confirmed as valid under the supplier finance program is as follows:


	Year Ended September 30, 2025
Beginning balance	$	16.0
Invoices confirmed during the year	60.4
Invoices settled during the year	(62.9)
Foreign currency translation adjustments	0.2
Ending balance	$	13.7

Trade receivables financing agreements

The Company sells a small percentage of its trade receivables to outside financial institutions in the normal course of business. These trade receivable financing agreements are accounted for as a true sale of assets under the provisions of Accounting Standards Codification (“ASC”) 860, Transfer and Servicing (“ASC 860”). During fiscal 2024, the Company executed an amendment of one of its trade receivables financing agreements (as amended, the “Amended Agreement”) with a financial institution. In accordance with ASC 860, this Amended Agreement is deemed a true sale, as the Company retains no rights or interest and has no obligations with respect to the trade receivables, and has no continuing involvement with the trade receivables once transferred to the financial institution. As part of the Amended Agreement, we receive the majority of the proceeds of the trade receivables sold to the financial institution upon sale in cash (level 1 fair value measurement) with the remaining portion of the proceeds held by the financial institution as a deferred purchase price (“DPP”) (level 2 fair value measurement) until the collection of the trade receivables sold. The DPP receivables are ultimately realized by the Company following the collection of the underlying trade receivables sold to the financial institution (typically within 90 - 120 days). As defined in the Amended Agreement, the financial institution is responsible for any credit risk associated with the sold trade receivables. There is no limit on the amount of trade receivables that can be sold under the Amended Agreement; however, all trade receivables must be accepted by the financial institution prior to sale.

Sales of trade receivables under the Agreement and other trade receivable factoring arrangements were $277.4, $250.0, and $25.4, and cash collections from customers on trade receivables sold were $280.4, $243.4 and $25.4 during the fiscal years ended September 30, 2025, 2024 and 2023, respectively. The Company acts as a servicer (collects customer cash on behalf of the financial institution) for one of its trade receivables factoring arrangements. The servicing fee associated with this trade receivables factoring arrangement was not material to the Company for the years ended September 30, 2025, 2024, and 2023. Amounts collected on behalf of the financial institution under this trade receivables factoring arrangement and owed to the financial institution were $4.2 and $3.1 at September 30, 2025 and 2024, respectively. The loss on the sale of trade receivables under the Amended Agreement and other trade receivables factoring arrangements was not material to the Company for the years ended September 30, 2025, 2024, and 2023. As of September 30, 2025 and 2024, trade receivables in the amount of $28.3 and $34.2, respectively, were sold to the financial institution and are not reflected in trade receivables in the Consolidated Balance Sheets.

The following roll forward summarizes the activity related to the DPP receivables:


	Year Ended September 30, 2025		Year Ended September 30, 2024
Beginning DPP receivables balance	$	6.7	$	—
Non-cash additions to DPP receivables	17.8		32.3
Cash collections on DPP receivables	(20.8)		(25.6)
Ending DPP receivables balance	$	3.7	$	6.7

Business acquisition and integration costs — Business acquisition and integration costs are expensed as incurred and are reported as a component of cost of goods sold and selling, general and administrative expenses depending on the nature of the cost. The Company defines these costs to include finder’s fees, advisory, legal, accounting, valuation, and other professional or consulting fees, as well as travel associated with investigating opportunities (including acquisition and divestitures). Business

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acquisition and integration costs also include costs associated with acquisition tax planning, retention bonuses, and related integration costs. These costs exclude the ongoing expenses of the Company’s business development department.

Restructuring costs may occur when the Company takes action to exit or significantly curtail a part of the Company’s operations or change the deployment of assets or personnel. A restructuring charge can consist of an impairment or accelerated depreciation of affected assets, severance costs associated with reductions to the workforce, costs to terminate an operating lease or contract, and charges for legal obligations for which no future benefit will be derived.

Recently issued accounting standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires additional disclosures pertaining to significant expenses and other items of an entity’s reportable operating segments. This standard was adopted by the Company on September 30, 2025, and did not have a material impact on the Company’s Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 (fiscal 2026). The Company is currently evaluating the impact of ASU 2023-09 on the Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires, among other items, additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the Consolidated Statement of Operations. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 (fiscal 2028), and for interim periods within fiscal years beginning after December 15, 2027 (fiscal 2029), with early adoption permitted. The Company is currently evaluating the impact of ASU 2024-03 on the Consolidated Financial Statements.

No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the Consolidated Financial Statements.

3. Revenue Recognition

Net revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or

providing services and is recognized when performance obligations are satisfied under the terms of contracts with customers.

Transaction price allocated to the remaining performance obligations

As of September 30, 2025, the aggregate amount of transaction price of remaining performance obligations, which corresponds to backlog, as defined in Part II, Item 7 of this Form 10-K, for the Company was $1,574.2. Approximately 74% of these remaining performance obligations are expected to be satisfied over the next twelve months, and the remaining performance obligations, primarily within one to three years.

Disaggregation of net revenue

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The following tables present net revenue by geographical markets:


	Year Ended September 30, 2025						Year Ended September 30, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Geographical Markets
Americas	$	923.6	$	276.8	$	1,200.4	$	1,062.2	$	485.1	$	1,547.3
Asia	538.1		204.0		742.1		565.1		262.3		827.4
Europe, the Middle East, and Africa	607.7		123.6		731.3		660.7		147.4		808.1
Total	$	2,069.4	$	604.4	$	2,673.8	$	2,288.0	$	894.8	$	3,182.8

The following tables present net revenue by timing of transfer:


	Year Ended September 30, 2025						Year Ended September 30, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Timing of Transfer
Point in time	$	1,118.3	$	570.8	$	1,689.1	$	1,137.1	$	825.6	$	1,962.7
Over time	951.1		33.6		984.7		1150.9		69.2		1220.1
Total	$	2,069.4	$	604.4	$	2,673.8	$	2,288.0	$	894.8	$	3,182.8

4. Divestitures

Milacron

On March 31, 2025, the Company completed the divestiture of its majority interest in the Milacron injection molding and extrusion business (“Milacron”) pursuant to the Contribution and Purchase Agreement (“Agreement”) between the Company and an affiliate of Bain Capital (“Bain”). In accordance with the terms of the Agreement, Hillenbrand contributed $222.6 of net assets of Milacron, and its wholly-owned subsidiaries, to a newly formed limited liability company, Milacron Holdings, LLC (“Milacron Holdings”). Hillenbrand retained 48.74% minority ownership of Milacron Holdings upon contribution of Milacron. Hillenbrand received total consideration of $286.0 for its contribution of Milacron. The total consideration was comprised of $98.0 of cash proceeds paid by Bain and $188.0 of debt assumed by Bain (as described below), in exchange for obtaining 51.26% majority ownership of Milacron Holdings.

The Company is required to provide additional disclosures about fair value measurements as part of the Consolidated Financial Statements for each major category of assets and liabilities measured at fair value on a nonrecurring basis (including the initial equity method investment in Milacron Holdings). Due to the variability of the required rates of return, established by the members of Milacron Holdings in connection with the Agreement, for Bain as the majority member, and the Company, as the minority member, the Company’s initial equity method investment was valued using Level 3 inputs, which are unobservable by nature, and included an option pricing methodology (“OPM”) and a debt like liquidation preference of the pro rata ownership of the members. Inputs to the OPM valuation were volatility, time to exit, equity value and estimated strike price. Significant increases (decreases) in any of those unobservable inputs, as of the date of the valuation, in isolation could result in a significantly lower (higher) fair value measurement. Management used a third-party valuation firm to assist in the determination of the initial equity method investment of Milacron Holdings, and specifically those considered Level 3 measurements. Management ultimately oversaw the third-party valuation firm to ensure that the transaction-specific assumptions are

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appropriate for the Company. As of the transaction date, the Company recorded an initial fair value of $68.7 related to its 48.74% ownership in Milacron Holdings.

The Company determined that the divestiture of Milacron does not represent a strategic shift in Hillenbrand’s business and that the divestiture, and ongoing equity method investment accounting, does not have significant effect on its consolidated results of operations or cash flows, and therefore the Milacron divestiture does not qualify as a discontinued operation. The results of operations for Milacron are included within the Molding Technology Solutions reportable operating segment until the completion of the sale on March 31, 2025. The loss on the divestiture is recorded in corporate expenses. Subsequent to the completion of the divestiture, the Company expects to provide certain transition services to Milacron Holdings. The transition services are expected to vary in duration, depending upon the type of services provided, but are not expected to be provided for more than a year after the date of divestiture.

Batesville

On February 1, 2023, the Company completed the divestiture of Batesville to BL Memorial Partners, LLC, a Delaware limited liability company owned by funds affiliated with LongRange Capital, L.P., for $761.5, including an $11.5 subordinated note.

This divestiture represented a strategic shift in Hillenbrand’s business and qualified as a discontinued operation. Accordingly, the operating results and cash flows related to Batesville have been reflected as discontinued operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows for all periods presented. The Company recognized a $586.0 pre-tax gain on divestiture, recorded within gain on divestiture of discontinued operations (net of income tax expense) in the Consolidated Statement of Operations for the year ended September 30, 2023.

Components of amounts reflected in the Consolidated Statements of Operations related to discontinued operations are presented in the table, as follows:


	Year Ended September 30,
	2025		2024		2023
Net revenue	$	—	$	—	$	213.7
Cost of goods sold	—		—		142.2
Gross profit	—		—		71.5
Selling, general and administrative expenses	—		1.1		42.3
(Loss) income from discontinued operations before income taxes	—		(1.1)		29.2
Income tax (benefit) expense	—		(3.3)		9.7
Income from discontinued operations (net of income tax (benefit) expense)	—		2.2		19.5
Gain on divestiture of discontinued operations (1)	—		—		443.1
Total income from discontinued operations	$	—	$	2.2	$	462.6

(1)Net of income tax expense of $142.9 during the twelve months ended September 30, 2023

5. Leases

For the years ended September 30, 2025 and 2024, the Company recognized $35.9 and $33.5 of operating lease expense, including short-term lease expense and variable lease costs, which were immaterial, in both periods.

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The following table presents supplemental Consolidated Balance Sheet information related to the Company’s operating leases as of:


	September 30,
	2025			2024
Operating lease right-of-use assets, net	$	104.1		$	168.7

Other current liabilities	19.6			22.0
Operating lease liabilities	77.1			141.1
Total operating lease liabilities	$	96.7		$	163.1

Weighted-average remaining lease term (in years)	5.6			10.3

Weighted-average discount rate	4.3		%	6.3		%

As of September 30, 2025, the maturities of the Company’s operating lease liabilities were as follows:


2026	$	23.7
2027	20.6
2028	17.8
2029	15.7
2030	14.4
Thereafter	16.8
Total lease payments	109.0
Less: imputed interest	(12.3)
Total present value of lease payments	$	96.7

Supplemental Consolidated Statements of Cash Flows information is as follows:


	Year Ended September 30,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	24.9	$	26.9
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	18.5		66.5
Operating leases acquired in business combinations	—		3.1

The Company entered into a one-time sale-leaseback transaction during the year ended September 30, 2024 for two of its industrial properties. The Company received net proceeds of $53.7 and recognized a gain of $33.7, which is included in gain on sale of property, plant, and equipment in the Consolidated Statement of Operations for the year ended September 30, 2024.

6. Financing Agreements

The following table summarizes Hillenbrand’s current and long-term debt as of:

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	September 30,
	2025		2024
$700 revolving credit facility (excluding outstanding letters of credit)	$	225.0	$	298.5
€240 term loan	281.3		—
$200 term loan	—		182.5
$175 term loan	175.0		—
€185 term loan	—		196.5
$500 senior unsecured notes (1)	495.8		494.6
$375 senior unsecured notes (2)	—		373.6
$350 senior unsecured notes (3)	347.7		347.1

Other	—		0.2
Total debt	1,524.8		1,893.0
Less: current portion	22.8		20.6
Total long-term debt	$	1,502.0	$	1,872.4

(1) Includes unamortized debt issuance costs of $4.2 and $5.4 at September 30, 2025 and 2024, respectively.

(2) Includes unamortized debt issuance costs of $1.2 at September 30, 2024.

(3) Includes unamortized debt issuance costs of $2.3 and $2.9 at September 30, 2025 and 2024, respectively.

The following table summarizes the scheduled maturities of long-term debt for 2026 through 2030:


	Amount
2026	$	22.8
2027	22.9
2028	22.9
2029	534.2
2030	578.5

Primary Financing Facilities

$700 Revolving Credit Facility, $175 Term Loan, and €240 Term Loan

Borrowings under the Amended Credit Agreement may bear interest (A) if denominated in US dollars, at the Term SOFR Rate or the Alternate Base Rate at the Company’s option, (B) if denominated in Japanese Yen, Canadian dollars or Euros, at rates based offered on deposits in the applicable interbank markets for such currencies and (C) if denominated in Pounds Sterling or Swiss Francs, at SONIA and SARON, respectively (each as defined in the Amended Credit Agreement), plus, in each case, margin based on the Company’s leverage ratio, ranging from 0% to 0.95% for borrowings bearing interest at the Alternate Base Rate and from 0.90% to 1.95% for all other borrowings. The $175 Term Loan accrues interest, at the Company’s option, at the Term SOFR Rate or the Alternate Base Rate, and the €240 Term Loan accrues interest, at the Company’s option, at the EURIBO Rate or the Alternate Base Rate, plus a margin based on the Company’s leverage ratio, ranging from 1.00% to 2.25% for term loans bearing interest at the Term SOFR Rate and the EURIBO Rate and 0% to 1.25% for term loans bearing interest at the Alternate Base Rate.

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In July 2025, the Company drew the €240 Term Loan, which is subject to quarterly amortization payments equal to €3.0 for the first full twelve calendar quarters following the funding date, and quarterly amortization payments equal to €4.5 thereafter until the maturity date. In July 2025, the Company drew the $175 Term Loan, which is subject to quarterly amortization payments equal to $2.2 for the first full twelve calendar quarters following the funding date, and quarterly amortization payments equal to $3.3 thereafter until the maturity date. The $175 Term Loan and the €240 Term Loan will mature on July 9, 2030.

The maximum permitted leverage ratio under the Amended Credit Agreement as of the last day of each of its fiscal quarters will be: (i) 4.25x for the quarter ended June 30, 2025, through and including June 30, 2026; (ii) 4.00x for the quarter ended September 30, 2026; (iii) 3.75x for the quarter ended December 31, 2026; and (iv) 3.50x for the quarter ended March 31, 2027, and each fiscal quarter thereafter. Except for the amendments applicable during the Adjustment Period (defined below), the Amended Credit Agreement contains substantially the same affirmative and negative covenants and events of default as the Amendment No. 4 to the Fourth Amended and Restated Credit Agreement. New deferred financing costs related to the Amended Credit Agreement were $3.8, which along with existing costs of $2.0, are being amortized to interest expense over the remaining term of the Amended Credit Agreement.

On June 8, 2022, the Company entered into a Fourth Amended and Restated Credit Agreement (such agreement, as amended from time to time as detailed below, the “Prior Credit Agreement”), which governs the Facility, by and among Hillenbrand and certain of its affiliates, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Prior Credit Agreement increased the maximum principal amount available for borrowing under the Facility to $1,000.0. The Prior Credit Agreement extended the maturity date of the Facility to June 8, 2027. The Prior Credit Agreement further provided for a delayed-draw term loan facility in an aggregate principal amount of up to $200.0 (the “$200 Term Loan”). In November 2022, the Company drew $200.0 on the $200 Term Loan. On July 9, 2025, the Company refinanced the remaining $175.0 outstanding on the $200 Term Loan with proceeds from the $175 Term Loan under the Amended Credit Agreement.

On June 21, 2023, the Company entered into Amendment No. 1 to the Prior Credit Agreement (“Amendment No. 1”). Amendment No. 1 includes, among other changes, establishment of a euro-denominated, delayed-draw term loan facility available to the Company’s wholly owned subsidiary, Hillenbrand Switzerland GmbH, in an initial aggregate principal amount of up to €185.0 (the “€185 Term Loan”) and the inclusion of requirements that would be triggered by a Collateral Springing Event (described below). In August 2023, the Company drew €185.0 on the €185 Term Loan. The €185 Term Loan was fully repaid in April 2025.

With respect to the Facility, as of September 30, 2025 and 2024, the Company had outstanding balances of $225.0 and $298.5, respectively. As of September 30, 2025, the Company had $15.5 in outstanding letters of credit issued. Under the Amended Credit Agreement, the Company had $459.5 of available borrowing capacity as of September 30, 2025, of which $208.5 was immediately available based on our most restrictive covenant. The weighted-average interest rate on borrowings under the Facility was 4.30% and 5.76% for the years ended September 30, 2025 and 2024, respectively. The weighted average facility fee was 0.24% and 0.23% for the years ended September 30, 2025 and 2024, respectively. The weighted-average interest rate on the $175 Term Loan was 6.41% and 7.22% for the years ended September 30, 2025 and 2024, respectively. The weighted-average interest rate on the €240.0 Term Loan was 4.42% for the year ended September 30, 2025.

€325 L/G Facility Agreement

On June 21, 2022, Hillenbrand and certain of its subsidiaries entered into a Syndicated L/G Facility Agreement (such agreement, as amended from time to time as detailed below, the “L/G Facility Agreement”) with Commerzbank Aktiengesellschaft, as coordinator, mandated lead arranger, and bookrunner, the other financial institutions party thereto as lenders and issuing banks, and Commerzbank Finance & Covered Bond S.A., as agent. The L/G Facility Agreement replaced the Company’s Syndicated L/G Facility Agreement dated March 8, 2018, as amended, and permits Hillenbrand and certain of its subsidiaries (collectively, the “Participants”) to request that one or more of the lenders issue, on the Participants’ behalf, up to an aggregate of €225.0 in unsecured letters of credit, bank guarantees, or other surety bonds (collectively, the “Guarantees”).

The Guarantees carry an annual fee that varies based on the Company’s leverage ratio. The L/G Facility Agreement also provides for a leverage-based commitment fee assessed on the undrawn portion of the facility.

On June 22, 2023, the Company entered into an Amendment and Restatement Agreement (the “Amended L/G Facility Agreement”) which amended and restated the L/G Facility Agreement to, among other changes, increase the facility from €225.0 to €325.0 and include requirements that would be triggered by a Collateral Springing Event (described below).

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On July 17, 2025, the Company, Commerzbank Aktiengesellschaft, as coordinator, mandated lead arranger, and bookrunner, and the other financial institutions party thereto as lenders and issuing banks, amended the terms of the Amended L/G Facility Agreement (“the 2025 Amended L/G Facility Agreement”) to, among other things, increase the maximum permitted leverage ratio to (i) 4.25x for the fiscal quarters ended June 30, 2025 through and including June 30, 2026; (ii) 4.00x for the fiscal quarter ending September 30, 2026; (iii) 3.75x for the fiscal quarter ending December 31, 2026; and (iv) 3.50x for the fiscal quarter ended March 31, 2027, and each fiscal quarter thereafter. Except for the amendments applicable during the Adjustment Period, the 2025 Amended L/G Facility Agreement contains substantially the same affirmative and negative covenants and events of default as the Amended L/G Facility Agreement. New deferred financing costs related to the 2025 Amended L/G Facility Agreement were $0.5 which along with existing costs of $0.9 are being amortized to interest expense over the remaining term of the 2025 Amended L/G Facility Agreement.

Guarantees may be issued in euros or certain other agreed-upon currencies. Specified sublimits apply, based on the specific lender and currency. The 2025 Amended L/G Facility Agreement also provides for a leverage-based commitment fee assessed on the undrawn portion of the facility. The 2025 Amended L/G Facility Agreement matures on June 22, 2027, but can be extended or terminated earlier under certain conditions. The 2025 Amended L/G Facility Agreement contains representations, warranties, and covenants that are customary for agreements of this type and contains specified customary events of default. The obligations under the 2025 Amended L/G Facility Agreement are guaranteed by Hillenbrand and certain of its domestic subsidiaries named therein.

In the normal course of business, the Company provides bank guarantees and other credit arrangements in support of performance, warranty, advance payment, and other contractual obligations. This form of trade finance is customary in the industry and, as a result, the Company maintains adequate capacity to provide the guarantees. As of September 30, 2025, the Company had credit arrangements totaling $666.1, under which $374.3 was utilized for this purpose. These arrangements included the facilities under the 2025 Amended L/G Facility Agreement and other ancillary credit facilities.

Collateral Springing Event

The Amended Credit Agreement and the 2025 Amended L/G Facility Agreement require the Company and certain domestic subsidiaries that are guarantors thereunder to take certain actions if a Collateral Springing Event (as defined in the agreements) occurs before the later of April 1, 2026 or January 1, 2027 if certain conditions, as defined in the Amended Credit Agreement, are met (the “Adjustment Period”). After a Collateral Springing Event, the Company and the guarantors would be required to grant liens on substantially all of their assets (subject to customary exceptions for excluded assets, including an exception for Principal Property (as defined in the Company’s indentures in respect of its senior notes) and for capital stock of entities that own any such Principal Property) in favor of the Administrative Agent and L/G Agent, as applicable, for the benefit of the secured parties.

Long Term Notes

$500 Senior Unsecured Notes

On February 14, 2024, the Company issued $500.0 of senior unsecured notes due February 2029 (the “2024 Notes”). The 2024 Notes were issued at par value and bear interest at a fixed rate of 6.25% per year, payable semi-annually in arrears beginning August 2024. Unamortized deferred financing costs associated with the 2024 Notes of $4.2 are being amortized to interest expense on a straight-line basis (which approximates the effective interest method) over the term of the 2024 Notes. The 2024 Notes are unsecured unsubordinated obligations of the Company and rank equally in right of payment with all other existing and future unsubordinated obligations.

Subject to certain limitations, in the event of a change of control repurchase event (as defined in the 2024 Notes), the Company will be required to make an offer to purchase the 2024 Notes at a price equal to 101% of the principal amount of the 2024 Notes, plus any accrued and unpaid interest to, but excluding, the date of repurchase. The Company may redeem the 2024 Notes at any time in whole, or from time to time in part, prior to February 15, 2026, at its option at the “make-whole” redemption price, as described in the indenture governing the 2024 Notes. The Company may also redeem the 2024 Notes at any time in whole, or from time to time in part, on or after February 15 of the relevant year listed, as follows: 2026 at a redemption price of 103.125%; 2027 at a redemption price of 101.5625%; and 2028 and thereafter at a redemption price of 100%. At any time prior to February 15, 2026, the Company may redeem up to 40% of the aggregate principal amount of the 2024 Notes with the proceeds of one or more Equity Offerings (as defined in the Indenture) at a redemption price of 106.25% of the principal amount of the 2024 Notes being redeemed. In each of the above cases, the Company will also pay any accrued and unpaid interest to, but excluding, the applicable redemption date.

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$350 Senior Unsecured Notes

On March 3, 2021, the Company issued $350.0 of senior unsecured notes due March 2031 (the “2021 Notes”). The 2021 Notes were issued at par value and bear interest at a fixed rate of 3.75% per year, payable semi-annually in arrears beginning September 2021. Unamortized deferred financing costs associated with the 2021 Notes of $2.3 are being amortized to interest expense on a straight-line basis (which approximates the effective interest method) over the term of the 2021 Notes. The 2021 Notes are unsecured unsubordinated obligations of the Company and rank equally in right of payment with all other existing and future unsubordinated obligations.

Subject to certain limitations, in the event of a change of control repurchase event (as defined in the 2021 Notes), the Company will be required to make an offer to purchase the 2021 Notes at a price equal to 101% of the principal amount of the 2021 Notes, plus any accrued and unpaid interest to, but excluding, the date of repurchase. The Company may redeem the 2021 Notes at any time in whole, or from time to time in part, prior to March 1, 2026, at its option at the “make-whole” redemption price, as described in the indenture governing the 2021 Notes. The Company may also redeem the 2021 Notes at any time in whole, or from time to time in part, on or after March 1 of the relevant year listed, as follows: 2026 at a redemption price of 101.875%; 2027 at a redemption price of 101.25%; 2028 at a redemption price of 100.625%; and 2029 and thereafter at a redemption price of 100%. In each of the above cases, the Company will also pay any accrued and unpaid interest to, but excluding, the applicable redemption date.

Repayment of $375 Senior Unsecured Notes

On September 25, 2019, the Company issued $375.0 of senior unsecured notes due September 2026 (the “2019 Notes”). Effective July 21, 2025, the 2019 Notes were repaid by the Company, using the net proceeds from the TerraSource divestiture and the proceeds of the €240 Term Loan defined above and the remaining issuance costs of $0.8 associated with the 2019 Notes were written off to interest expense in the Consolidated Statement of Operations.

Covenants related to current Hillenbrand financing agreements

Except as described above, the Amended Credit Agreement and the 2025 Amended L/G Facility Agreement contain the following financial covenants: a maximum leverage ratio (as described above and defined in the agreements) of 3.50 to 1.00 and minimum ratio of EBITDA (as defined in the agreements) to interest expense of 3.00 to 1.00. The Company may elect to increase the maximum permitted leverage ratio to a ratio of 4.00 to 1.00 following certain acquisitions for four full fiscal quarters (plus the fiscal quarter in which the acquisition takes place). Additionally, the Amended Credit Agreement and 2025 the Amended L/G Facility Agreement provide the Company with the ability to sell assets and to incur debt at its international subsidiaries under certain conditions.

All obligations of the Company arising under the Amended Credit Agreement, the 2024 Notes, the 2021 Notes, and the 2025 Amended L/G Facility Agreement are fully and unconditionally, and jointly and severally, guaranteed by certain of the Company’s domestic subsidiaries.

The Amended Credit Agreement and the 2025 Amended L/G Facility Agreement each contains certain other customary covenants, representations and warranties and events of default. The indentures governing the 2024 Notes and 2021 Notes do not limit our ability to incur additional indebtedness. They do, however, contain certain covenants that restrict our ability to incur secured debt and to engage in certain sale and leaseback transactions. The indentures also contain customary events of default. The indentures provide holders of the notes with remedies if the Company fails to perform specific obligations. As of September 30, 2025, the Company was in compliance with all covenants and there were no events of default.

7. Retirement Benefits

Defined Benefit Retirement Plans — Certain of the Company’s employees participate in one of eight defined benefit retirement programs, including the defined benefit retirement plans of certain of the Company’s foreign subsidiaries, and the supplemental executive defined benefit retirement plan. The Company funds the retirement plan trusts in compliance with the Employment Retirement Income Security Act (ERISA) or local funding requirements and as necessary to provide for current service and for any unfunded projected future benefit obligations over a reasonable period. The benefits for these plans are based primarily on years of service and the employee’s level of compensation during specific periods of employment. All defined benefit retirement plans have a September 30 measurement date.

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Effect on the Consolidated Statements of Operations — The components of net pension (benefit) costs under defined benefit retirement plans were:


	U.S. Pension Benefits Year Ended September 30,						Non-U.S. Pension Benefits Year Ended September 30,
	2025		2024		2023		2025		2024		2023
Service cost (1)	$	—	$	—	$	—	$	2.4	$	1.8	$	1.5
Interest cost	0.8		7.2		11.1		3.5		4.5		4.2
Expected return on plan assets	—		(8.3)		(13.6)		(1.5)		(1.5)		(1.5)
Amortization of unrecognized prior service cost, net	—		—		—		0.1		0.1		0.1
Amortization of actuarial (gain) loss	(0.2)		0.3		0.3		0.2		(0.7)		(0.8)
Settlement (benefit) expense	(1.7)		35.2		—		0.5		0.5		(0.3)


Net pension (benefit) costs (2)	$	(1.1)	$	34.4	$	(2.2)	$	5.2	$	4.7	$	3.2

(1) Service cost for U.S. Pension Benefits includes $0.0, $0.0 and $0.1 included within discontinued operations for the years ended September 30, 2025, 2024 and 2023, respectively.

(2) The components of net periodic pension (benefit) costs, excluding settlement (benefit) expense, are recorded within selling, general and administrative expenses on the Consolidated Statements of Operations.

The Company uses a full yield curve approach in the estimation of the service and interest cost components of our defined benefit retirement plans. Under this approach, the Company applies discounting using individual spot rates from a yield curve composed of the rates of return on several hundred high-quality, fixed income corporate bonds available at the measurement date. These spot rates align to each of the projected benefit obligations and service cost cash flows. The service cost component relates to the active participants in the plan, so the relevant cash flows on which to apply the yield curve are considerably longer in duration on average than the total projected benefit obligation cash flows, which also include benefit payments to retirees. Interest cost is computed by multiplying each spot rate by the corresponding discounted projected benefit obligation cash flows. The full yield curve approach reduces any actuarial gains and losses based upon interest rate expectations (e.g. built-in gains in interest cost in an upward sloping yield curve scenario), or gains and losses merely resulting from the timing and magnitude of cash outflows associated with the Company’s benefit obligations. The Company uses the full yield curve approach to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest rate costs.

During 2019, the Company completed all negotiations to transition all employees at U.S. facilities from a defined benefit-based model to a defined contribution structure over three-year sunset periods, the latest of which ended January 1, 2023. These changes caused remeasurements for the U.S. defined benefit pension plan (the “Plan”) for the affected populations as they were implemented. The remeasurements did not cause material changes, as the assumptions did not materially differ from the assumptions prior to the remeasurements.

On July 18, 2023, the Company announced an offer to provide former employees who are participants in the Plan the opportunity to elect a lump sum distribution of their earned Plan benefits. The Plan’s fiduciaries made lump sum payments to electing eligible participants in December 2023, funded by the existing assets in the Plan. In April 2024, the remaining assets of the Plan were used to purchase annuities to support the remaining obligation, resulting in the termination and liquidation of the Plan. During the year ended September 30, 2024, the Company recorded non-cash settlement pre-tax charges of $35.2, related to the termination and liquidation of the Plan, as well as to the lump sum payments made in December 2023.

Obligations and Funded Status — The change in benefit obligation and funded status of the Company’s defined benefit retirement plans were:

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	U.S. Pension Benefits September 30,				Non-U.S. Pension Benefits September 30,
	2025		2024		2025			2024
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	18.0	$	213.6	$	151.0		$	131.5

Service cost	—		—		2.4			1.8
Interest cost	0.8		7.2		3.5			4.5

Actuarial (gain) loss	(0.2)		1.5		(8.5)			12.5
Benefits paid	(1.7)		(54.3)		(6.2)			(5.5)
Settlements	—		—		(7.7)			(5.0)
Transfer of participants benefit obligation	—		(150.0)		—			—
Employee contributions	—		—		1.5			1.4
Divestiture	—		—		(21.3)			—
Effect of exchange rates on projected benefit obligation	—		—		7.6			9.8
Projected benefit obligation at end of year	16.9		18.0		122.3			151.0

Change in plan assets:
Fair value of plan assets at beginning of year	$	—	$	219.2	$	56.6		$	49.0
Actual (loss) return on plan assets	—		(16.6)		0.5			3.2
Employee and employer contributions	1.7		1.7		10.6			10.3
Benefits paid	(1.7)		(54.3)		(6.2)			(5.5)
Settlements	—		—		(7.7)			(5.0)
Annuity premium for transferred participants	—		(150.0)		—			—
Effect of exchange rates on plan assets	—		—		2.8			4.6
Fair value of plan assets at end of year	—		—		56.6		<

Hillenbrand, Inc. 10-K