UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the quarterly period ended ~~June~~December 3031, 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 Number. 001-33794

HILLENBRAND, INC.

(Exact name of registrant as specified in its charter)


Indiana		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)

(812) 931-5000

(Registrant’s telephone number, including area code)

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

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 ☒ No ☐

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 ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. ☐

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

The registrant had 70,~~482~~656,~~047~~607 shares of common stock, no par value per share, outstanding as of ~~August~~February 14, ~~2025~~2026.

Table of Contents

HILLENBRAND, INC.

INDEX TO FORM 10-Q

		Page
	PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated Statements of Operations for the Three and Nine Months Ended June 30, 2025 and 2024	2
	Consolidated Statements of Operations for the Three Months Ended December 31, 2025 and 2024	2
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended June 30, 2025 and 2024	3
	Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended December 31, 2025 and 2024	3
	Consolidated Balance Sheets at June 30, 2025 and September 30, 2024	4
	Consolidated Balance Sheets at December 31, 2025 and September 30, 2025	4
	Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 2025 and 2024	5
	Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2025 and 2024	5
	Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended June 30, 2025 and 2024	6
	Consolidated Statements of Shareholders’ Equity for the Three Months Ended December 31, 2025 and 2024	6
	Condensed Notes to Consolidated Financial Statements	87
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2918
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4227
Item 4.	Controls and Procedures	4227
	PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	4328
Item 1A.	Risk Factors	4328
Item 5.	Other Information	4428
Item 6.	Exhibits	4428
SIGNATURES

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

Hillenbrand, Inc.

Consolidated Statements of Operations (Unaudited)

(in millions, except per share data)

	Three Months EndedJune 30,				Nine Months EndedJune 30,
			Three Months EndedDecember 31,
	~~2025~~		~~2024~~		2025		2024
Net revenue	$	~~598.9~~	$	~~786.6~~	$	~~2,021~~550.72	$	~~2,345~~706.29
Cost of goods sold	~~396.3~~		~~520.2~~		~~1,347~~366.75		~~1,577~~471.19
Gross profit	~~202.6~~		~~266.4~~		~~674~~183.07		~~768~~235.10
Selling, general and administrative expenses	146.3		174.2		497.2		513.5
Selling, general, and administrative expenses					149.2		171.1
Amortization expense	~~22.9~~		~~25.5~~		7122.28		7625.72
Loss on divestiture	~~1.5~~		—		563.14		—
Impairment charges	—		265.0		—		265.0
Pension settlement gain					—		(1.7)
Pension settlement charges (gain)	—		26.9		(1.7)		35.2
Interest expense, net					20.2		25.1
Interest expense, net	21.3		32.2		69.6		92.8
(Loss) income before income taxes					(11.9)		15.3
Income (loss) from continuing operations before income taxes	10.6		(257.4)		(18.4)		(215.1)
Income tax (benefit) expense					(12.9)		6.4
Income tax expense (benefit)	6.5		(10.5)		7.2		3.7
Consolidated net income					1.0		8.9
Income (loss) from continuing operations	4.1		(246.9)		(25.6)		(218.8)
Less: Net income attributable to noncontrolling interests					3.2		2.5
Loss from discontinued operations (net of income tax benefit)	—		—		—		(0.3)
Net (loss) income attributable to Hillenbrand					$	(2.2)	$	6.4
Consolidated net income (loss)	4.1		(246.9)		(25.6)		(219.1)
(Loss) earnings per share
Less: Net income attributable to noncontrolling interests	2.2		2.0		7.0		6.5
Basic (loss) earnings per share					$	(0.03)	$	0.09
Net income (loss) attributable to Hillenbrand	$	1.9	$	(248.9)	$	(32.6)	$	(225.6)
Diluted (loss) earnings per share					$	(0.03)	$	0.09
Earnings (loss) per share
Weighted average shares outstanding (basic)					70.9		70.6
Basic earnings (loss) per share
Weighted average shares outstanding (diluted)					70.9		70.6
Income (loss) from continuing operations attributable to Hillenbrand	$	0.03	$	(3.53)	$	(0.46)	$	(3.20)
Loss from discontinued operations	—		—		—		—
Net income (loss) attributable to Hillenbrand	$	0.03	$	(3.53)	$	(0.46)	$	(3.20)
Diluted earnings (loss) per share
Income (loss) from continuing operations attributable to Hillenbrand	$	0.03	$	(3.53)	$	(0.46)	$	(3.20)
Loss from discontinued operations	—		—		—		—
Net income (loss) attributable to Hillenbrand	$	0.03	$	(3.53)	$	(0.46)	$	(3.20)
Weighted average shares outstanding (basic)	70.8		70.5		70.7		70.4
Weighted average shares outstanding (diluted)	70.8		70.5		70.7		70.4

See Condensed Notes to Consolidated Financial Statements

Table of Contents

Hillenbrand, Inc.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(in millions)

	Three Months EndedJune 30,				Nine Months EndedJune 30,
			Three Months EndedDecember 31,
	~~2025~~		~~2024~~		2025		2024
Consolidated net income (loss)	$	4.1	$	(246.9)	$	(25.6)	$	(219.1)
Consolidated net income					$	1.0	$	8.9
Changes in other comprehensive income (loss), net of tax:
Currency translation adjustment (1)	~~58.0~~		~~(6.7)~~		510.75		8(63.59)
Pension and postretirement	~~(1.3)~~		~~20.5~~		(30.9)1		260.58
Change in net unrealized (loss) gain on derivative instruments	~~(57.7)~~		~~4.8~~		(410.6)		527.79
Total changes in other comprehensive (loss) income, net of tax	(1.0)		18.6		(39.8)		40.7
Total changes in other comprehensive income (loss), net of tax					10.0		(35.2)
Consolidated comprehensive income (loss)	~~3.1~~		~~(228.3)~~		~~(65~~11.4)0		(~~178~~26.43)
Less: Comprehensive income attributable to noncontrolling interests	~~1.9~~		~~2.4~~		52.79		61.49
Comprehensive income (loss) attributable to Hillenbrand	$	~~1.2~~	$	~~(230.7)~~	$	~~(71~~8.1)	$	(~~184~~28.82)

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

See Condensed Notes to Consolidated Financial Statements

Table of Contents

Hillenbrand, Inc.

Consolidated Balance Sheets

(in millions)

	June 30, 2025 (unaudited)		September 30,2024
	December 31, 2025 (unaudited)		September 30,2025
ASSETS
Current Assets
Cash and cash equivalents	$	~~162~~173.81	$	~~199~~164.38
Trade receivables, net	~~291~~280.7		~~350~~297.13
Receivables from long-term manufacturing contracts, net	~~288~~274.57		~~302~~278.78
Inventories, net	~~386~~349.24		~~525~~344.20
Prepaid expenses and other current assets	~~157~~154.13		~~132~~156.6
Total current assets	1,~~286~~232.32		1,~~509~~241.95
Property, plant, and equipment, net	~~246~~233.09		~~316~~238.65
Operating lease right-of-use assets, net	~~103~~107.08		~~168~~104.71
Intangible assets, net	1,~~158~~116.9		1,~~285~~136.90
Goodwill	1,~~685~~607.05		1,~~835~~601.74
Equity method investments	8462.67		969.42
Other long-term assets	~~112~~108.71		~~112~~76.54
Total Assets	$	4,~~676~~469.51	$	54,~~238~~467.71
LIABILITIES
Current Liabilities
Trade accounts payable	$	~~387~~342.85	$	~~444~~364.84
Liabilities from long-term manufacturing contracts and advances	~~255~~238.59		~~315~~241.29
Current portion of long-term debt	1222.69		2022.68
Accrued compensation	~~101~~83.02		~~122~~109.0
Other current liabilities	~~273~~279.20		~~286~~282.56
Total current liabilities	~~1,030~~966.15		1,~~189~~020.17
Long-term debt	1,~~663~~556.61		1,~~872~~502.40
Accrued pension and postretirement healthcare	9081.47		~~109~~82.35
Operating lease liabilities	7880.14		~~141~~77.1
Deferred income taxes	~~287~~196.6		~~314~~190.30
Other long-term liabilities	~~174~~167.56		~~155~~170.16
Total Liabilities	$	3,~~324~~048.39	$	3,~~781~~042.39
Commitments and contingencies (Note 14)
Commitments and contingencies (Note 13)
SHAREHOLDERS’ EQUITY
Common stock, no par value (75.8 and 75.8 shares issued, 70.4 and 70.2 shares outstanding)	—		—
Common stock, no par value (75.8 and 75.8 shares issued, 70.7 and 70.2 shares outstanding)	—		—
Additional paid-in capital	~~716~~713.25		~~712~~717.69
Retained earnings	~~964~~1,005.24		1,~~045~~024.20
Treasury stock (5.4 and 5.6 shares, at cost)	(228.8)		(238.2)
Treasury stock (5.1 and 5.3 shares, at cost)	(220.0)		(227.1)
Accumulated other comprehensive loss	(~~135~~117.18)		(96128.61)
Hillenbrand Shareholders’ Equity	1,~~316~~381.51		1,~~423~~386.07
Noncontrolling interests	3539.71		3437.45
Total Shareholders’ Equity	1,~~352~~420.2		1,~~457~~424.42
Total Liabilities and Shareholders’ Equity	$	4,~~676~~469.51	$	54,~~238~~467.71

See Condensed Notes to Consolidated Financial Statements

Table of Contents

Hillenbrand, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in millions)

	Nine Months EndedJune 30,
	Three Months EndedDecember 31,
	2025		2024
Operating activities from continuing operations
Operating activities
Consolidated net loss	$	(25.6)	$	(219.1)
Consolidated net income	$	1.0	$	8.9
Adjustments to reconcile loss from continuing operations to cash (used in) provided by operating activities:
Adjustments to reconcile consolidated net income to cash provided by (used in) operating activities:
Total loss from discontinued operations (net of income tax benefit)	—		0.3
Depreciation and amortization	33.0		37.9
Loss on divestiture	56.1		—
Deferred income taxes	(27.8)		(4.8)
Depreciation and amortization	104.7		118.8
Amortization of deferred financing costs	1.0		1.2
Deferred income taxes	(30.2)		(73.9)
Share-based compensation	4.7		4.7
Amortization of deferred financing costs	4.3		4.2
Trade accounts receivable, net and receivables from long-term manufacturing contracts	20.1		17.2
Share-based compensation	14.5		14.9
Inventories, net	(4.0)		(13.3)
Impairment charges	—		265.0
Prepaid expenses and other current assets	0.3		(3.6)
Pension settlement charges	—		35.2
Trade accounts payable	(22.8)		(23.8)
Trade accounts receivable, net and receivables from long-term manufacturing contracts	(0.8)		(19.6)
Inventories, net	(8.0)		18.4
Prepaid expenses and other current assets	(17.7)		(43.5)
Trade accounts payable	(2.8)		(7.4)
Liabilities from long-term manufacturing contracts and advances,
accrued compensation, and other current liabilities	(6937.0)		(5125.18)
Income taxes payable	~~(25~~5.4)8		(18.09)
Accrued pension and postretirement	(10.23)		(40.25)
Other, net	(101.4)		(120.25)
Net cash (used in) provided by operating activities from continuing operations	(11.5)		24.8
Net cash used in operating activities	(27.4)		(11.3)
Investing activities from continuing operations
Investing activities
Capital expenditures	(294.2)		(4110.12)
Proceeds from sales of property, plant, and equipment	23.12		30.45
Acquisition of business, net of cash acquired	—		(0.9)
Cross-currency swap settlement	—		9.1
Proceeds from divestiture, net of cash divested	83.9		—
Collection of deferred purchase price receivables	2.4		10.1
Cross-currency swap settlement	9.1		—
Net cash provided by investing activities	1.4		9.5
Collection of deferred purchase price receivables	17.3		—
Financing activities
Other, net	1.2		(1.6)
Repayments on long-term debt	(5.7)		(4.9)
Net cash provided by (used in) investing activities from continuing operations	84.4		(40.2)
Proceeds from revolving credit facilities	122.2		119.6
Financing activities from continuing operations
Repayments on revolving credit facilities	(65.5)		(68.2)
Proceeds from issuance of long-term debt	188.0		500.0
Payments of dividends on common stock	(16.1)		(15.8)
Repayments on long-term debt	(204.0)		(415.0)
Proceeds from stock option exercises	0.7		0.8
Proceeds from revolving credit facilities	261.1		682.1
Payments for employee taxes on net settlement equity awards	(3.0)		(3.2)
Repayments on revolving credit facilities	(289.5)		(692.5)
Other, net	(1.4)		(1.5)
Payment of deferred financing costs	(3.9)		(6.2)
Net cash provided by financing activities	31.2		26.8
Payments of dividends on common stock	(47.5)		(46.8)
Effect of exchange rates on cash and cash equivalents	1.7		(14.4)
Proceeds from stock option exercises	1.0		2.4
Net cash flows	6.9		10.6
Payments for employee taxes on net settlement equity awards	(3.4)		(6.5)
Other, net	(8.8)		(4.1)
Net cash (used in) provided by financing activities from continuing operations	(107.0)		13.4
Cash used in continuing operations	(34.1)		(2.0)
Cash used in discontinued operations:
Operating cash flows	—		(23.3)
Total cash used in discontinued operations	—		(23.3)
Effect of exchange rates on cash and cash equivalents	(3.8)		(0.3)
Net cash flows	(37.9)		(25.6)
Cash, cash equivalents, and restricted cash:
At beginning of period	~~227~~191.94		~~250~~227.29
At end of period	$	~~190~~198.03	$	~~224~~238.65

See Condensed Notes to Consolidated Financial Statements

Table of Contents

Hillenbrand, Inc.

Consolidated Statements of Shareholders’ Equity (Unaudited)

(in millions)

	Three Months Ended June 30, 2025
	Three Months Ended December 31, 2025
	Shareholders of Hillenbrand, Inc.
	Common Stock	AdditionalPaid-inCapital		RetainedEarnings		Treasury Stock			AccumulatedOtherComprehensiveLoss		NoncontrollingInterests		Total
	Shares					Shares	Amount
Balance at March 31, 2025	75.8	$	712.7	$	978.4	5.4	$	(229.4)	$	(134.4)	$	35.3	$	1,362.6
Balance at September 30, 2025	75.8	$	717.9	$	1,024.0	5.3	$	(227.1)	$	(128.1)	$	37.5	$	1,424.2
Total other comprehensive loss, net of tax	—	—		—		—	—		(010.7)3		(0.3)		(110.0)
Net income	—	—		1.9		—	—		—		2.2		4.1
Net (loss) income	—	—		(2.2)		—	—		—		3.2		1.0
Issuance/retirement of stock for stock awards/options	—	(09.84)		—		—(0.2)	07.61		—		—		(0.2.3)
Share-based compensation	—	4.07		—		—	—		—		—		4.07
Dividends ($0.225 per share)	—	0.3		(16.1)		—	—		—		(1.5)		(17.3)
Dividends ($0.2275 per share)	—	0.3		(16.4)		—	—		—		(1.3)		(17.4)
Balance at June 30, 2025	75.8	$	716.2	$	964.2	5.4	$	(228.8)	$	(135.1)	$	35.7	$	1,352.2
Balance at December 31, 2025	75.8	$	713.5	$	1,005.4	5.1	$	(220.0)	$	(117.8)	$	39.1	$	1,420.2
	Nine Months Ended June 30, 2025
	Shareholders of Hillenbrand, Inc.
	Common Stock	AdditionalPaid-inCapital		RetainedEarnings		Treasury Stock			AccumulatedOtherComprehensiveLoss		NoncontrollingInterests		Total
	Shares					Shares	Amount
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	—	—		—		—	—		(38.5)		(1.3)		(39.8)
Net (loss) income	—	—		(32.6)		—	—		—		7.0		(25.6)
Issuance/retirement of stock for stock awards/options	—	(11.8)		—		(0.2)	9.4		—		—		(2.4)
Share-based compensation	—	14.5		—		—	—		—		—		14.5
Dividends ($0.675 per share)	—	0.9		(48.4)		—	—		—		(4.4)		(51.9)
Balance at June 30, 2025	75.8	$	716.2	$	964.2	5.4	$	(228.8)	$	(135.1)	$	35.7	$	1,352.2


















	Three Months Ended December 31, 2024
	Common Stock	Additional Paid-in Capital		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total
	Shares					Shares	Amount
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 income, net of tax	—	—		—		—	—		(34.6)		(0.6)		(35.2)
Net income	—	—		6.4		—	—		—		2.5		8.9

Issuance/retirement of stock for stock awards/options	—	(10.0)		—		(0.2)	7.6		—		—		(2.4)
Share-based compensation	—	4.7		—		—	—		—		—		4.7
Dividends ($0.225 per share)	—	0.3		(16.1)		—	—		—		(1.2)		(17.0)

Balance at December 31, 2024	75.8	$	707.6	$	1,035.5	5.4	$	(230.6)	$	(131.2)	$	35.1	$	1,416.4

See Condensed Notes to Consolidated Financial Statements

Table of Contents

	Three Months Ended June 30, 2024
	Shareholders of Hillenbrand, Inc.
	Common Stock	AdditionalPaid-inCapital		RetainedEarnings		Treasury Stock			AccumulatedOtherComprehensiveLoss		NoncontrollingInterests		Total
	Shares					Shares	Amount
Balance at March 31, 2024	75.8	$	704.2	$	1,311.3	5.6	$	(239.9)	$	(124.5)	$	31.1	$	1,682.2
Total other comprehensive loss, net of tax	—	—		—		—	—		18.2		0.4		18.6
Net (loss) income	—	—		(248.9)		—	—		—		2.0		(246.9)
Issuance/retirement of stock for stock awards/options	—	(1.3)		—		—	1.0		—		—		(0.3)
Share-based compensation	—	5.0		—		—	—		—		—		5.0
Dividends ($0.2225 per share)	—	0.2		(15.8)		—	—		—		(1.6)		(17.2)
Balance at June 30, 2024	75.8	$	708.1	$	1,046.6	5.6	$	(238.9)	$	(106.3)	$	31.9	$	1,441.4
	Nine Months Ended June 30, 2024
	Shareholders of Hillenbrand, Inc.
	Common Stock	AdditionalPaid-inCapital		RetainedEarnings		Treasury Stock			AccumulatedOtherComprehensiveLoss		NoncontrollingInterests		Total
	Shares					Shares	Amount
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	—	—		—		—	—		40.8		(0.1)		40.7
Net (loss) income	—	—		(225.6)		—	—		—		6.5		(219.1)
Issuance/retirement of stock for stock awards/options	—	(16.9)		—		(0.3)	12.8		—		—		(4.1)
Share-based compensation	—	14.9		—		—	—		—		—		14.9
Dividends ($0.6675 per share)	—	0.6		(47.4)		—	—		—		(4.1)		(50.9)
Purchase of noncontrolling interests	—	—		—		—	—		—		(3.0)		(3.0)
Balance at June 30, 2024	75.8	$	708.1	$	1,046.6	5.6	$	(238.9)	$	(106.3)	$	31.9	$	1,441.4

See Condensed Notes to Consolidated Financial Statements

Table of Contents

Hillenbrand, Inc.

Condensed Notes to Consolidated Financial Statements (Unaudited)

(in millions, except share and per share data)

1. Background and Basis of Presentation

Hillenbrand, Inc. (the “Company” or “Hillenbrand”) 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~~for TomorrowTM, 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.

OnHillenbrand ~~February~~is 1composed 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, ~~2023~~systems, ~~the~~and ~~Company~~aftermarket ~~completed~~parts ~~the~~and ~~divestiture~~services for a variety of ~~its~~industries, ~~historical~~including ~~Batesville~~durable ~~reportable~~plastics, ~~operating~~food, ~~segment~~and ~~(“Batesville”)~~recycling. toMolding BLTechnology ~~Memorial~~Solutions ~~Partners~~is a global leader in highly-engineered equipment, ~~LLC~~systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a ~~Delaware~~comprehensive ~~limited~~product ~~liability~~portfolio ~~company~~that ~~owned~~includes byinjection ~~funds~~molding ~~affiliated~~and ~~with~~extrusion ~~LongRange~~equipment, ~~Capital~~hot runner systems, ~~L.P.~~process control systems, ~~for~~mold ~~$761.5~~bases and components, ~~including~~and anmaintenance, ~~$11.5~~repair, ~~subordinated~~and ~~note~~operating (“MRO”) supplies.

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. Unless otherwise noted, discussion within the condensed notes to the Consolidated Financial Statements relates to continuing operations only and excludes Batesville.

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. 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 injection molding and extrusion equipment (see Note 4), hot runner systems, process control systems, mold bases and components, and maintenance, repair, and operating (“MRO”) supplies.

The Consolidated Financial Statements include the accounts of Hillenbrand and its subsidiaries. They also include three subsidiaries where the Company’s ownership percentage is less than 100%. The Company’s fiscal year ends on September 30. Unless otherwise stated, references to years refer to fiscal years.

These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the ~~U.S.~~ Securities and Exchange Commission (“SEC”) for interim financial statements and therefore do not include all information required in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The unaudited Consolidated Financial Statements have been prepared on the same basis as, and should be read in conjunction with, the audited Consolidated Financial Statements and notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended September 30, ~~2024~~2025, as filed with the SEC on November 19, ~~2024~~2025. In the opinion of management, these unaudited Consolidated Financial Statements reflect all adjustments necessary to present a fair statement of the Company’s consolidated financial position and the consolidated results of operations and cash flows as of the dates and for the periods presented and are normal and recurring in nature. The interim period results are subject to variation and are not necessarily indicative of the consolidated results of operations to be expected for the full fiscal year.

The preparation of the Consolidated Financial Statements in conformity with GAAP requires the Company 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 period. Actual results could differ from those estimates. Examples of such estimates include, but are not limited to, revenue recognition under ~~the over time method, establishment of reserves related to credit losses, warranties, income taxes, litigation, and self-insurance.~~

~~For~~ the ~~year~~over ~~ended~~time ~~September 30~~method, ~~2024,~~establishment ~~$9.4~~ of ~~equity~~reserves ~~method~~related ~~investments~~to ~~were~~credit ~~reclassified~~losses, ~~from~~warranties, ~~other~~income ~~long-term assets on the accompanying Consolidated Balance Sheet for comparability with the June 30~~taxes, ~~2025 Consolidated Balance Sheet. There was no change to total assets for the year ended September 30~~litigation, ~~2024~~and ~~as a result of this reclassification~~self-insurance.

8Acquisition by Lone Star

As announced on October 15, 2025, on October 14, 2025, the Company 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 Parent (“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 Funds XII, L.P.

At the effective time of the Merger, 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.

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January 8, 2026. The Merger is expected to close by the end of the first quarter of calendar year 2026, subject to customary closing conditions.

2.Summary of Significant Accounting Policies

The significant accounting policies used in preparing the Consolidated Financial Statements are consistent with the accounting policies described in the Company’s Annual Report on Form 10-K as of and for the year ended September 30, ~~2024~~2025.

Recently issued accounting standards

In November 2023, the 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. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 (fiscal 2025), and interim periods beginning in fiscal 2026. The Company is currently evaluating the impact of ASU 2023-07 on the 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.

Contract balances

The balance in receivables from long-term manufacturing contracts at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, was $~~288~~274.57 and $~~302~~278.78, respectively. The change was driven by the impact of net revenue recognized prior to billings to customers. The balance in the liabilities from long-term manufacturing contracts and advances at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, was $~~255~~238.59 and $~~315~~241.29, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The net revenue recognized for the ~~nine~~three months ended ~~June~~December 3031, 2025 and 2024, related to liabilities from long-term manufacturing contracts and advances as of September 30, ~~2024~~2025 and ~~2023~~2024, was $9576.60 and $~~116~~95.46, respectively. During the ~~nine~~three months ended ~~June~~December 3031, 2025 and 2024, the adjustments related to performance obligations satisfied in previous periods were immaterial.

Transaction price allocated to the remaining performance obligations

As of ~~June~~December 3031, 2025, the aggregate amount of transaction price of remaining performance obligations for the Company, which corresponds to backlog as defined in Part I, Item 2 of this Quarterly Report on Form 10-Q, was $1,~~624~~486.27. Approximately 7574% of these performance obligations are expected to be satisfied over the next twelve months, and the remaining performance obligations, primarily within one to three years.

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Disaggregation of revenue

The following tables present net revenue by geography:

	Three Months Ended June 30, 2025				Nine Months Ended June 30, 2025
	Three Months Ended December 31, 2025				Three Months Ended December 31, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Geography (1)
Americas	$	~~229~~198.45	$	2729.50	$	~~256~~227.95	$	~~679~~229.82	$	~~247~~102.39	$	~~927~~332.1
Asia	~~126~~128.04		3631.76		~~162~~160.70		~~385~~128.48		~~166~~60.32		~~551~~189.70
Europe, the Middle East, and Africa	~~151~~136.67		2726.70		~~179~~162.37		~~446~~153.91		9632.07		~~542~~185.98
Total	$	~~507~~463.06	$	9186.96	$	~~598~~550.92	$	~~1,512~~511.1	$	~~509~~195.68	$	~~2,021~~706.79
	Three Months Ended June 30, 2024				Nine Months Ended June 30, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Geography (1)
Americas	$	275.4	$	115.7	$	391.1	$	797.5	$	353.1	$	1,150.6
Asia	128.4		64.9		193.3		408.8		188.0		596.8
Europe, the Middle East, and Africa	165.6		36.6		202.2		490.6		107.2		597.8
Total	$	569.4	$	217.2	$	786.6	$	1,696.9	$	648.3	$	2,345.2

(1)The Company attributes net revenue to a geography based upon the location of the end customer.

The following tables present net revenue by timing of transfer:

	Three Months Ended June 30, 2025				Nine Months Ended June 30, 2025
	Three Months Ended December 31, 2025				Three Months Ended December 31, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Timing of transfer
Point in time	$	~~262~~256.95	$	9185.97	$	~~354~~342.82	$	~~808~~269.08	$	~~476~~181.51	$	~~1,284~~450.59
Over time	~~244~~207.1		—0.9		~~244~~208.10		~~704~~241.13		3314.17		~~737~~256.20
Total	$	~~507~~463.06	$	9186.96	$	~~598~~550.92	$	~~1,512~~511.1	$	~~509~~195.68	$	~~2,021~~706.79
	Three Months Ended June 30, 2024				Nine Months Ended June 30, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Timing of transfer
Point in time	$	267.2	$	203.8	$	471.0	$	826.9	$	595.5	$	1,422.4
Over time	302.2		13.4		315.6		870.0		52.8		922.8
Total	$	569.4	$	217.2	$	786.6	$	1,696.9	$	648.3	$	2,345.2

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~~Table~~4.Supplemental ofConsolidated ~~Contents~~Balance Sheet Information

4.Divestiture


	December 31, 2025		September 30, 2025
Allowance for credit losses	$	11.8	$	11.3

Warranty reserves	$	43.1	$	46.0

Accumulated depreciation on property, plant, and equipment	$	251.8	$	245.0

Inventories, net:
Raw materials and components	$	165.8	$	164.7
Work in process	86.4		81.9
Finished goods	97.2		97.4
Total inventories, net	$	349.4	$	344.0

OnThe ~~March~~following ~~31,~~table ~~2025,~~provides ~~the~~a ~~Company~~reconciliation ~~completed the divestiture~~ of ~~its~~cash ~~majority interest in the Milacron injection molding~~ and ~~extrusion~~cash ~~business~~equivalents ~~(“Milacron”) pursuant to the Contribution~~ and ~~Purchase~~restricted ~~Agreement~~cash ~~(“Agreement”)~~reported ~~between~~within the ~~Company~~Consolidated ~~and~~Balance anSheets ~~affiliate~~that ofsum ~~Bain~~to ~~Capital (“Bain”). In accordance with~~ the ~~terms~~total of the ~~Agreement,~~same ~~Hillenbrand~~amounts ~~contributed~~shown 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. Hillenbrand received total consideration of $286.0 for its contribution of Milacron, subject to closing adjustments. 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~~the ~~for~~Consolidated ~~obtaining~~Statements ~~51.26% majority ownership~~ of ~~Milacron~~Cash ~~Holdings.~~ Flows:

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 Company was in compliance with all covenants prior to the execution of the Agreement. The long-term credit agreement also included revolving credit loans available to certain wholly-owned subsidiaries of Milacron not to exceed $30.0.


	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	173.1	$	208.0
Short-term restricted cash included in other current assets	6.5		6.9
Long-term restricted cash included in other long-term assets	18.7		23.6

Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	198.3	$	238.5

~~The~~Equity ~~Company~~Method 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 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.Investment

AsThe aConsolidated ~~result~~Financial ofStatements ~~the~~include our 48.74% interest in Milacron ~~divestiture~~Holdings, ~~the~~which ~~Company~~is ~~recorded~~accounted afor ~~pre-tax~~using ~~loss~~the equity method of ~~$1.5~~accounting as we have significant influence over the operating and ~~$56~~financial policies but not controlling interests.1 When we record our proportionate share of net income, ~~after~~we ~~post-closing~~record ~~adjustments~~it as a reduction or increase to selling, general and administrative expenses in the Consolidated ~~Statement~~Statements of Operations ~~during~~and adjust the ~~three~~carrying ~~and~~value ~~nine~~of ~~months~~our ~~ended~~equity ~~June~~method ~~30, 2025, respectively~~investment. The ~~Company~~value ~~incurred~~of ~~$0.8~~our ~~and~~equity ~~$4.9~~method ofinvestments, ~~transaction~~which ~~costs~~is ~~associated~~recorded ~~with~~in ~~the~~Equity ~~divestiture~~method ~~during~~investments in the ~~three~~Consolidated Balance Sheet, was $62.6 and ~~nine~~$68.8 ~~months~~at ~~ended~~December ~~June~~31, 2025 and September 30, 2025, respectively,. We ~~which were~~ recorded ~~within~~our ~~the~~proportionate ~~Molding~~share ~~Technology~~of ~~Solutions~~net ~~reportable~~(loss) ~~operating~~income ~~segment.~~from ~~Upon~~equity ~~the~~method ~~divestiture~~investments of ~~Milacron,~~$(6.2) ~~the~~and ~~Company’s~~$2.8 ~~equity~~for ~~interest~~the inthree ~~Milacron~~months ~~Holdings~~ended isDecember ~~accounted~~31, ~~for~~2025 ~~under~~and ~~the~~2024, ~~equity~~respectively, ~~method~~as a component of ~~accounting~~selling, asgeneral ~~prescribed~~and byadministrative ~~GAAP~~expenses.

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, including the loss on the divestiture, for Milacron are included within the Molding Technology Solutions reportable operating segment for all periods presented. 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.

5.Supplemental Consolidated Balance Sheet Information

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	June 30, 2025		September 30, 2024
Allowance for credit losses	$	11.1	$	13.6
Warranty reserves	$	46.4	$	47.9
Accumulated depreciation on property, plant, and equipment	$	242.5	$	265.6
Inventories, net:
Raw materials and components	$	184.8	$	247.0
Work in process	98.2		127.6
Finished goods	103.2		150.6
Total inventories, net	$	386.2	$	525.2

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:

	June 30, 2025		June 30, 2024
Cash and cash equivalents	$	162.8	$	223.8
Short-term restricted cash included in other current assets	6.5		0.8
Long-term restricted cash included in other long-term assets	20.7		—
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	190.0	$	224.6

Equity Method Investments

The Consolidated Financial Statements includes our 48.74% interest in Milacron Holdings and our approximate 46% interest in TerraSource Holdings, LLC (“TerraSource”), 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 a reduction or increase to selling, general and administrative expenses 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 $84.6 and $9.4 at June 30, 2025 and September 30, 2024, respectively. We recorded our proportionate share of net income from equity method investments of $0.4 and $6.4, and $2.1 and $4.7 for the three and nine months ended June 30, 2025 and 2024, respectively, as a reduction of selling, general and administrative expenses.

In July 2025, the Company completed the sale of its interest in TerraSource (Note 17).

Supplier Finance Program

The Company has an agreement with a third-party to facilitate a supply chain finance (“SCF”) program with participating financial institutions. The SCF program allows 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 program 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 program.

All outstanding amounts related to suppliers participating in the SCF program are recorded upon confirmation with the third-party financial institutions in trade accounts payable in the Consolidated Balance Sheets, and associated payments are included

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~~Table~~in cash used in operating activities in the Consolidated Statements of ~~Contents~~Cash Flows. The Company’s outstanding obligations included in trade accounts payable as of December 31, 2025 and September 30, 2025, were $12.5 and $13.7, respectively.

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 June 30, 2025 and September 30, 2024, were $14.3 and $16.0, respectively.

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~~For ~~fiscal~~one ~~2024,~~of the Company’s ~~executed an amendment of one of its~~ trade ~~receivables~~receivable financing ~~agreements~~agreement ~~(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 ~~Amended~~ Agreement and other trade receivable factoring arrangements were $7076.87 and $~~205~~70.9,8 ~~and $79.1 and $159.6~~ for the three ~~and nine~~ months ended ~~June~~December 3031, 2025 and 2024, respectively, and cash collections from customers on trade receivables sold were $6875.57 and $~~208~~71.3,7 ~~and $80.0 and $95.3~~ during the three ~~and nine~~ months ended ~~June~~December 3031, 2025 and 2024, 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 three ~~and nine~~ months ended ~~June~~December 3031, 2025 ~~and~~or 2024, respectively. Amounts collected on behalf of the financial institution under this trade receivables factoring arrangement and owed to the financial institution were $20.16 and $34.12 at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, 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 three ~~and nine~~ months ended ~~June~~December 3031, 2025 ~~and~~or 2024. As of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, trade receivables in the amount of $2326.65 and $3428.23, 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:

	Nine Months Ended June 30, 2025		Nine Months Ended June 30, 2024
	Three Months Ended December 31, 2025		Three Months Ended December 31, 2024
Beginning DPP receivables balance	$	63.7	$	—6.7
Non-cash additions to DPP receivables	153.04		209.62
Cash collections on DPP receivables	(172.34)		(1310.91)
Ending DPP receivables balance	$	4.47	$	65.78

65.Leases

For the three ~~and nine~~ months ended ~~June~~December 3031, 2025 and 2024, the Company recognized $7.8 ~~and $27~~.9, 0 and $710.75 ~~and $24.3~~ of operating lease expense, respectively, including short-term lease expense and variable lease costs, which were immaterial in each period. The Company’s finance leases were insignificant as of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025.

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

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	December 31, 2025			September 30, 2025
Operating lease right-of-use assets, net	$	107.8		$	104.1

Other current liabilities	20.0			19.6
Operating lease liabilities	80.4			77.1
Total operating lease liabilities	$	100.4		$	96.7

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

Weighted-average discount rate	4.5		%	4.3		%

	June 30, 2025			September 30, 2024
Operating lease right-of-use assets, net	$	103.0		$	168.7
Other current liabilities	19.4			22.0
Operating lease liabilities	78.1			141.1
Total operating lease liabilities	$	97.5		$	163.1
Weighted-average remaining lease term (in years)	5.8			10.3
Weighted-average discount rate	4.4		%	6.3		%

As of December 31, 2025, the maturities of the Company’s operating lease liabilities were as follows:

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


2026 (excluding the three months ended December 31, 2025)	$	19.0
2027	22.1
2028	19.3
2029	17.0
2030	15.5
Thereafter	21.2
Total lease payments	114.1
Less: imputed interest	(13.7)
Total present value of lease payments	$	100.4

2025 (excluding the nine months ended June 30, 2025)	$	6.1
2026	22.9
2027	19.6
2028	16.8
2029	14.9
Thereafter	30.1
Total lease payments	110.4
Less: imputed interest	(12.9)
Total present value of lease payments	$	97.5

Supplemental Consolidated Statements of Cash Flow information related to the Company’s operating leases is as follows:

Supplemental Consolidated Statements of Cash Flows information related to the Company’s operating leases is as follows:


	Three Months Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	6.7	$	8.0
Operating lease right-of-use assets, net obtained in exchange for new operating lease liabilities	6.1		4.6

	Nine Months Ended June 30,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	18.8	$	19.9
Operating lease right-of-use assets, net obtained in exchange for new operating lease liabilities	11.2		12.8
Operating leases acquired in business combinations	—		3.1

6.Intangible Assets and Goodwill

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7.Intangible Assets and Goodwill

Impairment recorded in the prior year

In connection with the preparation of the Consolidated Financial Statements for the three and nine months ended June 30, 2024, an interim impairment assessment was performed for select reporting units within the Molding Technology Solutions reportable operating segment as a result of certain triggering events. The prior year interim impairment assessment was triggered by negative macroeconomic conditions and changing market fundamentals, which resulted in a downward revision to the forecast and a new five-year operating plan for select reporting units within the Molding Technology Solutions reportable operating segment. As a result of the change to expected future cash flows and the comparable market information used in the market approach for estimating the fair value of a certain reporting unit, the Company concluded that the carrying value for that reporting unit exceeded its fair value, resulting in a goodwill impairment charge of $238.0 during the three and nine months ended June 30, 2024.

Additionally, under the relief-from-royalty fair value method, the Company concluded that the carrying value of the trade name associated with that same reporting unit exceeded its fair value. As a result, an impairment charge of $27.0 was recorded for this trade name during the three and nine months ended June 30, 2024.

The valuation used to test goodwill and indefinite-lived intangible assets for impairment is dependent upon a number of significant estimates and assumptions, including macroeconomic conditions, growth rates, competitive activities, cost containment, achievement of synergy initiatives, margin expansion, and the Company’s business plans. 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 and indefinite-lived assets, including discount and tax rates or future cash flow projections, could result in significantly different estimates of the fair values.

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.

During the three and nine months ended June 30, 2025, the Company did not observe any triggering events or substantive changes in circumstances requiring the need for an interim impairment assessment.

Intangible Assets

Intangible assets are stated at the lower of cost or fair value. 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 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 an impairment.

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The following table summarizes the carrying amounts and related accumulated amortization for intangible assets as of:

	June 30, 2025				September 30, 2024
	December 31, 2025				September 30, 2025
	Cost		AccumulatedAmortization		Cost		AccumulatedAmortization
Finite-lived assets:
Customer relationships	$	1,~~240~~245.57	$	(~~400~~439.93)	$	1,~~316~~239.97	$	(~~379~~419.41)
Technology, including patents	189.13		(~~110~~116.47)		~~192~~189.30		(~~100~~113.94)
Software	6367.15		(3740.79)		5366.05		(3539.32)
Trade names	54.0		(1518.32)		5253.59		(1016.67)
	1,546.7		(564.3)		1,614.7		(526.2)
	1,556.5		(615.1)		1,549.1		(588.4)
Indefinite-lived assets:
Trade names	~~176~~175.5		—		~~197~~175.43		—
Total	$	1,~~723~~732.20	$	(~~564~~615.31)	$	1,~~812~~724.14	$	(~~526~~588.24)

Finite-lived intangible assets, net of $~~654~~623.03 and $~~693~~638.01 are included in the Advanced Process Solutions reportable operating segment at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, respectively. Indefinite-lived intangible assets of $~~114~~115.90 and $~~112~~114.38 are included in the Advanced Process Solutions reportable operating segment at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, respectively. The net change in intangible assets in the Advanced Process Solutions reportable operating segment during the ~~nine~~three months ended ~~June~~December 3031, 2025, was driven primarily by amortization and foreign currency adjustments.

Finite-lived intangible assets, net of $~~312~~302.43 and $~~388~~306.32 are included in the Molding Technology Solutions reportable operating segment at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, respectively. Indefinite-lived intangible assets of $6160.65 ~~and $85.1~~ are included in the Molding Technology Solutions reportable operating segment at ~~June~~both 30December 31, 2025 and September 30, ~~2024, respectively~~2025. The net change in intangible assets in the Molding Technology Solutions reportable operating segment during the ~~nine~~three months ended ~~June~~December 3031, 2025, was driven primarily by ~~the Milacron divestiture,~~ amortization, and foreign currency adjustments.

Goodwill

Goodwill is not amortized, but is subject to annual impairment tests. Goodwill has been assigned to reporting units within the reportable operating segments. 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 ~~nine~~three months ended ~~June~~December 3031, 2025:

	Advanced Process Solutions		Molding Technology Solutions		Total
Balance as of September 30, 2024	$	1,430.2	$	405.5	$	1,835.7
Balance as of September 30, 2025	$	1,458.8	$	142.6	$	1,601.4
Divestiture of Milacron	—		(180.0)		(180.0)
Foreign currency adjustments	4.6		1.5		6.1
Foreign currency adjustments	30.7		(1.4)		29.3
Balance as of December 31, 2025	$	1,463.4	$	144.1	$	1,607.5
Balance as of June 30, 2025	$	1,460.9	$	224.1	$	1,685.0

16During the three months ended December 31, 2025 and 2024, the Company did not observe any triggering events or substantive changes in circumstances requiring the need for an interim impairment assessment.

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87.Financing Agreements

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

	June 30, 2025		September 30, 2024
	December 31, 2025		September 30, 2025
$1,000 revolving credit facility (excluding outstanding letters of credit)	$	~~284~~283.05	$	~~298~~225.50
$200 term loan	175.0		182.5
€240 term loan	278.7		281.3
€185 term loan	—		196.5
$175 term loan	172.8		175.0
$500 senior unsecured notes (1)	~~495~~496.52		~~494~~495.68
$375 senior unsecured notes (2)	374.1		373.6
$350 senior unsecured notes (2)	347.8		347.7
$350 senior unsecured notes (3)	347.5		347.1
Total debt	1,579.0		1,524.8
Other	0.1		0.2
Less: current portion	22.9		22.8
Total debt	1,676.2		1,893.0
Total long-term debt	$	1,556.1	$	1,502.0
Less: current portion	12.6		20.6
Total long-term debt	$	1,663.6	$	1,872.4

(1)Includes unamortized debt issuance costs of $43.58 and $5.4.2 at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, respectively.

(2)Includes unamortized debt issuance costs of $02.82 and $1.2.3 at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, respectively.

On July 9, 2025, the Company entered into a Fifth Amended and Restated Credit Agreement (3the “Amended Credit Agreement”)~~Includes~~, ~~unamortized~~which ~~debt~~governs ~~issuance~~the ~~costs~~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 $2700.50. 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”). As of December 31, 2025, the Company had $215.98 atin ~~June~~outstanding 30letters of credit issued and $400.7 of borrowing capacity under the Facility, of which $34.5 was available as of such date based on the Company’s most restrictive covenant. The weighted-average interest rate on borrowings under the Facility was 3.52% and 4.96% for the three months ended December 31, 2025 and ~~September 30~~2024, respectively. The weighted average facility fee on the Facility was 0.24% and 0.24% for the three months ended December 31, 2025 and 2024, respectively. The weighted-average interest rate on the $175 term loan was 5.85% for the three months ended December 31, 2025. The weighted-average interest rate on the €240 term loan was 3.74% for the three months ended December 31, 2025.

OnRemaining ~~June~~unamortized 8,deferred ~~2022,~~financing ~~the~~costs ~~Company~~related ~~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 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. As of June 30, 2025, the Company had~~ $~~16.4~~175 interm ~~outstanding~~loan ~~letters of credit issued~~ and ~~$399.6~~€240 ofterm ~~borrowing~~loan ~~capacity~~were ~~under the Facility, of which~~ $348.9 was immediately available based on the Company’s most restrictive covenant, and is reflective of the June 30, 2025 covenant revision in conjunction with the Credit Agreement as defined further below. The weighted-average interest rate on borrowings under the Facility was 3.98% and 4.52% for the three and nine months ended June 30, 2025, respectively, and 5.~~55% and~~ 5~~.84%~~ ~~for~~in ~~the three and nine months ended June 30~~aggregate, ~~2024,~~as ~~respectively. The~~of ~~weighted~~December ~~average facility fee on the Facility was 0.25% and 0.24% for the three and nine months ended June 30~~31, 2025, ~~respectively,~~ and ~~0.24%~~are ~~and~~being ~~0.22%~~amortized ~~for~~to ~~the three and nine months ended June 30, 2024, respectively. The weighted-average~~ interest ~~rate~~expense onover the ~~$200~~remaining term loan was 6.42% and 6.48% for the three and nine months ended June 30, 2025, respectively, and 7.34% and 7.17% for the three and nine months ended June 30, 2024, respectively. During the three months ended June 30, 2025, the Company repaid the €185 delayed-draw term loan facility made available to the Company’s wholly-owned subsidiary, Hillenbrand Switzerland GmbH, under Amendment No. 1 to the Fourth Amended and Restated Credit Agreement, by and among Hillenbrand and certain of ~~its~~these ~~affiliates, the lenders party thereto and JPMorgan Chase Bank, N~~agreements.~~A., as administrative agent (“€185 term loan”) with proceeds from the Milacron divestiture and wrote off deferred financing costs related to the €185 term loan in the amount of $0.6.~~

~~Remaining~~In ~~unamortized~~the ~~deferred~~normal ~~financing~~course ~~costs~~of ~~related~~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 ~~Facility~~industry and, as a result, the Company maintains adequate capacity to provide the guarantees. As of December 31, 2025 and September 30, 2025, the Company had credit arrangements totaling $~~200~~668.0 ~~term~~and ~~loan~~$666.1, ~~were~~respectively, under which $3363.93 inand ~~aggregate~~$374.3, respectively, were used for guarantees. These arrangements include the Company’s Syndicated L/G Facility Agreement (“L/G Facility”) and other ancillary credit facilities. Remaining unamortized deferred financing costs related to the L/G Facility were $1.2 as of ~~June~~December 3031, 2025, and are being amortized to interest expense over the remaining term of ~~these~~the ~~agreements~~agreement.

InAs ~~the normal course~~ of ~~business,~~December ~~the Company provides~~31, ~~primarily to certain customers~~2025, ~~bank~~Hillenbrand ~~guarantees~~was ~~and other credit arrangements~~ in ~~support~~compliance ofwith ~~performance,~~all ~~warranty,~~covenants ~~advance~~contained ~~payment, and other contractual obligations. This form of trade finance is customary~~ in the ~~industry~~foregoing ~~and,~~agreements ~~as a result, the Company maintains adequate capacity to provide the guarantees. As of June 30, 2025~~ and ~~September 30, 2024, the Company had~~ credit ~~arrangements~~instruments ~~totaling $667.4~~ and ~~$594.3,~~there ~~respectively, under which $353.8 and $400.2, respectively,~~ were ~~used~~no ~~for~~events guarantees. These arrangements include the Company’s Syndicated L/G Facility Agreement (“L/G Facility”) and other ancillary credit facilities. Remaining unamortized deferred financing costs related to the L/G Facility were $1.1 as of ~~June 30, 2025, and are being amortized to interest expense over the remaining term of the agreement~~default.

~~As of June 30, 2025, Hillenbrand was in compliance with all covenants contained in the foregoing agreements and credit instruments and there were no events of default.~~8

~~$700~~8.Retirement ~~Revolving Credit Facility, $175 Term Loan, and €240 Term Loan Commitment~~Benefits

Subsequent to June 30, 2025, Hillenbrand entered into a Fifth Amended and Restated Credit Agreement (the “Credit Agreement”), on July 9, 2025 (the “Effective Date”).

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The Credit Agreement amends and restates the Company’s Fourth Amended and Restated Credit Agreement, dated June 8, 2022 (the “Prior Credit Agreement”). The Credit Agreement provides for a $700 revolving credit facility (the “Revolving Credit Facility”). The Credit Agreement also contains two term loan facilities: a U.S. Dollar-denominated $175 term loan facility (the “Dollar Term Loans”) drawn by the Company on the Effective Date to refinance the U.S. Dollar-denominated term loans outstanding under the Prior Credit Agreement, and a Euro-denominated delayed-draw term loan facility available to Hillenbrand Switzerland GmbH, a wholly owned subsidiary of the Company, providing for term loans in an aggregate principal amount of up to €240 (the “Euro Term Loans”).

The maximum permitted Leverage Ratio under the Credit Agreement as of the last day of each of its fiscal quarters will be: (i) 4.25x for the fiscal quarters ending 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.

The Revolving Credit Facility, the Dollar Term Loans and the Euro Term Loans mature on July 9, 2030.

€325 L/G Facility Agreement

On July 17, 2025 (the “LG Effective Date”), the Company completed an amendment (the “L/G Facility Amendment”) 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 “Existing L/G Facility Agreement,”). The L/G Facility Amendment amends the Existing L/G Facility Agreement by, among other things, increasing the maximum permitted leverage ratio to (i) 4.25x for the fiscal quarters ending 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. The L/G Facility Amendment matures on June 22, 2027.

Repayment of $375 senior unsecured notes

On September 25, 2019, the Company issued $375 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 Euro Term Loans defined above.

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9.Retirement Benefits

Defined Benefit Plans

Components of net periodic pension cost (benefit) included in the Consolidated Statements of Operations were as follows:

	U.S. Pension Benefits				Non-U.S. Pension Benefits
	Three Months Ended June 30,				Three Months Ended June 30,
	Three Months Ended December 31,				Three Months Ended December 31,
	2025		2024		2025		2024
Service costs	$	—	$	—	$	0.48	$	0.57
Interest costs	0.2		20.32		0.67		10.18
Expected return on plan assets	—		~~(2.8)~~—		(0.3)		(0.43)
Amortization of net loss (gain)	0.1		~~0.1~~—		0.71		(0.2)
Settlement charge	—		26.9		—		—
Settlement gain	—		(1.7)		—		—
Net periodic pension cost (1)	$	0.3	$	26.5	$	1.4	$	1.0
Net periodic pension cost (benefit)	$	0.3	$	(1.5)	$	1.3	$	1.0
	U.S. Pension Benefits				Non-U.S. Pension Benefits
	Nine Months Ended June 30,				Nine Months Ended June 30,
	2025		2024		2025		2024
Service costs	$	—	$	—	$	2.1	$	1.5
Interest costs	0.6		7.0		2.2		3.3
Expected return on plan assets	—		(8.3)		(0.8)		(1.2)
Amortization of net loss (gain)	0.2		0.2		0.2		(0.5)
Settlement (gain) charges	(1.7)		35.2		—		—
Net periodic pension (benefit) cost (1)	$	(0.9)	$	34.1	$	3.7	$	3.1

~~(1) The~~On ~~components~~July of18, ~~net~~2023, ~~periodic~~we announced an offer to provide former employees who are participants in the Company’s U.S. defined benefit pension ~~cost~~plan (~~benefit~~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, ~~excluding~~funded ~~settlement~~by ~~(gain)~~the ~~charges~~existing assets in the Plan. In April 2024, ~~are~~the ~~recorded~~remaining ~~within~~assets ~~selling~~of the Plan were used to purchase annuities to support the remaining obligation, ~~general~~resulting in the termination and ~~administrative~~liquidation ~~expenses~~of the Plan. During the three months ended December 31, 2024, the Company received one-time premium refunds of $1.7 related to the termination of the Plan, which was recorded as a pretax pension settlement gain on the Consolidated ~~Statements~~Statement of Operations.

On July 18, 2023, we announced an offer to provide former employees who are participants in the Company’s U.S. defined benefit pension plan (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 nine months ended June 30, 2025, the Company received one-time premium refunds of $1.7 related to the termination of the Plan, which were recorded as a pretax pension settlement gain on the Consolidated Statement of Operations. During the nine months ended June 30, 2024, the Company recorded non-cash settlement pre-tax charges of $35.2, related to the termination and liquidation of the Plan.

Defined Contribution Plans

Expenses related to the Company’s defined contribution plans were $3.1 and $93.91 for the three ~~and nine~~ months ended ~~June~~December 3031, 2025, ~~respectively,~~ and ~~$2.7 and $8.1 for the three and nine months ended June 30,~~ 2024, respectively.

109.Income Taxes

The effective tax rates for the three months ended ~~June~~December 3031, 2025 and 2024 were 61108.34% and 441.18%, respectively. The increase in the effective tax rate was primarily driven by anone-time ~~unfavorable~~discrete ~~geographic~~impacts ~~mix~~related to the finalization of ~~earnings~~the income tax accounting related to the sale of Milacron and related restructuring activities and the effect of the approval of an ~~increase~~incentive inreduced ~~unrecognized~~income tax ~~benefits,~~rate ~~partially~~for ~~offset~~certain byoperations alocated ~~discrete~~in ~~benefit~~China, ~~resulting~~partially ~~from~~offset ~~enacted~~by ~~state~~the ~~income~~geographic ~~tax~~mix ~~legislation~~of earnings.

199

~~Table~~10.Earnings ofper ~~Contents~~share

The ~~effective~~dilutive ~~tax~~effects ~~rates~~of ~~for~~performance-based ~~the~~stock ~~nine~~awards ~~months~~were ~~ended~~included ~~June~~in ~~30,~~the ~~2025~~computation ~~and~~of ~~2024~~diluted ~~were~~earnings ~~(39.1%)~~per ~~and~~share ~~(1.7%),~~at ~~respectively.~~the ~~The~~level ~~decrease in~~ the ~~effective~~related ~~tax~~performance ~~rate~~criteria ~~was~~were ~~primarily~~met ~~driven~~through bythe anrespective ~~impairment~~Consolidated ~~charge~~Balance ~~that~~Sheet ~~did~~date. Potential ~~not~~dilutive ~~recur~~effects, arepresenting ~~decrease~~approximately ~~in unrecognized tax benefits~~470,000 and a630,000 ~~discrete~~shares ~~benefit~~at ~~resulting~~December ~~from~~31, ~~enacted~~2025 ~~state~~and ~~tax~~2024, ~~legislation.~~respectively, ~~This~~were ~~decrease~~excluded ~~was~~from ~~partially offset by~~ the ~~estimated~~computation ~~tax~~of ~~expense~~diluted ~~related~~earnings toper ~~the~~share ~~preliminary~~as ~~income tax gain recorded on~~ the ~~divestiture~~related ofperformance ~~Milacron~~criteria onwere ~~March~~not ~~31,~~yet ~~2025~~met, although the ~~current~~Company ~~period~~expects ~~expiration~~to ofmeet avarious ~~reduced~~levels ~~incentive~~of ~~tax~~criteria ~~rate for certain operations located~~ in ~~China,~~the ~~and an unfavorable geographic mix of earnings~~future.

The Company expects to further refine the estimated tax expense related to the sale of Milacron throughout the remainder of fiscal 2025.


	Three Months Ended December 31,
		2025		2024
Net (loss) income attributable to Hillenbrand		$	(2.2)	$	6.4

Weighted-average shares outstanding (basic - in millions)		70.9		70.6
Effect of dilutive stock options and other unvested equity awards (in millions)		—		—
Weighted-average shares outstanding (diluted - in millions)		70.9		70.6

Basic (loss) earnings per share		$	(0.03)	$	0.09
Diluted (loss) earnings per share		$	(0.03)	$	0.09

Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions)		1.1		0.9

11.~~Earnings~~ ~~per~~Accumulated ~~share~~Other Comprehensive Loss

The dilutive effects of performance-based stock awards were included in the computation of diluted earnings per share at the level the related performance criteria were met through the respective Consolidated Balance Sheet date. Potential dilutive effects, representing approximately 550,000 and 445,000 shares at June 30, 2025 and 2024, respectively, were excluded from the computation of diluted earnings per share as the related performance criteria were not yet met, although the Company expects to meet various levels of criteria in the future.

	Three Months EndedJune 30,				Nine Months EndedJune 30,
	2025		2024		2025		2024
Income (loss) from continuing operations	$	4.1	$	(246.9)	$	(25.6)	$	(218.8)
Less: Net income attributable to noncontrolling interests	2.2		2.0		7.0		6.5
Income (loss) from continuing operations attributable to Hillenbrand	$	1.9	$	(248.9)	$	(32.6)	$	(225.3)
Weighted-average shares outstanding (basic - in millions)	70.8		70.5		70.7		70.4
Effect of dilutive stock options and other unvested equity awards (in millions) (1)	—		—		—		—
Weighted-average shares outstanding (diluted - in millions)	70.8		70.5		70.7		70.4
Basic earnings (loss) per share from continuing operations attributable to Hillenbrand	$	0.03	$	(3.53)	$	(0.46)	$	(3.20)
Diluted earnings (loss) per share from continuing operations attributable to Hillenbrand	$	0.03	$	(3.53)	$	(0.46)	$	(3.20)
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions)	1.4		1.1		1.2		1.1

(1) As a result of the net loss attributable to Hillenbrand during nine months ended June 30, 2025, and the three and nine months ended June 30, 2024, the effect of stock options and other unvested equity awards would be antidilutive. In accordance with GAAP, they have been excluded from the diluted earnings per share calculation.

12. Accumulated Other Comprehensive Loss

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The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive loss:

	Pension andPostretirement		CurrencyTranslation (1)		NetUnrealized(Loss) Gainon DerivativeInstruments		TotalAttributabletoHillenbrand,Inc.		NoncontrollingInterests		Total
Balance at September 30, 2024	$	(15.6)	$	(55.4)	$	(25.6)	$	(96.6)
Balance at September 30, 2025	$	(13.8)	$	(51.9)	$	(62.4)	$	(128.1)
Other comprehensive (loss) income before reclassifications:
Other comprehensive income (loss) before reclassifications:
Before tax amount	(10.31)		1210.68		(420.17)		~~(30~~10.8)0		$	(10.3)	$	~~(32~~9.1)7
Tax benefit (expense)	0.4		—		(0.6)		(0.2)		—		(0.2)
Tax benefit	—		—		0.2		0.2		—		0.2
After tax amount	(0.91)		1210.68		(420.75)		~~(31~~10.0)2		(10.3)		~~(32~~9.3)9
Amounts reclassified from accumulated other comprehensive loss (2)	~~(3.~~0).2		~~(5.6)~~—		1(0.1)		(70.5)1		—		(70.5)1
Net current period other comprehensive (loss) income	(3.9)		7.0		(41.6)		(38.5)		$	(1.3)	$	(39.8)
Net current period other comprehensive income (loss)	0.1		10.8		(0.6)		10.3		$	(0.3)	$	10.0
Balance at June 30, 2025	$	(19.5)	$	(48.4)	$	(67.2)	$	(135.1)
Balance at December 31, 2025	$	(13.7)	$	(41.1)	$	(63.0)	$	(117.8)

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

(2)Amounts are net of tax.

	Pension andPostretirement		CurrencyTranslation (1)		NetUnrealized(Loss) Gainon DerivativeInstruments		TotalAttributabletoHillenbrand,Inc.		NoncontrollingInterests		Total
Balance at September 30, 2023	$	(34.5)	$	(107.1)	$	(5.5)	$	(147.1)
Other comprehensive (loss) income before reclassifications:
Before tax amount	(0.1)		8.6		(0.6)		7.9		$	(0.1)	$	7.8
Tax benefit	—		—		0.2		0.2		—		0.2
After tax amount	(0.1)		8.6		(0.4)		8.1		(0.1)		8.0
Amounts reclassified from accumulated other comprehensive loss (2)	26.6		—		6.1		32.7		—		32.7
Net current period other comprehensive income (loss)	26.5		8.6		5.7		40.8		$	(0.1)	$	40.7
Balance at June 30, 2024	$	(8.0)	$	(98.5)	$	0.2	$	(106.3)


	Pension and Postretirement		Currency Translation (1)		Net Unrealized (Loss) Gain on Derivative Instruments		Total Attributable to Hillenbrand, Inc.		Noncontrolling Interests		Total
Balance at September 30, 2024	$	(15.6)	$	(55.4)	$	(25.6)	$	(96.6)
Other comprehensive income (loss) before reclassifications:
Before tax amount	1.1		(63.3)		26.5		(35.7)		$	(0.6)	$	(36.3)
Tax benefit (expense)	(0.3)		—		0.7		0.4		—		0.4
After tax amount	0.8		(63.3)		27.2		(35.3)		(0.6)		(35.9)
Amounts reclassified from accumulated other comprehensive loss (2)	—		—		0.7		0.7		—		0.7
Net current period other comprehensive income (loss)	0.8		(63.3)		27.9		(34.6)		$	(0.6)	$	(35.2)

Balance at December 31, 2024	$	(14.8)	$	(118.7)	$	2.3	$	(131.2)

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

(2)Amounts are net of tax.

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Reclassifications out of accumulated other comprehensive loss include:

	Three Months Ended June 30, 2025
	Three Months Ended December 31, 2025
	Amortization of Pension andPostretirement (1)				(Gain) Loss on		~~(Gain) Loss on~~
	GainRecognized		Prior Service CostsRecognized		Currency Translation		DerivativeInstruments		Total
	Net LossRecognized		Prior Service CostsRecognized		DerivativeInstruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	~~0.1~~—	$	—(0.1)	$	(0.51)	$	~~(0.4)~~
Cost of goods sold	—		0.1		—		(0.1)		—
Selling, general and administrative expenses	0.2		—		—		0.2
Selling, general and administrative expenses	0.2		(0.5)		—		1.0		0.7
Total before tax	$	0.2	$	—	$	(0.1)	$	0.1
Total before tax	$	0.2	$	(0.3)	$	—	$	0.4	$	0.3
Tax expense							$	—
Tax expense									—
Total reclassifications for the period, net of tax							$	0.1
Total reclassifications for the period, net of tax									$	0.3
	Nine Months Ended June 30, 2025
	Amortization of Pension andPostretirement (1)				Gain on		(Gain) Loss
	Loss (Gain)Recognized		Prior Service CostsRecognized		Currency Translation		DerivativeInstruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	—	$	(0.2)	$	(0.2)
Cost of goods sold	—		—		—		(0.1)		(0.1)
Selling, general and administrative expenses	0.3		—		—		1.5		1.8
Loss on divestiture	(5.2)		—		(5.6)		(0.2)		(11.0)
Total before tax	$	(4.9)	$	—	$	(5.6)	$	1.0	$	(9.5)
Tax expense									2.0
Total reclassifications for the period, net of tax									$	(7.5)

(1)These accumulated other comprehensive loss components are included in the computation of net periodic pension ~~cost~~ (benefit) cost (see Note 98).


	Three Months Ended December 31, 2024
	Amortization of Pension and Postretirement (1)				(Gain) Loss on
	Net Loss Recognized		Prior Service Costs Recognized		Derivative Instruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	0.3	$	0.3
Selling, general and administrative expenses	—		—		0.5		0.5
Total before tax	$	—	$	—	$	0.8	$	0.8
Tax expense							(0.1)
Total reclassifications for the period, net of tax							$	0.7

~~Table~~(1)These accumulated other comprehensive loss components are included in the computation of ~~Contents~~net periodic pension (benefit) cost (see Note 8).

	Three Months Ended June 30, 2024
	Amortization of Pension andPostretirement (1)				Loss on
	LossRecognized		Prior Service CostsRecognized		DerivativeInstruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	0.9	$	0.9
Cost of goods sold	—		—		0.1		0.1
Selling, general and administrative expenses	26.8		—		4.3		31.1
Total before tax	$	26.8	$	—	$	5.3	$	32.1
Tax benefit							(6.6)
Total reclassifications for the period, net of tax							$	25.5
	Nine Months Ended June 30, 2024
	Amortization of Pension andPostretirement (1)				Loss on
	LossRecognized		Prior Service CostsRecognized		DerivativeInstruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	0.8	$	0.8
Cost of goods sold	—		—		0.4		0.4
Selling, general and administrative expenses	34.9		—		5.3		40.2
Total before tax	$	34.9	$	—	$	6.5	$	41.4
Tax benefit							(8.7)
Total reclassifications for the period, net of tax							$	32.7

~~(1)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (benefit) (see Note 9)~~12.Share-Based Compensation

13.Share-Based Compensation


	Three Months Ended December 31,
		2025		2024
Share-based compensation costs		$	4.7	$	4.7
Less impact of income taxes		1.1		1.1
Share-based compensation costs, net of tax		$	3.6	$	3.6

	Three Months EndedJune 30,				Nine Months EndedJune 30,
	2025		2024		2025		2024
Share-based compensation costs	$	4.0	$	5.0	$	14.5	$	14.9
Less impact of income taxes	1.0		1.2		3.4		3.5
Share-based compensation costs, net of tax	$	3.0	$	3.8	$	11.1	$	11.4

The Company has share-based compensation with long-term performance-based metrics that are contingent upon the Company’s relative total shareholder return and the creation of shareholder value, as well as time-based awards. Relative total shareholder return is determined by comparing the Company’s total shareholder return during a three-year period to the respective total shareholder returns of companies in a designated stock index. Creation of shareholder value is measured by the cumulative cash returns and final period net operating profit after tax compared to the established hurdle rate over a three-year period. For the performance-based awards contingent upon the creation of shareholder value, compensation expense is adjusted each quarter based upon actual results to date and any changes to forecasted information on each of the separate grants.

During the ~~nine~~three months ended ~~June~~December 3031, 2025, the Company made the following grants:

			Number ofUnits
Time-based stock awards			541,889
Performance-based stock awards (maximum that can be earned)			607,162


			Number of Units
Time-based stock awards			642,170

23The Company’s time-based stock awards granted during the three months ended December 31, 2025, had weighted-average grant date fair values of $31.61. These units will be expensed on a straight-line basis over the vesting period.

~~Table~~13.Commitments ofand ~~Contents~~Contingencies

The Company’s time-based stock awards and performance-based stock awards granted during the nine months ended June 30, 2025, had weighted-average grant date fair values of $31.26 and $39.97, respectively. Included in the performance-based stock awards granted during the nine months ended June 30, 2025 are 295,460 units whose payout level is based upon the Company’s relative total shareholder return over the three-year measurement period, as described above. These units will be expensed on a straight-line basis over the measurement period and are not subsequently adjusted after the grant date.

14.Commitments and Contingencies

From time to time, Hillenbrand is involved in claims, lawsuits, and government proceedings relating to its operations, including environmental, antitrust, patent infringement, business practices, commercial transactions, product and general liability, workers’ compensation, auto liability, employment-related, and other matters. The ultimate outcome of any claims, lawsuits, and proceedings cannot be predicted with certainty. An estimated loss from these contingencies is recognized when the Company believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated; however, it is difficult to measure the actual loss that might be incurred related to these matters. If a loss is not considered probable or cannot be reasonably estimated, the Company is required to make a disclosure if there is at least a reasonable possibility that a significant loss may have been incurred. Legal fees associated with claims and lawsuits are generally expensed as incurred.

Claims covered by insurance have in most instances deductibles and self-funded retentions up to $0.5 per occurrence or per claim, depending upon the type of coverage and policy period. For auto, workers’ compensation, and general liability claims in the U.S., outside insurance companies and third-party claims administrators generally assist in establishing individual claim reserves. An independent outside actuary often provides estimates of ultimate projected losses, including incurred but not reported claims, which are used to establish reserves for losses. For all other types of claims, reserves are established when payment is considered probable and are based upon advice from internal and external counsel and historical settlement information for such claims.

The recorded amounts represent the best estimate of costs that the Company will incur in relation to such exposures, but it is possible that actual costs will differ from those estimates.

~~At June 30, 2025 and September 30, 2024, the Company had $0~~14.0Fair ~~and~~Value $11.2, respectively, included in other current liabilities on the Consolidated Balance Sheets related to a discrete commercial dispute which was paid during the nine months ended June 30, 2025, that stemmed from a contract entered into with a Molding Technology Solutions’ customer prior to the Company’s acquisition of the Molding Technology Solutions reportable operating segment.Measurements

15.Fair Value Measurements

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability, developed based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels:


Level 1:			Inputs are quoted prices in active markets for identical assets or liabilities.
Level 2:			Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly.
Level 3:			Inputs are unobservable for the asset or liability.

See the section below titled “Valuation techniques” for further discussion of how Hillenbrand determines fair value for certain assets and liabilities.


	Carrying Value at December 31, 2025		Fair Value at December 31, 2025 Using Inputs Considered as:
			Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	173.1	$	173.1	$	—	$	—
DPP receivables	4.7		—		4.7		—
Restricted cash	0.6		0.6		—		—
Restricted cash for benefit plan contributions	24.6		24.6		—		—
Investments in rabbi trust	6.9		6.9		—		—
Derivative instruments	12.4		—		12.4		—

Liabilities:
Revolving credit facility	283.5		—		283.5		—
$175 term loan	172.8		—		172.8		—
€240 term loan	278.7		—		278.7		—
$350 senior unsecured notes	350.0		350.6		—		—
$500 senior unsecured notes	500.0		512.2		—		—

Derivative instruments	82.8		—		82.8		—
Contingent consideration	12.3		—		—		12.3

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	Carrying Value at September 30, 2025		Fair Value at September 30, 2025 Using Inputs Considered as:
			Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	164.8	$	164.8	$	—	$	—
DPP receivables	3.7		—		3.7		—
Restricted cash	0.6		0.6		—		—
Restricted cash for benefit plan contributions	26.0		26.0		—		—
Investments in rabbi trust	6.2		6.2		—		—
Derivative instruments	12.5		—		12.5		—

Liabilities:
Revolving credit facility	225.0		—		225.0		—
$175 term loan	175.0		—		175.0		—
€240 term loan	281.3		—		281.3		—
$350 senior unsecured notes	350.0		329.9		—		—
$500 senior unsecured notes	500.0		513.4		—		—

Derivative instruments	81.3		—		81.3		—
Contingent consideration	14.2		—		—		14.2

	Carrying Value at June 30, 2025		Fair Value at June 30, 2025Using Inputs Considered as:
			Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	162.8	$	162.8	$	—	$	—
DPP receivables	4.4		—		4.4		—
Restricted cash	0.6		0.6		—		—
Restricted cash for benefit plan contributions	26.6		26.6		—		—
Investments in rabbi trust	5.8		5.8		—		—
Derivative instruments	25.2		—		25.2		—
Liabilities:
Revolving credit facility	284.0		—		284.0		—
$200 term loan	175.0		—		175.0		—
$350 senior unsecured notes	350.0		314.8		—		—
$375 senior unsecured notes	374.9		375.4		—		—
$500 senior unsecured notes	500.0		510.4		—		—
Derivative instruments	97.4		—		97.4		—
Contingent consideration	14.6		—		—		14.6

	Carrying Value at September 30, 2024		Fair Value at September 30, 2024Using Inputs Considered as:
			Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	199.3	$	199.3	$	—	$	—
DPP receivables	6.7		—		6.7		—
Restricted cash	1.1		1.1		—		—
Restricted cash for benefit plan contributions	27.5		27.5		—		—
Investments in rabbi trust	4.8		4.8		—		—
Derivative instruments	19.0		—		19.0		—
Liabilities:
Revolving credit facility	298.5		—		298.5		—
$200 term loan	182.5		—		182.5		—
€185 term loan	196.5		—		196.5		—
$350 senior unsecured notes	350.0		312.9		—		—
$375 senior unsecured notes	374.8		373.7		—		—
$500 senior unsecured notes	500.0		509.8		—		—
Derivative instruments	40.5		—		40.5		—
Contingent consideration	14.6		—		—		14.6

Valuation techniques

•Cash and cash equivalents, restricted cash, restricted cash for benefit plan contributions, and investments in rabbi trust are classified within Level 1 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets. The types of financial instruments the Company classifies within Level 1 include most bank deposits, money market securities, and publicly traded mutual funds. The Company does not adjust the quoted market price for such financial instruments.

•The DPP receivables fair value is based on a discounted cash flow analysis (estimated amount expected to be received) using historical experience and inputs from similar programs, which include the estimated timing of payments and the credit quality of the underlying creditor. Significant changes in any of the inputs in isolation would not result in a materially different fair value estimate. Based on the short-term nature of the DPP receivables, typically 90 -120 days, they are classified as a level 2 measurement.

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credit quality of the underlying creditor. Significant changes in any of the inputs in isolation would not result in a materially different fair value estimate. Based on the short-term nature of the DPP receivables, typically 90 -120 days, they are classified as a Level 2 measurement.

•The Company estimates the fair value of foreign currency derivatives using industry accepted models. The significant Level 2 inputs used in the valuation of derivatives include spot rates, forward rates, and volatility. These inputs were obtained from pricing services, broker quotes, and other sources.

•The fair values of the amounts outstanding under the Facility, $~~200~~175 term loan, and €~~185~~240 term loan approximate carrying value ~~and are classified within Level 2 of the fair value hierarchy~~, as the Company believes their variable interest rate terms correspond to current market terms, and therefore, are classified within Level 2 of the fair value hierarchy.

•The fair values of the $350 senior unsecured notes, ~~$375 senior unsecured notes,~~ and $500 senior unsecured notes were based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. The Company does not adjust the quoted market prices for such financial instruments.

•The contingent consideration ~~of $14.6~~ reflects the estimated fair value of contingent future cash payments to the previous owners of Schenck Process Food and Performance Materials (“FPM”) for research and development tax credits that were generated by FPM prior to the acquisition date. The Company estimated the fair value of the contingent consideration based on the technical merits of the research and development tax credits using an internally developed analysis. The key inputs to this calculation include the nature of the research and development activities, personnel involved in the research and development activities, the level of research and development spend prior to acquisition by the Company, and interpretation of applicable tax law. The value of these credits is subject to audit by the tax authorities and to the closing of the statute of limitations for the year in which the tax credits are fully utilized, the timing of which is not able to be determined at this time, but we expect to extend several years. ~~There have been no changes in the estimated fair value of the initial calculation of the contingent consideration during the three and nine months ended June 30, 2025.~~ The inputs for the liability are unobservable, and therefore, are classified within Level 3 of the fair value hierarchy.

Derivative instruments

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 the fair value of the derivatives are recorded in other comprehensive ~~income~~ (loss) income 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 $2.97 and $9.3~~, and $1~~.2 ~~and $1.2~~ during the three ~~and six~~ months ended ~~June~~December 3031, 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 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.

The aggregate notional value of the cross-currency swap agreements was $~~779~~781.05 and $~~727~~778.80 at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, respectively. The aggregate notional value of the foreign currency exchange forward contract derivatives was $~~274~~371.87 and $~~172~~365.53 at ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, respectively. The derivatives are recorded at fair value in prepaid expenses and other current assets, other current liabilities, and other long-term liabilities in the Consolidated Balance Sheets.

2614

~~Table~~15.Segment ofand ~~Contents~~Geographical Information

16Hillenbrand is composed of two reportable operating segments: Advanced Process Solutions and Molding Technology Solutions.~~Segment~~ The Company’s reportable operating segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and ~~Geographical~~in ~~Information~~assessing performance.

AsThe ~~previously~~Company’s ~~described,~~CODM onis ~~February~~the 1,Chief ~~2023,~~Executive ~~the~~Officer. The Company’s ~~completed~~CODM evaluates the ~~divestiture~~performance of ~~Batesville.~~the ~~The~~ operating ~~results~~segments and ~~cash~~allocates ~~flows~~resources ~~for~~to ~~Batesville~~them ~~have~~based ~~been~~on ~~classified~~Adjusted asEBITDA. Adjusted ~~discontinued~~EBITDA ~~operations~~is ~~within~~ the ~~Consolidated~~Company’s ~~Financial~~measure ~~Statements~~of ~~for~~segment ~~all periods presented~~performance.

Hillenbrand is composed of two reportable operating segments: Advanced Process Solutions and Molding Technology Solutions. The Company’s reportable operating segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance.

The Company records the direct costs of business operations to the reportable operating segments, including stock-based compensation, asset impairments, restructuring activities, and business acquisition costs. Corporate provides management and administrative services to each reportable operating segment. These services include treasury management, human resources, legal, business development, information technology, tax compliance, global supply management, sustainability, and other public company support functions such as internal audit, investor relations, and financial reporting. With limited exception for certain professional services and back-office and technology costs, the Company does not allocate these types of corporate expenses to the reportable operating segments.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2025		2024		2025		2024
Net revenue
Advanced Process Solutions	$	507.0	$	569.4	$	1,512.1	$	1,696.9
Molding Technology Solutions	91.9		217.2		509.6		648.3
Total	$	598.9	$	786.6	$	2,021.7	$	2,345.2
Adjusted EBITDA (1)
Advanced Process Solutions	$	80.1	$	109.2	$	241.7	$	306.0
Molding Technology Solutions	18.3		34.6		78.0		100.3
Corporate	(14.1)		(12.8)		(39.6)		(38.5)
Net revenue (2)
United States	$	209.5	$	330.4	$	777.4	$	978.7
China	92.1		91.3		253.4		265.2
India	22.8		56.1		145.4		175.1
Germany	51.8		60.5		150.2		183.1
All other countries	222.7		248.3		695.3		743.1
Total	$	598.9	$	786.6	$	2,021.7	$	2,345.2

Financial information for the Company’s reportable operating segments is presented below.


	Three Months Ended December 31, 2025
	Advanced Process Solutions		Molding Technology Solutions		Corporate		Total
Net revenue	$	463.6	$	86.6	$	—	$	550.2
Segment cost of goods sold	312.6		54.0		—		366.6
Adjusted other segment expenses (1)	90.6		16.4		14.5		121.5
Segment adjusted EBITDA	$	60.4	$	16.2	$	(14.5)	$	62.1


	Three Months Ended December 31, 2024
	Advanced Process Solutions		Molding Technology Solutions		Corporate		Total
Net revenue	$	511.1	$	195.8	$	—	$	706.9
Segment cost of goods sold	335.4		136.6		—		472.0
Adjusted other segment expenses (1)	92.9		31.8		13.1		137.8
Segment adjusted EBITDA	$	82.8	$	27.4	$	(13.1)	$	97.1

(1) Adjusted other segment expenses consists primarily of segment selling, general and administrative expenses.

The following tables present financial information for the Company’s reportable operating segments and significant geographical locations:


	Three Months Ended December 31,
		2025		2024
Net revenue
Advanced Process Solutions		$	463.6	$	511.1
Molding Technology Solutions		86.6		195.8

Total		$	550.2	$	706.9

Adjusted EBITDA (1)
Advanced Process Solutions		$	60.4	$	82.8
Molding Technology Solutions		16.2		27.4

Corporate		(14.5)		(13.1)

Net revenue (2)
United States		$	183.3	$	284.7
China		72.6		81.1
India		28.5		57.1
Germany		51.7		51.1
All other countries		214.1		232.9
Total		$	550.2	$	706.9

(1)Adjusted earnings before interest, income tax, depreciation, and amortization (“adjusted EBITDA”) is a non-GAAP financial measure used by management to measure segment performance and make operating decisions.

(2)The Company attributes net revenue to a geography based upon the location of the end customer.

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	December 31, 2025		September 30, 2025
Total assets
Advanced Process Solutions	$	3,392.7	$	3,438.1
Molding Technology Solutions	846.9		824.7

Corporate	229.5		204.3

Total	$	4,469.1	$	4,467.1

Tangible long-lived assets, net
United States	$	83.1	$	86.1
Germany	122.6		125.9
China	44.4		42.1
India	12.3		6.6
All other foreign business units	79.3		81.9
Total	$	341.7	$	342.6

	June 30, 2025		September 30, 2024
Total assets
Advanced Process Solutions	$	3,470.9	$	3,470.8
Molding Technology Solutions	956.0		1,600.0
Corporate	249.6		167.9
Total	$	4,676.5	$	5,238.7
Tangible long-lived assets, net
United States	$	90.9	$	186.1
Germany	126.8		134.5
China	38.4		37.1
India	6.7		35.6
All other foreign business units	86.2		92.0
Total	$	349.0	$	485.3

The following schedule reconciles reportable operating segment adjusted EBITDA to consolidated net income:

The following schedule reconciles reportable operating segment adjusted EBITDA to consolidated net income (loss):


	Three Months Ended December 31,
		2025		2024
Adjusted EBITDA:
Advanced Process Solutions		$	60.4	$	82.8
Molding Technology Solutions		16.2		27.4

Corporate		(14.5)		(13.1)
Less:

Interest expense, net		20.2		25.1
Income tax (benefit) expense		(12.9)		6.4
Depreciation and amortization		33.1		37.9

Pension settlement gain		—		(1.7)
Business acquisition, divestiture, and integration costs		7.9		18.1
Non-cash and non-operational expense related to equity method investment		4.5		—
Restructuring and restructuring-related charges		4.9		2.4

Loss on divestiture		3.4		—

Consolidated net income		$	1.0	$	8.9

	Three Months EndedJune 30,				Nine Months EndedJune 30,
	2025		2024		2025		2024
Adjusted EBITDA:
Advanced Process Solutions	$	80.1	$	109.2	$	241.7	$	306.0
Molding Technology Solutions	18.3		34.6		78.0		100.3
Corporate	(14.1)		(12.8)		(39.6)		(38.5)
Add:
Loss from discontinued operations (net of income tax benefit)	—		—		—		(0.3)
Less:
Interest expense, net	21.3		32.2		69.6		92.8
Income tax expense (benefit)	6.5		(10.5)		7.2		3.7
Depreciation and amortization	32.7		38.7		104.7		118.8
Impairment charges	—		265.0		—		265.0
Pension settlement charges (gain)	—		26.9		(1.7)		35.2
Business acquisition, divestiture, and integration costs	12.7		24.9		55.9		39.6
Inventory step-up costs	—		—		—		0.6
Restructuring and restructuring-related charges	5.5		0.7		13.9		24.8
Loss on divestiture	1.5		—		56.1		—
Other non-recurring costs related to a discrete commercial dispute	—		—		—		6.1
Consolidated net income (loss)	$	4.1	$	(246.9)	$	(25.6)	$	(219.1)

17.Subsequent Event

On July 1, 2025, the Company, in conjunction with its majority stake joint-venture partner in TerraSource, completed the divestiture of TerraSource to Astec Industries for $245.0. The sale included cash proceeds to the Company at closing of $114.7, subject to customary post-closing adjustments. The Company expects to record a pre-tax gain of approximately $66.0, subject to post-closing adjustments. As disclosed in Note 5, during the three and nine months ended June 30, 2025, 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 June 30, 2025 and September 30, 2024.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(financial amounts in millions, except share and per share data, throughout Management’s Discussion and Analysis)

FORWARD-LOOKING STATEMENTS AND FACTORS THAT MAY AFFECT FUTURE RESULTS

Throughout this Quarterly Report on Form 10-Q, 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. These are statements about future ~~capital structure, operations, and financial flexibility, or, as applicable,~~ 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 an affiliate of Lone Star Fund XII, L.P. 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 the definitive agreement for the Merger (the “Merger Agreement”) to satisfy the conditions to the closing of the Merger, 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; 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.”) ~~presidential election and the new U.S.~~ administration’s ~~recently~~imposition ~~announced~~of tariffs and ~~changed~~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 ~~(“FPM”)~~ business and Linxis Group SAS ~~(“Linxis”)~~ 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 Milacron injection molding and extrusion business ~~sale~~ (the “~~Transaction~~Disposition”), including potential synergies and cost savings or the failure of the Company or any acquired company, or the ~~Transaction~~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 ~~Transaction~~Disposition; potential adverse effects of the announcement or results of the ~~Transaction~~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 ~~Transaction~~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 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 certain factors that could cause actual results to differ from those contained in forward-looking statements, see the discussion under the heading “Risk Factors” in Part I, Item 1A of Hillenbrand’s Form 10-K for the year ended September 30, 2024, filed with the SEC on November 19, 2024, and in Part II, Item 1A of Hillenbrand’s Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on April 29, 2025, as well as other risks and uncertainties detailed in our filings with the 18

29certain other tax-related matters; exposure to 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. There can be no assurances that the Merger will be consummated.

~~Table~~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 ~~Contents~~certain factors that could cause actual results to differ from those contained in forward-looking statements, see the discussion under the heading “Risk Factors” in Part I, Item 1A of Hillenbrand’s Form 10-K for the year ended September 30, 2025, filed with the Securities and Exchange Commission (the “SEC”) on November 19, 2025, as well as other risks and uncertainties detailed in our other filings with the SEC from time to time. Any forward-looking statement made in this Quarterly Report on Form 10-Q 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, made to reflect new information, future developments or otherwise.

SEC from time to time. The forward-looking information in this quarterly report on Form 10-Q 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, made to reflect new information, future developments or otherwise.

EXECUTIVE OVERVIEW

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~~for TomorrowTM, 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.

Acquisition by Lone Star

The transactions contemplated by the Merger Agreement were unanimously approved by Hillenbrand’s Board of Directors, and Hillenbrand’s shareholders voted to approve the Merger Agreement at a special meeting of the Company’s shareholders on January 8, 2026. The Merger is expected to close by the end of the first quarter of calendar year 2026, subject to customary closing conditions.

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 ~~the~~$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~~, subject to closing adjustments~~. 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 ~~Company was in compliance with all covenants prior to the execution of the Agreement. The~~ long-term credit agreement also included revolving credit loans available to certain wholly-owned subsidiaries of Milacron not to exceed $30.0.

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 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.19

As a result of the Milacron divestiture, the Company recorded a pre-tax loss of $157.~~5 and $56.1~~2, after post-closing adjustments, in the Consolidated Statement of Operations during ~~the~~year ~~three and nine months~~ ended ~~June~~September 30, 2025~~, respectively~~. The Company incurred $0.8 ~~and $4~~.9 of transaction costs associated with the divestiture during the ~~three~~year ~~and nine months~~ ended ~~June~~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.

OPERATING PERFORMANCE MEASURES

The following discussion compares our results for the three ~~and nine~~ months ended ~~June~~December 3031, 2025, to the same ~~periods~~period in 2024. The Company’s fiscal year ends on September 30. Unless otherwise stated, references to years refer to fiscal years. We begin the discussion at a consolidated level and then provide separate detail about Advanced Process Solutions, Molding Technology Solutions, and Corporate. These results of operations are prepared in accordance with GAAP.

30We also provide certain non-GAAP operating performance measures. These non-GAAP financial measures are referred to as “adjusted” measures and generally exclude expenses associated with business acquisition, divestiture, and integration costs, restructuring and restructuring-related charges, pension settlement gain or charges, and inventory step-up costs.

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We also provide certain non-GAAP operating performance measures. These non-GAAP financial measures are referred to as “adjusted” measures and generally exclude expenses associated with business acquisition, divestiture, and integration costs, restructuring and restructuring-related charges, gains and losses on divestitures, impairment charges, pension settlement charges (gains), and inventory step-up (adjustments) costs.

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 measure operating segment performance and 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 financial measure that we use is adjusted earnings before interest, income tax, depreciation, and amortization (“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 net income. Further, the Company’s measure of adjusted EBITDA may not be comparable to similarly titled measures of other companies.

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 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.

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 for customers. Although backlog can be an indicator of future net revenue, it does not include projects and 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, backlog, consolidated net income, and 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 section below where the impact is not significant.

See page 38 for a reconciliation of adjusted EBITDA to consolidated net income (loss), the most directly comparable GAAP financial measure. We use other non-GAAP financial measures in certain other instances and include information reconciling such non-GAAP measures to the respective most directly comparable GAAP financial 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 financial measure, as that term is defined by the SEC, a quantitative reconciliation is not required or provided.20

31calculate 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 section below where the impact is not significant.

~~Table~~See page 24 for a reconciliation of ~~Contents~~adjusted EBITDA to consolidated net income, the most directly comparable GAAP financial measure. We use other non-GAAP financial measures in certain other instances and include information reconciling such non-GAAP financial measures to the respective most directly comparable GAAP financial 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 financial measure, as that term is defined by the SEC, a quantitative reconciliation is not required or provided.

CRITICAL ACCOUNTING ESTIMATES

For the three ~~and nine~~ months ended ~~June~~December 3031, 2025, there were no significant changes to our critical accounting estimates as outlined in our Annual Report on Form 10-K for the year ended September 30, ~~2024~~2025, filed with the SEC on November 19, ~~2024~~2025.

OPERATIONS REVIEW — CONSOLIDATED

	Three Months Ended June 30,						Nine Months Ended June 30,
			Three Months Ended December 31,
	~~2025~~			~~2024~~2025			~~2025~~2024			~~2024~~
	~~Amount~~		~~% of NetRevenue~~	~~Amount~~		~~% of NetRevenue~~	Amount		% of NetRevenue	Amount		% of NetRevenue
Net revenue	$	~~598.9~~	~~100.0~~	$	~~786.6~~	~~100.0~~	$	~~2,021~~550.72	~~100.0~~	$	~~2,345~~706.29	100.0
Gross profit	~~202.6~~		~~33.8~~	~~266.4~~		~~33.9~~	~~674~~183.07		33.34	~~768~~235.10		3233.82
Selling, general and administrative expenses	~~146.3~~		~~24.4~~	~~174.2~~		~~22.1~~	~~497~~149.2		2427.61	~~513~~171.51		2124.92
Amortization expense	~~22.9~~			~~25.5~~			7122.28			7625.72
Loss on divestiture	~~1.5~~			—			563.14			—
Impairment charges	—			265.0			—			265.0
Pension settlement gain							—			(1.7)
Pension settlement charges (gain)	—			26.9			(1.7)			35.2
Interest expense, net							20.2			25.1
Interest expense, net	21.3			32.2			69.6			92.8
Income tax (benefit) expense							(12.9)			6.4
Income tax expense (benefit)	6.5			(10.5)			7.2			3.7

Three Months Ended ~~June~~December 3031, 2025 Compared to Three Months Ended ~~June~~December 3031, 2024

Net revenue decreased $~~187~~156.7 (2422%).

•Advanced Process Solutions net revenue decreased $6247.45 (119%), 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 24%.

•Molding Technology Solutions net revenue decreased $~~125~~109.32 (5856%), primarily driven by the divestiture of Milacron. Foreign currency impact increased net revenue by 1%.

Gross profit decreased $6351.83 (2422%) and gross profit margin ~~decreased~~improved 1020 basis points to 33.84%. On an adjusted basis, which excludes business acquisition, divestiture, and integration costs and restructuring and restructuring-related charges, adjusted gross profit decreased $6550.12 (2421%), and adjusted gross profit margin ~~was~~improved ~~flat~~40 ~~(34~~basis points to 33.68%).

•Advanced Process Solutions gross profit decreased $3724.56 (1814%), primarily driven by lower volume, unfavorable product mix, ~~cost inflation~~ and ancost ~~increase in restructuring and restructuring-related costs~~inflation, partially offset by favorable pricing and productivity improvements. Gross profit margin decreased ~~290~~180 basis points to 3332.16%, ~~primarily driven by cost inflation and unfavorable product mix, partially offset by productivity improvements.~~

Advanced Process Solutions gross profit included restructuring and restructuring related charges ($4.1 ~~in 2025 and $0~~.58 in ~~2024)~~2026 and ~~business acquisition, disposition, and integration costs (~~$0.68 in 2025.) . Excluding these non-recurring items, adjusted gross profit decreased $3323.36 (1613%) and adjusted gross profit margin decreased ~~210~~150 basis points to 3433.0%.

•Molding Technology Solutions gross profit decreased $26.3 (43%) primarily driven by the divestiture of Milacron, partially offset by a decrease in restructuring and restructuring-related costs. Foreign currency impact increased gross profit by 1%. Gross profit margin improved 980 basis points to 38.0%, primarily driven by productivity improvements, including savings from restructuring actions, partially offset by cost inflation. 21

•Molding Technology Solutions gross profit ~~included~~decreased ~~restructuring~~$26.7 ~~and~~(45%) ~~restructuring~~primarily ~~related~~driven ~~charges~~by ofthe ~~$5.7~~divestiture inof ~~2024~~Milacron. ~~Excluding~~ ~~these~~Foreign ~~non-recurring~~currency ~~items,~~impact ~~adjusted~~improved gross profit ~~decreased~~by ~~$31~~1%.7 ~~(47%)~~Gross ~~and adjusted gross~~ profit margin ~~improved~~increased ~~750~~730 basis points to 3837.36%.,

32Selling, general and administrative expenses decreased $21.9 (13%), primarily driven by the divestiture of Milacron, a decrease in variable compensation, a decrease in business acquisition, divestiture, and integration costs, and productivity improvements, 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 290 basis points to 27.1%. Selling, general and administrative expenses included the following items:

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	Three Months Ended December 31,
	2025		2024
Business acquisition, divestiture, and integration costs	$	7.9	$	18.1
Restructuring and restructuring-related charges	2.8		1.4

~~Selling,~~On ~~general~~an ~~and~~adjusted ~~administrative expenses decreased $27.9 (16%)~~basis, ~~primarily~~which ~~driven~~excludes ~~by the divestiture of Milacron, productivity improvements, decreases in~~ business acquisition, divestiture, and integration costs and ~~variable compensation, partially offset by an increase in~~ restructuring and restructuring-related charges., ~~Foreign currency impact increased~~ selling, general and administrative expenses bydecreased 2$17.6 (12%). ~~These~~Adjusted selling, general and administrative expenses as a percentage of net revenue increased by300 ~~230~~ basis points to 24.4%. ~~Selling,~~ ~~general and administrative expenses included the following items:~~

	Three Months Ended June 30,
	2025		2024
Business acquisition, divestiture, and integration costs (1)	$	12.1	$	24.9
Restructuring and restructuring-related charges (adjustments)	1.2		(5.2)

Loss on divestiture of $3.4 was due to the loss on divestiture of Milacron.

~~(1)Includes~~Pension ~~acquisition~~settlement ~~costs~~gain ofdecreased $01.07 ~~and~~due ~~$0.0~~to ~~for~~one-time ~~the~~premium ~~three~~refunds ~~months~~received ~~ended~~in ~~June 30,~~ 2025 ~~and~~from ~~2024,~~the ~~respectively,~~termination ~~divestiture~~of ~~costs~~the ofCompany’s $0U.8S. ~~and~~pension $0plan.0 ~~for~~See ~~the~~Note ~~three~~8 ~~months~~of ~~ended~~Part ~~June 30~~I, ~~2025~~Item ~~and~~1 ~~2024,~~of ~~respectively,~~this ~~and~~Quarterly ~~integration~~Report ~~costs~~on ofForm ~~$11.3~~10-Q ~~and $24.9~~ for ~~the~~further ~~three~~information ~~months~~on ~~ended~~this ~~June~~pension ~~30,~~settlement ~~2025 and 2024, respectively~~gain.

OnInterest ~~an adjusted basis~~expense, ~~which~~net ~~excludes business acquisition, divestiture, and integration costs and restructuring and restructuring-related charges, selling, general and administrative expenses~~ decreased $214.59 (1420%)~~. Adjusted selling~~, ~~general~~primarily ~~and~~due ~~administrative~~to ~~expenses~~lower asweighted aaverage ~~percentage of net revenue increased 260 basis points to 22~~borrowings.~~2%.~~

~~Amortization~~The ~~expense~~effective ~~decreased~~tax $2rate was 108.64% ~~(10~~in 2026 compared to 41.8%) in 2025. The increase in the effective tax rate was primarily driven by one-time discrete impacts related to the ~~impact~~finalization of the ~~divestiture~~income tax accounting related to the sale of Milacron and related restructuring activities and the effect of the approval of an incentive reduced income tax rate for certain operations located in China, partially offset by the geographic mix of earnings.

Loss on divestiture of $1.5 was due to the loss realized on the divestiture of Milacron. See Note 4 of Part I, Item 1 of this Quarterly Report on Form 10-Q for more information.

Impairment charges were $265.0 in the prior year due to goodwill and indefinite-lived intangible asset impairments. See Note 7 of Part I, Item 1 of this Form 10-Q for further information on the impairment charges.

Interest expense, net decreased $10.9 (34%), primarily due to lower weighted average borrowings. See Note 8 of Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion of borrowing activity.

The effective tax rate was 61.3% in 2025 compared to 4.1% in 2024. The increase in the effective tax rate was primarily driven by an unfavorable geographic mix of earnings and an increase in unrecognized tax benefits, partially offset by a discrete benefit resulting from enacted state income tax legislation.

Nine Months Ended June 30, 2025 Compared to Nine Months Ended June 30, 2024

Net revenue decreased $323.5 (14%).

•Advanced Process Solutions net revenue decreased $184.8 (11%), primarily driven by a decrease in volume, partially offset by favorable pricing.

•Molding Technology Solutions net revenue decreased $138.7 (21%), primarily driven by the divestiture of Milacron and a decrease in volume. Foreign currency impact decreased net revenue by 1%.

Gross profit decreased $94.1 (12%). Gross profit margin improved 50 basis points to 33.3%. On an adjusted basis, which excludes inventory step-up costs related to acquisitions, business acquisition, divestiture, and integration costs, and restructuring and restructuring-related charges, adjusted gross profit decreased $104.2 (13%), and adjusted gross profit margin improved 20 basis points to 33.8%.

•Advanced Process Solutions gross profit decreased $82.7 (14%), primarily driven by lower volume, unfavorable product mix, cost inflation, and an increase in restructuring and restructuring-related charges, partially offset by favorable pricing and productivity improvements. Gross profit margin decreased 110 basis points to 33.9%.

Advanced Process Solutions gross profit included inventory step-up costs related to acquisitions ($0.6 in 2024), business acquisition, divestiture, and integration costs ($0.7 in 2025) and restructuring and restructuring-related charges ($8.1 in 2025). Excluding these charges, adjusted gross profit decreased $75.5 (13%) and adjusted gross profit margin decreased 70 basis points to 34.4%.

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•Molding Technology Solutions gross profit decreased $11.4 (7%), primarily driven by the divestiture of Milacron and cost inflation, partially offset by a reduction in restructuring and restructuring-related charges and productivity improvements. Foreign currency impact decreased gross profit by 1%. Gross profit margin increased 510 basis points to 31.8%, primarily driven by a decrease in restructuring and restructuring-related charges and productivity improvements, including savings from restructuring actions, partially offset by cost inflation.

Molding Technology Solutions gross profit included restructuring and restructuring-related charges ($0.4 in 2025 and $17.8 in 2024). Excluding these charges, adjusted gross profit decreased $28.7 (15%) and adjusted gross profit margin increased 240 basis points to 31.9%.

Selling, general and administrative expenses decreased $16.3 (3%), primarily driven by the divestiture of Milacron and productivity improvements, offset by increases in business acquisition, divestiture, and integration costs and cost inflation. These expenses as a percentage of net revenue increased by 270 basis points to 24.6%. Selling, general and administrative expenses included the following items:

	Nine Months Ended June 30,
	2025		2024
Business acquisition, divestiture, and integration costs (1)	$	55.2	$	39.6
Restructuring and restructuring-related charges	5.5		8.6
Other non-recurring costs related to a discrete commercial dispute	—		6.1

(1)Includes acquisition costs of $0.0 and $0.4 for the nine months ended June 30, 2025 and 2024, respectively, divestiture costs of $4.9 and $0.0 for the nine months ended June 30, 2025 and 2024, respectively, and integration costs of $50.3 and $39.2 for the nine months ended June 30, 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 prior year related to the discrete commercial dispute stemming from a customer contract entered into prior to the acquisition of the Molding Technology solutions reportable operating segment, selling, general and administrative expenses decreased $22.7. Adjusted selling, general and administrative expenses as a percentage of net revenue increased 200 basis points to 21.6%.

Amortization expense decreased $5.5 (7%) primarily driven by the impact of the divestiture of Milacron.

Pension settlement charges (gain) decreased $36.9 due to lump-sum payments made from the Company’s U.S. pension plan to former employees who elected to receive such payments in 2024, partially offset by premium refunds received in 2025. See Note 9 of Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on these pension settlement charges (gain).

Loss on divestiture of $56.1 was due to the loss on divestiture of Milacron. See Note 4 of Part I, Item 1 of this Quarterly Report on Form 10-Q for more information.

Interest expense, net decreased $23.2 (25%), primarily due to lower weighted average borrowings. See Note 8 of Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion of borrowing activity.

The effective tax rate was (39.1)% in 2025 compared to (1.7)% in 2024. The decrease in the effective tax rate was primarily driven by an impairment charge that did not recur, a decrease in unrecognized tax benefits, and a discrete benefit resulting from enacted state tax legislation. This decrease was partially offset by the estimated tax expense related to the preliminary income tax gain recorded on the divestiture of Milacron on March 31, 2025, the current period expiration of a reduced incentive tax rate for certain operations located in China, and an unfavorable geographic mix of earnings.

Table of Contents

OPERATIONS REVIEW — Advanced Process Solutions

Three Months Ended June 30,

Nine Months Ended June 30,

Three Months Ended December 31,

~~2025~~

~~2024~~2025

~~2025~~2024

~~2024~~

~~Amount~~

~~% of NetRevenue~~

~~Amount~~

~~% of NetRevenue~~

Amount

% of NetRevenue

Amount

% of NetRevenue

Net revenue

~~507.0~~

~~100.0~~

~~569.4~~

~~100.0~~

~~1,512~~463.16

~~100.0~~

~~1,696~~511.91

100.0

Gross profit

~~167.7~~

~~33.1~~

~~205.2~~

~~36.0~~

~~512~~151.01

3332.96

~~594~~175.7

3534.04

Selling, general and administrative expenses

~~107.8~~

~~21.3~~

~~112.2~~

~~19.7~~

~~332~~102.26

22.01

~~327~~109.40

1921.3

Amortization expense

~~16.3~~

~~16.7~~

4816.52

5016.34

Three Months Ended ~~June~~December 3031, 2025 Compared to Three Months Ended ~~June~~December 3031, 2024

Net revenue decreased $6247.45 (119%), 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 24%.

Order backlog decreased $~~166~~150.19 (10%) from $1,~~735~~583.76 at ~~June~~December 3031, 2024, to $1,~~569~~432.67 at ~~June~~December 3031, 2025. The decrease in order backlog was primarily driven by a decrease in capital equipment orders,. Foreign ~~partially~~currency ~~offset~~impact byincreased ~~favorable~~order ~~foreign~~backlog ~~currency~~by ~~impact (5~~6%). On a sequential basis, order backlog decreased $2589.37 (26%) to $1,~~569~~432.67 at ~~June~~December 3031, 2025, down from $1,~~594~~522.94 at ~~March~~September 3130, 2025, primarily driven by a decrease in capital equipment orders~~, partially offset by favorable foreign currency impact (5%)~~.

Gross profit decreased $3724.56 (1814%), primarily driven by lower volume, unfavorable product mix, ~~cost inflation~~ and ancost ~~increase in restructuring and restructuring-related costs~~inflation, partially offset by favorable pricing and productivity improvements. ~~Foreign currency impact increased gross profit by 2%.~~ Gross profit margin decreased ~~290~~180 basis points to 3332.16%, ~~primarily driven by cost inflation and unfavorable product mix, partially offset by productivity improvements.~~

Advanced Process Solutions gross profit included restructuring and restructuring related charges ($4.1 in 2025 and $0.5 in 2024) and business acquisition, disposition, and integration costs ($0.6 in 2025.) Excluding these non-recurring items, adjusted gross profit decreased $33.3 (16%) and adjusted gross profit margin decreased 210 basis points to 34.0%. 22

~~Selling,~~Advanced ~~general~~Process Solutions gross profit included restructuring and ~~administrative~~restructuring ~~expenses~~related ~~decreased~~charges ($41.48 ~~(4%)~~in ~~primarily~~2026 ~~driven~~and by$0.8 ~~productivity~~in ~~improvements,~~2025). Excluding ~~including~~these ~~savings~~non-recurring ~~from restructuring actions~~items, ~~and~~adjusted agross ~~decrease~~profit indecreased ~~variable compensation~~$23.6 ~~These~~(13%) ~~expenses~~and asadjusted agross ~~percentage~~profit ofmargin ~~net~~decreased ~~revenue~~150 ~~increased 160~~ basis points to 2133.30%.

Selling, general and administrative expenses ~~included~~decreased ~~business acquisition, divestiture, and integration costs (~~$86.~~0 in 2025 and $8.~~4 ~~in 2024~~(6%) ~~and~~primarily ~~restructuring~~driven ~~and~~by ~~restructuring-related~~a ~~charges~~decrease ~~($1.1~~ in ~~2025). Excluding~~variable ~~these~~compensation ~~items,~~and ~~adjusted~~productivity ~~selling~~improvements, ~~general~~partially ~~and~~offset ~~administrative~~by ~~expenses~~cost ~~decreased $4~~inflation.8 ~~(5%) and adjusted selling~~Selling, general and administrative expenses as a percentage of net revenue increased ~~130~~80 basis points to 1922.51%.

~~Amortization~~Selling, ~~expense~~general ~~decreased~~and administrative expenses included business acquisition, divestiture, and integration costs ($0.49 in 2026 and $7.1 in 2025) and restructuring and restructuring-related charges ($2%.5 in 2026 and $0.7 in 2025). Excluding ~~primarily~~these ~~driven~~items, byadjusted ~~favorable~~selling, ~~foreign~~general ~~currency~~and ~~impact~~administrative expenses decreased $1.9 (2%) and anadjusted ~~intangible~~selling, ~~asset~~general ~~that~~and ~~became~~administrative ~~fully~~expenses ~~amortized~~as ~~during~~a ~~the~~percentage ~~three~~of ~~months~~net ~~ended~~revenue ~~March~~increased ~~31,~~160 ~~2025~~basis points to 21.4%.

Nine Months Ended June 30, 2025 Compared to Nine Months Ended June 30, 2024

Net revenue decreased $184.8 (11%), primarily driven by a decrease in volume, partially offset by favorable pricing.

Gross profit decreased $82.7 (14%), primarily driven by lower volume, unfavorable product mix, cost inflation, and an increase in restructuring and restructuring-related charges, partially offset by favorable pricing and productivity improvements. Gross profit margin decreased 110 basis points to 33.9%.

Table of Contents

Selling, general and administrative expenses increased $4.8 (2%), primarily due to cost inflation and increases in restructuring and restructuring-related charges and business acquisition, divestiture, and integration costs, partially offset by productivity improvements. These expenses as a percentage of net revenue increased 270 basis points to 22.0%.

Selling, general and administrative expenses included business acquisition, divestiture, and integration costs ($27.4 in 2025 and $15.0 in 2024) and restructuring and restructuring-related charges ($4.3 in 2025 and $0.3 in 2024). Excluding these items, adjusted selling, general and administrative expenses decreased $11.5 (4%) and adjusted selling, general and administrative expenses as a percentage of net revenue increased 150 basis points to 19.9%.

Amortization expense decreased $1.8 (4%) primarily driven by favorable foreign currency impact and an intangible asset that became fully amortized during the three months ended March 31, 2025.

OPERATIONS REVIEW — Molding Technology Solutions

Three Months Ended June 30,

Nine Months Ended June 30,

Three Months Ended December 31,

~~2025~~

~~2024~~2025

~~2025~~2024

~~2024~~

~~Amount~~

~~% of NetRevenue~~

~~Amount~~

~~% of NetRevenue~~

Amount

% of NetRevenue

Amount

% of NetRevenue

Net revenue

~~91.9~~

~~100.0~~

~~217.2~~

~~100.0~~

~~509~~86.6

100.0

~~648~~195.38

100.0

Gross profit

~~34.9~~

~~38.0~~

~~61.2~~

~~28.2~~

~~162~~32.06

3137.86

~~173~~59.43

2630.73

Selling, general and administrative expenses

~~21.3~~

~~23.2~~

~~41.4~~

~~19.1~~

~~106~~19.76

2022.96

~~130~~41.54

2021.1

Amortization expense

~~6.6~~

~~8.8~~

226.76

268.48

Impairment charges

—

265.0

—

265.0

Three Months Ended ~~June~~December 3031, 2025 Compared to Three Months Ended ~~June~~December 3031, 2024

Net revenue decreased $~~125~~109.32 (5856%), primarily driven by the divestiture of Milacron. Foreign currency impact increased net revenue by 1%.

Order backlog decreased $~~183~~179.91 (77%) from $~~238~~233.51 at ~~June~~December 3031, 2024, to $54.60 at ~~June~~December 3031, 2025, primarily due to the Milacron divestiture. On a sequential basis, order backlog ~~decreased~~increased $02.12 (04%) to $54.60 at ~~June~~December 3031, 2025, ~~down~~up from $5451.78 at ~~March~~September 3130, 2025.

Gross profit decreased $26.37 (4345%) primarily driven by the divestiture of Milacron~~, partially offset by a decrease in restructuring and restructuring-related costs~~. Foreign currency impact ~~increased~~improved gross profit by 1%. Gross profit margin ~~improved~~increased ~~980~~730 basis points to 3837.06%, ~~primarily driven by productivity improvements, including savings from restructuring actions, partially offset by cost inflation.~~

~~Molding~~Selling, ~~Technology~~general ~~Solutions~~and ~~gross~~administrative ~~profit~~expenses ~~included~~decreased ~~restructuring~~$21.8 ~~and~~(53%), ~~restructuring-related~~primarily ~~charges~~driven ofthe ~~$5.7~~divestiture inof ~~2024~~Milacron. ~~Excluding these charges~~Selling, ~~adjusted~~general ~~gross~~and ~~profit~~administrative ~~decreased~~expenses ~~$31.7~~as ~~(47%)~~a ~~and~~percentage ~~adjusted~~of ~~gross~~net ~~profit~~revenue ~~margin~~increased ~~improved~~150 ~~750~~ basis points to 3022.86%.

Selling, general and administrative expenses ~~decreased~~included ~~$20.1~~business ~~(49%)~~acquisition, ~~primarily~~divestiture, ~~driven~~and byintegration ~~the~~costs ~~divestiture~~($4.0 ofin ~~Milacron~~2025) and ~~an increase in~~ restructuring and restructuring- related costs, ~~offset~~($0.3 byin a2026 ~~decrease~~and $0.7 in ~~business~~2025). ~~acquisition~~Excluding these charges, ~~divestiture~~adjusted selling, general and ~~integration~~administrative ~~costs~~expenses decreased $17. ~~These~~6 (48%) and adjusted selling, general and administrative expenses as a percentage of net revenue increased ~~410~~340 basis points to 2322.2%.

Selling, general and administrative expenses included business acquisition, divestiture, and integration costs ($1.8 in 2025 and $9.1 in 2024), restructuring and restructuring related costs (adjustments) ($0.3 in 2025 and ($5.2) in 2024). Excluding these charges, adjusted selling, general and administrative expenses decreased $18.3 (49%) and adjusted selling, general and administrative expenses as a percentage of net revenue increased 360 basis points to 20.9%.23

Amortization expense decreased $2.2 (25%) primarily driven by the impact of the divestiture of Milacron.

Nine Months Ended June 30, 2025 Compared to Nine Months Ended June 30, 2024

Table of Contents

Net revenue decreased $138.7 (21%), primarily driven by the divestiture of Milacron and a decrease in volume. Foreign currency impact decreased net revenue by 1%.

Gross profit decreased $11.4 (7%), primarily driven by the divestiture of Milacron and cost inflation, partially offset by a reduction in restructuring and restructuring-related charges and productivity improvements. Foreign currency impact decreased gross profit by 1%. Gross profit margin increased 510 basis points to 31.8%, primarily driven by a decrease in restructuring and restructuring-related charges and productivity improvements, including savings from restructuring actions, partially offset by cost inflation.

Selling, general and administrative expenses decreased $23.8 (18%), primarily driven by the divestiture of Milacron and a reduction of restructuring and restructuring related charges, partially offset by an increase in business acquisition, divestiture, and integration costs. Foreign currency impact decreased selling, general and administrative expenses by 1%. These expenses as a percentage of net revenue increased 80 basis points to 20.9%.

Selling, general and administrative expenses included business acquisition, divestiture, and integration costs ($11.1 in 2025 and $9.1 in 2024), non-recurring costs related to a discrete commercial dispute described above ($6.1 in 2024), and restructuring and restructuring related charges ($1.3 in 2025 and $8.1 in 2024). Excluding these items, adjusted selling, general and administrative expenses decreased $12.9 (12%) and adjusted selling, general and administrative expenses as a percentage of net revenue increased 200 basis points to 18.5%.

Amortization expense decreased $3.7 (14%) primarily driven by the impact of the divestiture of Milacron.

REVIEW OF CORPORATE EXPENSES

	Three Months Ended June 30,						Nine Months Ended June 30,
			Three Months Ended December 31,
	~~2025~~			~~2024~~2025			~~2025~~2024			~~2024~~
	~~Amount~~		~~% of Net Revenue~~	~~Amount~~		~~% of Net Revenue~~	Amount		% of Net Revenue	Amount		% of Net Revenue
Core corporate expenses	$	~~14.9~~	~~2.5~~	$	~~13.3~~	~~1.7~~	$	4115.65	2.18	$	4013.17	1.79
Business acquisition, divestiture, and integration costs	~~2.3~~		~~0.4~~	~~7.3~~		~~0.9~~	~~16.~~7.0		01.83	157.40		01.70
Restructuring and restructuring-related charges	—		—	—		—	—		—	0.1		—
Non-cash and non-operational expense related to equity method investment							4.5		0.8	—		—
Corporate expenses	$	~~17.2~~	~~2.9~~	$	~~20.6~~	~~2.6~~	$	5827.30	24.9	$	5520.67	2.49

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 and restructuring and restructuring-related charges.

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, and 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.

37Three Months Ended December 31, 2025 Compared to Three Months Ended December 31, 2024

~~Table~~Corporate expenses increased $6.3 (30%), primarily driven by an increase in non-cash and non-operational expense related to equity method investments and a decrease in equity earnings from affiliates. These expenses as a percentage of ~~Contents~~net revenue were 4.9%, an increase of 200 basis points from the prior year.

~~Three~~Core ~~Months~~corporate ~~Ended~~expenses ~~June~~increased 30$1.8 (13.1%), ~~2025~~primarily ~~Compared~~due to ~~Three~~a ~~Months~~decrease ~~Ended~~in ~~June~~equity 30earnings from affiliates. These expenses as a percentage of net revenue were 2.8%, ~~2024~~flat to prior year.

Corporate expenses decreased $3.4 (17%), primarily driven by a decrease in business acquisition, divestiture, and integration costs and lower variable compensation. These expenses as a percentage of net revenue were 2.9%, an increase of 30 basis points from the prior year.

Core corporate expenses increased $1.6 (12%), primarily due to cost inflation. These expenses as a percentage of net revenue were 2.5%, an increase of 80 basis points from the prior year.

Nine Months Ended June 30, 2025 Compared to Nine Months Ended June 30, 2024

Corporate expenses increased $2.7 (5%), primarily due to cost inflation. These expenses as a percentage of net revenue were 2.9%, an increase of 50 basis points from the prior year.

Core corporate expenses increased $1.5. These expenses as a percentage of net revenue were 2.1%, an increase of 40 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 ~~from continuing operations~~.

	Three Months Ended June 30,				Nine Months Ended June 30,
			Three Months Ended December 31,
	~~2025~~		~~2024~~		2025		2024
Consolidated net income (loss)	$	4.1	$	(246.9)	$	(25.6)	$	(219.1)
Consolidated net income					$	1.0	$	8.9
Interest expense, net	~~21.3~~		~~32.2~~		6920.62		9225.81
Income tax expense (benefit)	6.5		(10.5)		7.2		3.7
Income tax (benefit) expense					(12.9)		6.4
Depreciation and amortization	~~32.7~~		~~38.7~~		~~104~~33.71		~~118~~37.89
Consolidated EBITDA	~~64.6~~		~~(186.5)~~		~~155~~41.94		(378.8)3
Loss from discontinued operations (net of income tax benefit)	—		—		—		0.3
Pension settlement gain (1)					—		(1.7)
Impairment charges (1)	—		265.0		—		265.0
Loss on divestiture (2)					3.4		—
Pension settlement charges (gain) (2)	—		26.9		(1.7)		35.2
Business acquisition, divestiture, and integration costs (3)					7.9		18.1
Business acquisition, divestiture, and integration costs (3)	12.7		24.9		55.9		39.6
Non-cash and non-operational expense related to equity method investment (4)					4.5		—
Inventory step-up costs	—		—		—		0.6
Restructuring and restructuring-related charges (5)					4.9		2.4
Restructuring and restructuring-related charges (4)	5.5		0.7		13.9		24.8
Adjusted EBITDA					$	62.1	$	97.1
Loss on divestiture (5)	1.5		—		56.1		—
Other non-recurring costs related to a discrete commercial dispute	—		—		—		6.1
Adjusted EBITDA from continuing operations	$	84.3	$	131.0	$	280.1	$	367.8

(1)~~Hillenbrand~~The ~~recorded~~pension ~~impairment~~settlement ~~charges~~gain ~~to goodwill and certain indefinite-lived intangible assets within the Molding Technology Solutions reportable operating segment~~ during the three ~~and nine~~ months ended ~~June~~December 3031, ~~2024.~~2025, ~~See~~was ~~Note~~due 7to ofone-time ~~Part~~premium I,refunds ~~Item~~received 1related ofto ~~this~~the ~~Form~~termination ~~10-Q~~of ~~for~~the ~~more~~Company’s ~~information~~U.S. pension plan.

(2)The pension settlement gain during the nine months ended June 30, 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 the three and nine months ended June 30, 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.24

(32)~~Business~~The ~~acquisition,~~current ~~divestiture,~~year ~~and~~amount ~~integration~~represents ~~costs~~loss ~~during~~on the three and nine months ended June 30, 2025 and 2024, primarily included costs associated with the integration of recent acquisitions. Includes acquisition costs of $0.6 and $0.0 for the three months ended June 30, 2025 and 2024, respectively, divestiture ~~costs~~ of $0Milacron.8 and $0.0 for the three months ended June 30, 2025 and 2024, respectively, and integration costs of $11.3 and $24.9 for the three months ended June 30, 2025 and 2024, respectively. Includes acquisition costs of $0.7 and $0.0 for the nine months ended June 30, 2025 and

38(3)Business acquisition, divestiture, and integration costs during the three months ended December 31, 2025 and 2024. The costs incurred during the three months ended December 31, 2025, primarily included costs associated with the Merger. The costs incurred during the three months ended December 31, 2024, primarily included costs associated with the integration of recent acquisitions.

~~Table~~(4)Inventory ofstep-up ~~Contents~~costs related to equity method investment.

~~2024,~~(5)Restructuring ~~respectively, divestiture costs of $4.9~~ and ~~$0.4~~restructuring-related ~~for~~charges ~~the~~primarily ~~nine~~included ~~months~~severance ~~ended June 30, 2025 and 2024, respectively, and integration~~ costs ofduring ~~$50.3 and $39.2 for~~ the ~~nine~~three months ended ~~June~~December 3031, 2025 and 2024~~, respectively~~.

~~(4)Restructuring~~Three ~~and~~Months ~~restructuring-related~~Ended ~~charges~~December ~~primarily~~31, ~~included~~2025 ~~severance~~Compared ~~costs~~to ~~during~~Three ~~the~~Months ~~three~~Ended ~~and~~December ~~nine months ended June 30~~31, ~~2025 and~~ 2024.

Consolidated net income decreased $7.9 (589%)~~The~~ ~~current~~for ~~year~~the ~~amount~~three ~~represents~~months ended December 31, 2025, compared to the ~~loss~~same onperiod ~~divestiture~~in offiscal ~~Milacron~~2025. ~~during~~The ~~the~~decrease ~~three~~was ~~and~~primarily ~~nine~~driven ~~ended~~by ~~June~~lower 30volume and cost inflation, ~~2025. See~~partially ~~Note~~offset 4by ofa ~~Part~~decrease Iin business acquisition, ~~Item~~divestiture, 1and ofintegration ~~this~~costs, ~~Form~~a ~~10-Q~~decrease ~~for~~in ~~more~~income ~~information~~tax expense, favorable pricing, and productivity improvements.

~~Three~~Consolidated ~~Months~~adjusted ~~Ended~~EBITDA ~~June~~decreased 30$35.0 (36%) for the three months ended December 31, 2025, ~~Compared~~compared to ~~Three~~the ~~Months~~same ~~Ended~~period ~~June~~in 30fiscal 2025. The decrease was primarily driven by the divestiture of Milacron, ~~2024~~lower volume, and cost inflation, partially offset by favorable pricing and productivity improvements. Foreign currency impact increased adjusted EBITDA by $1.7 (2%).

Consolidated net income (loss) increased $251.0 (102%) for the three months ended June 30, 2025, compared to the same period in fiscal 2024. The increase was primarily driven by impairment charges and pension settlement charges in 2024 that did not repeat in 2025, favorable pricing, productivity improvements, and decreases in business acquisition, divestiture, and integration costs and interest expense. The increase in consolidated net income (loss) was partially offset by an increase in restructuring and restructuring-related charges, an increase in income tax expense, lower Advanced Process Solutions reportable operating segment volume, and cost inflation.

Consolidated adjusted EBITDA from continuing operations decreased $46.7 (36%) for the three months ended June 30, 2025, compared to the same period in fiscal 2024. The decrease was primarily driven by lower Advanced Process Solutions reportable operating segment volume and cost inflation, partially offset by favorable pricing and productivity improvements. Foreign currency impact increased adjusted EBITDA by $1.6.

Nine Months Ended June 30, 2025 Compared to Nine Months Ended June 30, 2024

Consolidated net income (loss) increased $193.5 (88%) for the nine months ended June 30, 2025, compared to the same period in 2024. The increase was primarily driven by impairment charges and pension settlement charges in 2024 that did not repeat in 2025, favorable pricing, productivity improvements, and decreases in income taxes, interest expense, restructuring and restructuring-related charges and other non-recurring costs related to a discrete commercial dispute. The increase in consolidated net income (loss) was partially offset by an increase in business acquisition, divestiture, and integration costs, lower volume, and cost inflation. Foreign currency impact decreased consolidated net income by $1.4.

Consolidated adjusted EBITDA from continuing operations decreased $87.7 (24%) for the nine months ended June 30, 2025, compared to the same period in 2024. The decrease was primarily driven by the divestiture of Milacron, lower volume, unfavorable product mix and cost inflation, partially offset by favorable pricing and productivity improvements. Foreign currency impact decreased adjusted EBITDA by $1.1.

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 and how we intend to use it. We describe actual results in generating and using cash by comparing the first nine months of 2025 to the same period last year. Finally, we identify other significant matters 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.

WeAs ~~have~~of ~~taken~~December ~~proactive~~31, ~~measures~~2025, towe ~~maintain~~had ~~financial~~$400.7 ~~flexibility~~of ~~within~~borrowing capacity under the ~~landscape~~Facility, of ~~various~~which ~~uncertainties~~$34.5 Wewas ~~believe~~available ~~the~~as ~~Company~~of ~~ended~~such date based on our most restrictive covenant. The available borrowing capacity as of December 31, 2025, reflected a reduction of $15.8 for outstanding letters of credit issued under the ~~quarter~~Facility. ~~with~~The ~~and~~Company ~~continues~~may torequest ~~have~~an ~~sufficient~~increase ~~liquidity~~of up to ~~operate~~$600.0 in the ~~current~~total ~~business~~borrowing ~~environment~~capacity under the Facility, subject to approval of the lenders.

~~$700~~In ~~Revolving~~the ~~Credit~~normal ~~Facility~~course of business, ~~$175~~operating ~~Term~~companies ~~Loan~~within our reportable operating segments provide 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 December 31, 2025, we had guarantee arrangements totaling $668.0, under which $363.3 was used for guarantees. These arrangements include the 2025 Amended L/G Facility Agreement 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 €~~240~~100.0, ~~Term~~subject ~~Loan~~to ~~Commitment~~approval of the lenders.

~~Subsequent~~We have significant operations outside the U.S. We continue to ~~June~~assert 30that 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, ~~2025~~and intends to continue to make, ~~Hillenbrand~~substantial ~~entered~~investments ~~into~~in aour ~~Fifth~~businesses ~~Amended~~in ~~and~~foreign ~~Restated~~jurisdictions ~~Credit~~to ~~Agreement~~support (the ~~“Credit~~ongoing ~~Agreement”)~~development and growth of our international operations. The cash at our foreign subsidiaries, onincluding ~~July~~U.S. 9subsidiaries participating in non-U.S. cash pooling arrangements, totaled $144.1 at December 31, 2025. ~~(the~~We ~~“Effective~~continue ~~Date”)~~to actively evaluate our global capital deployment and cash needs.

~~The~~On ~~Credit~~December ~~Agreement~~2, ~~amends~~2021, ~~and~~our ~~restates~~Board ~~the~~of ~~Company’s~~Directors ~~Fourth~~authorized ~~Amended~~a ~~and~~new ~~Restated~~share ~~Credit~~repurchase ~~Agreement,~~program ~~dated as~~ of ~~June~~up 8to $300.0, ~~2022~~which (replaced the ~~“Prior~~previous ~~Credit~~$200.0 ~~Agreement”)~~share repurchase program. The ~~Credit~~repurchase ~~Agreement~~program ~~provides~~has ~~for~~no aexpiration date but may be terminated by the Board of Directors at any time. We had approximately $~~700~~125.0 ~~revolving~~remaining ~~credit~~for ~~facility~~share (repurchases under the ~~“Revolving~~existing authorization at December 31, 2025. We are prohibited under the terms of the Merger Agreement from undertaking share repurchases except as agreed by Parent.

39Our anticipated contribution to our defined benefit pension plans in fiscal 2026 is $10.1, of which $1.9 was made during the three months ended December 31, 2025. We will continue to monitor plan funding levels, performance of the assets within the

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~~Credit~~plans, ~~Facility”).~~and ~~The~~overall ~~Credit~~economic Agreement also contains two term loan facilities: a U.S. Dollar-denominated $175 term loan facility (the “Dollar Term Loans”) drawn by the Company on the Effective Date to refinance the U.S. Dollar-denominated term loans outstanding under the Prior Credit Agreementactivity, and awe ~~Euro-denominated~~may ~~delayed-draw~~make ~~term~~additional ~~loan~~discretionary ~~facility~~funding ~~available~~decisions tobased ~~Hillenbrand~~on ~~Switzerland GmbH, a wholly owned subsidiary of~~ the ~~Company,~~net ~~providing~~impact ~~for term loans in an aggregate principal amount~~ of ~~up to €240 (~~the ~~“Euro~~above ~~Term Loans”)~~factors.

~~€325~~We ~~L/G~~paid ~~Facility~~a quarterly cash dividend $0.2275 per common share, approximately $16.1 in the aggregate, during the three months ended December 31, 2025. We are prohibited under the terms of the Merger Agreement from paying any further dividends except as agreed by Parent.

OnWe ~~July~~believe ~~17,~~existing ~~2025~~cash ~~(the~~and ~~“LG~~cash ~~Effective Date”)~~equivalents, ~~the~~cash ~~Company~~flows ~~completed~~from ~~an amendment (the “L/G Facility Amendment”) to its €325 Syndicated L/G Facility Agreement~~operations, ~~dated~~borrowings asunder ofexisting ~~June 21~~arrangements, ~~2022~~and ~~(as amended or modified prior to~~ the LGissuance ~~Effective~~of ~~Date,~~debt ~~the~~will ~~“Existing~~be ~~L/G~~sufficient ~~Facility~~to ~~Agreement”).~~fund ~~The~~our ~~L/G~~operating ~~Facility~~activities ~~Amendment~~and ~~amends~~cash ~~the~~commitments ~~Existing~~for ~~L/G~~investing ~~Facility~~and ~~Agreement~~financing ~~by, among other things, increasing the maximum permitted leverage ratio to (i) 4~~activities.~~25x~~ ~~for~~Based ~~the~~on ~~fiscal~~these ~~quarters ending June 30~~factors, ~~2025, through~~ and ~~including~~assuming ~~June 30, 2026; (ii) 4.00x for~~ the ~~fiscal~~Merger ~~quarter~~is ~~ending~~consummated ~~September~~within ~~30, 2026; (iii) 3.75x for~~ the ~~fiscal~~currently ~~quarter~~expected ~~ending~~time ~~December 31~~frame, ~~2026;~~we ~~and~~believe ~~(iv)~~our ~~3.50x~~current ~~for~~liquidity ~~the~~position ~~fiscal~~is ~~quarter~~sufficient ~~ending March 31, 2027,~~ and ~~each~~will ~~fiscal~~continue ~~quarter~~to ~~thereafter.~~meet ~~The~~all ~~L/G~~of ~~Facility~~our ~~Amendment~~financial ~~contains~~commitments ~~substantially~~in the ~~same~~current ~~affirmative~~business ~~and negative covenants and events of default~~environment. ~~The L/G Facility Amendment matures on June 22, 2027.~~

~~Repayment~~Merger ~~of $375 senior unsecured notes~~ Agreement

OnThe ~~September~~Merger 25Agreement contains customary covenants regarding the conduct of the business of the Company and its subsidiaries prior to the closing of the Merger. In addition, ~~2019~~pursuant to the Merger Agreement, the Company ~~issued~~has ~~$375~~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.0 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 the agreement governing the Facility, the Amended L/G Facility Agreement and the indentures governing the Company’s senior unsecured notes due ~~September~~February ~~2026~~2029 (and the ~~“2019~~Company’s ~~Notes”)~~senior unsecured notes due March 2031. The ~~2019~~Merger ~~Notes~~Agreement ~~had~~also aprohibits ~~fixed~~the ~~coupon~~aggregate ~~rate~~principal amount of ~~5.0%~~all ~~per~~outstanding ~~year~~letters of credit, ~~payable~~bank ~~semi-annually.~~guarantees, ~~Effective~~credit ~~July~~support ~~21,~~instruments ~~2025,~~(other ~~the~~than ~~2019~~surety ~~Notes~~bonds ~~were~~or ~~repaid~~similar byinstruments) or similar obligations in respect of the Company, ~~using~~and/or ~~the~~any ~~net~~of ~~proceeds~~its ~~from~~subsidiaries to exceed $350.0 in the ~~TerraSource~~aggregate ~~divestiture~~at ~~and~~any time prior to the ~~proceeds~~consummation of the ~~Euro~~Merger, ~~Term~~subject ~~Loans~~to ~~defined~~certain ~~above~~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.

Other

As of June 30, 2025, we had $399.6 of borrowing capacity under the Facility, of which $348.9 was immediately available based on our most restrictive covenant. The available borrowing capacity reflects a reduction of $16.4 for outstanding letters of credit issued under the Facility. The Company may request an increase of up to $600.0 in the total borrowing capacity under the Facility, subject to approval of the lenders.

In the normal course of business, operating companies within our reportable operating segments provide 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 June 30, 2025, we had guarantee arrangements totaling $667.4, under which $353.8 was used for guarantees. These arrangements are included in Company’s Existing L/G Facility Agreement, subsequently amended by the L/G Facility Amendment. The Company may request an increase to the total capacity under the L/G Facility Amendment 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. As of June 30, 2025, we had a transition tax liability of $6.2 pursuant to the 2017 Tax Cuts and Jobs Act (the “Tax Act”). The cash at our foreign subsidiaries, including U.S. subsidiaries participating in non-U.S. cash pooling arrangements, totaled $147.4 at June 30, 2025. We continue to actively evaluate our global capital deployment and cash needs.

12-month Outlook

The Company is required to pay a transition tax on unremitted earnings of its foreign subsidiaries, resulting in an estimated liability of $6.2 recorded as of June 30, 2025. The transition tax liability is expected to be paid within the next twelve months.

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. The repurchase program has no expiration date but may be terminated by the Board of Directors at any time. We had approximately $125.0 remaining for share repurchases under the existing authorization at June 30, 2025.

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Our anticipated contribution to our defined benefit pension plans in fiscal 2025 is $11.3, of which $5.6 was made during the nine months ended June 30, 2025. 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.

We currently expect to pay quarterly cash dividends of approximately $15.8 based on our outstanding common stock at June 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.

Cash Flows

	Nine Months Ended June 30,
	Three Months Ended December 31,
	2025		2024
Cash flows (used in) provided by:
Operating activities from continuing operations	$	(11.5)	$	24.8
Operating activities	$	(27.4)	$	(11.3)
Investing activities from continuing operations	84.4		(40.2)
Investing activities	1.4		9.5
Financing activities from continuing operations	(107.0)		13.4
Financing activities	31.2		26.8
Net cash flows from discontinued operations	—		(23.3)
Effect of exchange rates on cash and cash equivalents	1.7		(14.4)
Effect of exchange rates on cash and cash equivalents	(3.8)		(0.3)
Net cash flows	$	6.9	$	10.6
Net cash flows	$	(37.9)	$	(25.6)

Operating Activities

Operating activities ~~from continuing operations~~ used $1127.54 of cash during the ~~nine~~three months ended ~~June~~December 3031, 2025, and ~~provided~~used $2411.83 of cash during the ~~nine~~three months ended ~~June~~December 3031, 2024, a $3616.31 decrease. The decrease in operating cash flow used inwas ~~continuing~~primarily ~~operations~~driven ~~was~~by ~~primarily~~decreased ~~due~~order tovolume and unfavorable timing of working capital requirements.

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 $~~124~~8.61 ~~increase~~decrease in net cash flows from investing activities ~~from continuing operations~~ during the ~~nine~~three months ended ~~June~~December 3031, 2025, was primarily due to ~~a portion of~~ the ~~proceeds~~decrease ~~received~~in oncollection ~~the divestiture~~ of ~~Milacron~~deferred inpurchase ~~the~~price ~~current~~receivables ~~year~~as ~~and~~well anas ~~increase~~a decrease in ~~collection~~proceeds offrom ~~deferred~~a ~~purchase~~cross ~~price~~currency ~~receivables~~swap settlement.

Financing Activities

~~Net~~Cash ~~cash~~used ~~flows~~in ~~from~~ 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~~The ~~used in financing activities from continuing operations during the nine months ended June 30, 2025 was~~ $~~107~~4.0,4 ~~primarily~~increase ~~due~~in ~~to the repayment of the €185 term loan,~~ net ~~repayments~~cash onflows ~~the~~from ~~Facility of $28.4 and payment of dividends on common stock, partially offset by the execution of a long-term credit agreement prior to the divestiture of Milacron. Cash provided by~~ financing activities ~~from~~during ~~continuing operations for~~ the ~~nine~~three months ended ~~June~~December 3031, ~~2024~~2025, was ~~$13.4,~~ primarily due to the ~~proceeds~~increase ~~from~~in ~~the $500 senior unsecured notes, partially offset by repayment of the $400 senior unsecured notes,~~ net ~~repayments~~borrowings on the Facility ~~of $10~~.~~4 and payment of dividends on common stock.~~

We returned $4716.51 to shareholders during the ~~nine~~three months ended ~~June~~December 3031, 2025 in the form of quarterly dividends. We increased our quarterly dividend in fiscal 2025 to $0.~~2250~~2275 per common share from $0.~~2225~~2250 per common share paid during fiscal ~~2024~~2025. Pursuant to the terms of the Merger Agreement, no additional cash dividends will be paid.

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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.


	December 31, 2025		September 30, 2025
Combined Balance Sheets Information:
Current assets (1)	$	1,638.5	$	1,968.0
Non-current assets	5,757.1		5,667.2
Current liabilities	1,544.5		1,575.7
Non-current liabilities	1,337.6		1,342.2

			Three Months Ended December 31, 2025
Combined Statements of Operations Information:
Net revenue (2)			$	93.9
Gross profit			33.3
Net loss attributable to Obligors			(1.0)

	June 30, 2025		September 30, 2024
Combined Balance Sheets Information:
Current assets (1)	$	1,769.1	$	2,077.4
Non-current assets	5,439.2		6,453.1
Current liabilities (1)	1,108.9		753.3
Non-current liabilities	1,567.0		1,591.6
			Nine Months EndedJune 30, 2025
Combined Statements of Operations Information:
Net revenue (2)			$	267.7
Gross profit			90.3
Consolidated net loss from continuing operations attributable to Obligors			(26.0)
Total loss from discontinued operations (net of income tax expense) attributable to Obligors			—
Net loss attributable to Obligors			(26.0)

(1) Current assets include intercompany receivables from non-guarantors of $665.1 as of December 31, 2025 and $877.5 as of September 30, 2025.

(12) ~~Current~~Net ~~assets~~revenue ~~include~~includes intercompany ~~receivables~~sales ~~from~~with non-guarantors of ~~and~~ $~~1,487~~3.79 asfor ofthe ~~September 30,~~three ~~2024.~~months ~~Current~~ended ~~assets~~December ~~include intercompany receivables from non-guarantors of $623.5 as of June 30~~31, 2025.

(2) Net revenue includes intercompany sales with non-guarantors of $12.6 for the six months ended June 30, 2025.

Recently Adopted and Issued Accounting Standards

For a summary of recently issued and adopted accounting standards applicable to us, see Item 1, Note 2 of Part I of this Form 10-Q.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

A full discussion of quantitative and qualitative disclosures about market risk may be found in Item 7A of our ~~2024~~2025 Form 10-K for the year ended September 30, ~~2024~~2025, filed with the SEC on November 19, ~~2024~~2025. There have been no material changes in this information since the filing of our ~~2024~~2025 Form 10-K.

Item 4. CONTROLS AND PROCEDURES

Our management, with the participation of our President and Chief Executive Officer and our Senior Vice President and Interim Chief Financial Officer (the “Certifying Officers”), evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon that evaluation, the Certifying Officers concluded that our disclosure controls and procedures as of the end of the period covered by this report are effective.27

42Our management, with the participation of our President and Chief Executive Officer and our Interim Chief Financial Officer (the “Certifying Officers”), evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon that evaluation, the Certifying Officers concluded that our disclosure controls and procedures as of the end of the period covered by this report are effective.

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In the ordinary course of business, we review our system of internal control over financial reporting and make changes to our systems and processes to improve such controls and increase efficiency, while ensuring that we maintain an effective internal control environment. Changes may include such activities as implementing new, more efficient systems, automating manual processes, and updating existing systems.

There have been no changes in internal control over financial reporting identified in the evaluation for the quarter ended ~~June~~December 3031, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.

PART II — OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Information pertaining to legal proceedings can be found in Note 1413 to the Consolidated Financial Statements included in Part I, Item 1 of this Form 10-Q.

Item 1A. RISK FACTORS

For information regarding the risks we face, see the discussion under Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, ~~2024~~2025, filed with the SEC on November 19, ~~2024 and the additional risk factor below~~2025. The following descriptions of risk factors include any additions and material changes to, and supersede the corresponding description of the risk factors associated with our business as previously disclosed in our Annual Report on Form 10-K for the year ended September 30, 2024.

Uncertainty in the United States global trade policy and risks with global governmental instability could negatively impact our business.

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. Accordingly, any proposal, pause (such as the 90-day pause on reciprocal tariffs (excluding China) announced on April 9, 2025 and subsequently extended until August 12, 2025), suspension, reversal, reinstatement, reduction, or increase on U.S. tariffs on imported goods, 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 investigation, 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 in the periods to come.

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Item 5. OTHER INFORMATION

During the three months ended ~~June~~December 3031, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. EXHIBITS

The exhibits filed with this report are listed below. In reviewing any agreements included as exhibits to this report, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about us or the other parties to the agreements. The agreements may contain representations and warranties by the parties to the agreements, including us. Except where explicitly stated otherwise, these representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

•should not necessarily be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

•may have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

•may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

•were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time.

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Exhibit 2.1		Agreement and Plan of Merger, dated as of October 14, 2025, by and among Hillenbrand Inc., LSF12 Helix Parent, LLC and LSF12 Helix Merger Sub, Inc. (Incorporate by reference to Exhibit 2.1 to Current Report on Form 8-K filed October 15, 2025)
Exhibit 3.1		Restated and Amended Articles of Incorporation of Hillenbrand, Inc., effective as of February 13, 2020 (Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed February 14, 2020)
Exhibit 3.2		Amended and Restated Code of By-Laws of Hillenbrand, Inc., effective as of April 26, 2024 (Incorporated by reference to Exhibit 3.2 to Current Report on Form 10-Q filed April 30, 2024)
Exhibit 22		List of Guarantor Subsidiaries of Hillenbrand, Inc. (Incorporated by reference to Exhibit 22 to Annual Report on Form 10-K filed November 19, 2025)
Exhibit 31.1	*	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.2	*	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 32.1	*	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.2	*	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 101		The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2024, formatted in Inline XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Shareholders’ Equity, and (vi) Condensed Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
Exhibit 104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Exhibit 3.1		Restated and Amended Articles of Incorporation of Hillenbrand, Inc., effective as of February 13, 2020 (Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed February 14, 2020)
Exhibit 3.2		Amended and Restated Code of By-Laws of Hillenbrand, Inc., effective as of April 26, 2024 (Incorporated by reference to Exhibit 3.2 to Current Report on Form 10-Q filed April 30, 2024)
Exhibit 10.1	***	Fifth Amended and Restated Credit Agreement, dated as of July 9, 2025, among Hillenbrand, Inc., as a borrower, the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A. and J.P. Morgan SE, as administrative agent (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed July 9, 2025)
Exhibit 10.2	***	Consent and Amendment Request, dated July 4, 2025, among Hillenbrand, Inc., the subsidiary borrowers party thereto and the subsidiary guarantors party thereto and confirmed by Commerzbank Aktiengesellschaft, as agent, on July 17, 2025 (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed July 22, 2025)
Exhibit 10.3	, *	Form of Performance-Based Unit Award Agreement (2025 Revision)
Exhibit 10.4	**	Form of Change in Control Agreement as entered into by Megan A. Walke on June 26, 2025 (Incorporated by reference to the form filed as Exhibit 10.6 to Current Report on Form 8-K filed February 11, 2021)
Exhibit 22		List of Guarantor Subsidiaries of Hillenbrand, Inc. (Incorporated by reference to Exhibit 22 to Annual Report on Form 10-K filed November 19, 2024)
Exhibit 31.1	*	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.2	*	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 32.1	*	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.2	*	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 101		The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Shareholders’ Equity, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
Exhibit 104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith.

** Management contracts or compensatory plans or arrangements required to be filed as exhibits to this form pursuant to Item 15(a)(3) of Form 10-K.29

*** Certain schedules and exhibits to this exhibit have been omitted pursuant to Item 601(a)(5). The registrant hereby agrees to furnish a copy of any omitted schedule or exhibit to the SEC upon request.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	HILLENBRAND, INC.
Date: August 11, 2025		/s/ Megan A. Walke
Date: February 9, 2026	By:	/s/ Megan A. Walke
		Megan A. Walke
		Interim Chief Financial Officer, Vice President, Corporate Controller and Chief Accounting Officer
		Interim Chief Financial Officer, Vice President, Corporate
		Controller and Chief Accounting Officer

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