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What changed in Hillenbrand, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Hillenbrand, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+345 added−334 removedSource: 10-K (2025-11-19) vs 10-K (2024-11-19)

Top changes in Hillenbrand, Inc.'s 2025 10-K

345 paragraphs added · 334 removed · 261 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

81 edited+13 added−13 removed94 unchanged
Biggest changeWe believe Molding Technology Solutions has attractive fundamentals including: • Strong product and technology positions with substantial brand value and recognition; • Strong market positions and engineering expertise; • A large installed base that supports an aftermarket parts and service business with historically stable revenue and attractive margins; • A customer base that is highly diversified in end markets and applications, with a strong history of long-term customer relationships; and • Geographic diversification, including established operations in high growth countries such as India and China. 4 Table of Contents How We Operate Guided by our Purpose, Shape What Matters for Tomorrow, we strive to provide superior return for our shareholders, exceptional value for our customers, great professional opportunities for our employees, and to be responsible to our communities through the execution of our profitable growth strategy.
Biggest changeMolding Technology Solutions has a comprehensive product portfolio that includes hot runner systems, process control systems, mold bases and components, and maintenance, repair, and operating (“MRO”) supplies. 4 Table of Contents We believe Molding Technology Solutions has attractive fundamentals including: • Strong product and technology positions with substantial brand value and recognition; • Strong market positions and engineering expertise; • A large installed base that supports an aftermarket parts and service business with historically stable revenue and attractive margins; • A customer base that is highly diversified in end markets and applications, with a strong history of long-term customer relationships; and • Geographic diversification, including established operations in high growth countries such as India and China.
We believe Advanced Process Solutions has attractive fundamentals including: • Strong product and technology positions with substantial brand value and recognition; • Industry-leading applications and engineering expertise; • Comprehensive solutions capabilities through a differentiated suite of complementary processing technologies; • A large installed base that supports an aftermarket parts and service business with historically stable revenue and attractive margins; • A customer base that is highly diversified, including a strong history of long-term relationships with blue-chip end user customers; and • A strong global footprint for sales, manufacturing, engineering, and service, including established operations in high growth countries such as India.
We believe Advanced Process Solutions has attractive fundamentals including: • Strong product and technology positions with substantial brand value and recognition; • Industry-leading applications and engineering expertise; • Comprehensive solutions capabilities through a differentiated suite of complementary processing technologies; • A large installed base that supports an aftermarket parts and service business with historically stable revenue and attractive margins; • A customer base that is highly diversified, including a strong history of long-term relationships with blue-chip end user customers; and • A strong global footprint for sales, manufacturing, engineering, and service, including established operations in high growth countries such as India and China.
Coperion, Coperion K-Tron, K-Tron, Rotex, BM&M, Herbold, VMI, Bakon, Shaffer, Peerless, Shick Esteve, Unifiller, DIOSNA, Milacron, and Mold-Masters, as well as other registered or common law trade names, trademarks or service marks appearing in this Annual Report on Form 10-K are the property of Hillenbrand or its subsidiaries.
Coperion, Coperion K-Tron, K-Tron, Rotex, BM&M, Herbold, VMI, Bakon, Shaffer, Peerless, Shick Esteve, Unifiller, DIOSNA, and Mold-Masters, as well as other registered or common law trade names, trademarks or service marks appearing in this Annual Report on Form 10-K are the property of Hillenbrand or its subsidiaries.
Prior to that role, she served as Chief Operating Officer of Norsk Titanium, an aerospace-grade components manufacturer, beginning in February 2018, and previously held positions of increasing responsibility in finance, general management, and supply chain leadership, including at Baker Hughes (energy technology) and Pratt & Whitney (aircraft engines).
Prior to that role, she served as Chief Operating Officer of Norsk Titanium, an aerospace-grade components manufacturer, beginning in February 2018, and previously held positions of increasing responsibility in finance, executive general management, and supply chain leadership, including at Baker Hughes (energy technology) and Pratt & Whitney (aircraft engines).
Molding Technology Solutions: Strategy Molding Technology Solutions seeks to execute its strategy through the following initiatives: • Strengthen leadership positions in global markets ◦ Leverage core technologies and applications expertise to expand presence in current end markets. ◦ Leverage Hillenbrand’s strong positions across the plastics value chain to cross-sell product lines. ◦ Expand product offering in key end markets, including emerging markets and new segments such as recycling and biodegradable plastics. 13 Table of Contents • Drive innovation and new product development ◦ Provide innovative product and service solutions to solve customers’ challenges, leveraging shared research and development and technology across the enterprise. ◦ Develop new products that are focused on solidifying Molding Technology Solutions’ current market positions and expanding the market through the introduction of technology that displaces other materials, primarily metal and glass. ◦ Provide value-added end-to-end solutions from individual components to integrated systems. ◦ Enable the customer in key end markets to fulfill sustainability requirements (e.g., reduction of virgin resin). • Leverage HOM to drive margin expansion and profitable growth ◦ Apply HOM principles and tools, including voice of customer and segmentation with a goal to drive profitable growth. ◦ Leverage Hillenbrand’s global footprint and enhance support to customers through the entire lifecycle of their equipment usage to expand sales of aftermarket parts and services. ◦ Drive global supply strategy to achieve operating efficiencies to improve cost and quality. ◦ Enhance productivity through process standardization.
Molding Technology Solutions: Strategy Molding Technology Solutions seeks to execute its strategy through the following initiatives: • Strengthen leadership positions in global markets ◦ Leverage core technologies and applications expertise to expand presence in current end markets. ◦ Leverage Hillenbrand’s strong positions across the plastics value chain to cross-sell product lines. ◦ Expand product offering in key end markets, including emerging markets and new segments such as recycling and biodegradable plastics. • Drive innovation and new product development ◦ Provide innovative product and service solutions to solve customers’ challenges, leveraging shared research and development and technology across the enterprise. ◦ Develop new products that are focused on solidifying Molding Technology Solutions’ current market positions and expanding the market through the introduction of technology that displaces other materials, primarily metal and glass. ◦ Provide value-added end-to-end solutions from individual components to integrated systems. ◦ Enable the customer in key end markets to fulfill sustainability requirements (e.g., reduction of virgin resin). • Leverage HOM to drive margin expansion and profitable growth ◦ Apply HOM principles and tools, including voice of customer and segmentation with a goal to drive profitable growth. ◦ Leverage Hillenbrand’s global footprint and enhance support to customers through the entire lifecycle of their equipment usage to expand sales of aftermarket parts and services. ◦ Drive global supply strategy to achieve operating efficiencies to improve cost and quality. ◦ Enhance productivity through process standardization.
Advanced Process Solutions: Strategy Advanced Process Solutions seeks profitable growth through the following strategic initiatives: • Strengthen leadership positions and build targeted platforms ◦ Grow platforms to critical mass to achieve benefits of leadership and scale in attractive end markets organically and through acquisitions. ◦ Capitalize on emerging trends in end markets such as food, recycling, and biopolymers. ◦ Leverage global footprint to provide leading aftermarket support to customers. • Drive innovation and new product development ◦ Provide innovative product and service solutions to solve customers’ challenges. ◦ Extend applications expertise to win in adjacent markets with high growth potential. ◦ Develop new products driven by voice of customer input and changing needs. ◦ Provide value-added end-to-end solutions from individual components to integrated systems. • Leverage HOM to drive margin expansion and profitable growth ◦ Apply HOM principles and tools, including voice of customer and segmentation, for profitable growth. ◦ Drive best-in-class lead times to grow share in aftermarket business. ◦ Implement strategic supplier relationships to improve cost and quality. ◦ Enhance productivity through process standardization.
Advanced Process Solutions: Strategy Advanced Process Solutions seeks profitable growth through the following strategic initiatives: • Strengthen leadership positions and build targeted platforms ◦ Grow platforms to critical mass to achieve benefits of leadership and scale in attractive end markets organically and through acquisitions. 10 Table of Contents ◦ Capitalize on emerging trends in end markets such as food, recycling, and biopolymers. ◦ Leverage global footprint to provide leading aftermarket support to customers. • Drive innovation and new product development ◦ Provide innovative product and service solutions to solve customers’ challenges. ◦ Extend applications expertise to win in adjacent markets with high growth potential. ◦ Develop new products driven by voice of customer input and changing needs. ◦ Provide value-added end-to-end solutions from individual components to integrated systems. • Leverage HOM to drive margin expansion and profitable growth ◦ Apply HOM principles and tools, including voice of customer and segmentation, for profitable growth. ◦ Drive best-in-class lead times to grow share in aftermarket business. ◦ Implement strategic supplier relationships to improve cost and quality. ◦ Enhance productivity through process standardization.
Phillips joined the Company as Vice President, Procurement for a transition period beginning September 2022, from Stanley Black & Decker (“Stanley”), a global provider of power and hand tools, mechanical access solutions, and electronic monitoring systems, where she was most recently Vice President, Global Supply Management – M&A, Integrations, and Divestitures (from July 2021). Prior to that role, Ms.
Phillips joined the Company as Vice President, Procurement for a transition period beginning September 2022, from Stanley Black & Decker (“Stanley”), a global provider of power and hand tools, mechanical access solutions, and electronic monitoring systems, where she was Vice President, Global Supply Management – M&A, Integrations, and Divestitures (from July 2021). Prior to that role, Ms.
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, hot runner systems, process control systems, mold bases and components, and maintenance, repair, and operating (“MRO”) supplies.
Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a comprehensive product portfolio that includes hot runner systems, process control systems, mold bases and components, and maintenance, repair, and operating (“MRO”) supplies.
Molding Technology Solutions has long-standing relationships with its largest customers, having served many of them for over 30 years. No one Molding Technology Solutions customer accounted for more than 10% of Hillenbrand’s consolidated net revenue during the years ended September 30, 2024, 2023, or 2022.
Molding Technology Solutions has long-standing relationships with its largest customers, having served many of them for over 30 years. No one Molding Technology Solutions customer accounted for more than 10% of Hillenbrand’s consolidated net revenue during the years ended September 30, 2025, 2024, or 2023.
Soni, 51, was elected Senior Vice President, Chief Information Officer effective January 2023, prior to which he served as Vice President, Chief Information Officer beginning May 2017. Mr. Soni joined the Company from Honda Aircraft Company, a jet airplane manufacturer, where he served as Chief Information Officer – IT & Engineering Systems Division from 2015 to 2017.
Soni, 52, was elected Senior Vice President, Chief Information Officer effective January 2023, prior to which he served as Vice President, Chief Information Officer beginning May 2017. Mr. Soni joined the Company from Honda Aircraft Company, a jet airplane manufacturer, where he served as Chief Information Officer – IT & Engineering Systems Division from 2015 to 2017.
Molding Technology Solutions Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a comprehensive product portfolio that includes injection molding and extrusion equipment, hot runner systems, process control systems, mold bases and components, and MRO supplies.
Molding Technology Solutions Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a comprehensive product portfolio that includes hot runner systems, process control systems, mold bases and components, and MRO supplies.
The product lines within Molding Technology Solutions have strong brand recognition and an established global footprint, and we believe are well-positioned to benefit from continued robust industry growth in both developed and emerging markets. Molding Technology Solutions’ breadth of products, long history, and global reach have resulted in a large installed base of plastic processing equipment and hot runner systems.
The product lines within Molding Technology Solutions have strong brand recognition and an established global footprint, and we believe are well-positioned to benefit from continued robust industry growth in both developed and emerging markets. Molding Technology Solutions’ breadth of products, long history, and global reach have resulted in a large installed base of hot runner systems.
Conversely, assessing potential opportunities — such as product innovation, market expansion, new technologies, and supply chain optimization — allows us to maximize the benefit to our customers and shareholders and continually grow our potential as a pure-play industrial company. The TCFD Report can be found on our website under the “Sustainability” section of our website at www.hillenbrand.com.
Conversely, assessing potential opportunities — such as product innovation, market expansion, new technologies, and supply chain optimization — allows us to maximize the benefit to our customers and shareholders and 5 Table of Contents continually grow our potential as a pure-play industrial company. The TCFD Report can be found on our website under the “Sustainability” section at www.hillenbrand.com.
We also own a number of trademarks and service marks relating to products and services which are of importance. We believe the marks Coperion, Coperion K-Tron, K-Tron, Rotex, BM&M, Herbold, VMI, Bakon, Shaffer, Peerless, Shick Esteve, Unifiller, DIOSNA, and Coperion Food Equipment brands are material to our Advanced Process Solutions reportable operating segment.
We also own a number of trademarks 13 Table of Contents and service marks relating to products and services which are of importance. We believe the marks Coperion, Coperion K-Tron, K-Tron, Rotex, BM&M, Herbold, VMI, Bakon, Shaffer, Peerless, Shick Esteve, Unifiller, DIOSNA, and Coperion Food Equipment brands are material to our Advanced Process Solutions reportable operating segment.
The cost or need for any such additional expenditure is not known. 14 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS Our Board of Directors is responsible for electing the Company’s executive officers annually and from time to time as necessary. Executive officers serve in the ensuing year and until their respective successors are elected and qualified.
The cost or need for any such additional expenditure is not known. INFORMATION ABOUT OUR EXECUTIVE OFFICERS Our Board of Directors is responsible for electing the Company’s executive officers annually and from time to time as necessary. Executive officers serve in the ensuing year and until their respective successors are elected and qualified.
Though backlog can be an 9 Table of Contents indicator of future net revenue, it does not include projects and aftermarket orders that are booked and shipped within the same quarter. The timing of order placement, size of order, extent of customization, and customer delivery dates can create fluctuations in backlog and net revenue.
Though backlog can be an indicator of future net revenue, it does not include projects and aftermarket orders that are booked and shipped within the same quarter. The timing of order placement, size of order, extent of customization, and customer delivery dates can create fluctuations in backlog and net revenue.
Innovation, new product development, and strategic acquisitions help support our success in key end markets, and we are dedicated to maximizing customer value, focusing on 5 Table of Contents efficiency, and driving continuous improvement through HOM, all of which contribute to our operational excellence.
Innovation, new product development, and strategic acquisitions help support our success in key end markets, and we are dedicated to maximizing customer value, focusing on efficiency, and driving continuous improvement through HOM, all of which contribute to our operational excellence.
These extrusion products are sold under the Coperion ® brand. 8 Table of Contents ◦ Material handling equipment includes pneumatic and hydraulic conveying equipment for difficult-to-move materials; high-precision feeders that can operate at both very high and very low fill rates; blenders for pellets and powders; and rotary valves, diverter valves, and slide-gate valves used for feeding, dosing, discharge, and distribution during pneumatic conveying.
These extrusion products are sold under the Coperion ® brand. ◦ Material handling equipment includes pneumatic and hydraulic conveying equipment for difficult-to-move materials; high-precision feeders that can operate at both very high and very low fill rates; blenders for pellets and powders; and rotary valves, diverter valves, and slide-gate valves used for feeding, dosing, discharge, and distribution during pneumatic conveying.
Pre-engineered assemblies, plates and components provide the economic and technical benefits of interchangeability. • Aftermarket parts and service ◦ Aftermarket parts and service are a major component of most of the Molding Technology Solutions product lines. Service engineers and technicians are located around the globe to better respond to customers’ machines and systems service needs.
Pre-engineered assemblies, plates and components provide the economic and technical benefits of interchangeability. • Aftermarket parts and service ◦ Aftermarket parts and service are a major component of most of the Molding Technology Solutions product lines. Service engineers and technicians are located around the globe to better respond to customers’ equipment and service needs.
Phillips served at Stanley as Vice President, Global Supply Management – Outdoor (from October 2019 to July 2021) and Vice President, Global Supply Management – Industrial Division (from January 2015 to October 2019), as part of more than 25 years of experience in global manufacturing environments, including 17 years with Stanley. Bhavik N.
Phillips served at Stanley as Vice President, Global Supply Management – Outdoor (from October 2019 to July 2021) and Vice President, Global Supply Management – Industrial Division (from January 2015 to October 2019), as part of more than 25 years of experience in global manufacturing environments. Bhavik N.
Molding Technology Solutions: Products and Services Molding Technology Solutions has a product portfolio that includes injection molding and extrusion equipment as well as hot runner systems and process controller technology. Molding Technology Solutions maintains leadership positions across these product lines, as well as leading positions in process control systems, mold bases and components, and MRO supplies.
Molding Technology Solutions: Products and Services Molding Technology Solutions has a product portfolio that includes hot runner systems and process controller technology. Molding Technology Solutions maintains leadership positions across these product lines, as well as leading positions in process control systems, mold bases and components, and MRO supplies.
People People are a key pillar of the HOM, and our talent management philosophy is to develop and promote internal employees and supplement with external hires where we require new or different skills and capabilities.
People 6 Table of Contents People are a key pillar of the HOM, and our talent management philosophy is to develop and promote internal employees and supplement with external hires where we require new or different skills and capabilities.
While global supply chains have recently suffered from various headwinds, those supporting our products have 10 Table of Contents generally remained intact, providing access to sufficient inventory of the key materials needed for manufacturing.
While global supply chains have recently suffered from various headwinds, those supporting our products have generally remained intact, providing access to sufficient inventory of the key materials needed for manufacturing.
There are no family relationships between any of our executive officers or between any of them and any members of the Board of Directors. The following is a list of our executive officers as of November 19, 2024. Kimberly K. Ryan, 57, has served as a director and as President and Chief Executive Officer of the Company since December 2021.
There are no family relationships between any of our executive officers or between any of them and any members of the Board of Directors. The following is a list of our executive officers as of November 19, 2025. Kimberly K. Ryan, 58, has served as a director and as President and Chief Executive Officer of the Company since December 2021.
As a result, margin percentages tend to be lower on these large system sales when compared to the rest of the reportable operating segment. The Company offers complete, innovative recycling solutions.
As a result, margin percentages tend to be lower on these large system sales when compared to the 8 Table of Contents rest of the reportable operating segment. The Company offers complete, innovative recycling solutions.
Prior to joining Hillenbrand, she served most recently as President of the Pumps Division at 15 Table of Contents Flowserve Corporation, a manufacturer of pumps, valves, and seals, beginning in September 2020.
Prior to joining Hillenbrand, she served most recently as President of the Pumps Division at Flowserve Corporation, a manufacturer of pumps, valves, and seals, beginning in September 2020.
Molding Technology Solutions offers its customers service, consulting, training, maintenance and repairs, spare parts, and retrofits and rebuilds. Molding Technology Solutions: Sales, Distribution, and Operations Molding Technology Solutions sells equipment and systems throughout the world using a combination of direct sales and a global network of independent sales representatives and distributors.
Molding Technology Solutions offers its customers service, consulting, training, maintenance and repairs, spare parts, and rebuilds. 11 Table of Contents Molding Technology Solutions: Sales, Distribution, and Operations Molding Technology Solutions sells equipment and systems throughout the world using a combination of direct sales and a global network of independent sales representatives and distributors.
We believe that our average employee tenure across the globe — 10.4 years as of the end of the fiscal year 2024 — reflects the high engagement and dedication of our employees. Our 6 Table of Contents talent acquisition team uses internal and external resources to recruit highly skilled and talented employees, and we encourage employee referrals for open positions.
We believe that our average employee tenure across the globe — 10.6 years as of the end of the fiscal year 2025 — reflects the high engagement and dedication of our employees. Our talent acquisition team uses internal and external resources to recruit highly skilled and talented employees, and we encourage employee referrals for open positions.
Hillenbrand was incorporated on November 1, 2007, in the state of Indiana and began trading on the New York Stock Exchange under the symbol “HI” on April 1, 2008. “Hillenbrand,” “the Company,” “we,” “us,” “our,” and similar words refer to Hillenbrand, Inc. and its subsidiaries unless context otherwise requires.
Hillenbrand was incorporated on November 1, 2007, in the state of Indiana and began trading on the NYSE under the symbol “HI” on April 1, 2008. “Hillenbrand,” “the Company,” “we,” “us,” “our,” and similar words refer to Hillenbrand, Inc. and its subsidiaries unless context otherwise requires.
We intend to continue to prioritize cash flow deployment to pay down debt, invest in organic initiatives for growth and operating efficiencies, as well as integration-related activities. Human Capital Management Purpose and Core Values Purpose remains our clear foundation. It is the “why” behind everything we do.
We intend to continue to prioritize cash flow deployment to pay down debt, invest in organic initiatives for growth and operating efficiencies, as well as integration-related activities. Human Capital Management Purpose and Core Values Purpose remains our clear foundation. It is the “why” behind everything we do. Purpose shapes the actions we take and the business decisions we make..
AVAILABILITY OF REPORTS AND OTHER INFORMATION Our website is www.hillenbrand.com. We make available on this website, free of charge, access to press releases, conference calls, our annual and quarterly reports, and other documents filed with or furnished to the Securities and Exchange Commission (“SEC”) as soon as reasonably practicable after these reports are filed or furnished.
We make available on this website, free of charge, access to press releases, conference calls, our annual and quarterly reports, and other documents filed with or furnished to the Securities and Exchange Commission (“SEC”) as soon as reasonably practicable after these reports are filed or furnished.
The Molding Technology Solutions product lines are supported by aftermarket parts and services, which represented approximately 38% of Molding Technology Solutions’ total net revenue during fiscal 2024.
The Molding Technology Solutions product lines are supported by aftermarket parts and services, which represented approximately 37% of Molding Technology Solutions’ total net revenue during fiscal 2025.
(aerospace) and General Dynamics Corporation (aerospace and defense). J. Michael Whitted, 52 , was elected Senior Vice President, Strategy and Corporate Development effective June 2018. Prior to joining the Company, Mr. Whitted served as Vice President, Corporate Development for SPX Corporation and SPX Flow, Inc., diversified global suppliers of infrastructure equipment to various industries, from 2001 to 2015.
Michael Whitted, 53 , was elected Senior Vice President, Strategy and Corporate Development effective June 2018. Prior to joining the Company, Mr. Whitted served as Vice President, Corporate Development for SPX Corporation and SPX Flow, Inc., diversified global suppliers of infrastructure equipment to various industries, from 2001 to 2015.
Advanced Process Solutions’ product lines are supported by aftermarket parts and services, which represented approximately 33% of Advanced Process Solutions’ total net revenue during fiscal 2024.
Advanced Process Solutions’ product lines are supported by aftermarket parts and services, which represented approximately 35% of Advanced Process Solutions’ total net revenue during fiscal 2025.
No one Advanced Process Solutions customer accounted for more than 10% of Hillenbrand’s consolidated net revenue during the years ended September 30, 2024, 2023, or 2022. For large or customized orders, customers generally pay a deposit and make progress payments in accordance with the project progress. Often, long-term relationships are established with these customers.
No one Advanced Process Solutions customer accounted for more than 10% of Hillenbrand’s consolidated net revenue during the years ended September 30, 2025, 2024, or 2023. For large or customized orders, customers generally pay a deposit and make progress payments in accordance with the project progress.
Morytko became a Trustee of the Board for Harpswell Foundation, a young woman leadership building organization that empowers young women to live impactful lives, and joined its Finance and Strategic Committees. Carole A. Phillips, 53, became the Company’s Senior Vice President, Chief Procurement Officer in January 2023. Ms.
Morytko became a Trustee of the Board for Harpswell Foundation, a young woman leadership building organization in Cambodia and APAC that empowers young women to live impactful lives, and is Vice-Chair of its Finance Committee. Carole A. Phillips, 54, became the Company’s Senior Vice President, Chief Procurement Officer in January 2023. Ms.
Outside of the U.S., Hillenbrand offers an array of benefits to support employees and their families. These include benefits such as paid leaves of absence, medical insurance, disability coverage and life insurance, among others. Hillenbrand is committed to attracting, developing, engaging, and retaining the best people from around the world to make our businesses run and grow.
These include benefits such as paid leaves of absence, medical insurance, disability coverage and life insurance, among others. Hillenbrand is committed to attracting, developing, engaging, and retaining the best people from around the world to make our businesses run and grow.
This work has been led by a coalition of Environment, Health, and Safety (“EHS”) and other professionals. This group, under the direction of our Global EHS Director, leads our safety strategy, has oversight for EHS data collection, and drives training and awareness on safety and other key topics throughout our enterprise. Safety data can be found in our Sustainability Report.
This group, under the direction of our Global EHS Director, leads our safety strategy, has oversight for EHS data collection, and drives training and awareness on safety and other key topics throughout our enterprise. Safety data can be found in our Sustainability Report.
This includes aligning with the Task Force on Climate-related Financial Disclosures (the “TCFD”), which forms the basis of many upcoming global regulations and provides a standardized approach to reporting on and disclosing climate-related risks and opportunities.
This includes reporting under the Task Force on Climate-related Financial Disclosures (the “TCFD”), starting in fiscal 2025, which forms the basis of many upcoming global regulations and provides a standardized approach to reporting on and disclosing climate-related risks and opportunities and further aligning this report to additional climate disclosures.
In everything we do, we strive to provide great professional opportunities for our people and recognize the critical role our human capital plays in supporting our strategy. As Hillenbrand acquires companies, it will take time to integrate them into our overall programs. Recently acquired companies are at varying stages of implementation as of September 30, 2024.
In everything we do, we strive to provide great professional opportunities for our people and recognize the critical role our human capital plays in supporting our strategy. As Hillenbrand acquires companies, it will take time to integrate them into our overall programs.
Prior to that, he served as a Vice President for Bear Stearns from 1998 to 2001, where he led corporate finance and M&A advisory transactions. Mr. Whitted’s experience prior to Bear Stearns included corporate finance and M&A advisory roles at CIBC World Markets, Bankers Trust, and First Chicago NBD. Megan A.
Prior to that, he served as a Vice President for Bear Stearns from 1998 to 2001, where he led corporate finance and M&A advisory transactions. Mr. Whitted’s experience prior to Bear Stearns included corporate finance and M&A advisory roles at CIBC World Markets, Bankers Trust, and First Chicago NBD. AVAILABILITY OF REPORTS AND OTHER INFORMATION Our website is www.hillenbrand.com.
We remain focused on bringing our Purpose to life locally through our daily practices. Purpose and Core Values are an important part of our onboarding as we welcome new employees and integrate new companies. We connect the new capabilities and experiences of these companies to our shared Purpose.
Purpose and Core Values are an important part of our onboarding as we welcome new employees and integrate new companies. We connect the new capabilities and experiences of these companies to our shared Purpose.
We standardized our global performance management approach along with employee driven and manager supported development tools. We remain committed to growing the skills we need to be successful today and continue to innovate for tomorrow. Workplace Demographics Hillenbrand is committed to the growth of our employees by developing talent and building a growth-minded culture.
Our culture is underpinned by a track record of performance and innovation. We have standardized our global performance management approach along with employee driven and manager supported development tools. We remain committed to growing the skills we need to be successful today and continue to innovate for tomorrow.
To date, our costs relating to addressing climate change have not been material; however, we have taken steps to better understand the risks and opportunities that climate change poses to our business and those risks and opportunities that result from our business.
Among other things, we believe climate change will require meaningful action on a global scale, however, to date, our costs relating to addressing climate change have not been material. We have taken steps to better understand the risks and opportunities that climate change poses to our business and those risks and opportunities that result from our business.
We believe the marks Milacron and Mold-Masters are material to our Molding Technology Solutions reportable operating segment.
We believe the Mold-Masters mark is material to our Molding Technology Solutions reportable operating segment.
Advanced Process Solutions’ net revenue is diversified by end markets, and further penetration of these end markets is an important element of its strategy. Geographically, approximately 46% of Advanced Process Solutions’ net revenue in fiscal 2024 came from the Americas, 25% from Asia, and 29% from EMEA (Europe, the Middle East, and Africa).
Molding Technology Solutions’ net revenue is further diversified by end markets, and continued expansion into these end markets is an important element of its strategy. Geographically, approximately 46% of Molding Technology Solutions’ net revenue in fiscal 2025 came from the Americas, 34% from Asia, and 20% from EMEA (Europe, the Middle East, and Africa).
We believe Molding Technology Solutions’ leading product quality and design inclusion in a number of flagship products, diversification into multiple industries and markets, its base of aftermarket parts business, and its strong worldwide network of suppliers and dealers will allow it to maintain leadership positions even during economic downturns.
We believe Molding Technology Solutions’ leading product quality and design inclusion in a number of flagship products, diversification into multiple industries and markets, its base of aftermarket parts business, and its strong worldwide network of suppliers and dealers will allow it to maintain leadership positions even during economic downturns. 12 Table of Contents Molding Technology Solutions: Raw and Component Materials Steel, which Molding Technology Solutions sources both directly and indirectly through its component suppliers, is the primary material used in the manufacturing of its products.
Hillenbrand strives to maintain satisfactory relationships with all its employees, including the unions and works councils representing those employees. As a result, we have not experienced a significant work stoppage due to labor relations in more than 20 years. Health and Safety The health and safety of our employees is our highest priority.
As of September 30, 2025, approximately 3,500 employees globally work under collective bargaining agreements or works councils. Hillenbrand strives to maintain satisfactory relationships with all its employees, including the unions and works councils representing those employees. As a result, we have not experienced a significant work stoppage due to labor relations in more than 20 years.
Geographically, approximately 54% of Molding Technology Solutions’ net revenue in fiscal 2024 came from the Americas, 29% from Asia, and 17% from EMEA (Europe, the Middle East, and Africa).
Geographically, approximately 45% of Advanced Process Solutions’ net revenue in fiscal 2025 came from the Americas, 26% from Asia, and 29% from EMEA (Europe, the Middle East, and Africa).
While global supply chains have recently suffered from various headwinds, those supporting Molding Technology Solutions products have generally remained intact, providing access to sufficient inventory of the key materials needed for manufacturing.
Difficulties experienced by third-party suppliers can interrupt Molding Technology Solutions’ ability to obtain materials or components and ultimately to supply products to customers. While global supply chains have recently suffered from various headwinds, those supporting Molding Technology Solutions products have generally remained intact, providing access to sufficient inventory of the key materials needed for manufacturing.
We have developed a Safety Framework that sets the foundational safety standards and expectations for every one of our associates, whether sitting at a desk or working on the plant floor. Maintaining a safe working environment for our associates is critical; setting standards, structure, systems, and a safety culture has been a primary focus.
Health and Safety The health and safety of our employees is our highest priority. We have developed a Safety Framework that sets the foundational safety standards and expectations for every one of our associates, whether sitting at a desk or working on the plant floor.
Walke began her career with nearly a decade in public accounting at the firm of Ernst and Young LLP. She served as a member of the Board of Trustees of Oldenburg Academy, a private high school in Indiana, from 2013 to 2024. Ms. Walke also has served on the board of the Ripley County Community Foundation since February 2023.
She served as a member of the Board of 15 Table of Contents Trustees of Oldenburg Academy, a private high school in Indiana, from 2013 to 2024. Ms. Walke also has served on the board of the Ripley County Community Foundation since February 2023. J.
Ryan began her career with Batesville in 1989, holding positions of increasing responsibility within Batesville and the Company’s former parent in finance, strategy, operations, logistics, and information technology. From 2014 to 2023, Ms. Ryan served on the Board of Directors of Kimball International, Inc., a public manufacturing company (“Kimball”), including as a member of the Audit Committee.
Ryan began her career with Batesville in 1989, holding positions of increasing responsibility within Batesville and the Company’s former parent in finance, strategy, operations, logistics, and information technology. Since 2024 Ms. Ryan has served on the Board of Directors of Timken Company, a global manufacturer of engineered bearings and industrial motion products . From 2014 to 2023, Ms.
Purpose shapes the actions we take, the business decisions we make, and how we think about sustainability. Our employees are at the center of everything we do because without them, we can’t move the world forward. They are the designers, engineers, manufacturers, makers, and shapers that bring our products and brands to life and strengthen our communities.
Our employees are at the center of everything we do because without them, we can’t move the world forward. They are the designers, engineers, manufacturers, makers, and shapers that bring our products and brands to life and strengthen our communities. Hillenbrand employees around the world are united by a shared Purpose — to Shape What Matters For Tomorrow.
For further information, see Note 4 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K. Reportable Operating Segments Advanced Process Solutions Advanced Process Solutions is a leading global provider of highly-engineered process and material handling equipment, systems, and aftermarket parts and services for a variety of industries, including durable plastics, food, and recycling.
Reportable Operating Segments Advanced Process Solutions Advanced Process Solutions is a leading global provider of highly-engineered process and material handling equipment, systems, and aftermarket parts and services for a variety of industries, including durable plastics, food, and recycling.
Farrell is also Chair of the Board of Trustees of Cure SMA, an international not-for-profit organization committed to developing a treatment and cure for spinal muscular atrophy, the number one genetic cause of death for infants. Tamara Morytko, 53 , was appointed Senior Vice President of Hillenbrand and President, Molding Technology Solutions in September 2023. Ms.
Farrell was in private practice for six years with global law firm Troutman Pepper. Mr. Farrell is also Chair of the Board of Trustees of Cure SMA, an international not-for-profit organization committed to developing a treatment and cure for spinal muscular atrophy, the number one genetic cause of death for infants.
Products are offered under brand names that are recognized as being among the leaders in their respective industries. 11 Table of Contents • Injection molding and extrusion equipment ◦ Molding Technology Solutions designs, manufactures and sells plastic processing equipment and systems, which include injection molding, extrusion and auxiliary systems.
Products are offered under brand names that are recognized as being among the leaders in their respective industries. • Hot runner and process control systems ◦ Molding Technology Solutions designs, manufactures and sells highly-engineered, technically advanced hot runner and process control systems.
Accordingly, the operating results and cash flows related to the historical Batesville reportable operating segment 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 this Form 10-K relates to continuing operations only and excludes the historical Batesville reportable operating segment.
Unless otherwise noted, discussion within this Form 10-K relates to continuing operations only and excludes the historical Batesville reportable operating segment.
She brings to this role more than two decades of diverse experience in human resources across multiple industries. Prior to joining Hillenbrand, Ms. Arora was Vice President of Global HR Services for Honeywell International Inc. (“Honeywell”), a diversified technology and manufacturing company, from October 2019 through December 2021.
Aneesha Arora, 47, has served as the Company’s Senior Vice President and Chief Human Resources Officer since January 2022. She brings to this role more than two decades of diverse experience in human resources across multiple industries. Prior 14 Table of Contents to joining Hillenbrand, Ms. Arora was Vice President of Global HR Services for Honeywell International Inc.
Through innovation, we support the advancement of our customers’ sustainability goals, and we seek to better understand their needs and develop solutions through our extensive applications expertise. We achieve this by developing equipment and solutions designed to minimize impact on the environment by promoting sustainable energy and water use, optimizing material use, and reducing emissions.
Through innovation, we support the advancement of our customers’ sustainability goals, and we seek to better understand their needs and develop solutions through our extensive applications expertise.
Walke, 45, was elected Vice President, Chief Accounting Officer in May 2022. Prior to that time, she served as the Company’s Director, Financial Reporting since August 2014 and prior to that in roles of increasing responsibility in the Company’s finance organization. Ms.
Prior to that time, she served as the Company’s Director, Financial Reporting since August 2014 and prior to that in roles of increasing responsibility in the Company’s finance organization. Ms. Walke began her career with nearly a decade in public accounting at the firm of Ernst and Young LLP.
Prior to that, she served as Vice President, Global Human Resources and Communications, Safety and Productivity Solutions at Honeywell from November 2016 to October 2019. Since September 2020, Ms. Arora has also served on the Board of Advisors of the Michigan State University School of Human Resources and Labor Relations.
(“Honeywell”), a diversified technology and manufacturing company, from October 2019 through December 2021. Prior to that, she served as Vice President, Global Human Resources and Communications, Safety and Productivity Solutions at Honeywell from November 2016 to October 2019. Since September 2020, Ms.
Farrell began his career with the Company in 2011 as Corporate and Securities Counsel, and in 2014 was named Vice President, Associate General Counsel and Assistant Secretary. Prior to joining Hillenbrand, Mr. Farrell was in private practice for six years with global law firm Troutman Pepper. Mr.
He has served as General Counsel and Secretary since 2015 and also served as the Company’s Chief Compliance Officer from 2016 until 2023. Mr. Farrell began his career with the Company in 2011 as Corporate and Securities Counsel, and in 2014 was named Vice President, Associate General Counsel and Assistant Secretary. Prior to joining Hillenbrand, Mr.
Hillenbrand employees around the world are united by a shared Purpose — to Shape What Matters For Tomorrow. Each of our Core Values — Win As One, Partner With Possibility, Make It Matter, and Drive To Deliver — helps activate our Purpose, guides our decision-making, and continually challenges us to be better.
Each of our Core Values — Win As One, Partner With Possibility, Make It Matter, and Drive To Deliver — helps activate our Purpose, guides our decision-making, and continually challenges us to be better. We remain focused on bringing our Purpose to life locally through our daily practices.
Bartel served as President of Coperion’s Polymer Division from March 2020 to June 2021 and as Coperion’s Vice President of Compounding Machines from October 2013 to February 2020. Mr. Bartel began his career at Coperion in 1990 as a process engineer, holding positions of increasing responsibility within Coperion in sales, service, process technology, engineering, manufacturing, and research. Nicholas R.
Bartel began his career at Coperion in 1990 as a process engineer, holding positions of increasing responsibility within Coperion in sales, service, process technology, engineering, manufacturing, and research. Nicholas R. Farrell, 46, is the Company’s Senior Vice President, General Counsel, and Secretary.
Mental health care is a covered service under all U.S. company medical plans, including inpatient care facility services, inpatient professional services, office visits, and outpatient care. Hillenbrand recognizes the importance of preparing for retirement. Employees are encouraged to participate in their own retirement savings where available. In the U.S., most employees are eligible to participate in company 401(k) savings plans.
Hillenbrand recognizes the importance of preparing for retirement. Employees are encouraged to participate in their own retirement savings where available. In the U.S., most employees are eligible to participate in company 401(k) savings plans. Outside of the U.S., Hillenbrand offers an array of benefits to support employees and their families.
We focus many benefit programs on employee wellness and have implemented solutions including a biometric screening program, mental health support, and telemedicine. We believe that these solutions have helped us successfully manage healthcare and prescription drug costs for our employee population. Hillenbrand believes in supporting employee’s mental health in addition to physical well-being.
We believe that these solutions have helped us successfully manage healthcare and prescription drug costs for our employee population. Hillenbrand believes in supporting employee’s mental health in addition to physical well-being. Mental health care is a covered service under all U.S. company medical plans, including inpatient care facility services, inpatient professional services, office visits, and outpatient care.
Total Rewards Hillenbrand offers rewards programs focused on supporting employees and their families as they navigate work and life. Hillenbrand’s programs are designed to ensure employees are effectively compensated in terms of base salary, incentive compensation, and other benefits that support the health and wellness of themselves and their families.
Hillenbrand’s programs are designed to ensure employees are effectively compensated in terms of base salary, incentive compensation, and other benefits that support the health and wellness of themselves and their families. While specific compensation and benefits vary worldwide and are based on regional practices, we offer market-competitive compensation and benefits to retain and attract top talent.
Molding Technology Solutions Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a comprehensive product portfolio that includes injection molding and extrusion equipment, hot runner systems, process control systems, mold bases and components, and maintenance, repair, and operating (“MRO”) supplies.
Molding Technology Solutions Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry.
The BRG leaders and members championed celebrations and observances, led personal and professional development sessions, and provided education and awareness about their communities to our employees. 7 Table of Contents We also hold ourselves accountable through measurement and transparency, including sharing our diversity, equity, and inclusion progress regularly with our Board of Directors and publicly disclosing our global gender and U.S. ethnically diverse representation in our annual Sustainability Report.
We also hold ourselves accountable through measurement and transparency, including sharing our diversity, equity, and inclusion progress regularly with our Board of Directors and publicly disclosing our global gender and U.S. ethnically diverse representation in our annual Sustainability Report. Total Rewards Hillenbrand offers rewards programs focused on supporting employees and their families as they navigate work and life.
Molding Technology Solutions: Raw and Component Materials Steel, which Molding Technology Solutions sources both directly and indirectly through its component suppliers, is the primary material used in the manufacturing of its products. Molding Technology Solutions does not enter into derivative financial instruments to hedge its commodity price risk but it does have some long-term supply contracts with key suppliers.
Molding Technology Solutions does not enter into derivative financial instruments to hedge its commodity price risk but it does have some long-term supply contracts with key suppliers. Molding Technology Solutions has developed a global network of reliable, low-cost suppliers in order to secure its supply needs.
Since the establishment of our sustainability program, we have leveraged our HOM to drive sustainability performance in our operations throughout the Company, and we expect to continue developing this part of our strategy as we grow in our sustainability practice.
The HOM pushes us to deliver excellence through a consistent framework and key management practices. Since the establishment of our sustainability program, we have leveraged our HOM to drive sustainability performance in our operations throughout the Company.
These end markets are attractive to Hillenbrand because they have strong, long-term growth characteristics, and allow us to leverage our existing expertise in process technology and systems engineering to provide comprehensive solutions to our customers. 3 Table of Contents Acquisitions The following acquisitions were made during the years ended September 30, 2023 and 2022, and are included within our Advanced Process Solutions reportable operating segment: • On September 1, 2023, the Company completed the acquisition of the Schenck Process Food and Performance Materials (“FPM”) business; • On December 1, 2022, the Company completed the acquisition of the Peerless Food Equipment division (“Peerless”) of Illinois Tool Works Inc.; and • On October 6, 2022, the Company completed the acquisition of LINXIS Group SAS (“Linxis”).
These end markets are attractive to Hillenbrand because they have strong, long-term growth characteristics, and allow us to leverage our existing expertise in process technology and systems engineering to provide comprehensive solutions to our customers. Divestitures On February 1, 2023, the Company completed the divestiture of its historical Batesville reportable operating segment.
Morytko has more than two decades of leadership in regional and global business operations. In August 2024, she was appointed interim Senior Vice President of Operations Center Of Excellence and Hillenbrand Operating Model, in an additional capacity.
Tamara Morytko, 54 , was appointed Senior Vice President of Hillenbrand in September 2023 and serves as Group President, overseeing our Molding Technology Solutions and Food, Health and Nutrition divisions along with oversight of our Hillenbrand Operating Model and Operations Center of Excellence. Ms. Morytko has more than two decades of leadership in regional and global business operations.
Ulrich Bartel, 64, was appointed President of the Company’s Coperion business and Senior Vice President of Hillenbrand in June 2021. Since June 2022, he has also served as President of Advanced Process Solutions, in which role he also oversees the Company’s Rotex business. Prior to these roles, Mr.
Since June 2021, he has served as President of the Company's Coperion business. Prior to these roles, Mr. Bartel served as President of Coperion’s Polymer Division from March 2020 to June 2021 and as Coperion’s Vice President of Compounding Machines from October 2013 to February 2020. Mr.
We believe our employees give us the strength and skills to compete, and we must in turn help our employees reach their potential. As of September 30, 2024, we had approximately 10,450 employees worldwide. Approximately 3,000 employees were located within the United States (“U.S.”) and 7,450 employees were located outside of the U.S., primarily throughout Europe and Asia.
Workplace Demographics Hillenbrand is committed to the growth of our employees by developing talent and building a growth-minded culture. We believe our employees give us the strength and skills to compete, and we must in turn help our employees reach their potential. As of September 30, 2025, we had approximately 8,200 employees worldwide.
She also served as Kimball’s Board Chair from November 2018 to October 2021, during which time she also served on the Compensation Committee and Governance Committee. Robert M. VanHimbergen, 48, has been the Company’s Senior Vice President and Chief Financial Officer since April 2022. Mr.
Ryan served on the Board of Directors of Kimball International, Inc., a public manufacturing company (“Kimball”), including as a member of the Audit Committee. She also served as Kimball’s Board Chair from November 2018 to October 2021, during which time she also served on the Compensation Committee and Governance Committee.
For further information, see Note 5 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K. Divestitures On February 1, 2023, the Company completed the divestiture of its historical Batesville reportable operating segment. This divestiture represented a strategic shift in Hillenbrand’s business and qualified as a discontinued operation.
The results of operations for Milacron are included within the Molding Technology Solutions reportable operating segment until the completion of the sale on March 31, 2025. The loss on the divestiture is recorded in corporate expenses. For further information, see Note 4 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.
Approximately 51% of our workforce globally is composed of manufacturing direct labor, and the remaining population includes all other selling, general, and administrative professional employees. As of September 30, 2024, approximately 3,350 employees globally work under collective bargaining agreements or works councils.
Approximately 1,800 employees were located within the United States (“U.S.”) and 6,400 employees were located outside of the U.S., primarily throughout Europe and Asia. Approximately 69% of our workforce globally is composed of manufacturing direct labor, and the remaining population includes all other selling, general and administrative professional employees.
Customers purchasing injection molding or extrusion machines generally pay a deposit and make progress payments prior to shipment. 12 Table of Contents Molding Technology Solutions’ net revenue is further diversified by end markets, and continued expansion into these end markets is an important element of its strategy.
Often, long-term relationships are established with these customers. 9 Table of Contents Advanced Process Solutions’ net revenue is diversified by end markets, and further penetration of these end markets is an important element of its strategy.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThere can be no assurance that divestitures, including the historical Batesville reportable operating segment divestiture, will be ultimately beneficial to us or have a positive effect on shareholder value. 16. Goodwill and other identifiable indefinite-lived intangible assets, which are subject to periodic impairment evaluations, represent a significant portion of our total assets.
Biggest changeThese activities may require diversion of significant capital and other resources that otherwise could have been used in our business operations. There can be no assurance that divestitures, including the Batesville and Milacron business divestitures noted above, will be ultimately beneficial to us or have a positive effect on shareholder value. 20.
Moreover, if we are required to repay any of our debt before it becomes due, we may be unable to borrow or draw additional amounts under the Amended Credit Agreement and Amended L/G Facility Agreement or otherwise obtain the cash necessary to repay that additional debt when due, which could materially adversely affect our business, financial condition, and liquidity.
Moreover, if we are required to repay any of our debt before it becomes due, we may be unable to borrow or draw additional amounts under the Amended Credit Agreement and 2025 Amended L/G Facility Agreement or otherwise obtain the cash necessary to repay that additional debt when due, which could materially adversely affect our business, financial condition, and liquidity.
Furthermore, interest rates we pay on our borrowings and our ability to borrow or draw under the Amended Credit Agreement and Amended L/G Facility Agreement or any other credit facility in the future, or pursuant to other available sources, could be adversely affected by matters including market volatility, economic downturns, or other instability or uncertainty.
Furthermore, interest rates we pay on our borrowings and our ability to borrow or draw under the Amended Credit Agreement and 2025 Amended L/G Facility Agreement or any other credit facility in the future, or pursuant to other available sources, could be adversely affected by matters including market volatility, economic downturns, or other instability or uncertainty.
If we are unable to comply with the financial and other covenants in our debt agreements, our business, financial condition, and liquidity could be materially adversely affected. Our credit arrangements, including the Amended Credit Agreement and the Amended L/G Facility Agreement (each as defined below) contain financial and other restrictive covenants.
If we are unable to comply with the financial and other covenants in our debt agreements, our business, financial condition, and liquidity could be materially adversely affected. Our credit arrangements, including the Amended Credit Agreement and the 2025 Amended L/G Facility Agreement (each as defined below) contain financial and other restrictive covenants.
With respect to the effects on translated earnings, if the U.S. dollar strengthens relative to local currencies, as happens from time to time, the Company’s earnings could be negatively impacted. Although we address currency risk management through regular operating and financing activities and through the use of derivative financial instruments, those actions may not prove to be fully effective. 25.
With respect to the effects on translated earnings, if the U.S. dollar strengthens relative to local currencies, as happens from time to time, the Company’s earnings could be negatively impacted. Although we address currency risk management through regular operating and financing activities and through the use of derivative financial instruments, those actions may not prove to be fully effective. 29.
Further, any failure to comply with sustainability-related regulations with respect to environment, supply chain, or governance matters may adversely impact our reputation, business, consolidated results of operations, financial condition, and liquidity. 5. The performance of the Company may suffer from business disruptions associated with information technology, cyber-attacks or unauthorized access, or catastrophic losses affecting infrastructure.
Further, any failure to comply with sustainability-related regulations with respect to environment, supply chain, or governance matters may adversely impact our reputation, business, consolidated results of operations, financial condition, and liquidity. 9. The performance of the Company may suffer from business disruptions associated with information technology, cyber-attacks or unauthorized access, or catastrophic losses affecting infrastructure.
Inability to negotiate satisfactory new agreements or a labor disturbance at one or more of our facilities could have a material adverse effect on our consolidated results of operations. 26. Business disruptions due to physical risks of climate change, such as catastrophic weather events and natural disasters, could adversely impact the Company’s consolidated results of operations, financial condition, and liquidity.
Inability to negotiate satisfactory new agreements or a labor disturbance at one or more of our facilities could have a material adverse effect on our consolidated results of operations. 30. Business disruptions due to physical risks of climate change, such as catastrophic weather events and natural disasters, could adversely impact the Company’s consolidated results of operations, financial condition, and liquidity.
There may be operational risk due to the significant impact climate change could pose to employees’ lives, the Company’s supply chain, or electrical power availability from climate-related weather events. Climate-related events have the potential to disrupt our business, including the business of our suppliers, and may cause us to experience higher attrition, losses, and additional costs to resume operations. 27.
There may be operational risk due to the significant impact climate change could pose to employees’ lives, the Company’s supply chain, or electrical power availability from climate-related weather events. Climate-related events have the potential to disrupt our business, including the business of our suppliers, and may cause us to experience higher attrition, losses, and additional costs to resume operations. 31.
Unfavorable developments in the plastics industry could impact our customers and, as a result, have a material adverse effect on our business, financial condition, and consolidated results of operations. 18. Changes in economic conditions, food consumption patterns due to dietary trends, or other reasons may adversely affect our business, financial condition, consolidated results of operations, and cash flows.
Unfavorable developments in the plastics industry could impact our customers and, as a result, have a material adverse effect on our business, financial condition, and consolidated results of operations. 22. Changes in economic conditions, food consumption patterns due to dietary trends, or other reasons may adversely affect our business, financial condition, consolidated results of operations, and cash flows.
The extent to which a disease outbreak, or any other health crisis, could impact our business cannot be predicted with certainty. 9. Increased prices for, poor quality of, or extended inability to source raw materials used in our products or associated services, or supply chain disruptions, could adversely affect profitability.
The extent to which a disease outbreak, or any other health crisis, could impact our business cannot be predicted with certainty. 13. Increased prices for, poor quality of, or extended inability to source raw materials used in our products or associated services, or supply chain disruptions, could adversely affect profitability.
All acquisitions, including the FPM and Linxis acquisitions, involve inherent uncertainties, which may include, among other things, our ability to: • successfully identify the most suitable targets for acquisition; • negotiate reasonable terms; • properly perform due diligence and determine all the significant risks associated with a particular acquisition; • successfully achieve the desired performance of the acquired company; • avoid diversion of Company management’s attention from other important business activities; and • where applicable, implement restructuring activities without an adverse impact to business operations.
All acquisitions, including the FPM and Linxis acquisitions, involve inherent uncertainties, which may include, among other things, our ability to: • successfully identify the most suitable targets for acquisition; • negotiate reasonable terms; • properly perform due diligence and determine all the significant risks associated with a particular acquisition; 23 Table of Contents • successfully achieve the desired performance of the acquired company; • avoid diversion of Company management’s attention from other important business activities; and • where applicable, implement restructuring activities without an adverse impact to business operations.
A demand shift away from protein products or processed foods could have a material adverse effect on our business, financial condition, consolidated results of operations, and cash flows. 19. We rely upon our employees, agents, and business partners to comply with laws in many different countries and jurisdictions.
A demand shift away from protein products or processed foods could have a material adverse effect on our business, financial condition, consolidated results of operations, and cash flows. 23. We rely upon our employees, agents, and business partners to comply with laws in many different countries and jurisdictions.
Failure to appropriately respond to this evolving landscape may result in legal liability, regulatory action, or brand and reputational harm. 6. We have a significant amount of debt, which could adversely affect the Company and limit our ability to respond to changes in our business or make future desirable acquisitions.
Failure to appropriately respond to this evolving landscape may result in legal liability, regulatory action, or brand and reputational harm. 10. We have a significant amount of debt, which could adversely affect the Company and limit our ability to respond to changes in our business or make future desirable acquisitions.
We may be vulnerable to credit rating downgrades, which could have an impact on our ability to secure future financing on terms commercially acceptable to us, to access the credit and capital markets, or to negotiate favorable covenants in any future amendments to our financial documents or new financings. 7.
We may be vulnerable to credit rating downgrades, which could have an impact on our ability to secure future financing on terms commercially acceptable to us, to access the credit and capital markets, or to negotiate favorable covenants in any future amendments to our financial documents or new financings. 11.
If the Company suffers a loss or disclosure of protected information due to security breaches or other reasons, and if business continuity plans do not effectively address these issues on a timely basis, the Company may incur fines or penalties, or suffer interruption in its ability to manage operations, as well as reputational, competitive, or business harm, which could have a material adverse effect on our business, financial condition, and consolidated results of operations.
If the Company suffers a loss or disclosure of protected information due to security breaches or other reasons, and if business continuity plans 19 Table of Contents do not effectively address these issues on a timely basis, the Company may incur fines or penalties, or suffer interruption in its ability to manage operations, as well as reputational, competitive, or business harm, which could have a material adverse effect on our business, financial condition, and consolidated results of operations.
If we acquire a company that operates in an industry that is different from the ones in which we currently operate, our lack of experience with that company’s industry could have a material adverse impact on our ability to manage that business and realize the benefits of that acquisition. 15.
If we acquire a company that operates in an industry that is different from the ones in which we currently operate, our lack of experience with that company’s industry could have a material adverse impact on our ability to manage that business and realize the benefits of that acquisition. 19.
Although we believe we will be able to attract and retain talented personnel and replace key personnel should the need arise, if 17 Table of Contents we are unable to hire and retain employees capable of performing at a high-level, or if mitigation measures we may take to respond to a decrease in labor availability, such as overtime and third-party outsourcing, have unintended negative effects, our business could be adversely affected.
Although we believe we will be able to attract and retain talented personnel and replace key personnel should the need arise, if we are unable to hire and retain employees capable of performing at a high-level, or if mitigation measures we may take to respond to a decrease in labor availability, such as overtime and third-party outsourcing, have unintended negative effects, our business could be adversely affected.
Tax controls and changes in tax laws or regulations or the interpretation given to them may expose us to negative tax consequences, including interest payments and potential penalties, which could have a material adverse effect on our consolidated results of operations. 22.
Tax controls and changes in tax laws or regulations or the interpretation given to them may expose us to negative tax consequences, including interest payments and potential penalties, which could have a material adverse effect on our consolidated results of operations. 26.
Any such improper actions could subject us to civil or criminal investigations in the U.S. and in other jurisdictions; could lead to substantial civil and criminal, monetary and non-monetary penalties, and related shareholder lawsuits; could cause us to incur significant legal fees; and could damage our reputation. 20.
Any such improper actions could subject us to civil or criminal investigations in the U.S. and in other jurisdictions; could lead to substantial civil and criminal, monetary and non-monetary penalties, and related shareholder lawsuits; could cause us to incur significant legal fees; and could damage our reputation. 24.
These provisions include, among others: • the division of our Board of Directors into three classes with staggered terms; • the inability of our shareholders to act by less than unanimous written consent; • rules regarding how shareholders may present proposals or nominate directors for election at shareholder meetings; • the right of our Board of Directors to issue preferred stock without shareholder approval; and • limitations on the right of shareholders to remove directors.
These provisions include, among others: 27 Table of Contents • the division of our Board of Directors into three classes with staggered terms; • the inability of our shareholders to act by less than unanimous written consent; • rules regarding how shareholders may present proposals or nominate directors for election at shareholder meetings; • the right of our Board of Directors to issue preferred stock without shareholder approval; and • limitations on the right of shareholders to remove directors.
Competition in any of these areas may reduce our sales and adversely affect our earnings or cash flow by resulting in decreased sales volumes, reduced prices, and increased costs of manufacturing, distributing, and selling our products. 13. We operate in cyclical industries.
Competition in any of these areas may reduce our sales and adversely affect our earnings or cash flow by resulting in decreased sales volumes, reduced prices, and increased costs of manufacturing, distributing, and selling our products. 17. We operate in cyclical industries.
We have incurred substantial expenses in connection with the completion of the acquisitions of FPM and Linxis, and we expect to incur further expenses in order to integrate a large number of processes, policies, procedures, operations, technologies, and systems in connection with these acquisitions. 3.
We have incurred substantial expenses in connection with the completion of the acquisitions of FPM and Linxis, and we expect to incur further expenses in order to integrate a large number of processes, policies, procedures, operations, technologies, and systems in connection with these acquisitions. 7.
Certain proposals could include recommendations that could increase our tax obligations in those countries where we do business. Any changes in the taxation of our activities in such jurisdictions may result in a material increase in our effective tax rate. 21.
Certain proposals could include recommendations that could increase our tax obligations in those countries where we do business. Any changes in the taxation of our activities in such jurisdictions may result in a material increase in our effective tax rate. 25.
There can be no assurance that economic expansion or increased demand will be sustainable, and our financial condition, consolidated results of operations, and cash flows could be materially adversely affected. 14. A key component of our growth strategy is making significant acquisitions, some of which may be outside the industries in which we currently operate.
There can be no assurance that economic expansion or increased demand will occur or be sustainable, and our financial condition, consolidated results of operations, and cash flows could be materially adversely affected. 18. A key component of our growth strategy is making significant acquisitions, some of which may be outside the industries in which we currently operate.
Significant negative industry or economic trends, disruptions to our business, inability to effectively integrate acquired businesses, unexpected significant changes or planned changes in use of the assets, divestitures, and market capitalization declines may impair these assets, and any of these factors may be increasingly impactful during a period of ongoing global supply chain disruption or macroeconomic uncertainty.
Significant negative industry or 24 Table of Contents economic trends, disruptions to our business, inability to effectively integrate acquired businesses, unexpected significant changes or planned changes in use of the assets, divestitures, and market capitalization declines may impair these assets, and any of these factors may be increasingly impactful during a period of ongoing global supply chain disruption or macroeconomic uncertainty.
If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition, or consolidated results of operations. 12.
If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition, or consolidated results of operations. 16.
In addition, if certain key or sole suppliers were to become capacity constrained or insolvent, it could result in a reduction or interruption in supplies or a significant increase in the price of supplies. 2.
In addition, if certain key or sole suppliers were to become capacity constrained or insolvent, it could result in a reduction or interruption in supplies or a significant increase in the price of supplies. 6.
We believe these provisions are important for a public company and protect our shareholders from coercive or otherwise potentially unfair takeover tactics by encouraging potential acquirers to negotiate with our Board of Directors and by providing 26 Table of Contents our Board of Directors with appropriate time to assess any acquisition proposal.
We believe these provisions are important for a public company and protect our shareholders from coercive or otherwise potentially unfair takeover tactics by encouraging potential acquirers to negotiate with our Board of Directors and by providing our Board of Directors with appropriate time to assess any acquisition proposal.
We operate in highly competitive industries, many of which are currently subject to intense price competition, and if we are unable to compete successfully, it could have a material adverse effect on our business, financial condition, and consolidated results of operations. 21 Table of Contents Many of the industries in which we operate are highly competitive.
We operate in highly competitive industries, many of which are currently subject to intense price competition, and if we are unable to compete successfully, it could have a material adverse effect on our business, financial condition, and consolidated results of operations. Many of the industries in which we operate are highly competitive.
The effective tax rate of the Company may be negatively impacted by changes in the mix of earnings as well as future changes to tax laws in global jurisdictions in which we operate. 24 Table of Contents We are subject to income taxes in the U.S. and various other global jurisdictions.
The effective tax rate of the Company may be negatively impacted by changes in the mix of earnings as well as future changes to tax laws in global jurisdictions in which we operate. We are subject to income taxes in the U.S. and various other global jurisdictions.
Specific legislative and regulatory developments and 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, taxes and customs duties, public company reporting requirements, environmental regulation, and antitrust enforcement.
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.
A sustained labor shortage, lack of skilled labor, or increased turnover or labor inflation could lead to increased costs, such as increased overtime to meet demand and increased wage rates to attract and retain employees, which could negatively affect our ability to efficiently operate our manufacturing and distribution facilities and overall business and have other material adverse effects on our business, financial condition, and consolidated results of operations. 4.
A sustained labor shortage, lack of skilled labor, or increased turnover or labor inflation could lead to increased costs, such as increased overtime to meet demand and increased wage rates to attract and retain 18 Table of Contents employees, which could negatively affect our ability to efficiently operate our manufacturing and distribution facilities and overall business and have other material adverse effects on our business, financial condition, and consolidated results of operations. 8.
Extended inability to source a necessary raw material or service could cause us to cease manufacturing one or more products for a period of time, which could also lead to loss of customers, as well as reputational, competitive, or business harm, which could have a material adverse effect on our business, financial condition, and consolidated results of operations. 20 Table of Contents 10.
Extended inability to source a necessary raw material or service could cause us to cease manufacturing one or more products for a period of time, which could also lead to loss of customers, as well as reputational, competitive, or business harm, which could have a material adverse effect on our business, financial condition, and consolidated results of operations. 14.
The risks described below are not the only risks we face, but these are the ones we currently think have the potential to significantly 16 Table of Contents affect stakeholders in our Company if they were to develop adversely (due to size, volatility, or both).
The risks described below are not the only risks we face, but these are the ones we currently think have the potential to significantly affect stakeholders in our Company if they were to develop adversely (due to size, volatility, or both).
In addition, in light of the impacts to our ability to generate cash from operations during periods of global financial, socioeconomic, and political uncertainty, our results may be further negatively impacted by our payment obligations (including interest) with respect to our outstanding borrowings under our credit arrangements. 19 Table of Contents 8.
In addition, in light of the impacts to our ability to generate cash from operations during periods of global financial, socioeconomic, and political uncertainty, our results may be further negatively impacted by our payment obligations (including interest) with respect to our outstanding borrowings under our credit arrangements. 12.
The political environment, especially in an election year in the U.S., may create uncertainty with respect to, and could result in additional changes in, or potential gridlock hindering legislation, regulation, international relations, and government policy, or could result in possible civil unrest or other disturbances in connection therewith.
The U.S. political and regulatory environment may create uncertainty with respect to, and could result in additional changes in, or potential gridlock hindering legislation, regulation, international relations, and government policy, or could result in possible civil unrest or other disturbances in connection therewith.
Commerce Department’s Export Administration Regulations, trade sanctions promulgated by the Office of Foreign Asset Control (“OFAC”), anti-money laundering, and data privacy. In particular, the U.S. Foreign Corrupt Practices Act, the U.K.
Commerce Department’s Export Administration Regulations, trade sanctions promulgated by the Office of Foreign Asset Control (“OFAC”), anti-money laundering, and data privacy. In particular, the U.S.
The Company could face labor disruptions that would interfere with operations. As of September 30, 2024 and 2023, approximately 32% and 31%, respectively, of Hillenbrand’s employees work under collective bargaining agreements or works councils.
The Company could face labor disruptions that interfere with operations. As of September 30, 2025 and 2024, approximately 43% and 32%, respectively, of Hillenbrand’s employees work under collective bargaining agreements or works councils.
Uncertainty in United States global trade policy and risks with governmental instability in parts of the world such as Germany 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.
Uncertainty in United States global trade policy and risks with governmental instability in certain parts of the world could negatively impact our business . 21 Table of Contents The U.S. government has at times indicated a willingness to significantly change, and has in some cases significantly changed, trade policies or agreements.
Our international business is subject to risks that are often encountered in non-U.S. operations, including: • interruption in the transportation of materials to us and finished goods to our customers, including conditions where recovery from natural disasters may be delayed due to country-specific infrastructure and resources; • threat of wars or other conflicts; • differences in terms of sale, including payment terms; • local product preferences and product requirements; • changes in a country’s or region’s political or economic condition, including with respect to safety and health issues; • trade protection measures and import or export licensing requirements; • unexpected changes in laws or regulatory requirements, including unfavorable changes with respect to tax, trade, sanctions compliance, or climate change related matters; • limitations on ownership and on repatriation of earnings and cash; • difficulty in staffing and managing widespread operations; • differing labor regulations; • difficulties in enforcing contract and property rights under local law; • difficulties in implementing restructuring actions on a timely or comprehensive basis; and • differing protection of intellectual property.
Our international business is subject to risks that are often encountered in non-U.S. operations, including: • interruption in the transportation of materials to us and finished goods to our customers, including conditions where recovery from natural disasters may be delayed due to country-specific infrastructure and resources; • threat of wars or other conflicts; • differences in terms of sale, including payment terms; • local product preferences and product requirements; • changes in a country’s or region’s political or economic condition, including with respect to safety and health issues; • trade protection measures and import or export licensing requirements; • unexpected changes in laws or regulatory requirements, including unfavorable changes with respect to tax, trade, sanctions compliance, or climate change related matters; • limitations on ownership and on repatriation of earnings and cash; • difficulty in staffing and managing widespread operations; • differing labor regulations; • difficulties in enforcing contract and property rights under local law; • difficulties in implementing restructuring actions on a timely or comprehensive basis; and • differing protection of intellectual property. 22 Table of Contents Such risks may be more likely or pronounced in emerging markets, where our operations may be subject to greater uncertainty due to increased volatility associated with the developing nature of their economic, legal, and governmental systems.
Bribery Act, and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries, including us, from making improper payments to government officials or other parties for the purpose of obtaining or retaining business, and we operate in many parts of the world that have experienced corruption to some degree.
Foreign Corrupt Practices Act, the U.K. 25 Table of Contents Bribery Act, and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries, including us, from making improper payments to government officials or other parties for the purpose of obtaining or retaining business, and we operate in many parts of the world that have experienced corruption to some degree.
For a more detailed discussion of claims, see Note 13 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K. 23. Uncertainty in the U.S. political and regulatory environment could negatively impact our business .
For a more detailed discussion of claims, see Note 12 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K. 26 Table of Contents 27. Uncertainty in the U.S. political and regulatory environment could negatively impact our business .
To the extent such disturbances or changes in the political or regulatory environment have a negative impact on the Company or the markets in which we operate, it may materially and adversely impact our business, consolidated results of operations, and financial condition in the periods to come. 25 Table of Contents 24.
To the extent such disturbances or changes in the political or regulatory environment have a negative impact on the Company or the markets in which we operate, it may materially and adversely impact our business, consolidated results of operations, and financial condition. 28.
As of September 30, 2024, our outstanding debt was $1,893.0, and this amount could increase if additional levels of liquidity are needed. This amount of debt (and additional debt we may incur) has important consequences to our businesses.
As of September 30, 2025, our outstanding debt was $1,524.8, and this amount could increase if additional levels of liquidity are needed. This amount of debt (and additional debt we may incur) has important consequences to our businesses.
We have completed several divestitures, including the recent divestiture of our historical Batesville reportable operating segment, and we continually assess the strategic fit of our existing businesses.
We have completed several divestitures, including the divestiture of our historical Batesville reportable operating segment and a majority interest in Milacron, and we continually assess the strategic fit of our existing businesses.
Changes in U.S. tariffs, quotas, trade relationships or agreements, or tax law could reduce the supply of goods available to us or increase our cost of goods.
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.
While we believe that our insurance plan provides appropriate levels of coverage for cyber risks and have taken steps to address these risks by implementing enhanced security technologies, internal controls, and business continuity plans, these measures may not be adequate to cover or prevent all potential losses nor remedy related damage to our reputation. 18 Table of Contents Regulators globally are increasingly imposing greater fines and penalties for privacy and data protection violations.
While we believe that our insurance plan provides appropriate levels of coverage for cyber risks and have taken steps to address these risks by implementing enhanced security technologies, internal controls, and business continuity plans, these measures may not be adequate to cover or prevent all potential losses nor remedy related damage to our reputation.
We have global operations, and a widespread pandemic, disease outbreak, or other health crisis, and the various government, industry and consumer actions related thereto, including mandated or voluntary shutdowns, could have negative impacts on our business and have created or could create or intensify adverse conditions described in our other risk factors.
A disease outbreak, a pandemic, or other health crisis, could have a material adverse effect on our business and consolidated results of operations, the nature and extent of which are highly uncertain and unpredictable. 20 Table of Contents We have global operations, and a widespread pandemic, disease outbreak, or other health crisis, and the various government, industry and consumer actions related thereto, including mandated or voluntary shutdowns, could have negative impacts on our business and have created, and could in the future create or intensify adverse conditions described in our other risk factors.
As a result, and especially if the acquired business is a separate reporting unit, the difference between the carrying value of the reporting unit and its fair value (typically referred to as “headroom”) is smaller at the time of acquisition.
As a result, and especially if the acquired business is a separate reporting unit, the difference between the carrying value of the reporting unit and its fair value (typically referred to as “headroom”) is smaller at the time of acquisition. If the acquired business is included in an existing reporting unit, this impact often can be less significant.
In 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. upon various raw materials and finished goods, including steel and others that are important to our businesses.
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.
Any charges relating to such impairments, similar to those recorded for the year ended September 30, 2024, could adversely affect our consolidated results of operations in the periods recognized. 17. We derive significant net revenue from the plastics industry.
Future acquisitions could present these same risks as with acquisitions we have made to date. Any charges relating to such impairments, similar to those recorded for the years ended September 30, 2025 and 2024, could adversely affect our consolidated results of operations in the periods recognized. 21. We derive significant net revenue from the plastics industry.
An impairment charge on these assets could have a material adverse impact on our financial condition and consolidated results of operations. We maintain intangible assets related to a number of historical acquisitions, portions of which were identified as either goodwill or indefinite-lived assets. We periodically assess these assets to determine if they are impaired.
We maintain intangible assets related to a number of historical acquisitions, portions of which were identified as either goodwill or indefinite-lived assets. We periodically assess these assets to determine if they are impaired.
For example, the European Union and other jurisdictions, including China and some U.S. states, have enacted, and others may enact, new and expanded sets of compliance requirements on companies, like ours, that collect or process personal data. Failure to comply with these or other data protection regulations could expose us to potentially significant liabilities.
Regulators globally are increasingly imposing greater fines and penalties for privacy and data protection violations. For example, the European Union and other jurisdictions, including China and some U.S. states, have enacted, and others may enact, new and expanded sets of compliance requirements on companies, like ours, that collect or process personal data.
We derived approximately 59%, 62%, and 67% of our net revenue from our operations outside the U.S. for the years ended September 30, 2024, 2023, and 2022, respectively. This net revenue was primarily generated in Europe, the Middle East, Asia, South America, and Canada. In addition, we have manufacturing operations, suppliers, and employees located outside the U.S.
This net revenue was primarily generated in Europe, the Middle East, Asia, South America, and Canada. In addition, we have manufacturing operations, suppliers, and employees located outside the U.S.
In addition, divestitures, in particular the recent divestiture of our historical Batesville reportable operating segment, potentially involve significant post-closing separation and transition activities, which could involve the expenditure of material financial resources and significant employee resources. These activities may require diversion of significant capital and other resources that otherwise could have been used in our business operations.
In addition, divestitures, in particular the divestitures of our historical Batesville reportable operating segment and majority interest in Milacron, potentially involve significant post-closing separation and transition activities, which could involve the expenditure of material financial resources and significant employee resources.
In addition to the general uncertainty and overall risk from potential changes in U.S. laws and policies, 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.
As we make business decisions in the face of uncertainty, we may incorrectly anticipate the outcomes, miss out on business opportunities or fail to effectively adapt our business strategies and manage the adjustments that are necessary in response to those changes. These risks could materially and adversely impact our business, consolidated results of operations, and financial condition. 15.
Despite these efforts, realization of any of these liabilities or deficiencies may increase our expenses, adversely affect our financial position, or cause us to fail to meet our public financial reporting obligations. 22 Table of Contents We generally seek indemnification covering these matters from sellers or other sources including insurance policies; however, the liability of the sellers or other sources is often limited, and certain former owners may be unable to meet their indemnification responsibilities.
We generally seek indemnification covering these matters from sellers or other sources including insurance policies; however, the liability of the sellers or other sources is often limited, and certain former owners may be unable to meet their indemnification responsibilities.
If the acquired business is included 23 Table of Contents in an existing reporting unit, this impact often can be less significant. In any case, until this headroom grows over time, due to business growth or lower carrying value of the reporting unit, a small decline in reporting unit fair value may trigger impairment charges.
In any case, until this headroom grows over time, due to business growth or lower carrying value of the reporting unit, a small decline in reporting unit fair value may trigger impairment charges. When impairment charges are triggered, they tend to be material due to the size of the assets involved.
These risks could materially and adversely impact our business, consolidated results of operations, and financial condition in the periods to come. 11. International economic, political, legal, and business factors could negatively affect our consolidated results of operations, cash flows, financial condition, and growth.
International economic, political, legal, and business factors could negatively affect our consolidated results of operations, cash flows, financial condition, and growth. We derived approximately 63%, 59%, and 62% of our net revenue from our operations outside the U.S. for the years ended September 30, 2025, 2024, and 2023, respectively.
This, along with recent governmental instability in parts of the world such as Germany, exposes us to risks of disruption and cost increases in our established patterns for sourcing our raw materials and creates increased uncertainties in planning our sourcing strategies and forecasting our margins.
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.
Removed
A disease outbreak, a pandemic, or other health crisis, could have a material adverse effect on our business and consolidated results of operations, the nature and extent of which are highly uncertain and unpredictable.
Added
The announcement and pendency of the proposed acquisition of the Company could adversely impact the Company’s business, financial condition and results of operations. Uncertainty about the effect of the Merger on the Company’s employees, customers, and other parties may have an adverse effect on the Company’s business, financial condition and results of operation regardless of whether the Merger is completed.
Removed
Such risks may be more likely or pronounced in emerging markets, where our operations may be subject to greater uncertainty due to increased volatility associated with the developing nature of their economic, legal, and governmental systems.
Added
These risks to the Company’s business include the following, all of which could be exacerbated by a delay in the completion of, or failure to complete, the Merger: • the impairment of the Company’s ability to attract, retain, and motivate its employees, including key personnel; • the diversion of significant management time and resources towards the completion of the Merger; • difficulties maintaining relationships with customers, suppliers, and other business partners; • delays or deferments of certain business decisions by the Company’s customers, suppliers, and other business partners; • the inability to pursue alternative business opportunities or make changes to the Company’s business because the Merger Agreement requires the Company to use commercially reasonable efforts to conduct its business in the ordinary course consistent with past practice, and to preserve its organization intact and business relations with employees, customers, suppliers, joint venture partners, lenders, governmental authorities and others having material business relations with the Company, and refrain from taking certain actions without Lone Star’s consent prior to the completion of the Merger, including a prohibition on paying dividends other than one cash dividend on or prior to December 31, 2025 in an amount not to exceed $0.2275 per share; • litigation relating to the Merger and the costs related thereto; and • the occurrence of significant costs, expenses, and fees for professional services and other transaction costs in connection with the Merger. 2.
Removed
When impairment charges are triggered, they tend to be material due to the size of the assets involved. Future acquisitions could present these same risks as with acquisitions we have made to date.
Added
Litigation relating to the Merger may be filed against the Company, its Board of Directors, or others, which could prevent or delay the completion of the Merger or result in the payment of damages. 16 Table of Contents Litigation relating to the Merger may be filed against the Company, its Board of Directors, or others.
Added
Among other remedies, these claimants could seek damages and/or to enjoin the Merger and the other transactions contemplated by the Merger Agreement. If the Merger is not consummated for any reason, litigation could be filed in connection with the failure to consummate the Merger.
Added
The outcome of any litigation is uncertain and any such lawsuits could prevent or delay the completion of the Merger and result in significant costs. Any such actions may create uncertainty relating to the Merger and may be costly and distracting to management. 3.
Added
Failure to consummate the Merger within the expected timeframe or at all could adversely impact the Company’s business, financial condition and results of operations.
Added
The completion of the Merger is subject to the satisfaction or waiver of certain closing conditions, including the approval of the Merger Agreement by holders of a majority of the outstanding shares of Company common stock, the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and specified non-U.S. antitrust and foreign investment laws and CFIUS Approval (as defined in the Merger Agreement).
Added
Many of the closing conditions are outside our control, and regulatory authorities have broad discretion in administering relevant laws. Regulatory authorities may impose requirements, limitations, require divestitures, or restrictions on our business as a condition to approval or clearance of the Merger, any of which could delay, jeopardize, or prevent the consummation of the Merger.
Added
There can be no assurance that these conditions and the other conditions set forth in the Merger Agreement will be satisfied in a timely manner or at all or that the Merger will be completed.
Added
If the Merger is not completed, including as a result of the Company’s stockholders failing to approve the Merger Agreement, the Company’s stockholders will not receive any payment for their shares in connection with the Merger. Instead, the Company will remain an independent public company, and the shares will continue to be traded on the New York Stock Exchange.
Added
The Company’s ongoing business may be materially adversely affected and the Company would be subject to a number of risks, including the following: • the Company may experience negative publicity, which could have an adverse effect on its ongoing operations including, but not limited to, retaining and attracting customers, suppliers, and other business partners; • the Company would incur significant costs in future periods relating to the Merger, such as legal, accounting, financial advisor, printing and other professional services fees, which may relate to activities that the Company would not have undertaken other than to complete the Merger; • the Merger Agreement places certain restrictions on the conduct of the Company’s business, which may have delayed or prevented the Company from undertaking business opportunities that, absent the Merger Agreement, it may have pursued.
Added
If the Merger is not consummated, the risks described above may materialize and they may have a material adverse effect on the Company’s business operations, financial condition, results of operations, and stock price, especially to the extent that the current market price of the Company’s common stock reflects an assumption that the Merger will be completed. 4.
Added
The Merger Agreement contains restrictions on solicitation that limit our ability to pursue alternatives to the Merger. If the Merger Agreement is terminated, we may, under certain circumstances, be required to pay a termination fee to Parent, using cash that would otherwise have been available for other purposes.
Added
Under the Merger Agreement, the Company is restricted from soliciting, initiating, or knowingly encouraging or facilitating alternative acquisition proposals from third parties, and/or providing non-public information to third parties relating to any inquiries, proposals or offers that would reasonably be expected to lead to certain transactions involving a third party, including a merger, business combination or similar transaction, subject to specified exceptions.
Added
The Merger Agreement also contains customary termination provisions for both the Company and Lone Star, including the right of the Company to terminate the Merger Agreement, subject to and in accordance with the terms and conditions of the Merger Agreement, and provides that, in connection with certain terminations of the Merger Agreement by the Company, the Company will pay Lone Star a cash termination fee of $69.0.
Added
Payment of a termination fee may require the Company to use available cash that would have otherwise been available for general corporate purposes or other uses and could affect the structure, pricing and terms proposed by a third party seeking to acquire or merge with the Company or deter such third party from making a competing acquisition proposal. 17 Table of Contents 5.
Added
Failure to comply with these or other data protection regulations could expose us to potentially significant liabilities.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe CISO has information technology and information security experience, including enterprise risk management leadership, and holds a Certified Information Security Manager certification from the Information Systems Audit and Control Association (ISACA). The CISO reports to the Chief Information Officer (“CIO”), who is a member of the Company’s Executive Management Team (“EMT”) and reports directly to the CEO.
Biggest changeThe CISO has information technology and information security experience, including enterprise risk management leadership, and holds a Certified Information Security Manager certification from the Information Systems Audit and Control Association (ISACA). The CISO reports to the Chief Information Officer (“CIO”), who is a member of the EMT and reports directly to the CEO.
However, despite our security measures, we cannot assure that we or our third-party partners will not experience a future cybersecurity incident that could materially affect us. 27 Table of Contents Governance Our Board of Directors oversees overall cybersecurity risk and strategy, and the Audit Committee of the Board of Directors oversees information security compliance as part of its broader compliance oversight mandate.
However, despite our security measures, we cannot assure that we or our third-party partners will not experience a future cybersecurity incident that could materially affect us. Governance Our Board of Directors oversees overall cybersecurity risk and strategy, and the Audit Committee of the Board of Directors oversees information security compliance as part of its broader compliance oversight mandate.
Training programs are conducted on a periodic basis and are focused on giving employees awareness and tools to manage the most relevant and prevalent cybersecurity risks to us. Specialized training is also offered to employees in sensitive roles.
Training programs are conducted on a 28 Table of Contents periodic basis and are focused on giving employees awareness and tools to manage the most relevant and prevalent cybersecurity risks to us. Specialized training is also offered to employees in sensitive roles.
Our EMT receives periodic briefings, and the Board of Directors and its Audit Committee receives annual and quarterly briefings, respectively, on cybersecurity matters.
Our Company’s Executive Management Team (“EMT”) receives periodic briefings, and the Board of Directors and its Audit Committee receives annual and quarterly briefings, respectively, on cybersecurity matters.

Item 2. Properties

Properties — owned and leased real estate

3 edited+0 added−0 removed1 unchanged
Biggest changeAdvanced Process Solutions also leases or owns a number of warehouse distribution centers, service centers, and sales offices located in the U.S., Canada, Europe, Asia, and South America. At September 30, 2024, Molding Technology Solutions operated nine significant manufacturing facilities located in the U.S. (in Ohio and Kansas), Germany, China, India, Canada, and the Czech Republic.
Biggest changeAdvanced Process Solutions also leases or owns a number of warehouse distribution centers, service centers, and sales offices located in the U.S., Canada, Europe, Asia, and South America. At September 30, 2025, Molding Technology Solutions operated five significant manufacturing facilities located in Germany, China, India, Canada, and the Czech Republic. Two of these facilities are owned and three are leased.
Item 2. PROPERTIES Our corporate headquarters is located in Batesville, Indiana, in a facility that we lease. At September 30, 2024, Advanced Process Solutions operated 14 significant manufacturing facilities located in the U.S. (in Kansas, Missouri, Ohio, and Virginia), Germany, France, Switzerland, China, and the United Kingdom. Five of these facilities are owned and nine are leased.
Item 2. PROPERTIES Our corporate headquarters is located in Batesville, Indiana, in a facility that we lease. At September 30, 2025, Advanced Process Solutions operated 14 significant manufacturing facilities located in the U.S. (in Kansas, Missouri, Ohio, Virginia and Wisconsin), Germany, France, Switzerland, China, and the United Kingdom. Five of these facilities are owned and nine are leased.
Three of these facilities are owned and six are leased. Molding Technology Solutions also leases or owns a number of warehouse distribution centers, service centers, and sales offices located in the U.S., Mexico, Canada, Europe, Asia, and South America. Facilities often serve multiple purposes, such as administration, sales, manufacturing, testing, warehousing, and distribution.
Molding Technology Solutions also leases or owns a number of warehouse distribution centers, service centers, and sales offices located in the U.S., Mexico, Canada, Europe, Asia, and South America. Facilities often serve multiple purposes, such as administration, sales, manufacturing, testing, warehousing, and distribution.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

2 edited+1 added−0 removed2 unchanged
Biggest changeItem 3. LEGAL PROCEEDINGS From time to time, we are involved in claims, lawsuits, and government proceedings relating to our operations, including environmental, antitrust, patent infringement, business practices, commercial transactions, product and general liability, cybersecurity and privacy matters, workers’ compensation, auto liability, employment-related, and other matters. The ultimate outcome of any claims, lawsuits, and proceedings cannot be predicted with certainty.
Biggest changeItem 3. LEGAL PROCEEDINGS From time to time, we are involved in claims, lawsuits, and government proceedings relating to our operations, including environmental, antitrust, patent infringement, business practices, commercial transactions, product and general liability, 29 Table of Contents cybersecurity and privacy matters, workers’ compensation, auto liability, employment-related, and other matters.
For more information on various legal proceedings, see Note 13 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K. That information is incorporated into this Item 3 by reference. Item 4. MINE SAFETY DISCLOSURES 28 Table of Contents Not applicable. PART II
For more information on various legal proceedings, see Note 12 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K. That information is incorporated into this Item 3 by reference. Item 4. MINE SAFETY DISCLOSURES Not applicable. PART II
Added
The ultimate outcome of any claims, lawsuits, and proceedings cannot be predicted with certainty.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+0 added−0 removed1 unchanged
Biggest changeWe currently expect to pay approximately $15.8 each quarter in fiscal 2025 based on our outstanding common stock at September 30, 2024, subject to the discretion of our Board of Directors. Item 6. Reserved 29 Table of Contents
Biggest changeThe Merger Agreement includes 30 Table of Contents certain limitations on our ability to pay dividends. Pursuant to the terms of the Merger Agreement, we currently expect to pay approximately $16.0 in the first quarter of fiscal 2026 based on our outstanding common stock at September 30, 2025, subject to the discretion of our Board of Directors. Item 6.
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES Hillenbrand common stock is traded on the New York Stock Exchange under the ticker symbol “HI.” As of November 15, 2024, we had approximately 1,423 shareholders of record.
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES Hillenbrand common stock is traded on the New York Stock Exchange under the ticker symbol “HI.” As of November 14, 2025, we had approximately 1,351 shareholders of record.
No purchases of our common stock were made during the year ended September 30, 2024. Dividend Policy We returned $62.5 to shareholders in fiscal 2024 in the form of quarterly dividends. We increased our quarterly dividend in fiscal 2024 to $0.2225 per common share from $0.2200 per common share paid in fiscal 2023.
No purchases of our common stock were made during the year ended September 30, 2025. Dividend Policy We returned $63.4 to shareholders in fiscal 2025 in the form of quarterly dividends. We increased our quarterly dividend in fiscal 2025 to $0.2250 per common share from $0.2225 per common share paid in fiscal 2024.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

102 edited+46 added−57 removed45 unchanged
Biggest changeThe Company expects that substantially all of the initial costs to complete the Program, which are primarily severance costs, will result in future cash expenditures, and we anticipate the majority of these cash expenditures to be paid during fiscal 2025. 36 Table of Contents OPERATIONS REVIEW — CONSOLIDATED Year Ended September 30, 2024 2023 Amount % of Net Revenue Amount % of Net Revenue Net revenue $ 3,182.8 100.0 $ 2,826.0 100.0 Gross profit 1,056.5 33.2 948.2 33.6 Operating expenses 707.8 22.2 574.0 20.3 Amortization expense 102.4 79.6 Impairment charges 265.0 — Gain on sale of property, plant, and equipment (36.0) — Pension settlement charges 35.2 — Interest expense 121.5 77.7 Income tax expense 64.8 102.8 Net (loss) income attributable to Hillenbrand (211.0) 569.7 Year Ended September 30, 2024 Compared to Year Ended September 30, 2023 Net revenue increased $356.8 (13%). • Advanced Process Solutions’ net revenue increased $464.5 (25%) primarily driven by the impact of the FPM acquisition ($489.6), higher aftermarket parts and service net revenue, and favorable pricing, partially offset by a decrease in capital equipment sales volumes.
Biggest changeOPERATIONS REVIEW — CONSOLIDATED Year Ended September 30, 2025 2024 Amount % of Net Revenue Amount % of Net Revenue Net revenue $ 2,673.8 100.0 $ 3,182.8 100.0 Gross profit 900.8 33.7 1,056.5 33.2 Selling, general and administrative expenses 650.0 24.3 713.6 22.2 Amortization expense 94.3 102.4 Impairment charges 83.5 265.0 Gain on sale of property, plant, and equipment — (36.0) Gain on equity method investments (74.6) (5.8) Pension settlement (gain) charges (1.7) 35.2 Loss on divestiture 57.2 — Interest expense, net 94.5 121.5 Income tax (benefit) expense (54.5) 64.8 Net income (loss) attributable to Hillenbrand 43.1 (211.0) Year Ended September 30, 2025 Compared to Year Ended September 30, 2024 Net revenue decreased $509.0 (16%). • Advanced Process Solutions’ net revenue decreased $218.6 (10%) primarily driven by a decrease in capital equipment sales volume and lower aftermarket parts and service net revenue, partially offset by favorable pricing.
Accordingly, we use adjusted EBITDA, among other measures, to monitor our business performance. Adjusted EBITDA is not a recognized term under GAAP and therefore does not purport to be an alternative to consolidated net (loss) income. Further, the Company’s measure of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Accordingly, we use adjusted EBITDA, among other measures, to monitor our business performance. Adjusted EBITDA is not a recognized term under GAAP and therefore does not purport to be an alternative to consolidated net income (loss). Further, the Company’s measure of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Cash used in financing activities from continuing operations during 2024 was $227.1, primarily due to the repayment of the $400.0 of senior unsecured notes that were due June 2025, net repayments on the multi-currency revolving credit facility of $228.4, and payment of dividends on common stock, partially offset by the proceeds from the issuance of the $500.0 of senior unsecured notes due February 2029.
Cash used in financing activities from continuing operations during 2024 was $227.1, primarily due to repayment of the $400.0 of senior unsecured notes that were due June 2025, net repayments on the multi-currency revolving credit facility of $228.4, and payment of dividends on common stock, partially offset by the proceeds from the issuance of the $500.0 of senior unsecured notes due February 2029.
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 operating 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.
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.
Similar to goodwill, the Company can elect to perform the annual impairment test for indefinite-lived intangible assets other than goodwill (primarily trade names) using a qualitative analysis, considering similar factors as outlined in the goodwill discussion in order to determine if it is more likely than not that the fair values of the trade names are less than the respective carrying values.
Similar to goodwill, the Company can elect to perform the annual impairment test for indefinite-lived intangible assets other than goodwill (primarily trade names) using a qualitative analysis, considering similar factors as outlined in the goodwill discussion above in order to determine if it is more likely than not that the fair values of the trade names are less than the respective carrying values.
(5) See Notes 6, 7, and 8 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for lease, financing, and pension obligations, respectively. 44 Table of Contents 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.
(5) See Notes 5, 6, and 7 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for lease, financing, and pension obligations, respectively. 45 Table of Contents 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.
Although there are always changes in assumptions to reflect changing business and market conditions, our overall valuation methodology and the types of assumptions we use have remained consistent and conservative.
Although there are always changes in assumptions to reflect changing business and market conditions, our overall valuation methodology and the types of assumptions we use have remained consistent.
These arrangements include the Amended L/G Facility Agreement (defined below) under which unsecured letters of credit, bank guarantees, or other surety bonds may be issued. The Company may request an increase to the total capacity under the Amended L/G Facility Agreement by an additional €100, subject to approval of the lenders. We have significant operations outside the U.S.
These arrangements include the 2025 Amended L/G Facility Agreement (defined below) under which unsecured letters of credit, bank guarantees, or other surety bonds may be issued. The Company may request an increase to the total capacity under the 2025 Amended L/G Facility Agreement by an additional €100.0, subject to approval of the lenders. We have significant operations outside the U.S.
As of September 30, 2024, we repurchased 4,143,000 shares under the December 2, 2021 share repurchase program for approximately $175.0 in the aggregate. At September 30, 2024, we had approximately $125.0 remaining for share repurchases under the existing authorization by the Board of Directors. No repurchases of our common stock were made during the year ended September 30, 2024.
As of September 30, 2025, we repurchased 4,143,000 shares under the December 2, 2021 share repurchase program for approximately $175.0 in the aggregate. At September 30, 2025, we had approximately $125.0 remaining for share repurchases under the existing authorization by the Board of Directors. No repurchases of our common stock were made during the year ended September 30, 2025.
The Company may request an increase of up to $600.0 in the total borrowing capacity under the Amended Credit Agreement, subject to approval of the lenders. In the normal course of business, the Company provides, primarily to certain customers, bank guarantees and other credit arrangements in support of performance, warranty, advance payment, and other contractual obligations.
The Company may request an increase of up to $600.0 in the total borrowing capacity under the Amended Credit Agreement (defined below), subject to approval of the lenders. In the normal course of business, the Company provides, primarily to certain customers, bank guarantees and other credit arrangements in support of performance, warranty, advance payment, and other contractual obligations.
In accordance with industry practice, our contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer. See page 40 for reconciliation of adjusted EBITDA to consolidated net income, the most directly comparable GAAP measure.
In accordance with industry practice, our contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer. See page 41 for reconciliation of adjusted EBITDA to consolidated net income, the most directly comparable GAAP measure.
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions throughout Management’s Discussion and Analysis of Financial Condition and Results of Operations) (unless otherwise stated, references to years relate to fiscal years) The following discussion compares our results for the year ended September 30, 2024, to the year ended September 30, 2023.
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions throughout Management’s Discussion and Analysis of Financial Condition and Results of Operations) (unless otherwise stated, references to years relate to fiscal years) The following discussion compares our results for the year ended September 30, 2025, to the year ended September 30, 2024.
We have no off-balance sheet financing agreements or guarantees as of September 30, 2024 that we believe are reasonably likely to have a current or future effect on our financial condition, consolidated results of operations, or cash flows.
We have no off-balance sheet financing agreements or guarantees as of September 30, 2025 that we believe are reasonably likely to have a current or future effect on our financial condition, consolidated results of operations, or cash flows.
While the Company can 32 Table of Contents implement and has implemented certain strategies to address these events, changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate reporting unit fair values and could result in a further decline in fair value that would trigger a future material impairment charge of the reporting units’ goodwill balance.
While the Company can implement and has implemented certain strategies to address these events, changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate reporting unit fair values and could result in a further decline in fair value that would trigger a future material impairment charge of the reporting units’ goodwill balance.
Molding Technology Solutions has a comprehensive product portfolio that includes injection molding and extrusion equipment, hot runner systems, process control systems, mold bases and components, and MRO supplies. These reportable operating segments are characterized by well-known brands that are recognized for technological capabilities and process expertise that can be shared across the reportable operating segments to serve customers globally.
Molding Technology Solutions has a comprehensive product portfolio that includes hot runner systems, process control systems, mold bases and components, and MRO supplies. These reportable operating segments are characterized by well-known brands that are recognized for technological capabilities and process expertise that can be shared across the reportable operating segments to serve customers globally.
As a result of these factors and the limited cushion (or headroom, as commonly referred) due to a number of recent acquisitions and the impact of macroeconomic conditions, goodwill for certain of the reporting units within the Molding Technology Solutions and Advanced Process Solutions reportable operating segments may be more susceptible to impairment risk.
As a result of these factors and the limited cushion (or headroom, as commonly referred) due to a number of recent acquisitions and prior year impairments, and the impact of macroeconomic conditions, goodwill for certain of the reporting units within the Molding Technology Solutions and Advanced Process Solutions reportable operating segments may be more susceptible to impairment risk.
During the year ended September 30, 2024, the following operational decisions and economic developments had an impact on our current and may impact our future cash flows, consolidated results of operations, and financial position.
During the year ended September 30, 2025, the following operational decisions and economic developments had an impact on our current and may impact our future cash flows, consolidated results of operations, and financial position.
Asset Impairment Determinations Impairment of goodwill and indefinite-lived intangible assets Goodwill and other intangible assets with indefinite lives, primarily tradenames, are tested for impairment at least annually and upon the occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value may be below carrying value.
Intangible Asset Impairment Determinations (Critical Accounting Estimate) Impairment of goodwill and indefinite-lived intangible assets Goodwill and other intangible assets with indefinite lives, primarily tradenames, are tested for impairment at least annually and upon the occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value may be below carrying value.
Core operating expenses primarily represent corporate operating expenses excluding costs related to business acquisition, divestiture, and integration costs. Business acquisition, divestiture, and integration costs include legal, tax, accounting, and other advisory fees and due diligence costs associated with investigating opportunities (including acquisitions and divestitures) and integrating completed acquisitions, and accelerating synergies and cost saving initiatives across the Company.
Core corporate expenses primarily represent corporate expenses excluding costs related to business acquisition, divestiture, and integration costs. Business acquisition, divestiture, and integration costs include legal, tax, accounting, and other advisory fees and due diligence costs associated with investigating opportunities (including acquisitions and divestitures) and integrating completed acquisitions, as well as accelerating synergies and cost saving initiatives across the Company.
Hillenbrand’s strategic plan is updated as part of its annual planning process and is reviewed and approved by management and the Board of Directors. The strategic plan may be revised as necessary during a fiscal year, based on changes in market conditions or other changes in the reporting units.
Hillenbrand’s strategic plan is updated as part of its annual planning process and is reviewed and approved by management and the Board of Directors. The strategic plan may be revised as necessary during a 34 Table of Contents fiscal year, based on changes in market conditions or other changes in the reporting units.
This will help give you an understanding of the significance of cash outlays that are fixed beyond the normal accounts payable and other obligations we have already incurred, have recorded, and disclosed in the Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.
This will help provide an understanding of the significance of cash outlays that are fixed beyond the normal accounts payable and other obligations we have already incurred, have recorded, and disclosed in the Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.
Contractual Obligations and Contingent Liabilities and Commitments The following table summarizes our future obligations not quantified and disclosed elsewhere in this Form 10-K as of September 30, 2024.
Contractual Obligations and Contingent Liabilities and Commitments The following table summarizes our future obligations not quantified and disclosed elsewhere in this Form 10-K as of September 30, 2025.
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.
Revenue Recognition (Critical Accounting Policy) Net revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services and is recognized when performance obligations are satisfied under the terms of contracts with customers.
Foreign currency impact increased net revenue by 1%. 38 Table of Contents We expect future net revenue for Advanced Process Solutions to continue to be influenced by order backlog because of the lead time involved in fulfilling engineered-to-order equipment and solutions for customers.
Foreign currency impact increased net revenue by 1%. We expect future net revenue for Advanced Process Solutions to continue to be influenced by order backlog because of the lead time involved in fulfilling engineered-to-order equipment and solutions for customers.
(3) Primarily includes estimated payments for the transition tax liability, the estimated liquidation of liabilities related to both our self-insurance reserves, and severance payments. (4) We have excluded from the table our $77.9 liability related to uncertain tax positions as the current portion is not significant, and we are not able to reasonably estimate the timing of the long-term portion.
(3) Primarily includes estimated payments for the transition tax liability, the estimated liquidation of liabilities related to both our self-insurance reserves, and severance payments. (4) We have excluded from the table our $47.0 liability related to uncertain tax positions as the current portion is not significant, and we are not able to reasonably estimate the timing of the long-term portion.
This information is provided because exchange rates can distort the underlying change in these metrics, either positively or negatively. The cost structure for 30 Table of Contents Corporate is generally not significantly impacted by the fluctuation in foreign exchange rates, and we do not disclose the foreign currency impact in the Operations Review below where the impact is not significant.
This information is provided because exchange rates can distort the underlying change in these metrics, either positively or negatively. The cost structure for Corporate is generally not significantly impacted by the fluctuation in foreign exchange rates, and we do not disclose the foreign currency impact in the Operations Review below where the impact is not significant.
Guided by our Purpose, Shape What Matters For Tomorrow™, we pursue excellence, collaboration, and innovation to shape solutions that best serve our people, our customers, and our communities. Customers choose Hillenbrand due to our reputation for designing, manufacturing, and servicing highly-engineered, mission-critical equipment and solutions that meet their unique and complex processing requirements.
Guided by our Purpose, Shape What Matters For Tomorrow™, we 35 Table of Contents 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.
The discussion comparing our results for the year ended September 30, 2023, to the year ended September 30, 2022, is included within Management’s Discussion and Analysis of Financial Condition and Results of Operation in our Annual Report on Form 10-K for the year ended September 30, 2023, filed with the SEC on November 15, 2023.
The discussion comparing our results for the year ended September 30, 2024, to the year ended September 30, 2023, is included within Management’s Discussion and Analysis of Financial Condition and Results of Operation in our Annual Report on Form 10-K for the year ended September 30, 2024, filed with the SEC on November 19, 2024.
Had the proceeds received instead been classified as an operating cash flow with other trade receivables activity, cash flows provided by operating activities from continuing operations would have been $25.6 and $0 higher for the years ended September 30, 2024 and 2023, respectively.
Had the proceeds received instead been classified as an operating cash flow with other trade receivables activity, cash flows provided by operating activities from continuing operations would have been $20.8 and $25.6 higher for the years ended September 30, 2025 and 2024, respectively.
We calculate the foreign currency impact on net revenue, gross profit, operating expenses, consolidated net income and consolidated adjusted EBITDA, in order to better measure the comparability of results between periods. We calculate the foreign currency impact by translating current year results at prior year foreign exchange rates.
We calculate the foreign currency impact on net revenue, gross profit, selling, general and administrative expenses, consolidated net income (loss) and consolidated adjusted EBITDA, in order to better measure the comparability of results between periods. We calculate the foreign currency impact by translating current year results at prior year foreign exchange rates.
Our anticipated contribution to our defined benefit pension plans in 2025 i s $11.8. 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.
Our anticipated contribution to our defined benefit pension plans in 2026 i s $10.1. We will continue to monitor plan funding levels, performance of the assets within the plans, and overall economic activity, and we may make additional discretionary funding decisions based on the net impact of the above factors.
See Note 2 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the impairment charges. Gain on sale of property, plant, and equipment was $36.0 primarily due to the sale of property located in Ohio during the year ended September 30, 2024.
See Note 2 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the impairment charges. Gain on sale of property, plant, and equipment decreased $36.0 primarily due to the gain on sale of property located in Ohio during the year ended September 30, 2024. No such transaction occurred in 2025.
Those assumptions and estimates include macroeconomic conditions, competitive activities, cost containment, achievement of synergy initiatives, market data and market multiples (6.0-11.0 times adjusted EBITDA), discount rates (12.0-15.5%), and terminal growth rates (2.0% - 3.0%), as well as future levels of net revenue growth, adjusted EBITDA, and working capital requirements, which are based upon the Company’s strategic plan.
Those assumptions and estimates include macroeconomic conditions, competitive activities, cost containment, achievement of synergy initiatives, market data and market multiples (5.5-13.0 times adjusted EBITDA), discount rates (12.0-16.0%), as well as future levels of net revenue growth, adjusted EBITDA, and working capital requirements, which are based upon the Company’s strategic plan.
Impairment of goodwill is tested at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment if discrete financial information is prepared and regularly reviewed by operating segment management. The Company currently has six reporting units (five during the year ended September 30, 2023).
Impairment of goodwill is tested at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment if discrete financial information is prepared and regularly reviewed by operating segment management. The Company currently has five reporting units.
Net revenue attributable to backlog is also affected by foreign exchange rate fluctuations for orders denominated in currencies other than U.S. dollars. Order backlog decreased $185.0 (10%) from $1,866.4 at September 30, 2023, to $1,681.4 at September 30, 2024.
Net revenue attributable to backlog is also affected by foreign exchange rate fluctuations for orders denominated in currencies other than U.S. dollars. Order backlog decreased $159.0 (9%) from $1,681.4 at September 30, 2024, to $1,522.4 at September 30, 2025.
This form of trade finance is customary in the industry and, as a result, we maintain adequate capacity to provide the guarantees. As of September 30, 2024, we had guarantee arrangements totaling $594.3, under which $400.2 was utilized for this purpose.
This form of trade finance is customary in the industry and, as a result, we maintain adequate capacity to provide the guarantees. As of September 30, 2025, we had guarantee arrangements totaling $666.1, under which $374.3 was utilized for this purpose.
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.
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.
(2) Net revenue includes intercompany sales with non-guarantors of $11.3 and $5.0 for the years ended September 30, 2024 and September 30, 2023, respectively.
(2) Net revenue includes intercompany sales with non-guarantors of $16.8 and $11.3 for the years ended September 30, 2025 and September 30, 2024, respectively.
Cash Flows Year Ended September 30, (in millions) 2024 2023 2022 Cash flows provided by (used in): Operating activities from continuing operations $ 191.3 $ 207.0 $ 63.3 Investing activities from continuing operations 26.8 (722.3) (131.7) Financing activities from continuing operations (227.1) 693.4 (244.2) Net cash flows from discontinued operations (23.3) (144.4) 116.1 Effect of exchange rate changes on cash and cash equivalents 10.0 (21.1) (16.8) Net cash flows $ (22.3) $ 12.6 $ (213.3) Operating Activities Operating activities from continuing operations provided $191.3 of cash during 2024, and provided $207.0 of cash during 2023, a $15.7 (8%) decrease.
Cash Flows Year Ended September 30, (in millions) 2025 2024 2023 Cash flows provided by (used in): Operating activities from continuing operations $ 56.2 $ 191.3 $ 207.0 Investing activities from continuing operations 192.7 26.8 (722.3) Financing activities from continuing operations (279.4) (227.1) 693.4 Net cash flows from discontinued operations — (23.3) (144.4) Effect of exchange rate changes on cash and cash equivalents (6.0) 10.0 (21.1) Net cash flows $ (36.5) $ (22.3) $ 12.6 Operating Activities Operating activities from continuing operations provided $56.2 of cash during 2025, and provided $191.3 of cash during 2024, a $135.1 (71%) decrease.
REVIEW OF CORPORATE EXPENSES Year Ended September 30, 2024 2023 Amount % of Net Revenue Amount % of Net Revenue Core operating expenses $ 55.9 1.8 $ 61.1 2.2 Business acquisition, divestiture, and integration costs 25.7 0.8 35.1 1.2 Restructuring and restructuring-related charges — — 0.2 — Operating expenses $ 81.6 2.6 $ 96.4 3.4 Corporate operating expenses include the cost of providing management and administrative services to each reportable operating segment.
REVIEW OF CORPORATE EXPENSES 40 Table of Contents Year Ended September 30, 2025 2024 Amount % of Net Revenue Amount % of Net Revenue Core corporate expenses $ 66.0 2.5 $ 61.7 1.9 Business acquisition, divestiture, and integration costs 22.7 0.8 25.7 0.8 Restructuring and restructuring-related charges 0.6 — — — Corporate expenses $ 89.3 3.3 $ 87.4 2.7 Corporate expenses include the cost of providing management and administrative services to each reportable operating segment.
Significant accounting policies which require management’s judgment are discussed below. A detailed description of our accounting policies is included in the Notes to Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.
CRITICAL ACCOUNTING POLICY AND ESTIMATE Our financial results are affected by the selection and application of accounting policies and methods. Significant accounting policies which require management’s judgment are discussed below. A detailed description of our accounting policies is included in the Notes to Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.
Anticipated losses on long-term manufacturing contracts are recognized immediately when such losses become evident, which is rare. We maintain financial controls over the customer qualification, contract pricing, and estimation processes designed to reduce the risk of contract losses.
Net revenue and cost estimates are regularly monitored and revised based on changes in circumstances. Anticipated losses on long-term manufacturing contracts are recognized immediately when such losses become evident, which is rare. We maintain financial controls over the customer qualification, contract pricing, and estimation processes designed to reduce the risk of contract losses.
September 30, 2024 September 30, 2023 Combined Balance Sheets Information: Current assets (1) $ 2,077.4 $ 2,710.8 Non-current assets 6,453.1 3,533.3 Current liabilities 753.3 985.1 Non-current liabilities 1,591.6 1,583.5 Year Ended September 30, 2024 Year Ended September 30, 2023 Combined Statements of Operations Information: Net revenue (2) $ 784.3 $ 441.5 Gross profit 215.2 93.0 Net (loss) income attributable to Obligors (84.2) 223.2 (1) Current assets include intercompany receivables from non-guarantors of $1,487.7 and $2,070.6 as of September 30, 2024 and September 30, 2023, respectively.
September 30, 2025 September 30, 2024 Combined Balance Sheets Information: Current assets (1) $ 1,968.0 $ 2,077.4 Non-current assets 5,667.2 6,453.1 Current liabilities 1,575.7 753.3 Non-current liabilities 1,342.2 1,591.6 Year Ended September 30, 2025 Year Ended September 30, 2024 Combined Statements of Operations Information: Net revenue (2) $ 369.8 $ 784.3 Gross profit 126.7 215.2 Net income (loss) attributable to Obligors 125.6 (84.2) (1) Current assets include intercompany receivables from non-guarantors of $877.5 and $1,487.7 as of September 30, 2025 and September 30, 2024, respectively.
The majority of sales discounts are included on the invoice to the customer and therefore, involved no estimation. If an estimate is required, these allowances are determined using the expected value method, which is typically based upon historical rates. The timing of revenue recognition for the contract’s performance obligation is either over time or at a point in time.
If an estimate is required, these allowances are determined using the expected value method, which is typically based upon historical rates. The timing of revenue recognition for the contract’s performance obligation is either over time or at a point in time.
Given that backlog is an operational measure and that the Company’s methodology for calculating backlog does not meet the definition of a non-GAAP measure, as that term is defined by the SEC, a quantitative reconciliation is not required or provided. CRITICAL ACCOUNTING ESTIMATES Our financial results are affected by the selection and application of accounting policies and methods.
Given that backlog is an operational measure and that the Company’s methodology for calculating backlog does not meet the definition of a non-GAAP measure, as that term is defined by the SEC, a quantitative reconciliation is not required or provided.
The decrease in operating cash flow provided by continuing operations was primarily due to unfavorable timing of working capital requirements related to capital equipment sales, partially offset by cash received as a result of the termination and liquidation of the Plan. We utilize a trade receivables financing agreement with a deferred purchase price feature.
The decrease in operating cash flow provided by continuing operations was primarily due to lower earnings from decreased order volume and unfavorable timing of working capital requirements related to capital equipment sales . We utilize a trade receivables financing agreement with a deferred purchase price feature.
The possibility that Hillenbrand would have to make actual cash expenditures in connection with these obligations is largely dependent on the performance of the guaranteed party, or the occurrence of future events that Hillenbrand is unable to predict.
These arrangements involve elements of performance and credit risk that are not included in the Consolidated Balance Sheets. The possibility that Hillenbrand would have to make actual cash expenditures in connection with these obligations is largely dependent on the performance of the guaranteed party, or the occurrence of future events that Hillenbrand is unable to predict.
On December 2, 2021, the Board of Directors authorized a new share repurchase program of up to $300.0, which replaced the previous $200.0 share repurchase program. The repurchase program has no expiration date but may be terminated by the Board of Directors at any time.
We continue to actively evaluate our global capital deployment and cash needs. 12-month Outlook On December 2, 2021, the Board of Directors authorized a new share repurchase program of up to $300.0, which replaced the previous $200.0 share repurchase program. The repurchase program has no expiration date but may be terminated by the Board of Directors at any time.
On a sequential basis, order backlog decreased $54.3 (3%) to $1,681.4 at September 30, 2024, down from $1,735.7 at June 30, 2024, primarily driven by a decrease in capital equipment orders, partially offset by favorable foreign currency impact (3%).
The decrease in order backlog was primarily driven by a decrease in capital equipment orders, partially offset by a favorable foreign currency impact (2%). On a sequential basis, order backlog decreased $47.2 (3%) to $1,522.4 at September 30, 2025, down from $1,569.6 at June 30, 2025, primarily driven by a decrease in capital equipment orders.
As of September 30, 2024, the Company had $20.3 in outstanding letters of credit issued and $681.2 of available borrowing capacity under the Facility, of which $599.4 was immediately available based on our most restrictive covenant.
As of September 30, 2025, the Company had $15.5 in outstanding letters of credit issued and $459.5 of available borrowing capacity under the Facility, of which $208.5 was immediately available based on our most restrictive covenant.
We measure progress based on costs incurred to date relative to total estimated cost at completion. Incurred cost represents work performed, which corresponds with, and we believe thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, and certain overhead expenses.
Incurred cost represents work performed, which corresponds with, and we believe thereby best depicts, the transfer of control to 33 Table of Contents the customer. Contract costs include labor, material, and certain overhead expenses.
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.
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.
See Note 2 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for further information on collections of deferred purchase price receivables associated with our factoring arrangement. 43 Table of Contents Financing Activities Cash (used in) provided by financing activities from continuing operations was largely impacted by net borrowing activity.
See Notes 2 and 4 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for further information on these divestitures. 44 Table of Contents Financing Activities Cash used in financing activities from continuing operations was largely impacted by net borrowing activity.
Advanced Process Solutions’ gross profit included inventory step-up costs related to acquisitions ($0.6 in 2024 and $11.7 in 2023), business acquisition, divestiture, and integration costs ($0.5 in 2023), and restructuring and restructuring-related charges ($0.3 in 2024). Excluding these charges, adjusted gross profit increased $149.4 (23%) and adjusted gross profit margin decreased 90 basis points to 35.5%.
Advanced Process Solutions’ gross profit included business acquisition, divestiture, and integration costs ($1.3 in 2025), restructuring and restructuring-related charges ($9.9 in 2025 and $0.3 in 2024), and inventory step-up costs related to acquisitions ($0.6 in 2024). Excluding these charges, adjusted gross profit decreased $99.0 (12%) and adjusted gross profit margin decreased 100 basis points to 34.5%.
Accounting for these contracts involves management judgment in estimating total contract revenue and cost. Contract revenue is largely determined by negotiated contract prices and quantities, modified by our assumptions regarding contract options and change orders. Contract costs are incurred over longer periods of time and, accordingly, the estimation of these costs requires judgment.
Accounting for these contracts involves management judgment in estimating total contract revenue and cost. Contract revenue is largely determined by negotiated contract prices and quantities. Contract costs are incurred over longer periods of time and, accordingly, the estimation of these costs requires judgment. We measure progress based on costs incurred to date relative to total estimated cost at completion.
Payment Due by Period (in millions) Total Less Than 1 Year 1-3 Years 4-5 Years After 5 Years Interest on financing agreements (1) $ 354.9 $ 100.5 $ 166.4 $ 69.4 $ 18.6 Purchase obligations (2) 326.5 307.8 18.6 0.1 — Other obligations (3) 45.8 38.3 6.9 0.3 0.3 Total contractual obligations (4)(5) $ 727.2 $ 446.6 $ 191.9 $ 69.8 $ 18.9 (1) Cash obligations for interest requirements relate to our fixed-rate debt obligations at the contractual rates as of September 30, 2024.
Payment Due by Period (in millions) Total Less Than 1 Year 1-3 Years 4-5 Years After 5 Years Interest on financing agreements (1) $ 293.0 $ 72.1 $ 141.0 $ 74.4 $ 5.5 Purchase obligations (2) 302.1 283.7 18.3 0.1 — Other obligations (3) 38.2 37.0 0.6 0.3 0.3 Total contractual obligations (4)(5) $ 633.3 $ 392.8 $ 159.9 $ 74.8 $ 5.8 (1) Cash obligations for interest requirements relate to our fixed-rate debt obligations at the contractual rates and our variable-rate debt obligations at the current rates as of September 30, 2025.
NON-GAAP OPERATING PERFORMANCE MEASURES The following is a reconciliation from consolidated net (loss) income, the most directly comparable GAAP operating performance measure, to our non-GAAP adjusted EBITDA. 40 Table of Contents Year Ended September 30, 2024 2023 Consolidated net (loss) income $ (202.0) $ 576.7 Interest expense, net 121.5 77.7 Income tax expense 64.8 102.8 Depreciation and amortization 158.0 125.6 Consolidated EBITDA 142.3 882.8 Income from discontinued operations (net of income tax (benefit) expense) (2.2) (462.6) Impairment charges (1) 265.0 — Pension settlement charges (2) 35.2 — Business acquisition, divestiture, and integration costs (3) 72.2 46.2 Inventory step-up costs 0.6 11.7 Restructuring and restructuring-related charges (4) 26.2 5.1 Gain on sale of property, plant, and equipment (33.7) — Other non-recurring costs related to a discrete commercial dispute 6.1 — Adjusted EBITDA from Continuing Operations $ 511.7 $ 483.2 (1) Hillenbrand recorded impairment charges to goodwill and certain indefinite-lived intangible assets within the Molding Technology Solutions reportable operating segment during 2024.
Year Ended September 30, 2025 2024 Consolidated net income (loss) $ 52.1 $ (202.0) Interest expense, net 94.5 121.5 Income tax (benefit) expense (54.5) 64.8 Depreciation and amortization 138.5 158.0 Consolidated EBITDA 230.6 142.3 Income from discontinued operations (net of income tax benefit) — (2.2) Impairment charges (1) 83.5 265.0 Pension settlement (gain) charges (2) (1.7) 35.2 Business acquisition, divestiture, and integration costs (3) 65.1 72.2 Inventory step-up costs — 0.6 Restructuring and restructuring-related charges (4) 21.4 26.2 Loss on divestiture (5) 57.2 — Gain on sale of property, plant, and equipment — (33.7) Gain on equity method investments (6) (68.1) — Other non-recurring costs related to a discrete commercial dispute — 6.1 Adjusted EBITDA from Continuing Operations $ 388.0 $ 511.7 (1) Hillenbrand recorded impairment charges to goodwill and certain indefinite-lived intangible assets within the Molding Technology Solutions reportable operating segment during 2025 and 2024. 41 Table of Contents (2) The pension settlement gain during 2025 was due to one-time premium refunds received related to the termination of the Company’s U.S. pension plan.
The Amended Credit Agreement and the Amended L/G Facility Agreement include among other changes, increases of the maximum permitted leverage ratio to 4.50x for the quarters ending September 30, 2024 and December 31, 2024, stepping down to 4.25x for the quarter ending March 31, 2025, stepping down to 4.00x for the quarters ending June 30, 2025, September 30, 2025 and December 31, 2025, stepping down to 3.75x for the quarter ended March 31, 2026, and stepping down to 3.50x for the quarter ended June 30, 2026, and thereafter.
The 2025 Amended L/G Facility Agreement amends the Amended L/G Facility Agreement by, among other things, increasing the maximum permitted leverage ratio to (i) 4.25x for the fiscal quarters ended June 30, 2025 through and including June 30, 2026; (ii) 4.00x for the fiscal quarter ending September 30, 2026; (iii) 3.75x for the fiscal quarter ending December 31, 2026; and (iv) 3.50x for the fiscal quarter ending March 31, 2027, and each fiscal quarter thereafter.
We believe the Company ended the fiscal year with and continues to have sufficient liquidity to operate in the current business environment. 41 Table of Contents With respect to the Facility, as of September 30, 2024, the Company had an outstanding balance of $298.5.
We have taken proactive measures to maintain financial flexibility. We believe the Company ended the fiscal year with and continues to have sufficient liquidity to operate in the current business environment. With respect to our Facility (defined below), as of September 30, 2025, the Company had an outstanding balance of $225.0.
OPERATIONS REVIEW — ADVANCED PROCESS SOLUTIONS Year Ended September 30, 2024 2023 Amount % of Net Revenue Amount % of Net Revenue Net revenue $ 2,288.0 100.0 $ 1,823.5 100.0 Gross profit 811.9 35.5 651.5 35.7 Operating expenses 451.1 19.7 337.6 18.5 Amortization expense 67.2 44.2 Year Ended September 30, 2024 Compared to Year Ended September 30, 2023 Net revenue increased $464.5 (25%) primarily driven by the impact of the FPM acquisition ($489.6), higher aftermarket parts and service net revenue, and favorable pricing, partially offset by a decrease in capital equipment sales volumes.
OPERATIONS REVIEW — ADVANCED PROCESS SOLUTIONS Year Ended September 30, 2025 2024 Amount % of Net Revenue Amount % of Net Revenue Net revenue $ 2,069.4 100.0 $ 2,288.0 100.0 Gross profit 702.6 34.0 811.9 35.5 Selling, general and administrative expenses 433.4 20.9 451.1 19.7 Amortization expense 65.0 67.2 Year Ended September 30, 2025 Compared to Year Ended September 30, 2024 Net revenue decreased $218.6 (10%) primarily driven by a decrease in capital equipment sales volume and lower aftermarket parts and service net revenue, partially offset by favorable pricing.
The estimated fair value, as calculated on July 1, 2024, or as part of the interim impairment assessment discussed above, for the three reporting units within the Molding Technology Solutions reportable operating segment ranged from approximately 3% to 6% greater than their carrying value (10% to 28% at the previous annual goodwill impairment assessment date).
The estimated fair value, as calculated on July 1, 2025, for the three units within the Advanced Process Solutions reportable operating segment ranged from approximately 12% to 96% greater than their carrying value (29% to 93% at the previous annual goodwill impairment assessment date).
We increased our quarterly dividend in 2024 to $0.2225 per common share from $0.2200 paid during 2023. Off-Balance Sheet Arrangements As part of its normal course of business, Hillenbrand is a party to various financial guarantees and other commitments. These arrangements involve elements of performance and credit risk that are not included in the Consolidated Balance Sheets.
We returned $63.4 to shareholders in 2025 in the form of quarterly dividends compared to $62.5 in 2024. We increased our quarterly dividend in 2025 to $0.2250 per common share from $0.2225 paid during 2024. Off-Balance Sheet Arrangements As part of its normal course of business, Hillenbrand is a party to various financial guarantees and other commitments.
Operating expenses as a percentage of net revenue increased 560 basis points to 19.6%. Operating expenses included business acquisition, divestiture, and integration costs ($16.0 in 2024 and $1.8 in 2023) and restructuring and restructuring-related charges ($6.7 in 2024 and $1.1 in 2023). Excluding these charges, adjusted operating expenses as a percentage of net revenue increased 260 basis points to 16.3%.
Selling, general and administrative expenses as a percentage of net revenue increased 150 basis points to 21.1%. Selling, general and administrative expenses included business acquisition, divestiture, and integration costs ($11.5 in 2025 and $16.0 in 2024) and restructuring and restructuring-related charges ($2.7 in 2025 and $6.7 in 2024).
Cost estimates are based on various assumptions to project the outcome of future events, including the complexity and length of the work to be performed, the cost of materials, and the performance of suppliers and subcontractors.
Cost estimates are based on various assumptions to project the outcome of future events, including the complexity and length of the work to be performed, the cost of materials, and the performance of suppliers and subcontractors. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal performance trends, business volume assumptions, and anticipated labor agreements.
Foreign currency impact increased operating expenses by 1%. Operating expenses as a percentage of net revenue increased 190 basis points to 22.2%.
Foreign currency impact increased selling, general and administrative expenses by 1%. Selling, general and administrative expenses as a percentage of net revenue increased 210 basis points to 24.3%.
Operating expenses included the following items: Year Ended September 30, 2024 2023 Business acquisition, divestiture, and integration costs $ 72.0 $ 45.0 Restructuring and restructuring-related charges 8.4 2.8 Other non-recurring costs related to a discrete commercial dispute 6.1 — On an adjusted basis, which excludes business acquisition, divestiture, and integration costs, restructuring and restructuring-related charges, and other non-recurring co sts in the current year related to the discrete commercial dispute described above, operating expenses increased $95.1 (18%), which included unfavorable foreign currency impact (1%).
On an adjusted basis, which excludes business acquisition, divestiture, and integration costs, restructuring and restructuring-related charges, and other non-recurring co sts in the current year related to the discrete commercial dispute described above, selling, general and administrative expenses decreased $57.3 (9%), which included unfavorable foreign currency impact (1%).
Annual impairment assessment The Company performed its annual July 1 goodwill and indefinite-lived intangible assets impairment assessment during the fourth quarter of fiscal 2024 for all reporting units and indefinite-lived intangible assets.
The royalty rates utilized by the Company range from 1.5% to 3.0% and are consistent with industry standards. Annual impairment assessment The Company performed its annual July 1 goodwill and indefinite-lived intangible assets impairment assessment during the fourth quarter of fiscal 2025 for all reporting units and indefinite-lived intangible assets.
Adjusted operating expenses as a percentage of net revenue increased 90 basis points to 19.5%. Amortization expense increased $22.8 (29%), primarily due to the impact of recent acquisitions. Impairment charges were $265.0 due to goodwill and indefinite-lived intangible asset impairments.
Adjusted selling, general and administrative expense as a percentage of net revenue increased 180 basis points to 21.3%. Amortization expense decreased $8.1 (8%), primarily due to the impact of the divestiture of Milacron. Impairment charges were $83.5 in 2025 and $265.0 in 2024 due to goodwill and indefinite-lived intangible asset impairments.
See Note 2 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the gain on sale of property, plant, and equipment. Pension settlement charges were $35.2 as a result of the termination and liquidation of the U.S. defined benefit pension plan (the “Plan”) during the year ended September 30, 2024.
See Note 2 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the impairment charges. Gain on sale of property, plant, and equipment decreased $36.0 primarily due to the gain on sale of property located in Ohio during the year ended September 30, 2024. No such transaction occurred in 2025.
The transaction price of a contract, or the amount the Company expects to receive upon satisfaction of the performance obligation, is determined by reference to the contract’s terms and includes adjustments, if applicable, for any variable consideration, such as sales discounts, which may require us to make estimates for the portion of these allowances that have yet to be credited or paid to our customers.
The transaction price of a contract, or the amount the Company expects to receive upon satisfaction of the performance obligation, is determined by reference to the contract’s terms and includes adjustments, if applicable, for any variable consideration, such as sales discounts. The majority of sales discounts are included on the invoice to the customer and therefore, involved no estimation.
Additionally, under the relief-from-royalty fair value method, the Company concluded during the third quarter of 2024 that the carrying value of a 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 third quarter of 2024.
Additionally, under the relief-from-royalty fair value method, the Company concluded that the carrying value of the trade name associated with that Mold-Masters reporting unit exceeded its fair value, resulting in an impairment charge of $1.2 as of July 1, 2025.
See Note 8 our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the pension settlement charges. Interest expense increased $43.8 (56%), primarily due to increased borrowing for recent acquisitions. For further information, see Note 7 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K.
See Note 7 our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the pension settlement (gain) charges. Loss on divestiture of $57.2 was due to the loss realized on the divestiture of Milacron during the year ended September 30, 2025.
Operating expenses increased $35.1, primarily driven by an increase in business acquisition, divestiture, and integration costs, an increase in restructuring and restructuring-related charges, cost inflation, other non-recurring costs in the current year related to a discrete commercial dispute stemming from a customer contract entered into prior to the acquisition of the Molding Technology Solutions reportable operating segment, and an increase in trade show expenses in the current year, partially offset b y savings from restructuring and cost containment actions.
Selling, general and administrative expenses decreased $63.6 (9%), primarily driven by the divestiture of Milacron, productivity improvements, and decreases in business acquisition, divestiture, and integration costs and other non-recurring costs in the prior year related to a discrete commercial dispute stemming from a customer contract entered into prior to the acquisition of the Molding Technology Solutions reporting units, partially offset by cost inflation.
On an adjusted basis, which excluded inventory step-up costs related to acquisitions ($0.6 in 2024 and $11.7 in 2023), restructuring and restructuring-related charges ($20.3 in 2024 and $2.3 in 2023), and business acquisition, divestiture, and integration costs ($1.2 in 2023), gross profit increased $114.2 (12%), and adjusted gross profit margin decreased 20 basis points to 33.9%. • Advanced Process Solutions’ gross profit increased $160.4 (25%), primarily due to the impact of the FPM acquisition, favorable pricing, and a decrease in inventory step-up costs related to acquisitions, partially offset by a decrease in capital equipment sales volumes and cost inflation.
On an adjusted basis, which excluded restructuring and restructuring-related charges ($11.5 in 2025 and $20.3 in 2024), business acquisition, divestiture, and integration costs ($1.3 in 2025), and inventory step-up costs related to acquisitions ($0.6 in 2024), adjusted gross profit decreased $164.0 (15%), and adjusted gross profit margin improved 30 basis points to 34.2%. • Advanced Process Solutions’ gross profit decreased $109.3 (13%), primarily driven by lower volume, unfavorable product mix, and cost inflation, partially offset by favorable pricing and productivity improvements.
We regularly review and adjust the mix of fixed-rate and variable-rate debt within our capital structure in order to achieve a target range based on our financing strategy. We have taken proactive measures to maintain financial flexibility.
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.
These non-GAAP measures are referred to as “adjusted” measures and primarily exclude the following items: • business acquisitions, divestiture, and integration costs; • restructuring and restructuring-related charges; • impairment charges; • gain on sale of property, plant, and equipment; • pension settlement charges; • inventory step-up costs related to acquisitions; • other non-recurring costs related to a discrete commercial dispute; • gains and losses on divestitures; • other individually immaterial one-time costs; • the related income tax impact for all of these items; and • the revaluation of deferred tax balances resulting from fluctuations in currency exchange rates and non-routine changes in tax rates for certain foreign jurisdictions.
These non-GAAP measures are referred to as “adjusted” measures and generally exclude expenses associated with business acquisitions, divestiture, and integration costs, restructuring and restructuring-related charges, impairment charges, gains on sale of property, plant, and equipment, gain on equity method investments, pension settlement (gain) charges, inventory step-up costs related to acquisitions, other non-recurring costs related to a discrete commercial dispute, and gains and losses on divestitures.
See Notes 4 and 5 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for further information on these acquisitions and divestitures.
See Note 2 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for further information on collections of deferred purchase price receivables associated with our factoring arrangement.
Advanced Process Solutions’ gross profit included inventory step-up costs related to acquisitions ($0.6 in 2024 and $11.7 in 2023), business acquisition, divestiture, and integration costs ($0.5 in 2023), and restructuring and restructuring-related charges ($0.3 in 2024).
Foreign currency impact increased gross profit by 1%. Gross profit margin decreased 150 basis points to 34.0% in 2025, Advanced Process Solutions’ gross profit included business acquisition, divestiture, and integration costs ($1.3 in 2025), restructuring and restructuring-related charges ($9.9 in 2025 and $0.3 in 2024), and inventory step-up costs 37 Table of Contents related to acquisitions ($0.6 in 2024).
OPERATIONS REVIEW — MOLDING TECHNOLOGY SOLUTIONS Year Ended September 30, 2024 2023 Amount % of Net Revenue Amount % of Net Revenue Net revenue $ 894.8 100.0 $ 1,002.5 100.0 Gross profit 244.6 27.3 296.7 29.6 Operating expenses 175.1 19.6 140.0 14.0 Amortization expense 35.2 35.4 Impairment charges 265.0 — Gain on sale of property, plant, and equipment (36.0) — Year Ended September 30, 2024 Compared to Year Ended September 30, 2023 Net revenue decreased $107.7 (11%), primarily driven by a decrease in injection molding and hot runner equipment sales volumes.
Amortization expense decreased $2.2 (3%), primarily driven by favorable foreign currency impact and an intangible asset that became fully amortized during the year ended September 30, 2025. 39 Table of Contents OPERATIONS REVIEW — MOLDING TECHNOLOGY SOLUTIONS Year Ended September 30, 2025 2024 Amount % of Net Revenue Amount % of Net Revenue Net revenue $ 604.4 100.0 $ 894.8 100.0 Gross profit 198.2 32.8 244.6 27.3 Selling, general and administrative expenses 127.3 21.1 175.1 19.6 Amortization expense 29.3 35.2 Impairment charges 83.5 265.0 Gain on sale of property, plant, and equipment — (36.0) Year Ended September 30, 2025 Compared to Year Ended September 30, 2024 Net revenue decreased $290.4 (32%), primarily driven by the divestiture of Milacron.
(2) The pension settlement charges during 2024 were due to the termination and liquidation of the Plan during the year ended September 30, 2024. (3) Business acquisition, divestiture, and integration costs during 2024 primarily included costs associated with the integration of recent acquisitions.
The pension settlement charges during 2024 were due to lump-sum payments made from the Company’s U.S. pension plan to former employees who elected to receive such payments. (3) Business acquisition, divestiture, and integration costs during 2025 and 2024 primarily included costs associated with the integration of recent acquisitions.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeTo the extent that commodity prices increase and we do not have firm pricing from our suppliers, or if our suppliers are not able to honor such prices, we may experience a decline in our gross margins to the extent we are not able to increase selling prices of our products or obtain supply chain efficiencies, including as a result of current global supply chain disruptions, to offset increases in commodity costs. 45 Table of Contents At September 30, 2024, our variable rate debt obligations were $677.5, which included borrowings on the Facility.
Biggest changeTo the extent that commodity prices increase and we do not have firm pricing from our suppliers, or if our 46 Table of Contents suppliers are not able to honor such prices, we may experience a decline in our gross margins to the extent we are not able to increase selling prices of our products or obtain supply chain efficiencies, including as a result of current global supply chain disruptions, to offset increases in commodity costs.
We are subject to interest rate risk associated with such borrowings, which bear a variable rate of interest that is based upon, at the Company’s option, (A) if denominated in U.S. dollars, at the Term SOFR Rate or the Alternate Base Rate (each as defined in the Amended Credit Agreement), (B) if denominated in Japanese Yen, Canadian dollars or Euros, at rates based on the rates offered for deposits in the applicable interbank markets for such currencies and (C) if denominated in Pounds Sterling or Swiss Francs, at SONIA and SARON, respectively (each as defined in the Credit Agreement), plus, in each case, a margin based on the Company’s leverage ratio.
We are subject to interest rate risk associated with such borrowings, which bear a variable rate of interest that is based upon, at the Company’s option, (A) if denominated in U.S. dollars, at the Term SOFR Rate or the Alternate Base Rate (each as defined in the Amended Credit Agreement), (B) if denominated in Japanese Yen, Canadian dollars or Euros, at rates based on the rates offered for deposits in the applicable interbank markets for such currencies and (C) if denominated in Pounds Sterling or Swiss Francs, at SONIA and SARON, respectively (each as defined in the Amended Credit Agreement), plus, in each case, a margin based on the Company’s leverage ratio.
The fair value of these financial instruments would hypothetically change by $4.1 and $1.2 as of September 30, 2024 and 2023, respectively, if there were a 10% movement in end-of-period market rates. The translation of the financial statements of our non-U.S. operations from local currencies into U.S. dollars is also sensitive to changes in foreign exchange rates.
The fair value of these financial instruments would hypothetically change by $8.1 and $4.1 as of September 30, 2025 and 2024, respectively, if there were a 10% movement in end-of-period market rates. The translation of the financial statements of our non-U.S. operations from local currencies into U.S. dollars is also sensitive to changes in foreign exchange rates.
The carrying value of all of the Company’s derivative instruments at fair value resulted in assets of $19.0 and $1.5 (included in prepaid expenses and other current assets) and liabilities of $40.5 and $1.7 (included in other current liabilities and other long-term liabilities) at September 30, 2024 and 2023, respectively.
The carrying value of all of the Company’s derivative instruments at fair value resulted in assets of $12.5 and $19.0 (included in prepaid expenses and other current assets) and liabilities of $81.3 and $40.5 (included in other current liabilities and other long-term liabilities) at September 30, 2025 and 2024, respectively.
We are subject to variability in foreign currency exchange rates in our international operations. Exposure to this variability is periodically managed through the use of natural hedges and also by entering into currency exchange agreements. The aggregate notional amount of all derivative instruments was $172.5 and $164.6 at September 30, 2024 and 2023, respectively.
We are subject to variability in foreign currency exchange rates in our international operations. Exposure to this variability is periodically managed through the use of natural hedges and also by entering into currency exchange agreements. The aggregate notional amount of all derivative instruments was $1,143.3 and $900.3 at September 30, 2025 and 2024, respectively.
The result of the appreciation or depreciation of all applicable currencies against the U.S. dollar would be a change in shareholders’ equity of $125.3 and $122.0 as of September 30, 2024 and 2023, respectively. 46 Table of Contents
The result of the appreciation or depreciation of all applicable currencies against the U.S. dollar would be a change in shareholders’ equity of $131.5 and $125.3 as of September 30, 2025 and 2024, respectively. 47 Table of Contents
Added
At September 30, 2025, our variable rate debt obligations were $681.3, which included borrowings on the Facility.

Other HI 10-K year-over-year comparisons