Segment and Geographical Information

12 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment and Geographical Information

Segment and Geographical Information

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

The Company’s CODM is the Chief Executive Officer. The Company’s CODM evaluates the performance of the operating segments and allocates resources to them based on Adjusted EBITDA. Adjusted EBITDA is the Company’s measure of segment performance.

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

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

	For the year ended September 30, 2025
	Advanced Process Solutions		Molding Technology Solutions		Corporate		Total
Net revenue	$	2,069.4	$	604.4	$	—	$	2,673.8
Segment cost of goods sold	1,366.8		406.2		—		1,773.0
Adjusted other segment expenses (1)	357.1		99.1		56.6		512.8
Segment adjusted EBITDA	$	345.5	$	99.1	$	(56.6)	$	388.0

	For the year ended September 30, 2024
	Advanced Process Solutions		Molding Technology Solutions		Corporate		Total
Net revenue	$	2,288.0	$	894.8	$	—	$	3,182.8
Segment cost of goods sold	1,476.1		650.2		—		2,126.3
Adjusted other segment expenses (1)	388.7		102.3		53.8		544.8
Segment adjusted EBITDA	$	423.2	$	142.3	$	(53.8)	$	511.7

	For the year ended September 30, 2023
	Advanced Process Solutions		Molding Technology Solutions		Corporate		Total
Net revenue	$	1,823.5	$	1,002.5	$	—	$	2,826.0
Segment cost of goods sold	1,172.0		705.8		—		1,877.8
Adjusted other segment expenses (1)	295.8		109.6		59.6		465.0
Segment adjusted EBITDA	$	355.7	$	187.1	$	(59.6)	$	483.2

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

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

	Year Ended September 30,
	2025		2024		2023
Net revenue
Advanced Process Solutions	$	2,069.4	$	2,288.0	$	1,823.5
Molding Technology Solutions	604.4		894.8		1,002.5
Total net revenue	$	2,673.8	$	3,182.8	$	2,826.0
Adjusted EBITDA (1)
Advanced Process Solutions	$	345.5	$	423.2	$	355.7
Molding Technology Solutions	99.1		142.3		187.1
Corporate	(56.6)		(53.8)		(59.6)
Net revenue (2)
United States	$	996.7	$	1,318.0	$	1,061.6
China	354.2		366.2		451.1
India	174.2		241.8		229.5
Germany	204.3		237.1		210.2
All other countries	944.4		1,019.7		873.6
Total net revenue	$	2,673.8	$	3,182.8	$	2,826.0

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

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

	September 30,
	2025		2024
Total assets assigned
Advanced Process Solutions	$	3,438.1	$	3,470.8
Molding Technology Solutions	824.7		1,600.0
Corporate	204.3		167.9
Total assets assigned	$	4,467.1	$	5,238.7
Tangible long-lived assets, net
United States	$	86.1	$	186.1
Germany	125.9		134.5
China	42.1		37.1
India	6.6		35.6
All other foreign business units	81.9		92.0
Tangible long-lived assets, net	$	342.6	$	485.3

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

	Year Ended September 30,
	2025		2024		2023
Adjusted EBITDA:
Advanced Process Solutions	$	345.5	$	423.2	$	355.7
Molding Technology Solutions	99.1		142.3		187.1
Corporate	(56.6)		(53.8)		(59.6)
Add:
Income from discontinued operations (net of income tax (benefit) expense)	—		2.2		462.6
Less:
Interest expense, net	94.5		121.5		77.7
Income tax (benefit) expense	(54.5)		64.8		102.8
Depreciation and amortization	138.5		158.0		125.6
Impairment charges	83.5		265.0		—
Pension settlement (gain) charges	(1.7)		35.2		—
Business acquisition, divestiture, and integration costs	65.1		72.2		46.2
Restructuring and restructuring-related charges	21.4		26.2		5.1
Gain on sale of property, plant, and equipment (1)	—		(33.7)		—
Gain on equity method investment	(68.1)		—		—
Inventory step-up costs	—		0.6		11.7
Loss on divestiture	57.2		—		—
Other non-recurring costs related to a discrete commercial dispute	—		6.1		—
Consolidated net income (loss)	$	52.1	$	(202.0)	$	576.7

(1)  The Company entered into a one-time sale-leaseback transaction during the year ended September 30, 2024 and recognized a gain of $33.7, which is included in gain on sale of property, plant, and equipment in the Consolidated Statement of Operations for the year ended September 30, 2024 (see Note 5.)