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CHURCH & DWIGHT CO., INC. CAGNY 2025
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SAFE HARBOR STATEMENT This presentation contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; gross margin changes; trade, marketing, and SG&A spending inflation; sufficiency of cash flows from operations; earnings per share; cost savings programs; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact of acquisitions; and capital expenditures. Other forward-looking statements in this release may be identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “outlook,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect. In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events), including those relating to the outbreak of contagious diseases; market volatility and impact on the economy (including contributions to recessionary conditions); the impact of new regulations and legislation and change in regulatory priorities of the new U.S. presidential administration; transition to, and shifting economic policies in the United States; potential changes in export/import and trade laws, regulations and policies of the United States and other countries, including any increased trade restrictions or tariffs; increased or changing regulation regarding the Company’s products and its suppliers in the United States and other countries where it or its suppliers operate; the impact on the global economy of the Russia/Ukraine war and increased conflict in the Middle East, including the impact of export controls and other economic sanctions; potential recessionary conditions or economic uncertainty; the impact of continued shifts in consumer behavior, including accelerating shifts to on-line shopping; unanticipated increases in raw material and energy prices, including as a result of the Russia/Ukraine war, increased conflict in the Middle East or other inflationary pressures; delays and increased costs in manufacturing and distribution; increases in transportation costs; labor shortages; the impact of price increases for our products; the impact of inflationary conditions; the impact of supply chain and labor disruptions; the impact of severe or inclement weather on raw material and transportation costs; adverse developments affecting the financial condition of major customers and suppliers; competition; changes in marketing and promotional spending; growth or declines in various product categories and the impact of customer actions in response to changes in consumer demand and the economy, including increasing shelf space or on-line share of private label and retailer-branded products or other changes in the retail environment; impairment charges or other negative impacts to the value of the Company’s assets; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; the Company’s ability to maintain product quality and characteristics at a level acceptable to our customers and consumers; disruptions in the banking system and financial markets; the Company’s borrowing capacity and ability to finance its operations and potential acquisitions; higher interest rates; foreign currency exchange rate fluctuations; market volatility; issues relating to the Company’s information technology and controls; the impact of natural disasters, including those related to climate change, on the Company and its customers and suppliers, including third party information technology service providers; integrations of acquisitions or divestiture of assets; the outcome of contingencies, including litigation, pending regulatory proceedings and environmental matters; and changes in the regulatory environment in the countries where we do business. For a description of additional factors that could cause actual results to differ materially from the forward-looking statements, please see Item 1A, “Risk Factors” in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the U.S. federal securities laws. You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the United States Securities and Exchange Commission. This presentation also contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of the Company’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. See the end of this press release for these reconciliations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read in connection with the Company’s financial statements presented in accordance with GAAP.
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A Look Back at 2024 • Exceeded organic sales growth algorithm across all 3 businesses. • Five of seven Power Brands increased their market share. • Marketing spend over 11% of sales. • Innovation contributed 50% of the Company’s total growth in 2024. • Online sales accounting for over 21% of total revenue. 3
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4 A Look Back at 2024 • International expansion of the Hero brand in 40 countries. • Acquisition of a distributor in Japan. • SPD is now a perennial grower. • Generated $1.16 billion in cash from operations. • $960 million in cash on hand and a leverage ratio of 1.5.
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CAGNY 2025 Strong Performance in Total Shareholder Return 5 10 YEAR 11.7% 5 YEAR 9.5% 3 YEAR 1.8% 2 YEAR 14.7% 2024 11.7%
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Who We Are
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CAGNY 2025 77% Domestic Church & Dwight’s Business Segments 7 18% 5% International Specialty Products Division 2024 Total Company Net Sales $6.1B
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POWER BRANDS 8
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9 more than of sales & profits are represented by these 70% 7 POWER BRANDS
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CAGNY 2025 Evergreen Model 10 Organic Sales +4% Gross Margin +25 to +50 bps Marketing ~11%, higher YOY $ SG&A -25 to 0 bps Operating Margin +50 bps EPS Growth +8% Organic sales and adjusted EPS are non-GAAP measures.. Refer to the Appendix for a reconciliation to the most directly comparable GAAP measures. Domestic: 3% International: 8% SPD: 5%
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CAGNY 2025 We Have a Winning Formula 11 A Balanced and Diversified Portfolio Low Private Label Exposure Online Success Strong and Consistent Innovation Acquisitive Company
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CAGNY 2025 46% Personal Care 2024 A Balanced and Diversified Portfolio 12 5% 49% SPD Household
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CAGNY 2025 64%36% Value Premium Product Portfolio of Both Value and Premium Products 13
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CAGNY 2025 Consistent Low Private Label Exposure 14 0% 5% 10% 15% 2020 2021 2022 2023 2024 Weighted Average Private Label Share of Our Categories Source: Circana; Total US – MULO.
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CAGNY 2025 eCommerce Continues to Accelerate for our Brands 15 2% 21% 2016 2017 2018 2019 2020 2021 2022 2023 2024 % of Global Church & Dwight Consumer Net Sales Note: update
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Category Leading Innovation Half of the Company’s 4% growth in 2024 came from new products 16
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We Have Clear Acquisition Criteria 17 Primarily #1 or #2 share brands High growth and high margin brands that are fast moving consumables Asset light Asset light Leverage C&D manufacturing, logistics and purchasing Deliver sustainable competitive advantage
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CAGNY 2025 $1.5 $6.1 2004 2005 2006 2008 2010 2011 2012 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Note: Trojan, Nair and First Response acquired in two parts – 2001 and 2004. Net Sales $ Billions Long History of Growth Through Acquisitions 18
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2024 Financials and 2025 Outlook 19
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CAGNY 2025 FY OUTLOOK (as of November 1) ACTUALS Net Sales Growth +3.5% +4.1% Organic Sales +4.0% +4.6% Adjusted Gross Margin +110 bps +110 bps Marketing 11.0%+ 11.4% Adjusted EPS +8.0% +8.5% Cash from Operations ~$1.1B $1.16B FY 2024 Financial Highlights 20 Organic sales, adjusted gross margin and adjusted EPS are non-GAAP measures. Organic sales excludes Megalac and Food Safety for 2023. Refer to the Appendix for a reconciliation to the most directly comparable GAAP measures. Domestic: 3.5% International: 9.0% SPD: 7.1%
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CAGNY 2025 2025 OUTLOOK Q1 FY Reported Sales Growth +2.5% to +3.5% Organic Sales Growth ~2% +3% to +4% Gross Margin +25 bps Marketing 11%+ Adjusted SG&A LEVERAGE Operating Profit Margin +60 to +70 bps Other Expense ~$50M Effective Tax Rate ~23% Adjusted EPS Growth -6% +7% to +8% Cash from Operations ~$1.15B FY 2025 Financial Outlook 21 Organic sales, adjusted SG&A and adjusted EPS are non-GAAP measures. Refer to the Appendix for a reconciliation to the most directly comparable GAAP measures.
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CAGNY 2025 2.9% 2.9% 8.1% 9.8% 5.1% 12.3% 6.0% 3.6% 9.2% 4.1% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Net Sales Growth: 10 Year History 22 10 Year Average: 6.4%2.5%-3.5%
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CAGNY 2025 Organic Sales Growth: 10 Year History 23 3.6% 3.2% 2.7% 4.3% 4.4% 9.6% 4.3% 1.4% 5.3% 4.6% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Organic sales is a non-GAAP measure. Refer to the Appendix for a reconciliation to the most directly comparable GAAP measures. Outlook as of January 31, 2025. 3%-4% 10 Year Average: 4.3% Evergreen Target: 4.0%
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CAGNY 2025 Volume Trend Continues to Improve 24 3.1% 3.4% 5.0% 3.7% 1.0% 8.1% 1.0% -5.1% 0.9% 3.3% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E2022 Outlook as of January 31, 2025
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CAGNY 2025 2025 Focus On Adjusted Gross Margin 25 2019 2020 2021 2022 2023 2024 2025E Outlook as of January 31, 2025 +25 bps Evergreen Target: +25 to +50 bps
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CAGNY 2025 2025 Marketing Spend Target 26 11.7% 11.8% 12.1% 11.1% 10.0% 10.9% 11.4% 2018 2019 2020 2021 2022 2023 2024 2025E Outlook as of January 31, 2025 11.0%+ Evergreen Target: ~11%, higher YOY $
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CAGNY 2025 Return to leverage in line with Evergreen model while making growth investments behind International and Ecommerce 2025 Adjusted SG&A Note: Adjusted SG&A is a non-GAAP measure. Refer to the Appendix for a reconciliation to the most comparable GAAP measures. Outlook as of January 31, 2025 14.1% 13.6% 13.0% 14.7% 14.9% 2020 2021 2022 2023 2024 2025E 27 leverage Evergreen Target: -25 to 0 bps
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CAGNY 2025 $1.94 $2.27 $2.47 $2.83 $3.02 $2.97 $3.17 $3.44 2017 2018 2019 2020 2021 2022 2023 2024 2025E Consistent Strong Adjusted EPS Growth 28 Note: Adjusted EPS growth is a non-GAAP measure. Refer to the Appendix for a reconciliation to the most comparable GAAP measures. Outlook as of January 31, 2025. 9.6% 17.0% 8.8% 14.6% -1.7%6.7% 8.5%6.7% +7 to 8% Evergreen Target: +8%
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CAGNY 2025 “Best In Class” FCF Conversion 29 10 Year Average: 119% 129% 131% 126% 123% 126% 125% 116% 97% 103% 115% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Refer to the Appendix for a reconciliation to the most directly comparable GAAP measures. Elevated Capex
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CAGNY 2025 Cash Conversion Cycle: Tight Control Of Working Capital Drives Cash Conversion Cycle Improvement days 52 40 32 34 36 32 27 21 18 22 22 18 14 19 27 28 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 30
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CAGNY 2025 Total Debt/Bank EBITDA Strong Balance Sheet 31 1.6x 0.7x 0.5x 1.4x 1.2x 1.5x 1.4x 1.4x 2.6x 2.2x 1.9x 1.7x 1.9x 2.1x 1.8x 1.5x 1.5x 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Note: Total debt/EBITA is a non-GAAP measure. Refer to the Appendix for a reconciliation to the most comparable GAAP measures. Credit Rating: A3/BBB+
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CAGNY 2025 $2,225 $5,100 $965 Current Debt Outstanding Leverage Capacity Cash & Cash Equivalents • TTM Bank EBITDA = $1,520M • Example: Acquisition EBITDA multiple of 12x Significant Financial Capacity As of January 31, 2025 (in $millions) Acquisition Power: $6.0B
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CAGNY 2025 Prioritized Uses Of Free Cash Flow 33 TSR-Accretive M&A Capex For Organic Growth & G2G New Product Development Debt Reduction Return Of Cash To Shareholders 1 2 3 4 5
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CAGNY 2025 4% Dividend Increase In 2025 34 +35% +119% 124 $0.76 $0.87 $0.91 $0.96 $1.01 $1.05 $1.09 $1.13 $1.18 2017 2018 2019 2020 2021 2022 2023 2024 2025 +14.5% consecutive years of dividends +5.2%+5.5%+7.0% +4.6% +4.0% +4.0% +4.0% +4.0%
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A Look Ahead 35
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CAGNY 2025 We have confidence in our future. 36 Expanding household penetration in the U.S. Sustainable high International growth rate Digitally savvy Evergreen model is healthy Consistent innovation Focus on domestic and international M&A
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372025 Analyst Day $1.0 $6.1 2000 2004 2005 2006 2008 2010 2011 2012 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net Sales $ Billions We Have a Strong Track Record of Growth Behind A&H and Acquired Brands…and Expect to Continue. Note: Trojan, Nair and First Response acquired in two parts – 2001 and 2004. Acquisitions
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U.S. Story 38
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CAGNY 2025 International8% US Domestic Sales Evergreen Target: +3% 39 4% 3% United States Specialty Products5%
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CAGNY 2025 Evergreen Target: 3.0% U.S. Consumer Domestic Organic Sales Performance 40 2.0% 3.0%3.1% 1.4% 4.3%4.0% 10.7% 3.6% 0.9% 5.7% 3.5% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Organic sales growth is a non-GAAP measure. Refer to the Appendix for a reconciliation to the most directly comparable GAAP measure. We Thrive In Difficult Environments Acquisitions Have Room To Run We Are Leaders In Growing Categories
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Our 7 Power Brands Fuel Our Growth 41
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CAGNY 2025 These 7 Power Brands Compete in 8 Healthy, Growing Categories in the U.S: 42 Source: Circana; Total US – MULO; YTD 2024 data through 12.29.2024 2020 2021 2022 2023 2024 Laundry Clumping Litter Stain Fighters VMS Gummy Dry Shampoo Power Flossing Mouthwash Acne Weighted Average: 2.7%
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CAGNY 2025 2019 2020 2021 2022 2023 2024 Arm & Hammer Oxiclean Stain Fighters VMS Batiste Waterpik TheraBreath Hero 4 of 5 3 of 5 4 of 6 5 of 7 4 of 7 5 of 7 Brand Scorecard 5 of 7 Gaining Share in 2024 43 Source: Circana; Total US – MULO; YTD 2024 data through 12.29.2024
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Fabric Care 44
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CAGNY 2025 Liquid Laundry Detergent 45 Source: Circana: Total US – Multi Outlet; L52 WE 12.29.24 $ Consumption Change vs. YAG 2024 1.3% 2.0% Category Arm & Hammer
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CAGNY 2025 5.0% 14.6% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Arm & Hammer Laundry: Converting and Retaining Consumers Over the Long Term 46 Source: Circana: Total US – Multi Outlet; A&H Liquid Laundry. 2024 Dollar Share as of 12.29.2024 Liquid Laundry Dollar Share 2006 - 2024 All-time share high
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CAGNY 2025 Arm & Hammer Laundry Architecture Good, Better, Best 47 Good Better Best
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48 Cat Litter
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CAGNY 2025 Clumping Litter 49 Source: Circana: Total US – Multi Outlet; L52 WE 12.29.24 2.1% 2.1% Category Arm & Hammer $ Consumption Change vs. YAG 2024
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CAGNY 2025 23.2% 24.7% 2020 2021 2022 2023 2024 A&H Litter: Consistent Share Gains Through Innovation 50 Source: Circana Total US – Multi Outlet; A&H Clumping Litter. 2024 Dollar Share as of 12.29.2024 Clumping Litter Dollar Share 2020 - 2024
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CAGNY 2025 Lightweight Fair Share is a $100MM Significant Opportunity 51 3.9% 7.4% 28.5% Lightweight 2023 Lightweight 2024 Traditional Weight 2024 Source: Circana: Total US – Multi Outlet as of 12.31.2024 A&H Share Of Clumping Litter Segment
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Acne 52
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CAGNY 2025 Total Acne 53 Source: Circana: Total US – Multi Outlet; L52 WE 12.29.24 8.6% 41.9% Category Hero $ Consumption Change vs. YAG 2024
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CAGNY 2025 1.2% 21.7% 2020 2021 2022 2023 2024 Hero: All Time Share High Achieved In 2024 54 Total Acne Dollar Share 2020 - 2024 Source: Circana: Total US – Multi Outlet Total Acne. 2024 Dollar Share as of 12.29.2024 #1 ACNE BRAND All-time share high
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CAGNY 2025 Hero Still Has Lots Of Room To Run Sources: L: Circana: Total US – Multi Outlet L52 WE 12.29.24; R: Numerator Insights; *12ME 11.30.24, Rolling Average Weekly TDP 55 Household Penetration Average Weekly TPD % Chg vs YA -5.8% 50.5% -16.4% 2.2x Acne Treatment Category 2020 20.4% 0.9% 2021 21.8% 3.1% 2022 21.7% 4.7% 2023 23.9% 7.3% 2024* 25.5% 8.7%
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Mouthwash 56
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CAGNY 2025 Mouthwash 57 Source: Circana; Total US – Multi Outlet; L52 WE 12.29.24 7.6% 41.6% Category TheraBreath $ Consumption Change vs. YAG 2024
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CAGNY 2025 3.9% 17.6% 2020 2021 2022 2023 2024 TheraBreath: All Time Share High Achieved In 2024 58 Total Mouthwash Dollar Share 2020 - 2024 Source: Circana: Total US – Multi Outlet; Total Mouthwash. 2024 Dollar Share as of 12.29.2024 #1 NON- ALCOHOL All-time share high#2 MOUTHWASH
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CAGNY 2025 TheraBreath Still Has Lots Of Room To Run Sources: L: Circana; Total US – Multi Outlet L52 WE 12.29.24; R: Numerator Insights; *12ME 11.30.24, Rolling Average Weekly TPD % Chg vs YA 4.5% -0.4% 26.2% 1.8x 2.2x Average Weekly TDP 59 Mouthwash Category 2020 65.7% 2.6% 2021 64.4% 3.2% 2022 62.0% 4.5% 2023 63.6% 7.6% 2024* 64.8% 10.2% Household Penetration
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CAGNY 2025 TheraBreath is #2 Total Mouthwash Brand 60 20.1 17.9 6.9 18.9 0.0 5.0 10.0 15.0 20.0 25.0 Jan '22 Feb '22 Mar '22 Apr '22 May '22 Jun '22 Jul '22 Aug '22 Sep '22 Oct '22 Nov '22 Dec '22 Jan '23 Feb '23 Mar '23 Apr '23 May '23 Jun '23 Jul '23 Aug '23 Sep '23 Oct '23 Nov '23 Dec '23 Jan '24 Feb '24 Mar '24 Apr '24 May '24 Jun '24 Jul '24 Aug '24 Sep '24 Oct '24 Nov '24 Dec '24 TheraBreath Dollar Share grew +4.1pts vs. YAG #3 Brand Source: Circana; Total US – Multi Outlet Total Mouthwash
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Dry Shampoo 61
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CAGNY 2025 62 Dry Shampoo Source: Circana: Total US – Multi Outlet; L52 WE 12.29.24 8.6% 8.8% $ Consumption Change vs. YAG 2024 Category Batiste
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CAGNY 2025 36.7% 46.5% 2020 2021 2022 2023 2024 Dry Shampoo Dollar Share 2020 - 2024 Batiste: All Time Share High Achieved in 2024 63 Source: Circana: Total US – Multi Outlet; Dry Shampoo. 2024 Dollar Share as of 12.29.2024 All-time share high#1 Dry Shampoo
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Vitamins 64
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CAGNY 2025 Gummy VMS Category Doubled in Three Years and is Now Relatively Flat 65 $1,540 $2,548 $3,078 $3,137 $3,117 $3,114 2019 2020 2021 2022 2023 2024 L52wks -0.1% +16.5% -0.6% +58.1% +20.6% +1.8% Total Gummy Category Consumption Dollars (in Millions) & % Change YOY Source: Circana: Total US – Multi Outlet; CY 2024 ending 12.22.2024
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CAGNY 2025 VMS Gummy Category $ % Chg vs. YAG -3.4% -0.5% 1.6% 2.3% -0.1% Q1 24 Q2 24 Q3 24 Q4 24 CY 2024 $ % Chg vs. YAG Source: Circana: Total US – Multi Outlet; VMS Gummy -12.1% -12.2% -13.3% -16.3% -13.4% Q1 24 Q2 24 Q3 24 Q4 24 CY 2024 Vitamins 66
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VMS Consumer Led Innovation POWER PLUS MULTIVITES SUGAR FREE EXPANSION NEW AND IMPROVED FORMULA 67
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Innovation and New Products
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CAGNY 2025 Five Paths to Innovation 69 • We connect diverse competencies • More than 50% of our pipeline comes from new innovation sources FutureWorks (2018) Classic NPD White Space (2022) Open Innovation (2018) Third Party Partners (2022)
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CAGNY 2025 Driving Innovative Growth 70 • Accelerating Incremental Net Sales (INS) 1.5%-2.0% (historically 1.0% - 1.5%) 1.0% to 1.5% 1.5% to 2.0% pre-2023 2024+ INS as a % of Sales
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Leverage 2024 Success in 2025 Contributed to both category and brand growth The fastest growing branded Sheets in 2024 Grew over 10x rate of Lightweight segment 71
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A&H DEEP CLEAN FREE & CLEAR DETERGENT Our Most Powerful Free & Clear Formula Yet! 0% dyes, parabens, phosphates or fragrance SkinSAFE® Certified 100%. Launching in 2025 72
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A&H POWER SHEETS FRAGRANCE FREE Fragrance Free No Dyes. No Perfumes. Leave the Mess Behind. No Drips. No Spills. No Heavy Plastic Bottles. 73 Launching in 2025
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A&H PLANT POWER 100% Plant Based Clumping Litter Highly Absorbent Grain Formula 74 Launching in Pet Channel in 2025
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VITAFUSION NEW & IMPROVED FORMULA Upgraded Taste Experience New Heat-Resistant Formula and Softer Chew 10% more Vitamin A, C, & E Launching in 2025 75
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VITAFUSION POWER PLUS MULTIVITES Advanced Formula 100% DV or More of 10 Essential Ingredients Adult Multi with Calcium Women’s Multi with Choline Men’s Multi with CoQ10 76 Launching in 2025
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VITAFUSION SUGAR FREE More than 60% of Vitafusion in Sugar Free variants * Launching in 2025 * * 77
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78 The XXL Pimple Patch Designed to fit breakouts on your chest, back, and butt Because acne doesn’t just happen on your face Unique notches help adhere to curved parts of the body. Launching in 2025 HERO MIGHTY PATCH BODY
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79 Some Days Call for a Lighter Dry Shampoo Designed to attract new users ! No white residue Lightweight feel & finish Soft, subtle scent Launching in 2025 BATISTE LIGHT DRY SHAMPOO
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Exciting Innovations Ahead in 2025
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International
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CAGNY 2025 International Organic Sales Evergreen Target: +8% 82 4% 3% United States Specialty Products5% International8%
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CAGNY 2025 3% Germany 34% 27% Canada Global Markets Group International 2024 Net Sales: GMG & 7 Subsidiaries 83 6% France 8% Mexico 7% Australia 12% UK 2024 International Net Sales ~$1.1B 3% Japan
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CAGNY 2025 8.1% 10.0% 7.8% 7.8% 9.2% 8.6% 5.0% 2.8% 8.5% 9.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 International Consumer Organic Sales Performance 84 Organic sales growth is a non-GAAP measure. Refer to the Appendix for a reconciliation to the most directly comparable GAAP measure.
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CAGNY 2025 Top 10 CPG Company AVG% Church & Dwight % of U.S. Domestic Sales 41% 82% % of International Sales 59% 18% Geographic Expansion….International Runway Ahead 85
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CAGNY 2025 U.S. Brand and Leveraging NPD International OTC & Personal Care Brands Consumers Love that Travel the Globe Acquisition Acceleration and Rapid Global Expansion 86
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International Presence is Expanding 12 Countries in 2023 40 Countries by end of 2024 50+ Countries by end of 2025! 87
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88 Sold in 90 countries Celebrating 50 years 3-year CAGR of +16% #1 brand in key markets
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Winning NPD From the World’s #1 Dry Shampoo Brand 89
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OxiClean Growth in Japan #1 Powder Stain Remover 3 YEAR 18% 1 YEAR 20% 5 YEAR 17% Japan Power Liquid launch in Japan 90
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Already the #1 laundry sheet on Amazon Mexico 25+ global markets by the end of 2025 Launched in 12 International Markets in 2024! 91
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CAGNY 2025 Investing for Growth in International • Acquired Graphico in Japan • Implemented a Global ERP System • Widened Regulatory & IT Infrastructure • Expanded Offices in Panama and Singapore • Rapidly expanded acquisitions (Hero & TheraBreath) • Added M&A International Resources 92
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Specialty Products Division (SPD)
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CAGNY 2025 4% International8% SPD Organic Sales Evergreen Target: +5% 94 3% United States Specialty Products5%
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CAGNY 2025 SPD 2024 Net Sales 95 62% 38% Specialty Chemicals Animal Nutrition 2024 SPD Net Sales ~$300MM
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CAGNY 2025 Specialty Products Division is Comprised of 3 Businesses 96 Animal Nutrition B2B Performance Products
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CAGNY 2025 Specialty Products Division is Comprised of 3 Businesses 97 Animal Nutrition B2B Performance Products
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CAGNY 2025 Specialty Products Division is Comprised of 3 Businesses 98 Animal Nutrition B2B Performance Products
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CAGNY 2025 SPD Organic Sales Performance 5.3% -3.4% -3.3% 0.4% 12.0% 3.7% -7.9% 7.1% 2017 2018 2019 2020 2021 2022 2023 2024 99
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CAGNY 2025 “SPD Reimagined” Growth Drivers Divested Non- Strategic Assets Portfolio Strategy Marketing & Innovation Global Expansion – Eurasia & LATAM 100
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CAGNY 2025 Brand Marketing & Innovation Acceleration Across Businesses – Animal Nutrition Innovative Proprietary Probiotic Solutions 101
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CAGNY 2025 Animal Nutrition: Growing International Presence 102 International Organic Sales <6% 28% 2015 2024 +7% Organic Sales Growth vs 2023
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CAGNY 2025 Investing for Growth in SPD… 103 • Portfolio Strategy (Certillus & Celmanax) • Investing in Brand Marketing • Innovation Acceleration across all 3 businesses • International Expansion – Eurasia & LATAM
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How We Run the Company 104
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We Have Five Operating Principles Leverage Assets We strive to be asset light Leverage Brands Brands consumers love around the world Friend of the Environment Long history of being a friend to the environment Leverage People Highly productive people in a place where people matter 1 2 3 4 Leverage Acquisitions Good shareholder returns become great shareholder returns 5 105
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We Have Five Operating Principles Leverage Assets We strive to be asset light Leverage Brands Brands consumers love around the world Friend of the Environment Long history of being a friend to the environment Leverage People Highly productive people in a place where people matter 1 2 3 4 Leverage Acquisitions Good shareholder returns become great shareholder returns 5 106
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We Have Five Operating Principles Leverage Assets We strive to be asset light Leverage Brands Brands consumers love around the world Leverage People Highly productive people in a place where people matter 3 4 Leverage Acquisitions Good shareholder returns become great shareholder returns 5 Friend of the Environment Long history of being a friend to the environment 2 107 1
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Datapoints shown for Gen Z Source: Pew Research Center, survey April 20-29, 2021; NCP survey, 2021 67% make a sustainable planet their top priority. Climate Is More Relevant Than Ever, Especially For Younger Consumers 108
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CAGNY 2025 Church & Dwight’s Environmental Heritage 109 100% of global electricity demand offset by green energy. Partnering with the Arbor Day Foundation to plant millions of trees in the Mississippi River Valley. 20182017 1888 Company introduces pro- environmental wall charts and trading cards as product promotion. Company institutes the use of recycled paperboard to package household products. Sole sponsor of first Earth Day. Launches first non-polluting, phosphate- free laundry detergent. 1907 1970s Commenced projects for Science Based Targets 2023 - present
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CAGNY 2025 1888: Promoting the Importance of Preserving the Environment 110
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CAGNY 2025 Our ESG Score Remains High 111 CCC B BB BBB A AA AAA2022 2023 2024 CCC B BB BBB A AA AAA CCC B BB BBB A AA AAA
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We Have Five Operating Principles Leverage Assets We strive to be asset light Leverage Brands Brands consumers love around the world 1 4 Leverage Acquisitions Good shareholder returns become great shareholder returns 5 Leverage People Highly productive people in a place where people matter 3 Friend of the Environment Long history of being a friend to the environment 2 112
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CAGNY 2025 Industry Leading Revenue Per Employee 113 $1,061 CHD CLOROX PG Kenvue COLGATE KIMBERLY RECKITT EDGEWELL NEWELL Revenue per Employee Source: Most recent SEC filings (in ‘000s)
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CAGNY 2025 Bonuses are tied 100% to business results. Management is required to be heavily invested in company stock. 114 Net Revenue Gross Margin Expansion EPS Cash From Operations Simple Compensation Structure Strategic Initiatives
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CAGNY 2025 Gross margin is of all employees’ annual bonus. 20% All CHURCH & DWIGHT Employees Focus On Gross Margin 115
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CAGNY 2025 Key Gross Margin Growth Drivers 116 Good to Great Cost Optimization Supply Chain Optimization Acquisition Synergies New Products
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We Have Five Operating Principles Leverage Brands Brands consumers love around the world Leverage Acquisitions Good shareholder returns become great shareholder returns 5 Friend of the Environment Long history of being a friend to the environment Leverage Assets We strive to be asset light 4 Leverage People Highly productive people in a place where people matter 3 117 1 2
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CAGNY 2025 5.4% 2.5% 2.8% 2.5% 2.1% 2.1% 1.8% 1.4% 1.2% 1.4% 1.7% 2.0% 2.3% 3.3% 3.8% 2.9% ~2% ~2% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E Minimal Capital Investment Capital Expenditures as a % of Sales 118 $135 $64 $77 $75 $67 $71 $62 $50 $45 $60 $74 $99 $179$119 $224 $180 Outlook as of January 31, 2025 $130
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We Have Five Operating Principles Leverage Brands Brands consumers love around the world 1 Friend of the Environment Long history of being a friend to the environment Leverage People Highly productive people in a place where people matter 3 Leverage Acquisitions Good shareholder returns become great shareholder returns 5 Leverage Assets We strive to be asset light 4 119 2
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CAGNY 2025 $1.5 $6.1 2004 2005 2006 2008 2010 2011 2012 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Note: Trojan, Nair and First Response acquired in two parts – 2001 and 2004. Outlook as of August 2, 2024. Net Sales $ Billions Long History of Growth Through Acquisitions 120
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CAGNY 2025 We have confidence in our future. 121 Expanding household penetration in the U.S. Sustainable high International growth rate Digitally savvy Evergreen model is healthy Consistent innovation Focus on domestic and international M&A
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CAGNY 2025 Church & Dwight Co., Inc.’s Reconciliation of Non-GAAP Measures: The following pages provide definitions of the non-GAAP measures used in this presentation and reconciliations of these non- GAAP measures to the most directly comparable GAAP measures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the comparable GAAP measures, but rather as supplemental information to more fully understand our business results. The following non-GAAP measures may not be the same as similar measures provided by other companies due to differences in methods of calculation and items and events being excluded. The non-GAAP measures provided are (1) Organic Sales Growth, (2) Adjusted SG&A, (3) Adjusted EPS, (4) Free Cash Flow and Free Cash Flow Conversion, and (5) Total Debt to Bank EBITDA. We believe these measures provide useful perspective of underlying business trends and results and provide a more comparable measure of year over year results. Reconciliation of Non-GAAP Measures 123
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1242025 Analyst Day Organic Sales Growth The presentation provides information regarding organic sales growth, namely net sales growth excluding the effect of acquisitions, divestitures and foreign exchange rate changes, from year-over-year comparisons. Management believes that the presentation of organic sales growth is useful to investors because it enables them to assess, on a consistent basis, sales trends related to products that were marketed by the Company during the entirety of relevant periods, excluding the impact of acquisitions, divestitures, and foreign exchange rate changes that are out of the control of, and do not reflect the performance of the Company and management. Reconciliation of Non-GAAP Measures TOTAL COMPANY Year Reported FX Acquisitions & Divestitures Organic 2024 4.1% 0.0% 0.5% 4.6% 2023 9.2% 0.0% -3.9% 5.3% 2022 3.6% 1.0% -3.2% 1.4% 2021 6.0% -0.9% -0.8% 4.3% 2020 12.3% 0.1% -2.8% 9.6% 2019 5.1% 0.5% -1.2% 4.4% 2018 9.8% 0.0% -5.5% 4.3% 2017 8.1% 0.0% -5.4% 2.7% 2016 2.9% 1.2% -0.9% 3.2% 2015 2.9% 2.7% -2.0% 3.6%
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CAGNY 2025 Reported & Adjusted Non-GAAP Reconciliations 125 2024 2023 2022 2021 2000 2019 SG&A - Reported 21.0% 15.2% 20.8% 11.7% 12.1% 14.4% Brazil Charge 0.0% 0.0% 0.0% 0.0% 0.0% -0.2% Flawless Earnout Adjustment 0.0% 0.0% 0.0% 1.9% 1.9% -0.2% Flawless Intangible Assets Impairment 0.0% 0.0% -7.7% 0.0% 0.0% 0.0% Passport Earnout Reversal 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% Sale of International Brand 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% Retricted Stock Issued in Hero Acquisition -0.3% -0.5% -0.1% 0.0% 0.0% 0.0% VMS Asset Impairments -5.8% 0.0% 0.0% 0.0% 0.0% 0.0% SG&A Adjusted (non-gaap) 14.9% 14.7% 13.0% 13.6% 14.1% 14.2% For the year ending December 31, Adjusted SG&A Reconciliation
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CAGNY 2025 Reconciliation of Non-GAAP Measures 126 Earnings Per Share This presentation discloses reported EPS excluding the following, namely, earnings per share calculated in accordance with GAAP adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year-over-year earnings per share growth. The excluded items are as follows: 2024: Excludes a $1.10 VMS impairment charge, a $0.08 charge related to restricted stock issued in the HERO acquisition and a ($0.11) benefit from tariff refunds 2023: Excludes a $0.12 charge related to restricted stock issued in the HERO acquisition. 2022: Excludes a $1.26 FLAWLESS impairment charge and a $0.03 charge related to restricted stock issued in the HERO acquisition. 2021: Excludes a $0.30 per share positive impact from the FLAWLESS acquisition earn-out estimate. 2020: Excludes a $0.28 per share positive impact from the FLAWLESS acquisition earn-out estimate and a $0.01 per share positive impact from the gain on sale of an international brand. 2019: Excludes a $0.02 positive impact from an earn-out reversal from the acquisition of Passport Food Safety Solutions, Inc., $0.03 negative impact from the loss on the sale of the consumer Brazil business, and $0.02 negative impact from the FLAWLESS acquisition earn-out estimate. 2017: Excludes a ($0.12 per share) charge associated with the settlement of a foreign pension plan, a ($0.01 per share) charge associated with the sale of the Company's chemical business in Brazil, a tax benefit of $0.03 per share from a prior year joint venture impairment charge and a one-time tax benefit (non-cash) of $1.06 per share to adjust deferred tax accounts and reflect deemed repatriation of foreign subsidiary earnings as a result of the Tax Cuts and Jobs Act (TCJA). 2016: Excludes the impact of a plant impairment charge of $4.9 million at the Company’s Brazilian subsidiary.
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CAGNY 2025 Reported & Adjusted Non-GAAP Reconciliations 127 2024 2023 2022 2021 2020 2019 2018 2017 EPS - Reported 2.37$ 3.05$ 1.68$ 3.32$ 3.12$ 2.44$ 2.27$ 2.90$ Pension Settlement Charge -$ -$ -$ -$ -$ -$ -$ 0.12$ Brazil Charge -$ -$ -$ -$ -$ 0.03$ -$ 0.01$ Joint Venture Impairment Tax Benefit -$ -$ -$ -$ -$ -$ -$ (0.03)$ Tradename and other Asset Impairments 1.10$ -$ -$ -$ -$ -$ -$ -$ Tariff Ruling (0.11)$ -$ -$ -$ -$ -$ -$ -$ U.S. TCIA Tax Reform -$ -$ -$ -$ -$ -$ -$ (1.06)$ Gain on Sale of International Brand -$ -$ -$ -$ (0.01)$ -$ -$ -$ Passport Earn-out Reversal -$ -$ -$ -$ -$ (0.02)$ -$ -$ Flawless Earn-out Adjustment -$ -$ -$ (0.30)$ (0.28)$ 0.02$ -$ -$ Flawless Impairment -$ -$ 1.26$ -$ 0 -$ -$ -$ -$ Hero Restricted Stock 0.08$ 0.12$ 0.03$ -$ 0 -$ -$ -$ -$ EPS - Adjusted (Non-GAAP) 3.44$ 3.17$ 2.97$ 3.02$ 2.83$ 2.47$ 2.27$ 1.94$ For the year ending December 31, Adjusted EPS Reconciliation
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Reconciliations Reconciliation of GAAP and Non-GAAP Financial Measures 128 Free Cash Flow Free cash flow (a non-GAAP measure) is defined as cash from operating activities (a GAAP measure) less capital expenditures (a GAAP measure). Management views free cash flow as an important measure because it is one factor in determining the amount of cash available for dividends and discretionary investment. Free Cash Flow as a Percent of Net Income (Free Cash Flow Conversion) Free cash flow as percent of net income is defined as the ratio of free cash flow to net income. Management views this as a measure of how effective the Company manages its cash flow relating to working capital and capital expenditures.
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Reconciliations Reconciliation of GAAP and Non-GAAP Financial Measures 129 Total Debt to Bank EBITDA Total Debt to Bank EBITDA is a ratio used in our debt agreements. Bank EBITDA (a non-GAAP measure) is a form of adjusted EBITDA, and represents earnings from Income (a GAAP measure), excluding interest income, interest expense, and before income taxes, depreciation, and amortization (EBITDA) and certain other adjustments per the Company’s Credit Agreement. Total Debt is defined as short- and long-term debt as defined by GAAP, plus items that are classified as debt by the Company’s credit agreement. These items include Letters of Credit, Capital and Synthetic Lease Obligations, and certain Guarantees. Management believes the presentation of Total Debt to Bank EBITDA provides additional useful information to investors about liquidity and our ability to service existing debt. 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Debt as Presented (1) 2,204.6$ 2,406.0$ 2,673.6$ 2,596.9$ 2,163.9$ 2,063.1$ 2,107.1$ 2,374.3$ 1,120.1$ Other Debt per Covenant (2) 43.4 43.3 1.0 1.5 15.9 56.7 59.2 75.1 Total Debt per Credit Agreement 2,204.6$ 2,449.4$ 2,716.9$ 2,597.9$ 2,165.4$ 2,079.0$ 2,163.8$ 2,433.5$ 1,195.2$ Net Cash from Operations 1,164.4$ 1,039.7$ 885.2$ 993.8$ 990.3$ 864.6$ 763.6$ 681.5$ 655.3$ Interest Paid 94.4 111.9 86.0 51.8 58.8 70.6 74.9 33.3 25.6 Current Tax Provision 176.2 225.6 109.4 204.2 162.2 152.2 139.8 186.9 222.0 Change in Working Capital and other Liabilities (8.3) (9.2) 186.6 95.0 37.3 (33.2) (14.2) (0.8) 30.0 Other Adjustments, Net 91.5 9.2 41.2 31.6 46.2 17.9 - 50.2 (74.4) Adjusted EBITDA (per Credit Agreement) 1,518.2$ 1,377.2$ 1,308.4$ 1,376.4$ 1,294.8$ 1,072.1$ 964.1$ 951.1$ 858.5$ Ratio 1.5 1.8 2.1 1.9 1.7 1.9 2.2 2.6 1.4 Notes: (1)Net of Deferred Financing Costs per ASC 201 5-03, "Simplifying the Presentation of Debt Issuance Costs" (2) Includes Letters of Credit, Capital and Synthetic Lease Obligations, Acquisition Liabilities and certain Guarantees.
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Reconciliations Reconciliation of GAAP and Non-GAAP Financial Measures 130 Total Debt to Bank EBITDA, Continued Total Debt to Bank EBITDA is a ratio used in our debt agreements. Bank EBITDA (a non-GAAP measure) is a form of adjusted EBITDA, and represents earnings from Income (a GAAP measure), excluding interest income, interest expense, and before income taxes, depreciation, and amortization (EBITDA) and certain other adjustments per the Company’s Credit Agreement. Total Debt is defined as short- and long-term debt as defined by GAAP, plus items that are classified as debt by the Company’s credit agreement. These items include Letters of Credit, Capital and Synthetic Lease Obligations, and certain Guarantees. Management believes the presentation of Total Debt to Bank EBITDA provides additional useful information to investors about liquidity and our ability to service existing debt. 2015 2014 2013 2012 2011 2010 2009 Total Debt as Presented (1) 1,050.0$ 1,086.6$ 797.3$ 895.6$ 246.7$ 333.3$ 816.3$ Other Debt per Covenant (2) 83.5 88.0 90.3 79.1 45.9 11.7 16.5 Total Debt per Credit Agreement 1,133.5$ 1,174.6$ 887.6$ 974.7$ 292.6$ 345.0$ 832.8$ Net Cash from Operations 606.1$ 540.3$ 499.6$ 523.6$ 437.8$ 428.5$ 400.9$ Interest Paid 29.0 25.7 26.4 9.7 9.2 29.3 35.6 Current Tax Provision 201.0 198.3 192.3 179.5 125.6 108.7 125.6 Excess Tax Benefits on Option Exercises 15.8 18.5 13.1 14.6 12.1 7.3 5.0 Change in Working Capital and other Liabilities (38.6) (13.5) 16.1 (75.4) 11.0 (31.6) (35.4) Adjustments for Significant Acquisitions/Dispositions (net) - - - 46.8 3.9 6.8 (22.9) Adjusted EBITDA (per Credit Agreement) 813.3$ 769.3$ 747.5$ 698.8$ 599.6$ 549.0$ 508.8$ Ratio 1.4 1.5 1.2 1.4 0.5 0.7 1.6 Notes: (1)Net of Deferred Financing Costs per ASC 2015-03, "Simplifying the Presentation of Debt Issuance Costs" (2) Includes Letters of Credit, Capital and Synthetic Lease Obligations, Acquisition Liabilities and certain Guarantees.
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CAGNY 2025 Reconciliation of Non-GAAP Measures (Q4 2024) 131 Total Worldwide Consumer Consumer Specialty Company Consumer Domestic International Products Reported Sales Growth 3.5% 4.1% 2.7% 10.2% -6.6% Less: Acquisitions 0.3% 0.4% 0.0% 2.0% 0.0% Add: FX / Other 0.0% 0.0% 0.0% 0.0% 0.0% Divestitures 0.8% 0.0% 0.0% 0.0% 16.9% Organic Sales Growth 4.0% 3.7% 2.7% 8.2% 10.3% Three Months Ended 12/31/2024 Organic Sales Growth Change % of NS % of NS Gross Margin - Reported 707.9$ 44.7% 681.3$ 44.6% 10 bps Tariff Ruling (2.4)$ -0.1% -$ 0.0% -10 bps Diluted Earnings Per Share - Adjusted (non-GAAP) 705.5$ 44.6% 681.3$ 44.6% 0 bps 12/31/2024 12/31/2023 Adjusted Gross Margin Reconciliation Three Months Ended
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CAGNY 2025 Reconciliation of Non-GAAP Measures (Q4 2024) 132 12/31/2024 12/31/2023 Change Diluted Earnings Per Share - Reported 0.76$ 0.62$ 22.6% Tariff Ruling - - Hero Restricted Stock 0.01 0.03 Diluted Earnings Per Share - Adjusted (non-GAAP) 0.77$ 0.65$ 18.5% Adjusted Diluted Earnings Per Share Reconciliation Three Months Ended