Slides
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POWERING CARE Q4 2025 EARNINGS January 27, 2026
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Certain matters contained in this presentation concerning our plans and expectations regarding the pending mergers with Kenvue and the pending International Family Care and Professional (“IFP”) joint venture transaction with Suzano (“IFP Transaction”), the business outlook, including raw material, energy and other input costs, the anticipated charges and savings from the 2024 Transformation Initiative, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, net sales, anticipated currency rates and exchange risks, including the impact in Argentina and Türkiye, effective tax rate, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management's expectations and beliefs concerning future events impacting Kimberly-Clark. There can be no assurance that these future events will occur as anticipated or that our results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them. The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the successful completion of the mergers with Kenvue and the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including risks and uncertainties around the pending mergers with Kenvue (including the risk that the anticipated benefits and synergies of the mergers may not be realized when expected or at all, the terms and scope of the expected financing in connection with the mergers may prove to be less favorable than currently expected, that the mergers may not be completed in a timely matter or at all and the risk of litigation related to the mergers), the pending IFP Transaction (including risks related to delays or failure to complete the proposed transaction, the incurrence of significant transaction and separation costs, adverse market reactions, regulatory or legal challenges, and operational disruptions), risks that we are not able to realize the anticipated benefits of the 2024 Transformation Initiative (including risks related to disruptions to our business or operations or related to any delays in implementation), war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), government trade or similar regulatory actions (including current and potential trade and tariff actions affecting the countries where we operate and the resulting negative impacts on our supply chain, commodity costs, and consumer spending), pandemics, epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain disruptions, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, regional instabilities and hostilities, potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships, could affect the realization of these estimates. The factors described under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, or in our other SEC filings, among others, could cause our future results to differ from those expressed in any forward-looking statements made by us or on our behalf. Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results. Huggies, Pull-Ups, Andrex, Depend, Poise, Cottonelle, Kleenex, WypAll, Kotex are registered trademarks of Kimberly-Clark Worldwide Inc. Please see our filings for a complete list. 2 Forward-Looking Statements
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POWERING CARE: How We Create Durable Growth OPTIMIZE Our Margin Structure WIRE Our Organization for Growth ACCELERATE Pioneering Innovation Powering Care BREATHABILITYPowerhouse Categories & Brands Science Is Our Competitive Advantage Scalable Capabilities Led by Top Talent
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4 ENHANCING FOCUS ON RIGHT-TO-WIN SPACES Brazil Tissue Mid-2023 Personal Protective Equipment Business Mid-2024 North America Private Label 2022-2025 International Family Care & Professional JV On target for Mid-2026 Sharpened focus on core personal care categories Shifted portfolio towards faster growth, higher margin categories Reduced exposure to volatile fiber costs Lowered capital intensity
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c 5 Acquiring Kenvue to Create a $32 Billion Pure-Play, Global Health & Wellness Leader 1Inclusive of approximately $1.9 billion in cost synergies and approximately $500 million in incremental profit from revenue synergies, partially offset by reinvestment of approximately $300 million 2Kimberly-Clark does not provide a reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. Building the future of consumer-centric care for all Advancing Women's Health Pioneering Active Aging Leading Baby Care 10 $1B+ iconic brands GENERATIONAL OPPORTUNITY Adj. EPS2 Accretive ~$2.1B Total anticipated EBITDA synergies1 to Kimberly-Clark by year 2 Builds on Kimberly Clark’s Powering Care transformationPowerful Next Step Exceptional complementarity across categories and critical markets Strong Fit Opportunity to scale globally with winning capabilities built for speed Builds Scale
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6 OUR VALUE CREATION PARADIGM IS POWERED BY OUR VIRTUOUS CYCLE V I R T U O U S CYCLE Invest in Product Differentiation Invest in Brand Love Invest in Customer Partnerships Deliver Top-tier Financial Performance Grow Volume + Mix Reduce Costs & Enhance Efficiency EXCELLENCE ON FUNDAMENTALS DRIVES OUR VIRTUOUS CYCLE
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c Category-Bending Performance with Proprietary Science-Based Innovation Across Key Markets in the Last 2 Years North America China South Korea Australia Brazil Indonesia Leak Free Confidence Garment Like Comfort Skin Health Overnight 7 INVEST IN PRODUCT DIFFERENTIATION
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Building Brand Love & Crushing Stigma Across Categories Goodnites Astronaut – Scott Kelly Poise Giggle Dribble – Katherine Heigl Huggies HugFit360 – Giannis Antetokounmpo 11 Cannes Wins in 2025, nearly 2x of wins in last 5 years Depend – Emmitt Smith Kotex - Where there are girls, there should be sanitary pads INVEST IN BRAND LOVE Feminine Care Baby & Child Care Adult Care
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Consumer-Centric Innovation Driving Pivot to Durable Volume+Mix Led Organic Growth1 -1.6% -0.7% 1.0% 2.6% 7.7% 5.5% 2.7% -0.9% FY22 FY23 FY24 FY25 Volume + Mix Price 78%* Innovation Contribution To FY25 Volume + Mix Led Growth GROW VOLUME + MIX +6.1% +4.8% +3.9% +1.7%Organic Growth1 *Represents annual incremental net sales from innovation launches of last 3 years as a percentage of volume mix led growth in FY25 1Non-GAAP financial measures. Refer to the appendix of this presentation for reconciliations of our GAAP to non-GAAP measures.
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10 Stepping Up Gross Productivity Savings Gross Productivity includes Productivity generated from end-to-end Integrated Margin Management and from Procurement initiatives REDUCE COSTS & ENHANCE EFFICIENCY Exceeded the targeted range of 5 - 6% Gross Productivity Savings in 20252 Value Stream: Design to Value initiatives including standardized product platforms and strong price negotiations unlocking value Network Optimization: Optimizing manufacturing and distribution footprint including external contract manufacturing among others Scalable Automation: Unlocking efficiencies through automation 7.2% of Adj COGS1 Q4 Actuals FY25 Actuals AutomationNetwork OptimizationValue Stream 1Non-GAAP financial measures. Refer to the appendix of this presentation forreconciliations of our GAAP to non-GAAP measures. 2 Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. 6.2% of Adj COGS1
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REDUCE COSTS & ENHANCE EFFICIENCY 2 50% 6% Consecutive Years of Adjusted Cost of Goods Sold1 of 5-Year Ambition 100.0 100.0 100.0 97.2 96.0 95.9 98.4 95.6 93.8 Consumer Personal Care Baby & Child Care FY23 FY24 FY25 Standard Unit Cost – (indexed to FY23 actuals) • Drove simplification by reducing 30 product platforms to 11 across 9 manufacturing facilities in Enterprise Markets • Challenged the status quo in North America Logistics through an RFP to include a range of vendors, drive savings and diversification Value Stream Simplification Network Optimization • Announced a $2B investment in North America to build a future ready optimized supply network, including an advanced manufacturing facility at Warren Ohio and a state-of-the-art distribution center at our Beech Island facility Scalable Automation • Transformed procurement operations through digital capabilities • Implementing a new solution to serve as the standard for supply chain planning to deliver best product at lowest cost • Driving automation across manufacturing & logistics facilities 11 1Non-GAAP financial measure. Refer to the appendix of this presentation forreconciliations of our GAAP to non-GAAP measures. ~ ~
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SEGMENT RESULTS & HIGHLIGHTS
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13 International Personal Care Organic growth1 +5.7% +3.6% OPERATING MARGINVOLUME + MIX Organic Growth1 Operating Profit Growth • Q4 volume+mix growth accelerates to 5.7% from growth across all 5 Focus Markets and Enterprise Markets • 2025 weighted share gain of +50 bps in Focus Markets led by China Diapers & Pants +270 bps, South Korea Diapers +60 bps, Brazil Diapers +40 bps, Indonesia Fem Care +190 bps, and Australia Adult Care +50 bps • FY Organic Growth driven by strong volume+mix gains partly offset by investments to strengthen price-value propositions in select markets. • Operating profit reflected strong, up-front investments made to enhance value propositions funded by enhanced productivity gains and overhead savings as the year progressed 1Non-GAAP financial measure. Refer to the appendix of this presentation for reconciliations of our GAAP to non-GAAP measures. FY25Q4’25 Organic growth1 4.5% 1.7% FY25Q4’25 20.6% (3.6%) 13.8% 14.0%
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Scaling Winning Ideas from China Across Focus Markets to Out-Innovate Competition I N T E R N A T I O N A L P E R S O N A L C A R E China South Korea Australia Brazil Indonesia Leak Free Confidence Garment Like Comfort Skin Health Overnight 14 INVEST IN PRODUCT DIFFERENTIATION
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Winning Recruitment Through Resonant Campaigns and Digital Capabilities I N T E R N A T I O N A L P E R S O N A L C A R E Where there are girls, there should be sanitary pads First in China to place sanitary pad vending machines in 24 metro stations across 5 cities SIRIH-ously Asli SIRIH-ouslyAsli is a wordplay inspired by the way POBA consumers often say "seriously." "Asli" means Real - a strong claim that Softex Daun Sirih is made with 100% Real Certified Daun Sirih (Betel Leaf) Extract INVEST IN BRAND LOVE: Winning at Point of Brand Adoption through Resonant and Relevant Campaigns Accelerating China’s social media engine # content pieces per month 82 2,177 Jan'23 Aug'25 +27x 28M Views 18.5M Views 13M Views Proven model scaled to Indonesia with meaningful early results +1000 bps Market Share +190% Growth Winning content & recruitment… …tied to key business results INVEST IN CUSTOMER PARTNERSHIPS: Scaling Proven Digital Capabilities to Win in Online Channels Across IPC 15
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16 North America 1Non-GAAP financial measure. Refer to the appendix of this presentation for reconciliations of our GAAP to non-GAAP measures. • Strong volume+mix led organic growth delivery in the quarter and the full year in a challenging, value-conscious, consumer environment • Volume growth was broad-based with growth across Personal Care, Family Care and K-C Professional • Weighted share was broadly in line with year ago in the quarter and the year while personal care grew value share +20 bps in the year led by a volume share gain of +90 bps • Operating profit was essentially flat in the year while absorbing a 330bp headwind from divestitures and business exits. Volume+mix led growth, sustained productivity and disciplined cost management driving margin expansion Organic Growth1 OPERATING MARGIN Operating Profit Growth +1.8% +2.1% VOLUME + MIX 0.8% 1.8% 5.5% 0.4% Q4’25 FY25 Q4’25 FY25 22.0% 23.7%
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INVEST IN PRODUCT DIFFERENTIATION Leak Free Confidence Garment Like Comfort Skin Health Overnight Cascaded Innovation Across Value Spectrum, Meaningful Portfolio Refresh N O R T H A M E R I C A 17
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INVEST IN BRAND LOVE: Building Consumer Connections Through Relevant and Impactful Partnerships Building Brand Love and Driving Executional Excellence N O R T H A M E R I C A Giannis Antetokounmpo Scott Kelly Katherine Heigl INVEST IN CUSTOMER PARTNERSHIPS: Execution Excellence Driving Key Metric Improvement Source: 2025 Advantage Annual CPG Go-To-Market Survey 2025 RESULTS #1 Vision Supply #13 #5 Digital #4 #1 #4 #3 2023 FOCUS AREAS 2024 2025 #1 Organization & People #1 Category & Consumer Marketing #1 #1 Reputation #2 OVERALL 18 Key Customer
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19 FINANCIAL RESULTS & OUTLOOK
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13.1% 0.1% 2.1% 1.7% Q4’25 Broad-based volume growth while brands gained global weighted share ~10 bps Strong gross productivity and overhead efficiency deliver solid operating profit performance in a challenging environment Stable, consistent earnings delivery reflecting structural stability, disciplined execution Strong operating cash generation funding stepped-up capital investments, delivering another year of strong Adjusted Free Cash Flow1 Organic Sales Growth1 2025: Durable Delivery in a Turbulent Environment Adjusted Operating Profit Growth1 Q4’25 Adjusted EPS Growth1 attributable to Kimberly-Clark 24.0% 3.2% Q4’25 Adjusted Free Cash Flow1 FY25 $1.9B 1 Non-GAAP financial measures. Refer to the appendix of this presentation forreconciliations of our GAAP to non-GAAP measures. 13.0% Constant-Currency1 Constant-Currency1 FY25 FY25 FY25 0.8% 22.0% 3.8%+3.0% Volume + Mix +2.6%
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14.8% 16.6% 18-20% 2023 2025 Aspiration² + 180 bps 36.6% 37.3% 40.0% 2023 2025 Aspiration² + 70 bps + Performing While Transforming Strong progress across business fundamentals -1.6% -0.7% 1.0% 2.6% FY22 FY23 FY24 FY25 Volume + Mix Adjusted Gross Margin1 14.4% 13.6% (80) bps Adjusted RSG&A as % of Net Sales1 Adjusted Operating Margin1 2023 2025 Steady and continuous progress in volume+mix led growth driven by consumer centric innovation and resonant brand campaigns One Supply Chain and efficiency- focused culture unleashing industry leading productivity to drive meaningful adjusted gross margin progress while funding investments in product differentiation and brand love Powering Care transformation delivering significant overhead efficiency, meaningful cost leverage Durable expansion in Adjusted Operating Profit margin through strong progress on fundamentals, on track to medium-term ambition 1 Non-GAAP financial measures. Refer to the appendix of this presentation forreconciliations of our GAAP to non-GAAP measures. 2Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort.
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Strong Cash Flow Delivery While Investing in Our Future & Maintaining A Solid Balance Sheet Cash Conversion Cycle (Average Days) Capex % Net Sales2 Adj. Free Cash Flow1 ($Billions) Leverage (Net Debt(3) / Adj. EBITDA(4)) 2.0 1.9 2.8 2.7 1.9 2021 2022 2023 2024 2025 2.5 2.3 1.9 1.8 1.8 2021 2022 2023 2024 2025 5% 4% 4% 4% 6% 2021 2022 2023 2024 2025 6 5 (2) (9) (10) 1 2 3 4 52021 2022 2023 2024 2025 22 1 Non-GAAP financial measures. Refer to the appendix of this presentation forreconciliations of our GAAP to non-GAAP measures. 2 Net sales for each year presented are inclusive of amounts reported as discontinued operations. 3 Net Debt is inclusive of amounts reported as discontinued operations and adjusts for cash and cash equivalents and time deposits. 4 Adjusted EBITDA (non-GAAP measure) is inclusive of amounts reported as discontinued operations and = Adjusted Operating Profit + Depreciation and Amortization.
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Strong Visibility on Long-Term Growth & Return Algorithm Remains ORGANIC NET SALES GROWTH 1 Lead Market Growth ADJUSTED OPERATING PROFIT 1 Mid-to-High Single Digit Constant-currency Growth1 ADJUSTED EARNINGS PER SHARE 1 Mid-to-High Single Digit Constant-currency Growth1 ADJUSTD FREE CASH FLOW 1 GENERATION ~$2 Billion Annually Strong Reinvestment to Support Growth Growing Dividend Consistent Double-Digit Total Shareholder Returns2 1 2 3 4 1 Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward- looking basis because it is unable to predict certain adjustment items without unreasonable effort 2 Total Shareholder Returns defined as Adjusted Earnings per Share Growth1 plus Dividend Yield
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24 2026 Outlook(2) 1 Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. 2 Assumes IFP transaction closure mid-year 2026 and excludes any impacts from the closure of the Kenvue acquisition prior to December 31, 2026, Volume+Mix Led Organic Sales Growth1 In Line to Ahead of Market Growth • Weighted-Average Market growth for the latest year at ~2% • Reported results expected to be negatively impacted by ~50 bps from U.S. private label diaper business exit, with no meaningful impact from currency translation Mid-to-High Single Digit Constant-Currency Adjusted Operating Profit Growth1 • Growth and margin expansion consistent with long-term growth algorithm • Expect additional benefit from IFP JV-related stranded cost mitigation Double-Digit Constant- Currency Adjusted EPS Growth1 from Continuing Operations • Includes expectation for flat Net Interest Expense, adjusted effective tax rate1 of ~23%, and average shares outstanding essentially unchanged versus prior year • Expect ~30% increase in Income from Equity Companies versus 2025 Flat Constant-Currency Adjusted EPS Growth1 Attributable to Kimberly-Clark • Underlying growth consistent with long-term algorithm • Includes negative impact from expected halving of contribution from Discontinued Operations in 2026 and assumes proceeds from IFP transaction held for Kenvue acquisition • Reported results expected to benefit from ~130bps favorable currency translation ~$2B Adjusted Free Cash Flow1 • Includes acceleration of capital expenditures to ~$1.3B
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$7.53 2025 2026E 2027E 2028E Expect to Deliver On-Algorithm Adj. EPS Growth1 by Year 2 of Integration Acquisition model built on conservative set of assumptions Significant reinvestment planned Clear path to synergies, with ~80% of cost capture by Year 2 of integration 2026-2028 Adjusted EPS CAGR consistent with Long-Term Algorithm for Kimberly Clark 1 Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. 2 Assumes IFP transaction closure mid-year 2026 and excludes any impacts from the closure of the Kenvue acquisition prior to December 31, 2026, Mid - to - High Single Digit Growth 2
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26 Advancing Women's Health Pioneering Active Aging Leading Baby Care Invest in Product Differentiation Invest in Brand Love Invest in Customer Partnership Deliver Top-tier Financial Performance Grow Volume + Mix Reduce Costs & Enhance Efficiency E X C E L L E N C E O N F U N D A M E N T A L S D R I V E S O U R V I R T U O U S C Y C L E BECOMING A GLOBAL HEALTH & WELLNESS LEADER POWERED BY OUR VIRTUOUS CYCLE V I R T U O U S CYCLE
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APPENDIX
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The following provides the reconciliation of the non-GAAP financial measures provided in this presentation to the most closely related GAAP measure. These measures include: Organic Sales Growth, Adjusted Cost of Goods Sold, Adjusted Gross Profit, Adjusted RSG&A, Adjusted Operating Profit, Adjusted Earnings per Share Attributabl e to Kimberly-Clark, and Adjusted Free Cash Flow. Unless specifically stated, all discussions regarding non-GAAP financial measures reflect results from our continuing operations for all periods presented. Where applicable, we also refer to the associated margin for each of these metrics, which is calculated as the proportion of the metric relative to the applicable period’s net sales. Organic Sales Growth is defined as the change in Net Sales, as determined in accordance with U.S. GAAP, excluding the impacts of currency translation and divestitures and business exits. Adjusted Gross Profit (Adjusted Cost of Goods Sold), Adjusted RSG&A, Adjusted Operating Profit and Adjusted Earnings per Shar e Attributable to Kimberly-Clark are defined as Gross Profit (Cost of Products Sold), Marketing, research and general expenses, Operating Profit and Diluted Earnings per Share Attributable to Kimberly -Clark, as determined in accordance with U.S. GAAP, excluding the impacts of certain items that management believes do not reflect our underlying operations, and which are discussed in further detail within our current quarter earnings release and periodic SEC filings. Specific to Adjusted RSG&A, Marketing, research and general expenses (as determined in accordance with U.S. GAAP) also excludes Advertising & Prom otion expenses. These adjustments include the presentation of each metric on a constant-currency basis by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given the volatility in foreign currency exchange rates. Adjusted Free Cash Flow is defined as cash provided by operations (inclusive of discontinued operations), as determined in ac cordance with U.S. GAAP, less capital expenditures and excluding cash charges associated with our previously announced restructuring activities (the 2018 Global Restructuring Program and the 2024 Transformation Initiative) and IFP separation costs. The income tax effect of these non-GAAP items on the Company's Adjusted Earnings per Share Attributable to Kimberly -Clark is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the Company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income Before Income Taxes and Equity Interests and Provision for income taxes. We use these non-GAAP financial measures to assist in comparing our performance on a consistent basis for purposes of business decision making by removing the impact of certain items that we do not believe reflect our underlying and ongoing operations. We believe that presenting these non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items, (ii) permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating our results. We believe that the presentation of these non-GAAP financial measures, when considered together with the corresponding U.S. GAAP financial measures and the reconciliation to th ose measures, provides investors with additional understanding of the factors and trends affecting our business than could be obtained absent these disclosures. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measure s, and they should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. There are limitations to these non -GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. We compensate for these limitations by using these non-GAAP financial measures as a supplement to the GAAP measures and by providing reconciliations of the non-GAAP and comparable GAAP financial measures. Certain non-GAAP financial measures referenced in this presentation are presented on a forward-looking basis. Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. Please note that the se items could be material to Kimberly-Clark’s results calculated in accordance with GAAP. For further information about the non-GAAP adjustments included in the following slides, refer to our current quarter earnings r elease. 28 Non-GAAP Financial Measures
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29 Non-GAAP: Reconciliation of Organic Sales Growth Three Months Ended December 31, 2025 Year Ended December 31, 2025 Percentage change vs. the prior year period NA IPC Total NA IPC Total Net Sales Growth (3.0) 4.2 (0.6) (2.4) (0.9) (2.1) Currency Translation 0.1 0.2 0.1 0.2 2.3 0.9 Divestitures and Business Exits 3.7 0.1 2.6 4.0 0.3 2.9 Organic Sales Growth(a) 0.8 4.5 2.1 1.8 1.7 1.7 (a) Table may not foot due to rounding.
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30 Non-GAAP: Reconciliation of Organic Sales Growth Year Ended December 31 Percentage change vs. the prior year period 2022 2023 2024 Net Sales Growth 3.8 1.1 (2.0) Currency Translation 2.6 3.0 4.2 Divestitures and Business Exits (0.3) 0.7 1.6 Organic Sales Growth(a) 6.1 4.8 3.9 (a) Table may not foot due to rounding.
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31 Non-GAAP: Reconciliation of Adjusted Cost of Goods Sold Three Months Ended December 31 Year Ended December 31 $ Millions 2025 2024 2025 2024 Cost of Products Sold $2,615 $2,659 $10,524 $10,516 2024 Transformation Initiative (44) (68) (213) (144) Adjusted Cost of Goods Sold $2,571 $2,591 $10,311 $10,372
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32 Non-GAAP: Reconciliation of Adjusted Gross Profit Three Months Ended December 31 Year Ended December 31 $ Millions 2025 2024 2025 2024 2023 Gross Profit $1,465 $1,445 $5,923 $6,289 $6,269 2024 Transformation Initiative 44 68 213 144 - Sale of Brazil Tissue and Professional Business - - - - 15 Adjusted Gross Profit $1,509 $1,513 $6,136 $6,433 $6,284
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33 Non-GAAP: Reconciliation of Adjusted RSG&A Year Ended December 31 $ Millions 2025 2023 Marketing, research and general expense $3,528 $3,615 Advertising & Promotion (1,110) (1,139) 2024 Transformation Initiative (142) - Kenvue Acquisition (32) - Sale of Brazil Tissue and Professional Business - (15) Adjusted RSG&A $2,244 $2,461
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34 Non-GAAP: Reconciliation of Adjusted Operating Profit Three Months Ended December 31 Year Ended December 31 $ Millions 2025 2024 2025 2024 2023 Operating Profit $507 $420 $2,351 $2,700 $1,928 2024 Transformation Initiative 90 97 348 456 - Kenvue Acquisition 32 - 32 - - Sale of PPE Business - - - (565) - Impairment of Intangible Assets - - - 97 658 Legal Expense - 39 - 39 - Sale of Brazil Tissue and Professional Business - - - - (44) Adjusted Operating Profit $629 $556 $2,731 $2,727 $2,542 Year-Over-Year Growth 13.1% 0.1% Currency Translation (0.2%) 0.6% Year-Over-Year Growth Constant-Currency(a) 13.0% 0.8% (a)Table may not foot due to rounding.
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35 Non-GAAP: Reconciliation of Adjusted Earnings Per Share Attributable to Kimberly-Clark Three Months Ended December 31 Year Ended December 31 2025 2024 2025 2024 Diluted Earnings per Share Attributable to Kimberly-Clark $1.50 $1.34 $6.07 $7.55 2024 Transformation Initiative 0.22 0.25 0.86 1.01 Kenvue Acquisition 0.07 - 0.07 - OBBBA - - 0.29 - IFP Separation Costs 0.07 - 0.18 - IFP Repatriated Earnings - - 0.04 - IFP Tax Basis Adjustment - - 0.02 - Sale of PPE Business - - - (1.34) Impairment of Intangible Assets - - - 0.17 Legal Expense - 0.11 - 0.11 Softex Tax Reserve Release - (0.20) - (0.20) Adjusted Earnings per Share Attributable to Kimberly-Clark $1.86 $1.50 $7.53 $7.30 Year-Over-Year Growth 24.0% 3.2% Currency Translation (2.0%) 0.7% Year-Over-Year Growth Constant-Currency(a) 22.0% 3.8% (a)Table may not foot due to rounding.
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36 Non-GAAP: Reconciliation of Adjusted Free Cash Flow For the Year Ended $ Millions 2020 2021 2022 2023 2024 2025 Cash Provided by Operations $3,729 $2,730 $2,733 $3,542 $3,234 $2,777 Capital Expenditures (1,217) (1,007) (876) (766) (721) (1,138) Cash Restructuring Charges 249 235 65 - 156 229 IFP Separation Costs - - - - - 35 Adjusted Free Cash Flow $2,761 $1,958 $1,922 $2,776 $2,669 $1,903
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37 Press Releases – Previous Quarters Title Hyperlink Kimberly-Clark Announces Year-End 2020 Results And 2021 Outlook Q4 & FY 2020 Kimberly-Clark Announces Year-End 2021 Results And 2022 Outlook Q4 & FY 2021 Kimberly-Clark Announces Year-End 2022 Results And 2023 Outlook Q4 & FY 2022 Kimberly-Clark Announces Year-End 2023 Results And 2024 Outlook Q4 & FY 2023 Kimberly-Clark Announces First Quarter 2024 Results and Raises 2024 Outlook Q1 2024 Kimberly-Clark Announces Second Quarter 2024 Results and Raises 2024 Outlook Q2 2024 Kimberly-Clark Announces Third Quarter 2024 Results and Reaffirms 2024 Profit Outlook Q3 2024 Kimberly-Clark Delivers Solid Results in First Year of Transformation Q4 & FY 2024 Kimberly-Clark Announces First Quarter 2025 Results and Updates 2025 Outlook Q1 2025 Kimberly-Clark Announces Second Quarter 2025 Results, Raises 2025 Outlook Q2 2025 Kimberly-Clark Announces Third Quarter 2025 Results, Updates 2025 Outlook Q3 2025