Slides
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Q2 2026 Earnings August 4, 2026
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Forward-Looking Statements 2 Certain matters contained in this presentation concerning our plans and expectations regarding the pending mergers with Kenvue and the 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 manner or at all and the risk of litigation related to the mergers), the IFP Transaction (including risks related to 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 relatedto 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 (including the war in Iran), potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in whichwe 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, 2025, 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.
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Our Durable Growth Engine is Powering Our Transformation 3 OUT -INNOVATE OUT -MARKET VOLUME + MIX LED GROWTH BEST PRODUCT, LOWEST COST OUT -ACTIVATE INVEST FOR IMPACT P O W E R I N G C A R E
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Q2 2026: Sustaining Underlying Momentum by Executing with Discipline & Agility 4 Out-Innovate | Out-Market Out-Activate Best Product, Lowest Cost Fast & Agile Operating Model • Creating margin resilience through operational discipline • Strong productivity pipeline, implementing advanced supply chain & AI capabilities • Efficiently and effectively navigating new, discrete headwinds • IFP joint venture with Suzano up and running • Transformation with Kenvue on track • Delivering superior value propositions across the good- better-best ladder • Holding global weighted share versus strong baseline1 P O W E R I N G C A R E 1. Q2 Global Weighted Share measured on a trailing twelve -month basis.
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Delivering Superior Innovation and Value Propositions Around the World 5 Our strategies to Out-Innovate, Out-Market & Out-Activate Drove Volume + Mix-led Organic Growth P O W E R I N G C A R E U.S.: Delivering Share Gains with Viva®Signature Cloth U.S.: Scaling Superior Innovation & Value Across Huggies® Portfolio U.S.: Breaking the Stigma with Pro Soccer Captain Tim Ream Australia: Pioneering Innovation with Global First-of-a- Kind Poise® Pants Vietnam & India: Out-Performing by Executing Our Repeatable Playbook in Key Enterprise Markets
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Value Stream Simplification: 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 Targeting 5 – 6% Gross Productivity in 20262 B E S T P R O D U C T , L O W E S T C O S T 1Non-GAAP financial measures. Refer to the appendix of this presentation for reconciliations 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. Sustaining Industry-Leading Gross Productivity Savings 6 6.4% of Adj COGS1 AutomationNetwork OptimizationValue Stream Gross Productivity includes Productivity generated from end-to-end Integrated Margin Management and from Procurement initiatives Q 2 2 0 2 6 6.2% of Adj COGS1 H 1 2 0 2 6
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Digital Transformation Driving Supply Chain Efficiency Completed Coupa Global Deployment • End-to-end procurement software deployed globally • Delivers automation and connected digital capabilities – Unlocking structural cost efficiencies – Optimizing working capital & cash – Ensuring compliance, control, and scalability – Enabling data-driven insights Building the Supply Chain of the Future • IT Digital University launched to upskill technologists and strengthen digital capabilities across supply chain organization • 17 critical skill areas including AI and data visualization tools • Strengthens K-C’s ability to scale automation and data- driven decision-making, future- proofing our supply chain 7 90% of suppliers on the platform 650 employees | +60% Skill Growth completed since launch Scaling AI-Powered Manufacturing Agents • Deployed AI agent to put 15 years of institutional knowledge and nearly 19,000 best-practice documents at employees’ fingertips and scaling across our manufacturing network • Accelerating decision-making and training • Driving more consistent execution 40% to 50% improvement in workplace productivity on knowledge search tasks
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Achieving Key Milestones in Our Transformation Journey 8 Powering Care Unveil of Proprietary Alternative Natural Fiber Program Successful Close of Strategic Joint Venture with Suzano Creating a global leader in tissue and hygiene and sharpening Kimberly-Clark's focus on higher growth, higher margin businesses Proprietary innovation program that could enhance performance for consumers and strengthen long-term growth Strong Progress on KenvueIntegration Planning Building toward the creation of a new kind of health and wellness company, with detailed integration plans coming into focus
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S SEGMENT RESULTS & HIGHLIGHTS
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S • Q2 organic growth impacted by ~100 bps y-o-y headwind from changes in retail inventories and ~80 bps impact from LA Distribution Center fire • Holding or gaining share in ~70% of key cells on trailing 12-month basis • YTD organic growth driven by +0.8% volume growth with strong momentum in Tissue and Professional • YTD operating profit reflects strong productivity savings and tariff refunds that more than offset a 310 bps headwind from business exits and increased brand investments Organic Growth1 Operating Profit Growth North America 10 OPERATING MARGIN (0.1%) VOLUME + MIX (0.7%) 0.5% 10.7% 1.1% Q2’26 YTD Q2’26 YTD +0.8% +26.9% +25.2% +69% % OF NET SALES : KEY CELLS GAINING/HOLDING SHARE2 1. Non-GAAP financial measure. Refer to the appendix of this presentation for reconciliations of our GAAP to non -GAAP measures. 2. Share change based on Q2 2026 (trailing 12 month basis) vs. 2025; weighted K-C net sales based on FY 2025
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S U.S.: Scaling Science-backed Innovation Across Our Huggies® Portfolio 11 O U T- I N N O V A T E 1 Branded. Not for therapeutic use. 2 Skin Essentials rating with major retailer. Includes Incentivized reviews. 4.5/5.0 Product Rating First and only diaper that contains a zinc oxide-enriched liner, clinically proven to help reduce irritation1 Proven Product Superiority Customer Satisfaction2 All around blowout blocking3 Up to 100% leakproof Outstanding skin protection Leveraging New FastAbsorb Technology Systemwith Snug & Dry Softness 3. Size 1 and 2
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S U.S.: Building Brand Love at the Speed of Culture 12 O U T- M A R K E T ~1.5 million views +100,000 engagements, making it the most engaged Huggies U.S. organic post of all time 2nd Most Shared Organic Huggies U.S. post of all time From Concept to Viral Organic Post in Hours
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S*Based on US All Outlet Value Share data for Viva Signature Cloth U.S.: Delivering Share Gains with Viva® Signature Cloth 13 +80 bps L3M Market Share vs. Year Ago Value Market Share* 3.3 3.5 3.7 3.8 4.1 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 O U T- I N N O V A T E , O U T- M A R K E T
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S 14 “To My Younger Self” Crushing the Stigma with Goodnites
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S1. Non-GAAP financial measure. Refer to the appendix of this presentation for reconciliations of our GAAP to non -GAAP measures. 2. Share changed based on Q2 2026 (trailing 12 month basis) vs. 2025; weighted K -C net sales based on FY 2025 International Personal Care 15 Organic Growth1 Operating Profit Growth • Solid organic growth in Q2 led by volume+mix growth in Focus Markets of +3.4% • Continued share momentum in Focus Markets led by growth in Diapers & Pants in Indonesia +390 bps, China +80 bps, Brazil +70 bps; Indonesia Fem Care +240 bps; and Australia Adult Care +260 bps • YTD organic growth driven by strong volume+mix gains partly offset by stepped-up investment to strengthen price-value propositions in select markets • YTD operating profit increased 12.5% driven by strong productivity savings, volume + mix led net sales growth, and overhead efficiencies OPERATING MARGIN +1.2% VOLUME + MIX 1.0% 2.5% 2.2% 12.5% Q2’26 YTD Q2’26 YTD +3.4% +12.5% +14.4% % OF NET SALES : KEY CELLS GAINING/HOLDING SHARE2 +75%
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S 0% Visibility 100% Confidence O U T- I N N O V A T E Australia: Pioneering Innovation With Global First-of-a-Kind Poise Pants 92% Likeability Score Poise Australia Market Share Proven Product Superiority A Trusted Solution For Women 83% Purchase Intent among new users L3M Market Share vs. Year Ago +210 bps 16
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Winning in strategic channels in Vietnam Accelerating Premium Growth in India Out-Performing in Enterprise Markets Leveraging Our Proven Playbook in Vietnam and India High Double-Digit Organic Growth YTD High Double-Digit Organic Growth YTD Premium Taped Diapers Naturemade Bamboo Diaper Skin Perfect 2x E-Commerce Growth YTD +67% Premium Diaper Growth YTD +80 bps Market Share Gains YTD Strong Innovation Pipelines to Accelerate Premium Growth 17 Gentle Soft Premium Black Label Peach Leaf Essence P O W E R I N G C A R E +430 bps Market Share Gains YTD
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Kenvue Integration Planning on Track, Building Visibility Regulatory & Readiness Cost Synergies Growth Acceleration 18 Kenvue acquisition tracking to second half 2026 close ~50 teams, ~600 people furthering integration plans Employee engagement scores rising at both companies 3-year bottom-up pipeline build to $1.9B goal tracking ahead of plan Running start at attaining targeted efficiency levels Strong focus on risk mitigation, world-class capabilities 4-year opportunity pipeline already >$1B vs $1.4B goal Organized process, at scale, built bottom-up at Country: Category "Cell" level
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S FINANCIAL RESULTS & OUTLOOK
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S 1. Non-GAAP financial measures. Refer to the appendix of this presentation for reconciliations of our GAAP to non-GAAP measures. 2. Q2 Global Weighted Share measured on a trailing twelve -month basis. 3. 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. Q2 2026: Consistent Execution in a Challenging Environment 20 Adjusted Operating Profit Growth1 Organic Sales Growth1 Adjusted EPS Growth attributable to Kimberly-Clark1 Adjusted Free Cash Flow1 6.2% 4.9% (0.1%) 1.2% YTD +0.3% Volume + Mix Sustained volume + mix led growth while brands held global weighted share2 Strong gross productivity helped deliver solid operating profit performance against difficult comparisons Stable, consistent earnings delivery reflecting structural stability, disciplined execution 2026 full year Adjusted Free Cash Flow3 on track for ~$2B Adjusted EPS Growth from Continuing Operations1 10.4% 4.6% 7.9% Constant-Currency1 $1.1B Q2’26 1.2%+1.7% YTD Q2’26 YTD Q2’26 YTD 10.4% 6.2% Q2’26 YTD 7.8% Constant-Currency1 2.3%5.0% Constant-Currency1 3.1%
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S 2026 Outlook1 21 • Weighted-Average Market growth currently ~2% • Outlook reflects North America distribution and retail inventory headwinds as well as China disruption risk • Reported results expected to be negatively impacted by ~50 bps from U.S. private label diaper business exit, offset by a ~80 bps tailwind from currency translation Volume+Mix Led Organic Sales Growth2 ~100bp Below Market Growth • Underlying growth and margin expansion consistent with long-term growth algorithm • Additional benefit from IFP JV-related stranded cost mitigation more than offset by impact from discrete Net Sales headwinds Mid-Single Digit Constant-Currency Adjusted Operating Profit Growth2 • Includes expectation for flat net interest expense versus 2025, adjusted effective tax rate2 of ~23%, and average shares outstanding essentially unchanged versus prior year • Expect ~30% increase in income from equity companies versus 2025 High-Single Digit Constant-Currency Adjusted EPS Growth from Continuing Operations2 • Underlying growth consistent with long-term algorithm • Includes negative impact from 50% decline in contribution from discontinued operations versus 2025 and assumes proceeds from IFP transaction held for Kenvue acquisition • Reported results expected to benefit from ~190 bps favorable currency translation Low-Single Digit Constant-Currency Decline in Adjusted EPSAttributable to Kimberly-Clark2 • Includes acceleration of capital expenditures to ~$1.3B~$2B Adjusted Free Cash Flow2 1 Assumes IFP transaction closure mid-year 2026 and excludes any impacts from the closure of the Kenvue acquisition prior to December 31, 2026. 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.
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S 22 Successfully Transforming Differentiated Capabilities Core Financial Strength B A B Y C A R E W O M E N ’ S H E A L T H A C T I V E A G I N G KENVUE ACQUISITION CORE BUSINESS MOMENTUM GENERATIONAL VALUE CREATION OPPORTUNITY
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S APPENDIX
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S 24 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 Operating Profit, Adjusted Earnings per Share from Continuing Operations, Adjusted Earnings per Share Attributable 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 Operating Profit, Adjusted Earnings per Share from Continuing O perations, and Adjusted Earnings per Share Attributable to Kimberly -Clark are defined as Gross Profit (Cost of Products Sold), Operating Profit, Diluted Earnings per Share from Continuing Operations, 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 oper ations, and which are discussed in further detail within our current quarter earnings release and periodic SEC filings. 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 2024 Transformation Initiative), IFP separation costs and Kenvue acquisition-related costs. The income tax effect of these non-GAAP items on the Company’s Adjusted Earnings per Share from Continuing Operations and 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 pre-tax income 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. Non-GAAP Financial Measures
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Non-GAAP: Reconciliation of Organic Sales Growth Six Months Ended June 30, 2026Three Months Ended June 30, 2026 TotalIPCNATotalIPCNAPercentage change vs. the prior year period 1.66.5(0.9)0.64.0(1.2)Net Sales Growth (1.5)(4.1)(0.2)(1.1)(3.1)(0.1)Currency Translation 1.1-1.60.40.10.5Divestitures and Business Exits 1.22.50.5(0.1)1.0(0.7)Organic Sales Growth(a) (a) Table may not foot due to rounding. 25
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Non-GAAP: Reconciliation of Adjusted Cost of Goods Sold Six Months Ended June 30Three Months Ended June 30 2025202620252026$ Millions $5,252$5,215$2,707$2,586Cost of Products Sold (135)(64)(82)(22)2024 Transformation Initiative $5,117$5,151$2,625$2,564Adjusted Cost of Goods Sold 26
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Non-GAAP: Reconciliation of Adjusted Gross Profit Six Months Ended June 30Three Months Ended June 30 2025202620252026$ Millions $2,965$3,137$1,456$1,603Gross Profit 1356482222024 Transformation Initiative $3,100$3,201$1,538$1,625Adjusted Gross Profit 27
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Non-GAAP: Reconciliation of Adjusted Operating Profit Six Months Ended June 30Three Months Ended June 30 2025202620252026$ Millions $1,223$1,386$592$633Operating Profit 196105121542024 Transformation Initiative -157-109Kenvue Acquisition -(39)-(39)Brazil Business Tax Credits -(120)--Insurance Recovery $1,419$1,489$713$757Adjusted Operating Profit 4.9%6.2%Year-Over-Year Growth (1.9%)(1.2%)Currency Translation 3.1%5.0%Year-Over-Year Growth Constant-Currency(a) 28 (a) Table may not foot due to rounding.
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Non-GAAP: Reconciliation of Adjusted Earnings Per Share from Continuing Operations Six Months Ended June 30Three Months Ended June 30 2025202620252026 $2.72$2.91$1.33$1.22Diluted Earnings per Share from Continuing Operations 0.500.220.270.122024 Transformation Initiative -0.43-0.30Kenvue Acquisition -(0.10)-(0.10)Brazil Business Tax Credits -(0.32)--Insurance Recovery 0.030.260.030.26IFP Repatriated Earnings $3.25$3.40$1.63$1.80Adjusted Earnings per Share from Continuing Operations 4.6%10.4%Year-Over-Year Growth (3.4%)(2.5%)Currency Translation 1.2%7.9%Year-Over-Year Growth Constant-Currency (a)Table may not foot due to rounding. 29
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Non-GAAP: Reconciliation of Adjusted Earnings Per Share Attributable to Kimberly-Clark Six Months Ended June 30Three Months Ended June 30 2025202620252026 $3.23$3.03$1.53$1.04Diluted Earnings per Share Attributable to Kimberly-Clark 0.500.220.270.122024 Transformation Initiative -0.43-0.30Kenvue Acquisition -(0.10)-(0.10)Brazil Business Tax Credits -(0.32)--Insurance Recovery 0.070.250.070.18IFP Separation Costs 0.030.260.030.26IFP Repatriated Earnings -0.32-0.32IFP Reorganization Tax Charges 0.02-0.02-IFP Tax Basis Adjustment $3.85$4.09$1.92$2.12Adjusted Earnings per Share Attributable to Kimberly-Clark 6.2%10.4%Year-Over-Year Growth (3.9%)(2.6%)Currency Translation 2.3%7.8%Year-Over-Year Growth Constant-Currency (a)Table may not foot due to rounding. 30
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K I M B E R L Y- C L A R K | Q 2 2 0 2 6 E A R N I N G S Non-GAAP: Reconciliation of Adjusted Free Cash Flow Six Months Ended June 30 20252026$ Millions $1,097$1,653Cash Provided by Operations (401)(776)Capital Expenditures 13084Cash Restructuring Charges 362IFP Separation Costs -46Kenvue Acquisition-Related Costs $829$1,069Adjusted Free Cash Flow 31