Slides
Page 1
FY & Q4 FY 2026 Results July 29, 2026 EARNINGS RELEASE
Page 2
INTEGRATED GROWTH STRATEGY SUPERIORITY TO WIN WITH CONSUMERS PORTFOLIO PERFORMANCE DRIVES BRAND CHOICE ACROSS OUR BUSINESS CONSTRUCTIVE DISRUPTION PRODUCTIVITY TO FUEL INVESTMENTS ORGANIZATION EMPOWERED • AGILE ACCOUNTABLE
Page 3
BUSINESS RESULTS FY 2026
Page 4
Delivered top and bottom-line within in-going guidance despite an increasingly challenging macro environment. Organic sales grew +1% vs prior year. Volume in-line, Pricing +1%. 9 of 10 product categories and all 7 regions held or grew organic sales. 26 of our top 50 category/country combinations held or grew share for the fiscal year. Global aggregate value share was slightly down vs the prior year. Core earnings per share were $6.89, +1% vs the prior year. On a currency-neutral basis, core EPS was $6.80, in line with the prior year. FY 2026 RESULTS
Page 5
FY ’26 Organic Sales Growth +1% Organic Volume Growth +0% Core EPS Growth +1% Currency Neutral Core EPS Growth +0% Adjusted Free Cash Flow Productivity 100% FY 2026 RESULTS
Page 6
ORGANIC SALES GROWTH ANNUAL PROGRESSION • Organic volume was in-line with year ago. • Pricing contributed 1 point to organic sales growth. • Mix was neutral. 5% 6% 6% 7% 7% 4% 2% 1% FY '19 FY '20 FY '21 FY '22 FY '23 FY '24 FY '25 FY '26
Page 7
CORE EPS GROWTH ANNUAL PROGRESSION • Core gross margin • Core operating margin • Total productivity savings -40 basis points -70 basis points +340 basis points 7% 13% 11% 3% 2% 12% 4% 1% FY '19 FY '20 FY '21 FY '22 FY '23 FY '24 FY '25 FY '26
Page 8
CURRENCY NEUTRAL CORE EPS GROWTH ANNUAL PROGRESSION • Core Gross margin ex-FX • Core Operating margin ex-FX -30 basis points -60 basis points 15% 17% 11% 5% 11% 16% 4% 0% FY '19 FY '20 FY '21 FY '22 FY '23 FY '24 FY '25 FY '26
Page 9
TOP 50 Category/ Country Combinations # Grew/Held Value Share 23 26 33 30 32 38 31 28 29 26 Global share data through May 2026, GLOBAL MARKET SHARES
Page 10
RETURNING VALUE TO SHAREHOLDERS SHARE REPURCHASE ADJUSTED FREE CASH FLOW PRODUCTIVITY CASH RETURNED TO OWNERS via Dividends & Share Repurchase DIVIDEND PAYMENTS $5.0 Bn FY 2026 100% FY 2026 $155 Bn P10Y $10.2 Bn FY 2026
Page 11
BUSINESS RESULTS Q4 FY 2026
Page 12
Q4 FY ’26 Organic Sales Growth +0% Organic Volume Growth +0% Core EPS Growth -3% Currency Neutral Core EPS Growth -5% Adjusted Free Cash Flow Productivity 133% Q4 FY 2026 RESULTS
Page 13
2% 3% 1% 2% 2% 0% 3% 0%Q1 FY '25 Q2 FY '25 Q3 FY '25 Q4 FY '25 Q1 FY '26 Q2 FY '26 Q3 FY '26 Q4 FY '26 Q4 FY 2026 RESULTS Organic Sales Growth • Organic volume in-line with year ago. • Pricing in-line with year ago. • Mix was neutral. 0% 0%
Page 14
• Core gross margin • Core operating margin • Total productivity savings 5% 2% 1% 6% 3% 0% 3% -3% Q1 FY '25 Q2 FY '25 Q3 FY '25 Q4 FY '25 Q1 FY '26 Q2 FY '26 Q3 FY '26 Q4 FY '26 Q4 FY 2026 RESULTS Core Earnings-Per-Share Growth In-line with year ago -130 basis points +460 basis points
Page 15
• Core Gross margin ex-FX • Core Operating margin ex-FX In-line with year ago -130 basis points 4% 3% 3% 5% 3% -2% -5% Q1 FY '25 Q2 FY '25 Q3 FY '25 Q4 FY '25 Q1 FY '26 Q2 FY '26 Q3 FY '26 Q4 FY '26 0% Q4 FY 2026 RESULTS Currency-Neutral Core EPS Growth
Page 16
SEGMENT RESULTS Q4 FY 2026
Page 17
4% 3% -19% Organic Sales Organic Volume Net Earnings • Topline: +3% volume, +1% pricing, neutral mix • Share: Global Personal Care value share in-line with year ago. Global Hair Care value share decreased 0.2 points. Global Skin Care value share decreased 0.5 points. • Net Earnings: Sales growth, productivity savings, and tariff recovery more than offset by marketing investments, increased commodities, and product mix. Q4 FY 2026 RESULTS Beauty Segment
Page 18
0% -1% -15% Organic Sales Organic Volume Net Earnings • Topline: +1% pricing, -1% volume, neutral mix • Share: Global Grooming value share decreased 0.2 points versus year ago. • Net Earnings: Productivity savings and pricing more than offset by marketing investments and product mix. Q4 FY 2026 RESULTS Grooming Segment
Page 19
-1% -3% -10% Organic Sales Organic Volume Net Earnings Q4 FY 2026 RESULTS Health Care Segment • Topline: +2% pricing, -3% volume, neutral mix • Share: Global Personal Health Care value share increased 0.6 points versus year ago. Global Oral Care value share decreased 0.3 points. • Net Earnings: Productivity savings, pricing, and tariff recovery more than offset by increased marketing investments and product mix.
Page 20
0% 1% -10% Organic Sales Organic Volume Net Earnings • Topline: +1% volume, neutral pricing, neutral mix • Share: Global Fabric Care and Global Home Care value share in-line with year ago. • Net Earnings: Productivity savings and tariff recovery more than offset by product investment, commodity costs, and marketing investments. Q4 FY 2026 RESULTS Fabric & Home Care Segment
Page 21
-2% -1% -13% Organic Sales Organic Volume Net Earnings • Topline: -1% volume, -1% pricing, neutral mix • Share: Global Baby Care value share increased 0.2 points. Global Feminine Care value share decreased 0.2 points. Global Family Care share decreased 0.4 points versus year ago. • Net Earnings: Productivity savings more than offset by category mix and marketing investments. Q4 FY 2026 RESULTS Baby, Feminine and Family Care Segment
Page 22
FY 2027 GUIDANCE
Page 23
• Organic Sales Growth: +1% to +3% • Included in organic sales is a growth headwind of 30 to 50 basis points from brand, product form and go-to-market discontinuations. • Net Sales Growth: +1% to +3% FY ‘27 Organic Sales Growth +1% to +3% Net Sales Growth +1% to +3% FY 2027 GUIDANCE SALES
Page 24
FY 2027 GUIDANCE EARNINGS PER SHARE • Core EPS Growth: +0% to +3%, including: • $1Bn after-tax impact from higher energy, transportation, and raw material costs • $50MM after-tax headwind from foreign exchange • $150MM after-tax of higher net interest expense • $150MM after-tax of lower non-operating income • Q1 EPS -5% or more • All-in EPS Growth: +1% to +5% • Core effective tax rate approximately 20% FY ‘27 FY ‘26 Base Period EPS Core EPS Growth +0% to +3% $6.89 All-in EPS Growth +1% to +5% $6.62
Page 25
FY 2027 GUIDANCE SUMMARY METRIC FY 2027 GUIDANCE Organic Sales Growth +1% to +3% Net Sales Growth +1% to +3% Core EPS Growth +0% to +3% All-In EPS Growth +1% to +5% Currency Neutral Core EPS Growth +0% to +3% Core Effective Tax Rate ~20% Adjusted Free Cash Flow Productivity 85% to 90% Capital Spending, % of Sales 4.5% to 5.5% Dividends >$10bn Direct Share Repurchase ~$5bn
Page 26
FY 2027 GUIDANCE POTENTIAL HEADWINDS NOT INCLUDED IN GUIDANCE • Significant deceleration of market growth rates • Significant currency weakness • Significant commodity cost increases • Additional geopolitical disruptions • Major supply chain disruption or store closures • Significant tariff changes
Page 28
Certain statements in this release other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by law. Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, changes in global interest rates and rate differentials, currency exchange, pricing controls or tariffs; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend payments; (3) the ability to successfully manage uncertainties related to changing political and geopolitical conditions and potential implications such as exchange rate fluctuations, market contraction, boycotts, variability and unpredictability in trade relations, sanctions, tariffs or other trade controls; (4) the ability to manage disruptions in credit markets or to our banking partners or changes to our credit rating; (5) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, conflicts or acts of war (such as the conflict in the Middle East), terrorism or disease outbreaks; (6) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials and costs of labor, transportation, energy, pension and healthcare; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy, packaging content, supply chain practices, social or environmental practices or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and third-party information and operational technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage the demand, supply and operational challenges, as well as governmental responses or mandates, associated with a disease outbreak, including epidemics, pandemics or similar widespread public health concerns; (13) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits, evolving digital marketing and selling platform requirements and technological advances attained by, and patents granted to, competitors; (14) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company's overall business strategy and financial objectives, without impacting the delivery of base business objectives; (15) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes while successfully identifying, developing and retaining key employees, including in key growth markets where the availability of skilled or experienced employees may be limited; (16) the ability to successfully manage current and expanding regulatory and legal requirements and matters (including, without limitation, those laws, regulations, policies and related interpretations involving product liability, product and packaging composition, manufacturing processes, intellectual property, labor and employment, antitrust, privacy, cybersecurity, data protection and data transfers, artificial intelligence, tax, the environment, due diligence, risk oversight, accounting and financial reporting) and to resolve new and pending matters within current estimates; (17) the ability to manage changes in applicable tax laws and regulations; and (18) the ability to continue delivering progress towards our environmental sustainability ambitions. For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports. FORWARD LOOKING STATEMENTS
Page 29
For a full reconciliation, please visit: www.pginvestor.com REGULATION FD AND G DISCLOSURE