A Focus on Balanced Growth

Schulten recapped the Company’s strong Q2 results, reminding investors that we had a strong start to the fiscal year with balanced growth in top line, bottom line and cash, despite one of the most challenging cost and operational environments we’ve experienced. He reinforced the continued importance of productivity as fuel for P&G’s superior innovation as our costs are rising sharply and as consumers are even more focused on the performance and value of the brands they choose.

Moeller took investors through our integrated set of strategies, which have enabled balanced growth, have delivered strong results pre- and during COVID, and which we believe position us well going forward.

• We’ve focused our portfolio in 10 categories – in daily-use products where performance drives brand choice.
• We’re extending our margin of superiority in product, package, brand communication, retail execution and consumer/customer value.
• We’re driving productivity improvements to fund our investments in innovation and help drive balanced top- and bottom-line growth.
• We’re leading constructive disruption across the value chain in our industry.
• We’ve created a more focused, agile, and accountable organization operating at the speed of the market.

We continue to raise the bar on all aspects of superiority – product, package, brand communication, retail execution and value – in all price tiers where we compete. “There is always upside to grow categories and delight consumers,” Moeller said.

For example, with consumers spending more time, eating more meals, and doing more dishes at home, appreciation for superiority in dish care is higher than ever. We’re innovating with an upgraded formula across the entire Dawn lineup, and recently introduced Dawn EZ-Squeeze with its no flip, no mess cap that’s easy and fast to use.

Davis discussed P&G’s Feminine Care business, which is growing sales, share and the market overall, all while delighting consumers with a relentless focus on superiority across all vectors, enabling category premiumization and regimen usage. P&G is the global market leader, with sales in 125 countries and nearly a 30-value share with our brands Always, Whisper, Tampax, Naturella, This is L., and Always Discreet.

For example, superior performance is driving brand choice via the innovative technology in our Always Flexfoam pad, which delivers an incredible level of protection and comfort and enables our strongest claim ever—up to zero leaks and zero feel.

And over half of consumers say they are interested in more sustainable products, and few are willing to give up performance. P&G is delivering a superior proposition while also integrating sustainability within offerings from Always, Tampax and This is L.

Davis also shined a light on P&G’s continued role as a force for growth and a force for good, with examples of Always’ social impact work and how sustainability is being integrated as part of our irresistible superiority innovation.

Moeller closed by sharing with investors four areas where we need to be even more deliberate and intentional to strengthen the execution of our integrated strategy:

• Environmental sustainability.
• Increasing our digital acumen to drive consumer and customer preference, reduce cost and enable rapid and efficient decision making.
• Supply sufficiency – capacity, agility, resilience for a new reality and a new age.
• And our employee value equation, for all genders, races, ethnicities, orientations, identities and abilities – and for all roles.

Finally, he returned to the importance of balance - not only on the top and bottom line, but also because in the ever more complex world we live in, we must endeavor to balance the needs of an increasing number of constituents.

If you’re interested in more details on today’s CAGNY presentation, you can visit P&G’s Investor Relations site at www.pginvestor.com/event, where the webcast audio replay is available.

See www.pginvestor.com/event for full CAGNY 2022 presentation and cautionary information on forward-looking statements, which are based on current assumptions and subject to risks and uncertainties that may cause actual results to differ materially.