Slide 1: Second Quarter 2025
Second Quarter 2025 August 7, 2025
Slide 2: Introduction
Introduction Kirk Perry Amit Banati Sofya Tsinis Interim Chief Chief Financial Officer Vice President of Executive Officer Investor Relations 2
Slide 3: Cautionary note on forward-looking statements
Cautionary note on forward-looking statements This presentation contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements about management’s expectations of Kenvue’s future operating and financial performance, p
Slide 4: Kirk Perry
Kirk Perry Interim Chief Executive Officer
Slide 5: The only strategy your consumers and customers will ever see is execution
Q2 2025 “ The only strategy your consumers and customers will ever see is execution.” About Kirk • Seasoned consumer products and brand strategist • 30 years of global CPG, technology, and business transformation experience • Proven track record of executing modern playbook for consumer brands 5
Slide 6: Key Takeaways
Q2 2025 Key Takeaways Kenvue Board taking action to unlock shareholder value Comprehensive review of broad range of strategic alternatives underway Actively working on improving operational execution and financial performance 6
Slide 7: Initial Interim CEO Observations
Q2 2025 Initial Interim CEO Observations Opportunities to win with our iconic and resilient brands: Reduce organizational complexity Reinforce a consumer-centric mindset Refocus on household penetration Perform flawless go-to-market execution 7
Slide 8: Immediate Operational Priorities
Q2 2025 Immediate Operational Priorities To enhance value and grow market share, we are: Bolstering leadership & capabilities Reviewing operating strategy Improving execution Optimizing structure & operating model 8
Slide 9: On the Quarter
Q2 2025 On the Topline results below expectations Quarter Global consumption grew YoY, outpaced organic sales across each segment Pleased with results in EMEA and Latin America Updating 2025 guidance Segments: Self Care Skin Health & Beauty Essential Health Results disproportionately Global consumpt
Slide 10: Amit Banati
Amit Banati Chief Financial Officer 10
Slide 11: Initial CFO Observations
Q2 2025 Initial CFO Observations Opportunities to: Drive reliability and consistency in results through operating discipline Unlock efficiencies across the P&L Optimize ROI on brand support Improve working capital management Enhance capabilities, systems, and processes 11
Slide 12: Q2 by the Numbers
Q2 2025 Q2 by the Numbers (4.2)% 60.9% 22.7% $0.29 y/y Organic sales1* Adjusted gross Adjusted operating Adjusted diluted profit margin1 income margin1 earnings per share1 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules to this
Slide 13: Net Sales
Q2 2025 Net Sales (4.0)% Net Sales Decline in Q2 2025 • Global consumption increased y/y, $4.0B (0.9)% outpaced organic sales performance (3.3)% • Strategic price investments in the U.S. +0.3% (0.1)% $3.8B weighed on value realization • Global category decelerated sequentially • Sun and Allergy seas
Slide 14: Self Care
Q2 2025 Self Care Continuation of y/y global consumption growth; strong share gains amidst soft incidences on seasonal businesses $1.6B Net Sales (4.9)% (5.9)% Reported Organic Sales1* Organic Sales1* (0.1)% (5.8)% Value Realization2 Volume 1 Non-GAAP financial measure; refer to reconciliations of n
Slide 15: Skin Health & Beauty
Q2 2025 Skin Health & Beauty Global consumption stabilized, with sequential improvement in the U.S. $1.1B Net Sales (4.0)% (3.7)% Reported Organic Sales1* Organic Sales1* (2.3)% (1.4)% Value Realization2 Volume 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures inc
Slide 16: Essential Health
Q2 2025 Essential Health Lapped a strong year-ago comparison; working on returning Listerine to share gains in the U.S. $1.2B Net Sales (2.9)% (2.4)% Reported Organic Sales1* Organic Sales1* (0.6)% (1.8)% Value Realization2 Volume 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP fi
Slide 17: Adjusted Gross Profit and Operating Income Margins
Q2 2025 Adjusted Gross Profit and Operating Income Margins1 Key drivers Q2 2024 -70 bps y/y Q2 2025 • Strong supply chain productivity more than offset Adjusted by inflation, unfavorable mix, gross profit strategic price investments, margin1 61.6% 60.9% and currency headwinds • Lapped a significant
Slide 18: Net Income & Diluted Earnings Per Share
Q2 2025 Net Income & Diluted Earnings Per Share Q2 2024 Q2 2025 Diluted Earnings Per Share Reported Net Income $58M $420M $0.22 Reported Q2 2024 Q2 2025 $0.29 Adjusted1 Adjusted Net Income1 $611M $560M 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in
Slide 19: 2025 Outlook
Q2 2025 2025 Outlook Current Prior Reported Net Sales Growth Down LSD Assumes ~neutral impact from currency 1% - 3% assumed 1% currency headwind Organic Sales1 Growth Down LSD Updated for YTD results, and more muted expectations for 2H 2% - 4% Reflects strong productivity offset by strategic price i
Slide 20: Kirk Perry
Kirk Perry Interim Chief Executive Officer 20
Slide 21: Glimpses of Greatness
Q2 2025 Glimpses Winning with healthcare professionals of Greatness Consistent share growth Search and reapply success across geographies Brand turnaround
Slide 22: In Summary
Q2 2025 In Summary Kenvue Board taking actions to unlock New leadership focused on: shareholder value Bolstering leadership Provided updated guidance range & capabilities Reviewing operating strategy Comprehensive review of broad range of strategic alternatives underway Improving execution Optimizin
Slide 23: Kirk Perry, Amit Banati, Sofya Tsinis
Kirk Perry Interim Chief Executive Officer Amit Banati Chief Financial Officer Sofya Tsinis Vice President of Investor Relations 23
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Slide 25: Appendix
Slide 26: Organic Sales Changes (Non-GAAP)
Organic Sales Changes (Non-GAAP) Fiscal Three Months Ended June 29, 2025 vs June 30, 2024 Organic Sales Change Reported Net Impact of Foreign Acquisitions and Total Organic (Unaudited) Sales Change Currency Divestitures Sales Change Price/Mix(1) Volume Self Care (4.9) % 1.0 % — % (5.9) % (0.1) % (5.
Slide 27: Total Segment Net Sales
Total Segment Net Sales Net Sales Net Sales Fiscal Three Months Ended Fiscal Six Months Ended (Unaudited; Dollars in Millions) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Self Care $ 1,555 $ 1,635 $ 3,222 $ 3,333 Skin Health and Beauty 1,059 1,103 2,036 2,157 Essential Health 1,225 1,262
Slide 28: Total Segment Adjusted Operating Income
Total Segment Adjusted Operating Income Adjusted Operating Income Adjusted Operating Income Fiscal Three Months Ended Fiscal Six Months Ended (Unaudited; Dollars in Millions) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Self Care Adjusted operating income $ 527 $ 534 $ 1,093 $ 1,135 Skin
Slide 29: Non-GAAP Reconciliations (Q2'2025)
Non-GAAP Reconciliations (Q2’2025) Fiscal Three Months Ended June 29, 2025 As Adjusted (Unaudited; Dollars in Millions) As Reported Adjustments Reference (Non-GAAP) Net sales $ 3,839 — $ 3,839 Gross profit $ 2,261 77 (a) $ 2,338 Gross profit margin 58.9 % 60.9 % Operating income $ 692 178 (a)-(c) $
Slide 30: Non-GAAP Reconciliations (Q2'2024)
Non-GAAP Reconciliations (Q2’2024) Fiscal Three Months Ended June 30, 2024 As Adjusted (Unaudited; Dollars in Millions) As Reported Adjustments Reference (Non-GAAP) Net sales $ 4,000 — $ 4,000 Gross profit $ 2,365 99 (a) $ 2,464 Gross profit margin 59.1 % 61.6% Operating income $ 154 757 (a)-(d) $ 9
Slide 31: Non-GAAP Reconciliations (Q2'2025)
Non-GAAP Reconciliations (Q2’2025) Fiscal Six Months Ended June 29, 2025 As Adjusted (Unaudited; Dollars in Millions) As Reported Adjustments Reference (Non-GAAP) Net sales $ 7,580 — $ 7,580 Gross profit $ 4,429 154 (a) $ 4,583 Gross profit margin 58.4 % 60.5 % Operating income $ 1,250 361 (a)-(c) $
Slide 32: Non-GAAP Reconciliations (Q2'2024)
Non-GAAP Reconciliations (Q2’2024) Fiscal Six Months Ended June 30, 2024 As Adjusted (Unaudited; Dollars in Millions) As Reported Adjustments Reference (Non-GAAP) Net sales $ 7,894 — $ 7,894 Gross profit $ 4,607 202 (a) $ 4,809 Gross profit margin 58.4 % 60.9 % Operating income $ 704 1,062 (a)-(d) $
Slide 33: Adjusted Effective Tax Rate (Non-GAAP)
Adjusted Effective Tax Rate (Non-GAAP) Fiscal Three Months Ended Fiscal Six Months Ended (Unaudited) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Effective tax rate 28.6 % 10.8 % 29.1 % 28.0 % Adjustments: Tax-effect on special item adjustments (1.9) (2.9) (2.2) (3.1) Dr.Ci:Labo® Impairme
Slide 34: Adjusted Effective Tax Rate (Non-GAAP)
Adjusted Effective Tax Rate (Non-GAAP) Fiscal Year 2025 (Unaudited) Forecast Effective tax rate 28.5% - 29.5% Adjustments: Tax-effect on special item adjustments (3.2) Taxes related to Deferred Markets 0.2 Adjusted Effective tax rate (non-GAAP) 25.5% - 26.5% 34
Slide 35: Adjusted Diluted Earnings Per Share (Non-GAAP)
Adjusted Diluted Earnings Per Share (Non-GAAP) Fiscal Three Months Ended Fiscal Six Months Ended (Unaudited) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Diluted earnings per share $ 0.22 $ 0.03 $ 0.39 $ 0.18 Adjustments: Separation-related costs 0.01 0.04 0.03 0.08 Restructuring expenses
Slide 36: 2025 Guidance Non-GAAP Reconciliations
2025 Guidance Non-GAAP Reconciliations Kenvue is not able to provide the most directly comparable GAAP measures or reconcile Adjusted diluted earnings per share or Adjusted operating income to comparable GAAP measures on a forward-looking basis without unreasonable efforts given the unpredictability
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