Kimberly-clark Corporation · NASDAQ:KMB
Kimberly-clark — Merger or Acquisition (November 2025)
28 slides from Kimberly-clark's merger presentation, Nov 3, 2025
Slide 1: Building a Global Health & Wellness Leader
+ c BUILDING A GLOBAL HEALTH & WELLNESS LEADER Exhibit 99.2
Slide 2: Important Information for Investors and Stockholders
+ c Important Information for Investors and Stockholders 2 This communication does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction. It does not constitute a prospectus or prospectus equiva
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
+ c Cautionary Statement Regarding Forward-Looking Statements 3 Certain matters contained in this communication, including projections as to the anticipated benefits of the proposed transaction, the impact of the proposed transaction on K-C’s and Kenvue’s business and future financial and operating
Slide 4: Today's Presenters
+ c Today’s Presenters 4 Mike Hsu Kimberly-Clark Chairman & Chief Executive Officer Nelson Urdaneta Kimberly-Clark Chief Financial Officer Sherilyn McCoy Kimberly-Clark Lead Independent Director Kirk Perry Kenvue Chief Executive Officer
Slide 5: Kimberly-Clark acquiring Kenvue, the largest pure-play consumer health company
+ c 5 Kimberly-Clark acquiring Kenvue, the largest pure-play consumer health company by revenue Powerful next step that builds on success of Kimberly-Clark’s Powering Care transformation Tremendous complementarity across categories, geographies and commercial capabilities led by a world-class team E
Slide 6: Opportunity to Create a Preeminent Consumer Health & Wellness Company
+ c Opportunity to scale globally with winning capabilities built for speed Exceptional complementarity across categories and critical markets Future-ready organization built to win with the "best of both" Uniquely positioned to drive significant efficiencies through de-duplication Opportunity to Cr
Slide 7: Significant Scale With Solutions at Every Stage of Life
+ c $54 $322 $31 $25 $20 $19 $17 $15 $15 Creating a preeminent consumer health & wellness leader… (Beauty & Personal care) (Health & wellness3 ) …to build the future of consumer-centric care for all Significant Scale With Solutions at Every Stage of Life 7 Source: Company filings Note: NICORETTE®, S
Slide 8: Delivering Value to Kenvue Shareholders
+ c Delivering Value to Kenvue Shareholders 8 Immediate and compelling value through cash consideration Meaningful upside through ~46% ownership of global health and wellness leader Transaction follows rigorous Board review of all strategic alternatives
Slide 9: Kimberly-Clark is the Ideal Partner for Kenvue
+ c Kimberly-Clark is the Ideal Partner for Kenvue 9 Highly complementary portfolios of iconic brands and geographies Shared commitment to delivering advanced innovation with superior science Strong, established capabilities at Kimberly-Clark to strengthen category leadership and accelerate growth P
Slide 10: Right Opportunity, Right Time
+ c Direct experience with the power and value of Kenvue’s brands Kimberly-Clark Board conducted a thorough review of this opportunity Successful Kimberly-Clark transformation and team provide platform to deliver on significant value creation potential Right Opportunity, Right Time + 10 “Together, t
Slide 11: Kimberly-Clark is a Global Leader in Personal Care and Hygiene Solutions
+ c Kimberly-Clark is a Global Leader in Personal Care and Hygiene Solutions 11 Source: Company filings Source for market sizes: Euromonitor 1. Post-IFP disposal 2. Key country x category combinations per Euromonitor 1 in 4 people globally served daily In >80% of key markets2 Leading Positions K-C c
Slide 12: We've Been on a Journey to Transform Kimberly-Clark
+ c Science & Engineering Invented 5 of 8 of our core categories Portfolio Focused, with 2/3 revenue from Personal Care Capabilities #1 Advantage score, unprecedented 3x winner1 Culture Purpose-led, performance driven Cost Structure Industry-leading productivity CORE DRIVERS We’ve Been on a Journey
Slide 13: We Know How to Create Lasting Impact
+ c c OUT-ACTIVATE C( c We Know How to Create Lasting Impact 13 Science-Based Innovation to elevate categories Breakthrough assortment with standout features at every tier (T) Diapers Premium Mix, % of sales 11 Cannes Lions in 2024 China digital engagement leader Leading retail partner U.S. China 20
Slide 14: We Have a Culture of Operating Excellence and Relentless Cost Discipline
+ c 14 1. Management estimate 2. Time period for anticipated savings is by 2030 …resulting in… $3B+ in cumulative COGS savings2 $0.5B in working capital savings Tripled annual productivity… Then Now ~2%1 ~6% THREE CORE STRATEGIES End-to-end integrated optimization of cost Value Stream Simplification
Slide 15: Enhancing Focus on Right-to-Win Spaces
+ c Enhancing Focus on Right-to-Win Spaces 15 Brazil Tissue Mid-2023 Personal Protective Equipment Business Mid-2024 North America Private Label 2022-2025 International Family Care & Professional JV Estimated Mid-2026 Sharpened focus on core personal care categories Shifted portfolio towards faster
Slide 16: A Preeminent Consumer Health and Wellness Leader
+ c 16 A PREEMINENT CONSUMER HEALTH AND WELLNESS LEADER
Slide 17: Kenvue's Portfolio Aligns Closely With Consumer Health Megatrends
+ c c Kenvue’s Portfolio Aligns Closely With Consumer Health Megatrends 17 Large and expanding total addressable market $800B annual spending across consumer health spaces1 85% consumers rate health and wellness a top priority Leadership in categories with superior growth rates MSD market growth acr
Slide 18: We Will Provide Better Solutions for Consumers Throughout Every Stage of Life
+ c We Will Provide Better Solutions for Consumers Throughout Every Stage of Life 18 1. Reflects 2025E combined revenue and post-SBC EBITDA Powerful portfolio of iconic brands that touch more than a billion people throughout life’s journey Best-in-class brand building with a powerful commercial engi
Slide 19: Strong Combined Presence in Large, Complementary and Growing Categories
+ c Strong Combined Presence in Large, Complementary and Growing Categories 19 Source: Euromonitor Adult Care Baby Care Family Care Feminine Care $10 $70 $100 $40 OTC Skin Care Oral Care $140 $180 $50 $4 Wound Care C A T E G O R Y S I Z E ( $ B )
Slide 20: Leading Commercial Execution Across Global Markets
+ c $1.4 $1.7 $1.8 $3.2 $3.2 $4.5 Leading Commercial Execution Across Global Markets 20 Note: Reflects branded sales only; excludes private label, industrial/professional wipers, and other corporate sales c N.A. Wellness leader with $16B In combined Health & Wellness scale Adult care Oral care, hair
Slide 21: A Highly Complementary Market Portfolio
+ A Highly Complementary Market Portfolio 21 Source: Euromonitor 2024 Retail Sales Value. $0.8B $0.9B $0.4B $1.2B $1.1B $2.0B $0.6B $0.2B ~$20.1B $2.3B $0.4B $0.3B ~$3.1B ~$3.8B $1.0B $0.4B $0.7B $0.3B $0.3B $0.8B $0.3B $0.3B We can improve the lives of billions in geographies where it matters most,
Slide 22: Significant Value Creation from Exceptional Synergy Opportunities
+ c c Significant Value Creation from Exceptional Synergy Opportunities 22 Significant synergy potential driven by global scale and expanded reach Uniquely positioned to realize opportunity High conviction based on Kimberly-Clark track record POWERFUL, DURABLE JOINT VALUE CREATION OPPORTUNITY TOTAL
Slide 23: Unlocking Global Cost Savings Opportunities
+ c Unlocking Global Cost Savings Opportunities 23 Estimated cash cost to achieve synergies of $2.5 billion COST SYNERGY VALUE BREAKDOWN KEY AREAS OF OPPORTUNITY Deploy best-in-class commercial playbook and top sales talent across categories Rationalize and de-duplicate systems and processes to ensu
Slide 24: Capturing Opportunities in Complementary Categories and Geographies
+ c Capturing Opportunities in Complementary Categories and Geographies 24 REVENUE SYNERGIES KEY AREAS OF OPPORTUNITY Baby Care Feminine Care Growth Platforms across categories Grow in Core Categories Kimberly-Clark can scale Kenvue in China, Mexico, S. Korea and Indonesia Kenvue can scale Kimberly-
Slide 25: Transaction Overview
+ c Transaction Overview 25 1. On a fully diluted basis 2. As of Q3 2025 3. Includes expected run-rate synergies of $2.1 billion, net of reinvestment 4. Subject to the receipt of Kenvue and Kimberly-Clark shareholder approvals, regulatory approvals and satisfaction of other customary closing conditi
Slide 26: Maintaining a Robust Balance Sheet
+ c 26 More than 80% of consideration in the form of stock supports a strong pro forma balance sheet Net cash proceeds from IFP Joint Venture1 will be used to lower acquisition debt Targeting ~2.0x net leverage within 24 months post close, consistent with current credit rating Post closing, limited
Slide 27: Positioned for long-term sustainable value creation
+ c 27 Positioned for long-term sustainable value creation Organic Growth1 Ahead of Weighted Average Category Growth Adjusted Operating Profit %2 Top-Tier Adjusted Constant Currency EPS Growth2 Top-Tier Total Shareholder Return3 Double Digit Powerful Financial Algorithm Positioned to Drive Sharehold
Slide 28: Kimberly-Clark acquiring Kenvue, the largest pure-play consumer health company
+ c 28 Kimberly-Clark acquiring Kenvue, the largest pure-play consumer health company by revenue Powerful next step that builds on success of Kimberly-Clark’s Powering Care transformation Tremendous complementarity across categories, geographies and commercial capabilities led by a world-class team
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