Procter & Gamble Company (the) · NYSE:PG
Procter & Gamble Company (the) — Q2 2026 Earnings Presentation
27 slides from Procter & Gamble Company (the)'s earnings presentation, Jan 22, 2026
Slide 1: Earnings Release Q2 FY 2026 Results
EARNINGS RELEASE Q2 FY 2026 Results January 22, 2026
Slide 2: Growth Strategy
GROWTH STRATEGY PERFORMANCE DRIVES BRAND CHOICE Se IIL Ee SUPERIORITY ORGANIZATION TO WIN WITH CONSUMERS EMPOWERED « AGILE ACCOUNTABLE CONSTRUCTIVE SSCCS DISRUPTION PRODUCTIVITY TO FUEL INVESTMENTS ACROSS OUR BUSINESS
Slide 3: Business Results
(rec BUSINESS RESULTS BIGONE Q2 FY 2026 my Sen
Slide 4: Q2 FY 2026 Results
Q2 FY 2026 RESULTS Second quarter results heavily impacted by base period dynamics and underlying market trends. Organic sales were in-line with prior year. Pricing +1% offset by volume -1%. 7 of 10 product categories grew or held organic sales for the quarter. Global aggregate value share is down 2
Slide 5: Q2 FY 2026 Results
Q2 FY 2026 RESULTS Q2 FY ’26 Organic Sales Growth +0% Organic Volume Growth -1% Core EPS Growth +0% Currency Neutral Core EPS Growth -2% Adjusted Free Cash Flow Productivity 88%
Slide 6: Organic Sales Growth
Q2 FY 2026 RESULTS Organic Sales Growth • Organic volume declined 1 point. • Pricing contributed 1 point to organic sales growth. • Mix was neutral. 3% 2% 2% 2% 1% Q1 FY '25 Q2 FY '25 Q3 FY '25 Q4 FY '25 Q1 FY '26 Q2 0% FY '26
Slide 7: Core Earnings-Per-Share Growth
Q2 FY 2026 RESULTS Core Earnings-Per-Share Growth • Core gross margin -50 basis points • Core operating margin -70 basis points • Total productivity savings +270 basis points 6% 5% 3% 1% 2% Q1 FY '25 Q2 FY '25 Q3 FY '25 Q4 FY '25 Q1 FY '26 Q2 0% FY '26
Slide 8: Currency-Neutral Core EPS Growth
Q2 FY 2026 RESULTS Currency-Neutral Core EPS Growth • Core Gross margin ex-FX -30 basis points • Core Operating margin ex-FX -80 basis points 5% 4% 3% 3% 3% -2% Q1 FY '25 Q2 FY '25 Q3 FY '25 Q4 FY '25 Q1 FY '26 Q2 FY '26
Slide 9: Global Market Shares
GLOBAL MARKET SHARES TOP 50 Category/ Country Combinations 38 33 32 30 31 28 29 26 25 23 # Grew/Held Value Share Global share data through Nov 2025; US through Dec 2025
Slide 10: Segment Results
(rec SEGMENT RESULTS BIGONE Q2 FY 2026 am BDEr
Slide 11: Beauty Segment
Q2 FY 2026 RESULTS Beauty Segment Organic Sales Organic Volume Net Earnings 4% 3% -2% • Topline: +3% volume, +2% pricing, -1% mix • Share: Global Skin Care value share decreased 0.7 points, Global Personal Care value share increased 0.4 points and Global Hair Care value share decreased 0.7 points ve
Slide 12: Grooming Segment
Q2 FY 2026 RESULTS Grooming Segment Organic Sales Organic Volume Net Earnings 0% -2% -9% • Topline: +2% pricing, flat mix, -2% volume • Share: Global Grooming value share decreased 0.4 points versus year ago. • Net Earnings: Productivity savings and pricing more than offset by negative product mix,
Slide 13: Health Care Segment
Q2 FY 2026 RESULTS Health Care Segment Organic Sales Organic Volume Net Earnings 3% 2% -1% • Topline: +2% mix, +1% pricing, -1% volume • Share: Global Oral Care value share was flat and Global Personal Health Care value share increased 0.4 points versus year ago. • Net Earnings: Sales growth and pro
Slide 14: Fabric & Home Care Segment
Q2 FY 2026 RESULTS Fabric & Home Care Segment Organic Sales Organic Volume Net Earnings 0% 0% -3% • Topline: +1% pricing, flat volume, -1% mix • Share: Global Fabric Care value share decreased 0.6 points and Global Home Care value share increased 0.3 points versus year ago. • Net Earnings: Productiv
Slide 15: Baby, Feminine and Family Care Segment
Q2 FY 2026 RESULTS Baby, Feminine and Family Care Segment Organic Sales Organic Volume Net Earnings -4% -5% -9% • Topline: Flat pricing and mix, -5% volume • Share: Global Baby Care value share increased 0.4 points, Global Feminine Care value share decreased 0.2 points and Global Family Care share d
Slide 16: FY 2026 Guidance
(rec FY 2026 GUIDANCE
Slide 17: FY 2026 Guidance: Sales
• Organic Sales Growth: +0% to +4% • Net Sales Growth: +1% to +5% • Includes a 1% positive impact from foreign FY 2026 exchange and acquisitions and divestitures GUIDANCE SALES FY ‘26 Organic Sales Growth (Maintain) +0% to +4% Net Sales Growth (Maintain) +1% to +5%
Slide 18: FY 2026 Guidance: Earnings Per Share
• Core EPS Growth: +0% to +4% • Outlooking neutral impact from commodities • Outlooking $0.4bn after-tax headwind from tariffs • Outlooking $0.2bn after-tax tailwind from foreign exchange • 1-point foreign exchange tailwind results in currency neutral core EPS growth of -1% to +3% FY 2026 • Higher t
Slide 19: FY 2026 Guidance Summary
METRIC FY 2026 GUIDANCE Organic Sales Growth +0% to +4% Net Sales Growth +1% to +5% Core EPS Growth +0% to +4% FY 2026 All-In EPS Growth +1% to +6% GUIDANCE Currency Neutral Core EPS Growth -1% to +3% SUMMARY Core Effective Tax Rate 20% to 21% Adjusted Free Cash Flow Productivity 85% to 90% Capital
Slide 20: Potential Headwinds Not Included in Guidance
• Significant deceleration of market growth rates • Significant currency weakness FY 2026 • Significant commodity cost increases GUIDANCE POTENTIAL • Additional geopolitical disruptions HEADWINDS NOT INCLUDED • Major supply chain disruption or store closures IN GUIDANCE • Significant tariff changes
Slide 21: Slide 21
Slide 22: Forward Looking Statements
FORWARD LOOKING STATEMENTS 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-look
Slide 23: Regulation FD and G Disclosure
REGULATION FD AND G DISCLOSURE For a full reconciliation, please visit: www.pginvestor.com
Slide 24: Regulation G Reconciliation of Non-GAAP Measures
The Procter & Gamble Company Regulation G Reconciliation of Non-GAAP Measures The following provides definitions of the non-GAAP measures used in Procter & Gamble's January 22, 2026 earnings call, associated slides and other materials and the reconciliation to the most closely related GAAP measure.
Slide 25: Core Operating Margin and Adjusted Free Cash Flow Definitions
Core operating margin and currency-neutral Core operating margin: Core operating margin is a measure of the Company's operating margin adjusted for items as indicated. Currency-neutral Core operating margin is a measure of the Company’s Core operating margin excluding the incremental current year im
Slide 26: Core EPS and Currency-Neutral Core EPS
2. Core EPS and Currency-neutral Core EPS: Three Months Ended December 31 2025 2024 Diluted EPS $1.78 $1.88 Incremental restructuring 0.10 — Core EPS $1.88 $1.88 Percentage change vs. prior period Core EPS — Currency impact to earnings (0.03) Currency-Neutral Core EPS $1.85 Percentage change vs. pri
Slide 27: Core Operating Margin and Adjusted Free Cash Flow Productivity
4. Core operating margin and Currency-neutral Core operating margin: Three Months Ended December 31 2025 2024 Operating Margin 24.2% 26.2% Incremental restructuring 1.3% — Core Operating Margin 25.5% 26.2% Basis point change vs. prior year Core operating margin (70) Currency Impact to Margin (0.1)%
Procter & Gamble Company (The) — Q2 2026 Earnings Presentation on 6ix