Procter & Gamble Company (the) · NYSE:PG
Procter & Gamble Company (the) — Q1 2026 Earnings Presentation
28 slides from Procter & Gamble Company (the)'s earnings presentation, Oct 24, 2025
Slide 1: Earnings Release Q1 FY 2026 Results
EARNINGS RELEASE Q1 FY 2026 Results October 24, 2025
Slide 2: Sustain Excellence: Integrated Areas of Focus
SUSTAIN EXCELLENCE INTEGRATED AREAS OF FOCUS GROWTH STRATEGY SUPPLY CHAIN PORTFOLIO PERFORMANCE DRIVES BRAND CHOICE ENVIRONMENTAL SUSTAINABILITY SUPERIORITY ORGANIZATION TO WIN WITH CONSUMERS EMPOWERED • AGILE ACCOUNTABLE DIGITAL ACUMEN CONSTRUCTIVE DISRUPTION PRODUCTIVITY EMPLOYEE TO FUEL INVESTMEN
Slide 3: Business Results
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Slide 4: Q1 FY 2026 Results
Q1 FY 2026 RESULTS First quarter results reflect strong execution of our integrated strategy in a difficult geopolitical, competitive and consumer environment. Organic sales grew 2%, driven by pricing and mix. 8 of 10 product categories grew or held organic sales for the quarter. Global aggregate va
Slide 5: Q1 FY 2026 Results
Q1 FY 2026 RESULTS Q1 FY ’26 Organic Sales Growth +2% Organic Volume Growth +0% Core EPS Growth +3% Currency Neutral Core EPS Growth +3% Adjusted Free Cash Flow Productivity 102%
Slide 6: Organic Sales Growth
Q1 FY 2026 RESULTS Organic Sales Growth • Organic volume was flat. • Pricing contributed 1 point to organic sales growth. • Mix contributed 1 point to organic sales growth. 3% 2% 2% 2% 1% Q1 FY '25 Q2 FY '25 Q3 FY '25 Q4 FY '25 Q1 FY '26
Slide 7: Core Earnings Per Share Growth
Q1 FY 2026 RESULTS Core Earnings Per Share Growth • Core gross margin -50 basis points • Core operating margin Flat • Total productivity savings +230 basis points 6% 5% 3% 1% 2% Q1 FY '25 Q2 FY '25 Q3 FY '25 Q4 FY '25 Q1 FY '26
Slide 8: Currency Neutral Core EPS Growth
Q1 FY 2026 RESULTS Currency Neutral Core EPS Growth • Core Gross margin ex-FX -30 basis points • Core Operating margin ex-FX +40 basis points 5% 4% 3% 3% 3% Q1 FY '25 Q2 FY '25 Q3 FY '25 Q4 FY '25 Q1 FY '26
Slide 9: Global Market Shares
GLOBAL MARKET SHARES TOP 50 Category/ Country Combinations 38 33 32 30 31 28 29 26 23 24 17 # Grew/Held Value Share Share data through August 2025
Slide 10: Segment Results
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Slide 11: Beauty Segment
Q1 FY 2026 RESULTS Beauty Segment Constant Currency Organic Sales Organic Volume Net Earnings Net Earnings 6% 5% 5% 4% • Topline: +4% volume, +2% pricing, -1% mix • Share: Global Skin Care value share decreased 1.0 point, Global Personal Care value share increased 0.2 points and Global Hair Care val
Slide 12: Grooming Segment
Q1 FY 2026 RESULTS Grooming Segment Constant Currency Organic Sales Organic Volume Net Earnings Net Earnings 9% 9% 3% 1% • Topline: +4% pricing, +1% volume, -2% mix • Share: Global Grooming value share decreased 0.8 points versus year ago. • Net Earnings: Sales growth and productivity savings partia
Slide 13: Health Care Segment
Q1 FY 2026 RESULTS Health Care Segment Constant Currency Organic Sales Organic Volume Net Earnings Net Earnings 1% -2% -3% -4% • Topline: +2% mix, +1% pricing, -2% volume • Share: Global Oral Care value share decreased 0.3 points and Global Personal Health Care value share increased 0.5 points versu
Slide 14: Fabric & Home Care Segment
Q1 FY 2026 RESULTS Fabric & Home Care Segment Constant Currency Organic Sales Organic Volume Net Earnings Net Earnings 0% -2% -3% -3% • Topline: +1% pricing, flat mix, -2% volume • Share: Global Fabric Care value share decreased 0.9 points and Global Home Care value share increased 0.4 points versus
Slide 15: Baby, Feminine and Family Care Segment
Q1 FY 2026 RESULTS Baby, Feminine and Family Care Segment Constant Currency Organic Sales Organic Volume Net Earnings Net Earnings 4% 3% 0% 0% • Topline: Flat volume, pricing and mix • Share: Global Baby Care and Global Feminine Care value share were flat and Global Family Care share decreased 0.8 p
Slide 16: FY 2026 Guidance
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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 +0% to +4% Net Sales Growth +1% to +5%
Slide 18: FY 2026 Guidance: Earnings Per Share
• Core EPS Growth: +0% to +4% • Outlooking $0.1bn after-tax headwind from commodities • Outlooking $0.4bn after-tax headwind from tariffs • Outlooking $0.3bn after-tax tailwind from foreign exchange • 2-point foreign exchange tailwind results in currency neutral core EPS growth of -2% to +2% FY 2026
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 +3% to +9% GUIDANCE Currency Neutral Core EPS Growth -2% to +2% 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 October 24, 2025 earnings call, associated slides and other materials and the reconciliation to the most closely related GAAP measure.
Slide 25: Non-GAAP Measure Definitions
adjustment to core earnings includes only this transitional impact. It does not include the ongoing impacts of the lower U.S. statutory rate on pre-tax earnings. We do not view the above items to be part of our sustainable results, and their exclusion from core earnings measures provides a more comp
Slide 26: Prior Quarters Organic Sales Growth
Prior Quarters Acquisition/ Net Sales Foreign Exchange Divestiture Organic Sales Total Company Growth Impact Impact/Other* Growth Q4 FY 2025 2% —% —% 2% Q3 FY 2025 (2)% 2% 1% 1% Q2 FY 2025 2% —% 1% 3% Q1 FY 2025 (1)% 1% 2% 2% Q4 FY 2024 —% 2% —% 2% Q3 FY 2024 1% 2% —% 3% Q2 FY 2024 3% 1% —% 4% Q1 FY
Slide 27: Core EPS and Currency-neutral Core EPS
2. Core EPS and Currency-neutral Core EPS: Three Months Ended September 30 2025 2024 Diluted EPS $1.95 $1.61 Incremental restructuring 0.04 0.32 Core EPS $1.99 $1.93 Percentage change vs. prior period Core EPS 3% Currency impact to earnings — Currency-Neutral Core EPS $1.99 Percentage change vs. pri
Slide 28: Core Gross Margin and Core Operating Margin
3. Core gross margin and Currency-neutral Core gross margin: Three Months Ended September 30 2025 2024 Gross Margin 51.4% 52.1% Incremental restructuring 0.1% (0.1)% Core Gross Margin 51.5% 52.0% Basis point change vs. prior year Core gross margin (50) Currency Impact to Margin 0.2% Currency-Neutral
Procter & Gamble Company (The) — Q1 2026 Earnings Presentation on 6ix