Kenvue Inc. · NYSE:KVUE
Kenvue — Merger or Acquisition (January 2026)
18 slides from Kenvue's merger presentation, Jan 8, 2026
Slide 1: Kimberly-Clark's Acquisition of Kenvue: Creating a Global Health and Wellness Leader
+ c Kimberly-Clark’s Acquisition of Kenvue: Creating a Global Health and Wellness Leader January 8, 2026
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: Kenvue Acquisition Advances Our Strategic Transformation
+ c Kenvue Acquisition Advances Our Strategic Transformation 4 Next Step in Powering Care Strategy, Creating Global Health and Wellness Leader • Combined company with complementary portfolio of trusted brands • Builds on K-C’s iconic legacy by unlocking the power of Kenvue’s market-leading consumer
Slide 5: Transaction is a Natural Step in K-C's Transformation Strategy
+ c Transaction is a Natural Step in K-C’s Transformation Strategy 5 1 Thoughtful Strategic Planning and Board Evolution Primed the Business to Create a Preeminent Consumer Packaged Goods and Consumer Health Leader Divestiture of PPE Business Mid 2024 Sold PPE business globally to strategic buyer; P
Slide 6: K-C's Transformation has Already Produced Significant Achievements on a Standalone Basis
+ c 6 K-C’s Transformation has Already Produced Significant Achievements on a Standalone Basis 1 1. 2022-2024 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-
Slide 7: Scaled Consumer Health & Wellness Company Building on K-C's Legacy
+ c Scaled Consumer Health & Wellness Company with 7 Builds on K-C’s Legacy as Trusted American Company With Addition of Kenvue’s Portfolio of Leading Consumer Health Brands Superior, science-backed, pioneering care and innovation capabilities Best-in-class brand building, commercial engine and go-t
Slide 8: Captures Key Areas of Opportunity that Further Accelerate Powering Care Transformation
+ c Captures Key Areas of Opportunity that Further Accelerate K-C’s Powering Care Transformation 8 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 engine and go-to-market strength Superior sci
Slide 9: Leading Commercial Execution Across Global Markets
+ c 9 c $1.4 $1.7 $1.8 $3.2 $3.2 $4.5 Resulting in Leading Commercial Execution Across Global Markets 1. 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 scale1 Adult care Ora
Slide 10: The New K-C Will Be a Strong Value-Creation Engine
+ c 10 The New K-C Will Be a Strong Value-Creation Engine Positioned to Drive Sustained Shareholder Value 1. Reflects revenue ex IFP 2. Post-SBC EBITDA 3. Includes expected run-rate synergies of $2.1 billion, net of reinvestment K-C 202E K-C Standalone K-C 202E K-C + Kenvue pro forma $17B 2026E Reve
Slide 11: Transaction Creates Flexibility and Optionality for Strategic Capital Investment
+ c c 11 Transaction Creates Flexibility and Optionality for Strategic Capital Investment for Long-Term Growth 2 2.2x 2.0x 1.8x 1.5x 2.3x 2.1x 1.9x 1.8x 2026E 2027E 2028E 2029E Net Debt Gross Debt Pro Forma Credit Profile1 Debt/EBITDA Transaction significantly enhances cash flow generation, enabling
Slide 12: Disciplined Evaluation and Negotiation Achieved Attractive Risk-Adjusted Returns
+ c 12 8.0x 12.0x 16.0x 20.0x $10 $20 $30 May-23 Nov-23 May-24 Nov-24 May-25 Nov-25 Disciplined Evaluation and Negotiation Achieved Attractive Risk-Adjusted Returns Kenvue Trading Performance Since IPO $22.00 $17.01 12.8x 11.5x KMB Acquisition Announcement Unaffected Date (10/31/2025): $14.37 / 10.1
Slide 13: Strong Line-of-Sight into Achievable Total Cost Synergies of $1.9B
+ c Strong Line-of-Sight into Achievable Total Cost Synergies of $1.9B 13 Total cost synergies of $1.9B equal to 12% of Kenvue’s revenue1 – in line with other scaled Consumer Health Transactions2 2 Consumer Health Consumer Health ~$650MM Cost Synergies / ~12% of Target Revenue $400MM Cost Synergies
Slide 14: Highly Qualified and Engaged Board Oversaw Process
+ c Consumer Health Expertise Highly Qualified and Engaged Board Oversaw Process J.M Smucker acquires Hostess Brands (2023) Gannett acquires Belo Corp. (2013) J&J acquires Pfizer’s consumer health business (2006) Note: Select M&A experience includes select transactions during which our directors ser
Slide 15: Board led a multi-month rigorous process to evaluate Kenvue acquisition
+ c Board led a multi-month rigorous process to evaluate Kenvue acquisition with support from a broad range of external experts Thorough, Board-Led Process Resulted in Optimal Outcome for K-C Shareholders 15 1. Beginning with June Board meeting Comprehensive Board Oversight of Strategy & Diligence I
Slide 16: Robust Integration Planning to Facilitate Seamless Transition
+ c Robust Integration Planning to Facilitate Seamless Transition 16 3 Meet the Steering Committee Jeff Melucci Chief Strategy, Business Development and Administrative Officer, K-C Nelson Urdaneta Chief Financial Officer, K-C Stacey Valy Panayiotou Chief Human Resources Officer, K-C Amit Banati Chie
Slide 17: Shareholder-Friendly Post-Merger Governance
+ c Shareholder-Friendly Post-Merger Governance 17 3 We will maintain our best-in-class governance practices… ✓ Independent Lead Director ✓ Independent directors meet without management present ✓ Majority voting in director elections ✓ Shareholders have right to call special meetings ✓ Annually elec
Slide 18: Transaction Creates Significant Value for All Shareholders
+ c Transaction Creates Significant Value for All Shareholders 18 Next Step in Powering Care Strategy, Creating Global Health and Wellness Leader • Combined company with complementary portfolio of trusted brands • Builds on K-C’s iconic legacy by unlocking the power of Kenvue’s market-leading consum