Kimberly-clark Corporation · NASDAQ:KMB
Kimberly-clark — Kimberly-Clark de México — Q4 2025 Earnings Presentation
37 slides from Kimberly-clark's earnings presentation, Jan 23, 2026
Slide 1: Powering Care Q4 2025 Earnings
POWERING CARE Q4 2025 EARNINGS January 27, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain matters contained in this presentation concerning our plans and expectations regarding the pending mergers with Kenvue and the pending International Family Care and Professional (“IFP”) joint venture transaction with Suzano (“IFP Transaction”), the business outlook
Slide 3: Powering Care: How We Create Durable Growth
POWERING CARE: How We Create Durable Growth ACCELERATE Pioneering OPTIMIZE Innovation Powering Our Margin Care Structure WIRE Our Organization for Growth Powerhouse Categories & Brands BREATHABILITY Science Is Our Competitive Advantage Scalable Capabilities Led by Top Talent
Slide 4: Enhancing Focus on Right-to-Win Spaces
ENHANCING FOCUS ON RIGHT-TO-WIN SPACES Brazil Tissue Mid-2023 Sharpened focus on core personal care categories Personal Protective Equipment Business Shifted portfolio towards Mid-2024 faster growth, higher margin categories North America Private Label Reduced exposure to volatile 2022-2025 fiber co
Slide 5: Acquiring Kenvue to Create a $32 Billion Pure-Play, Global Health & Wellness Leader
Acquiring Kenvue to Create a $32 Billion Pure-Play, Global Health & Wellness Leader Building the future of consumer-centric care for all GENERATIONAL OPPORTUNITY Builds on Kimberly Clark’s Powering Leading 10 $1B+ Powerful Care transformation iconic brands Next Step Baby Care c Strong Exceptional co
Slide 6: Our Virtuous Cycle
OUR VALUE CREATION PARADIGM IS POWERED BY OUR VIRTUOUS CYCLE EXCELLENCE ON FUNDAMENTALS DRIVES OUR VIRTUOUS CYCLE Deliver Top-tier Financial Invest in Product Performance Differentiation VIRTUOUS Grow Volume + Mix CYCLE Invest in Brand Love Reduce Costs & Enhance Invest in Efficiency Customer Partne
Slide 7: Category-Bending Performance with Proprietary Science-Based Innovation
INVEST IN PRODUCT DIFFERENTIATION Category-Bending Performance with Proprietary Science-Based Innovation Across Key Markets in the Last 2 Years Leak Free Confidence Garment Like Comfort Skin Health Overnight North America China c South Korea Australia Brazil Indonesia 7
Slide 8: Building Brand Love & Crushing Stigma Across Categories
Building Brand Love & INVEST IN BRAND LOVE Crushing Stigma Across Categories Feminine Care Baby & Child Care Adult Care Kotex - Where there are girls, Huggies HugFit360 Goodnites Astronaut Depend Poise Giggle Dribble there should be sanitary pads – Giannis Antetokounmpo – Scott Kelly – Emmitt Smith
Slide 9: Consumer-Centric Innovation Driving Pivot to Durable Volume+Mix Led Organic Growth
Consumer-Centric Innovation GROW VOLUME + MIX Driving Pivot to Durable Volume+Mix Led Organic Growth1 Volume + Mix Price 7.7% 78%* 5.5% 2.7% 2.6% 1.0% Innovation Contribution To -0.7% -1.6% -0.9% FY25 Volume + Mix Led Growth FY22 FY23 FY24 FY25 Organic +6.1% +4.8% +3.9% +1.7% *Represents annual incr
Slide 10: Stepping Up Gross Productivity Savings
Stepping Up Gross REDUCE COSTS & ENHANCE EFFICIENCY Productivity Savings Exceeded the targeted range of 5 - 6% Gross Q4 Actuals FY25 Actuals Productivity Savings in 20252 Value Stream: Design to Value initiatives including standardized product platforms and strong 7.2% 6.2% price negotiations unlock
Slide 11: Consecutive Years of Adjusted Cost of Goods Sold Savings
REDUCE COSTS & ENHANCE EFFICIENCY • Drove simplification by reducing 30 product platforms to 11 across 9 2 Value Stream manufacturing facilities in Enterprise Markets • Challenged the status quo in North America Logistics through an RFP Simplification to include a range of vendors, drive savings and
Slide 12: Segment Results & Highlights
SEGMENT RESULTS & HIGHLIGHTS
Slide 13: International Personal Care
International Personal Care • Q4 volume+mix growth accelerates to 5.7% from growth across all 5 Focus Markets and Enterprise Markets Operating Profit Growth • 2025 weighted share gain of +50 bps in Focus Markets Organic Growth1 20.6% led by China Diapers & Pants +270 bps, South Korea Diapers +60 bps
Slide 14: Scaling Winning Ideas from China Across Focus Markets to Out-Innovate Competition
INTERNATIONAL PERSONAL CARE Scaling Winning Ideas from China Across Focus Markets to Out-Innovate Competition INVEST IN PRODUCT DIFFERENTIATION Leak Free Confidence Garment Like Comfort Skin Health Overnight China South Korea Australia Brazil Indonesia 14
Slide 15: Winning Recruitment Through Resonant Campaigns and Digital Capabilities
INTERNATIONAL PERSONAL CARE Winning Recruitment Through Resonant Campaigns and Digital Capabilities INVEST IN BRAND LOVE: Winning at Point of Brand INVEST IN CUSTOMER PARTNERSHIPS: Scaling Proven Digital Capabilities Adoption through Resonant and Relevant Campaigns to Win in Online Channels Across I
Slide 16: North America
North America • Strong volume+mix led organic growth delivery in the quarter and the full year in a challenging, value-conscious, consumer environment Organic Growth1 Operating Profit Growth 5.5% • Volume growth was broad-based with growth across Personal Care, Family Care and K-C Professional • Wei
Slide 17: Cascaded Innovation Across Value Spectrum, Meaningful Portfolio Refresh
NORTH AMERICA Cascaded Innovation Across Value Spectrum, Meaningful Portfolio Refresh INVEST IN PRODUCT DIFFERENTIATION Leak Free Confidence Garment Like Comfort Skin Health Overnight 17
Slide 18: Building Brand Love and Driving Executional Excellence
NORTH AMERICA Building Brand Love and Driving Executional Excellence INVEST IN BRAND LOVE: Building Consumer Connections INVEST IN CUSTOMER PARTNERSHIPS: Through Relevant and Impactful Partnerships Execution Excellence Driving Key Metric Improvement 2025 RESULTS # 1 Vision # 1 Organization # 1 Categ
Slide 19: Financial Results & Outlook
FINANCIAL RESULTS & OUTLOOK 19
Slide 20: 2025: Durable Delivery in a Turbulent Environment
2025: Durable Delivery in a Turbulent Environment Organic Sales Growth1 Adjusted Operating Adjusted EPS Growth1 Adjusted Free Cash Profit Growth1 attributable to Flow1 Broad-based volume growth Kimberly-Clark while brands gained global weighted share ~10 bps 13.1% $1.9B 24.0% Strong gross productivi
Slide 21: Performing While Transforming
Performing While Transforming Strong progress across business fundamentals Adjusted Gross Margin1 Steady and continuous progress in 2.6% Volume + Mix volume+mix led growth driven by 40.0% + consumer centric innovation and 1.0% + 70 bps resonant brand campaigns 37.3% -0.7% 36.6% One Supply Chain and
Slide 22: Strong Cash Flow Delivery While Investing in Our Future & Maintaining A Solid Balance Sheet
Strong Cash Flow Delivery While Investing in Our Future & Maintaining A Solid Balance Sheet Cash Conversion Cycle (Average Days) Capex % Net Sales2 6% 6 5% 5 4% 4% 4% (2) (9) (10) 1 2021 2 2022 3 2023 4 2024 2025 5 2021 2022 2023 2024 2025 Adj. Free Cash Flow1 ($Billions) Leverage (Net Debt(3) / Adj
Slide 23: Strong Visibility on Long-Term Growth & Return Algorithm Remains
Strong Visibility on Long-Term Growth & Return Algorithm Remains ORGANIC NET 1 SALES GROWTH 1 Lead Market Growth Strong Reinvestment to Support Growth ADJUSTED Mid-to-High Single Digit 2 OPERATING Growing Dividend PROFIT 1 Constant-currency Growth1 ADJUSTED Consistent Double-Digit Mid-to-High Single
Slide 24: 2026 Outlook
2026 Outlook(2) Volume+Mix Led Organic Sales • Weighted-Average Market growth for the latest year at ~2% Growth1 In Line to Ahead of • Reported results expected to be negatively impacted by ~50 bps from U.S. private label Market Growth diaper business exit, with no meaningful impact from currency tr
Slide 25: Expect to Deliver On-Algorithm Adj. EPS Growth by Year 2 of Integration
Expect to Deliver On-Algorithm Adj. EPS Growth1 by Year 2 of Integration Acquisition model built on conservative set of assumptions Significant reinvestment planned Mid-to-High Single Digit Growth2 Clear path to synergies, with ~80% of cost capture by Year 2 of integration $7.53 2026-2028 Adjusted E
Slide 26: Becoming a Global Health & Wellness Leader
BECOMING A GLOBAL HEALTH & WELLNESS LEADER POWERED BY OUR VIRTUOUS CYCLE EXCELLENCE ON FUNDAMENTALS DRIVES OUR VIRTUOUS CYCLE Leading Baby Care Deliver Top-tier Invest in Product Financial Performance Differentiation VIRTUOUS Advancing CYCLE Grow Invest in Women's Volume + Mix Brand Love Health Redu
Slide 27: Appendix
APPENDIX |
Slide 28: Non-GAAP Financial Measures
Non-GAAP Financial Measures The following provides the reconciliation of the non-GAAP financial measures provided in this presentation to the most closely related GAAP measure. These measures include: Organic Sales Growth, Adjusted Cost of Goods Sold, Adjusted Gross Profit, Adjusted RSG&A, Adjusted
Slide 29: Non-GAAP: Reconciliation of Organic Sales Growth
Non-GAAP: Reconciliation of Organic Sales Growth Three Months Ended December 31, 2025 Year Ended December 31, 2025 Percentage change vs. the prior year period NA IPC Total NA IPC Total Net Sales Growth (3.0) 4.2 (0.6) (2.4) (0.9) (2.1) Currency Translation 0.1 0.2 0.1 0.2 2.3 0.9 Divestitures and Bu
Slide 30: Non-GAAP: Reconciliation of Organic Sales Growth
Non-GAAP: Reconciliation of Organic Sales Growth Year Ended December 31 Percentage change vs. the prior year period 2022 2023 2024 Net Sales Growth 3.8 1.1 (2.0) Currency Translation 2.6 3.0 4.2 Divestitures and Business Exits (0.3) 0.7 1.6 Organic Sales Growth(a) 6.1 4.8 3.9 (a) Table may not foot
Slide 31: Non-GAAP: Reconciliation of Adjusted Cost of Goods Sold
Non-GAAP: Reconciliation of Adjusted Cost of Goods Sold Three Months Ended Year Ended December 31 December 31 $ Millions 2025 2024 2025 2024 Cost of Products Sold $2,615 $2,659 $10,524 $10,516 2024 Transformation Initiative (44) (68) (213) (144) Adjusted Cost of Goods Sold $2,571 $2,591 $10,311 $10,
Slide 32: Non-GAAP: Reconciliation of Adjusted Gross Profit
Non-GAAP: Reconciliation of Adjusted Gross Profit Three Months Ended December 31 Year Ended December 31 $ Millions 2025 2024 2025 2024 2023 Gross Profit $1,465 $1,445 $5,923 $6,289 $6,269 2024 Transformation Initiative 44 68 213 144 - Sale of Brazil Tissue and Professional Business - - - - 15 Adjust
Slide 33: Non-GAAP: Reconciliation of Adjusted RSG&A
Non-GAAP: Reconciliation of Adjusted RSG&A Year Ended December 31 $ Millions 2025 2023 Marketing, research and general expense $3,528 $3,615 Advertising & Promotion (1,110) (1,139) 2024 Transformation Initiative (142) - Kenvue Acquisition (32) - Sale of Brazil Tissue and Professional Business - (15)
Slide 34: Non-GAAP: Reconciliation of Adjusted Operating Profit
Non-GAAP: Reconciliation of Adjusted Operating Profit Year Ended Three Months Ended December 31 December 31 $ Millions 2025 2024 2025 2024 2023 Operating Profit $507 $420 $2,351 $2,700 $1,928 2024 Transformation Initiative 90 97 348 456 - Kenvue Acquisition 32 - 32 - - Sale of PPE Business - - - (56
Slide 35: Non-GAAP: Reconciliation of Adjusted Earnings Per Share Attributable to Kimberly-Clark
Non-GAAP: Reconciliation of Adjusted Earnings Per Share Attributable to Kimberly-Clark Three Months Ended December 31 Year Ended December 31 2025 2024 2025 2024 Diluted Earnings per Share Attributable to Kimberly-Clark $1.50 $1.34 $6.07 $7.55 2024 Transformation Initiative 0.22 0.25 0.86 1.01 Kenvue
Slide 36: Non-GAAP: Reconciliation of Adjusted Free Cash Flow
Non-GAAP: Reconciliation of Adjusted Free Cash Flow For the Year Ended $ Millions 2020 2021 2022 2023 2024 2025 Cash Provided by Operations $3,729 $2,730 $2,733 $3,542 $3,234 $2,777 Capital Expenditures (1,217) (1,007) (876) (766) (721) (1,138) Cash Restructuring Charges 249 235 65 - 156 229 IFP Sep
Slide 37: Press Releases – Previous Quarters
Press Releases – Previous Quarters Title Hyperlink Kimberly-Clark Announces Year-End 2020 Results And 2021 Outlook Q4 & FY 2020 Kimberly-Clark Announces Year-End 2021 Results And 2022 Outlook Q4 & FY 2021 Kimberly-Clark Announces Year-End 2022 Results And 2023 Outlook Q4 & FY 2022 Kimberly-Clark Ann
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