Kimberly-clark Corporation · NASDAQ:KMB
Kimberly-clark — CAGNY 2026
71 slides from Kimberly-clark's conference presentation, 2026
Slide 1: Kimberly-Clark CAGNY 2026
KIMBERLY-CLARK CAGNY 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: Creating Generational Value
Creating Generational Value Mike Hsu Chairman & Chief Executive Officer KIMBERLY-CLARK CAGNY 2026
Slide 4: For 150+ Years, Kimberly-Clark Has Been There
For 150+ Years, Kimberly-Clark Has Been There… with consumer-inspired innovation that drives deep connections at people’s most important moments… and through the essential stages of their lives. We have fundamentally repositioned our business to drive brand love, create lifetime bonds and deliver va
Slide 5: A Top-Tier Performer in Large Global Categories
A Top-Tier $16B+ +5pts 5%+ Performer in Large Net Sales Share in Key Category Growth Global Categories in 20251 Markets Since 2019 in Adult & Feminine Care 5 of 8 6 of Our Core $1B+ 1in 4 People Categories We Invented Global Brands Globally Served Daily >80% 2/3 #1 Leading Revenue Advantage Position
Slide 6: Our Powering Care Strategy Has Established Industry-Leading Momentum
Our Powering Volume + Mix Care Strategy 2.6% Has Established Volume + Mix Industry-Leading Momentum 1.0% PERFORMING WHILE TRANSFORMING: -0.7% Strong progress across business fundamentals -1.6% FY22 FY23 FY24 FY25 KIMBERLY-CLARK CAGNY 2026 6
Slide 7: Our Powering Care Strategy Has Established Industry-Leading Momentum
Our Powering Adjusted Operating Margin1 18-20% Care Strategy Has Established + 180 bps Industry-Leading 14.8% 16.6% Momentum 2023 2025 End-of-Decade Milestone² Adjusted Gross Margin1 Adjusted RSG&A as % of Net Sales1 PERFORMING WHILE 40.0% + TRANSFORMING: Strong progress across business fundamentals
Slide 8: Our Durable Growth Engine is Accelerating Our Momentum
Our Durable Growth Engine is Accelerating Our INVEST FOR IMPACT OUT-INNOVATE Momentum BEST PRODUCT, POWERING OUT-MARKET LOWEST COST CARE VOLUME + MIX OUT-ACTIVATE LED GROWTH *Any integration of the companies' product lines or other operations would only take effect post-closing KIMBERLY-CLARK CAGNY
Slide 9: We Know How to Create Lasting Impact: Out-Innovate
We Know How to Create Lasting Impact OUT-INNOVATE Science-based innovation that elevates Breakthrough assortment with categories standout benefits at every tier Diapers Premium Mix, % of sales T4 T5 T5.5 U.S. China 84 70 Reduces redness Comfortable Light T6 T6.5 T7 40 6 Breathable Anti-bacterial Ski
Slide 10: We Know How to Create Lasting Impact: Out-Market
We Know How to Create Lasting Impact OUT-MARKET NORTH AMERICA CHINA GLOBAL Driving brand love Digital engagement leader Recognition of in-house creatives #1 Power Brand In Adult Care Building Led by top talent from leading A $1B Brand in agencies and consumer health players North America 35x #1 Ligh
Slide 11: We Know How to Create Lasting Impact: Out-Activate
We Know How to Create Lasting Impact OUT-ACTIVATE Leading retail partner with winning joint Shaping digital commerce business plans 60% China Sales via eComm #1 #3 +20% North America growth North America Global in digital channels (2019-2025 CAGR) 3 consecutive years1 Advantage Survey2 1. 2022-2024
Slide 12: Kenvue Acquisition is a Unique Opportunity to Raise the Standard of Care
Kenvue Acquisition is a Unique Opportunity to Raise the Standard of Care and Create Generational Value Building the Scaled Consumer future of Health & Wellness ~$32B+ ~$7B consumer-centric Leading Baby Care Company with Revenue1 EBITDA1 Pre-Synergies care for all Exceptional Combined Portfolio of 10
Slide 13: Successfully Transforming
BABY CARE WOMEN’S HEALTH ACTIVE AGING GENERATIONAL VALUE CREATION CORE BUSINESS OPPORTUNITY MOMENTUM KENVUE ACQUISITION Successfully Transforming Differentiated Capabilities Core Financial Strength KIMBERLY-CLARK CAGNY 2026 13
Slide 14: Science Serving Consumers is Our Competitive Advantage
Science Serving Consumers is Our Competitive Advantage Craig Slavtcheff Chief Research & Development Officer KIMBERLY-CLARK CAGNY 2026
Slide 15: Our Innovation Ecosystem Transformation
Our Innovation Ecosystem Transformation 01 02 03 Innovation efforts directed Expanding pipelines Agile design leverages best by consumer insight-driven through wired efforts on minds on the biggest need states short-, mid-, and long-term problems for speed innovation The system is built. We have the
Slide 16: Global Consumer Need States Direct and Expand Our Innovation Efforts
Global Consumer Need States Direct and Expand Our Innovation Efforts for Each Category DRIVES OUT-INNOVATE, OUT-MARKET, OUT-ACTIVATE Healthy Skin Overnight Leak-free Unnoticeable, Protection discreet Health & Ultimate comfort Fresh and Clean surfaces Wellness and fit odor free & surroundings KIMBERL
Slide 17: Scientific Discovery Directed by Consumer Need States
Scientific Discovery Directed Microbiome by Consumer Need States characterization and balance Next-generation Skin physiology absorbent systems and care and materials Novel, sustainable Functional and pulp fiber solutions biopolymers Consumers want performance, comfort, and skin health that only lea
Slide 18: Wiring Drives Portfolio Harmonization Across Markets
Wiring Drives Portfolio Harmonization Across 65 Markets From 300 Projects to 11 Platforms in 12 Months Current Portfolio Consumer Benefit Future Portfolio Platform Adopted From Overnight Protection U.S. China Healthy Skin 70% Comfort & Softness of geographies with winning product designs Absorption
Slide 19: Innovation Pipeline Build is Accelerated by Connecting Short-, Mid-, Long-Term Efforts
Innovation Pipeline Build is Accelerated OPTIMIZE ROI Aggressive by Connecting Global Scaling 1-3 Year Pipeline Added $500MM+ iNS from scaling Short-, Mid-, and Long-Term Efforts DRIVE ACCELERATED PLATFORMS Accelerated Generations 3-5 Years of Technology Platforms 10 core platforms DIRECT THE FUTURE
Slide 20: Innovation Boosted Growth Across the Enterprise in 2025
Innovation Boosted Growth Across the Enterprise in 2025 Continuous Pipeline Execution & Build Ensures Near & Long-Term Sustainable Growth 2025 Innovation Performance 2026 – 2028 Pipeline The Innovation portfolio has over-indexed on contribution to organic growth for Growing healthy pipeline value wi
Slide 21: Our Wiring Enables Rapid and Aggressive Scaling
Our Wiring Enables Rapid CLOUD WAISTBAND FEATURE and Aggressive Scaling Our “One R&D” Wiring DESIGN 3 COMPLEX ABSORBENT CORE Allows Us to Our Historic Identify Scaling Efforts Winning Were Slow Innovations to Scale at Speed 3 Launch Globally 3 Years 57 Launch No Wiring 20 Years Countries Wired Count
Slide 22: Premium Features are Scaled Up and Down
Premium Features China are Scaled China Tier 5 Up and Down Design 1 Design 2 Value Tiers Vietnam Through Value Engineering South Africa Design Cost 75% lower cost India Capital 75% lower capital Can run on more Assets assets, expanding Vietnam launch reach CLOUD COMFORT SCALING: 7 of 7 Priority Scal
Slide 23: Gravity Core at Scale, Delivering Visible Consumer Benefits
Gravity Core at Scale, Delivering Visible Consumer Benefits GRAVITY CORE SCALED IN TOP MARKETS AND ENTERPRISE MARKETS ABSORB TO THE BOTTOMTECH 60% residue reduction! Strongly pull the blood right to the bottom with nearly no residue on the surface. DEDICATED DESIGN FOR GUSH 120% absorption speed. On
Slide 24: Advancing in Health & Wellness
Advancing in Health & Wellness KOTEX BIOCARE PADS & LINERS FOR THE BEST TIER Outstanding leakage SYSTEM WITH LEAKSHIELD™ PROTECTION protection and works Gravity core pulls blood helps reduce odor to bottom of pad and irritants to keep a balanced pH PH INDICATOR COLOR BAR Healthy Skin pH Slightly Aci
Slide 25: Moonshots Inspire Category-Bending Innovation
Moonshots Inspire CONSUMER TEST PROVEN Category-Bending Increase in Increase in #1 +210 bps deep sleep sleep time Claim Innovation listing performance1 Gaining share in tier 6 market2 Super dam liner for 60% better protection against leaks3 1. During its two-month post-launch period, Huggies Natural
Slide 26: Building Brand Love
Building Brand Love Design: Photo to be updated to include brand(s) Patricia Corsi Chief Growth Officer KIMBERLY-CLARK CAGNY 2026
Slide 27: Disciplined Focus on Out-Market and Out-Activate
Disciplined Focus on Out-Market and Out-Activate will Continue to Unlock Long-Term Growth OUT- INNOVATE Holistic Blueprint for Growth Win Building Brand Love with Consumers OUT- ACTIVATE OUT- Digital Transformation MARKET KIMBERLY-CLARK CAGNY 2026 27
Slide 28: We're Positioned to Benefit from Demographic Trends
We’re Positioned to Benefit from Demographic Trends in Key Cohorts WOMEN’S HEALTH BABY CARE ACTIVE AGING +125M +65M 4.6% +45M Births / year Girls Entering Puberty / year category growth Women Entering Menopause / year 4.7% +850M category growth People 65+ next 10 years 8.7% *Euromonitor Population D
Slide 29: Delivering a Holistic Blueprint for Growth That is Scalable
Delivering a Holistic Blueprint for Growth That is Scalable 1 2 3 FACT-BASED GROWTH MAP CONSUMER TRUTHS CAPTURING GROWTH Growth Lever Base Drivers & Barriers Priorities Assessment (GLBA) for Growth by Sector More Users | More Usage | More Benefits KIMBERLY-CLARK CAGNY 2026 29
Slide 30: Unlocking Pathways to Grow Users, Usage, and Benefits
Unlocking Pathways to Grow Users, Usage, and Benefits MORE USERS MORE USAGE MORE BENEFITS Mighty Dragon Long-lasting absorbency and leak protection Skin Essentials Deep Sleep Master Training Pants Proprietary Skin Long lasting protection Driving new occasions Protect Liner Uninterrupted Sleep and re
Slide 31: Unlocking Pathways across Multiple Categories and Countries
Unlocking Pathways across Multiple Categories and Countries MORE USERS MORE USAGE MORE BENEFITS New Global Comms platform GRAVITY BIO-CARE OVN PANTS Pulls blood to bottom of pad pH proactive layer defends 360° protection for leaving no surface residue LINERS TAMPONS from bacteria & odor uninterrupte
Slide 32: We're Building Brand Love
We’re Building Brand Love KIMBERLY-CLARK CAGNY 2026 32
Slide 33: Huggies Little Marks
HUGGIES Little Marks +290bps Since Launch SOFTER WAISTBAND: Up to 12h Hugs baby's anti leakage tummy and protection legs to prevent red marks Better absorption quality KIMBERLY-CLARK CAGNY 2026 33
Slide 34: Sweety Gold Pants and Sweety Skin Premium with Dual Zone Tech
Sweety Gold Pants and Sweety Skin Premium with Dual Zone Tech From… KIMBERLY-CLARK CAGNY 2026 34
Slide 35: Sweety Gold Pants and Sweety Skin Premium with Dual Zone Tech
Sweety Gold Pants and Sweety Skin Premium with Dual Zone Tech 34% To First in Indonesia! Sales Growth in Total Sweety Premium Range 2 Special Zones to separate Pee & Poo, No Worry Irritation KIMBERLY-CLARK CAGNY 2026 35
Slide 36: Huggies Little Movers HuggFit 360
HUGGIES Little Movers HuggFit 360° Huggies Share +91bps within past 12 months KIMBERLY-CLARK CAGNY 2026 36
Slide 37: Poise: Stop The Whispering
Poise: “Stop The Whispering” From… KIMBERLY-CLARK CAGNY 2026 37
Slide 38: Poise: Stop The Whispering
Poise: “Stop The Whispering” To Share of Adult Care Share of Light End Bladder Leakage Poise Fresh Protection Share of Light End Bladder Leakage +30 bps +170 bps +27 bps +14 bps within 1st 12 months within 1st 12 months within the latest within the latest of new packaging launch of new packaging lau
Slide 39: New Global Kotex Platform – Own Your Flow
New Global KOTEX Platform – Own Your Flow KIMBERLY-CLARK CAGNY 2026 39
Slide 40: Kotex: Own Your Flow
Kotex: “Own Your Flow” From… KIMBERLY-CLARK CAGNY 2026 40
Slide 41: Kotex: Own Your Flow
Kotex: “Own Your Flow” To END-TO-END RELAUNCH: Product, Packaging, Visual ID, Global Platform, Social Content, and Consumer Engagement KIMBERLY-CLARK CAGNY 2026 41
Slide 42: Building Best-In-Class Creative and Design
Building Best-In-Class Creative and Design 11 NEW AGENCY WINNING WITH CONSUMERS MODEL ACTIVATION Elevating Creative Quality and Impact 8 2 1 Consistent Brand Output LIONS LIONS LION Complexity Reduction ~10 bps 190 bps 10% Growth Market Share Household Penetration Retail Sales Cost Benefit KIMBERLY-
Slide 43: Building Top-Tier Digital Capabilities
Building Top-Tier Digital Capabilities that Deliver Transformative and Sustainable P&L Impact DIGITAL TRANSFORMATION • AI-empowered content @ scale • Elevate eCommerce analytics to drive accelerated growth • Enhanced brand discovery and commerce with generative search / large language models • E-com
Slide 44: Building a Consumer-Led Advantage Through Digital Engagement
Building a Consumer-Led Advantage Through Digital Engagement +330bps 63% Cost Per View +890 bps 30% -60% Share gain since 2019 5s video view% CPV Before After KIMBERLY-CLARK CAGNY 2026 44
Slide 45: Scaling Proven Digital Capabilities to Win in Online Channels
Scaling Proven Digital Capabilities to Win in Online Channels PROVEN MODEL SCALED TO INDONESIA WITH MEANINGFUL EARLY RESULTS, BRAZIL NEXT Indonesia digital success metrics (first 3-4 months of pilot) Winning content & recruitment… …tied to key business results Avg monthly brand search Store GMV (Tik
Slide 46: Leveraging Digital and Automation to Reach Personalized Audiences at Scale
Leveraging Digital and Automation to Reach Personalized Audiences at Scale Automation Personalization Winning in High-Growth Channel Selected by Key E- Commerce Player TEST Personalizing +200bps as Beta Partner category discovery Share gain since 2023 Custom audiences made Propensity modeling with U
Slide 47: We're Building Brand Love Through Our Disciplined, Focused, and Scalable Approach
We’re Building Brand Love Through Our Disciplined, Focused, and Scalable Approach Holistic Blueprint for Growth OUT- INNOVATE Best-in-Class Creative and Design Win with Consumers Digital Transformation OUT- OUT- ACTIVATE MARKET KIMBERLY-CLARK CAGNY 2026 47
Slide 48: Accelerating Growth Through Execution
Accelerating Growth Through Execution Russ Torres President & Chief Operating Officer KIMBERLY-CLARK CAGNY 2026
Slide 49: Powering Care is Powering Our Momentum
Powering Care is Powering Our Momentum INVEST OUT-INNOVATE FOR IMPACT BEST PRODUCT, POWERING OUT- LOWEST MARKET COST CARE VOLUME + MIX OUT-ACTIVATE LED GROWTH KIMBERLY-CLARK CAGNY 2026 49
Slide 50: We're Consistently Delivering Volume + Mix Led Growth
We’re Consistently Delivering Volume + Mix Led Growth S HA R E U P/ E VE N I N +2.6% 8 2/3rds Volume + mix consecutive country / category growth quarters combinations of solid volume over past in FY 25 +mix performance two years KIMBERLY-CLARK CAGNY 2026 50
Slide 51: Relentlessly Focused on Achieving Best Product at the Lowest Cost
We are Relentlessly Focused on Achieving Best Product at the Lowest Cost T H R E E C O R E S T R AT E G I E S Driving significant Best-in-Class productivity savings1 cost efficiencies2 Value Stream Simplification End-to-end integrated 7.2% optimization of cost 5-6% 6.2% $3B+ in cumulative Network Op
Slide 52: Driving to a Low-Cost Network in North America
Driving to a Low-Cost Network in North America 22% Building a Second reduction in miles traveled North America Existing plants Existing mega-plant New mega-plant mega-plant in Warren, OH Simplified Distribution Footprint Regional Direct Plant Distribution Shipment Centers reduced from increased 9 to
Slide 53: Best Product at Lowest Cost in Vietnam
Best Product at Lowest Cost in Vietnam: Superior Value Diaper with Attractive Margins... in Less than 5 Months Opportunity Action Result Launch 'Mighty Dragon', SUPERIOR PRODUCT leveraging best of K-C from around 'Good' the globe in <5 Months segment is Lower growing in % 25 converting cost than Chi
Slide 54: Our Virtuous Cycle is Enabling More Investment in Impact
Our Virtuous Cycle is Enabling More Investment in Impact Advertising & R&D Capex Promotion Investment Investment Investment Incremental ~$150M/year investment 2.3% ~$1.3B 7.3 % 6.7 % 1.9% $1.1B 5.7% 1.7% $0.9B 2022 2025 Q4 2025 2022 2025 Q4 2025 2022 2025 2026 KIMBERLY-CLARK CAGNY 2026 54
Slide 55: The Powering Care Operating Model
The Powering Care Operating Model is Driving Focus on Winning in Market, Increased Speed, and Scale Leverage MARKET 1 MARKET 2 MARKET 3 MARKET 4 R&D Marketing Supply Chain MARKET-DRIVEN, Sales SCALE POWERED Enabling (e.g. HR, Finance) KIMBERLY-CLARK CAGNY 2026 55
Slide 56: Transformations Yielding Differentiated Success in Our Two Most Critical Markets
Transformations Yielding Differentiated Success in Our Two Most Critical Markets Two Growth Engines KIMBERLY-CLARK CAGNY 2026 56
Slide 57: Our $11B North American Business Has Been Transforming
NORTH AMERICA Our $11B North American Business Has Been Transforming into a Top-Tier Performer Transformation Drivers Key Results to Date Superior innovation and appealing +3% Organic Delivered ~300 consumer promises Sales CAGR1 bps2 operating margin with sequential improvement while Advantaged digi
Slide 58: Our Proven China Model Has Driven Success
CHINA Our Proven China Model Has Driven Success in the Most Competitive Market in the World China playbook +890bps Market share Unique and Appealing Consumer Promise BETWEEN 2019 AND 2025 1 >2x Superior Innovation Ecommerce +260bps Share Advantaged Digital Engagement Market share VS. BRICK AND MORTA
Slide 59: Fast and Agile Operating Model Helps Us Win Around the World
Fast and Agile Operating Model is Leveraging Best of Kimberly-Clark to Help Us Win Around the World IPC Organic Growth1 IPC is Gaining Share Momentum IPC Enterprise Markets Accelerated in 2025 IPC FOCUS MARKETS DIAPERS AND PANTS FEM CARE DIAPERS Indonesia +310bps Brazil Vietnam 4.5% 190bps + FY Q4 F
Slide 60: Our Kenvue Integration Team is Up and Running
Our Kenvue Integration Team is Up and Running, and We Are On Track to Close in 2H 2026 Integration Management Office Established 50/50 Enterprise-wide scope 30+ Kimberly-Clark / Kenvue across functions and regions integration initiative teams globally PATH TO CLOSE Shareholder vote overwhelmingly ap
Slide 61: Integration Will Focus on Following the Money to ~$2.1B in Synergies
Integration Will Focus on 'Following the Money' to ~$2.1B in Synergies, While Minimizing Integration Complexity Supply Chain SG&A Growth Acceleration Combined distribution COMMERCIAL: DISTRIBUTION: and logistics Sales coverage, media buying, Combined route to market scale tech stack, etc. and levera
Slide 62: Accelerating Growth Through Execution
INVEST OUT-INNOVATE FOR IMPACT Accelerating Growth POWERING Through Execution BEST PRODUCT, LOWEST COST CARE OUT-MARKET VOLUME + MIX OUT-ACTIVATE LED GROWTH KIMBERLY-CLARK CAGNY 2026 62
Slide 63: Successfully Transforming
BABY CARE WOMEN’S HEALTH ACTIVE AGING GENERATIONAL VALUE CREATION CORE BUSINESS OPPORTUNITY MOMENTUM KENVUE ACQUISITION Successfully Transforming Differentiated Capabilities Core Financial Strength KIMBERLY-CLARK CAGNY 2026 63
Slide 64: Appendix
APPENDIX KIMBERLY-CLARK CAGNY 2026
Slide 65: 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, and Adjus
Slide 66: Non-GAAP: Reconciliation of NA Organic Sales Growth
Non-GAAP: Reconciliation of NA Organic Sales Growth Year Ended December 31 Percentage change vs. the prior year period 2022 2023 2024 2025 Net Sales Growth 6.1 5.0 0.2 (2.4) Currency Translation 0.2 0.3 0.1 0.2 Divestitures and Business Exits (0.5) (0.2) 0.8 4.0 Organic Sales Growth(a) 5.8 5.0 1.1 1
Slide 67: Non-GAAP: Reconciliation of IPC Organic Sales Growth
Non-GAAP: Reconciliation of IPC Organic Sales Growth Percentage change vs. the prior year period Q3 2025 Q4 2025 FY2025 Net Sales Growth 1.9 4.2 (0.9) Currency Translation 0.1 0.2 2.3 Divestitures and Business Exits 0.1 0.1 0.3 Organic Sales Growth(a) 2.1 4.5 1.7 (a) Table may not foot due to roundi
Slide 68: Non-GAAP: Reconciliation of Adjusted Cost of Goods Sold
Non-GAAP: Reconciliation of Adjusted Cost of Goods Sold Three Months Ended December 31 Year Ended 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 69: Non-GAAP: Reconciliation of Adjusted Gross Profit
Non-GAAP: Reconciliation of Adjusted Gross Profit Year Ended December 31 $ Millions 2025 2023 Gross Profit $5,923 $6,269 2024 Transformation Initiative 213 - Sale of Brazil Tissue and Professional Business - 15 Adjusted Gross Profit $6,136 $6,284 Kimberly-Clark has determined the classification of t
Slide 70: 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 71: Non-GAAP: Reconciliation of Adjusted Operating Profit
Non-GAAP: Reconciliation of Adjusted Operating Profit Year Ended December 31 $ Millions 2025 2023 Operating Profit $2,351 $1,928 2024 Transformation Initiative 348 - Kenvue Acquisition 32 - Sale of PPE Business - - Impairment of Intangible Assets - 658 Legal Expense - - Sale of Brazil Tissue and Pro