Slide 1: Third Quarter Earnings Results
Third Quarter Earnings Results October 26, 2023 B€ kenvue
Slide 2: Introduction
Introduction /— Chief Executive Officer and Director Chief Financial Officer Head of Investor Relations Ne Thibaut Mongon Paul Ruh Tina Romani K€ kenvue
Slide 3: Disclaimer
Disclaimer K€ kenve Cautionary note on forward-looking statements This presentation contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements about management's expectations of Kenvue Inc.'s (“Kenvue”) future ‘o
Slide 4: Brand images
a Aveen Daily Moisturizing lore Invensely Nowrishes onsen FLEXIBLE FABRIC ge BAND-AID
Slide 5: A Moment in History
A Moment in History 8/23 Kenvue becomes an independent company ~22k About 22,000 Kenvuers focused on building a fit-for-purpose model S&P 500 Kenvue represented within the index
Slide 6: Third quarter highlights
Reported net sales increased 3.3% to $3.9 billion hlights 02 Organic growth’ of 3.6% this quarter on top of 4.7% growth last year Reported EPS $0.23 & Adjusted EPS! $0.31 Full year 2023 organic growth’ expected to be 5.5% to 6.0% Adjusted diluted earnings per share’ expected to be $1.26 - $1.28 1 No
Slide 7: Self Care
Self Care Well-being is Our Priority (— > +6.7% Organic growth! Growth in all product categories of the portfolio Ne S K ene 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules to this presentation and to the earnings release avail
Slide 8: Self Care Highlights
Q3 2023 Self Care Highlights ‘S) Global share gains behind successful brand activation S) Successful premium innovation across product categories S) Strong consumer loyalty for our iconic brands K€ kenve
Slide 9: Skin Health & Beauty
Skin Health & Beauty Everyday Rituals Are Our Expertise a > -0.4% Organic growth! Executing on plans to gradually improve performance XN S BH renvue 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules to this presentation and to th
Slide 10: Skin Health & Beauty Highlights
Q3 2023 Skin Health & Beauty Highlights C) Underlying progress in the U.S. behind service recovery (S)) Portfolio rationalization initiatives in 2022 and market softness in China impacted : volume growth = SC) Strong performance in Latin America and Europe due to successful innovation and brand acti
Slide 11: Essential Health
Essential Health Raising the Standard of Care ( » +3.8% Organic growth’ Innovation in oral care, premiumization in , women’s health and an strength in U.S. baby care fueling growth ail Ne y, 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanyin
Slide 12: Essential Health Highlights
Q3 2023 Essential Health Highlights Strong global leadership position Supply recovery, value realization and successful product launches ORC) Share gains in Listerine through innovation and healthcare professional recommendations ) K ene
Slide 13: Healthy Growth Driven by the Power of Our Portfolio
Healthy Growth Driven by the Power of Our Portfolio of Iconic Brands K€ kenvue
Slide 14: Q3 2023 Financial Results
©) Q3 2023 Financial Results
Slide 15: Net sales growth: reported, organic, value realization, volume
Reported Organic1 Value Realization2 Volume
Slide 16: Net sales growth by segment
Reported Organic1 Reported Organic1 Reported Organic1
Slide 17: Q3 Gross Profit Margin
Q3 Gross Profit Margin Reported Gross Profit Margin ( adjusted Gross Profit Margin’ \, ~ Drivers \ 57.5% Q3 2022 Q3 2023 J Q3 2022 59.4% Q3 2023 7 S) Value realization2 Proactive productivity initiatives in Supply Chain Non-recurring separation related benefits ‘S) ~130 basis points of worsening for
Slide 18: Q3 Operating Income Margin
Q3 Operating Income Margin' . . > / Adjusted Operating Income \ . > Operating Income Margin Margin! Drivers ©) Negative impact of foreign currency 23.3% Incremental standalone public company costs of 18.1% ~$50-60 million, in line . with expectations Investment in fit-for- purpose consumer focused t
Slide 19: Q3 Net Income and Earnings Per Share
Q3 Net Income and Earnings Per Share Reported Net Income in mitions ~ (n djusted Net Income? in mitions > / Earnings per Share ~ $438 Q3 2022 Q3 2023 \ w \ $590 Q3 2022 Q3 2023 7 R ted piuted ~=$0.23 Adj d Dives’ ~=— 0.31 NN 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financi
Slide 20: Commitment to Disciplined Capital Stewardship
Commitment to Disciplined Capital Stewardship Robust durable cash flow ~$2 Billion Net cash flows from operating activities YTD 2023 ( ) ( ., > . . . ( Healthy Attractive Disciplined Share balance sheet dividend policy M&A repurchases * Strong liquidity position + Paid third quarter cash * Continuou
Slide 21: Full-Year 2023 Guidance
Full-Year 2023 Guidance increased translational foreign| Reported Net Sales Growth 4.0% - 4.5% 4.5% - 5.5% crcaningo lions Organic Growth! 5.5% - 6.0% 5.5% - 6.5% [Pettarstere coco clean Reported Interest Expense, Net ~$270M ~$270M No change Adjusted Interest Expense, Net’ ~$300M ~$300M No change Ch
Slide 22: Q&A
&A Thibaut Mongon Paul Ruh Chief Executive Officer and Director Chief Financial Officer a I< \ K€ kenvue
Slide 23: Kenvue
B€ Kenvue
Slide 24: Appendix
Slide 25: Organic Growth (Q3 2023)
Organic Growth Fiscal Three Months Ended October 1, 2023 vs October 2, 2022() Impact of foreign Reported Net sales change currency Organic growth @) (Unaudited; Dollars in Millions) Amount Percent Amount Amount Percent Self Care $ 97 6.4% $ (4) $ 101 67 % Skin Health and Beauty (5) (0.4) - (5) (0.4)
Slide 26: Organic Growth (Q3 2022)
Organic Growth Fiscal Three Months Ended October 2, 2022 vs October 3, 2021 Milton Dollars in Reporeange sales mpecrvency Organic? Price/Mix® Volume Self Care 22 % (4.8)% 6.9 % 5.1% 1.9 % Skin Health and Beauty 01 (4.9) 5.0 44 0.6 Essential Health (4.5) (5.9) 1.6 6.3 (4.8) © Acquisitions and divesti
Slide 27: Organic Growth (Nine Months 2023)
Organic Growth Fiscal Nine Months Ended October 1, 2023 vs October 2, 2022 Impact of foreign Reported Net sales change currency Organic growth @) (Unaudited; Dollars in Millions) Amount Percent Amount Amount Percent Self Care $ 452 10.1% $ (84) $ 536 12.0 % Skin Health and Beauty 15 3.5 (52) 167 Sil
Slide 28: Total Segment Net Sales and Total Adjusted Operating Income
Total Segment Net Sales and Total Adjusted Operating Income “ Net Sales Net Sales Fiscal Three Months Ended. Fiscal Nine Months Ended (Unaudited; Dollars in Millions) October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Self Care 1,613 1,516 4,914 4,462 Skin Health and Beauty 1,19 1,124 3
Slide 29: Total Adjusted Operating Income
Total Adjusted Operating Income “ Fiscal Three Months Ended (Unaudited; Dollars in Millions) April 2, 2023 duly 2, 2023 October 1, 2023, Self Care Adjusted operating income $ 582 $ 576 $ 583 Skin Health and Beauty Adjusted operating income 150 200 167 Essential Health Adjusted operating income 210 a
Slide 30: Non-GAAP Reconciliation (QTD)
Non-GAAP Reconciliation (QTD) (a) (b) (c) (d) Ce) w (g) Ch) fi) (Unaudited; Dollars in Millions) Net sales Gross profit Gross profit margin Operating income Operating income margin Net Income Net income margin Interest expense, net Provision for taxes Depreciation and amortization EBITDA (non-GAAP)
Slide 31: Non-GAAP Reconciliation (QTD)
Non-GAAP Reconciliation (QTD) (a) (b) (c) (d) Ce) (Unaudited; Dollars in Millions) Net sales Gross profit Gross profit margin Operating income Operating income margin Net Income Net income margin Provision for taxes Depreciation and amortization EBITDA (non-GAAP) EBITDA margin Detail of Adjustments
Slide 32: Non-GAAP Reconciliation (YTD)
Non-GAAP Reconciliation (YTD) (a) (b) (c) (d) (e) o) (g) Ch) 0) Q) (k) a (Unaudited; Dollars in Millions) Net sales Gross profit Gross profit margin Operating income Operating income margin Net Income Net income margin Interest expense, net Provision for taxes Depreciation and amortization EBITDA (n
Slide 33: Non-GAAP Reconciliation (YTD)
Non-GAAP Reconciliation (YTD) (a) (b) (c) (d) (e) wn (Unaudited; jollars in Millions) Net sales Gross profit Gross profit margin Operating income Operating income margin Net Income Net income margin Provision for taxes Depreciation and amortization EBITDA (non-GAAP) EBITDA margin Detail of Adjustmen
Slide 34: Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share Fiscal Three Months Ended Fiscal Nine Months Ended (Unaudited) October 1, 2023 October 1, 2023 Diluted earnings per share $ 0.23 $ 0.73 Adjustments: Separation-related costs 0.07 0.18 Amortization and impairment of intangible assets 0.04 0.13 Conversion of share-b