Kenvue Inc. · NYSE:KVUE
Kenvue — Q4 2025 Earnings Presentation
37 slides from Kenvue's earnings presentation, Jan 27, 2026
Slide 1: Powering Care Q4 2025 Earnings
POWERING CARE Q4 2025 EARNINGS January 27, 2026
Slide 2: Forward-looking statements
Certain matters contained in this presentation concerning our plans and expectations regarding the pending mergers with Kenvu e a nd the pending International Family Care and Professional (“IFP”) joint venture transaction with Suzano (“IFP Transaction”), the business outlook, including raw material,
Slide 3: Powering Care: How We Create Durable Growth
POWERING CARE: How We Create Durable Growth OPTIMIZE Our Margin Structure WIRE Our Organization for Growth ACCELERATE Pioneering Innovation Powering Care BREATHABILITY Powerhouse Categories & Brands Science Is Our Competitive Advantage Scalable Capabilities Led by Top Talent
Slide 4: Enhancing Focus on Right-to-Win Spaces
4 ENHANCING FOCUS ON RIGHT - TO - WIN SPACES Brazil Tissue Mid - 2023 Personal Protective Equipment Business Mid - 2024 North America Private Label 2022 - 2025 International Family Care & Professional JV On target for Mid - 2026 Sharpened focus on core personal care categories Shifted portfolio towa
Slide 5: Acquiring Kenvue to Create a $32 Billion Pure-Play Global Health & Wellness Leader
c 5 Acquiring Kenvue to Create a $32 Billion Pure - Play, Global Health & Wellness Leader 1 Inclusive of approximately $1.9 billion in cost synergies and approximately $500 million in incremental profit from revenue s yne rgies, partially offset by reinvestment of approximately $300 million 2 Kimber
Slide 6: Our Value Creation Paradigm Is Powered by Our Virtuous Cycle
6 OUR VALUE CREATION PARADIGM IS POWERED BY OUR VIRTUOUS CYCLE VIRTUOUS CYCLE Invest in Product Differentiation Invest in Brand Love Invest in Customer Partnerships Deliver Top - tier Financial Performance Grow Volume + Mix Reduce Costs & Enhance Efficiency EXCELLENCE ON FUNDAMENTALS DRIVES OUR VIRT
Slide 7: Category-Bending Performance with Proprietary Science-Based Innovation
c Category - Bending Performance with Proprietary Science - Based Innovation Across Key Markets in the Last 2 Years North America China South Korea Australia Brazil Indonesia Leak Free Confidence Garment Like Comfort Skin Health Overnight 7 INVEST IN PRODUCT DIFFERENTIATION
Slide 8: Building Brand Love & Crushing Stigma Across Categories
Building Brand Love & Crushing Stigma Across Categories Goodnites Astronaut – Scott Kelly Poise Giggle Dribble – Katherine Heigl Huggies HugFit360 – Giannis Antetokounmpo 11 Cannes Wins in 2025, nearly 2x of wins in last 5 years Depend – Emmitt Smith Kotex - Where there are girls, there should be sa
Slide 9: Consumer-Centric Innovation Driving Pivot to Durable Volume+Mix Led Organic Growth
Consumer - Centric Innovation Driving Pivot to Durable Volume+Mix Led Organic Growth 1 - 1.6% - 0.7% 1.0% 2.6% 7.7% 5.5% 2.7% - 0.9% FY22 FY23 FY24 FY25 Volume + Mix Price 78 %* Innovation Contribution To FY25 Volume + Mix Led Growth GROW VOLUME + MIX +6.1% +4.8% +3.9% +1.7% Organic Growth 1 *Repres
Slide 10: Stepping Up Gross Productivity Savings
10 Stepping Up Gross Productivity Savings Gross Productivity includes Productivity generated from end - to - end Integrated Margin Management and from Procurement initiatives REDUCE COSTS & ENHANCE EFFICIENCY Exceeded the targeted range of 5 - 6% Gross Productivity Savings in 2025 2 Value Stream: De
Slide 11: Reduce Costs & Enhance Efficiency
REDUCE COSTS & ENHANCE EFFICIENCY 2 50 % 6 % Consecutive Years of Adjusted Cost of Goods Sold 1 of 5 - Year Ambition 100.0 100.0 100.0 97.2 96.0 95.9 98.4 95.6 93.8 Consumer Personal Care Baby & Child Care FY23 FY24 FY25 Standard Unit Cost – (indexed to FY23 actuals) • Drove simplification by reduci
Slide 12: Segment Results & Highlights
SEGMENT RESULTS & HIGHLIGHTS
Slide 13: International Personal Care
13 International Personal Care Organic growth 1 +5.7 % +3.6 % OPERATING MARGIN VOLUME + MIX Organic Growth 1 Operating Profit Growth • Q4 volume+mix growth accelerates to 5.7% from growth across all 5 Focus Markets and Enterprise Markets • 2025 weighted share gain of +50 bps in Focus Markets led by
Slide 14: Scaling Winning Ideas from China Across Focus Markets
Scaling Winning Ideas from China Across Focus Markets to Out - Innovate Competition INTERNATIONAL PERSONAL CARE China South Korea Australia Brazil Indonesia Leak Free Confidence Garment Like Comfort Skin Health Overnight 14 INVEST IN PRODUCT DIFFERENTIATION
Slide 15: Winning Recruitment Through Resonant Campaigns and Digital Capabilities
Winning Recruitment Through Resonant Campaigns and Digital Capabilities INTERNATIONAL PERSONAL CARE Where there are girls, there should be sanitary pads First in China to place sanitary pad vending machines in 24 metro stations across 5 cities SIRIH - ously Asli SIRIH - ouslyAsli is a wordplay inspi
Slide 16: North America
16 North America 1 Non - GAAP financial measure. Refer to the appendix of this presentation for reconciliations of our GAAP to non - GAAP measures. • Strong volume+mix led organic growth delivery in the quarter and the full year in a challenging, value - conscious, consumer environment • Volume grow
Slide 17: Invest in Product Differentiation: North America
INVEST IN PRODUCT DIFFERENTIATION Leak Free Confidence Garment Like Comfort Skin Health Overnight Cascaded Innovation Across Value Spectrum, Meaningful Portfolio Refresh NORTH AMERICA 17
Slide 18: Building Consumer Connections Through Relevant and Impactful Partnerships
INVEST IN BRAND LOVE: Building Consumer Connections Through Relevant and Impactful Partnerships Building Brand Love and Driving Executional Excellence NORTH AMERICA Giannis Antetokounmpo Scott Kelly Katherine Heigl INVEST IN CUSTOMER PARTNERSHIPS: Execution Excellence Driving Key Metric Improvement
Slide 19: Financial Results & Outlook
19 FINANCIAL RESULTS & OUTLOOK
Slide 20: 2025: Durable Delivery in a Turbulent Environment
13.1% 0.1% 2.1% 1.7% Q4’25 Broad - based volume growth while brands gained global weighted share +10 bps Strong gross productivity and overhead efficiency deliver solid operating profit performance in a challenging environment Stable, consistent earnings delivery reflecting structural stability, dis
Slide 21: Performing While Transforming
14.8% 16.6% 18 - 20% 2023 2025 Aspiration² + 180 bps 36.6% 37.3% 40.0% 2023 2025 Aspiration² + 70 bps + Performing While Transforming Strong progress across business fundamentals - 1.6% - 0.7% 1.0% 2.6% FY22 FY23 FY24 FY25 Volume + Mix Adjusted Gross Margin 1 14.4% 13.6% (80) bps Adjusted RSG&A as %
Slide 22: Strong Cash Flow Delivery While 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 Sales 2 Adj. Free Cash Flow 1 ($Billions) Leverage (Net Debt (3) / Adj. EBITDA (4) ) 2.0 1.9 2.8 2.7 1.9 2021 2022 2023 2024 2025 2.5 2.3 1.9 1.8 1.8 2021 2022
Slide 23: Long-Term Growth & Return Algorithm Remains
Strong Visibility on Long - Term Growth & Return Algorithm Remains ORGANIC NET SALES GROWTH 1 Lead Market Growth ADJUSTED OPERATING PROFIT 1 Mid - to - High Single Digit Constant - currency Growth 1 ADJUSTED EARNINGS PER SHARE 1 Mid - to - High Single Digit Constant - currency Growth 1 ADJUSTD FREE
Slide 24: 2026 Outlook
24 2026 Outlook (2) 1 Kimberly - Clark does not provide a reconciliation of these forward - looking non - GAAP financial measures to the most directly comp arable GAAP financial measures on a forward - looking basis because it is unable to predict certain adjustment items without unreasonable effort
Slide 25: Expect to Deliver On-Algorithm Adj. EPS Growth
$7.53 2025 2026E 2027E 2028E Expect to Deliver On - Algorithm Adj. EPS Growth 1 by Year 2 of Integration Acquisition model built on conservative set of assumptions Significant reinvestment planned Clear path to synergies, with ~80% of cost capture by Year 2 of integration 2026 - 2028 Adjusted EPS CA
Slide 26: Becoming a Global Health & Wellness Leader
26 Advancing Women's Health Pioneering Active Aging Leading Baby Care Invest in Product Differentiation Invest in Brand Love Invest in Customer Partnership Deliver Top - tier Financial Performance Grow Volume + Mix Reduce Costs & Enhance Efficiency EXCELLENCE ON FUNDAMENTALS DRIVES OUR VIRTUOUS CYCL
Slide 27: Appendix
APPENDIX
Slide 28: Non-GAAP financial measures definitions
The following provides the reconciliation of the non - GAAP financial measures provided in this presentation to the most closely r elated GAAP measure. These measures include: Organic Sales Growth, Adjusted Cost of Goods Sold, Adjusted Gross Profit, Adjusted RSG&A, Adjusted Operating Profit, Adjuste
Slide 29: Reconciliation of Organic Sales Growth
29 Non - GAAP: Reconciliation of Organic Sales Growth Year Ended December 31, 2025 Three Months Ended December 31, 2025 Total IPC NA Total IPC NA Percentage change vs. the prior year period (2.1) (0.9) (2.4) (0.6) 4.2 (3.0) Net Sales Growth 0.9 2.3 0.2 0.1 0.2 0.1 Currency Translation 2.9 0.3 4.0
Slide 30: Reconciliation of Organic Sales Growth
30 Non - GAAP: Reconciliation of Organic Sales Growth Year Ended December 31 2024 2023 2022 Percentage change vs. the prior year period (2.0) 1.1 3.8 Net Sales Growth 4.2 3.0 2.6 Currency Translation 1.6 0.7 (0.3) Divestitures and Business Exits 3.9 4.8 6.1 Organic Sales Growth (a) (a) Table may n
Slide 31: Reconciliation of Adjusted Cost of Goods Sold
31 Non - GAAP: Reconciliation of Adjusted Cost of Goods Sold Year Ended December 31 Three Months Ended December 31 2024 2025 2024 2025 $ Millions $10,516 $10,524 $2,659 $2,615 Cost of Products Sold (144) (213) (68) (44) 2024 Transformation Initiative $10,372 $10,311 $2,591 $2,571 Adjusted Cost of
Slide 32: Reconciliation of Adjusted Gross Profit
32 Non - GAAP: Reconciliation of Adjusted Gross Profit Year Ended December 31 Three Months Ended December 31 2023 2024 2025 2024 2025 $ Millions $6,269 $6,289 $5,923 $1,445 $1,465 Gross Profit - 144 213 68 44 2024 Transformation Initiative 15 - - - - Sale of Brazil Tissue and Professional Business
Slide 33: Reconciliation of Adjusted RSG&A
33 Non - GAAP: Reconciliation of Adjusted RSG&A Year Ended December 31 2023 2025 $ Millions $3,615 $3,528 Marketing, research and general expense (1,139) (1,110) Advertising & Promotion - (142) 2024 Transformation Initiative - (32) Kenvue Acquisition (15) - Sale of Brazil Tissue and Professional B
Slide 34: Reconciliation of Adjusted Operating Profit
34 Non - GAAP: Reconciliation of Adjusted Operating Profit Year Ended December 31 Three Months Ended December 31 2023 2024 2025 2024 2025 $ Millions $1,928 $2,700 $2,351 $420 $507 Operating Profit - 456 348 97 90 2024 Transformation Initiative - - 32 - 32 Kenvue Acquisition - (565) - - - Sale of P
Slide 35: Reconciliation of Adjusted Earnings Per Share
35 Non - GAAP: Reconciliation of Adjusted Earnings Per Share Attributable to Kimberly - Clark Year Ended December 31 Three Months Ended December 31 2024 2025 2024 2025 $7.55 $6.07 $1.34 $1.50 Diluted Earnings per Share Attributable to Kimberly - Clark 1.01 0.86 0.25 0.22 2024 Transformation Initia
Slide 36: Reconciliation of Adjusted Free Cash Flow
36 Non - GAAP: Reconciliation of Adjusted Free Cash Flow For the Year Ended 2025 2024 2023 2022 2021 2020 $ Millions $2,777 $3,234 $3,542 $2,733 $2,730 $3,729 Cash Provided by Operations (1,138) (721) (766) (876) (1,007) (1,217) Capital Expenditures 229 156 - 65 235 249 Cash Restructuring Charges
Slide 37: Press Releases – Previous Quarters
37 Press Releases – Previous Quarters Hyperlink Title Q4 & FY 2020 Kimberly - Clark Announces Year - End 2020 Results And 2021 Outlook Q4 & FY 2021 Kimberly - Clark Announces Year - End 2021 Results And 2022 Outlook Q4 & FY 2022 Kimberly - Clark Announces Year - End 2022 Results And 2023 Outlook Q4