Kenvue Inc. · NYSE:KVUE
Kenvue — Consumer Analyst Group of New York (CAGNY) 2025 Conference
47 slides from Kenvue's conference presentation, Feb 19, 2025
Slide 1: Advancing our Journey 2025 CAGNY
Advancing our Journey 2025 CAGNY
Slide 2: Disclaimer
Disclaimer 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’s future operating and financial per
Slide 3: Clinical Solutions
CLINICAL SOLUTIONS: [GUM HEALTH | Gra | = | K€ kenvue | 2025 cacny
Slide 4: 2025 CAGNY
(Benadryl) ALLERGY wo Ftc LISTERINE COOL MINT FORAFRESHER & ‘CLEANER MOUTH THAN
Slide 5: Realize the extraordinary power of everyday care
Realize the extraordinary power of everyday care H€ Kenvue [2025 cacny
Slide 6: Our Advantaged Categories
Our Advantaged Categories aoe hoe. Expandable Profitable ks pa
Slide 7: The Power of Our Brands
The Power of Our Brands K€ kenvue 2025 CAGNY TYLENOL Motrin DR.CI:LABO LISTERINE qq nicorette Consumer Love BT oe Aveeno. Unbeatable . Efficacy BAND-AID
Slide 8: Engage More Consumers
Engage More Consumers K€ kenvue | 2025 cacny
Slide 9: Advancing Our Journey
Advancing Our Journey Sustainable ~~ >y- profitable growth Stronger foundations _~
Slide 10: Seamless Commerce
Seamless Superior & Insights-Led 5 : ommerce Science Innovation =F. Expert Recommended Breakthrough Brand Building
Slide 11: Superior Science
Superior Science °°: Demonstrating _—— nd EB efficacy — for CONSUMES rer : 2 - <3 “ > — ANTICAVITY FLUORIDE MOUTHWASH : __ LISTERINE | _.... sh TOTAL CARE te - 1.241 2 oe OTECTIO 2 = re e) be mesy K€ kenvue | 2025 cacny =
Slide 12: Expert Recommended
Expert Recomment ed — sé Strengthening y S endorsements yee by healthcare professionals K€ kenvue | 2025 cacny
Slide 13: Insights-Led Innovation
Insights-Led_. Innovation ¢, Bolder _—s Faster ... ‘ * K€ kenvue | 2025 cacny
Slide 14: Breakthrough Brand Building
Breakthrough Brand Building \ Leveraging next-gen marketing model K kenvue | 2025 CAGNY
Slide 15: Seamless Commerce
Seamless Commerce Improving omnichannel excellence K€ kenvue | 2025 cacny
Slide 16: Seamless Commerce
Seamless Commerce Superior & Insights-Led Science . Innovation — a Expert Recommended Breakthrough Brand Building <d i Kenvue Extraordinary Powe
Slide 17: Realizing the Extraordinary Power of Superior Science
Realizing the Extraordinary Power of Superior Science an Neutrogena’ ULTRA ‘SHEER’ Face Liquid Sunsereen I kenvue | 2025 cacny >» =
Slide 18: Realizing the Extraordinary Power of Expert Recommended
Realizing the Extraordinary Power of Expert Recommended TYLENOL Care Without Limits . PRECISE 4 Hy KK kenvue | 2025 CAGNY
Slide 19: Realizing the Extraordinary Power of Insights-Led Innovation
Realizing the Extraordinary Power of Insights-Led Innovation == ae er face K€ kenvue | 2025 cAGNY
Slide 20: Realizing the Extraordinary Power of Breakthrough Brand Building
Realizing the Extraordinary Power of Breakthrough Brome Building joderal envue | 2025 CAGNY
Slide 21: Realizing the Extraordinary Power of Seamless Commerce
Realizing the Extraordinary i x *? _ i -_ eamless ommerce ‘ am 9 J v (oe iow” x K€ kenvue | 2025 cacny
Slide 22: Seamless Commerce
Seamless Superior & Insights-Led 5 : ommerce Science Innovation =. Expert Breakthrough Brand Building <d i Kenvue Extraordinary Powe
Slide 23: Tylenol Gaining Record Share
Tylenol Gaining (geo acoso Record Share | if A Expert Recommended Strongon pain, — easy to swallow. cal Seamless Commerce Superior Science I€ kenvue | 2025 cacny 23
Slide 24: Aveeno Baby
Aveeno Baby Growing 3x Category in U.S. Aveeno. Expert Recommended Clinically proven to nourish vulnerable, newborn skin Superior Science K€ kenvue | 2025 cacny Insights-Led Breakthrough Innovation Brand Building new f ‘thejggmiamnshield from germs'& irritants Make self-care moegro a can-do! Seamles
Slide 25: Benzac
Bern os Share in U.S. Facial Care §- - Expert f \ Clinically Proven a< ») Recommended = — MALT a EY f Seamless Commerce K€ kenvue | 2025 cacny os Superior Science f
Slide 26: Our Brands
Our Brands KH kenvue | 2025 cacny Self Care 80% of 2024 revenue gaining share 1 AA | - *s Essential Health 2024 strongest year in 6 years Skin Health & Beauty Neutrogena Face returned to #1 in the U.S. High-single-digit growth in EMEA & LATAM in 2024 26
Slide 27: K€ kenvue | 2025 cacny
K€ kenvue | 2025 cacny
Slide 28: Delivered Mixed Results in 2024
Delivered Mixed Results in 2024 Organic Sales! ° Growth +1.5% x Adjusted Operating ° Income Margin! 21.5% Adjusted Diluted EPS $1.14 JS K€ kenvue | 2025 cacny "Non AAP A included in the Appendix to this presentation ond available ot investors kenvue.com. 28
Slide 29: Strengthening Performance in 2025
Strengthening Performance in 2025 eerie cccsting on strong commercial plans i 1 Organic Sales +2% to +4% Driving productivity and . . efficiencies to fuel brand Adjusted Operating Income Margin! Up y/y investments . . Flat to +2% y/y Offsetting headwinds Adjusted Diluted : F Eps! Includes MSD headwi
Slide 30: Stronger Commercial Plans Driving Organic Sales Growth in 2025
Stronger Commercial Plans Driving Organic Sales’ Growth in 2025 40% more innovation supported by breakthrough brand building media investments Volume growth supported by Ts distribution gains and Cc] incremental trade spend LC RGM to more than offset trade [J investments Price, Net of Inventory and
Slide 31: 2025: A Tale of Two Halves
2025: A Tale of Two Halves Distribution & Incremental Promotions Price, Net of Trade Spend Incremental Innovation F Media K€ kenvue | 2025 cacny Inventory and Other 1H 2025 ® 2H 2025 31
Slide 32: Runway for Continued Gross Profit Margin Improvement
Runway for Continued Gross Profit Margin Improvement Drivers Productivity e Procurement efficiencies e Network optimization e Automation and smart operations Revenue Growth Management Value engineering/price-pack architecture Gross margin accretive innovation K€ kenvue | 2025 cacny 60.4% 58.4% 2023
Slide 33: Driving Efficiencies and Reinvesting Behind Our Brands
Driving Efficiencies and Reinvesting Behind Our Brands 2023 2024 2025E 2023 2024 2025E 2023 2024 2025E Operating Expense? Brand Support? Adjusted Operating Profit Margin! —— Operating Expense/Sales —— rand Support/Sales Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measu
Slide 34: Improving FCF Generation
Improving FCF Generation Figures $2.7 : + Separation costs + Normalized inde - : - Restructuring costs restructuring & : - Elevated capex capex costs + Initial working capital + Improved working improvement capital with fit- ($0.7) | for-purpose $1.3 systems Operational Non Operational : Non 2023 2
Slide 35: Disciplined Capital Allocation
Disciplined Capital Allocation Attractive dividend policy Healthy balance sheet Deliver attractive returns to shareholders Prudent management of debt levels Disciplined M&A Share repurchases Continuously evaluate value enhancing Current plans target offsetting dilution opportunities K€ kenvue | 2025
Slide 36: Driving Long Term Value Creation
Driving Long Term Value Creation Durable sales growth Organic sales growth ahead of category growth Strong and improving profitability Earnings growth! outpacing organic sales growth Reliable cash flow generation Growing annual free cash flow Disciplined financial stewardship Disciplined capital all
Slide 37: Accelerating Our Performance
Accelerating Our Performance Kenvue Actions Expected Outcomes K€ kenvue | 2025 cacny + Exit remaining TSAs + Year 2 of cost reductions + Year 2 of brand reinvestment + Leverage new operating model + Mobilize new culture & talent + Drive Extraordinary Powers + Accelerate organic sales growth in 2H25
Slide 38: I€ kenvue | 2025 cacny
I€ kenvue | 2025 cacny
Slide 39: H€ Kenvue | 2025 cacny
H€ Kenvue | 2025 cacny
Slide 40: Organic Sales Change
Organic Sales Change Fiscal Twelve Months Ended December 29, 2024 vs December 31, 2023") Reported Net sales change Impact of foreign currency Organic sales change (Unaudited; Dollars in Millions) Amount Percent Amount Amount Percent Self Care $ 76 12 %$ (44) $ 120 19 % Skin Health and Beauty (138) (
Slide 41: Total Segment Net Sales
Total Segment Net Sales Net Sales Fiscal Twelve Months Ended (Unaudited; Dollars in Millions) December 29, 2024 December 31, 2023, Self Care 6,527 6,451 ‘Skin Health and Beauty 4,240 4,378 Essential Health 4,688 4,615 K€ kenvue | 2025 cacny a
Slide 42: Total Segment Adjusted Operating Income
Total Segment Adjusted Operating Income Adjusted Operating Income Fiscal Twelve Months Ended (Unaudited; Dollars in Millions) December 29, 2024 December 31, 2023 Self Care Adjusted operating income 2,473 2,299 Skin Health and Beauty Adjusted operating income 607 679 Essential Health Adjusted operati
Slide 43: Non-GAAP Reconciliations (FY'24)
Non-GAAP Reconciliations (FY’24) Fiscal Twelve Months Ended December 29, 2024 (Unaudited; Dollars in Millions) As Reported ‘Adjustments Reference Fs Adjusted Net sales $ 15,455 - $ 15,455 Gross profit $ 8,959 369. (a) $ 9,328 Gross profit margin 58.0% 60.4 % Operating income $ 1,841 1,487 (a)-(d) $
Slide 44: Non-GAAP Reconciliations (FY'23)
Non-GAAP Reconciliations (FY’23) (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) EBITDA margin (non-GAAP) Detail
Slide 45: Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share Fiscal Twelve Months Ended (Unaudited) December 29, 2024 December 31, 2023 Diluted earnings per share $ 0.54 $ 0.90 Adjustments: Separation-related costs 0.15, 0.25 Conversion of stock-based awards 0.02 0.03 Restructuring and operating model optimization initiativ
Slide 46: Free Cash Flow
Free Cash Flow (Unaudited; Dollars in Billions) Net cash flows from operating activities Purchases of property, plant, and equipment K€ kenvue | 2025 cacny Fiscal Twelve Months Ended December 29, 2024 December 31, 2023 (0.4) 3.2 (0.5) 46
Slide 47: 2025 Guidance Non-GAAP Reconciliations
2025 Guidance Non-GAAP Reconciliations Organic Sales Reconciliation Fiscal Year 2025 (Unaudited) Forecast Net Sales Change (1)% - 1% Adjustments: Impact of foreign currency (3) Kenvue is not able to provide the most directly comparable GAAP measures or reconcile Adjusted diluted earnings per share,
Kenvue — Consumer Analyst Group of New York (CAGNY) 2025 Conference on 6ix