Procter & Gamble Co.

Strong start to FY27 with acceleration in organic sales (demand + share momentum) - Organic sales +4.0% YoY, supported by volume +2.4 points, pricing +0.4, mix +1.0+ (majority of growth driven by volume). - All 10 categories grew organically; Fabric Care, Home Care, Baby Care, Hair Care, Skin & Personal Care, Grooming grew mid-single digits; others low-single digits. - All 6 regions grew organically: North America +3%, Europe +4%, Greater China +8%, and Focus markets +4%. - Share improvement: Global aggregate market share flat, but U.S. top customer base improved sharply—70% of top U.S. customers holding or growing share, up from <10% in 1H FY26 and up from 50% in 2H FY26. Also 29 of 50 top category-country combinations are holding or growing share YTD (up from 25 in 2H FY26).

Bottom line supported by productivity leverage, but margins pressured by commodity/freight + investments - Core EPS $2.00 (described as +1 point vs prior year on a currency-neutral basis), while core gross margin -150 bps and core operating margin -80 bps YoY. - Productivity +250 bps offset higher costs from raw materials, energy, and freight (primarily North America) plus demand creation investments. - Free cash flow productivity: 93% (strong for the quarter).

Key near-term forecast: maintained full-year guidance, with H1 framed as ~3% organic growth - Company is maintaining fiscal 27 guidance ranges (organic sales, core EPS, and FCF productivity). - They expect H1 organic sales growth ~3%, targeting semester-by-semester acceleration into the back half (they compared to last year’s H1 cadence and emphasized quarter-to-quarter “wobble” from base/inventory/timing). - Full-year guidance (all-in GAAP includes Thorn acquisition): - Sales growth 1%–3% (organic growth expected volatile quarter-to-quarter). - Core EPS growth 0%–3% → $6.89 to $7.11. - FCF productivity 85%–90%. - Capital spending 4.5%–5.5% of sales.