The Procter & Gamble Company

Solid Q3 momentum (top-line + broad-based share/growth), with costs weighing on profitability - Organic sales up >3% YoY, driven by +2 pts volume / +1 pt price / mix flat; all 10 product categories and all 7 regions grew organic sales. - Category strength: Skin & Personal Care high single digits, Hair/Family/Home care mid-single, Personal & other care low single digits; enterprise markets +5%. - North America +4% organic with volume +3 pts (improved consumption + trade inventory dynamics) and price/mix +1 pt. - Global market share “in line with prior year” with 26 of 50 top category-country combinations held or grew share. - But margins down: core gross margin -100 bps and core operating margin -80 bps YoY, as productivity (+330 bps) was more than offset by reinvestment in innovation/demand creation plus energy/cost impacts tied to Middle East conflict.

Earnings & cash: EPS up, but reinvestment + energy costs pressured operating margin - Core EPS: $1.59, +3% YoY on a currency-neutral basis; core EPS in line with prior year (i.e., underlying stability despite pressure). - Adjusted free cash flow productivity: 82%. - Capital returns: $3.2B to shareholders in the quarter ($2.5B dividends + >$600M buybacks). - Dividend action: announced +3% dividend increase (7th consecutive annual increase; 136 consecutive years paid).

Management expects FY26 to land within guidance ranges, but is moving toward the *lower end* due to Middle East-driven cost headwinds - Guidance maintained for FY26, including ~4% organic sales growth and core EPS growth ~in line ~4%, with placeholders unchanged but uncertainty higher. - However: expects full-year EPS toward the lower end of the range. - Key forecast headwinds (new/updated): - ~$150M after-tax FY26 headwind for increased costs from commodity-linked inflation, feedstock exposure, and logistics disruptions from Middle East conflict—“almost all” in Q4. - Earnings offset limits: little opportunity for short-term cost offsets in COGS due to timing; demand creation investments protected (so costs must be managed via productivity and selective pricing, not cuts to demand). - Top-line impact from restructuring still included: ~30–50 bps headwind from exits. - Other guidance items: core EPS range $6.83–$7.09; FX tailwind ~+$200M after tax (unchanged).