The Procter & Gamble Company (PG) 2025 dbAccess Global Consumer Conference summary

Review of results and market environment

• Achieved six consecutive years of 4%+ organic sales growth and eight years of 2%+ Core EPS growth, with $13B+ returned to shareholders in three quarters.

• Organic sales growth for Q1–Q3 2025 was 2%, with nine of ten categories growing or holding share.

• Core EPS for FY 2025 is estimated to grow 2–4%, with currency-neutral Core EPS expected to rise 3–5%.

• Dividend increased by 5% in April, marking the 69th consecutive annual increase, with $146B returned to shareholders over the past decade.

• U.S. and European category growth rates have slowed, and global challenges include trade tensions, tariffs, and geopolitical instability.

Strategic growth opportunities and portfolio management

• Identified $5B market potential in North America and $10B+ in Europe by increasing household penetration and consumption.

• Enterprise Markets offer $10B-$15B sales opportunity by raising per capita consumption to Mexico's levels.

• Recent actions include exiting Argentina, restructuring Nigeria, divesting non-core brands, and expanding acquired brands like Native.

• Productivity initiatives have averaged $1.8B annually, supporting sustainable investment and short-term results.

• Environmental sustainability and digital acumen are key focus areas for long-term value creation.

Restructuring and operational efficiency

• Launching a two-year non-core restructuring program in fiscal 2026, focusing on portfolio, supply chain, and organizational design, including select brand divestitures and potential market exits.

• Up to 7,000 non-manufacturing roles (15% of workforce) to be reduced, with total program costs estimated at $1B-$1.6B before tax.

• Plans to discontinue certain brands and product forms, creating a 30-50 bps headwind to organic sales growth for two years.

• Focus on production efficiency, faster innovation, and supply chain reliability as part of restructuring.

• Restructuring is incremental to existing productivity programs and aims to accelerate innovation and growth.