The Procter & Gamble Company (PG) Morgan Stanley Global Consumer & Retail Conference summary

Strategic priorities and growth opportunities

• Focus remains on ten daily-use categories with significant untapped household penetration, especially outside the US, offering multi-billion dollar growth potential in the US, Europe, and enterprise markets.

• Superiority across product, packaging, communication, in-store/online presence, and value delivery is central to driving sustainable growth.

• Productivity improvements have delivered $2.3B in gross productivity last year, with at least $2B targeted annually for coming years, supporting innovation and investment.

• Organizational structure is now aligned by category and region, enhancing accountability, resource allocation, and consumer focus.

• Integrated strategies and anticipation of disruption are seen as key drivers for continued growth.

Competitive landscape and innovation

• Welcomes competitors adopting similar market-constructive strategies, as increased innovation and marketing benefit the entire category.

• Sustained advantage comes from executing all five strategic elements, a process that took nearly 20 years to implement globally.

• Unique technical capabilities across fiber technology, chemistry, electronics, and assembled products enable differentiated innovation, such as Tide Evo.

• Organization remains vigilant and proactive in anticipating industry disruptions and new innovations.

Regional performance and outlook

• 85% of the business (North America, Europe, Japan, Korea, Latin America) is performing well, with market growth around 3% and share gains; innovation pipeline expected to accelerate growth in the second half of the year.

• China, Middle East, and Africa remain volatile but show sequential improvement; SK-II and baby care brands are recovering in China, though overall growth is not expected to turn positive in Q2.

• Latin America is expected to return to mid- to high-single-digit organic sales growth, with strong fundamentals in Brazil and Mexico and high margins supporting investment.

• Enterprise markets like India and Saudi benefit from improved profitability, enabling further investment in innovation and go-to-market capabilities.