Dear External Business Partners:

P&G released its results for the April-June quarter and for the 2024/25 fiscal year on Tuesday, July 29, 2025. The Company reported fiscal year 2025 net sales of $84.3 billion, unchanged versus the prior year. A one percent increase due to higher pricing was offset by a one percent decrease from unfavorable foreign exchange impacts. All-in volume was unchanged versus prior year. Organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, increased two percent. Higher pricing and organic volume each contributed one point of growth to organic sales. Mix was unchanged versus the prior year. More details are provided in the chart below and in the press release found here.

In addition to this news, P&G’s Board of Directors also announced that effective January 1, 2026, Shailesh Jejurikar, Chief Operating Officer, will become President and Chief Executive Officer. At that time, Jon Moeller, our current Chairman, President and CEO will become Executive Chairman of the Board. Shailesh has been an integral part of P&G's leadership team with substantial contributions across multiple businesses, holding various senior leadership roles in a variety of categories, sectors and regions. Shailesh is a highly respected leader within and outside of P&G, and I am confident that he is the right leader at this moment in time. I know all of us at P&G will benefit from his ongoing leadership as he works to build on the strong foundation that he has helped to create over the last several years.

Now to some perspective on P&G’s FY results. While our results are not at the level that we aspired to deliver at the beginning of the year, the execution of our integrated strategy did drive organic sales and core earnings-per-share growth, leading to P&G’s 39th consecutive quarter of top-line growth and 9th consecutive year of core EPS growth – these are notable results considering the significant macro-economic, geopolitical and consumer confidence headwinds we have faced. That said, we must continue strengthening focus and execution on the areas within our control, as there are significant opportunities in front of us for growth and value creation. There are opportunities to better meet the needs of currently unserved and under-served consumers, expand into new segments and grow markets to best-in-class levels. As we announced in June, we are making changes across our portfolio, supply chain and organization to unlock significant opportunity for stronger delivery of our integrated growth strategy.

This brings me to what’s next and the need for a bigger step forward to strengthen P&G’s growth and value creation. This is where all of you, our External Business Partners, have a critical role to play. We are improving productivity in all areas of our operations to fuel investments in superiority and to mitigate costs. We are driving constructive disruption of ourselves and our industry – among others, these are areas where we need to continue working together to change, adapt and create new capabilities that will shape the future of our industry and extend our competitive advantage. All together, these actions are intended to widen our superiority advantage, leading to mutual growth and value creation.

The year ahead will provide challenges, but I remain confident in our collective ability to win by creating significant value for customers, employees, society and shareowners. I look forward to working with all of you on this next chapter in P&G’s long and successful history.

Ana Elena Marziano
Chief Purchasing Officer

*See P&G’s investor website (www.pginvestor.com) for P&G's full Q4 earnings release issued July 29, 2025, the associated webcast presentation, definitions of non-GAAP measures and reconciliation to the most closely related GAAP measure, as well as cautionary information on forward-looking statements, which are based on current assumptions and subject to risks and uncertainties that may cause actual results to differ materially