Quarterly Earnings Conference Report

News Release The Procter & Gamble Company One P&G Plaza

Cincinnati, OH 45202

P&G ANNOUNCES FISCAL YEAR 2024 SECOND QUARTER RESULTS Net Sales +3% and Organic Sales +4%

Diluted EPS $1.40, -12% and Core EPS $1.84, +16% MAINTAINS FISCAL YEAR SALES AND CASH RETURN GUIDANCE

UPDATES GAAP EPS OUTLOOK, RAISES CORE EPS GROWTH GUIDANCE

CINCINNATI, January 23, 2024 - The Procter & Gamble Company (NYSE:PG) reported second

quarter fiscal year 2024 net sales of $21.4 billion, an increase of three percent versus the prior year.

Organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, increased

four percent. Diluted net earnings per share were $1.40, a decrease of 12% versus prior year primarily due

to a non-cash impairment of the carrying value of the Gillette intangible asset. Core net earnings per share

were $1.84, an increase of 16% versus prior year.

Operating cash flow was $5.1 billion, and net earnings were $3.5 billion for the quarter. Adjusted

free cash flow productivity was 95%, which is calculated as operating cash flow excluding capital

spending, as a percentage of net earnings excluding the Gillette impairment charge. The Company

returned $3.3 billion of cash to shareowners via approximately $2.3 billion of dividend payments and $1

billion of share repurchases.

Second Quarter ($ billions, except EPS) GAAP 2024 2023 % Change Non-GAAP* 2024 2023 % Change Net Sales 21.4 20.8 3% Organic Sales n/a n/a 4% Diluted EPS 1.40 1.59 (12)% Core EPS 1.84 1.59 16%

*Please refer to Exhibit 1 - Non-GAAP Measures for the definition and reconciliation of these measures to the related GAAP measures.

“We delivered strong results in the second quarter, enabling us to raise our core EPS growth

guidance and maintain our top-line outlook for the fiscal year,” said Jon Moeller, Chairman of the Board,

President and Chief Executive Officer. “We remain committed to our integrated strategy of a focused

product portfolio of daily use categories where performance drives brand choice, superiority — across

product performance, packaging, brand communication, retail execution and consumer and customer value

— productivity, constructive disruption and an agile and accountable organization. The P&G team’s

execution of this strategy has enabled us to build and sustain strong momentum. We have confidence this

remains the right strategy to deliver balanced growth and value creation.”

October - December Quarter Discussion

Net sales in the second quarter of fiscal year 2024 were $21.4 billion, a three percent increase

versus the prior year. Organic sales, which exclude the impacts of foreign exchange and acquisitions and

divestitures, increased four percent. The organic sales increase was driven by a four percent increase from

higher pricing, partially offset by a one percent decrease in organic shipment volumes. Mix had a neutral

impact on sales for the quarter.

October - December 2023 Volume

Foreign Exchange Price Mix Other (2) Net Sales

Organic Volume

Organic SalesNet Sales Drivers (1)

Beauty —% (1)% 4% (3)% 1% 1% (1)% 1% Grooming 1% (3)% 7% 1% —% 6% 1% 9% Health Care (3)% 2% 5% 1% (1)% 4% (4)% 2% Fabric & Home Care —% —% 4% 1% —% 5% 1% 6% Baby, Feminine & Family Care (2)% (1)% 4% 1% —% 2% (2)% 3%

Total P&G —% (1)% 4% —% —% 3% (1)% 4% (1) Net sales percentage changes are approximations based on quantitative formulas that are consistently applied. (2) Other includes the sales mix impact from acquisitions and divestitures and rounding impacts necessary to reconcile volume

to net sales.

• Beauty segment organic sales increased one percent versus year ago. Skin and Personal Care organic

sales declined mid-single digits as volume declines and unfavorable mix due to lower sales of SK-II

were partially offset by higher pricing. Hair Care organic sales increased high single digits driven by

increased pricing, premium product mix and volume growth, primarily in North America.

• Grooming segment organic sales increased nine percent versus year ago driven by higher pricing,

premium product mix and volume growth.

• Health Care segment organic sales increased two percent versus year ago. Oral Care organic sales

increased mid-single digits due to increased pricing and premium product mix, partially offset by

volume declines mainly in Latin America and Asia. Personal Health Care organic sales declined low

single digits as volume declines and unfavorable mix due to market decline of respiratory products,

were partially offset by increased pricing.

• Fabric and Home Care segment organic sales increased six percent versus year ago. Fabric Care

organic sales increased mid-single digits due to increased pricing and mix due to growth of premium

forms and fabric enhancers. Home Care organic sales increased high single digits due to increased

pricing, favorable premium products mix and volume growth from innovation.

• Baby, Feminine and Family Care segment organic sales increased three percent versus year ago. Baby

Care organic sales were unchanged as increased pricing and favorable product mix were offset by

volume declines. Feminine Care organic sales increased mid-single digits driven by increased pricing

and favorable product mix, partially offset by pricing-related volume declines in international markets.

Family Care organic sales increased mid-single digits due primarily to volume growth.

Diluted net earnings per share decreased by 12% to $1.40, primarily due to the non-cash charge to

impair the carrying value of the Gillette trade name intangible asset and higher non-core restructuring

charges. Core net earnings per share increased by 16% to $1.84, driven by an increase in net sales and an

increase in core operating margin. Currency-neutral core EPS were up 18% versus the prior year EPS.

Gross margin for the quarter increased 520 basis points versus the prior year, 590 basis points on a

currency-neutral basis. The increase was driven by benefits of 240 basis points from gross productivity

savings, 200 basis points of favorable commodity costs and 190 basis points from increased pricing. These

were partially offset by 40 basis points of product reinvestments and other impacts.

Reported selling, general and administrative expense (SG&A) as a percentage of sales increased

130 basis points versus the prior year. Core selling, general and administrative expense (SG&A) as a

percentage of sales increased 120 basis points versus year ago and 110 basis points on a currency-neutral

basis. The increase was driven by 290 basis points of reinvestments, partially offset by 100 basis points of

productivity savings and 80 basis points of net sales growth leverage and other impacts.

Reported operating margin for the quarter decreased 230 basis points due primarily to the current

period charge for the impairment of the Gillette intangible asset. Excluding this impairment and 10 basis

points of non-core restructuring charges, core operating margin for the quarter increased 400 basis points

versus the prior year, 470 basis points on a currency-neutral basis. Core operating margin included gross

productivity savings of 340 basis points.

Limited Market Portfolio Restructuring

In December 2023, the Company announced a limited market portfolio restructuring of its business

operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, to address

challenging macroeconomic and fiscal conditions. In connection with this announcement, the Company

said that it expects to record incremental restructuring charges of $1.0 to 1.5 billion after tax, including

foreign currency translation losses to be recognized upon the substantial liquidation of operations in the

affected markets. The Company estimates that the large majority of these charges to be non-cash and

anticipates that these restructuring charges will be recognized in the fiscal years ending June 30, 2024 and

2025.

Intangible Asset Impairment

During the October-December 2023 quarter, the Company recorded a $1.3 billion before tax ($1.0

billion after tax) non-cash impairment charge, on intangible assets acquired as part of the Company’s 2005

acquisition of The Gillette Company.

The impairment charge arose from a reduction in the estimated fair value of the Gillette indefinite-

lived intangible asset due to a higher discount rate, weakening of several currencies relative to the U.S.

dollar and the impact of the non-core restructuring program described above. This impairment charge

adjusted the carrying value of the Gillette indefinite-lived intangible asset to fair value.

Fiscal Year 2024 Guidance

P&G maintained its guidance range for fiscal 2024 all-in sales growth to be in the range of two to

four percent versus the prior year. Foreign exchange is expected to be a headwind of approximately one to

two percentage points to all-in sales growth. The Company also maintained its outlook for organic sales

growth in the range of four to five percent.

P&G adjusted its fiscal 2024 diluted net earnings per share growth from a range of six to nine

percent to a range of -1% to in-line versus fiscal 2023 EPS of $5.90. This change is due to the impairment

of the Gillette intangible asset value discussed above and the two-year restructuring program announced

by the Company last month. P&G raised its fiscal 2024 core net earnings per share growth from a range of

six to nine percent to a range of eight to nine percent versus fiscal 2023 EPS. This outlook equates to a

range of $6.37 to $6.43 per share.

P&G continues to expect unfavorable foreign exchange rates will be a headwind of approximately

$1 billion after tax. The Company now expects the net impact of interest expense and interest income to

be a headwind of approximately $100 million after tax. The Company continues to expect tailwinds of

approximately $800 million after tax due to favorable commodity costs for fiscal year 2024.

The Company is unable to reconcile its forward-looking non-GAAP cash flow and tax rate

measures without unreasonable efforts given the unpredictability of the timing and amounts of discrete

items, such as acquisitions, divestitures, or impairments, which could significantly impact GAAP results.

P&G expects a core effective tax rate of approximately 21% in fiscal 2024.

Capital spending is estimated to be approximately 4% of fiscal 2024 net sales.

P&G continues to expect adjusted free cash flow productivity of 90% and expects to pay more than

$9 billion in dividends and to repurchase $5 to $6 billion of common shares in fiscal 2024.

Forward-Looking Statements

Certain statements in this release, other than purely historical information, including estimates,

projections, statements relating to our business plans, objectives and expected operating results, and the

assumptions upon which those statements are based, are "forward-looking statements" within the meaning

of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and

Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are

identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy,"

"future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely

result" and similar expressions. Forward-looking statements are based on current expectations and

assumptions, which are subject to risks and uncertainties that may cause results to differ materially from

those expressed or implied in the forward-looking statements. We undertake no obligation to update or

revise publicly any forward-looking statements, whether because of new information, future events or

otherwise, except to the extent required by law.

Risks and uncertainties to which our forward-looking statements are subject include, without

limitation: (1) the ability to successfully manage global financial risks, including foreign currency

fluctuations, currency exchange or pricing controls and localized volatility; (2) the ability to successfully

manage local, regional or global economic volatility, including reduced market growth rates, and to

generate sufficient income and cash flow to allow the Company to effect the expected share repurchases

and dividend payments; (3) the ability to manage disruptions in credit markets or to our banking partners

or changes to our credit rating; (4) the ability to maintain key manufacturing and supply arrangements

(including execution of supply chain optimizations and sole supplier and sole manufacturing plant

arrangements) and to manage disruption of business due to various factors, including ones outside of our

control, such as natural disasters, acts of war (including the Russia-Ukraine War) or terrorism or disease

outbreaks; (5) the ability to successfully manage cost fluctuations and pressures, including prices of

commodities and raw materials and costs of labor, transportation, energy, pension and healthcare; (6) the

ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and

successfully respond to changing consumer habits, evolving digital marketing and selling platform

requirements and technological advances attained by, and patents granted to, competitors; (7) the ability to

compete with our local and global competitors in new and existing sales channels, including by

successfully responding to competitive factors such as prices, promotional incentives and trade terms for

products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our

reputation and brand equity by successfully managing real or perceived issues, including concerns about

safety, quality, ingredients, efficacy, packaging content, supply chain practices or similar matters that may

arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk

associated with third-party relationships, such as our suppliers, contract manufacturers, distributors,

contractors and external business partners; (11) the ability to rely on and maintain key company and third-

party information and operational technology systems, networks and services and maintain the security

and functionality of such systems, networks and services and the data contained therein; (12) the ability to

successfully manage uncertainties related to changing political and geopolitical conditions and potential

implications such as exchange rate fluctuations and market contraction; (13) the ability to successfully

manage current and expanding regulatory and legal requirements and matters (including, without

limitation, those laws and regulations involving product liability, product and packaging composition,

intellectual property, labor and employment, antitrust, privacy and data protection, tax, the environment,

due diligence, risk oversight, accounting and financial reporting) and to resolve new and pending matters

within current estimates; (14) the ability to manage changes in applicable tax laws and regulations; (15)

the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each

case to achieve the Company's overall business strategy and financial objectives, without impacting the

delivery of base business objectives; (16) the ability to successfully achieve productivity improvements

and cost savings and manage ongoing organizational changes while successfully identifying, developing

and retaining key employees, including in key growth markets where the availability of skilled or

experienced employees may be limited; (17) the ability to successfully manage the demand, supply and

operational challenges, as well as governmental responses or mandates, associated with a disease

outbreak, including epidemics, pandemics or similar widespread public health concerns; (18) the ability to

manage the uncertainties, sanctions and economic effects from the war between Russia and Ukraine; and

(19) the ability to successfully achieve our ambition of reducing our greenhouse gas emissions and

delivering progress towards our environmental sustainability priorities. For additional information

concerning factors that could cause actual results and events to differ materially from those projected

herein, please refer to our most recent 10-K, 10-Q and 8-K reports.

About Procter & Gamble

P&G serves consumers around the world with one of the strongest portfolios of trusted, quality,

leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®,

Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®,

Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations

in approximately 70 countries worldwide. Please visit https://www.pg.com for the latest news and

information about P&G and its brands. For other P&G news, visit us at https://www.pg.com/news.

# # #

P&G Media Contacts:

Wendy Kennedy, 513.780.7212

Jennifer Corso, 513.983.2570

P&G Investor Relations Contact:

John Chevalier, 513.983.9974

Category: PG-IR

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES Consolidated Earnings Information

Three Months Ended December 31 Amounts in millions except per share amounts 2023 2022 % Chg

NET SALES $ 21,441 $ 20,773 3 % Cost of products sold 10,144 10,897 (7) %

GROSS PROFIT 11,297 9,876 14 % Selling, general and administrative expense 5,522 5,091 8 % Indefinite-lived intangible asset impairment charge 1,341 —

OPERATING INCOME 4,433 4,785 (7) % Interest expense (248) (171) 45 % Interest income 133 66 102 % Other non-operating income, net 177 155 14 %

EARNINGS BEFORE INCOME TAXES 4,496 4,835 (7) % Income taxes 1,003 876 14 %

NET EARNINGS 3,493 3,959 (12) % Less: Net earnings attributable to noncontrolling interests 25 26 (4) %

NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE $ 3,468 $ 3,933 (12) %

EFFECTIVE TAX RATE 22.3 % 18.1 %

NET EARNINGS PER COMMON SHARE (1)

Basic $ 1.44 $ 1.63 (12) % Diluted $ 1.40 $ 1.59 (12) %

DIVIDENDS PER COMMON SHARE $ 0.9407 $ 0.9133 DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 2,468.4 2,481.2

COMPARISONS AS A % OF NET SALES Basis Pt Chg

Gross profit 52.7 % 47.5 % 520 Selling, general and administrative expense 25.8 % 24.5 % 130 Operating income 20.7 % 23.0 % (230) Earnings before income taxes 21.0 % 23.3 % (230) Net earnings 16.3 % 19.1 % (280) Net earnings attributable to Procter & Gamble 16.2 % 18.9 % (270)

(1) Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.

Certain columns and rows may not add due to rounding.

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES Consolidated Earnings Information

Three Months Ended December 31, 2023

Amounts in millions Net Sales

% Change Versus Year

Ago Earnings/(Loss) Before

Income Taxes

% Change Versus Year

Ago Net Earnings/(Loss)

% Change Versus Year

Ago

Beauty $ 3,849 1 % $ 1,112 (3) % $ 868 (5) % Grooming 1,734 6 % 538 8 % 440 9 % Health Care 3,172 4 % 932 5 % 719 5 % Fabric & Home Care 7,415 5 % 2,018 31 % 1,577 35 % Baby, Feminine & Family Care 5,146 2 % 1,437 29 % 1,102 30 % Corporate 126 N/A (1,541) N/A (1,214) N/A Total Company $ 21,441 3 % $ 4,496 (7) % $ 3,493 (12) %

Three Months Ended December 31, 2023

Net Sales Drivers (1) Volume Organic Volume

Foreign Exchange Price Mix Other (2) Net Sales

Beauty — % (1) % (1) % 4 % (3) % 1 % 1 % Grooming 1 % 1 % (3) % 7 % 1 % — % 6 % Health Care (3) % (4) % 2 % 5 % 1 % (1) % 4 % Fabric & Home Care — % 1 % — % 4 % 1 % — % 5 % Baby, Feminine & Family Care (2) % (2) % (1) % 4 % 1 % — % 2 % Total Company — % (1) % (1) % 4 % — % — % 3 %

(1) Net sales percentage changes are approximations based on quantitative formulas that are consistently applied. (2) Other includes the sales mix impact from acquisitions and divestitures and rounding impacts necessary to reconcile volume to net sales.

Certain columns and rows may not add due to rounding.

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows

Six Months Ended December 31 Amounts in millions 2023 2022

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD $ 8,246 $ 7,214 OPERATING ACTIVITIES

Net earnings 8,049 7,922 Depreciation and amortization 1,423 1,316 Share-based compensation expense 275 250 Deferred income taxes (154) (398) Gain on sale of assets (3) (3) Indefinite-lived intangible asset impairment charge 1,341 — Changes in:

Accounts receivable (839) (654) Inventories (32) (655) Accounts payable and accrued and other liabilities 302 177 Other operating assets and liabilities (704) (535)

Other 346 224 TOTAL OPERATING ACTIVITIES 10,004 7,644 INVESTING ACTIVITIES

Capital expenditures (1,742) (1,598) Proceeds from asset sales 8 8 Acquisitions, net of cash acquired — (76) Other investing activity (489) 344

TOTAL INVESTING ACTIVITIES (2,224) (1,322) FINANCING ACTIVITIES

Dividends to shareholders (4,578) (4,486) Additions to short-term debt with original maturities of more than three months 2,798 10,447 Reductions in short-term debt with original maturities of more than three months (5,862) (3,260) Net additions/(reductions) to other short-term debt 3,740 (1,759) Additions to long-term debt 254 — Reductions in long-term debt (2,335) (1,877) Treasury stock purchases (2,503) (6,002) Impact of stock options and other 397 437

TOTAL FINANCING ACTIVITIES (8,087) (6,500) EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (49) (182) CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (356) (360) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 7,890 $ 6,854

Certain columns and rows may not add due to rounding.

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES Condensed Consolidated Balance Sheets

Amounts in millions December 31, 2023 June 30, 2023

Cash and cash equivalents $ 7,890 $ 8,246 Accounts receivable 6,334 5,471 Inventories 7,151 7,073 Prepaid expenses and other current assets 1,736 1,858 TOTAL CURRENT ASSETS 23,111 22,648 Property, plant and equipment, net 22,132 21,909 Goodwill 40,916 40,659 Trademarks and other intangible assets, net 22,302 23,783 Other noncurrent assets 12,248 11,830 TOTAL ASSETS $ 120,709 $ 120,829

Accounts payable $ 14,234 $ 14,598 Accrued and other liabilities 11,100 10,929 Debt due within one year 10,616 10,229 TOTAL CURRENT LIABILITIES 35,950 35,756 Long-term debt 23,096 24,378 Deferred income taxes 6,219 6,478 Other noncurrent liabilities 6,614 7,152 TOTAL LIABILITIES 71,880 73,764 TOTAL SHAREHOLDERS' EQUITY 48,829 47,065 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 120,709 $ 120,829

Certain columns and rows may not add due to rounding.

The Procter & Gamble Company

Exhibit 1: Non-GAAP Measures

The following provides definitions of the non-GAAP measures used in Procter & Gamble's

January 23, 2024 earnings release and the reconciliation to the most closely related GAAP measures. We

believe that these measures provide useful perspective on underlying business trends (i.e., trends

excluding non-recurring or unusual items) and results and provide a supplemental measure of period-to-

period results. The non-GAAP measures described below are used by management in making operating

decisions, allocating financial resources and for business strategy purposes. These measures may be useful

to investors, as they provide supplemental information about business performance and provide investors a

view of our business results through the eyes of management. These measures are also used to evaluate

senior management and are a factor in determining their at-risk compensation. These non-GAAP measures

are not intended to be considered by the user in place of the related GAAP measures but rather as

supplemental information to our business results. These non-GAAP measures may not be the same as

similar measures used by other companies due to possible differences in method and in the items or events

being adjusted. The Company is not able to reconcile its forward-looking non-GAAP cash flow and tax

rate measures because the Company cannot predict the timing and amounts of discrete items such as

acquisition and divestitures, which could significantly impact GAAP results.

The Core earnings measures included in the following reconciliation tables refer to the equivalent

GAAP measures adjusted as applicable for the following items:

• Incremental restructuring: The Company has historically had an ongoing level of restructuring

activities of approximately $250 - $500 million before tax. On December 5, 2023, the Company

announced a limited market portfolio restructuring of its business operations, primarily in certain

Enterprise Markets, including Argentina and Nigeria. The adjustment to Core earnings includes the

restructuring charges that exceed the normal, recurring level of restructuring charges.

• Intangible asset impairment: The Company recognized in the three months ended December 31,

2023, a non-cash, after-tax impairment charge of $1.0 billion ($1.3 billion before tax) to adjust the

carrying value of the Gillette intangible asset acquired as part of the Company's 2005 acquisition of The

Gillette Company.

We do not view the above items to be part of our sustainable results, and their exclusion from core

earnings measures provides a more comparable measure of year-on-year results. These items are also

excluded when evaluating senior management in determining their at-risk compensation.

Organic sales growth: Organic sales growth is a non-GAAP measure of sales growth excluding the

impacts of acquisitions and divestitures and foreign exchange from year-over-year comparisons. We

believe this measure provides investors with a supplemental understanding of underlying sales trends by

providing sales growth on a consistent basis. This measure is used in assessing the achievement of

management goals for at-risk compensation.

Core EPS and Currency-neutral EPS: Core earnings per share, or Core EPS, is a measure of diluted

net earnings per common share (diluted EPS) adjusted for items as indicated. Currency-neutral EPS is a

measure of the Company's Core EPS excluding the incremental current year impact of foreign exchange.

Management views these non-GAAP measures as useful supplemental measures of Company performance

over time.

Core gross margin and Currency-neutral Core gross margin: Core gross margin is a measure of the

Company's gross margin adjusted for items as indicated. Currency-neutral Core gross margin is a measure

of the Company's Core gross margin excluding the incremental current year impact of foreign exchange.

Management believes these non-GAAP measures provide a supplemental perspective to the Company’s

operating efficiency over time.

Core selling, general and administrative (SG&A) expense as a percentage of sales and Currency-

neutral Core SG&A expense as a percentage of sales: Core SG&A expense as a percentage of sales is a

measure of the Company's selling, general and administrative expense as a percentage of net sales adjusted

for items as indicated. Currency-neutral Core SG&A expense as a percentage of sales is a measure of the

Company's Core selling, general and administrative expense as a percentage of net sales excluding the

incremental current year impact of foreign exchange. Management believes these non-GAAP measures

provides a supplemental perspective to the Company's operating efficiency over time.

Core operating margin and Currency-neutral Core operating margin: Core operating margin is a

measure of the Company's operating margin adjusted for items as indicated. Currency-neutral Core

operating margin is a measure of the Company's Core operating margin excluding the incremental current

year impact of foreign exchange. Management believes these non-GAAP measures provide a

supplemental perspective to the Company’s operating efficiency over time.

Adjusted free cash flow: Adjusted free cash flow is defined as operating cash flow less capital

expenditures. Adjusted free cash flow represents the cash that the Company is able to generate after taking

into account planned maintenance and asset expansion. We view adjusted free cash flow as an important

measure because it is one factor used in determining the amount of cash available for dividends, share

repurchases, acquisitions and other discretionary investments.

Adjusted free cash flow productivity: Adjusted free cash flow productivity is defined as the ratio of

adjusted free cash flow to net earnings excluding the Gillette intangible asset impairment charge. We view

adjusted free cash flow productivity as a useful measure to help investors understand P&G’s ability to

generate cash. Adjusted free cash flow productivity is used by management in making operating decisions,

in allocating financial resources and for budget planning purposes. This measure is also used in assessing

the achievement of management goals for at-risk compensation.

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES Reconciliation of Non-GAAP Measures

Three Months Ended December 31, 2023 Three Months Ended December 31, 2022

Amounts in millions except per share amounts As Reported

(GAAP) Incremental

Restructuring Intangible

Impairment Core

(Non-GAAP) As Reported (GAAP) (1)

Cost of products sold $ 10,144 $ (12) $ — $ 10,132 $ 10,897 Gross profit 11,297 12 — 11,308 9,876 Gross margin 52.7 % 0.1 % — % 52.7 % 47.5 % Currency impact to Core gross margin 0.6 % Currency-neutral Core gross margin 53.4 % Selling, general and administrative expense 5,522 (8) — 5,515 5,091 Selling, general and administrative expense as a % of net sales 25.8 % — % — % 25.7 % 24.5 % Currency impact to Core selling, general and administrative expense as a % of net sales (0.1) % Currency-neutral Core selling, general and administrative expense as a % of net sales 25.6 % Operating income 4,433 19 1,341 5,793 4,785 Operating margin 20.7 % 0.1 % 6.3 % 27.0 % 23.0 % Currency impact to Core operating margin 0.7 % Currency-neutral Core operating margin 27.7 % Income taxes 1,003 (20) 315 1,299 876 Net earnings attributable to P&G 3,468 39 1,026 4,533 3,933

Core EPS Diluted net earnings per common share (2) $ 1.40 $ 0.02 $ 0.42 $ 1.84 $ 1.59

Currency impact to Core EPS $ 0.03 Currency-neutral Core EPS $ 1.87

Diluted weighted average common shares outstanding 2,468.4 2,481.2 Common shares outstanding - December 31, 2023 2,353.0 (1) For the period ending December 31, 2022, there were no adjustments to or reconciling items for Core EPS. (2) Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.

CHANGE VERSUS YEAR AGO Gross margin 520 BPS Core gross margin 520 BPS Currency-neutral Core gross margin 590 BPS Selling, general and administrative expense as a % of net sales 130 BPS Core selling, general and administrative expense as a % of net sales 120 BPS Currency-neutral Core selling, general and administrative as a % of net sales 110 BPS Operating margin (230) BPS Core operating margin 400 BPS Currency-neutral Core operating margin 470 BPS Diluted EPS (12) % Core EPS 16 % Currency-neutral Core EPS 18 %

Certain columns and rows may not add due to rounding.

Organic sales growth:

October - December 2023 Net Sales Growth Foreign Exchange

Impact

Acquisition & Divestiture Impact/

Other (1) Organic Sales

Growth

Beauty 1 % 1 % (1) % 1 % Grooming 6 % 3 % — % 9 % Health Care 4 % (2) % — % 2 % Fabric & Home Care 5 % — % 1 % 6 % Baby, Feminine & Family Care 2 % 1 % — % 3 % Total Company 3 % 1 % — % 4 %

(1) Acquisition & Divestiture Impact/Other includes the volume and mix impact of acquisitions and divestitures and rounding impacts necessary to reconcile net sales to organic sales.

Total Company Net Sales Growth Combined Foreign Exchange &

Acquisition/Divestiture Impact/Other (1) Organic Sales Growth

FY 2024 (Estimate) +2% to +4% +1% to +2% +4% to +5% (1) Combined Foreign Exchange & Acquisition/Divestiture Impact/Other includes foreign exchange impacts, the volume and mix impact of acquisitions and

divestitures and rounding impacts necessary to reconcile net sales to organic sales.

Core EPS growth:

Total Company Diluted EPS Growth Impact of Incremental Non-Core Items (1) Core EPS Growth

FY 2024 (Estimate) (1)% to in-line +9% +8% to +9% (1) Includes the Gillette intangible asset impairment charge and incremental non-core restructuring charges announced in December 2023.

Adjusted free cash flow (dollar amounts in millions):

Three Months Ended December 31, 2023 Operating Cash Flow Capital Spending Adjusted Free Cash Flow

$5,101 $(817) $4,283

Adjusted free cash flow productivity (dollar amounts in millions):

Three Months Ended December 31, 2023

Adjusted Free Cash Flow Net Earnings Adjustments to Net Earnings (1)

Net Earnings as Adjusted

Adjusted Free Cash Flow Productivity

$4,283 $3,493 $1,026 $4,519 95% (1) Adjustments to Net Earnings relate to the Gillette intangible asset impairment charge recognized in the three months ended December 31, 2023.

Certain columns and rows may not add due to rounding.