External Business Partners:

P&G released its Q3 earnings on Wednesday, April 20, 2022. Despite significant and increasing headwind costs, this was another strong sequential quarter with balanced top-line growth across categories and regions. Organic sales rose 10%, driven by broad-based strength across the Company’s portfolio. Core earnings-per-share were up 6% – or up 10% excluding the impact of foreign exchange. Three quarters into the fiscal year, our Integrated Strategy has enabled us to build and sustain strong momentum. Our focus remains on the following strategies: focused portfolio, superiority, productivity, constructive disruption, and P&G’s organization design and culture.

I encourage you to review the detailed summary of our 3rd quarter performance of FY21/22. Below is a high-level snapshot. *

Thanks to our collective efforts, the focus on Superiority has accelerated consumers migration to P&G brands as they recognize their superior performance and value. All of you, our External Business partners, are integral members of our Supply Ecosystem and were foundational to enable these results, and I thank you for that.

These back-to-back quarters of strong results are very encouraging yet recognizing that the external environment has never been so difficult. To deal with these challenges and to enable continuous investments in Superiority, we must double down our productivity efforts and increase our degrees of flexibility. We also need to focus on supply agility and sufficiency in capacity, environmental sustainability, and end-to-end digital acumen.

Because this is Earth Week, I want to quickly touch on environmental sustainability. It is integrated into how we operate at P&G and into our growth strategy. This means making it easy for consumers to be more sustainable at home, with no trade-offs in product performance. By building sustainability into our superiority strategy, we honor our commitment to be a force for growth and a force for good. We expect our products to deliver superior performance and to save energy and/or water, reduce plastic, and help make responsible consumption possible. I invite all our External Business Partners to continue to help us innovate and work together to solve some of the most complex sustainability issues that our society faces today. P&G is making progress, and we know there is more work to do, in partnership with you all of you. P&G remains committed to having a positive impact across the globe.

In closing, I want to thank, once again you for your partnership and your relentless efforts to support the totality of our business.

Ana Elena Marziano
Chief Purchasing Officer

*See https://www.pginvestor.com/event for P&G's full Q3 2022 earnings release issued April 20, 2022, 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.