External Business Partners,

Earlier this week you may have seen P&G’s earnings release. Despite significant continual headwinds in commodities, labor, power, and transportation & warehousing, we ended the first half of our fiscal year with solid results. We delivered very strong top-line growth (+6%), sequential earnings progress (+1%) and continued strong cash productivity (106%). Our progress enables us to confirm our fiscal year earnings-per-share guidance, while increasing our estimates for top-line growth, cash productivity and cash return to shareowners.

During interviews on Wednesday, Jon Moeller, our President and CEO, called out the Product Supply organization who has done tremendous work to maintain supply for the Company under very difficult conditions. He also praised the Innovation organization for their relentless effort in improving the Superiority of our portfolio. Once again, our External Business Partners have proven to be essential and integral members of our entire supply ecosystem. I want to thank you for your continued diligence, agility, and commitment to our business despite unprecedented disruptions.

Despite all the challenges, we have stayed true to our key priorities: protect the health and safety of our employees, maximize availability of products and support the communities where we operate and live.

I encourage you to review the detailed summary of our 2nd quarter performance of FY21/22. Below is a high-level snapshot*.

Our integrated strategy has been put to the test and continues to guide our decisions and enables solid results. Moving forward, we must continue to strengthen the execution of these strategies with an increased focus on environmental sustainability, digitization, and supply agility and sufficiency. Our demand is stronger than ever, and we must ensure we have the right capacity in place along with the right talent and skills to support the expected growth. I invite you to have an open dialog with your Supplier Relationship Owners to reassess your respective footprint and sufficiency to support our business now and in the coming years.

To finish, I want to emphasize that our people are the most important asset, and core to our Company’s growth. The last 2 years have been the most difficult period we have ever faced. What was expected to be a sprint is now an ultramarathon. The well-being of our people – and yours – is vital to the success of our entire supply network. A strong and resilient supply chain starts and ends with our people. I want to thank you for your efforts to support your organization, and all their needs, as we continue to face a challenging environment.

Ana Elena Marziano
Chief Purchasing Officer

*See https://www.pginvestor.com/event for P&G's full Q2 2022 earnings release issued January 19, 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.