External Business Partners:

P&G released its Q4 earnings and results for FY21/22 on Friday, July 29, 2022. Fiscal 2022 was another very strong year as the execution of our integrated strategies continues to yield strong sales, earnings and cash results in an incredibly difficult operating environment.

P&G delivered broad-based and strong top-line earnings growth across our categories and regions in the face of significant cost headwinds and continued strong cash return to P&G shareowners. Here is a summary of our results:

In short, P&G met or exceeded each of our going-in target ranges for the year – organic sales and core EPS growth, free cash flow productivity and cash returned to shareowners. This strong performance is remarkable, especially under such difficult operating conditions we experienced in FY 21/22.

I want to take this opportunity to thank each of our External Business Partners who are an integral part of P&G’s ecosystem. All of you have helped us deliver these great results over the past year and enabled our ability to serve customers and consumers better than most of our competitors around the world. I have personally witnessed your contributions in every single area of our business, and I am grateful for your continued partnership and support against unprecedented volatility.

The progress, creativity, agility and solutions that we have achieved give me immense confidence that together, we will manage through the challenges that we are likely to face in P&G’s upcoming fiscal year. The operational, cost pressure and currency challenges we dealt with over the last two years will continue in fiscal year 2023, and we begin this journey with consumers facing inflation levels not seen in the last 40 years.

P&G will continue to pursue and strengthen the execution of our core business strategies that have been delivering very strong results: portfolio, superiority, productivity, constructive disruption, and an empowered, agile and accountable organization and culture. And we continue to strengthen the execution of these strategies with an increased focus on supply agility and sufficiency, environmental sustainability, end-to-end digital acumen and a superior employee value equation.

In particular, we are counting on our External Business Partners who play a significant role in ensuring that we continue to deliver with excellence on these strategies. I know that we will continue to partner together to raise the bar, constructively disrupt our own industries to bring new and innovate solutions to our collective businesses. Together, we will deliver on our commitments to our consumers and better serve the world. In closing, I want to again express my thanks for your efforts to support this important work. I am energized for the upcoming year, and we remain grateful to be on this journey with you.

Ana Elena Marziano
Chief Purchasing Officer

*See https://www.pginvestor.com/event for P&G's full Q4 2022 earnings release issued July 29, 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.