Dear External Business Partners:

P&G released its Q2 earnings for FY22/23 on Thursday, January 19, 2023. The execution of our integrated strategies continues to provide the basis for our solid results. We grew organic sales in nine of 10 categories, held global aggregate market share, continued to improve supply sufficiency and delivered productivity savings across our family of superior brands. Here is a summary of our results:

Encouragingly, we are increasing our guidance for the fiscal year with organic sales growth from a range of 3% to 5%, to 4% to 5%, and we are maintaining our outlook of core earnings per share growth of +4%. However, we know that we will continue to operate in a highly dynamic environment with volatility in cost, currencies, new policies, consumer confidence and therefore need to stay agile to quickly react as needed.

So, what does this mean for us moving forward? We have anticipated these headwinds and while we cannot predict the future, there are certain things within our control. First, we must continue to stay laser-focused on the execution of our integrated growth strategies. Our prioritization of a strong portfolio, unmatched superiority, productivity, constructive disruption and an organization and culture committed to flawless execution of this business strategy is necessary as we continue to move through this difficult macro-economic environment. All of you, our External Business Partners, are key enablers as you help us strengthen the execution of these strategic choices – with a focus on supply chain, environment sustainability, digital acumen and a superior employee value equation – all of you, no matter what you make or supply to us, are critical to our success. This comes in the form of productivity, cash generation, superior quality, customer service and innovation that creates a competitive advantage and a resilient supply chain. As such, I ask for your continued support and partnership across all these important measures.

On another note, I am excited to be hosting our annual Supplier Citizenship Summit next week with over 2,000 attendees. I am encouraged by all our External Business Partners who are active participants with us on the journey of Supplier Citizenship. Supplier Citizenship at P&G is comprised of supplier diversity as well as responsible sourcing, which includes social and environmental sustainability. Said simply, it is about making a positive impact through our spending with P&G’s supply ecosystem, comprised of all of you, with the aim of creating a lasting ripple effect through our supply chains

We know that the more we integrate and build Citizenship into our business strategy, the bigger the impact we can have on the people we serve, the communities in which we live and work, and the broader world that surrounds us. In turn, this helps us grow and build our businesses. We have progress to celebrate and, of course, more work to do on our ambitious journey together. As always, I thank you for everything you’ve done, and I count on your partnership to embrace these challenges as an opportunity to win together.

Ana Elena Marziano
Chief Purchasing Officer

*See https://www.pginvestor.com/event or P&G's full Q122/23 earnings release issued January 19, 2023, 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.