KVUE

• Kirk Perry introduced as interim CEO, leveraging his experience in CPG, tech, and data analytics. - Company undergoing strategic review of alternatives, including brand portfolio optimization. - Immediate priorities: strengthen leadership and capabilities, review operating strategy, improve execution, review structure and operating model. - Amit Banati focused on operating rigor, efficiencies, revenue growth management, and SG&A optimization to drive consistency and profitability.

• Organic sales expected to be down low single digits in 2025. - Adjusted operating margin expected to contract. - Full-year adjusted diluted EPS range $1 to $1.05, including low single-digit drag from currency.

Self Care: Organic sales declined 5.9% year-over-year due to lower volumes. In the U.S., 83% of the business held or gained share. Tylenol continued to gain share, and ZYRTEC strengthened its leadership position. Skin Health and Beauty: Organic sales decreased 3.7%. Global consumption stabilized, but there were declines in North America and Asia Pacific. Neutrogena Face showed sequential improvement. Essential Health: Organic sales decreased 2.4%. Wound care brands like BAND-AID grew share, but mouthwash business in the U.S. faced challenges.

• Self-induced complexity inhibiting agility and results. - Macroeconomic uncertainties impacting category performance. - Retail inventory dynamics and challenges in specific segments like Skin Health and Beauty and mouthwash business.

Q: Talked about time frame and complexity, where to focus?

A: Focus on biggest brands, countries, innovations; address self-induced complexity.

Q: Biggest surprises on joining?

A: Surprised by self-induced complexity; excited about pockets of success like Neutrogena Face, EMEA, Lat Am.

Q: How to measure success in restructuring?

A: Measure by sequential improvement in consumer votes, share gains.

Q: Top line guidance and margins?

A: Top line low single-digit decline, margins contracting due to strategic investments, tariffs, etc.

Q: Q3 trends and moving parts?

A: Q3 similar to Q2 trends, seasons weak; guidance incorporates first half results and future factors.