A：For fiscal year 2026, Procter & Gamble met core objectives despite unexpected headwinds, delivering organic sales, EPS, and cash return to shareholders within initial guidance ranges. They built plans for consistent growth across all categories and regions, stabilizing global market share, and identified capabilities for future growth. For the fourth quarter, organic sales were impacted by trade dynamics and input costs, with results showing improving global share trends but challenges in the US and Europe.

A：Procter & Gamble's strategic focus areas include building on the broad-based growth across regions and categories, improving global value and volume share trends, continuing core earnings growth, and investing in innovation and demand creation. They aim to maintain a strong productivity improvement and adjust to the changing media landscape, retailer landscape, and inflation to ensure a robust future growth trajectory.

A：In fiscal year 2026, nine of 10 product categories experienced growth or maintained their organic sales, with hair care and skin and personal care each growing mid-single digits. All seven regions held or grew organic sales, with focus markets showing growth. E-Commerce sales increased 6%, now representing 20% of total company sales. Stabilization of global market share and identification of capabilities for long-term growth were key achievements.

A：Future growth plans involve further building on the improved global share trends, continuing the transformation of brand building, and creating holistic partnerships with retailers. The company also aims to ensure the core business remains healthy and growing through impactful innovations that meet consumer needs and desires.

A：Procter & Gamble is responding to industry changes by having a deeper connection with consumers, transforming brand building, and building partnerships with retailers. They are focusing on creating a strong core and bigger, more dynamic growth by anticipating necessary capabilities to delight consumers and stay competitive.

A：Examples of successful brand innovation include the greater China baby care team translating consumer insights into a product that delivers skin comfort and protection, resulting in double-digit organic sales growth. In Latin America, the Coffin Cold brand improved through a sensorial experience and packaging that made fast relief visible, becoming the number one brand in the segment. Pantene in Germany invested in social media and influencer partnerships, improving brand superiority and winning new users. SK 2 focused on a lifestyle approach and product performance to grow organic sales and brand buzz.

A：Strategic partnerships with retailers have led to improved in-store visibility, support behind joint priority growth initiatives, and record levels of store growth. For instance, P&G Mexico's transition to longer-term joint business planning and shared accountability with retailers enabled the company to capture a significant portion of category growth and organic sales growth.

A：The Mr Clean brand has launched new innovations on the Magic Eraser platform that improve its longevity, with a denser form and a wider micro scrubbing structure, now lasting two times longer. The packaging was updated to reflect room and mesh specific users. Additionally, Mr Clean introduced Shaker and Tub Scrubber to address the number one most disliked cleaning chore. This new product delivers a quicker, easier, and deeper clean with the power of the Magic Eraser, a sturdy grip handle, an integrated squeegee, and a pivoting head for hard-to-reach areas. As a result, Mr Clean is winning consumers and driving category growth, with 18 times its fair share of the bath cleaning category growth since launch.

A：Ti's biggest upgrade to their original liquid detergent in over two decades has significantly improved the product while keeping the same price. Since the launch of Tide, original liquid, it has gone from declining to achieving high single-digit growth in the business. This turnaround is attributed to the success of the product upgrade and serves as an example of the potential impact of enhancing the core product offering.

A：P&G teams are scaling advanced capabilities across four key areas: brand building transformation, internal work process transformation, leveraging existing research and development (RD) advantages, and supply chain capability. Brand building is focusing on how to connect with consumers in a fragmented media landscape and driving lifetime retail actions. Internal processes are being transformed to work faster and deliver better outcomes using data and AI capabilities. Innovation is being leveraged to deliver breakthrough solutions in every part of the business, and the supply chain 3.0 is ensuring products are available for consumers each time they shop.

A：P&G anticipates a cost headwind of approximately $1 billion after tax due to higher raw materials, energy, transportation costs, and other premiums resulting from the conflict in the Middle East. An estimated effective Brent crude oil price of $90 a barrel is assumed, which includes actual prices since March 26 and future contracts through February 27. The cost impact is projected to cost Q1 EPS by more than 5% versus the prior year, with additional impacts from foreign exchange and lower non-operating income. The core effective tax rate is expected to be approximately 20%, and core EPS growth is anticipated to be 0 to 3% versus fiscal 2026 core EPS.

A：The main areas or initiatives that need to be put in place for P&G to achieve sales outperformance versus the category in fiscal 27 include continued execution of ongoing restructuring plans and interventions that have already shown progress, such as changing the go-to-market strategies, enhancing brand building systems and processes, and focusing on market and consumer growth. These strategies have been successfully executed in markets like China, Latin America, and parts of the Asia, Middle East, and Africa region. P&G is also confident in the progress made in the US and Europe and anticipates category growth-driven interventions to start kicking in in the front half of the next fiscal, which could lead to stronger sales in the second semester. The company remains focused on driving market share growth through innovation and retail partnerships.

A：The transcript does not provide the exact percentage of the 23 out of 50 country category combinations that grew share, but indicates that while progress was made, there are certain categories and country combinations that still need more attention. Specifically, the speaker mentions that enterprise markets are progressing and growing in value share consistently, but does not detail the categories or country combinations that require further improvement.

A：Enterprise markets have shown consistent mid-single-digit growth, with regions like Asia, the Middle East, and Africa recording 3% growth (excluding market restructuring) and Latin America growing continuously over time. Europe's enterprise market has grown by 5%, indicating broad-based strength and visibility.

A：China has seen decisive share growth, particularly in categories like baby care, fem care, and fabric care. The speaker suggests that this broad-based growth in China is expected to continue across other categories.

A：Europe has been growing modestly in value share, up 20 basis points, and specifically, fabric care has been more impacted by headwinds. The company is working on re-establishing competitiveness in Europe, particularly in fabric care.

A：The company's performance at the customer category level has seen a positive trend, with the number of top customer brand combinations growing increasing from 10% to 50% and is expected to continue accelerating over the next six months. This is anticipated to solidify the share growth already seen in the US and to contribute to the longer-term recovery trajectory.

A：The company is optimistic about the future direction of family care and confident in regaining users within the next six months, based on clear data and an understanding of how to achieve this. The speaker asserts that core growth is being driven by a matrix of category-country-customer-share growth, and despite non-linear progression, solidify share growth is expected by the end of the next year.

A：Recent experiences, including market volatility and unexpected changes, have led the company to refine its go-to-market plans, adjust strategies for interacting with retailers, and improve approaches to consumer engagement. These experiences have informed the company's innovation plans and the way it structures its investments and interactions with the market.

A：The company assesses the underlying fundamentals of North America and focus Europe markets as having slowed by one to two points over the past 12 to 18 months. However, it identifies significant growth opportunities in these markets over the next five years, with potential for a $5 to $10 billion growth in the US and Europe by addressing existing opportunities with higher levels of innovation.

A：The company is modifying and adjusting its innovation plans to ensure they can drive category growth rates in the US and Europe. It is focusing on product performance and innovation to improve existing propositions and is confident in regaining market share through these efforts.

A：Recent investments, such as in Ti and certain baby care categories, are embedded within the guidance range provided and are contributing to market share recoveries. The investments are targeted and carefully constructed to ensure they align with the company's strategy for sustainable share growth. Additionally, improvements in media spend effectiveness and cost of goods productivity are contributing to these efforts.

A：The company's approach to investment levels involves being diligent in directing categories to remain fully invested in the business, which supports business turnaround and drives share and volume growth. Investments are tailored to each business's specifics and are structured to ensure alignment with the brand's goals. Productivity savings from headcount reduction and market restructuring are expected to flow through into fiscal 27. The company aims to maintain robust investment levels in brands while managing costs and ensuring a balance for consumer value and share growth.

A：The company is making targeted investments in various areas, including brand building (through advertising costs), product strengthening, and productivity improvements on the cost of goods side. These investments are expected to impact business performance positively by increasing media spend effectiveness, strengthening product offerings, and improving overall operational efficiency.

A：The speaker acknowledges the disconnect between consumption and shipments and suggests that while the effect was unusual and larger than typical, it is an issue that needs to be addressed, implying it may be a pattern rather than a one-time occurrence.

A：To align organic growth and consumption more closely, the speaker suggests that the company needs to deliver stronger growth in both Europe and the US to offset the current imbalances and reduce the visibility of the discrepancy in Europe.

A：In the US, the dynamic is described as a pull forward of inventory, which sometimes happens late in the quarter and is influenced by events like Prime Day affecting the way trade investment is recognized. In contrast, in Europe, the dynamics are related to trade dynamics and negotiations with retailers, and inventory shifts occur in different ways.

A：The company plans to continue using promotion to drive trial and innovation to convert high penetration categories into low penetration ones, while not relying on promotion for sustainable business growth or user acquisition. They expect to return to pre-COVID promotional levels and continue driving price mix, having built these assumptions into their plans.

A：The company is raising the bar on innovation in China to address consumer discernment and the future of brand building. They are focusing on product performance and its authenticity to positively influence the path to purchase through social media and e-commerce. The company continues to increase expectations for innovation due to the consumer's value focus and its potential to enhance brand building efforts.

A：The performance in China is driven by SK2 with 8% growth excluding retails, strong leadership in the skin care category, and progress in hair care and family care. The company is also seeing growth in fabric care and oral care, although there is still work to be done in mass skin, as it is a market dynamic more than a brand dynamic.

A：The company recognizes that Olay is a strong brand in China but acknowledges the need to find a way to grow the mass skin category within Olay's brand. This indicates that a detailed strategy for the mass skin category is still being developed.

A：The discrepancy is related to the company's strategy and size, which makes it more volatile on the inventory side. The speaker explains that being the largest company with the highest brand velocity makes it easier to reduce inventory quickly by focusing on the largest brand on the shelf with the highest velocity.

A：The company did not identify a distinct impact from higher gasoline prices on US consumer sales. Instead, the effect is described as general, where consumers continue to seek value through larger pack sizes for those well-off and smaller pack sizes for more pressured consumers, and are affected by promotion patterns.

A：A sustained Middle East conflict and high oil prices could lead to increased inflation and affect consumer sentiment, which in turn could impact the company's revenue. The potential effects include a top-line impact and increased costs, which is why the company has a wide range in its projections.

A：The company's vertical portfolio, which combines different products within the grooming category, is driving strong results. By activating this portfolio, particularly through vertical and horizontal strategies, the company is seeing some of the best results in grooming for a long time. One of the company's best-performing grooming items is the hair removal laser hair removal at home device, contributing to growth.

A：The company's portfolio is skewed towards higher price points, with a user base that exhibits a degree of discernment, not an inability to buy. This suggests that the company has a base of consumers who are more cautious and selective in their purchases.

A：The factors contributing to the company's long-term outlook include demographic shifts and behavior shifts leading to higher growth segments, particularly in beauty and health categories. There is an expectation for higher growth rates in these segments and plans to accelerate the portfolio towards them. E-Commerce growth is another area of focus, with plans to leverage it where the company has a share gap. Additionally, the company aims to grow by expanding consumption in adjacencies, as seen with Fabrica, and ensuring base propositions are activated and growing at a premium to the market.

A：The company views market share growth as a driver of category growth under stable market conditions. By driving innovation and interest in their categories, which in turn drives traffic and share, the company aims to grow market share sustainably. However, it is acknowledged that not all growth sequences will happen in a perfect tandem; short-term interventions and innovation investments are made with the understanding that they will eventually drive category growth.

A：The home care category, specifically family care, is seen as a successful area for premiumization. The company has a technological advantage in this category and is focusing on reactivating the vertical portfolio and driving strong innovation on products like Bounty and Shmoo. The goal is to maintain a pricing premium while addressing commodity-based pricing issues. Recent growth in users and positive signs in the market suggest that the company is on track to execute its strategy effectively.

A：The expected benefits include media synergy, mutual gains on demand creation and category growth, and supply chain collaboration, resulting in a short path to purchase and enhanced brand building with retail partners.

A：The investment in improving Tide's product performance beat expectations, resulting in high single-digit growth. This was attributed to the company's decision to maintain the same price while enhancing the performance, leading to a reward higher than anticipated.

A：The company plans to apply the lessons learned from Tide's success to other areas by focusing on delighting consumers with the base proposition and innovating with the right value, balancing price and product performance.

A：The company is moving towards a new model of top line growth that is more balanced, with both price and volume being drivers, rather than being solely driven by price increases.

A：The company expects greater momentum in the back half of the fiscal year in scaling up capabilities and being more in the implementation and application stage of these capabilities. They anticipate continued sequential improvements in top line and cost management, leading to a stronger foundation for future growth.

A：The Investor Day is scheduled for Thursday, November 19, in Cincinnati, and invitations will be sent out the following morning. The company looks forward to engaging with investors at the event.