P&G's 2024 Annual Report shows Feminine Care category was up mid-single digits, and Family Care grew low single digits, while Baby Care category was down low single digits; Baby, Feminine & Family Care segment made up 24% of PG&'s 2024 net sales

FISCAL YEAR 2024 BY THE NUMBERS

1. Diluted net earnings per common share are calculated based on net earnings attributable to Procter & Gamble .
2. Core EPS is a measure of the Company's diluted net earnings per common share adjusted for certain items not viewed as part of our sustainable results. Please see page 74 of the Annual Report for detail on the reconciling items.
3. These results exclude net sales in Corporate.
4. North America includes the United States , Canada and Puerto Rico .

VARIOUS STATEMENTS IN THIS ANNUAL REPORT, including estimates, projections, objectives and expected results, are "forward-looking statements"

within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are generally identified by the words "believe," "expect," "anticipate," "intend," "opportunity," "plan," "project," "will," "should," "could," "would," "likely" and similar expressions. Forward-looking statements are based on current assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements, including the risks and uncertainties discussed in Item 1A - Risk Factors of the Form 10-K included

in this Annual Report. Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise publicly any forward-looking statements, except as required by law.

Certain brand names referenced in this Annual Report are trademarks of The Procter & Gamble Company or one of its subsidiaries. All other brand names are trademarks of their respective owners.

Dear Shareowners,

Fiscal year 2024 was another strong year for P&G. Execution of our integrated strategy enabled the Company to meet or exceed our going-in guidance ranges for organic sales growth, core EPS growth, cash generation and cash retuto shareowners. We accomplished all this despite the significant market- level headwinds we experienced, which were largely unknown when we gave our initial outlook for the year.

For the fiscal year, organic sales grew 4%. Core earnings per share grew 12%. On a currency-neutral basis, core earnings per share were up 16%. Adjusted free cash flow productivity was 105%.

This was our sixth consecutive year of 4% or better organic sales growth. It is worth noting that 4% organic sales growth was against a strong comparison of 7% the prior fiscal year and in more challenging market conditions.

Growth was broad-based across business units, with eight of 10 product categories growing organic sales. Home Care, Hair Care and Grooming were up high single digits. Oral Care and Feminine Care were up mid-single digits. Fabric Care, Family Care and Personal Health Care grew low single digits. Skin & Personal Care and Baby Care were down low single digits.

Focus markets grew 4% for the year, with North America up 5% and Europe Focus markets up 8%.

Enterprise markets were up 6%, led by Latin America with 15% organic sales growth.

E-commerce sales increased 9%, now representing 18% of the Company total.

Thirty of our top 50 category/country combinations held or grew share for the year. Importantly, this share growth was broad-based with six of 10 product categories growing share globally over the past year.

On the bottom line, we continued to deliver consistent earnings growth, with core earnings per share up 12% this year - recovering from a very high inflationary period the past two fiscal years.

We continued our strong track record of cash retuto shareowners - returning over $14 billion of value to shareowners through just over $9 billion in dividends and $5 billion in share repurchase.

JON R. MOELLER

Chairman of the Board,

President and Chief Executive Officer

In April, we announced a 7% dividend increase, again reinforcing our commitment to retucash to shareowners - the 68th consecutive annual dividend increase, and the 134th consecutive year P&G has paid a dividend. Only seven U.S. publicly traded companies have paid a dividend more consecutive years than P&G, and only three U.S. companies have raised their dividend more consecutive years.

In summary, last year was another strong year for your company in a very volatile environment. To be clear, there is still more work to do to continue improving the areas in our control needed to offset the headwinds that are largely not in our control. However, we are confident that strong execution of our strategy will continue to deliver the level of balanced growth and value creation results you, and we, expect of P&G.

P&G's Integrated Strategy

P&G people are focused on executing each element of our integrated strategy with excellence: a portfolio of daily-use products where performance drives brand choice; superiority across product, package, brand communication, retail execution, and value; productivity; constructive disruption; all enabled by an empowered, agile and accountable organization.

These strategic choices reinforce and build on each other. When executed well, they grow markets and create new business which, in turn, grows our share, sales, household penetration and profit.

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INTEGRATED GROWTH STRATEGY

Our strategic choices are the foundation for balanced top- and bottom-line growth

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PRODUCTIVITY INTEGRATED INTO OUR STRATEGY

Delivering the same or better output measures with lower spending or resource investment

Superiority to Win with Consumers and Grow Markets

Read more about superiority at pg.com/annualreport2024

PRODUCT

Products so good, consumers recognize the difference. Superior products raise expectations for performance in the category.

PACKAGING

Packaging that attracts consumers, conveys brand equity, helps consumers select the best product for their needs and delights consumers during use.

BRAND COMMUNICATION

Advertising that reaches consumers and communicates the superiority of the brand's product and packaging benefits - attracting consumers to the brand and driving brand and category growth.

RETAIL EXECUTION

In-store: with the right store coverage, product forms, sizes, price points, shelving and merchandising. Online: with the right content, assortment, ratings, reviews, search and subscription offerings.

CONSUMER &

CUSTOMER VALUE

For consumers: all these elements presented in a clear and shoppable way at a compelling price. For customers: margin, penny profit, trip generation, basket size and category growth.

The Procter & Gamble Company • v

Nearly 70% of women worry about their feminine protection leaking.

We leverage consumer insights like this to delight consumers with superior products - such as Always FlexFoam, providing incredible protection and comfort. And importantly, superior products grow markets. In fiscal 2024, Always FlexFoam grew organic sales mid-teens, contributing more than its fair share to the mid-single-digit growth of the global menstrual care category.

The GilletteLabs with Exfoliating Bar Razor helps remove dirt and debris before the blades, for effortless shaving in one efficient stroke. With a striking design and color, the superior packaging delivers both high visibility on shelf and an improved opening experience for the consumer with cardboard packaging. In fiscal 2024, Gillette globally delivered high single-digit organic sales growth and value share improvement. The global Grooming market grew mid-single digits, adding an incremental $1 billion of retail sales, with Gillette driving two-thirds of the increase.

Oral-B iO power toothbrushes deliver superior cleaning and a delightful user experience. Superior communication includes the insight that manual brushes leave 50% of plaque bacteria behind, but with its round head, Oral-B iO removes 100% more plaque in hard-to-reach places. This superior proposition is accelerating power brush trial and adoption, bringing new users into the category. Oral-B iO contributed to the high single-digit market growth of the power brush category, double-digit sales growth for Oral-B power, and two points of Oral-B value share growth over the past 12 months.

Native, our premium personal care brand, is delivering superiority across multiple product forms, including deodorants, body wash, shampoo and conditioners. Superior performance with fewer ingredients and irresistible scents combined with superior retail execution and strong retailer partnerships showcasing the full range of forms and scents have helped Native drive a step change in market value growth for the U.S. deodorant and personal care categories from low single digits to low teens. Native sales have grown nearly 10 times over the last five years to over $700 million in fiscal 2024.

Cascade Platinum Plus Action Pacs are growing sales and the auto- dishwashing category by delivering superior cleaning and superior value for consumers. It provides the highest standard of clean in the dishwasher, which means consumers can skip the pre-rinse and get time back to experience moments that matter. Plus, running an ENERGY STAR® certified dishwasher* with Cascade Platinum Plus instead of washing dishes by hand at the sink saves water, providing more value for the consumer. Cascade grew organic sales high single digits in fiscal 2024, delivering about 75% of category growth (2.5 times our fair share).

*ENERGY STAR® certified dishwashers use <4 gallons per cycle. Running the tap for 11 minutes while handwashing uses up to 24 gallons of water.

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An Organization that is

Empowered, Agile and

Accountable

We have designed, and continue to refine and strengthen, P&G's organization structure so that it enables P&G people to focus on our biggest opportunities for growth - fully empowered, agile and accountable.

Five industry-based sector business units manage our 10 product categories, with full end-to-end decision rights and responsibility to create and deliver balanced top- and bottom-line growth in our largest and most profitable markets, which we call Focus markets. Enterprise markets - Latin America, Africa , the Middle East , and parts of Europe and Asia - are a separate business unit managed with the freedom to quickly react to the fast-changing dynamics of these markets and with the intent to accelerate their growth and value creation.

Strengthening the Execution of Our Strategy

There are four areas where we are putting additional focus to strengthen the execution of our strategy -  supply, environmental sustainability, digital acumen and our employee value equation.

First, we are strengthening our supply chain, which has been ranked number one for the past nine years by customers in the Advantage Survey . We are building on this strong foundation by driving improved capacity planning, greater supply agility, flexibility, data transparency, scale, and resilience all the way up and down the supply chain, inclusive of our retail partners.

We are working with retailers on the totality of the supply chain, end to end, versus simply trying to optimize each piece - extending our combined focus beyond the customer door to what the

shopper sees on shelf and online. We are seeking to drive improvements in service, cost and cash by optimizing not only P&G's cost of goods sold, but by jointly identifying with customers and distributors additional ways to drive losses out of our collective supply chains, as well as new ways to create value.

All of this is driving increased supply assurance, higher on-shelf availability of our products, and a more cost- efficient supply chain. These programs improve the superiority of our offerings for consumers and further strengthen the relationship with our customers.

Second, we are improving the environmental sustainability profile of our brands without compromising performance. Sacrificing performance for environmental sustainability does not delight consumers and does nothing to create a more sustainable business or planet. We are developing offerings that are both superior and sustainable.

Lenor Unstoppables is a good example. The plastic bottle was converted to a cardboard pack that can be recycled through local paper waste streams,

BALANCING THE NEEDS OF ALL STAKEHOLDERS

To leamore about our work, visit us at pginvestor.com/esg

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right thing to do; it has everything to do with serving and delighting consumers, which is the foundation of winning in our business as we increasingly serve a more diverse group of consumers.

The foundation of everything we do is good governance, and P&G is committed to doing what is right and to being a good corporate citizen. Our corporate governance practices are designed to promote strong board and management accountability, transparency and protection

of shareowner interests.

Belief in P&G's People and Strategy

Our team continues to execute our strategy with excellence, enabling strong results over each of the past six fiscal years - pre-COVID, during COVID, through a historic inflationary and pricing cycle and through geopolitical tensions.

During these six years, we delivered organic sales growth of 5%, 6%, 6%, 7%, 7% and 4%. We delivered strong earnings growth and gross and operating margin expansion, very strong cash generation, and returned over $96 billion of cash to shareowners. All of this achieved in the face of significant challenges and volatility.

All credit goes to P&G people, who continually prove they are capable of incredible things and whose efforts have put us in the best possible place as we start this new fiscal year.

While our eyes are wide open to the challenges and volatility ahead, I see opportunity everywhere. Opportunity to drive market growth, to further raise the superiority bar across all five vectors, to increase the sustainability of our offerings, to further improve both innovation and execution, to increase reach and household penetration, to transform the whole of our supply chain, to become faster and more agile, more digitally enabled, more productive and more effective in everything we do.

We believe in our integrated strategy and our ability to execute it with excellence - a portfolio focused on daily-use products where performance matters; superiority across product, package, communication,

retail execution and value; productivity in everything we do; a willingness to lead disruption constructively; a lean, agile and accountable organization; and strengthening the execution of this strategy through increased focus on supply, sustainability, digital acumen and a superior employee value equation. Each component necessary. Each component integrated with the others. Combined, a strategy that can perform in any environment.

We remain focused squarely on consumers -  our North Star - and understanding and serving them, an undertaking fully embraced by P&G's highly committed, creative and determined people. When we do this well, consumers are delighted, and we create value for customers, employees, society and shareowners alike.

JON R. MOELLER

Chairman of the Board, President

and Chief Executive Officer