Kimberly-Clark Corporation

Good day, everyone, and welcome to the Kimberly-Clark Third Quarter 2025 Earnings Call Question and Answer Session. It is now my pleasure to hand the floor over to your host, Chris Jakubik, Vice President, Investor Relations. Sir, the floor is yours.

Thank you, and good morning, everyone. This is Chris Jakubik, Vice President, Investor Relations at Kimberly-Clark, and thank you for joining us. I would like to remind everyone that during our comments today, we will make some forward-looking statements that are based on how we see things today. Actual results may differ due to risks and uncertainties, and these are discussed in our earnings release and our filings with the SEC. We will also discuss some non-GAAP financial measures during the remarks, and these non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. And you can find the GAAP to non-GAAP reconciliations within our earnings release and the supplemental materials posted at investor.kimberly-clark.com. With that, I will turn it over to Mike for a few opening comments.

Okay, thank you, Chris. Good morning, everyone. Our third quarter results underscore the strong progress we're making to transform Kimberly-Clark into an industry-leading personal care company. Despite a dynamic external environment, powering care continues to power our performance. It's enabling us to deliver solid results and, importantly, better care for a better world. Our inflection to volume plus mixed-led growth that began last year continued into the third quarter. Q3 marked Kimberly-Clark's seventh consecutive quarter of volume plus mix-led growth, even as volume growth has been somewhat challenging to achieve across the broader CPG industry. We're growing volume and mix because we're meeting consumers where they need us, across the good, better, best spectrum, and we're well positioned to post similar growth in the fourth quarter. We held global weighted market share despite an uptick in competitive promotion activity in the quarter. We're leveraging our scale to deliver more consistent profitability in a challenging environment. In the third quarter, we deliver consistent operating margin expansion and another quarter of industry leading productivity, our strongest of the year, to support reinvestment and profitable growth. Our rewired organization is fast tracking the best of Kimberly-Clark across our markets. The promotion of Russ Torres to President and Chief Operating Officer is accelerating our momentum. I'm pleased to have Russ with us today for his first earnings call as Chief Operating Officer. We're in the fourth quarter and we're playing a win. We have sustainable momentum and the discipline and ingenuity to effectively execute our innovation-led volume plus mix driven growth strategy. We're confident in our ability to unlock our long-term potential and deliver more value for our consumers our team, our partners, and our shareholders. So with that, I'd like to open the line for questions.