Kimberly-Clark Corporation

Greetings. Welcome to the Kimberly-Clark 4Q 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the opening remarks. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Chris Jakubik, Vice President of Investor Relations. Chris, you may begin.

Thanks so much, and good morning, everyone. This is Chris Jakubik, Head of 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 these 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 and non-GAAP reconciliations within our earnings release and the supplemental materials posted at investor.kimberly-clark.com. Finally, I will apologize in advance if there are issues with the quality or delays in our audio today because we are all working remotely due to the winter storms. So with that, I'll turn it over to Mike for a few opening comments.

All right, thank you, Chris. Two years ago, we launched Powering Care to unlock Kimberly-Clark's next chapter of growth, building on our 150-year legacy. Now, since then, we've made tremendous progress and accelerated our momentum across the board. Our execution of Powering Care is driving strong results even amidst a dynamic external environment. In 2025, we continue to advance our volume plus mixed growth model, delivering an eighth consecutive quarter of solid volume plus mixed performance in Q4. We gained enterprise weighted share and we marked a second straight year of industry leading productivity with our fourth quarter being the strongest of the year. The energy across our company is palpable. We are introducing consumer directed science based innovation and breakthrough marketing across brands and markets faster than ever before. We're exercising cost discipline and deploying our greatest capabilities across the enterprise to optimize our margin structure. And we've rewired our organization for growth, including strengthening our bench of exceptional leaders and pivoting our portfolio to higher growth, higher margin personal care categories. We've hit the ground running in 2026 and are energized by the opportunity ahead. We've built a robust, achievable plan focused on further differentiating our trusted brands and ensuring we have healthy levels of investment across our value chain. We expect pressure on the consumer and a focus on value to persist. We're confident in our strategy and committed to giving our brands the fuel to thrive. Powering Care has put Kimberly-Clark on a virtuous cycle of growth and positioned this great American company for a better future. We have the right foundation and a proven playbook to capitalize on our pending acquisition of Canview. Acquiring Canview is a powerful next step in our transformation that will compound our momentum. It will advance our trajectory toward higher growth, higher margin spaces, and create a global health and wellness leader position to serve consumers at every stage of life. We're excited to seize the vast opportunity ahead and confident we will create significant value for our consumers, our partners, and our shareholders. So with that, let's open the line for questions.