Kimberly-Clark Corporation

Good morning and welcome to the Kimberly-Clark second quarter 2026 earnings call. At this time, all participants are placed on a listen-only mode. I'll now hand the floor over to Chris Jakubik, Vice President, Investor Relations. Please go ahead.

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. 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 other reconciliations within our earnings release and the supplemental materials posted at investor.kimberly-clark.com. With that, I'll turn it over to Mike for a few opening comments.

Thank you, Chris, and thank you all for joining us today. Hey, as I mentioned in our prepared remarks, our second quarter results demonstrate the durability of the growth engine we've built through power and care. We delivered our 10th consecutive quarter of solid volume plus mix performance, held global weighted share, posted another quarter of industry-leading gross productivity, and continued to invest for impact. We did this even as consumers remained pressured and category growth is moderating. At the same time, results were impacted by a few discrete but significant one-off items in the quarter that underpin our decision to adjust our full-year outlook. Despite these headwinds, the fundamentals of our business remain strong and we're confident in our momentum entering the second half and into 2027. Our teams are executing with speed, agility, and great care to manage the business with discipline and navigate external dynamics. We're delivering superior science-backed innovation and value propositions around the world through our proven repeatable playbook that positions us to continue to win with consumers. We're advancing the next phase of Kimberly-Clark's transformation and sharpening our focus on proprietary right-to-win spaces. Yesterday we unveiled a proprietary alternative natural fiber innovation program which has the potential to reshape the future of our industry. This is the culmination of more than two decades of materials and plant science expertise brought to life through power and care. We believe the program will enhance product performance for consumers, strengthen our long-term growth trajectory, reduce exposure to natural forest fiber cost volatility, and advance our natural forest fiber free ambition. We also completed the successful launch of Arbex, our strategic joint venture with Susano. for making strong progress on our integration planning for ChemView as well. We're excited and ready for what's next. We have a unique generational opportunity to create a new kind of health and wellness company, reimagine care for billions of people around the world, and to create lasting value for shareholders. With that, we'd like to open up the line for questions.