POWERING CARE Q2 2025 EARNINGS Kimberly Clark

POWERING CARE Q2 2025 EARNINGS Kimberly Clark

• 1. POWERING CARE Q2 2025 EARNINGS August 1, 2025

• 2. Certain matters contained in this presentation concerning the business outlook, including raw material, energy and other input costs, our plans and expectations regarding the pending International Family Care and Professional (“IFP”) joint venture transaction with Suzano (“IFP Transaction”), the anticipated charges and savings from the 2024 Transformation Initiative, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, net sales, anticipated currency rates and exchange risks, including the impact in Argentina and Türkiye, effective tax rate, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management's expectations and beliefs concerning future events impacting Kimberly-Clark. There can be no assurance that these future events will occur as anticipated or that our results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them. The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including risks and uncertainties around the pending IFP Transaction (including risks related to delays or failure to complete the proposed transaction, the incurrence of significant transaction and separation costs, adverse market reactions, regulatory or legal challenges, and operational disruptions), risks that we are not able to realize the anticipated benefits of the 2024 Transformation Initiative (including risks related to disruptions to our business or operations or related to any delays in implementation), war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), governmenttrade or similar regulatory actions (including current and potential trade and tariff actions affecting the countries where we operate and the resulting negative impacts on our supply chain, commodity costs, and consumer spending), pandemics, epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain disruptions, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, regional instabilities and hostilities (including the war in Israel), potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships, could affect the realization of these estimates. The factors described under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, or in our other SEC filings, among others, could cause our future results to differ from those expressed in any forward-looking statements made by us or on our behalf. Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results. Huggies, Pull-Ups, Andrex, Depend, Poise, Cottonelle, Kleenex, WypAll, Kotex are registered trademarks of Kimberly-Clark Worldwide Inc. Please see our filings for a complete list. 2 Forward-Looking Statements

• 3. 2025 3 Our Strategy To Drive Value Creation Scale Initiatives: Performing While Transforming Embark on Powering Care: Establish a Strong Foundation 2024 2026+ Accelerate Growth: Leverage Scale for Industry-Leading Returns

• 4. Leaping Forward In Our Transformation Journey 11 CANNES LIONS Forbes names Patricia Corsi one of the world’s most influential CMOs JOINT VENTURE ANNOUNCEMENT 4 POWERING CARE $2B NORTH AMERICA INVESTMENT ANNOUNCED Strategic partnership reduces Kimberly-Clark’s exposure to more volatile input costs Largest domestic expansion in 30+ years to accelerate innovation pipeline and deliver growth targets IFP +

• 5. ACCELERATE PIONEERING INNOVATION OPTIMIZE OUR MARGIN STRUCTURE WIRE OUR ORGANIZATION FOR GROWTH Strong volume-led organic growth delivery, 5% volume growth in North America and International Personal Care Gained global weighted share +10 bps in the quarter vs. baseline while navigating a dynamic consumer environment Continued momentum on Gross Productivity with Q2 delivery at 5.8% of Adjusted COGS1 Announced investment of $2B in North America to support growth and unlock efficiencies Major step forward in the transformation with joint venture with Suzano, strong partner in international tissue categories Announced Russ Torres as Chief Operating Officer 5 Q2 2025: Building Momentum In A Dynamic Environment POWERING CARE 1Non-GAAP financial measures. Refer to the appendix of this presentation for reconciliations of our GAAP to non-GAAP measures.

• 6. 6 Strengthening Offerings Across The Value Spectrum ACCELERATE PIONEERING INNOVATION Enhancing value propositions through Leak-Free-Protection

• 7. K-C Confidential 2X faster absorbency speed & instant dryness in 1 second Dam liner for anti-leakage Advanced oxygen core, enhancing breathability Deep Sleep Master Nearly Zero disturbance, Deep Sleep Enhancing Absorbency And ACCELERATE PIONEERING INNOVATION Reducing Leakage To Help Deliver 20% More Sleep 7

• 8. K-C Confidential 60% residue area reduction! Powerfully pulls blood to the bottom with nearly zero stickiness 120% absorption speed! One pad absorbs a whole day’s volume of blood. G R A V I T Y ABSORB TO THE BOTTOM TECH DESIGNED FOR GUSHES Seamlessly close to high-risk leakage body parts. All-around protection for heavy flow. SIDE LEAK PROTECTION DAM Delivering 60% Residue Area Reduction And ACCELERATE PIONEERING INNOVATION All-around Leak Protection With Kotex Gravity 8

• 9. K-C Internal Only *Size 1 and 2 only NEW Front & Back Blowout Blockers* For Blowout Protection From any Direction GentleAbsorb® Liner Absorbs Wetness on Contact Safe for Sensitive Skin Dermatologist tested Providing Blowout Protection In Every Direction In The U.S. ACCELERATE PIONEERING INNOVATION 9

• 10. ACCELERATE PIONEERING INNOVATION Crushing The Stigma With ‘Mission Dry’ A mission to show bedwetting shouldn’t hold kids back 10 Scott Kelly & Goodnites address the issue of bedwetting faced by 1 in 6 kids* in the US *Ages 3-12

• 11. 11 Stepping Up Gross Productivity Savings Gross Productivity includes Productivity generated from end-to-end Integrated Margin Management and from Procurement initiatives OPTIMIZE OUR MARGIN STRUCTURE Targeting 5 - 6% Gross Productivity Savings in 20252 Value Stream: Design to Value initiatives including standardized product platforms and strong price negotiations unlocking value Network Optimization: Optimizing manufacturing and distribution footprint including external contract manufacturing among others Scalable Automation: Unlocking efficiencies through automation 5.8% of Adj COGS1 Q2 Actuals H1 actuals Value Stream Network Optimization Automation 1Non-GAAP financial measures. Refer to the appendix of this presentation for reconciliations of our GAAP to non-GAAP measures. 2 Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. 5.5% of Adj COGS1

• 12. A Powerhouse Cross-functional Team, Turns Similar Obstacles Into Shared Opportunity 9 Plants evaluated, with Vietnam and China serving as benchmarks Savings identified in the initiative : $25M Savings to be delivered in 2025: $14M Uncovered hidden value, challenging the status quo of supplier choices, product specs, and market norms Streamlined from 30 product platforms to 11, driving simplicity, consistency, and scale while improving quality and consumer value Investing in product to win vs competition in key markets 30 Platforms 11 Platforms OPTIMIZE OUR MARGIN STRUCTURE Value Stream Mindset 12

• 13. 13 IFP & Suzano JV Creates A Preeminent International Tissue & Professional Products Company WIRE OUR ORGANIZATION FOR GROWTH IFP Kimberly-Clark Driving Volatility Reduction and Setting Up International Tissue for Success DETAILS OF THE STRATEGIC PARTNERSHIP Kimberly-Clark will contribute substantially all the assets of its International Family Care and Professional (“IFP”) business ~$3.4B mid-2026 Kimberly-Clark 49% Suzano 51% Implied Current IFP Enterprise Value Expected Close Ownership Structure BENEFITS FROM WORLD-CLASS BRANDS 5 global brands: provided under longterm agreement 40 regional brands: owned by new entity Industrial manufacturing & Fiber expertise via Suzano. Expected reduction in total delivered costs. Better positioned to drive innovation & seize new opportunities in key markets. Catalyzed to create more value for shareholders. Increased focus on proprietary, right-towin spaces to improve growth trajectory. Reduced exposure to volatile input costs.

• 14. 14 FINANCIAL RESULTS & 2025 OUTLOOK

• 15. (2.2%) (4.7%) 3.9% 1.2% Q2’25 Highest volume growth quarter in the last 5 years reflecting portfolio strength and quality of activations and execution Revenue Growth Management investments and inflationary impacts partially offset by strong productivity savings Strong earnings delivery in an uncertain environment reflecting structural stability and reduced volatility 2025 full year Adjusted Free Cash Flow on track for ~$2B Organic Sales Growth1 Q2 2025: Accelerating The Core In A Dynamic Context Adjusted Operating Profit Growth1 Q2’25 Adjusted EPS Growth1 attributable to Kimberly-Clark (2.0%) (3.0%) Q2’25 Adjusted Free Cash Flow1 YTD $829M 1 Non-GAAP financial measures. Refer to the appendix of this presentation for reconciliations of our GAAP to non-GAAP measures. (1.8%) Constant-Currency1 Constant-Currency1 YTD YTD YTD (3.5%) (1.0%) (0.3%)

• 16. 16 North America 1Represents the change in net sales excluding the impacts of currency translation and divestitures and business exits. Organic Sales Growth is a non-GAAP financial measure. See Appendix forreconciliations of our GAAP to non-GAAP measures. • +5% volume growth in the quarter driven by strong innovations and targeted activations, aided by ~170bps from favorable retail inventory changes vs prior year • North America weighted average share +20 bps in Q2 led by Personal Care +60 bps • YTD Organic Growth of +1.8% driven by +2.6% volume growth, led by +7% volume growth in Adult & Fem Care, partly offset by targeted investments to enhance value propositions in Baby Care and Professional • YTD operating profit decline of 1.3% included 390bps headwind from divestitures and business exits Organic Growth1 OPERATING MARGIN Operating Profit Growth +4.5% +2.3% VOLUME + MIX 4.3% 1.8% (4.0%) (1.3%) Q2’25 YTD Q2’25 YTD 24.0% 24.7%

• 17. 17 International Personal Care Organic growth1 Organic growth1 +6.0% +2.7% VOLUME + MIX OPERATING MARGIN Organic Growth1 Operating Profit Growth • Strong volume+mix led organic growth in Q2 led by Focus Markets growing volume +8% • China grew volume double digits in Q2 while driving trade up, resulting in 330 bps share gain vs. year ago in Baby & Child Care • YTD Organic Growth in line with year ago driven by stepped-up investment to strengthen price-value propositions in select Asian and Latin American markets • YTD operating profit decline primarily driven by strong comparisons in the prior period and investments in value propositions across several markets. 1Non-GAAP financial measures. Refer to the appendix of this presentation for reconciliations of our GAAP to non-GAAP measures. Q2’25 YTD Organic growth1 3.3% 0.1% Q2’25 YTD Organic growth1 (12.9%) (16.7%) 12.7% 13.6%

• 18. 18 2025 Outlook 1 Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. 2. Personal Protective Equipment Volume+Mix Led Organic Sales Growth1 Ahead of Market Growth • Weighted-Average Market growth currently ~2% • Reported results expected to be negatively impacted by ~290 bps from combination of PPE2 divestiture and U.S. private label diaper business exit and ~100 bps from currency translation Low-to-Mid Single Digit Constant-Currency Adjusted Operating Profit Growth1 • Includes ~380 bps negative impact from PPE divestiture and U.S. private label diaper business exit • Results expected to be negatively impacted by ~100 bps from currency translation Low-to-Mid Single Digit Constant-Currency Adjusted EPS Growth1 Attributable to KimberlyClark • Includes ~320 bps negative impact from PPE divestiture and U.S. private label diaper business exit • Expect ~100 bps combined headwind to EPS growth from items below operating profit including higher net interest expense, a higher effective tax rate and lower shares outstanding among others • Expect $0.16 tailwind to EPS from reduction in D&A in results of Discontinued Operations • Results expected to be negatively impacted by ~150 bps from currency translation, including impact on Income from Equity Interests Adjusted Free Cash Flow1 of ~$2B • Includes approximately $1.0-$1.2B of capital expenditures

• 19. 2025 19 Powering Care Scale Initiatives: Performing While Transforming Embark on Powering Care: Establish a Strong Foundation 2024 2026+ Accelerate Growth: Leverage Scale for Industry-Leading Returns

• 20. APPENDIX

• 21. The following provides the reconciliation of the non-GAAP financial measures provided in this presentation to the most closely related GAAP measure. These measures include: Organic Sales Growth, Adjusted Cost of Goods Sold, Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Earnings per Share Attributable to Kimberly-Clark, and Adjusted Free Cash Flow. Unless specifically stated, all discussions regarding non-GAAP financial measures reflect results from our continuing operations for all periods presented. Where applicable, we also refer to the associated margin for each of these metrics, which is calculated as the proportion of the metric relative to the applicable period's revenue. Organic Sales Growth is defined as the change in Net Sales, as determined in accordance with U.S. GAAP, excluding the impacts of currency translation and divestitures and business exits. Adjusted Gross Profit (Adjusted Cost of Products Sold), Adjusted Operating Profit and Adjusted Earnings per Share Attributable to Kimberly-Clark are defined as Gross Profit (Cost of Products Sold), Operating Profit and Diluted Earnings per Share Attributable to Kimberly-Clark, as determined in accordance with U.S. GAAP, excluding the impacts of certain items that management believes do not reflect our underlying operations, and which are discussed in further detail within our current quarter earnings release and periodic SEC filings. These adjustments include the presentation of each metric on a constant-currency basis by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given the volatility in foreign currency exchange rates. Adjusted Free Cash Flow is defined as cash provided by operations (inclusive of discontinued operations), as determined in accordance with U.S. GAAP, less capital expenditures and excluding cash charges associated with our previously announced restructuring activities (the 2018 Global Restructuring Program and the 2024 Transformation Initiative) and IFP separation costs. The income tax effect of these non-GAAP items on the Company's Adjusted Earnings per Share Attributable to Kimberly-Clark is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the Company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income Before Income Taxes and Equity Interests and Provision for income taxes. We use these non-GAAP financial measures to assist in comparing our performance on a consistent basis for purposes of business decision making by removing the impact of certain items that we do not believe reflect our underlying and ongoing operations. We believe that presenting these non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items, (ii) permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating our results. We believe that the presentation of these non-GAAP financial measures, when considered together with the corresponding U.S. GAAP financial measures and the reconciliation to those measures, provides investors with additional understanding of the factors and trends affecting our business than could be obtained absent these disclosures. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, and they should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. We compensate for these limitations by using these non-GAAP financial measures as a supplement to the GAAP measures and by providing reconciliations of the non-GAAP and comparable GAAP financial measures. Certain non-GAAP financial measures referenced in this presentation are presented on a forward-looking basis. Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. Please note that these items could be material to Kimberly-Clark’s results calculated in accordance with GAAP. For further information about the non-GAAP adjustments included in the following slides, refer to our current quarter earnings release and Quarterly Report on Form 10-Q. 21 Non-GAAP Financial Measures

• 22. 22 Non-GAAP: Reconciliation of Organic Sales Growth Three Months Ended June 30, 2025 Percentage change vs. the prior year period NA IPC Total Net Sales Growth (1.9) 0.4 (1.6) Currency Translation 0.2 2.6 1.0 Divestitures and Business Exits 5.7 0.3 4.4 Organic Sales Growth(a) 4.3 3.3 3.9 (a) Table may not foot due to rounding.

• 23. 23 Non-GAAP: Reconciliation of Organic Sales Growth Six Months Ended June 30, 2025 Percentage change vs. the prior year period NA IPC Total Net Sales Growth (2.9) (4.5) (4.0) Currency Translation 0.3 4.3 1.7 Divestitures and Business Exits 4.3 0.3 3.4 Organic Sales Growth(a) 1.8 0.1 1.2 (a) Table may not foot due to rounding.

• 24. 24 Non-GAAP: Reconciliation of Adjusted Gross Profit Three Months Ended June 30 Six Months Ended June 30 $ Millions 2025 2024 2025 2024 Gross Profit $1,456 $1,594 $2,965 $3,280 2024 Transformation Initiative 82 45 135 45 Adjusted Gross Profit $1,538 $1,639 $3,100 $3,325

• 25. 25 Non-GAAP: Reconciliation of Adjusted Cost of Products Sold Three Months Ended June 30 Six Months Ended June 30 $ Millions 2025 2024 2025 2024 Cost of Products Sold $2,707 $2,637 $5,252 $5,277 2024 Transformation Initiative (82) (45) (135) (45) Adjusted Cost of Products Sold $2,625 $2,592 $5,117 $5,232

• 26. 26 Non-GAAP: Reconciliation of Adjusted Operating Profit Three Months Ended June 30 Six Months Ended June 30 $ Millions 2025 2024 2025 2024 Operating Profit $592 $539 $1,223 $1,254 2024 Transformation Initiative 121 190 196 235 Adjusted Operating Profit $713 $729 $1,419 $1,489 Year-Over-Year Growth (2.2%) (4.7%) Currency Translation 0.4% 1.2% Year-Over-Year Growth Constant-Currency (1.8%) (3.5%)

• 27. 27 Non-GAAP: Reconciliation of Adjusted Earnings Per Share Attributable to Kimberly-Clark Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Diluted Earnings per Share Attributable to Kimberly-Clark $1.53 $1.61 $3.23 $3.52 2024 Transformation Initiative 0.27 0.35 0.50 0.45 IFP Separation Costs 0.07 - 0.07 - IFP Repatriated Earnings 0.03 - 0.03 - IFP Tax Basis Adjustment 0.02 - 0.02 - Adjusted Earnings per Share Attributable to Kimberly-Clark $1.92 $1.96 $3.85 $3.97 Year-Over-Year Growth (2.0%) (3.0%) Currency Translation 1.0% 2.8% Year-Over-Year Growth Constant-Currency1(1.0%) (0.3%) 1 May not foot due to rounding.

• 28. 28 Non-GAAP: Reconciliation of Adjusted Free Cash Flow For the Year Ended $ Millions 2020 2021 2022 2023 2024 2025 YTD Cash Provided by Operations $3,729 $2,730 $2,733 $3,542 $3,234 $1,097 Capital Expenditures (1,217) (1,007) (876) (766) (721) (401) Cash Restructuring Charges 249 235 65 - 156 130 IFP Cash Separation Costs - - - - - 3 Adjusted Free Cash Flow $2,761 $1,958 $1,922 $2,776 $2,669 $829

• 29. 29 Press Releases – Previous Quarters Title Hyperlink Kimberly-Clark Announces Year-End 2020 Results And 2021 Outlook Q4 & FY 2020 Kimberly-Clark Announces Year-End 2021 Results And 2022 Outlook Q4 & FY 2021 Kimberly-Clark Announces Year-End 2022 Results And 2023 Outlook Q4 & FY 2022 Kimberly-Clark Announces Year-End 2023 Results And 2024 Outlook Q4 & FY 2023 Kimberly-Clark Announces First Quarter 2024 Results and Raises 2024 Outlook Q1 2024 Kimberly-Clark Announces Second Quarter 2024 Results and Raises 2024 Outlook Q2 2024 Kimberly-Clark Announces Third Quarter 2024 Results and Reaffirms 2024 Profit Outlook Q3 2024 Kimberly-Clark Delivers Solid Results in First Year of Transformation Q4 & FY 2024 Kimberly-Clark Announces First Quarter 2025 Results and Updates 2025 Outlook Q1 2025