#1PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL IPO Roadshow Presentation April 2023 PRINTING COPTE AND DET ROAD HOW MATE IP AD EMAIL TORS K Kenvue PHIMIT COPYING, AND DE ONDE PYTHEW MATERIALS THICH PROHIBITED SE&COPESS. 95.24.50.50 EMAIL r@netroadsho PENTING CONADIOVANILLO TRIBUTION OF PEATSHION LUATERIALESTRICTLY PROHIBIT BAL TN.com K COPYING, AND DISTRIBUTI ROACH W MATERIALS IS STRICTLY PROFUSTED PADDRESS: 95.24.50.50 EVAL [email protected] THE DESTERRUTION OF ISSCTLY PROHIBIT IP AD EMAIL [email protected] S PHONETER#2PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Disclaimer PRINTING, COPYING, AND DISTRIBUTION OF Kenvue Inc. ("Kenvue," the "Company," "we," "us," and "our") has filed a registration statement (including a preliminary prospectus) on Form S-1 (File No. 333-269115) with the SEC for the offering to which this presentation relates. The registration statement has not yet become effective. Before you invest, you should read the preliminary prospectus in that registration statement and other documents we have filed with the Securities and Exchange Commission for more complete information about us and this offering. You may get these documents for free by visiting the SEC website at http://www.sec.gov. Alternatively, copies of the prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing: [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing: [email protected]; or BofA Securities, Inc., NC1-022-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina 28255, telephone: 1-800-294-1322, or by emailing: [email protected]. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Forward-looking statements and other information ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 This presentation contains forward-looking statements, which do not relate strictly to historical or current facts and which reflect management's assumptions, views, plans, objectives and projections about the future. Forward-looking statements may be identified by the use of words such as "plans," "expects," "will," "anticipates," "estimates" and other words of similar meaning in conjunction with, among other things: discussions of future operations; expected operating results and financial performance; impact of planned acquisitions and dispositions; our strategy for growth; product development activities; regulatory approvals; market position; expenditures; and the effects of the Separation and the Distribution (each as defined in our registration statement on Form S-1), if pursued, on our business. PRINTING, CO Because forward-looking statements are based on current beliefs, expectations and assumptions regarding future events, they are subject to risks, uncertainties and changes that are difficult to predict and many of which are outside of our control. You should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, our actual results and financial condition could vary materially from expectations and projections expressed or implied in our forward-looking statements. User You should also carefully read the risk factors described in the section of our registration statement on Form S-1 entitled "Risk Factors" for a description of the material risks that could, among other things, cause our actual results to differ materially from those expressed or implied in our forward-looking statements. You should understand that it is not possible to predict or identify all such factors and you should not consider the risks described above to be a complete statement of all potential risks and uncertainties. PRINTING, COPYING, AND DISTRIBUTION OF All information contained herein speaks only as of the date of this presentation, except where information is stated to be presented as of a specific date. We do not undertake to publicly update any forward-looking statement that may be made from time to time, whether as a result of new OHIBIT information or future events or developments, except as required by law. IP ADDRESS: 95.24.50.50 EMAIL [email protected] Market and Industry Data Unless otherwise indicated, information contained in this presentation conceming our industry and the markets in which we operate, including our general expectations, market position, market share, market opportunity and market size, has been obtained from third-party sources, PRINTI including industry publications and other reports, internal data sources and management estimates, which we believe to be reliable and based on reasonable assumptions. Unless otherwise indicated, statements of market position are on the basis of total sales in the relevant geographic ROAD Smarket or product category in 2022, based on our analysis of third-party data reported by various sources, including Euromonitor Beauty & Personal Care 2023ed, Euromonitor Tissue & Hygiene 2023ed, Euromonitor Consumer Health 2023ed, IQVIA, IRI, Morning Consult, Nicholas IP ADDHall, Nielsen and Numerator Consumer Insights. EMAIL S Unless otherwise indicated, we have not commissioned any of the industry publications or other reports generated by third-party providers that we refer to in this presentation. Our management estimates are derived from such third-party sources, other publicly available information, our knowledge of our industry, internal company research, surveys, information from our customers and third-party partners, trade and business organizations and other contacts in the markets in which we operate and assumptions based on this information and knowledge. Data regarding our industry and our market position and market share within our industry are inherently imprecise and are subject to significant business, economic and competitive uncertainties beyond our control, but we believe they generally indicate market size, market position and market share within our industry. IP ADDRESS: 95.24.50.50 Trademarks, Trade Names and Service [email protected] The trademarks, trade names and service marks of the Company appearing in this presentation are, as applicable, our property, licensed to us or, prior to the completion of the Separation, the property of Johnson & Johnson. The name and mark, Johnson & Johnson, and other trademarks, trade names and service marks of Johnson & Johnson appearing in this presentation are the property of Johnson & Johnson. AND DISTRIBUTION OF Solely for convenience, trademarks, trade names and service marks referred to in this prospectus may appear without the "@"M" or symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names and service marks. This presentation also contains additional trademarks, trade names and service marks belonging to other parties. We do not intend our use or display of these other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, such other parties. Non-GAAP Financial Measures PRINTING, COPYING, AND DISTRIBUTION OF This presentation includes certain non-GAAP financial measures, including Cash flow, Adjusted gross profit, Adjusted EBITDA, Adjusted operating income, Adjusted net income, and Organic growth, Such non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is included in the Appendix to these slides. EMAIL: [email protected] K kenvue PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 2 EMAIL: [email protected]#3PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL IPO Offering Summary Issuer Exchange / Ticker Shares Offered Price Range Base Offering Size Implied Dividend Yield at Price Range PRINT Overallotment Option ROADS IP ADD EMAIL Expected Pricing Use of Proceeds Lock-Up Active Bookrunners Passive Bookrunners Co-Managers PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED 4.50.50 Kenvue Inc. K Kenvue NYSE/KVUE PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24 50 50 3.5% -4.0% EMAIL [email protected] 151,204,000 shares (100% primary) $20.00-$23.00 per share -$3,250,886,000 gross proceeds (at the midpoint of the price range) ING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 22,680,600 shares (100% primary) May 4th, 2023 Payment to Johnson & Johnson as partial consideration for Consumer Health Business that Johnson & Johnson will transfer to KenvueTED adshow.com 180 days for the Company, executive officers, directors, and Johnson & Johnson ROADSHO Goldman Sachs & Co LLC, J.P. Morgan, BofA Securities PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 EMAIL: [email protected] Citigroup, Deutsche Bank Securities, BNP Paribas, HSBC, RBC Capital Markets, UBS Investment Bank BBVA, ING, IMI - Intesa Sanpaolo, Santander, UniCredit Capital Markets, Academy Securities, Independence Point Securities, Ramirez & Co., Inc., R. Seelaus & Co., LLC, Siebert Williams Shank PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 3 EMAIL: [email protected]#4Our leaders presenting today TUSZEM K Kenvue ING COPYING, AND STORETShe's HOW MATERIALS IS STRITE THEOLO DRESS: 95.24.50.50 Fr@netroadshow Thibaut Mongon Chief Executive Officer PRINTING, CO DISTRIBUTION OF Paul Ruh Chief Financial Officer PERITUO COPYOU AND DISTRIBUTION O RODIN TAWALATER LY PROMIBITED INTING, COPYINGVANLI DISTRIBURICH OF ADSHOW MATEUILLESTRET FROS ADDRESS: 95.240 MAIL [email protected] Tina Romani Head of Investor Relations STRICTLY FROH#5PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL roadshow.com ND DISTRIBUTION OF S IS STRICTLY PROHIBITED DRESS. 95.24.50.50 Realize the extraordinary power of everyday care PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] $15bn PRINTING, COPYING AND ROADSHOW MATERIALS 2022A Net Sales² IP ADDRESS: 95.24 50.50 EMAIL [email protected] PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24 50 50 EMAIL [email protected] ¹ Euromonitor and Nicholas Hall as of FY2022; 2 Net sales as of FY2022; ³ Cash flow defined as 'Net cash flow from operating activities less Purchases of property, plant, and equipment'. Cash flow is a non-GAAP measure. Please see the Appendix to this presentation for a reconciliation to the most directly comparable GAAP measures I kenvue $369bn And Growing TAM¹ 3 Segments PRINTING COPYING AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] ~1.2bn People Served 10 PRINTING COPYING, AN Brands -$400mm or OADSHOW MAT More² BUTION OF PADDRESS #1 Regional Brand HIBITED EMAIL: user@netroads Positions 135+ Year History PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95 24.50.50 EMAIL [email protected] >165 Countries >$2bn FY2022 Cash Flow³ PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 5 EMAIL [email protected]#6PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL We are positioned for success PRINTING, COPYING, AND DISTRIBUTION Strategic transformation to accelerate profitable growth EMAIL [email protected] Johnson Johnson CONSUMER Pre-2019 • Long-standing roots within Johnson & Johnson but increasingly PRINTING differentiated business IP ADDRESS EMAIL Global presence and well- established brands ● ● Large and disparate portfolio: 95 24.50.50 (broad SKU lineup) EMAIL: [email protected] • Profitability lagging consumer peers Managed for free cash flow PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW ATERALS IS STRICTLY PROHIBITED & CONSUMER HEALTH 2019-2022 Increased agility through route-to- PRINTING, COPYING, AND DISTRIBUTIO market and portfolio optimization ROADSHOW MATERIALS IS STRICTLY PROHIBITE • Strategic transformation implemented by current leadership • 21% SKU reduction ● • Investment in technology and digital capabilities COPYING, AND DISTRIBUTION OF • ~200bps of adjusted gross profitTED margin expansion 1.2.com K Kenvue PRINTING, CYOND THE BESTREINONDE ROADSHOW IP ADDRESS EMAIL User 2023 and beyond Standalone publicly traded company Focused and aligned leadership team Integrated end-to-end and aligned to industry dynamics Disciplined capital allocation strategy Top-line growth acceleration with marketing and innovation ● ● ● • ● Continue to invest in R&D and digital capabilities PRINTING, C ROADSHOW IP ADDRESS EMAIL: user@netroadshow. OF OHIBIT 1 Gross profit margin adjusted for restructuring expense and amortization of intangible assets; -193bps of gross profit margin expansion on a GAAP-basis; from 2019-2022; 2 Adjusted gross profit is a non-GAAP measure. Please see the Appendix to this presentation for a reconciliation to the most directly comparable GAAP measures K kenvue PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 6 EMAIL: [email protected]#7PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Realize the extraordinary power of everyday care PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24 50 50 World's largest pure-play consumer health company¹ World class, global portfolio built over the last 135 years Operates in large and growing consumer health market ● Poised to benefit from consumer health trends PRINTING OF Differentiated portfolio of iconic brands ROADSHOW MAT IP ADDRESS in attractive categories EMAIL user@netroa ● Sustainable top-line growth in attractive categories 1 Largest by revenue in 2022 I kenvue Clear sources of competitive advantage TED • Product portfolio recommended by healthcare professionals and experts • Consumer-focused innovation backed by science Digital-first mindset delivering better consumer health experiences Scaled and global footprint NG, AND DISTRIBUTION OF Chain Strong commitment to our Healthy ERIALS IS STRICTLY PROHIBITED Lives Mission IP ADDRESS: 95.24.50.50 EMAIL: [email protected] ● Deep connection with consumers built INTING COPYING ND Efficient cost base supporting gross upon trust and human empathy ROADSHOW MATERIALS I IP ADDRESS: 95.24.50.50 margin expansion EMAIL us@netrad. Significant cash flow and disciplined financial philosophy Scaled and purpose-built global supply Proven leadership team with deep industry experience ROADSHO MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 road.how.com Strong and improving profitability Robust financial profile and disciplined financial policy $22 € Healthy balance sheet management COPYING, AND DISTRIBUTION OF ADSHOW MATERIALS IS STRICTLY PROHIBIT • show.com • Focused on driving long-term value creation through sustaining profitable growth Durable cash ($) flow generation TRIBUTION OF EMAIL: [email protected] STRICTLY PROHIBITED Disciplined capital allocation PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 7 EMAIL: [email protected]#8PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Realize the extraordinary power of everyday care World's largest pure-play consumer health company¹ World class, global portfolio built over the last 135 years ● ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24 50 50 Operates in large and growing consumer health market Poised to benefit from consumer health trends PRINTING OF Differentiated portfolio of iconic brands ROADSHOW MAT IP ADDRESS in attractive categories EMAIL user@netroa ● Sustainable top-line growth in attractive categories 1 Largest by revenue in 2022 I kenvue DISTRIBUTION OF Clear sources of STRIBUT competitive advantage HIBITED EMAIL [email protected] Scaled and global footprint NG, AND DISTRIBUTION OF Chain Strong commitment to our Healthy ERIALS IS STRICTLY PROHIBITED Lives Mission IP ADDRESS: 95.24.50.50 EMAIL: [email protected] . Deep connection with consumers builtINTING COPYING, AND Efficientcost base supporting gross upon trust and human empathy ROADSHOW MATERIALS margin expansion IP ADDRESS: 95.24.50.50 Product portfolio recommended by EMAIL: user@netroadshow Significant cash flow and disciplined healthcare professionals and experts financial philosophyITING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT Consumer-focused innovation backed by science Digital-first mindset delivering better consumer health experiences Scaled and purpose-built global supply Proven leadership team with deep industry experience PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 netroadshow.com Strong and improving profitability Robust financial profile and disciplined financial policy $22 € TW Healthy balance sheet management EMAIL [email protected] Focused on driving long-term value creation through sustaining profitable growth Durable cash flow generationTRIBUTION O EMAIL: [email protected] STRICTLY ($) Disciplined capital allocation PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 8 EMAIL: [email protected]#9PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Global leader at the intersection of healthcare and consumer goods PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL [email protected] K Healthcare Science-backed solutions Effective products with active PRINTING, CU ROADSHOW ingredients ICTLY PROHIBITED IP EMAIL [email protected] Healthcare professional focus on patient needs PRINTING, COPYING, AND DIS ROADSHOW MATERIALS IS ST IP ADDRESS: 95.24.50.50 [email protected] Focus on safety and efficacy K Kenvue K Kenvue Consumer Health Efficacious products, backed by science Recommendations from healthcare professionals Earned place in consumer's daily self- care routines address health needs Iconic brands that drive long-term loyalty Differentiated go-to-market model across three segments focused on consumer health FYING, AND DISTRIBUTION OF MATERIALSTRICTLY PROHIBITED 95.24.50.50 netroadshow D Goods PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADE Everyday needs EMAIL [email protected] Consumer-focused innovation Strong role of brands Widely available - broad retail penetration PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 9 EMAIL: [email protected]#10PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Large, attractive and growing total addressable market PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 Our Consumer Health categories¹ Self Care² market → $369bn → PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRE Skin Health and Beauty³ → EMAIL: user Essential Health4 $114bn $217bn PRINTING, COPTING, AND DISTRIBUTION OF ROADSHOW MATERIALI TRICTLY PROHIBITED IP ADDRESS: 95 24.50.50 EMAIL: user@netroadshow CAGR 19-22 4.8% AND DIST ALS IS STRICTLY 0.50 show.com 5.1% Supporting trends ROADSHOW MATERIALS PRINTING COF Increasingly empowered DESS 952-consumers focused on their EMAIL user@netroadshow health 4.5% $38bn 6.2% PRINTING, COPYING AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 We expect annual market growth of 3-4% globally through 2025 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 EMAIL: [email protected] Global healthcare systems embracing proactive and preventive health and wellness Traditional retailers increasing focus on health and wellness PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] ¹ Euromonitor and Nicholas Hall as of FY2022; 2 Self Care includes Analgesics, Cough & Cold, Allergy, Smoking Control, Gastrointestinals, Dermatologicals, Eye Care and Lifestyle Consumer Healthcare and excludes Vitamins, Minerals, and Supplements; 3 Skin Health and Beauty includes Conditioners and Treatments, Hair Loss Treatments, Shampoos, Medicated Shampoos, Skin Care, and Adult Sun Care; 4 Essential Health includes Baby and Child Specific Products (excluding Wipes). Mouthwash / Dental Rinses, Sanitary Protection (excluding the U.S., Canada, and China), and Wound Care PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 10 EMAIL: [email protected] K Kenvue#11PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL World class, differentiated portfolio of iconic brands PRINTING, COPYING, AND DISTRIBUTION OF PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIEKE IP ADDRESS 95 24.50.565 Johnson's EMAIL: user@ head-to-toe wash & shampoopRINT ROAD how ZARBEES Sleep ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL [email protected] 136 FL 02 1400 K Kenvue EMAILIL renewing argan oil of morocco SHAMPOO A unique, precious blend with argan oil of Morocco helps to penetrate the hair chaft. Discover ITT DR.CI:LABO AQUA-COLLAGEN-GEL ENRICH-LIFT-EX Lubriderm Aveeno. ORSL Apple DI PRINING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] Daily Moisturizing TION nsely Nourishes Skin RANCE FREE OHIBITED Neutrogena Hydro Boost Neutrogena APO WRONKLE REPA RETINOL PRO+ S% POWER SERUM 1820 -AID HYDRO SEAL NOW-MEDICATED $5.24.50.50 EMAIL: [email protected] ACNE BLE PATCH ZYRTEC ALLERGY Indoor & Outdoor NEOSTRATA. PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] AND-AID OURTONE Extra Strength cetaminophen RAPID RELEASE VALUR ST Motrin IB REMOVES UP TO 97% OF GERMS LEFT AFTER BRUSHING DAILY MOUTHWASH LISTERINE COOL MINT FOR A CLEANER FRESHER MOUTH THAN BRUSHING ALONE 28 250mle 736500 DISTRIBUTION OF nicorette QuickMist Cool Berry LY PROHIBIT Trusted by consumers, backed by science and recommended by healthcare professionals PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 11 EMAIL: [email protected]#12PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Three balanced segments that address a broad range of consumer health need states EMAIL: [email protected] PRINTING ROADSHO IP ADDRES EMAIL Self Care 1 Net sales as of FY2022 K Kenvue $6.0bn of Net Sales¹ ANTISTRESkin Health and Beauty LS IS STRICTLY PROHIBITED 150 $4.4bn 40% Essential Health of Net Sales¹RINTING 29% AND DISTR ROADSHOW ALS IS STRIC IP ADDRESS: 95.24.50.50 EMAIL: [email protected] $4.6bn 31% of Net Sales¹ Strong portfolio with 36 #1 regional brand positions across all segments TYLENOL (nicorette ZYRTEC ZARBEE'S ORSL Motrin Calpol INSPIRED BY NATURE Neutrogena Aveeno. MARSEILLAIS OF E ROHIBITER Aveeno og Dabao Lubriderm DR.CI:LABO Rogaine PRINTING, COPYING, AND DISTRIBUTION OF RO MATPain Brand TLY PRAllergy Brand IP EMAIL@netrGlobally #1 PRINTING, COPYING, AND DISTRIBUTION OF LISTERINE Johnson's BAND-AID StayfreeTED #1 EMAIL [email protected] ob. NEOSPORIN Desitin Carefree Tylenol Facial Care Brand in the U.S. Neutrogena Globally Zyrtec Sun Care Brand Globally Neutrogena Mouthwash Brand Globally Listerine RIBUTION ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 EMAIL [email protected] Adhesive Bandage Brand Globally Band-Aid PRINTING, COPYLIS ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24 50.50 EMAIL: [email protected] Smoking Cessation Brand Globally Premium Hair Care Brand in the U.S. OGX Baby Toiletries Brand Globally Johnson's PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 12 EMAIL: [email protected]#13PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Scaled and global footprint providing diversification and balance PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] Key highlights • Global brands complemented by strong regional brands tailored to local preferences PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.2450.50 EMAIL user Route-to-market with local sales agility • Direct distribution in 50+ markets, reaching more than 165 countries 1 Net sales as of FY2022 K kenvue PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95 24.50.50 @netroadshow.com PRINTING COPYING AND DISTRIBUTION OF V MATERIALS S STRICTLY PROHIBITED 50% sales¹ North Americanow.com net 7 positions #1 leadership Latin America of net 8% sales¹ OFYING, AND DISTRIBUTION OF EMEA ATERIALS IS STRICTLY PROHIBITED ESS: 95.24.50.50 21%% of net PRINTING, COPYING AND D #1 leadership 6 positions ROADSHOW MAT IP ADDRESS: 954 EMAIL: user@nethe 13#1 leadership PRINTING, COPYING AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 EMAIL [email protected] APAC of net sales¹ 21% 10 positions PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] #1 leadership PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 13 EMAIL: [email protected]#14PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Our ESG commitment is embedded in our brands' strategy PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] people Healthy Healthy Healthy Lives Mission Healthy practice PRINTIN COPYING, AND DISTRIBUTION OF ROADSHOW MATES IS STRICTLY PROHIBITED IP ADDRESS: 95.245 EMAIL: user@netroads c K kenvue planet Aveeno. Neutrogena Healthy People Creating a diverse, equitable & inclusive culture PRINTING, COPYING, AND DISTRIBUTION OF LE PETIT MARSEILLAIS Advancing human & community health ROADSHOW MATERIALS IS S Empowering consumers IP ADDRESS: 95.24.50.50 EMAIL [email protected] through product transparency Healthy Planet nicorette Continually improve the sustainability of our products, packaging & operations PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] Healthy Practice ION OF PROHIBITED ● PRINTING, NG AND DIRE ROADSHOW MATERIALS IS STRICTLY PROHIBIT UP ADDRESS: 95.24.50.50 EMAIL: [email protected] Building strong corporate governance and culture Adopt Code of Business Conduct and Code of Business Conduct & Ethics Stayfree Carefree ob Johnson's LISTERINE.COOOX. DISTRIBU Stayfree ROADSHOW STRICTLY IP ADDRESS: 95.24.50.50 EMAIL: [email protected] PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 14 EMAIL: [email protected]#15PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 EMAIL Realize the extraordinary power of everyday care PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 EMAIL: [email protected] • • World's largest pure-play consumer health company¹ . World class, global portfolio built over the last 135 years Operates in large and growing consumer health market PRINTING, COP Differentiated portfolio of iconic brands ROADSHOW IP ADDRESS: 997 attractive categories EMAIL [email protected] Poised to benefit from consumer health trends Sustainable top-line growth in attractive categories 1 Largest by revenue in 2022 I kenvue Clear sources of competitive advantage TED I and global footprint WORYING, AND DISTRIBUTION OF chain Strong commitment to our HealthYERIALS IS STRICTLY PROHIBITED Lives Mission IP ADDRESS: 95 24.50.50 EMAIL: [email protected] Deep connection with consumers built INTING COPYING, AND Efficientcost base supporting gross upon trust and human empathy margin expansion ROADSHOW MATERIALS ISS IP ADDRESS. 95.24.50.50 Product portfolio recommended by EMAIL: user@netroadshow Significant cash flow and disciplined healthcare professionals and experts financial philosophyITING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT • Consumer-focused innovation backed by science Digital-first mindset delivering better consumer health experiences ● Scaled and purpose-built global supply Proven leadership team with deep industry experience ROADSHO MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 road.how.com Strong and improving profitability Robust financial profile and disciplined financial policy $22 € Healthy balance sheet management EMAIL [email protected] Focused on driving long-term value creation through sustaining profitable growth Durable cash flow generationTRIBUTION O EMAIL: [email protected] STRICTLY ($) Disciplined capital allocation PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 15 EMAIL: [email protected]#16PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL ser Longstanding engagement with healthcare professionals reinforces our consumers' connections to our brands EMAIL: [email protected] Deep connection with consumers built on trust and human empathy We drive trust and connections with our powerful portfolio of iconic, beloved brands PRINTING, COPY ROADSHOW MA IP ADDRESS: 95 EMAIL: user@net SS er@netroadshow G, AND DISTRIBUT 50.50 RIALS IS STRE Recommended by healthcare professionals and experts adshow.com 1#1 recommended smoking cessation brand by doctors and pharmacists across EMEA from 2018-2022 K Kenvue ROADSHOW MATERIALS IS STRICTLY PROHIBITED Dentists 95.24 50.50 [email protected] LISTERINE ADA American Dental Association Doctors and Nurses Arthritis Foundation Dermatologists PRINTING, COPYING, AND DISTRIBUTION OF OADSHOW MATERIALS IS STRICTLY PROHIBITED ADDRESS: 95.24.50.50 AIL [email protected] American Academy of AAD: Dermatology Association Doctors and Pharmacists LISTERINE #1 Dentist Recommended Mouthwash in the U.S. PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 EMAIL [email protected] Doctor Recommended Adult Pain Medication in the U.S. TYLENOL #1 Neutrogena #1 nicorette #1 World Health Organization PYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] Dermatologist Recommended OTC Sunscreen and Acne Brand in the U.S. Doctor and Pharmacist Recommended Smoking Cessation Brand in EMEA¹ PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 16 EMAIL: [email protected]#17PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Science-based, multi-disciplinary approach to innovation PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] 2 1 Elevating the standard of care LISTERINE COOL MINT PRINTING COPYING, ROADSHOW MATERIALS IS IP ADDRESS: 95.24.50 50 EMAIL: user@netroads 100+ nicorette QuickMist Img K kenvue outhspray 150 16 Aula PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 Enhancing consumer experience New product innovations per year since 2020 TYLENOL Antonisten DISSOLVE PACKS Torrent TYLENCE Children's Alanisph Pain Fever Ages 6-11 DISSOLVE PACKS A DRAELABO VC100 SPECIAL 3 PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL [email protected] Solving for unmet consumer needs beeno CALM RESTORE IP ADDRESS: 95.24.50.50 EMAIL: [email protected] Sa Chanda EMAIL user@netroadshow Successful and consumer health focused innovation track record, continuously driving consumer relevance and growth PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 EMAIL: [email protected] -5,770 Issued patents globally Aveeno PRINTING eco REFILL PACK RCAveeno IP SORE EMAIL USO BUTO ~1,500 R&D professionals 900+ since 2015 Industry awards STRIBUTION OF STRICTLY PROHIBIT PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 17 EMAIL: [email protected]#18PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Differentiated and efficient go-to-market model PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 Precision marketing 13% Media ROI CAGR from 2019-20211 Zyrtec AllergyCast Personalized allergy PRINTING C ROADSHOW forecasts for pollen,BITED IP ADDRESS: 95 EMAIL user weather, and air quality PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MA IP ADDRESS: 952 EMAIL:user@ne Listerine 5x more effective than flossing for plaque reduction above the gumline² 5X MORE PLADIE DESTROYING POWER THAN FLOSS GET PERSONALIZED ALLERGY FORECA CASTS LY PROHIBITED WHOA! LISTERINE Significant omnichannel capabilities G, AND DISTRIBUT RIALS IS STRICTLY 50.50 adshow.com PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS IP ADDRESS: 95 24.50.50 EMAIL [email protected] Strong retail penetration in priority markets Growing e-commerce execution 3, COPYING, AND DISTRIBUTION OF OW MATERIALS IS STRICTLY PROHIBITED ESS: 95.24.50.50 [email protected] 20% E-commerce CAGR PRINTING, COPYING, AND DISTR 2020 N OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24 50.50 EMAIL: [email protected] ¹ Media ROI defined as incremental retail sales divided by cost of media; 2 Sustained plaque reduction after a dental cleaning. Rinse is not intended to replace brushing and flossing I kenvue DISTRIBUTION OF MATERIAL STRICTLY PROHIBIT @nemoadshoom 2022 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 18 EMAIL: [email protected]#19PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Our scaled and purpose-built global supply chain PRINTING ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL: [email protected] 25 In-house manufacturing sites PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] In-house manufacturing sites ~56% Volume manufactured in-house K Kenvue J&J supplying sites - under Transition Manufacturing Agreement >230 Third-party manufacturing facilities PRINTING COPYING, AND DISTRIBUTION OF ROADSHO MATERIALS STRICTLY PROHIBITED IP ADDRESS 954.50.50 EMAIL: [email protected] ND S 19 30 Ow 114 Distribution centers PRINTING, COPYING, AND DISTRIPUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] M 95 SUNILALTOne ~66K Customers worldwide PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] 6bn+ Units shipped PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 EMAIL [email protected] PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 19 EMAIL: [email protected]#20PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Experienced and proven management team PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] Thibaut Mongon Chief Executive Officer K Kenvue Paul Ruh Chief Financial Officer PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] PRIN ROA IP AD EMA 9 nationalities Over 58% women Jan Meurer Chief Growth Officer Katie Decker Global Head, Essential Health and Customer Engagement Ellesha Kirby Global Head, Skin Health & Beauty and Design ND DISTRIBUTION OF Manoj TLY PROHIBITED Raghunandanan Global Head, Self Care and Consumer Experience ANDCarlton Lawson TERIALS Group President, OHIBITED 0,50 Europe, Middle East etroadshow and Africa Kathy Widmer Group President, North America and Latin America Rosana Padilla President, Latin America Ellie Bing Xie Group President, Asia Pacific AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 Meri Stevens Chief Operations Officer PRINTING COPYING, AND DISTRIBUTION OF AMATERIALS IS STRICTLY PROHIBI 1,50.50 Average 18 years consumer goods and healthcare experience Natasha Zuyev Chief Quality Officer Bernardo Tavares Chief Technology & Data Officer Caroline Tillett, Ph.D. Chief Scientific Officer Luani Alvarado Chief People Officer Donna Lorenson Chief Corporate Affairs Officer ONCOPYING, AND DISTRIBUTION OF MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 usergetroadshow.com Matt Orlando General Counsel Collectively led strategic transformation since taking the helm in 2019 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 20 EMAIL: [email protected]#21PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 EMAIL Realize the extraordinary power of everyday care PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 EMAIL: [email protected] • • World's largest pure-play consumer health company¹ . World class, global portfolio built over the last 135 years Operates in large and growing consumer health market PRINTING, COP Differentiated portfolio of iconic brands ROADSHOW IP ADDRESS: 997 attractive categories EMAIL [email protected] Poised to benefit from consumer health trends Sustainable top-line growth in attractive categories . 1 Largest by revenue in 2022 I kenvue . Clear sources of STRIBUT DISTRIBUTION OF competitive advantage HIBITED EMAIL [email protected] I and global footprint Strong commitment to our HealthYERIALS IS STRICTLY PROHIBITED OPRYING, AND DISTRIBUTION OF chain Lives Mission IP ADDRESS: 95 24.50.50 EMAIL: [email protected] Deep connection with consumers builtINTING COPYING ND Efficient cost base supporting gross upon trust and human empathy ROADSHOW MATERIALS I IP ADDRESS: 95.24.50.50 margin expansion Product portfolio recommended by EMAIL user@netraddow Significant cash flow and disciplined healthcare professionals and experts financial philosophy Healthy balance sheet management Consumer-focused innovation backed by science Digital-first mindset delivering better consumer health experiences Scaled and purpose-built global supply Proven leadership team with deep industry experience PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 netroadshow.com Strong and improving profitability $22 € Robust financial profile and disciplined financial policy TW • show.com • Focused on driving long-term value creation through sustaining profitable growth Durable cash ($) flow generation TRIBUTION OF EMAIL: [email protected] COPYING, AND DISTRIBUTION OF ADSHOW MATERIALS IS STRICTLY PROHIBIT STRICTLY PROHIBITED Disciplined capital allocation PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 21 EMAIL: [email protected]#22PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Strategically transformed our business PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL [email protected] Strategic choices and resource focus Organizational Redesign 3 Segments PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] AND DISTRIBUTION OF Portfolio Portfolio CTLY PROHIBITED repositioning Portfolio Curation² 10 Acquisitions 15 divestitures Network Rationalization COPYING, AND DISTRIBUTION OF Product Offering Optimization MATERIALS IP ADDRESS: 95.24.50.50 60% EMAIL: [email protected] reduction in the number of small external manufacturers¹ 21% SKU reduction ¹.3 OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.2450.50 EMAIL [email protected] 1 Since 2019; ² Since 2016; 3 Excluding innovation and promo SKUs launched over the period; 4 From 2019-2022 K Kenvue & Capability building Supply Chain Digitization ND DISTRIBUTION OF DALSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 [email protected] -63% of CapEx Increased Digital Marketing 44% → 71% Digital spend as a % of total media spend4 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 22 EMAIL: [email protected]#23PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Track record of delivering results PRINTING, COPYING, AND DISTRIBUTION ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95,24.50:50 EMAIL: [email protected] Net sales ($bn) Organic CAGR 1¹,3 3.4% Reported net sales CAGR of 1.4%, including FX and M&A impact $15.1 $14.3 pano ol ROADSHOWVATE LES IP ADDRESSZEMOS EMAIL: user Bookc PRINTING $14.5 TRIBUTION RICTLY PROHumed | 2019 YOY Organic Growth¹.3 15NTG, COPY HOW MAT NESS: 953 Exteaser@netr 2020 2.9% HAD HISTORISITION OF Y PROHIB 250 2021 3.5% PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL user@netroadshow % Margin 21.6% $15.0 HING Adjusted EBITDA ($bn)2,3 [email protected] 2022 3.8% $3.1 OPYING, AND DISTRIBUTION OF MATERIALS IS STRICTLY PROHIBITED 05.24.50.50 2019 26.1% PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL [email protected] $3.8 25.3% PRINTING, COPYING, AND DISTRIBUTION OF $3.8 ADSHOW MATERIAL STRICTLY PROHIBIT ADDRESS: 95.24.50 $3.6 EMAIL [email protected] 2020 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 2021 24.1% 2022 1 Organic growth excludes the impact of changes in foreign currency exchange rates and the impact of acquisitions and divestitures; 2 2019-2022 adjusted to exclude other non-recurring items, including talc legal settlement and defense costs, restructuring expense, impairment of intangible assets, unrealized loss (gain) on securities, separation-related costs, VAT legal resolution, gains on divestments, and gain on previously held equity investment in Dr. Ci:Labo; 3 Organic Growth and Adjusted EBITDA are non-GAAP measures. Please see the Appendix to this presentation for a reconciliation to the most directly comparable GAAP measures; from 2019-2022 PRINTING, COPYING, AND DISTRIBUTION OF K Kenvue ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 23 EMAIL: [email protected]#24PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Historical segment performance PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED PRINTING ROADSHO IP ADDRES EMAIL: use Self Care Skin Health and Beauty Essential Health Adj. Operating Margin¹.2 AND DISTRIBUTION OF ALS IS STRICTLY PROHIBITED 0.50 show.com Adj. Operating Margin¹.2 Adj. Operating Margin¹.2 IP ADDRESS 95.24.50.50 EMAIL [email protected] 2019 $4.8 31.1% $4.6 20.7% PRI NYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] $4.9 21.5% Net sales ($bn) 2021 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS S IP ADDRESS 95.24.50.50 EMAIL use $5.6 PROHIBITED 34.6% $4.5 19.3% $4.9 PRINTING CORVING AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 EMAIL [email protected] 25.1% 2022 $6.0 RINTING, COPYING, AND DISTR ROADSHOW MATERIALS IS STRICTET PROTTIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] 34.6% PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 EMAIL [email protected] $4.4 16.3% $4.6 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITE 24.3% IP ADDRESS: 95.24.50.50 EMAIL: [email protected] 1 Operating income is adjusted to include the impact of changes in allocation. In Q4 2022, Kenvue updated its methodology of allocation for certain selling expenses to align with segment financial results; 2 Adjusted operating income is a non-GAAP measure. Please see the Appendix to this presentation for a reconciliation to adjusted operating income as reported; from 2019-2022 PRINTING COPYING, AND DISTRIBUTION OF K Kenvue ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 24 EMAIL: [email protected]#25PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Preliminary estimated Q1'23 results¹ PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24 50 50 (In millions) Revenue Organic Growth² Revenue by Segment Self Care Organic Growth2 Skin Health and Beauty Organic Growth2 Essential Health PRINTING C ROADSHOW Organic Growth? PROHIBITED IP ADDRESS EMAIL Margins Adjusted gross profit³ % margin Adjusted EBITDA4 % margin Adjusted net income5 % margin Fiscal three months ended April 2, 2023 Estimated¹ $3,852 AL [email protected] $1,640 $1,111 $1,101 Low $2,140 PRINTING COPYING AND DIST ROADSHOW MATERIALS IS STR55.6% OHIBITED EMAIL: [email protected] $840 21.8% $610 15.8% High $2,270 58.9% ROADSHO IP ADDRE16.9% 50.50 EMAIL 1 Fiscal three months ended April 3, 2022 Actual $3,590 $1,465 [email protected] badshow.cam. $1,012 $895 $801 23.2% 22.3% NG AND DISTRIBUTION OF $650 ERIALS IS STRICTLY PROHIBITED $613 17.1% $1,113 Actual $2,054 57.2% Change vs. prior year Estimated¹ 7.3% 11.2% Low 4.2% (166bps) 4.9% (51bps) (0.5%) (124bps) 11.9% 15.3% G COPYING AND DISTRIBUTION OF 9.8% HOW MATERIALS IS STRICTLY PROHIBIT PRESS 95.24 50:50 13.2% [email protected] (1.1%) 4.0% High 10.5% 172bps 11.7% 92bps 6.0% (20bps) ¹ We have provided estimates and ranges of certain preliminary results because our closing procedures for the fiscal three months ended April 2, 2023 are not yet complete. Our actual results for the fiscal three months ended April 2, 2023 remain subject to the completion of management's final review and our other closing procedures, or subsequent events, as well as the completion of the review of our combined financial statements. Accordingly, we caution you not to place undue reliance on our preliminary results set out below, which may differ from actual results. Our independent registered public accounting firm, PricewaterhouseCoopers LLP, has not audited, reviewed, compiled or applied agreed-upon procedures with respect to this preliminary financial data; 2 Organic growth excludes the impact of changes in foreign currency exchange rates and the impact of acquisitions and divestitures. Organic growth is a non-GAAP measure. Please see the Appendix to this presentation for a reconciliation of the change in Net sales to Organic growth; 3 Gross profit adjusted for restructuring expense and amortization of intangible assets. Adjusted gross profit is a non-GAAP measure. Please see the Appendix to this presentation for a reconciliation to Gross profit; 4 EBITDA adjusted for restructuring expense, unrealized loss on securities, and separation-related costs. Adjusted EBITDA is a non-GAAP measure. Please see the Appendix to this presentation for a reconciliation to Net income; 5 Net income adjusted for restructuring expense, amortization of intangible assets, unrealized loss on securities, separation-related costs, and tax impact on special item adjustments. Adjusted net income is a non-GAAP measure. Please see the Appendix to this presentation for a reconciliation to Gross profit K kenvue PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 25 EMAIL: [email protected]#26PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Multiple avenues to drive continued long-term growth PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL: [email protected] PRINTING, COPYING, AND DISTRIBUTION OF IR ADDRESS 95.24.50.50 Growth from the core Grow brand relevance and salience Increase product availability through omnichannel strategy Deliver consistent cadence of consumer-centric innovation PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] K kenvue Expansion and acquisition opportunities EMAIL: [email protected] Expand into new product adjacencies and geographic markets ROADSHOW MATERIALS IS STRICTLY PROHIBITED DRESS 95.24 50.50 Continually evaluate acquisitions that enhance our core product portfolio and capabilities Select brands PRINTING, COPY ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24 50.50 EMAIL user@netroadshow YLENOL Motrin ORSL (nicorette ZARBEE'S INSPIRED BY NATURE ZYRTEC PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 @netros Benadryl Neutrogena ogx LISTERINE Johnson's BAND-AID PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] DR.CI:LABO RHINOCORT ALLERGY SPRAY Aveeno. PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 26 EMAIL: [email protected]#27PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Commitment to disciplined capital stewardship PRINTING Healthy balance sheet EMAIL users PRINTING COPYING, AND DISTRIBUT ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 EMAIL: [email protected] . Strong liquidity position Prudent management of debt levels, with 2.4x-2.5x gross leverage, or 2.1x on a net basis, expected at close2.3 Disciplined M&A Invest in our iconic brands to grow profitably PRINTING, COPYINGDISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED Cash flow of >$2bn¹,2 IP ADDRESS: 95.24.50.50 EMAIL: [email protected] Continue to evaluate growth and value enhancing opportunities Attractive dividend policy Expecting to pay a quarterly dividend of $0.20 per share, commencing the TRIBUTION OF fiscal quarter ending October 1, 2023, implying an annual dividend yield of RICTLY PROHIBIT 3.5% -4.0% at offering based on the IPO filing price range @netroadshow.com Quarterly dividend policy will be a key element of capital allocation strategy Share repurchases Offset dilution from stock-based compensation PRINTING, COPYING, AND DISTRIBUTION OF • Disciplined approach selectively targeting tuck-in acquisitions ADSHOW MATERIALS IS STRICTLY Evaluate opportunistically over time ADDRESS: 95.24.50.50 EMAIL [email protected] ¹ Cash flow defined as 'Net cash flow from operating activities less Purchases of property, plant, and equipment;' for FY2022; 2 Cash flow and Adjusted EBITDA are non-GAAP measures. Please see the Appendix to this presentation for a reconciliation to the most directly comparable GAAP measures; ³ Gross and net leverage are based on LTM Q1'23 Adjusted EBITDA range of $3,645mm - $3,700mm and pro forma cash and debt totals of $1,170mm and $8,995mm, respectively. $8,995mm of total debt based on $1,245mm of Commercial Paper and $7,750mm of Senior Notes. We have provided estimates and ranges of certain preliminary results because our closing procedures for the fiscal three months ended April 2, 2023 are not yet complete. Our actual results for the fiscal three months ended April 2, 2023 remain subject to the completion of management's final review and our other closing procedures, or subsequent events, as well as the completion of the review of our combined financial statements. Accordingly, we caution you not to place undue reliance on our preliminary results set out below, which may differ from actual results. Our independent registered public accounting firm, PricewaterhouseCoopers LLP, has not audited, reviewed, compiled or applied agreed-upon procedures with respect to this preliminary financial data K Kenvue PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 27 EMAIL: [email protected]#28PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Our commitment to long-term value creation PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED | Durable top- line growth PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] Organic revenue growth competitive with category growth of 3-4%¹ + gef Strong profitability PADD Adjusted earnings EMAIL growth outpacing organic revenue growth Our long-term targets ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRES 95 24 50 50 EMAIL [email protected] PRINTING, COPYING, AND DISTRIBUTION OF CTLY PROHIBITED 1 Represents expected growth of the consumer health market through 2025 K Kenvue + $22 € Reliable cash flow generation Durable cash flow generation and + ROAD PRINstrong cash flow-UTION OF Aconversion, consistent with history EMAIL IS STRICTLY PROHIBITED $COPYING AND DISTRIBUTION OF W MATERIALS IS STRICTLY PROHIBIT RO IP ADDRESS 95.24:50.50 EMAIL [email protected] Prudent financial policy Disciplined capital allocation philosophy, healthy balance sheet, and attractive dividend payout ratio PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 EMAIL [email protected] THOUSICA OF OHIBIT Compelling total shareholder return PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 28 EMAIL: [email protected]#29PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Realize the extraordinary power of everyday care PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24 50 50 World's largest pure-play consumer health company¹ World class, global portfolio built over the last 135 years Operates in large and growing consumer health market ● Poised to benefit from consumer health trends PRINTING OF Differentiated portfolio of iconic brands ROADSHOW MAT IP ADDRESS in attractive categories EMAIL user@netroa ● Sustainable top-line growth in attractive categories 1 Largest by revenue in 2022 I kenvue Clear sources of competitive advantage TED • Product portfolio recommended by healthcare professionals and experts • Consumer-focused innovation backed by science Digital-first mindset delivering better consumer health experiences Scaled and global footprint NG, AND DISTRIBUTION OF Chain Strong commitment to our Healthy ERIALS IS STRICTLY PROHIBITED Lives Mission IP ADDRESS: 95.24.50.50 EMAIL: [email protected] ● Deep connection with consumers built INTING COPYING ND Efficient cost base supporting gross upon trust and human empathy ROADSHOW MATERIALS I IP ADDRESS: 95.24.50.50 margin expansion EMAIL Us@netrbadow Significant cash flow and disciplined financial philosophy Healthy balance sheet management Scaled and purpose-built global supply Proven leadership team with deep industry experience ROADSHO MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 road.how.com Strong and improving profitability Robust financial profile and disciplined financial policy $22 € • show.com • Focused on driving long-term value creation through sustaining profitable growth Durable cash ($) flow generation TRIBUTION OF EMAIL: [email protected] COPYING, AND DISTRIBUTION OF ADSHOW MATERIALS IS STRICTLY PROHIBIT STRICTLY PROHIBITED Disciplined capital allocation PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 29 EMAIL: [email protected]#30Appendix K kenvue COPYING, AND DISTRIBUTION OF OW MATERIALS IS STRICTLY PROHIBITED ESS: 95.24.50.50 [email protected] THILI, COPYING, AND DISTRIBUTION OF OW MATERIALS IS STRICTLY PROHIBITED ESS: 95.24.50.50 SMA [email protected] PRINTING OPTolu HSTRIBUTION OF ROADSHOW MATERIALE STRICTLY PROHIBITED IP ADDRES EMAIL: Usw.com PRINTING HID AND CAIRBURN OF ROADSHO MATERIALS FLY ROHIBITED IP ADDRESURS EMAIL: us PRINTING, COPYING, AND DISCHBUBICADE ROADSHOW MATERIALS ISTRICTS FROSTE IP ADDRESS: 95.24.50.50 EMAIL user@netroadshom PRINTING, COPYING, AND DISTRIPTION OF ROADSHOW MATERIALS IS STEL FROH DRESS: 95.24.50.50#31PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL Reconciliation of Net cash flows from operating activities to Cash PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL [email protected] flow (Dollars in Millions) Net cash flows from operating activities Purchases of property, plant, and equipment Cash flow (non-GAAP) PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] K Kenvue PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED 2022 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 EMAIL [email protected] Fiscal Year $2,150 2021 $2,525 $334 PRINTING (375) AND DISTRIBUTION OF (295) BOADSHOW MATERIALS IS STRICTLY PROHIBITED $39 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] 2020 $3,397 (229) $3,168 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 EMAIL [email protected] PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 31 EMAIL: [email protected]#32PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: Reconciliation of Gross profit to Adjusted gross profit PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL: [email protected] (Dollars in Millions) Gross profit 2022 Adjustments to components of Cost of sales: Restructuring expense Amortization of intangible assets Adjusted gross profit (non-GAAP) PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] $8,285 55 348 $8,688 2021 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] Fiscal Year ADDRESS: 95.24 MAIL user@netro $8,419 PYING, AND DISTRIBUTION OF RIALS IS STRICTLY PROHIBITED 2020 2019 48 414 $8,881 com $7,848 34 415 $8,297 Fiscal Three Months Ended April 2, 2023 (Estimated)¹ PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] Low $7,662 $2,060 ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.2450.50 EN 29 [email protected] 344 $8,035 High 80 $2,140 $2,190 Fiscal Three Months Ended April 3, 2022 (Actual) Actual $1,956 5 93 CORVING AND DISTRIBUTION OF 80 $2,270 EMAIL [email protected] $2,054 OHIBIT PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95 24.50.50 ¹ We have provided estimates and ranges of certain preliminary results because our closing procedures for the fiscal three months ended April 2, 2023 are not yet complete. Our actual results for the fiscal three months ended April 2, 2023 remain subject to the completion of management's final review and our other closing procedures, or subsequent events, as well as the completion of the review of our combined financial statements. Accordingly, we caution you not to place undue reliance on our preliminary results set out below, which may differ from actual results. Our independent registered public accounting firm, PricewaterhouseCoopers LLP, has not audited, reviewed, compiled or applied agreed-upon procedures with respect to this preliminary financial data I kenvue PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 32 EMAIL: [email protected]#33PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: Reconciliation of Net income (loss) to Adjusted EBITDA PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL [email protected] (Dollars in Millions) Net income (loss) Interest expense Provision (benefit) for taxes Depreciation and amortization EBITDA (non-GAAP) Adjustments: Talc legal settlement and defense PRINTING CCosts AND DISTRIBUTION OF ROADSHOW IP ADDRESS Restructuring expense EMAIL: user LY PROHIBITED 2022 $2,087 550 644 $3,281 100 12 PRINTING, COPYING, AND DISTRIBUTION OF Fiscal Year IALS IS STRICTLY PROHIBITED 2019 2021MAIL user@netro 2020 com $2,031 $(879) Impairment of intangible assets Unrealized loss (gain) on securities COPYING, AND DISTRICTION OF ROADSHOW MATERIALS IS ST 213 Y PROHIBITED IP ADDRESS: 95 24 50 50 Separation-related costs VAT legal resolution² EMAIL: [email protected] Gains on divestments Gain on previously held equity investment in Dr. Ci:Labo Adjusted EBITDA (non-GAAP) 894 731 $3,656 154 117 (18) - (137) 746 $(270) 4,029 66 685 709 $2,829 (74) (25) CORVING AND D (50)UTION OF PRINS ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL [email protected] $3,810 $1,435 $320 ROADSHOW MATERIALS IS STRICTLY PROHIBITED DRESE 95.24 50 50 [email protected] 446 122 51 (1) - Fiscal Three Months Ended April 2, 2023 (Estimated)¹ (71) (275) $3,101 Low 270 148 $739 High 5 96 $340 1 285 161 $787 IP ADDRESS: 95.24.50.50 [email protected] 7 Fiscal Three Months Ended April 3, 2022 (Actual) Actual 101 $528 84 165 $777 OHIBIT OF 14 10 $3,606 $3,775 $840 RIBUTION OF $895 $801 PROHIBITED 1 We have provided estimates and ranges of certain preliminary results because our closing procedures for the fiscal three months ended April 2, 2023 are not yet complete. Our actual results for the fiscal three months ended April 2, 2023 remain subject to the completion of management's final review and our other closing procedures, or subsequent events, as well as the completion of the review of our combined financial statements. Accordingly, we caution you not to place undue reliance on our preliminary results set out below, which may differ from actual results. Our independent registered public accounting firm, PricewaterhouseCoopers LLP, has not audited, reviewed, compiled or applied agreed-upon procedures with respect to this preliminary financial data; 2 As a result of a 2021 ruling by the Supreme Federal Court of Brazil related to the methodology to calculate Brazilian Federal Social Contributions on Gross Revenues, we were entitled to certain one-time tax credits for taxes paid in prior years, which we recognized in 2021 K Kenvue PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 33 EMAIL: [email protected]#34PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: Reconciliation of the change in Net sales to Organic growth PRINTING, COPYING, AND DISTRIBUTION OF (Dollars in Millions) Self Care Skin Health and Beauty Essential Health Total Self Care Skin Health and Beauty Essential Health Total PRINTI ROADS IP ADDRESS: 95.24.50.50 EMAIL Self Care show.com Skin Health and Beauty Essential Health Total Self Care Skin Health and Beauty Essential Health Total ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL: user@netro-Reported net sales change Amount $387 (191) (300) $(104) Amount $408 91 88 $587 Amount $175 99 (12) $262 (4.2) (6.2) (0.7)% Percent 8.6% Amount $415 PRINTING, COPYING(158) (3.4) DISTRIBUTION OF ROADSHOW MATER(114) STRICTLY PROHIBITED (2.3) IP ADDRESS 95 24 $143 1.0% Percent 7.8% 2.0 1.8 4.1% Impact of foreign Acquisitions and currency divestitures Percent OW MATERIALS IS S 6.9%RESS: 95.24.50.50 $226 [email protected] 173 218 $617 2022 vs. 2021 Amount OHIBITED 2021 vs. 2020 Amount $(126) (46) (36) $(208) 2020 vs. 2019 Amour 39 14 Amount PRINTING AND ROADSHOW $53ERIALS IS STRICTLY PRC $566 80 49 $129 Amount $45 49 175 $269 Fiscal Three Months Ended April 2, 2023 vs. April 3, 2022¹ Percent COPYING, AND DIAmount OF Amount PROHIBITED 11.9%OW MATERIALS IS STR $(50) DRESS 95.24.50.50 9.8 [email protected] (34) (1.1) 7.3% (57) $(141) Amount (21) 30 $9 unt $613 21 Organic growth Amount $460 (130) 91 $421 Pe ent 10.9% 0.5 Amount Percent $282 PRINTING, COPYING, 5.4%STRIBUTION OF 125 ROADSHOW MATERIAL 2.8 STRICTLY PROHIBIT 101 EMAIL: [email protected] $508 IP ADDRESS: 95.24.50. Amount $225 133 45 $403 (1.4) 3.8% 3.5% Percent 9.5% (2.8) 1.9 2.9% Percent 15.3% 13.2 4.0 11.2% 1 We have provided estimates and ranges of certain preliminary results because our closing procedures for the fiscal three months ended April 2, 2023 are not yet complete. Our actual results for the fiscal three months ended April 2, 2023 remain subject to the completion of management's final review and our other closing procedures, or subsequent events, as well as the completion of the review of our combined financial statements. Accordingly, we caution you not to place undue reliance on our preliminary results set out below, which may differ from actual results. Our independent registered public accounting firm, PricewaterhouseCoopers LLP, has not audited, reviewed, compiled or applied agreed-upon procedures with respect to this preliminary financial data PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 34 EMAIL: [email protected] K Kenvue#35PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: Reconciliation of segment level Adjusted operating income PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL [email protected] (Dollars in Millions) Self Care Skin Health and Beauty Essential Health Total adjusted operating income Reconciliation to income (loss) before taxes: Depreciation and amortization PRINTING Restructuring expense ROADSHOW ME IP ADDRESS Other (income) expense, net EMAIL: user@nt General corporate/unallocated PRINTING COPYING AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS:96:24 50 50 Separation-related costs Total operating income (loss) Other expense (income), net Income (loss) before taxes K Kenvue 2022 HOW MATERIALS IS STRICTLY P2021 ED ADDRESS:05 24.50.50 EMAIL user $2,088ow.com 708 1,111 $3,907 (644) (100) 23 As reported adjusted operating income 2020 (298) (213) $2,675 PRINTING, COPYIN 38 ND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED $2,637 $1,952 $1,858 PRINT878 OPYING AND DISTRIBUTION OF 889 ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP 1,2245 95.24.50.50 1,250 $4,054 $3,997 (731) (116) (15) (272) $2,920 (5) $2,925 (746) (82) (3,871) (277) $(979) 37 $(1,016) PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] 2019 $1,501 956 1,051 $3,508 OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 EMAIL [email protected] (709) (77) (618) (258) $1,846 (274) $2,120 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS 95.24.50.50 35 EMAIL: [email protected]#36PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: Reconciliation of Adjusted net income PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS. 95.24.50.50 EMAIL [email protected] (Dollars in Millions) Net income Adjustments: Restructuring expense Amortization of intangible assets Unrealized loss on securities Separation-related costs ITION OF PRINTING COR ROADSHOW Tax adjustments: PROHIBITED IP ADDRESS EMAIL: user Tax impact on special item adjustments Total operating income (loss) IP ADDRESS: 95.24.50.50 EMAIL: [email protected] Fiscal Three Months Ended April 2, 2023 PRINTING, COPYING (Estimated)¹ OF Low EMA 95.24.50.50 [email protected] $320 80 5 96 109 $610 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95.24.50.50 EMAIL: [email protected] High $340 ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS 95.24.50.50 EMAIL [email protected] 80 7 101 Fiscal Three Months Ended April 3, 2022 (Actual) Actual 122 $650 $528 14 PRINTING, COPYING, AND DISTRIBU 934 OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 EMAIL [email protected] 10 (32) $613 PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 95 24.50.50 ¹ We have provided estimates and ranges of certain preliminary results because our closing procedures for the fiscal three months ended April 2, 2023 are not yet complete. Our actual results for the fiscal three months ended April 2, 2023 remain subject to the completion of management's final review and our other closing procedures, or subsequent events, as well as the completion of the review of our combined financial statements. Accordingly, we caution you not to place undue reliance on our preliminary results set out below, which may differ from actual results. Our independent registered public accounting firm, PricewaterhouseCoopers LLP, has not audited, reviewed, compiled or applied agreed-upon procedures with respect to this preliminary financial data PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBIT IP ADDRESS: 95.24.50.50 36 EMAIL: [email protected] I kenvue