Kenvue IPO Presentation Deck

PRINTING, 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]