COLGATE-PALMOLIVE COMPANY

Consumer Analyst Group of New York Conference | February 21, 2025

February 2025
Notice for Investor Presentation

Please review the following presentation in conjunction with our fourth quarter and full year 2024 earnings press release, our fourth quarter and full year
2024 prepared management remarks and additional information regarding our non-GAAP financial measures. Our presentation contains non-GAAP
financial measures, which differ from our reported results prepared in accordance with U.S. generally accepted accounting principles (GAAP). These
non-GAAP financial measures of operating results exclude items that, either by their nature or amount, management would not expe ct to occur as part
of the Company’s normal business on a regular basis, such as restructuring charges, charges for certain litigation and tax matters, acquisition-related
costs, gains and losses from certain divestitures and certain other unusual, non-recurring items. We may also refer to organic sales growth, which is Net
sales growth excluding the impact of foreign exchange, acquisitions and divestments, or to free cash flow before dividends, which we define as Net cash
provided by operations less Capital expenditures. A complete, quantitative reconciliation between our reported results and these non-GAAP financial
measures is available in the Investor Center section of our website at www.colgatepalmolive.com and in Tables 4, 6, 7, 8 and 9 of the fourth quarter and
full year 2024 earnings press release.
Our presentation may contain forward-looking statements (as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995 or by the
Securities and Exchange Commission (the SEC) in its rules, regulations and releases) that set forth anticipated results based on management’s current
plans and assumptions. These statements are made on the basis of our views and assumptions as of February 21, 2025, and we undertake no
obligation to update these statements whether as a result of new information, future events or otherwise, except as required by law or by the rules and
regulations of the SEC. Moreover, we do not, nor does any other person, assume responsibility for the accuracy and completeness of those statements.
We caution investors that forward-looking statements are not guarantees of future performance and actual events or results may differ materially from
those statements. For information about factors that could impact the Company’s business and cause actual results to differ materially from forward-
looking statements, refer to the Company’s filings with the SEC (including, but not limited to, the information set forth under the captions “Risk Factors”
and “Cautionary Statement on Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and
subsequent filings with the SEC). Copies of these filings are available in the Investor Center section of our website at www.colgatepalmolive.com or may
be obtained upon request from the Company’s Investor Relations Department.
WITH ME TODAY

Prabha Narasimhan
EVP, General Manager India
2024 HIGHLIGHTS
● Net sales exceeded $20 billion for the first time
● Organic sales* increased 7.4% (including a 0.5% negative impact from lower private label pet
volume), ahead of initial guidance
● Every category and operating division delivered positive volume growth for the full year as we
work to build household penetration
● Base Business Gross profit margin* increased 240 basis points
● Advertising increased 15% (on top of a 19% increase in 2023) to support building brand health
and strong innovation
● Base Business EPS* increased 11%, ahead of initial guidance
● Delivered record operating cash flow, and returned $3.4 billion in cash to shareholders through
share repurchases and dividends, a 26% increase vs 2023
● Continued to deliver value market share growth in toothpaste, manual toothbrushes and
pet nutrition**
*Non-GAAP **U.S. pet specialty
OUR 2025 OUTLOOK *
● Net sales growth expected to be roughly flat, including a mid-single-digit negative
impact from foreign exchange
● Organic sales growth expected to be within our long-term targeted range of 3% to 5%,
including the impact of the planned exit from private label pet nutrition over the course
of 2025
● Gross profit margin expected to be up for the year
● Advertising expected to be flat to slightly up on a dollar basis and as a percent of net
sales
● GAAP EPS expected to be up mid-single-digits
● Base Business EPS expected to be up low to mid-single-digits
● Drive free cash flow for investing behind growth, dividends, debt paydown and share
repurchases
*As of 4Q 2024 Earnings Release and Conference Call. Does not include any incremental impact from tariffs.
OUR MESSAGE TODAY
● Our strategy is working to deliver consistent compounded
top and bottom line growth
● Increasing household penetration and improving
brand health to drive category growth and market shares
● Delivering productivity and efficiencies to fund advertising
and drive margin expansion
● Driving free cash flow to fund investment and drive
shareholder value
● Living our values every day
OUR MESSAGE TODAY
● Our strategy is working to deliver consistent compounded
top and bottom line growth
● Increasing household penetration and improving
brand health to drive category growth and market shares
● Delivering productivity and efficiencies to fund advertising
and drive margin expansion
● Driving free cash flow to fund investment and drive
shareholder value
● Living our values every day
 DELIVERING CONSISTENTLY STRONG
ORGANIC SALES GROWTH

} Target
Range
3-5%

Non-GAAP
GROWTH IN ALL FOUR
CATEGORIES
$20.1
$19.5
$17.4 $18.0
$16.5
$15.5 $15.7

HILL’S

HOME CARE

PERSONAL CARE

ORAL CARE

Net Sales (in Billions)

GROWTH ACROSS GEOGRAPHIES IN
BOTH DEVELOPED AND EMERGING
MARKETS
$20.1
$19.5
$17.4 $18.0
$16.5 55%
$15.5 $15.7

45%
WE DELIVERED VOLUME GROWTH
ACROSS ALL DIVISIONS IN 2024
Organic volume and pricing
INCREASED ADVERTISING SPENDING
Advertising as % of sales
 DRIVING RECORD FREE
CASH FLOW IN 2024
(in billions)

+17%

Non-GAAP
 DELIVERED DOUBLE-DIGIT EARNINGS
PER SHARE GROWTH IN 2024

+11.5%
+11.5%
+8.8%
+8.5%

2022 2023 2024

Base Business (non-GAAP)

 GROWING GLOBAL MARKET
SHARE IN TOOTHPASTE
Worldwide Toothpaste Market Share in US$

Source: Worldview through Dec 2024

OUR MESSAGE TODAY
● Our strategy is working to deliver consistent compounded
top and bottom line growth
● Increasing household penetration and improving
brand health to drive category growth and market shares
● Delivering productivity and efficiencies to fund advertising
and drive margin expansion
● Driving free cash flow to fund investment and drive
shareholder value
● Living our values every day
INCREASING HOUSEHOLD
PENETRATION AND IMPROVING
BRAND HEALTH TO DRIVE CATEGORY
GROWTH AND MARKET SHARES

1. Science-led, core and premium innovation

across price tiers
2. Scaling capabilities including digital and data
3. Increased advertising spending and effectiveness
SCIENCE-LED,
CORE AND
PREMIUM
INNOVATION
COLGATE TOTAL FOAMING CLEAN
ADVANCED DUAL BRISTLE TECHNOLOGY
Outer Tapered Bristles
Gently clean hard to reach spaces
between teeth & along the gum line

Inner End Rounded Bristles

Effectively cleans tooth surface

Rapid Foaming Action

for Deeper Toothpaste Delivery1

1Vs an ordinary flat trim toothbrush

COLGATE TOTAL ACTIVE
PREVENTION
GLOBAL ROLLOUT
Clinically superior* efficacy preventing
oral health problems before they start

Regimen: 15X more effective

at fighting bacterial plaque*

*with 6 weeks continued use starting in week 1,

vs. non-antibacterial fluoride toothpaste and ordinary
manual toothbrush
COLGATE TOTAL WITH STRONG
MOMENTUM - LATIN AMERICA
TP Colgate Total $SOM by Market

Penetration

FY’24 vs FY’23

35.3%

38.0%

32.3%

’23 ’24 ’23 ’24 ’23 ’24 ’23 ’24 ’23 ’24 31.5%

LATAM

Source: Worldview FY’24 SOM$ / Kantar Panel FY’24

 elmex SENSITIVITY+GUM
• Innovation strengthening our presence in the sensitivity segment
• elmex is now the #1 toothpaste brand recommended by dentists
for sensitivity in Germany

Source: Based on BRMO dentist study conducted in the relevant market

 ELMEX LONG-TERM GROWTH IN EUROPE
FUELED BY DEMAND GENERATION
ACROSS VARIANTS
Toothpaste SoM $

Source: Worldview FY 2024

 AND DRIVING CP TOOTHPASTE SHARE
IN EUROPE TO ALL-TIME HIGH

C-P

Comp 1

Comp 2
Comp 3

Source: Worldview FY 2024 Source: Worldview EM 2024 Nov, Constant $

 EltaMD UV SKIN RECOVERY
IS MORE THAN SPF

● Lightweight, 100% mineral SPF 50

featuring our patented Skin Barrier
Repair Technology, AAComplex

● Clinically proven to alleviate

symptoms of skin sensitivity, like
visible redness, a weakened skin
barrier, dryness and roughness*

● 52% reduction in visible redness*

* 12 weeks study, 45 female subjects, all skin complexions and sensitive skin
Model featured. Enhanced for marketing purposes
 INNOVATION TO
DRIVE BODY WASH
GROWTH IN BRAZIL
● Hyper hydration* CP BW $SOM -
Drug & Pharma
for protected 13.6%
13.0% 0.7%
and soft skin SERU
M

● Strong digital,
12.9%
influencer
and in store support
Pre-Launch Last Read
Aug ‘24 Dec ‘24

*Deeply hydrates the skin Source: Nielsen Scan - Monthly data

SANEX DERMA
THÉRAPIE LAUNCH
• Formula with patented Amino Acid complex
• Endorsed by dermatologists
• Premium positioning
PALMOLIVE NATURALS
RELAUNCH - Europe
• Nourishes skin with Vitamin E
• Fragrances inspired by nature
• 95% natural origin ingredients
Total Palmolive Brand Penetration - Germany

Source: Nielsen
FABULOSO 2X
CONCENTRATED
FORMULA
More Concentrated Fabuloso US Market Share

Formula*
● 2X more active
ingredients*
● Provides 2X
more uses in
the same bottle*
● 50% less plastic**

Source: Nielsen

* vs non-concentrated Fabuloso Original

** by following dosing instructions and getting twice as many uses out of one bottle vs same size of Fabuloso Original
HILL’S
SCIENCE DIET
VARIETY PACKS
DRIVING TRIAL
AND GROWTH
● Allowing pet parents to try new
products and flavors in a
convenient way
● Driving incremental
consumption volume in the U.S.
 DATA
ANALYTICS

CONSUMER
CENTRICITY
AI DIGITAL

SCALING
CAPABILITIES
 DATA DIGITAL

OPTIMIZING DIGITAL MEDIA ANALYTICS

PERFORMANCE
Data Harmonization For Real-Time Decisions

● Proliferation of digital platforms has increased complexity of

measuring effectiveness
● This complexity creates significant data, but it needs to be harnessed
so we can act upon it
81% OF DIGITAL
● We areMEDIA
now using
SPENDone
IN tool to consolidate data across digital media
platforms
PRIORITY MARKETS
CAPTURED
● Real-time data analytics to enable rapid campaign optimizations
 DATA DIGITAL

OPTIMIZING RETAIL MEDIA ANALYTICS

PERFORMANCE

THOROUGH UNLOCKING NEW CONDUCTING CLEAN ROOMS &

TRACKING OF AUDIENCES CLOSED-LOOP DATA
INVESTMENTS MEASUREMENT PARTNERSHIPS
USING AI FOR PROMO
DATA AI
ANALYTICS

OPTIMIZATION
● Next frontier in our Revenue Growth Management journey

● Using machine learning and prescriptive analytics to determine

optimal promo calendars

● Runs billions of scenarios to solve for best combination of

volume, revenue and profit

● Scaling now to many of our largest retailers in several markets

 DIGITAL AI
OPTIMIZING DIGITAL SHELF BY
LEVERAGING GENERATIVE AI

ELMEX - France

2X
Engagement

Before After
 DATA
DIGITAL SHELF SCORES SHOW DIGITAL ANALYTICS

CONTINUOUS IMPROVEMENT

+36% since 2022

67 markets doing active Digital Shelf Optimization

Source: Calculated internally based on Profitero data
 AI

PRODUCT IDEATION:
PROPRIETARY AI FOR ALL
BRANDS AND REGIONS
World-class capabilities built
with latest GenAI technology

Carefully designed for a human-

in-the-loop workflow

Proprietary, bespoke
integrations with CP systems &
processes

Designed for rapid iteration

and seamless collaboration
INCREASED
ADVERTISING
SPENDING AND
EFFECTIVENESS
WORKING MEDIA INVESTMENT HAS
MORE THAN DOUBLED SINCE 2018
6-Year CAGR +16%

2.4x
 ROIs CONTINUE TO INCREASE

Source: Analytic Partners, Analytic Edge, Accenture, and Internal studies.

DRIVING GROWTH FOR
COLGATE INDIA

1. Shifted marketing and innovation strategy back

towards science-led, core and premium innovation
2. Focus on expanding brushing occasions
to increase consumption
3. Significant increase in advertising spending
WITH ME TODAY

Prabha Narasimhan
EVP, General Manager India
 CP INDIA OPERATES IN A COUNTRY
WITH TREMENDOUS POTENTIAL

#3 Economy by 2030 Favorable Demographics Sizeable ‘New Retail’

~6.5-7.0% ~200M 34%

Estimated GDP Growth 2025-30 High & Upper-middle Income Share of Modern Trade + eCom to
Households by 2030 Overall Retail by 2030

Source: Kantar HH Panel, Nielsen Retail Audit

 CP INDIA IS A FUNDAMENTALLY
STRONG BUSINESS

Strong, Listed Business #1 Oral Care Brand Strong Execution

$8B* 2.8X 95%

Market Capitalization Share of Market vs #2 Brand Weighted Distribution

24% CAGR 9/10 7M

Shareholder Return over 45 Yrs Households Purchase Annually Stores with Colgate Availability

Source: Kantar HH Panel, Nielsen Retail Audit

* as of Feb 2025, all other data as of 2024
 ORAL CARE IN INDIA HAS IMMENSE
POTENTIAL FOR GROWTH
Opportunity to Opportunity to
Universal Penetration Increase Consumption Increase Premiumization
Per capita Toothpaste consumption % Category premiumization
(gms)
Urban
X Shampoo 3X
Rural

0.7X Toilet Soap

2X

0.5X Toothpaste X

Source: Kantar HH Panel, premium defined as >=140 ASP idx to category

INCREASING HOUSEHOLD PENETRATION
AND IMPROVING BRAND HEALTH
IN CP INDIA

More More More

Product People Money
INCREASING HOUSEHOLD PENETRATION
AND IMPROVING BRAND HEALTH
IN CP INDIA

More More More

Product People Money
OPPORTUNITY TO INSTILL THE
RIGHT ORAL CARE HABITS

80% Urban Indians do

not brush 2X a day

55% Rural Indians do not

brush daily

Indians change their toothbrush

once every 9 months
MISSION

To help people improve

their oral health
and well-being.
 COLGATE INDIA HAS BEEN CHAMPIONING
THE CAUSE FOR DECADES

Oral Health
Urban #BrushTonight Movement
2023 Onwards
Forging Government Always-on,
Driving behaviour change
all encompassing
Partnerships behaviour change efforts
Dental Check-Ups To include oral health as a
Free Dental Check-ups since narrative into public policy
Bright Smiles, 2004
Bright Futures
Foundational oral health
education in schools
INCREASING HOUSEHOLD PENETRATION
AND IMPROVING BRAND HEALTH
IN CP INDIA

More More More

Product People Money
 MORE PEOPLE: ADD HOUSEHOLDS TO
CORE THROUGH SUPERIORITY
272 M Household buy 1.2 tubes, 7 times a year = 2.3 B tubes bought annually

Drive Superiority

Superior Technology | Superior Consumer Experience | Improving Physical Availability

Source: Kantar HH Panel Source: Kantar HH Panel

MORE PEOPLE: ADD HOUSEHOLDS TO
CORE THROUGH SUPERIORITY
Superior Technology

Remineralizing Teeth Winning Freshness Solving Dental Problems

Ca Boost+Arginine with Ultrafreeze Salt-based Proprietary Tech
 MORE PEOPLE: ADD HOUSEHOLDS TO
CORE THROUGH SUPERIORITY
Superior Consumer Experience

Product Creative
Packaging
Superiority Performance

87% 100%
Portfolio had a packaging upgrade
95%
Tracking above norms
Core Brands test superior
vs To aid navigation For ads on air
Competition & win in store

Source: Kantar Product Performance Audits/Ad Track

 MORE PEOPLE: ADD HOUSEHOLDS TO
CORE THROUGH SUPERIORITY
Improving Physical Availability
Machine Learning
Image Recognition Based AI Model
led recommendation
to drive visible availability
for improving assortment

1.7M
Stores covered

30M
SKU x Store combinations
Recommended every month
Source: Internal Data
Source: Kantar HH Panel
INCREASING HOUSEHOLD PENETRATION
AND IMPROVING BRAND HEALTH
IN CP INDIA

More More More

Product People Money
 MORE MONEY: SCIENCE-BACKED
PREMIUMIZATION
CP Premium Growth: 2X vs Category Growth
Own Active Prevention Create desire for Whitening Build Profession-led
with Total with Visible White Therapeutics

Growth Enablers
Superior Technology | Increasing investment | Strong partnership with KOLs
Source: Internal Sales Data, Nielsen Retail Audit
Source: Internal Sales Data, Nielsen Retail Audit
 STRONGER & SUPERIOR BRAND
HEALTH
64 69
61 Top of Mind Awareness

10 10 9 12 11 9 8
8 7
2 2 3
2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024

Colgate Peer 1 Peer 2 Peer 3 Peer 4

62
56 57
Consideration – Brand of First Choice

11 13 14 12 11 11
10 10 11
3 3 3
2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024

Colgate Peer 1 Peer 2 Peer 3 Peer 4

Source: Kantar Brand Track
Source: Kantar Brand Track Significance tested @ 95% CI against previous time period; 2022 - A, 2023 - B, 2024 YTD - C
 STRONGER & SUPERIOR BRAND
HEALTH
80
79
78 78

75 75
74 74
73 73
72
71

2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024

Best Oral Care Worth Paying Distinctive Best Oral Care

Expert More For Brand Technology
Source: Kantar Brand Track
 LEADING TO PROFITABLE
TOP LINE GROWTH
Consistent Net Sales Growth Strengthening Profitability

+8.3% 33.0%
EBITDA to Net Sales;
2-yr CAGR
+340 bps vs. 2022

1.7x 1.4x
Net Sales growth index EBITDA Margin index vs.
vs. FMCG peers* FMCG peers*

~ +110M US$ +17.7%

added to topline in the last 2 years Net Profit after tax - 2-yr CAGR

Note: Sector average includes top 12 listed FMCG companies

*2022-2024
INDIA - KEY TAKEAWAYS
• CP India has built strong business fundamentals

• We have tremendous headroom opportunity

on the ‘3 Mores’

• World-class execution to drive momentum

• Deliver in our role as a key growth engine for

Colgate-Palmolive
DRIVING
PENETRATION
AND BRAND HEALTH
IN A DEVELOPED
CATEGORY
 HILL’S US GROWING SHARE ACROSS
CAT/DOG & WET/DRY IN 2024
$ Share in Pet Specialty

2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024

*Pet Specialty excludes Food/Drug/Mass Channels

Source: Total Nielsen (PSS, NHP), IDEXX (Vet Ind), Stackline (Chewy), and Amazon Brandview
 WET FOODS REPRESENT SIGNIFICANT CATEGORY
GROWTH OPPORTUNITY WITH CAT PET PARENTS

YoY Growth ($)

DRY WET
49% 51%

CAT CATEGORY $ Cat Variety Pack (VP) growth outpaced the

entire Wet category
Source: Nielsen IQ: Pet (PSS + NHP)+ Food/Drug/Mass Full year 2024
EXPANDING CAT WET PORTFOLIO
• New wet flavors meet cat
parent desire for more
flavor and variety
• Leverages greater capacity
from newly commissioned
Tonganoxie wet plant
PUPPIES AND KITTENS - OPPORTUNITY TO
LEVERAGE OUR EXPERTISE FOR GROWTH
More & More Pet Parents are looking for sensitivity solutions for puppies and kittens

+97%

Google Trends: “puppy food sensitive stomachs” and “kitten food

sensitive stomachs” Apr 2018 - March 2023*
NEW THERAPEUTIC PRODUCTS ADDRESS
KEY CONDITIONS OF “SILENT SUFFERERS”

● Many health conditions are

difficult to see
● Pets suffer without support
● Campaign educates on early
recognition and proactively
asking your Vet
 HILL’S US ADVERTISING MORE THAN
DOUBLED WHILE INCREASING ROI
ADVERTISING AS A PERCENT OF NET SALES MEDIA ROI

2.4X 1.7X

Source: Internal Data and Analytic Partners MMM

 STRENGTHENING HILL’S BRAND
HEALTH

H1 H2 H1 H1 H2 H1 H1 H2 H1
2023 2023 2024 2023 2023 2024 2023 2023 2024

VISIBILITY DISTINCTIVENESS BRAND OF FIRST CHOICE

Source: Kantar Brand Health track updated June 2024

OUR MESSAGE TODAY
● Our strategy is working to deliver consistent compounded
top and bottom line growth
● Increasing household penetration and improving
brand health to drive category growth and market shares
● Delivering productivity and efficiencies to fund advertising
and drive margin expansion
● Driving free cash flow to fund investment and drive
shareholder value
● Living our values every day
FUNDING THE GROWTH
WORKING HARDER IN 2024
FTG impact on Gross Margin (in basis points)
 STRONG GROSS MARGIN
PERFORMANCE IN 2024

Base Business / non-GAAP

OUR MESSAGE TODAY
● Our strategy is working to deliver consistent compounded
top and bottom line growth
● Increasing household penetration and improving
brand health to drive category growth and market shares
● Delivering productivity and efficiencies to fund advertising
and drive margin expansion
● Driving free cash flow to fund investment and drive
shareholder value
● Living our values every day
CAPITAL EXPENDITURE FOR
GROWTH AND EFFICIENCY
% to Sales
 DRIVING RECORD FREE
CASH FLOW IN 2024
(in billions)

+17%

Non-GAAP
CONSISTENT DIVIDEND GROWTH

62 CONSECUTIVE YEARS
OF DIVIDEND INCREASES

130 CONSECUTIVE YEARS

OF DIVIDEND PAYMENTS

$28.5 BILLION
CASH RETURNED TO
SHAREHOLDERS LAST 10 YEARS

DIVIDENDS PAID PER SHARE

As of December 31, 2024

OUR MESSAGE TODAY
● Our strategy is working to deliver consistent compounded
top and bottom line growth
● Increasing household penetration and improving
brand health to drive category growth and market shares
● Delivering productivity and efficiencies to fund advertising
and drive margin expansion
● Driving free cash flow to fund investment and drive
shareholder value
● Living our values every day
LIVING OUR
VALUES EVERYDAY
CARING
INCLUSIVE
COURAGEOUS
COLGATE BRIGHT SMILES, BRIGHT
FUTURES HAS REACHED APPROXIMATELY
1.8 BILLION CHILDREN AND THEIR
FAMILIES WORLDWIDE SINCE 1991
Since 2002, Hill’s Food, Shelter & Love program
has supplied more than $300MM
in pet food to shelters and for disaster relief,
and helped more than 15 million
pets find new homes.
 APPROXIMATELY
75% OF OUR
TOOTHPASTE SKUs
GLOBALLY HAVE
TRANSITIONED TO
RECYCLABLE
TUBES *

Since introducing the first-of-its kind recyclable toothpaste tube in 2019 and as of Dec 31 2024
*Your community may not yet accept tubes for recycling. Check locally. Learn more at colgate.com/goodness.
 TRUE CERTIFICATIONS FOR ZERO WASTE
MORE THAN ANY OTHER COMPANY

Gold
Platinum

44 certifications in 26 countries on 6 continents

As of Dec 2024
IN SUMMARY
● Our strategy is working to deliver consistent
compounded top and bottom line growth
● We are scaling our capabilities across the
organization to accelerate change and build
competitive advantages
● Through investment in innovation, consumption
and advertising, we are driving improvements
in brand health and penetration to deliver
future growth