CFO meeting: Deals, innovation, and diaper war updates

Research evidence excerpt

CFO meeting: Deals, innovation, and diaper war updates

Consumer | Global Household & Personal Care

June 11, 2026

Kimberly-Clark Corp Javier Escalante Robert Ottenstein 212-446-9477 212-653-9020

KMB | $101.58 Javier.Escalante@evercoreisi.com Robert.Ottenstein@evercoreisi.com

In Line | Target Price/Base Case: $115.00 JD Todd

Company Update - Commentary 212-812-2912

JD.Todd@evercoreisi.com

CFO meeting: Deals, innovation, and diaper

Earnings Summary

war updates 2024 2025 2026E

EPS (Calendar) Q1 $2.01 $1.62 $1.98A

Q2 $1.96 $1.91 $2.10 KMB shares remain in limbo, given two back-to-back

Q3 $1.83 $1.82 $1.73

Q4 $1.50 $1.86 $1.75 transformational transactions ─the IFP-Suzano joint-venture

CY $7.30 $7.53 $7.55 and merger with Kenvue pending, both pending─ but worth

revisiting on low valuation as the market gradually pivots to AI

safe, competitive moats, a screen where Kimberly’s core (global

1 Year Price History diapers, U.S. tissue) and parts of Kenvue’s portfolio (Self Care,

Essential Health) fit. IFP should close shortly, but the

controversy over the Kenvue merger dominates: making the

case for scale and improved execution against a more complex

product portfolio, at a time when complexity in media and retail

is pressuring Procter, understandably faces investor skepticism;

integrations of mergers of Kimberly-Kenvue’s size often bring

execution glitches, even disruption, and shortfalls and delays in

synergy capture are common.

That said, Kimberly is doing a credible job at 1) detailing merger

Source: FactSet cost synergies – with revenue synergies as upside that accrues

to patient investors accepting upfront execution risk; 2) telling its

side of the diaper war, as Procter is readying its counterpunch –

starting with Kimberly’s decision to exit Costco’s private label