Good morning, and welcome to the P&G Annual Meeting of Shareholders. A copy of the agenda and guidelines for the conduct of the meeting are available on the welcome screen. Please follow these guidelines in order to ensure we handle our business expeditiously and provide time for shareholder questions. Shareholders of record and proxy holders will be able to ask questions during the meeting by using the Ask a Question box on the meeting platform, and we will have a question- and- answer period to answer questions pertinent to meeting matters. Substantially similar questions may be grouped together and provided with a single response to avoid repetition.
If we are unable to respond to a properly submitted question due to time constraints, we will respond directly to the shareholder using the contact information provided. Please be aware that the presentation today will contain references to some non-GAAP financial measures. The required reconciliation to GAAP numbers can be found on the company's website at www.pginvestor.com. The remarks and responses here today may also contain statements about our future business prospects.
For a discussion of factors that could cause the company's actual results to differ materially from these forward-looking statements, please see the company's most recent 10-K, 10-Q, and 8-K reports, which are also available on the company's website. If today's meeting ends unexpectedly before the polls close, and if we are unable to reestablish the webcast within 30 minutes, the meeting may be adjourned to a later date. In this case, we will announce the details of reconvening on the investor section of our website.
Good morning. I'm Shailesh Jejurikar, Chairman of the Board, President and Chief Executive Officer of The Procter & Gamble Company. I would like to welcome everyone to P&G's 2026 Annual Meeting of Shareholders. Thank you for joining us and for your long-term investment in our company. Before I call the meeting to order, I want to remind you that our published proxy statement provides thorough and complete information on the voting matters before us today. We will often refer to that material rather than repeat it. The meeting is now called to order. Notice of the meeting was sent to each shareholder of record and a quorum is present online or by proxy.
Joining me today are Andre Schulten, our Chief Financial Officer, Susan Street Whaley, our Chief Legal Officer and Secretary, and Keri Cowan, Senior Vice President of Investor Relations. Also joining me today are my fellow Members of our Board, whom I will now introduce. Marc Allen, Chief Executive Officer of Electra.aero and Former President of Boeing International and Chief Strategy Officer of The Boeing Company. Craig Arnold, former Chairman and Chief Executive Officer of Eaton Corporation. Brett Biggs, former Executive Vice President and Chief Financial Officer of Walmart Incorporated. Sheila Bonini, Senior Vice President of Private Sector Engagement for World Wildlife Fund.
Amy Chang, former Executive Vice President and Executive Advisor at Cisco Systems Incorporated, and Founder and former Chief Executive Officer of Accompany. Amy is Chair of the Innovation & Technology Committee. Joseph Jimenez, Co-Founder and Managing Director of Aditum Bio and former Chief Executive Officer of Novartis AG. Joe is our Independent Lead Director and Chair of the Governance & Public Responsibility Committee. Chris Kempczinski, Chairman, President and Chief Executive Officer of McDonald's Corporation. Chris is Chair of the Compensation and Leadership Development Committee.
Christine McCarthy, former Senior Executive Vice President and Chief Financial Officer of The Walt Disney Company. Christine is Chair of the Audit Committee. Ashley McEvoy, President and Chief Executive Officer of Insulet Corporation. Rob Portman, former United States Senator and U.S. Trade Representative. Rajesh Subramaniam, President and Chief Executive Officer of FedEx Corporation. I would also like to introduce and acknowledge Debra L. Lee, our retiring Board member who is not standing for re-election this year. Debbie is the Chair of Leading Women Defined Foundation and former Chairman and Chief Executive Officer of BET Networks.
She has served on our Board for six years, providing thoughtful counsel, broad business experience, and steadfast commitment to P&G and our shareholders. Her insights have helped guide important discussions across governance, talent, and strategy. On behalf of the Board, management, and our shareholders, thank you, Debbie, for your service. Also joining us today are David Crowley and Shan Nemeth of Deloitte & Touche. They are available in the event there are questions more appropriately answered by our auditors.
Finally, as Chair, I have appointed Broadridge Financial Solutions as Inspector of Election for this meeting. A representative of Broadridge has joined the meeting and will supervise the voting. I now declare the polls are open. The polls will close after the report on the business. I will now turn the floor to Susan Whaley, our Chief Legal Officer and Secretary, to guide us through the items of business in today's meeting.
Thank you, Shailesh. As Shailesh mentioned, the polls are open. If you would like to vote your shares now, please follow the directions in the Vote Here section at the bottom of your screen. If you have already voted, there is no need to take any action now unless you would like to change your vote. The first item of business is the election of directors. The Board has nominated the 12 individuals listed in the company's proxy statement and previously introduced at the meeting today. All directors elected at this meeting will hold office for a one-year term until the 2027 Annual Meeting of Shareholders and until their successors are elected.
The Board recommends a vote for each nominee. The Board believes each nominee has valuable skills and experience to serve our company and shareholders. We will now proceed with the Board proposals. The first Board proposal is to ratify the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm. Although the Board is not required to submit this matter to shareholders, we believe it's important that shareholders have a say in the appointment of the independent public accounting firm. The Board believes retaining Deloitte is in the best interests of the company and its shareholders.
For these reasons, and the reasons set forth in the proxy statement, the Board recommends a vote for this resolution. Next is the Board proposal for an advisory vote on executive compensation, also known as Say on Pay. We design our executive compensation programs to achieve our fundamental objective, which is to create value for our shareholders. Our programs and culture motivate our executives to deliver balanced growth and value creation and serve the needs of consumers, customers, employees, society, and shareholders.
For these reasons, and the reasons set forth in the proxy statement, the Board recommends a vote for this resolution. This concludes the review of the Board proposals. We have three shareholder proposals this year. These proposals, along with the Board's response, can be found on pages 89- 96 of the proxy statement. The first shareholder proposal was submitted by The Accountability Board and requests that the company lower the threshold required for shareholders to call a special meeting from 25% to 15% of outstanding votable shares. I will now invite the proponent to speak on the matter.
Hi, everybody. Matt Prescott from The Accountability Board here. I'll go ahead and keep this very quick for the sake of time and just say that we think the proposal speaks for itself. We encourage everybody to vote in favor of it. If you have any questions, we would refer you to the proxy statement. Thank you.
Thank you. The Board of Directors recommends a vote against this proposal. The Board believes the current 25% threshold appropriately balances shareholder rights with protection against unnecessary expense and disruption, aligns with Ohio law and prevailing market practice, and is supported by the company's broader governance and shareholder engagement framework. Therefore, the Board of Directors recommends a vote against this proposal. The second shareholder proposal was submitted by the National Legal and Policy Center and requests the Board adopt a policy committing to current eligibility thresholds for proponents of shareholder proposals, regardless of future regulation that may permit different thresholds. I will now invite the proponent to speak on the matter.
I'm Paul Chesser of National Legal and Policy Center, presenting Item 5, which seeks to preserve shareholder proposal access rights. This proposal asks the Board to make one promise, that the right to place a shareholder proposal on The Procter & Gamble's proxy statements will stay open at today's thresholds, regardless of what regulators in Washington, D.C. do next. When this proposal was written, and when the company called it premature, the right to bring shareholder proposals rested on a federal rule that had stood for more than 80 years. That footing is now gone.
On September 21st, the Securities and Exchange Commission proposed to repeal that rule entirely. The company wrote its opposition statement before any of this was known. So did Glass Lewis, the proxy advisor, which reviewed this proposal on September 18th and called it unnecessary for now. Three days later, the SEC proposed to erase the rule. Glass Lewis said it would reconsider if shareholders lost the ability to file proposals, and that is exactly what is now on the table. The rule has now changed. The agency that set the floor for who may file a proposal has moved to remove that floor altogether. If it succeeds, access to this ballot falls back to a patchwork of state laws.
Texas already lets a company demand that a shareholder own at least $1 million in stock or 3% of the company and line up 2/3 of the voting power before a proposal is even allowed. In Delaware, it is an open question whether a shareholder may bring an advisory proposal at all. P&G is incorporated in Ohio, and nothing in state law promises shareholders the access this federal rule provides today. A long-term holder of a modest stake, the very shareholder this proposal protects, could lose the right to be heard here.
This proposal is the one safeguard that locks in today's access while that fight unfolds. It does not tie the Board's hands. It asks for a policy, not a bylaw, one the directors may revise if the law ever demands it. Wait and see might have made sense when the rule looked safe. That changed on September 21st. The question now is whether your right to question the governance decisions of executives and directors survives what comes next. Protect your access to this proxy ballot while you still hold it, and please vote for Item 5. Thank you.
Thank you. The Board of Directors recommends a vote against this proposal. While the SEC recently proposed rescinding Rule 14a-8, the rescission of the rule is not final, and the proposal remains subject to the rulemaking process. Because of this, it is uncertain whether and in what form any changes will ultimately be adopted. In short, the rule has not yet changed, and as such, the Board believes the proposal remains premature. The question is not whether shareholders should have a voice. At P&G, they do and will continue to.
As stated in our proxy statement, we have meaningful shareholder access and engagement practices and are committed to maintaining them. The question is whether the company should commit to a specific framework before actual rules are known. If legal changes occur, our directors will evaluate them, taking into account the interests of all shareholders, the policy rationales underlying the legal changes, our commitment to maintaining robust channels for shareholder input, best practices in corporate governance, and any additional considerations necessary to provide a thoughtful and responsive approach to actual changes when they occur.
Although the proponent notes that the request merely asks for a policy which can later be changed, we believe adopting a policy that may need to be revised as soon as the regulations are finalized provides limited value to shareholders. Therefore, the Board of Directors recommends a vote against this proposal. The final shareholder proposal was submitted by the Bahnsen Family Trust. The proposal requests annual reporting on charitable contributions. I will now invite the proponent to speak on the matter.
Hello, my name is David Bahnsen. I am a Financial Advisor, a Procter & Gamble shareholder, but I am not a shareholder activist. I want to be clear when I say I am a Procter & Gamble shareholder, I am an enthusiastic one and have been for a very long time. I make investment decisions in accordance with my duty to clients to optimize their financial success. I do not invest to use my influence to pull companies into various political or social causes, as is so often the case with shareholder resolutions. My intention in this proposal is the opposite, to further shareholder interests by getting politics out of the company, not by pushing more politics onto it. The reputational risks of P&G's biased charitable partnerships and support is clear. These are not neutral charities.
Procter & Gamble's perfect score on activist rating systems and sponsorships for radical activist organizations, for example, do not indicate or promote political neutrality. They indicate alignment with controversial political agendas that risk distracting from our core business. The question is: does Procter & Gamble's charitable support create otherwise avoidable controversy? The clear trend across corporate America makes the answer clear. Non-activist shareholders who invest for return expect companies to avoid activism and prioritize fiduciary duty and wealth creation above all else. We are right to. Procter & Gamble is no exception.
In fact, Procter & Gamble is so good at wealth creation that they need to particularly avoid these distracting behaviors. This company has learned in the past the consequences of brand politicization, and the broader return to sanity across corporate America is an additional point in favor of caution, transparency, and fiduciary duty above all else. Procter & Gamble does not need to seek applause from activists. Its core business, making the products that clean our homes, care for our children, meet the needs of humanity, is a noble, commendable, and vital business model that every investor can and should be proud of. That is the point of this proposal.
We are asking P&G to defend that core business as the most potent social initiative it has to offer, being a growing company that sells products, delivers return, and creates human flourishing because of that business. Above all, we are asking Procter & Gamble to avoid activism and refocus on serving customers at a profit for the benefit of us, the owners, the shareholders of Procter & Gamble. Thank you very much.
Thank you. The Board of Directors recommends a vote against this proposal. The Board believes the requested report is unnecessary because the company already provides meaningful transparency regarding its charitable activities and follows disciplined review and oversight processes, and that the prescriptive report would impose an undue burden without providing useful information to shareholders. Therefore, the Board recommends a vote against this proposal. This concludes the review of the shareholder proposals. I will now turn the meeting back over to Shailesh.
Next, I would like to announce that the Board of Directors has declared P&G's quarterly dividend. The dividend of $1.0885 per share will be payable on or after November 16, 2026 to common stock shareholders of record at the close of business on October 23rd, 2026, and to preferred stock shareholders of record at the start of business on October 23rd, 2026. P&G has been paying a dividend for 136 consecutive years, ever since the company was incorporated, and we've increased the dividend for 70 consecutive years. We are committed to returning cash to you, our shareholders. We will next move to the report on your business, followed by the question- and- answer session.
Shareholders may submit questions or comments through the Ask a Question box in the online portal on your screen. We managed, through a very volatile environment, to deliver another year of organic sales and core earnings per share growth within our initial guidance ranges. We built plans to return to consistent growth across all categories and regions, and we stabilized global market share. Importantly, we continued our longstanding track record of returning cash to you, our shareowners. For the fiscal year, organic sales grew more than 1%. Core earnings per share grew 1%. On a currency-neutral basis, core earnings per share were in line with the prior year. Adjusted free cash flow productivity was 100%.
Over the course of the year, we sequentially improved top-line results, moving from 1 point in the first half of the year to 2 points in the second half. Growth was broad-based, with nine out of 10 product categories and all geographic regions holding or growing organic sales for the year. Twenty-six of our top 50 category country combinations held or grew share for the fiscal year. Five of 10 product categories held or grew share globally. In aggregate, global value and volume share trends improved in the back half, exiting the year roughly flat. We increased our dividend by 3% and returned over $15 billion of value to shareowners through over $10 billion in dividends and $5 billion in share repurchase.
This was our 70th consecutive annual dividend increase and the 136th consecutive year P&G has paid a dividend. In summary, despite the volatile geopolitical, macroeconomic, and consumer dynamics we faced, we delivered within our going-in guidance ranges across all key financial metrics. However, there is clearly more work to be done to sustain and accelerate the momentum underway. We believe we are focused on the right strategic choices and executional plans to deliver the sequential progress we expect moving forward, and we are committed to improving results semester by semester and year by year.
Our integrated growth strategy provides a roadmap for growth and value creation by consistently delighting consumers through a portfolio in categories where performance matters to consumers. Superiority across product performance, packaging, brand communication, retail execution, and value. Productivity, constructive disruption, and an organization that is fully engaged, enabled, and excited to serve consumers and win in the marketplace. While we believe this strategy continues to be right, we need to adapt our execution considering changes in the external environment related to media fragmentation, the retail landscape, and inflation.
We are making four interventions to strengthen the execution of our strategy. First, having a deeper, more complete connection with consumers through a consumer-first mindset and putting the consumer first in everything we do. Second, transforming how we build brands to drive consumer engagement and reduce the time and steps from awareness to purchase. Third, holistic partnerships with retailers across the entire value chain. Finally, a stronger core and bigger more to elevate the superiority of our core brands and introduce new products big enough to justify the investment. While these interventions are important in the near term, we are also working to leap ahead and invent the CPG company of the future.
We have a once-in-a-generation opportunity to leverage our strengths and unique capabilities to set P&G apart as a company to lead the growth of our industry. Looking ahead, the external environment will remain dynamic and challenging. However, I have every confidence in the ability of P&G people to make the most of the near and long-term opportunities ahead, building on our momentum, and accelerating growth by putting the consumer first in everything we do. Before we get to your questions, I now declare the polls closed. I want to thank you, our long-term shareholders, for your engagement with us and commitment to our company. We have also received the preliminary voting results. Susan, can you please share those?
Yes. We have received the following preliminary voting results. Item 1, election of the Board of Directors, has passed, with all director nominees being elected. Item 2, ratification of appointment of the independent registered public accounting firm, has also passed. Item 3, advisory vote on executive compensation, has passed. Item 4, shareholder proposal requesting lower threshold for special meetings, has failed. Item 5, shareholder proposal requesting policy on eligibility thresholds for proponents of shareholder proposals, has failed. Item 6, shareholder proposal requesting annual reporting on charitable contributions, has failed. As noted, these are the preliminary voting results. We will report final results in the coming days on a Form 8-K filed with the U.S. Securities and Exchange Commission.
Thank you. That concludes the business items on our agenda. I now adjourn the meeting. We will move on to questions or comments on other matters related to the company's business that have not already been discussed. Keri, can you give us the first question?
Yes. Our first question is, P&G's recent performance has trended below peer group and S&P 500. Does this signal there's a need for a strategy change?
Thank you for the question. We are in the right categories. They are our core competency. We know how to grow them, and we know how to win with superior innovation, better execution, and clear communication. We know how to create value in these categories, and we have a proven track record to fund growth through productivity. We have an organization focused on delighting consumers and winning with our retail partners. These fundamentals don't change. What changes is the world around us, and we view these changes as catalysts for P&G to evolve into the CPG company of the future. Media fragmentation, the shifting retailer landscape, and the cumulative effects of inflation.
We are adjusting almost every part of our execution framework to identify superiority gaps faster and, where needed, adjust product, package, communication, presentation in store or online, and price to ignite user growth. This is the most sustainable way to grow our business. We're adapting P&G's capabilities, systems, and organization structure to be the CPG company of the future, how we generate consumer insights, innovate, build our brands, and engage our consumers. We're transforming our supply chains to be more agile and cost-effective. We're simplifying and focusing every internal work process to free up P&G's people's minds to delight and win with our consumers. We're confident in the short term and excited about the long-term value creation your company can deliver.
Shailesh, a build on the first question. What is P&G doing to help accelerate innovation and stay ahead of the competition, including private label and new emerging brands?
Innovation always has and will continue to be the lifeblood of P&G. Our intent is for every brand to deliver the absolute best performance and value versus any brand in the market. With consumers always at the center of everything we do, we are improving innovation to strengthen our core products on every brand while innovating to capture more sources of growth, what we call a stronger core and bigger more.
A great example is in laundry in North America, where we have upgraded Tide's existing product lines to deliver cleaner, whiter, brighter, fresher cleaning performance for a stronger core. At the same time, we innovated to launch the breakthrough, Tide evo, and continued innovating on Downy Unstopables beads for superior freshness to attract more users for a bigger more. Furthermore, our CPG of the future work will strengthen our innovation capabilities by using connected consumer data to generate insights and accelerate transformative technologies.
Our next question relates to share ownership. To enable more people to invest, will you consider a stock split?
I'll defer that question to Andre, our CFO. Andre?
Currently, we do not foresee splitting the stock. Let me share why. Growth in our stock price primarily reflects the underlying performance of the business. Balanced growth in sales, earnings, and cash flow, all enabled by disciplined execution, and that's where we focus. Many platforms today allow fractional share purchases with low to no fees, which enables investment at any share price. Stock splits do not, by themselves, change the fundamental value of the company or the value of your investment. But the administrative effort can increase costs without delivering any financial benefit to shareholders. We remain focused on delivering consistent growth and long-term value creation and a sustainable dividend that rewards you for your confidence in us.
We have several ESG and citizenship-related questions. The first, how does P&G make decisions on charitable giving and support?
Our charitable giving is directly tied to our purpose to improve the lives of the world's consumers now and for generations to come. Much of our charitable activity is administered through the P&G Fund, managed through structured review processes and focused on making a difference where we can uniquely add value, including programs to support the communities in which we live and work. We support programs around infant development, feminine hygiene, handwashing, oral care, and programs creating clean and healthy places to live. Our contributions are provided directly by the company and are governed by global policies, review processes, and approval processes. Management and the Board's regular oversight processes ensure that any significant risks associated with philanthropic activities are appropriately identified and managed.
The next question is, what is P&G's approach to equality and inclusion, and how does this link to efforts to grow the top and bottom lines and create value?
P&G serves billions of consumers around the world, and we believe equality and inclusion broaden our ability to serve more consumers and drive market growth. A foundational component of P&G's strategy and success model has been recruiting, developing, and advancing people of all backgrounds in service to all consumers. This cannot and will not change. It is critical to who we are, to our principles, values, and purpose, and most importantly, to winning. We will continue to step forward in this regard, not back, and will continue to do so lawfully. We believe that each of the constituents we serve, consumers, customers, employees, society, and share owners, are advantaged by this approach.
We have received some questions about product ingredients and safety. Can you share some perspective on this topic?
The safety of consumers who use our products is our top priority, and we take that commitment very seriously. All P&G products meet our rigorous safety and quality standards and are safe for use as intended. We provide information on our packages and websites to help consumers determine which products are right for them, share relevant ingredient information, and how to contact us if they have any questions.
Our next question relates to sustainability. Your recent launch of Tide evo laundry tiles is a great example of plastic reduction, and we hope to see more in the future. Can you share your plans to reduce plastic packaging?
Yes. Superior packaging plays an essential role in protecting, shipping, and using our products. Our teams of designers, material scientists, and innovators work together to create new packaging solutions that delight the consumer and reduce plastic, create transportation efficiencies, and reuse materials. We take a science-based and life cycle approach to our packaging efforts. Tide evo is a great example of our innovation capabilities. The breakthrough laundry detergent tile that provides six layers of cleaning power that activates instantly in the wash, delivering a superior product performance in a superior package design.
This and many other efforts are helping us make strong progress, 80% of consumer packaging is designed to be recyclable or reusable versus 55% in 2018. We've reduced the use of virgin petroleum plastic in consumer packaging by 24% versus 2018. Beyond our operations, we are working with industry coalitions to advance joint progress and enable a circular economy, including increasing access to recycling collection systems at scale. We are also making P&G innovation available more broadly to scale, the ability to recycle more types of plastics, increase supply of recycled plastic, and clean hard-to-recycle materials. It is, however, important to note that progress in this area requires collaboration in supply chains and recycling infrastructure beyond P&G's direct control.
Next, we've received several questions on Board size, membership, compensation, and expectations. Can you share some perspective on each of these areas?
Sure. Our code of regulations regarding the Board allows between 10- 15 directors. For this year, the Board has set the size at 12 and nominated 12 individuals. Our Board is comprised of leaders who are exceptionally qualified and have significant diverse leadership experience. They are highly diligent in providing guidance and counsel to the company, including on the execution of our integrated growth strategy. We routinely and independently benchmark director compensation.
The most recent benchmark indicated that P&G director compensation is around the 44th percentile of peers. In addition, P&G's Board has been refreshed with seven new directors over the past four years. As part of the refreshment process, we evaluate each director's ability to devote sufficient time to P&G, including consideration of other commitments. We are pleased with the dedication our directors have shown and the thoughtful oversight and leadership they bring to the company.
Our next question is focused on our operations. Specifically, how does P&G make decisions on where products are manufactured globally?
P&G supply chain is consistently recognized as an industry leader. We determine where products are manufactured based on factors such as proximity to consumers and customers, ingredient and raw material availability, capacity, and cost. For example, more than 85% of products sold in the U.S. are made in the U.S., and the same holds true for many regions of the world. The supply footprint is a competitive advantage, enabling reliable service to our consumers and customers and reducing transportation costs, particularly for bulky or heavy products such as liquid laundry detergent or diapers.
Next, can you share more on the integration of AI and impact to your employees? Will jobs be eliminated?
Yep, happy to share perspective on this. At P&G, we are leveraging AI to help us turn insight into impact and win with consumers in all we do. We view P&G as an amplifier of human potential. Our focus is on using AI to help employees work more effectively, make better decisions, and innovate faster. We're using AI tools for deep consumer understanding and insights, brand building, innovation modeling and discovery, supply chain, and everyday work. We are committed to helping P&G people build the skills needed to succeed in an AI-enabled future.
The next question, we saw P&G benefit from tariff refunds last fiscal year. Do you expect more this year? What about the Canadian imports and impact to your business?
Tariffs are part of our cost structure, along with other variable costs such as commodities, manufacturing, transportation, and labor costs. Net impact of tariffs in fiscal year 2026 was a hurt of $250 million before tax, which is part of a total commodity foreign exchange rate and interest headwind of $1.2 billion. We operate in a dynamic environment. While changes in external factors, including tariffs, add volatility to our operating environment, we remain focused on delivering superior products and strong value to consumers. When costs increase, our ongoing approach is to look for every opportunity to mitigate potential impacts by finding productivity and savings within our business and operations. On the recent Canada tariff situation, this continues to evolve. We will share more details in the earnings call later this month.
The last question, you recently acquired the Thorne brand. What was attractive about this brand?
We have consistently identified beauty and health as attractive areas for expansion, given their growth potential, strong consumer engagement, and regulatory characteristics. Thorne represents an attractive strategic opportunity for P&G, a performance and wellness brand with a highly loyal consumer base. Over the past decade, Thorne has built strong brand equity through its high-quality vitamins, minerals, and supplements portfolio, trusted consumer relationship, and broad endorsement from healthcare professionals.
We are excited to welcome Thorne to our portfolio and believe its attractive margins and strong top-line growth profile provide a meaningful opportunity for value creation. Thorne will complement the strong work already underway in our personal healthcare business, which has delivered consistent growth over the past decade. We are confident Thorne will be a successful addition to our portfolio of healthcare brands.
Shailesh, finally, we did receive several thank you's to the Board for the consistent payment and increase of the dividend. With that, this now concludes the Q&A portion of the call.
Thank you. This concludes today's meeting. I again want to thank you for your confidence and support, including the many of you who have been long-term shareholders of P&G. Thank you very much.