Operator

Hello, and welcome to the Annual Meeting of Stockholders of Kimberly-Clark Corporation. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Mike Hsu, Chairman and CEO of Kimberly-Clark. Mr. Hsu, the floor is yours.

Michael Hsu
Chairman & CEO

Good morning, everyone, and welcome to Kimberly-Clark's Annual Meeting. This meeting is called to order. Before we get started with the business of the meeting, I will comment briefly on our recent performance and strategic transformation. Over the past 2 years, our Powering Care strategy has put us on a virtuous cycle of value creation. Through our team's excellent execution of our strategy, we have created a durable growth engine that is enabling Kimberly-Clark to win with consumers around the world. In 2025, we accelerated our momentum across the board, delivering strong results while navigating a dynamic external environment. We took several decisive actions to pivot our portfolio to higher growth, higher-margin personal care categories. We announced our pending acquisition of Kenvue, a powerful next step in our transformation to create a new kind of health and wellness leader and serve billions of consumers across every stage of life. This transaction is a generational opportunity to reimagine care and create lasting value for shareholders. We remain on track to close the acquisition in the second half of 2026.

To lay important groundwork for our acquisition of Kenvue, we announced a strategic joint venture with Suzano to create a preeminent international tissue and professional products company with substantially all the assets of our IFP business in which we'll own a