CAGNY 2025

Linda Rendle
Chair & Chief Executive Officer

Kevin Jacobsen
EVP & Chief Financial Officer

Luc Bellet
Incoming EVP & Chief Financial Officer
Safe Harbor
Except for historical information, matters discussed in this presentation, including statements about the expected or potential impact of the Company’s
operational disruption stemming from a cyberattack and the success of the Company’s future volume, sales, costs, cost savings, earnings, foreign
currencies and foreign currency exchange rates, cash flows, plans, objectives, expectations, growth or profitability, are forward-looking statements
based on management’s estimates, assumptions and projections. Important factors that could affect performance and cause results to differ
materially from management’s expectations are described in the Company’s most recent Form 10-K filed with the SEC, as updated from time to time in
the Company’s SEC filings. Those factors include, but are not limited to, unfavorable macroeconomic and geopolitical conditions and uncertainty; labor
shortages, wage pressures, rising inflation, the interest rate environment, fuel/energy costs, weather events/natural disasters, disease
outbreaks/pandemics, terrorism and unstable geopolitical conditions, as well as macroeconomic and geopolitical volatility and uncertainty; increases
in commodity, energy and other costs; supply disruptions; the Company’s ability to drive sales growth and increase prices/market share; impact of the
changing retail environment; the Company’s recovery from the August 2023 cyberattack and risks relating to its use/reliance on information and
operational technology systems, including security breaches or cyberattacks; dependence on key customers; intense competition in the Company’s
markets; volatility and increases in raw materials, transportation, labor and other costs; risks related to supply chain issues, product shortages and
disruptions; the success of the Company’s cost savings and transformational initiatives/strategies; the Company’s business reputation and that of its
brands/products; dependence on key customers; the Company’s product innovation or ability to expand into adjacent categories/countries; the
Company’s ability to attract/retain key personnel; government regulations; political, legal and tax risks; the Company’s ability to drive sales growth and
increase market share; risks relating to international operations and trade, including price controls, foreign currency fluctuations, and labor unrest,
inflation and potential instability in Argentina; labor claims and labor unrest, potential harm and liabilities from use, and storage and transportation of
chlorine in certain markets; environmental, social or governance matters; product liability claims, labor claims and other legal proceedings; government
regulations; political, legal and tax risks; information and operational technology security breaches or cyber attacks; risks relating to acquisitions, new
ventures and divestitures; the success of the Company’s transformational initiatives, business strategies and products; product liability claims, labor
claims and other legal proceedings; the Company’s business reputation; environmental, social or governance matters; financial projections accuracy;
risks related to the acquisition of Procter & Gamble’s interest in the Glad business; reliance on third-party service providers; environmental matters
including remediation costs; the Company’s ability to assert/ and defend its intellectual property rights; the effect of the Company’s
indebtedness/credit ratings on its business operations, financial results and ability to access funding; and the impacts of potential shareholder activism.
We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or
otherwise, except to the extent required by law and we make no representation, express or implied, that the information is still current or complete. The
Company may also use non-GAAP financial measures, which could differ from reported results using Generally Accepted Accounting Principles (GAAP).
The most directly comparable GAAP financial measures and reconciliation to non-GAAP financial measures are set forth in the Supplemental Schedules
of the Company’s quarterly financial results and in the Company’s SEC filings, including its Form 10-K and its exhibits furnished to the SEC, which are
posted at TheCloroxCompany.com in the Investors/Financial Information/Quarterly Results and SEC Filings sections, respectively.

2
Well Positioned to Continue to Build Earnings &
Create Long-Term Shareholder Value

• Advantaged portfolio of superior value brands in essential

categories supported with continued investment

• We are transforming into a faster-growing, more resilient

company by modernizing our capabilities, executing our digital
transformation, and streamlining our operating model, all of
which we are just starting to scale

• Confident in our ability to deliver consistent profitable growth

over time and create long-term shareholder value
3
Who We Are
 Global Portfolio of Leading Brands Trusted &
Loved by Consumers

35% HEALTH & WELLNESS

$7.1 Billion 100+ 80% >60%
28% HOUSEHOLD MARKETS OF SALES FROM OF PORTFOLIO
FY24 NET SALES
18% LIFESTYLE GLOBALLY BRANDS THAT
ARE NO. 1 OR NO.
HAS SUPERIOR
CONSUMER
16% INTERNATIONAL 2 IN CATEGORIES VALUE*

Results from fiscal year 2024. The balance for net sales is included in Corporate and Other.
*As measured by our consumer value metric. 5
Choiceful, Disciplined Playbook
Creates Competitive Advantage & Shareholder Value

Leading brands loved Purposeful & targeted in

by consumers where we play

ECONOMIC
PROFIT

World class capabilities to Purpose-driven

drive operational excellence growth

6
Portfolio of Leading Brands with Superior
Consumer Value
64%

60%

#1 or #2 54%
Brands in
Majority of Categories (1)

FY19 FY23 Current (2)

Superior Consumer Value
(1) About 80% of the Company's sales are generated from brands that hold the No. 1 or No. 2 market share position in their categories. Source: Circana Latest 52 weeks ending June 30, 2024.
(2) As measured by our consumer value metric. Source: Circana Latest 52 weeks ending December 22, 2024. 7
Strategic Update
 IGNITE
IGNITE Built to Address Megatrends

IGNITE Health & Multicultural

Personalization Responsibility
Megatrends Wellness Millennials

How They’ve Digitally

New Wave Home Life No Significant
Evolved Transformed
Wellness Redefined Change
Engagement
IGNITE
New Wave Wellness

Personalization Mental Lifestyle &

& Performance Health GLP-1 Impact
IGNITE
Home Life Redefined

Balancing Embracing
Smaller
Relaxation & Smaller, Imperfect
Households
Productivity Spaces
IGNITE
Digitally Transformed Engagement

Social Collapsing
AI Assistants
Commerce Purchase Funnel
IGNITE
State of the Consumer

Willingness to Pay
More Uncertainty Value-Seeking
for Better
Ahead Behaviors
Experiences
IGNITE
Private Label Remains Stable in Our Categories

18%

17%
17% 17% 17%
Private Label Dollar Share

16%

2019 2020 2021 2022 2023 2024

Source: Circana Market Advantage - Total U.S. MULO+ and Pet Spec and Pet Ecommerce, February 2025.
IGNITE
New Opportunities to Champion People to
Be Well and Thrive Every Single Day

Drive Increase
Category Market
Growth Share
Attracting New Households

Driving New Occasions

IGNITE
IGNITE Creates a Resilient, Faster Growing Company

Deliver Sales Growth of 3 to 5%

Expand Adj. EBIT Margin by +25 to 50bps

Generate Free Cash Flow of 11 to 13%

Adjusted EBIT (a non-GAAP measure) represents earnings before income taxes (a GAAP measure), excluding interest income, interest expense and other significant items that are nonrecurring or unusual. Adjusted EBIT
margin is a measure of Adjusted EBIT as a percentage of net sales.
IGNITE
IGNITE Strategy Choices

Fuel Innovate
Growth Experiences

Reimagine Evolve
Work Portfolio
IGNITE
Creating a Resilient, Faster Growing Company

Modernized Capabilities

Digital Transformation Streamlined Operating Model

IGNITE
What We’ve Achieved To Date

Fuel Growth Innovate Experiences

 Accelerated growth
 Stabilized and rebuilt margin  Increased consumer value
 Better innovation pipeline
 Strengthened retailer
partnerships

Reimagine Work Evolve Portfolio

 Data transformation  Acquired majority interest in

 Streamlined operating model Saudi JV
 Scaling modernized  Divested VMS and Argentina
capabilities businesses
 FUEL
GROWTH Scaling Holistic Margin Management Toolbox

Trade
Optimization
Strategic Price Pack
Pricing Architecture

Design to
Procurement
Value

Productivity Network
Enhancement Optimization
 FUEL
GROWTH On-Track to Return to Pre-Pandemic
Gross Margins

+125 to 150
bps ~44%
+360 bps

+360 bps

36%

FY22 FY23 FY24 FY25 FY25 Outlook (*)

(*) Based on Outlook as of Feb 3, 2025
 FUEL
GROWTH Net Revenue Management Beginning
to Deliver Value

22
 FUEL
GROWTH Price Pack Architecture - Cleaning Dilutables
Pine-Sol concentrated platform expansion

+8%
Sales Growth

Margin
Accretive
Source: POS Circana Latest 52 weeks ending January 12, 2025 versus same period year ago.
 FUEL
GROWTH What's Next - Price Pack Architecture

• Different pack sizes to

address different
consumer needs
• Partnering with
retailers to learn
in-market
 FUEL
GROWTH What's Next - Design to Value

• Standardized Product & Packaging

• Simplified Formula
• Increased Operational Efficiency
 INNOVATE
EXPERIENCES Consumer Value is of the Highest Importance
64%

60%

#1 or #2 54%
Brands in
Majority of Categories (1)

(2)
FY19 FY23 Current
Superior Consumer Value
(1) About 80% of the Company's sales are generated from brands that hold the No. 1 or No. 2 market share position in their categories. Source: Circana Latest 52 weeks ending June 30, 2024.
(2) As measured by our consumer value metric. Source: POS Circana Latest 52 weeks ending December 22, 2024. 26
 INNOVATE
EXPERIENCES
Delivering Clearly Superior Experiences Through
Modernized Capabilities

Proposition Place
“I want it!” “I see it!”

Product
I love it! Price / Value
“It’s amazing!” “It’s worth it!”

Packaging “I need it!”

 INNOVATE
EXPERIENCES Scentiva Platform for Scent Seekers

Make Up 40-50M Clean More Frequently Growing Population

U.S. Households
 INNOVATE
EXPERIENCES Proposition – Strong, Differentiated
Proposition
“I want it!”

Cleans like Clorox with an amazing, long-lasting freshness

 INNOVATE
EXPERIENCES Product - Expanding to Tougher Job Occasions
Product
“It’s amazing!”
 INNOVATE
EXPERIENCES

31
 INNOVATE
EXPERIENCES Packaging - High-Impact, Sensorial
Packaging
“I need it!"

From To
 INNOVATE
EXPERIENCES Superior Experience is Driving Accelerated
Scentiva Growth
100% Year over Year Dollar
Sales Growth
90% +58%
55%
80%

70%

60%

50%

40%
+3%
+ 4%
30% +28%
+27%
20%

10%

0%
FY23 FY24 FY25e*
* Based on estimated FY25 sales
 INNOVATE
EXPERIENCES A New Generation is Rewriting the Rules of Cat
Ownership

More Younger Cats Deeper

Cat Owners Are Cool Connections

34
 Consumers Have Different Litter Dissatisfiers
INNOVATE
EXPERIENCES

SCOOPING TRACKING

ODOR CONTROL CLEAN SCENT

HARD TO
CAT WELLNESS
TRANSPORT
& STORE
35
 Proposition – Odor Control
INNOVATE
EXPERIENCES
Proposition
“I want it!”

#1 Category
Dissatisfier is
Odor Control

36
 INNOVATE
EXPERIENCES Product – Revolutionary Odor Control
Product
“It’s amazing!”

World’s Most Patented

Premium Activated
Clumping Carbon
Clay

Antimicrobial Paw &

Technology Liquid
Activated
Fragrance
 INNOVATE
EXPERIENCES Heavy Duty Spot
Proposition
“I want it!”

Heavy Duty work, launching 2/15, won't have a final link for a week or 2 (rough
cuts available now)
 INNOVATE
EXPERIENCES Place – Winning the Digital Shelf
Place
“I see it!"

+12%
eCommerce
Sales Growth

Source: POS Circana MULOP + Pet eCommerce Latest 52 weeks ending January 26, 2025 versus same period year ago. 39
 INNOVATE
EXPERIENCES
Packaging - Harder Hitting to Improve Value
Packaging
“I need it!"

40
 INNOVATE
EXPERIENCES What’s Next for Fresh Step

Attract New
Cat Owners

Launch
Win the
Superior
Digital Shelf
Innovation

4 41
 INNOVATE
EXPERIENCES Trash is a Problem Everyone Shares

Need for Strength Willingness to Pay to Make

Value Top of Mind
& Odor Control Trash Easier & More Pleasant
 INNOVATE
EXPERIENCES Trash Has Many Dissatisfiers

RIPS & TEARS

SMELLS LEAKS

We outsmart waste
to leave you Glad
BACTERIA & GERMS CHOREDOM
 INNOVATE
EXPERIENCES Product - Improving Strength
Product
“It’s Amazing!”

+14%
Sales
Growth

Source: POS Circana MULO+ excluding Club Latest 26 weeks ending December 29, 2024 versus same period year ago.
 INNOVATE
EXPERIENCES Kairo Ad

45
 INNOVATE
EXPERIENCES Product - Innovating with Retailers to Win
Product
“It’s amazing!”

46
 INNOVATE
EXPERIENCES Packaging – Improving Shopability & Value
Packaging
“I need it!"

47
 INNOVATE
EXPERIENCES What’s Next for Glad

Communicate
Superiority

Lead
Win at Shelf Category
Innovation

48
REIMAGINE
WORK Creating a Resilient, Faster Growing Company

Modernized Capabilities

Digital Transformation Streamlined Operating Model

REIMAGINE
WORK Modernized Capabilities

Consumer Core
Innovation
Personalization Operations
REIMAGINE
WORK Modernized Capability - Personalization

• Proprietary data of 100M known users

60%
of all media
• State of the art consumer data platform
spending is

• High efficiency content hub

personalized
REIMAGINE
WORK Personalize to Drive Improved Experience & ROI

Right Person + Right Time + Right Content

REIMAGINE
WORK Personalization is Paying Off – Growth & Efficiency

Source: ROI measurement results from Clorox marketing mix modeling compared to Nielsen benchmarks, 2024.
REIMAGINE
WORK Personalizing a Glad Platform

Cherry
+43%
Sales Growth
Blossom

and accelerating in its 3rd year

Fashionista & Home Decor & Scented Wellness & Scented

Trendsetter Design Home Self Care Trash Buyer

Source: POS Circana Total US - Multi Outlet+, Latest 52 weeks ending Jan 26, 2025 versus same period year ago
REIMAGINE
WORK Personalizing for Social Media
REIMAGINE
WORK Personalizing with Retailers
Regional Scaling Digital Superior
Experiences Content Merchandising
REIMAGINE
WORK Personalizing with Consumers Along Their Lead
Journey
Moment of Worry
+13%
Address Uncertainty
Sales Lift

Drive Friction-Less Shopping

Build Lasting Relationships

Total Brita Elite Lead Filtering Pour Through Products. Source POS Circana Total US - Multi Outlet+, Latest 13 weeks ending 1/26/25 versus same period year ago.
 Gen AI in Action
REIMAGINE
WORK
REIMAGINE
WORK What's Next - One-to-One Communication

From To

Moms Carla
+ +
Afternoon Morning, Afternoon, Evening
+ +
Snacks Home, Work, Gym
REIMAGINE
WORK What's Next - One-to-One Communication

Mom with a Toddler Also has Older Kids Trying to Eat Healthier Herself
REIMAGINE
WORK What's Next - One-to-One Communication

Wisconsin Freshman Lives in the Dorms Understand the Moment

REIMAGINE What's Next - Building on Our Foundation to
Accelerate Growth
WORK

50% Media
Spend is
One-to-One
(Specific Person in
Specific Context)
REIMAGINE
WORK Modernized Capability - Better Ideas, More Quickly

Leveraging data and AI to...

• Reduce cycle time by 65%

• Deliver significantly higher

f
consumer interest in ideas
Digital Core

• 3x more ideas in the pipeline

REIMAGINE
WORK Strong Platform Innovation Examples
Trash Superior Fresh Step
Scentiva
Strength Proven Power

Year 1

Coming
Year 2 Soon

Year 3 Coming Soon

Coming
Soon
Coming
Soon
REIMAGINE
WORK Strong Platform Innovation Examples
Clorox Professional
Hidden Valley Ranch Burt’s Bees
EcoClean

Year 1

Coming
Year 2 Soon
MULTI-PACK

Coming
Year 3 Soon
Coming
Coming
Soon
Soon
REIMAGINE
WORK Modernized Capability - Core Operations

Leveraging data and AI to accelerate efficiency & effectiveness

• Increased supply chain responsiveness

• Reduced operational costs and lower inventory levels

• Improved customer service levels with increased forecast accuracy

66
REIMAGINE
WORK Modernized Capabilities – What's Next

Leading Scaling Broadly Starting

• Personalization with • Holistic margin • ERP implementation

AI content management unlocks new value
generation tools streams

• Core operation • One-to-One

efficiency levers communications

• Digital core for

innovation
 EVOLVE
PORTFOLIO
Evolving Portfolio to Reduce Volatility, Accelerate
Growth and Enhance Margin
Reduce Volatility Accelerate Growth & M&A a Strategic Lever
Enhance Margin
• Acquired majority • Drive superior consumer value • Criteria remain largely
interest in Saudi JV • Grow share and households unchanged
• Divested Argentina • Deliver outsized growth in Clorox • Strong balance sheet
Professional & International
• Divested VMS & Argentina
businesses
IGNITE
Integrated Business Approach to Sustainability

Maximize Value Creation Manage Risk

Financial
Update
Kevin Jacobsen
EVP & Chief Financial Officer

Luc Bellet
Incoming EVP & Chief Financial Officer
Key Messages

• Clorox has a long track record of creating shareholder value

• As part of our IGNITE strategy, our intent is to accelerate our

financial performance

• We remain confident in our ability to drive profitable growth and

create long-term shareholder value

71
Long Track Record of Creating Shareholder Value

617

+8 % >$15B
20Y 20Y
384
Annualized Capital
TSR Return

SOURCE: FactSet. Total Shareholder Return as of December 31, 2024. 20Y Capital return as of June 30, 2024.
72
Healthy Free Cash Flow Generation Fuels Business
Reinvestment & Cash Returned to Shareholders

Goal Average
11-13% 12%
19%

13% 13% 11-13%

8%
7%

FY20 FY21 FY22 FY23 FY24 FY25 Outlook*

Free cash flow as a percentage of net sales. Free cash flow (a non-GAAP measure) represents net cash (GAAP measure) less capital expenditures. See reconciliation on page 86
(*) Based on outlook as of Feb 3, 2025 73
Disciplined Uses of Cash
Consistent Reinvestment Support for Dividend Growth

>50Y ~8%
Supply
Brands Capabilities Dividend 20Y Dividend
Chain
Payment Growth
11-13%
Free Cash
Flow
Maintain Debt Leverage (1) Strong Cash Return (2)

2.9x $1.5 B
2.5x 2 - 2.5x
2.2x
1.9x 1.9x ~$0.9 B
$0.8 B
$0.6 B $0.6 B $0.6 B

FY20 FY21 FY22 FY23 FY24 FY25 Outlook FY20 FY21 FY22 FY23 FY24 FY25 Outlook
(1) Debt leverage (a non-GAAP measure) represents total debt divided by adjusted EBITDA for the trailing four quarters.. See reconciliation on page 87
(2) Cash returned to shareholders is defined as cash dividends paid plus treasury stock purchased as outlined in the statements of cash flows. 74
Disciplined Uses of Cash Driving Top-Tier ROIC

CLX
24%

Peer average 16%

Return on invested capital (ROIC) 5-yr average as of fiscal year ending June 30, 2024.

ROIC (a non-GAAP measure) is calculated as earnings before income taxes and interest expense (GAAP measures), adjusted for other nonrecurring or unusual items, computed on an after-tax basis as a percentage of
average invested capital. Average invested capital represents a five-quarter average of total assets less non-interest bearing liabilities. ROIC is a measure of how effectively the company allocates capital. Information
on the Peer ROIC is based on latest publicly available fiscal-end data from FactSet . Data as of June 30, 2024. See reconciliation on page 89. Peers consists of 16 companies: CHD, CL, EL, GIS, HSY, K, KHC, KMB, KO, MDLZ,
NESN-CH, REYN, RKT-GB, PEP, PG and ULVR-GB. Peer companies with data unavailable to us are excluded. 75
Focused On Delivering Accelerated Financial
Performance
FY14-FY19 IGNITE Strategy

Sales Growth +2% +3 to 5%

Adj. EBIT Margin Improvement(1) Flat +25 to 50bps

Free Cash Flow (2) +12% 11 to 13%

(1) AdjustedEBIT (a non-GAAP measure) represents earnings before income taxes (a GAAP measure), excluding interest income, interest expense and other significant items that are nonrecurring or unusual. Adjusted
EBIT margin is the ratio of adjusted EBIT to net sales. The five-year average adjusted EBIT margin growth/(decrease) is calculated as the sum of the growth/(decrease) in adjusted EBIT margin between each of fiscal
years 2014 and 2015, 2015 and 2016, 2016 and 2017, 2017 and 2018, and 2018 and 2019 divided by five.
(2) Free cash flow (a non-GAAP measure) represents net cash (GAAP measure) less capital expenditures. The five-year average free cash flow is calculated as the average free cash flow as a percentage of net sales for

fiscal years 2019, 2018, 2017, 2016 and 2015. 76

 Accelerating Top-Line Growth …
• Focusing on bigger, stickier innovation
platforms

• Leveraging new growth runways,

supported by lasting shifts in
consumer behavior
3 to 5% • Building new net revenue
management capabilities

• Evolving our portfolio to accelerate

profitable growth

• FY19-24: Delivered 5Y CAGR of ~3%

IGNITE Strategy goal aims to deliver +3 to 5% annual sales growth
77
… And Expanding Margins

• Long track record of cost savings

• Proven ability to price to recover

~44%
inflation
36% +800bps
• Building new net revenue
management capabilities

• Divestitures supporting margin

expansion
FY22 FY25 Outlook*
• On track to rebuild Gross Margin

(*) Based on Outlook as of Feb 3, 2025

78
FY25 Financial Outlook - Our Work Continues

FY24 FY25 Outlook(3)

Organic Sales Growth(1) Flat +4% to 7%

+3% to 5% (3)

Gross Margin Expansion +360bps +125bps to 150bps

Adjusted EPS Growth(2) +21% +13% to 19%

+9% to 12% (3)

(1) Organic sales growth (a non-GAAP measure) is defined as net sales growth / (decrease) excluding the effect of any acquisitions and divestitures and foreign exchange rate changes. See reconciliation on page 91.
(2) Adjusted EPS (a non-GAAP measure) is defined as diluted earnings per share that excludes or has otherwise been adjusted for significant items that are nonrecurring or unusual. FY25 outlook for adjusted EPS of
between $6.95 and $7.35 represents a year-over-year increase of 13% to 19%, respectively. FY25 adjusted EPS outlook includes $0.25 to $0.45 of impact from the expected incremental shipments related to our ERP
transition. See reconciliation on page 92.
(3) Organic sales growth and adjusted EPS growth based on Outlook as of February 3, 2025 excluding the impact from ERP implementation.. . 79
Ecosystem to Deliver Consistent Profitable Growth

80
Confidence in Our Ability to Continue
Driving Top-Line Growth …
Building on Strong Foundation: Bigger, stickier
innovation platforms, robust demand creation
model and benefits from portfolio evolution
Leveraging Transformation and scaling
capabilities to:
• Build multi-year pipeline of net revenue
management opportunities
• Accelerate innovation, increase speed to
market and personalization
Deliver 3-5% sales growth and grow market
shares, more consistently

81
… And Expanding EBIT Margin 25 to 50bps

Building on Strong Foundation: Cost savings

track record, pricing capability, benefits from
divestitures
Leveraging Transformation and scaling
capabilities to:
• Strengthen our cost savings pipeline
• Reduce S&A to 13% of sales over time
• Improve visibility and consistency
Deliver 25 to 50bps of EBIT margin expansion,
more consistently

82
Long-Term Investment Case Remains Attractive

• Continue to invest to strengthen our competitive advantage

• Attractive business model that delivers strong cash flow

• Continue to be disciplined in how we invest our cash

83
Well Positioned to Continue to Build Earnings &
Create Long-Term Shareholder Value

• Advantaged portfolio of superior value brands in essential

categories supported with continued investment

• We are transforming into a faster-growing, more resilient

company by modernizing our capabilities, executing our digital
transformation, and streamlining our operating model, all of
which we are just starting to scale

• Confident in our ability to deliver consistent profitable growth

over time and create long-term shareholder value
84
CAGNY 2025
APPENDIX

85
Free Cash Flow Reconciliation

Dollars in millions & percentages based on rounded numbers

Fiscal Fiscal Fiscal Fiscal Fiscal

Year Year Year Year Year
2020 2021 2022 2023 2024

Net cash provided by operations – GAAP $1,546 $1,276 $786 $1,158 $695

Less: Capital expenditures $254 $331 $251 $228 $212

Free cash flow – non-GAAP (1) $1,292 $945 $535 $930 $483

(1)
Free cash flow as a percentage of net sales – non-GAAP 19% 13% 8% 13% 7%

Net sales $6,721 $7,341 $7,107 $7,389 $7,093

(1) In accordance with the SEC's Regulation G, this schedule provides the definition of certain non-GAAP measures and the reconciliation to the most closely related GAAP measure. Management uses free

cash flow and free cash flow as a percentage of net sales to help assess the cash generation ability of the business and funds available for investing activities, such as acquisitions, investing in the business
to drive growth, and financing activities, including debt payments, dividend payments and stock repurchases. Free cash flow does not represent cash available only for discretionary expenditures since the
Company has mandatory debt service requirements and other contractual and non-discretionary expenditures. In addition, free cash flow may not be the same as similar measures provided by other
companies due to potential differences in methods of calculation and items being excluded. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable
GAAP measures and should be read in connection with the company’s consolidated financial statements presented in accordance with GAAP.

86
Debt to Adjusted EBITDA Reconciliation
(Debt Leverage) FY20 FY21 FY22 FY23 FY24
Dollars in millions & percentages based on rounded numbers 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
Earnings before income taxes $1,185 $900 $607 $238 $398

Interest income ($2) ($5) ($5) ($16) ($23)

Interest expense $99 $99 $106 $90 $90

EBIT (1)(4) $1,282 $994 $708 $312 $465

(1)(4)
EBIT margin 19.1% 13.5% 10.0% 4.2% 6.6%

Digital capabilities and productivity enhancements investment (cash) (5) $0 $0 $61 $100 $108

Saudi JV acquisition gain (6) $0 ($82) $0 $0 $0

VMS impairment (7) $0 $329 $0 $445 $0

Professional Products supplier charge (8) $0 $28 $0 $0 $0

(9)
Streamlined operating model (cash) $0 $0 $0 $60 $32

Loss on divestiture (10) $0 $0 $0 $0 $240

(11)
Pension settlement charge $0 $0 $0 $0 $171
(12)
Cyberattack costs, net of insurance recoveries (cash) $0 $0 $0 $0 $29
(2)(4)
Adjusted EBIT $1,282 $1,269 $769 $917 $1,045

(2)(4)
Adjusted EBIT margin 19.1% 17.3% 10.8% 12.4% 14.7%

Depreciation and amortization $180 $211 $224 $236 $235

Adjusted EBITDA (3)(4) $1,462 $1,480 $932 $993 $1,111

Adjusted EBITDA margin (3)(4) 21.8% 20.2% 13.1% 13.4% 15.7%

Net sales $6,721 $7,341 $7,107 $7,389 $7,093

Total Debt (13) $2,780 $2,784 $2,711 $2,527 $2,485

(*) Refer to the next slide for footnotes. Debt to Adjusted EBITDA (14)
1.9 1.9 2.9 2.5 2.2 87
Debt to Adjusted EBITDA Reconciliation
(Debt Leverage)
(1) EBIT (a non-GAAP measure) represents earnings before income taxes (a GAAP measure), excluding interest income and interest expense, as reported above. EBIT margin is the ratio of EBIT to net
sales.
(2) Adjusted earnings (losses) before interest and income taxes (adjusted EBIT) represents earnings (losses) excluding interest income, interest expense, income taxes and other significant items that

are nonrecurring or unusual (such as the pension settlement charge, incremental costs, net of insurance recoveries, related to the cyberattack, asset impairments, charges related to the streamlined
operating model, charges related to the digital capabilities and productivity enhancements investment, significant losses/(gains) related to acquisitions / divestitures and other nonrecurring or
unusual items impacting comparability). Adjusted EBIT margin is the ratio of adjusted EBIT to net sales.
(3) Adjusted EBITDA (a non-GAAP measure) represents earnings from income taxes (a GAAP measure), excluding interest income, interest expense and other significant items that are nonrecurring or

unusual (such as the pension settlement charge, incremental costs, net of insurance recoveries, related to the cyberattack, asset impairments, charges related to the streamlined operating model,
charges related to digital capabilities and productivity enhancements investment, significant losses/(gains) related to acquisitions / divestitures and other nonrecurring or unusual items impacting
comparability), depreciation and amortization, as reported above. For purposes of calculating a liquidity measure, the impacts of charges or liabilities that require cash settlement were included in
the calculation of Adjusted EBITDA. Adjusted EBITDA margin is the ratio of Adjusted EBITDA to net sales.
(4) In accordance with the SEC's Regulation G, this schedule provides the definition of certain non-GAAP measures and the reconciliation to the most closely related GAAP measure. Management

believes the presentation of EBIT, EBIT margin, Adjusted EBIT, Adjusted EBIT Margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA Margin and debt to Adjusted EBITDA provides useful additional
information to investors about trends in the company's operations and is useful for period-over-period comparisons. These non-GAAP financial measures should not be considered in isolation or as a
substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to potential differences in
methods of calculation and items being excluded. They should be read in connection with the company’s consolidated financial statements presented in accordance with GAAP.
(5) Reflects the operating expenses incurred by the company related to its digital capabilities and productivity enhancements investment. The majority of these expenses relate to external consulting

fees. The remaining expenses relate to internal IT project management and supporting personnel costs and other costs.
(6) On July 9, 2020, the company increased its investment in each of the two entities comprising its joint venture in the Kingdom of Saudi Arabia (Saudi joint venture). As a result of this transaction, a

noncash nonrecurring net gain was recognized of $82 ($76 after tax) in Other (income) expense, net in the quarter ended September 30, 2020, primarily due to the remeasurement of the carrying
value of the company’s previously held equity investment to fair value.
(7) During the quarter ended March 31, 2021 and March 31, 2023 noncash impairment charges of goodwill, trademarks and other assets were recorded of $329 ($267 after tax) and $445 ($362 after tax)

respectively, related to the VMS business.

(8) During the quarter ended June 30, 2021, noncash charges of $28 ($21 after tax) were recorded on investments and related arrangements made with a Professional Products SBU supplier.

(9) Reflects the restructuring and related implementation costs, net incurred by the company as part of the streamlined operating model. These expenses were primarily attributable to employee-

related costs, as well as implementation and other associated costs.

(10) Represents losses related to the divestiture of the Argentina business.

(11) Represents costs related to the settlement of the domestic qualified pension plan.

(12) Reflects costs related to the cyberattack, net of insurance recoveries.

(13) Total debt represents the sum of notes and loans payable, current maturities of long-term debt and long-term debt. Current maturities of long-term debt and long-term debt are carried at face

value net of unamortized discounts, premiums and debt issuance costs.

(14) Debt to Adjusted EBITDA (a non-GAAP measure) represents total debt divided by Adjusted EBITDA for the trailing four quarters.

88
Return on Invested Capital Reconciliation
Dollars in Millions and percentages based on rounded numbers

FY20 FY21 FY22 FY23 FY24

Earnings before income taxes (GAAP measure) $ 1,185 $ 900 $ 607 $ 238 $ 398
Add back:
Certain U.S. GAAP charges
(2) $ 357 $ 61 $ 605 $ 580
Interest expense $ 99 $ 99 $ 106 $ 90 $ 90
Less:
Saudi JV acquisition gain
(5) $ (82)

Earnings before income taxes, certain U.S. GAAP

items and interest expense $ 1,284 $ 1,274 $ 774 $ 933 $ 1,068

Income taxes before income taxes and interest expense

(3)
adjusted for certain U.S. GAAP items $ (267) $ (264) $ (174) $ (220) $ (215)
Adjusted after-tax profit $ 1,017 $ 1,010 $ 600 $ 713 $ 853

Less: after tax profit attributable to noncontrolling $ 9 $ 9 $ 12 $ 12

Adjusted after-tax profit attributable to Clorox $ 1,017 $ 1,001 $ 591 $ 701 $ 841
(4)
Adjusted Average invested capital $ 3,437 $ 3,858 $ 3,462 $ 3,408 $ 3,236

Return on invested capital (1) 30% 26% 17% 21% 26%

(Amounts shown below are five quarter averages) FY20 FY21 FY22 FY23 FY24

Total assets $ 5,607 $ 6,524 $ 6,256 $ 6,024 $ 5,880

Less: non-interest bearing liabilities (2,170) (2,716) (2,822) (2,837) (2,921)
Average invested capital $ 3,437 $ 3,808 $ 3,434 $ 3,187 $ 2,959
After tax certain U.S. GAAP items(2) $ 50 28 221 277
(4)
Adjusted average invested capital $ 3,437 $ 3,858 $ 3,462 $ 3,408 $ 3,236

(*) Refer to the next slide for footnotes. 89

Return on Invested Capital Reconciliation

(1) In accordance with SEC's Regulation G, this schedule provides the definition of a non-GAAP measure and the reconciliation to the most closely related GAAP measure.

Return on invested capital (ROIC), a non-GAAP measure is calculated as earnings before income taxes and interest expense, adjusted for other nonrecurring or unusual items,
computed on an after-tax basis as a percentage of average invested capital. Management believes ROIC provides additional information to investors about current trends
in the business. ROIC is a measure of how effectively the company allocates capital. ROIC should not be considered in isolation or as a substitute for the comparable GAAP
measures and should be read in connection with the company's consolidated financial statements presented in accordance with GAAP.
(2) Certain U.S. GAAP charges for fiscal year 2024 include $240 ($231 after tax) of costs related to the divestiture of the Argentina business, $171( $130 after tax) of costs related to

the settlement of the domestic qualified pension plan, $108 ($82 after tax) of expenses related to the company’s digital capabilities and productivity enhancements
investments, $32 ($25 after tax) of restructuring and related costs, net for implementation of the streamlined operating model and $29 ($22 after tax) of costs related to the
cyberattack net of insurance recoveries. Fiscal year 2023 include $445 ($362 after tax) for a noncash impairment charge related to the VMS business, $100 ($76 after tax) of
expenses related to the company’s digital capabilities and productivity enhancements investments and $60 ($45 after tax) of restructuring and related costs, net for
implementation of the streamlined operating model. Fiscal year 2022 includes $61 ($47 after tax) of expenses related to the Company's digital capabilities and productivity
enhancements investment. Fiscal Year 2021 includes noncash impairment charges of $329 ($267 after tax) and noncash charges of $28 ($21 after tax) on investments and
related arrangements made with a Professional Products business supplier.
(3) The tax rate applied is the effective tax rate before the identified U.S. GAAP items was 20.1%, 23.6%, 22.5%, 20.7% and 20.8% in fiscal years 2024, 2023, 2022, 2021 and 2020

respectively.
(4) Adjusted average invested capital represents a five-quarter average of total assets less non-interest bearing liabilities adjusted for other nonrecurring or unusual items.
(5) On July 9, 2020, the company increased its investment in each of the two entities comprising its joint venture in the Kingdom of Saudi Arabia (Saudi joint venture). As a result

of this transaction, a non-cash nonrecurring net gain was recognized of $82 ($76 after tax) in Other (income) expense, net in the quarter ended September 30, 2020, primarily
due to the remeasurement of the carrying value of the company’s previously held equity investment to fair value.

90
Organic Sales Growth / (Decrease) Reconciliation

The following table provides a reconciliation of organic sales growth / (decrease) (non-GAAP) to net
sales growth / (decrease) (GAAP), the most comparable GAAP measure:

(1) Organic sales growth (a non-GAAP measure) is defined as net sales growth / (decrease) excluding the effect of any acquisitions and divestitures and foreign exchange rate changes.
(2) Organic sales growth and organic sales growth excluding the impact from ERP incremental shipments based on Outlook as of February 3, 2025. ERP is expected to add +1 to 2% incremental
net sales.
91
Adjusted Diluted Earnings Per Share Reconciliation
Dollars in Millions except per share data
The following table provides reconciliation of adjusted diluted earnings per share (non-GAAP) to
diluted earnings per share, the most comparable GAAP measure:

(1) In
the twelve months ended Jun. 30, 2024, the company incurred approximately $29 ($22 after tax) of costs related to the cyberattack, net of insurance recoveries. These costs relate primarily to
third-party consulting services, including IT recovery and forensic experts and other professional services incurred to investigate and remediate the attack, as well as incremental operating costs
from the resulting disruption to the company's business operations.
(2) During the twelve months ended Jun. 30, 2024, the company incurred approximately $32 ($25 after tax), and during the twelve months ended Jun. 30, 2023, the company incurred approximately

$60 ($45 after tax), of restructuring and related costs, net for implementation of the streamlined operating model. Refer to the Non-GAAP Financial Information within the earnings release for further
discussion.
(3) During the twelve months ended Jun. 30, 2024, the company incurred approximately $108 ($82 after tax),,and during the twelve months ended Jun. 30, 2023, the company incurred approximately

$100 ($76 after tax), respectively, of operating expenses related to its digital capabilities and productivity enhancements investment.
(4) During the twelve months ended Jun. 30, 2024, the company incurred approximately $240 ($231 after tax) of costs related to the divestiture of the Argentina business.
(5) During the twelve months ended Jun. 30, 2024, the company incurred approximately $171 ($130 after tax) of costs related to the settlement of the domestic qualified pension plan.
(6) During the twelve months ended Jun. 30, 2023, noncash impairment charges of goodwill and trademarks were recorded of $445 ($362 after tax) related to the VMS business.
(7) Adjusted EPS is defined as diluted earnings per share that excludes or has otherwise been adjusted for significant items that are nonrecurring or unusual. The income tax effect on non-GAAP

items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.
(8) Adjusted EPS is supplemental information that management uses to help evaluate the company's historical and prospective financial performance on a consistent basis over time. Management

believes that by adjusting for certain items affecting comparability of performance over time, such as the pension settlement charge, incremental costs, net of insurance recoveries, related to the
cyberattack, asset impairments, charges related to the streamlined operating model, charges related to the digital capabilities and productivity enhancements investment, significant
losses/(gains) related to acquisitions / divestitures and other nonrecurring or unusual items, investors and management are able to gain additional insight into the company's underlying operating
performance on a consistent basis over time. However, adjusted EPS may not be the same as similar measures provided by other companies due to potential differences in methods of calculation
or differences in which items are incorporated into these adjustments. 92