PROCTER & GAMBLE Co (PG) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that PROCTER & GAMBLE Co surfaced in its latest filing.

• The ongoing war between Russia and Ukraine has negatively impacted our operations and may continue to do so
• We may reduce further or discontinue our operations in Russia due to sanctions, export controls, counter-sanctions, monetary controls, payment controls, data transfer restrictions, access to financial institutions, supply challenges, transportation challenges, or other circumstances
• The conflict in the Middle East could adversely impact our financial results and operations
• In July 2025, the U.S. government enacted the One Big Beautiful Bill Act (the 2025 U.S. Tax Act) which extended or made permanent many corporate tax changes from the 2017 U.S. Tax ActJuly 2025
• In December 2021, the OECD issued Pillar Two model rules establishing a global minimum corporate tax rate of 15% for large multinational corporationsDecember 2021
• Many countries have implemented or are implementing Pillar Two legislation, and the January 5, 2026 Pillar Two 'Side-by-Side Package' provides guidanceJanuary 5, 2026