Kenvue Drives Climate Action Strategy Forward

First Task Force on Climate-related Financial Disclosures (TCFD) report enhances transparency and accountabilityCompany advances sustainability across its products, operations and value chain as part of its Healthy Lives MissionProgress includes reducing Scope 1 and 2 greenhouse gas emissions1, 2, 3 by 26% since 2020 and increasing renewable electricity4 usage to 65% of its electricity usage

Kenvue Inc. (NYSE: KVUE) (“Kenvue” or the “Company”), the maker of iconic brands such as Aveeno®, Listerine®, Neutrogena® and Tylenol®, is advancing progress toward the climate change goals outlined in its Healthy Lives Mission environmental, social and governance strategy, including releasing its first Task Force on Climate-related Financial Disclosures (TCFD) report.

“Publishing our TCFD report represents an important step in our proactive approach to integrating climate considerations into our business strategy, operations, value chain and marketed products,” said Pamela Gill-Alabaster, Global Head of ESG & Sustainability at Kenvue. “We have made meaningful progress, including the validation of our near-term greenhouse gas (GHG) emissions reduction targets by the Science Based Targets initiative (SBTi) and the release of our inaugural Healthy Lives Mission report in support of our ambition to help contribute to a healthier future.”

Healthy Lives Mission was developed with the understanding that human health is inseparably linked to environmental health. Consumers also see this connection, with three out of four adults globally seeing a link between human health and climate change according to an online survey commissioned by Kenvue earlier this year⁵. The same survey revealed that 86% of people expect health-related consequences of climate change to worsen over the next 5 to 10 years.

Kenvue’s climate change goals and commitments are part of the Healthy Planet pillar of its Healthy Lives Mission strategy and focus on advancing sustainability across the Company’s operations — from product and packaging design to material sourcing, manufacturing and transportation. Highlights on progress as reported in the Healthy Lives Mission 2023 Report include:

• Investments in energy efficiency and decarbonization projects have resulted in Scope 1 and 2 GHG^{1, 2, 3} reductions of 26% since 2020.
• 21% of the Company’s suppliers, by emissions covering purchased goods and services and upstream transportation and distribution, have science-based targets.
• Use of renewable electricity⁴ has increased to 65% of its electricity usage through 18 onsite solar-powered electricity systems, offsite renewable electricity⁴ procurement contracts and the addition of onsite solar installations.
• Using circular economy design principles, Kenvue increased its use of recyclable⁶ or refillable⁷ packaging⁸ to 71% of its portfolio and reduced the volume of virgin plastic⁹ in packaging⁸ by 21%.

Since the beginning of 2024, Kenvue has completed new onsite solar installations at its Sezanne, France, and Madra, Greece manufacturing sites, which will provide 1.75MW and 0.186MW of renewable energy, respectively. The Company also expects to complete additional onsite solar installations at its Cape Town, South Africa, Minhang, China and Jakarta, Indonesia manufacturing sites this year, further advancing progress toward its goal of 100% of its electricity usage for its operations¹ being renewable⁴ by 2030^{10, 11}.

To address Scope 3 indirect upstream GHG emissions, Kenvue launched a Supplier Climate Action Program in July to engage purchased goods and services and upstream transportation and distribution suppliers. Through this program, the Company will help these suppliers set science-based targets of their own and work to decarbonize their operations. Kenvue has also joined the Energize program, which is designed to help suppliers learn about renewable electricity and provide sourcing opportunities, either as sole sourced or with other suppliers.

Recognizing the value of collaboration to accelerate progress within and across sectors, Kenvue is an active member of several coalitions that have focused workstreams which support climate action and the journey toward net zero including the WWF Climate Business Network and the WWF Renewable Thermal Collaborative. Most recently, Kenvue joined the Forum for the Future’s Climate and Health Coalition to support the integrated transformation of human health and climate systems toward outcomes that deliver benefits for both people and planet.

To read the Kenvue Healthy Lives Mission 2023 Report, visit www.kenvue.com/hlm-report-2023. To access the full TCFD report, visit https://www.kenvue.com/task-force-on-climate-related-financial-disclosures-2023-report.

About Kenvue

Kenvue is the world’s largest pure-play consumer health company by revenue. Built on more than a century of heritage, our iconic brands, including Aveeno®, BAND-AID® Brand, Johnson’s®, Listerine®, Neutrogena® and Tylenol®, are science-backed and recommended by healthcare professionals around the world. At Kenvue, we believe in the extraordinary power of everyday care and our teams work every day to put that power in consumers’ hands and earn a place in their hearts and homes. Learn more at www.kenvue.com.

Cautions Concerning Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, including forward-looking statements related to, among other things, risks and opportunities associated with the Healthy Lives Mission, climate, forests and our related ESG estimates, projections, goals, targets, commitments and expected results. Forward-looking statements may be identified by the use of words such as “plans,” “expects,” “may,” “will,” “anticipates,” “estimates,” “intends,” “goal,” “target,” “commitment,” and other words of similar meaning. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Kenvue and its affiliates.

A list and descriptions of risks, uncertainties, and other factors can be found in Kenvue’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and subsequent Quarterly Reports on Form 10-Q and other filings, available at www.kenvue.com or on request from Kenvue. Kenvue and its affiliates undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or developments or otherwise.

Footnotes

¹ Applies to all Kenvue-owned facilities where Kenvue has operational control, regardless of building type; all leased facilities used for manufacturing and/or research and development; and leased, non-manufacturing and/or non-research and development facilities where the facility is greater than 50,000 square feet and where Kenvue has operational control. The 2020 baseline and all subsequent reporting years include all facilities aligned to Kenvue’s structure upon separation from Johnson & Johnson in 2023 and do not include any operational or organizational exclusions. Scope 1 are greenhouse gas (GHG) emissions that Kenvue directly generates – e.g., running boilers and vehicles using fossil fuels. Fleet emissions are reported as CO₂ and do not include other greenhouse gas emissions. Scope 2 are GHG emissions that Kenvue indirectly generates – from electricity or energy purchased for heating and cooling buildings.
² The inventory was compiled in accordance with the WRI/WBCSD Greenhouse Gas (GHG) Protocol – A Corporate Accounting and Reporting Standard (Revised Edition 2013) including the amendment to this protocol, GHG Protocol Scope 2 Guidance (2015).
³ The target boundary includes land-related emissions and removals from bioenergy feedstocks.
⁴ Renewable energy source is an energy source that is capable of being replenished in a short time through ecological cycles or agricultural processes (e.g., biomass, geothermal, hydro, solar, wind). Renewable electricity targets are achieved through a combination of actions, including on-site solar, virtual power purchase agreements (VPPAs), direct power purchase agreements (PPAs), energy attribute certificates (EACs), also known as renewable electricity certificates (RECs), and green retail contracts.
⁵ Survey results represent input gathered from more than 2,300 adults in seven countries from late February to early March 2024.
⁶ Recyclable, also defined as recycle-ready, is when packaging is designed for collection, sorting, and recycling using end-of-life processes, but where collection, sorting, and recycling infrastructure may not yet be in place for the packaging to actually be recycled. Best practices of “designing for recyclability” guidance for plastic-based packaging include the Association of Plastics Recyclers in the United States. Note: “Designed for recycling,” “designed for recyclability,” and “recycle ready” are also used interchangeably and reflect the same meaning.
⁷ Kenvue defines refillable packaging as packaging that is designed for either the business or the consumer to put the same type of purchased product back into the original packaging, is designed to be returnable and/or refillable, and accomplishes a minimum number of reuses by being part of a system that enables reuse.
⁸ Packaging refers to packaging for direct purchases, and may not include all externally manufactured products. Total weight of plastics packaging is calculated utilizing 2024 Business Plan volume and is not trued up to actual sales. Manual adjustments of <10% were made to 2024 Business Plan volume based on subject matter expert judgment to remove materials not assumed to contain plastics.
⁹ Virgin plastic means newly manufactured resin produced from petrochemical feedstock used as the raw material for the manufacture of plastic products and which has never been used or processed before.
¹⁰ Inventory and reporting are aligned with RE100 technical criteria and supplemented by CDP.
¹¹ We aim to meet the goal by end of fiscal year and publish the year after.

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