宝洁美股招股说明书(2025-10-27版)

Subject to Completion, Dated October 27, 2025 Prospectus Supplement to Prospectus dated October18, 2023 The Procter& Gamble Company €●●% Notes due●€●●% Notes due● The●% notes will mature on●and the●% notes will mature on●. References to the “notes” refer to the●% notes and the●%notes, collectively. Interest on the notes will accrue from and including●, 2025 at the rate of●% per annum (with respect to the●%notes) and●% per annum (with respect to the●% notes), in each case, payable annually in arrears. The first interest payment date forthe notes will be●, 2026. We may redeem some or all of the notes at any time at the redemption prices described in this prospectussupplement. In addition, the notes will be redeemable if certain events occur involving United States taxation. The notes will be issued onlyin registered form in denominations of€100,000 and integral multiples of€1,000 in excess thereof. See “Risk Factors” beginning on pageS-4to read about important factors you should consider before buying the notes. Application will be made for the notes to be listed on the New York Stock Exchange. The listing application will be subject to approvalby the New York Stock Exchange. If such a listing is obtained, we have no obligation to maintain such listing and we may delist the notesat any time. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of thenotes or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representationto the contrary is a criminal offense. The initial offering prices set forth above do not include accrued interest, if any. Interest on the notes of each series will accrue fromand including●, 2025 and must be paid by the purchasers if the notes are delivered after●, 2025. The underwriters expect to deliver the notes to investors in book-entry form only through the facilities of Clearstream Banking,société anonyme, and Euroclear Bank SA/NV as operator of the Euroclear System, on or about●, 2025. Deutsche Bank MorganStanley Table of Contents TABLE OF CONTENTS Prospectus Supplement About This Prospectus SupplementThe CompanyRisk FactorsSummary Consolidated Financial InformationCapitalizationDescription of the NotesCertain U.S. Federal Tax ConsiderationsUnderwritingValidity of the NotesIncorporation of Certain Information by ReferenceWhere You Can Find More Information Prospectus About This ProspectusThe CompanyCautionary Note Regarding Forward-Looking StatementsRisk FactorsUse of ProceedsDescription of Debt Securities Plan of Distribution Legal Opinions Where You Can Find More Information Table of Contents ABOUT THIS PROSPECTUS SUPPLEMENT PROHIBITION OF SALES TO EUROPEAN ECONOMIC AREA (“EEA”) RETAIL INVESTORS – The notes are not intended to beoffered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor inthe EEA. For these purposes, a retail investor means a person who is one (or more) of: (i)a retail client as defined in point (11)ofArticle 4(1) of Directive (EU) 2014/65 (as amended, “MiFID II”); or (ii)a customer within the meaning of Directive (EU) 2016/97 (asamended), where that customer would not qualify as a professional client as defined in point (10)of Article 4(1) of MiFID II.Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”)for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared andtherefore offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawfulunder the PRIIPs Regulation. MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET – Solely for thepurposes of each manufacturer’s product approval process, the target market assessment in respect of the notes has led to theconclusion that: (i)the target market for the notes is eligible counterparties and professional clients only, each as defined inMiFID II; and (ii)all channels for distribution of the notes to eligible counterparties and professional clients are appropriate. Anyperson subsequently offering, selling or recommending the notes (a “distributor”) should take into consideration themanufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own targetmarket assessment in respect of the notes (by either adopting or refining the manufacturers’ target market assessment) anddetermining appropriate distribution channels. PROHIBITION OF SALES TO UNITED KINGDOM (“UK”) RETAIL INVESTORS – The notes are not intended to be offered, soldor otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the UK. Forthese purposes, a retail investor means a person who is one (or more) of: (i)a retail client, as defined in point