Half Year Results 2026

ACCELERATED Q2 PERFORMANCE, ADJUSTED OPERATING MARGIN AHEAD OF EXPECTATIONS

• Growth accelerated, with more balance.
  o Growth accelerated: Core Reckitt LFL net revenue growth accelerated in Q2, delivering H1 growth of 2.7% (IFRS +2.1%) with Q2 growth of 4.2% (IFRS: +5.7%). Excluding Russia Hygiene, Core Reckitt grew +3.4% in H1 and 4.9% in Q2.
  o Q2 growth was balanced: Core Reckitt volume improved +300bps in Q2 vs. Q1. Balanced growth in Q2 with volume +2.0% and price / mix +2.2%, of which mix contributed 90bps.

• Broad-based improvement across the business.
  o All Areas delivered stronger LFL net revenue performance in Q2: Emerging Markets +9.4% in Q2 (H1 +8.5%), Europe improved to -1.5% in Q2 (H1 -3.0%), North America returned to growth in Q2 (+2.8%, H1 +0.8%).
  o All Categories delivered stronger performance in Q2: H1 growth led by Germ Protection at +10.5%. All Categories improved across Europe in Q2 and North America benefited from continued strong Lysol performance and the initial launch of Mucinex 12HR Cold & Fever.
  o Emerging Markets growth was broad-based in Q2: China delivered a 12th consecutive quarter of double-digit growth, with high-single-digit growth in India and ASEAN and mid-single-digit growth in LATAM.

• Innovation is driving growth.
  o Dettol Activ Botany continues to exceed expectations in China and is now being activated in other markets. Mucinex 12HR Cold & Fever is being launched ahead of the upcoming season, while Durex Intensity continues to roll out globally and has been complemented by range extensions.
  o 45% of Core Reckitt Top CMUs are holding or gaining share. Gap to our 60% target largely from Mucinex and Durex in China with clear pathway to return to share gains.

• Mead Johnson Nutrition returns to growth.
  o Mead Johnson Nutrition H1 LFL net revenue growth of +2.0%, accelerating in Q2 to +7.2% as trading dynamics continued to stabilise and benefiting from a soft prior-year comparative period.

• Reported results reflect net M&A impact.
  o H1 Group net revenue declined -8.1% on an IFRS basis, reflecting the Essential Home divestment.

• Fuel for Growth programme delivering ahead of plan, H1 AOP margin ahead of expectations.
  o Fixed costs as a percentage of Core Reckitt + MJN net revenue at 20.1%, remained broadly in line with H1 2025 fixed costs as a percentage of Group net revenue, despite absorption of stranded costs following the Essential Home divestment. Fuel for Growth programme remains on track to deliver fixed costs below 19% of net revenue as we exit 2027.
  o Supporting our Powerbrands: Brand Equity Investment (BEI) as % of Core + MJN net revenue +70bps to 15.3%.
  o H1 Core + MJN gross margin 60.5%, down 50bps vs. H1 2025 Group gross margin, reflecting input cost impacts and category mix, partially offset by the divestment of lower gross margin Essential Home.
  o H1 Core + MJN adjusted operating profit margin 23.6%, 100bps lower vs. H1 2025 Group AOP margin but ahead of our expectations driven by continued outperformance of Fuel for Growth in mitigating stranded costs.
  o IFRS operating profit declined -22.2% at actual FX, reflecting the absence of the prior-year profit contribution from Essential Home, one-off transformation costs and Russia Hygiene business reported half-year loss.

• Earnings per share reflect Essential Home divestment.
  o Adjusted diluted EPS of 152.1p, -9.7% vs. H1 2025 at actual exchange rates, principally reflecting the divestment of Essential Home.

• Returns to shareholders: new share buyback programme announced, interim dividend growth +5%.
  o Free cash flow of £419m in H1 2026, a -32.7% decline year on year, primarily driven by the divestment of Essential Home.
  o Strong balance sheet with net debt at 2.5x adjusted EBITDA (H1 2025: 2.1x), in line with our expectations following payment of the £1.6bn special dividend in February 2026.
  o £3.0bn returned to shareholders in H1, including £1.6bn special dividend, FY2025 final dividend and completion of £1.0bn share buyback programme. £6.4bn now returned to shareholders since July 2024.
  o Interim dividend of 88.6p (+5%) in line with aim to deliver sustainable dividend growth.
  o Announcing new share buyback programme to commence imminently, with up to £500 million of shares to be repurchased over the next twelve months.

2026 AND MEDIUM-TERM OUTLOOK

• We are maintaining our outlook for FY 2026 LFL net revenue and Core Reckitt + MJN adjusted operating margin.

• Core Reckitt FY 2026 LFL net revenue outlook of +4% to +5%.
  o In Emerging Markets we expect H2 performance to be similar to H1, with a continuation of broad-based growth across regions alongside India and China.
  o In Europe we expect to return to LFL net revenue growth in H2, with sequential improvement as we continue our focus on strong execution and lap the prior year’s soft Q4.
  o In North America in Q3 we will lap the prior year’s positive benefit from the Mucinex Sinus PE reformulation as well as a strong non-seasonal performance. Q4 performance is expected to be driven by Mucinex, including the category-creating innovation “Mucinex 12HR Cold & Fever” and continued strong performance from Lysol.
  o In seasonal OTC we are planning for incidence levels to be slightly higher than the prior season. While seasonal incidence remains difficult to predict our outlook does not assume a significantly stronger season.

• In our non-core Mead Johnson Nutrition business we expect low-single-digit LFL net revenue growth in FY 2026.

• We continue to expect Core Reckitt + MJN adjusted operating profit (AOP) margin for FY 2026 to be in the range of 24.9% to 25.6%.
  o In H2, Core Reckitt + MJN AOP margin will be much stronger than H1 2026 (23.6%) driven by more favourable mix across our Categories and Areas, actions to offset commodity price inflation as well as continued stranded cost mitigation.
  o At Q1 2026 we outlined a scenario of oil at $110 a barrel for the remainder of 2026 indicating a c.£130 million - £150 million gross impact on our input cost base in 2026. While still volatile, oil prices have moderated since then and we currently expect a reduced input cost impact in 2026. We continue to view this as a manageable headwind and are taking actions to mitigate the impact.
  o In 2026, our Fuel for Growth programme is expected to largely offset the stranded costs associated with the Essential Home divestment.

• We reiterate our ambition to deliver long-term, sustainable EPS growth, acknowledging in 2026 the headwind from the dilution resulting from the divestment of Essential Home.

• Other technical guidance:
  o Adjusted net finance expense is expected to be in the range of £320m to £340m (2025: £346m).
  o The adjusted effective tax rate is expected to be around 27% (2025: 24.7%).
  o Capital expenditure as a percentage of net revenue is expected to be around 4% (2025: 4.2%).

Medium-term guidance:

• We reiterate our medium-term guidance for Core Reckitt to consistently deliver +4% to +5% LFL net revenue growth. We will look to achieve this while consistently delivering annual EPS growth and creating value for shareholders.

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