Earnings release
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27 October 2026 Q3 RESULTS 2026 POWERBRANDS DRIVING CONTINUED GROWTH “We delivered 3.3% like-for-like net revenue growth in Q3 across Core Reckitt, 3.9% excluding Russia Hygiene.We are driving good underlying performance despite a challenging consumer environment. Growth isincreasingly broad-based across our markets. Emerging Markets delivered growth in all regions and,importantly, we returned Europe to growth. North America was below our expectations. While consumer demand for Lysol remains strong, temporary manufacturing constraints limited our ability to fully meetdemand. “We have adjusted our Core Reckitt full year like-for-like net revenue guidance to +3.5% to +4.5% growth. Thisreflects the Lysol disruption and category slowdown in China VMS in Q3 and positive demand for our seasonalcold & flu brands in early Q4. We enter Q4 with good momentum, continue to execute our strategy and invest behind our brands and capabilities.” Kris Licht, Chief Executive Officer Q3 2026 YTD 2026 Net Revenue £m LFL1 2 3 IFRS £m LFL1 2 3 IFRS Emerging Markets1,174 +8.0% +8.6% 3,405 +8.4% +7.8% Europe 867 +0.8% +0.2% 2,539 -1.7% -0.6% North America 649 -1.3% -1.3% 1,856 +0.1% -2.1% Core Reckitt 2,690 +3.3% +3.3% 7,800 +2.9% +2.5% Mead JohnsonNutrition 549 +2.7% +4.2% 1,615 +2.2% +1.5% Core Reckitt + MJN3,239 +3.2% +3.5% 9,415 +2.8% +2.3% Vestacy Transitional Services4 123 - N/A 358 - N/A Total Group5 3,362 +3.2% -6.9% 9,773 +2.8% -7.7% Core Reckitt +MJN Net Revenue £m Volume Price /Mix LFL1 2 NetM&A FX IFRS Q3 2026 3,239 -0.7% +3.9% +3.2% -0.0% +0.3% +3.5% YTD 2026 9,415 -0.5% +3.3% +2.8% -0.2% -0.3% +2.3% 1. Adjusted and Non-GAAP measures are defined on page 9.2. All percentage figures in this table are derived from unrounded data.3. Like-for-like (LFL) net revenue growth is measured on a constant exchange rate basis (see page 9). Completed disposals are excluded fromLFL revenue growth for the entirety of the current and prior years.4. From 1 January 2026, Reckitt records revenue under transitional manufacturing and distribution arrangements associated with disposal of theEssential Home business. This activity is excluded from like-for-like net revenue and will decline as the businesses complete separation.5. Q3 2025 Group net revenue included Essential Home (£479m) and this is not included in Q3 2026 net revenue as a result of the disposal of theEssential Home business which was completed on 31 December 2025. Q3 HIGHLIGHTS Growth driven by our diversified market portfolio Core Reckitt grew Q3 LFL net revenue by +3.3% (YTD: +2.9%), with volume growth and strong mix contribution
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Excluding the Russia Hygiene business, Core Reckitt Q3 LFL net revenue growth was +3.9% (YTD: +3.5%) Emerging Markets delivered +8.0% LFL net revenue growth in Q3, or +9.8% excluding Russia Hygiene. Growth was balanced between volume, price and mix and all regions were in growth. South Asia/India, ASEAN and Africagrew double-digit and LATAM mid-single-digit. China delivered mid-single-digit growth, with slower growth in VMSfollowing category headwinds and Durex returning to growth in Q3 We returned Europe to growth, with Q3 LFL net revenue up +0.8%, as we improved execution and launched new innovations. We are seeing a number of our Powerbrands in strong growth (Gaviscon, Vanish and Veet) andreturning to growth (Finish, Durex and Harpic), despite a challenging consumer environment and lower cold and fluincidence in Q3 North America Q3 LFL net revenue declined -1.3%, as temporary manufacturing capacity constraints limited our ability to meet strong Lysol consumer demand as we upgrade our manufacturing capabilities. We lapped the prior-year Mucinex Sinus portfolio reset and experienced retailer order phasing late in the quarter which we expect toreverse in Q4. We are resolving the Lysol manufacturing challenges and expect both Lysol and North America torebound in Q4 Category growth in Q3 was led by Germ Protection (+6.0%) and Intimate Wellness (+6.4%). Household Care returned to growth in Europe although declined overall due to Russia Hygiene while non-seasonal Self Care grewmid-single-digit. Seasonal Self Care was down low-single-digit with strength in Emerging Markets offset by lowercold & flu incidence across Europe & North America in Q3 Mead Johnson Nutrition delivered +2.7% LFL net revenue growth in Q3, driven by premiumisation and innovation-led growth in Latin America and South East Asia, with North America now lapping a normalised base Group IFRS net revenue decline of -6.9% in Q3 and -7.7% YTD primarily reflects the prior year’s contribution from Essential Home Leading Powerbrands in the right categories Dettol, our largest brand, delivered double-digit growth in Emerging Markets, with innovation supporting continued expansion into new segments and markets, including Activ Botany Durex, the #1 condom brand worldwide, grew mid-single-digit, driven by volume growth and consumer adoption of our premium innovations, including Durex Intensity, alongside improving trends in China Gaviscon, the #1 recommended heartburn antacid brand worldwide, grew double-digit in both Europe and Emerging Markets, supported by the rollout of Gaviscon Double Action and continued category premiumisation Finish, the world’s #1 Autodish brand, returned to growth in Europe as we sharpened execution around elevated promotional intensity. While performance was challenged in North America, Finish grew double-digit in EmergingMarkets, excluding Russia Hygiene, as we continue to capture the Autodish penetration opportunity Delivering our strategy We launched the breakthrough Mucinex 12HR Cold & Fever to strong consumer feedback. We continue to generate strong consumer response to other recent innovations including: Dettol Activ Botany, Dettol MultipurposeTriggers, Gaviscon Double Action, Durex Intensity, Vanish Turbo and other Mucinex portfolio extensions We increased the percentage of Core Reckitt Top CMU’s holding or gaining market share in the YTD to August compared with HY 2026 We announced the multi-year investment of up to $600m in September to accelerate U.S.-based innovation, expand access to Healthcare products and strengthen supply resilience in the region, reflecting the significantopportunity for future growth in North America We will demonstrate the long-term strengths and opportunities in our North America business at the next Focus On event, hosting from our North American headquarters in New Jersey on 19 November We expect completion of the Russia Hygiene divestment during the second half of 2026 £500m share buyback programme commenced on 5 August 2026, with £90m completed as of 23 October 2026 AND MEDIUM-TERM OUTLOOK Our outlook for FY 2026 is as follows: We now expect to deliver Core Reckitt FY 2026 LFL net revenue growth of +3.5% to +4.5%.Within this, we expect Emerging Markets to deliver high-single-digit growth in FY 2026. Given recent trends, we are now planning for an improved seasonal OTC performance versus our prior expectation of "incidence levels to be slightly higher than the prior 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 therange of 24.9% to 25.6%.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 ascontinued stranded cost mitigation.
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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: FY 2026 adjusted net finance expense is now expected to be in the range of £250m to £270m (2025: £346m) withthe change from prior guidance predominantly driven by the successful tender of the Mead Johnson Bond in Q3.For 2027, reflecting the absence of specific one-offs benefiting 2026, the current rate environment and a year-on-year increase in gross borrowing, we currently expect 2027 net finance expense in the range of£390m to £410m. We now expect our adjusted effective tax rate for FY 2026 to be in the range of 26% to 27% (2025: 24.7%), with our longer-term effective tax rate remaining around 27%. 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. CORE RECKITT PERFORMANCE Q3 2026 Netrevenue(£m) Volume Price /Mix LFL1 2 NetM&A FX IFRS EmergingMarkets 1,174 +2.3% +5.7% +8.0% -0.4% +1.0% +8.6% Europe / ANZ 867 -3.2% +4.0% +0.8% 0.0% -0.6% +0.2% North America 649 +0.7% -2.0% -1.3% 0.0% 0.0% -1.3% Core Reckitt 2,690 +0.1% +3.2% +3.3% -0.2% +0.2% +3.3% YTD 2026 Netrevenue(£m) Volume Price /Mix LFL1 2 NetM&A FX IFRS EmergingMarkets 3,405 +2.0% +6.4% +8.4% -0.5% -0.1% +7.8% Europe / ANZ 2,539 -2.9% +1.2% -1.7% 0.0% +1.1% -0.6% North America 1,856 +2.0% -1.9% +0.1% 0.0% -2.2% -2.1% Core Reckitt 7,800 +0.3% +2.6% +2.9% -0.2% -0.2% +2.5% 1. Adjusted and Non-GAAP measures are defined on page 9.2. All percentage figures in this table are derived from unrounded data. Emerging Markets (44% of Core Reckitt Q3 net revenues) Emerging Markets net revenue grew +8.0% on a LFL basis in Q3 to £1,174m, with +2.3% volume growth and+5.7% price / mix improvement. Excluding the Russia Hygiene business, LFL net revenue grew +9.8%. We delivered LFL net revenue growth in Q3 across all regions in Emerging Markets. Growth was broad-based, with several smaller, high-potential markets delivering double-digit growth in Q3,including Indonesia, Vietnam, South Africa and Colombia. China delivered mid-single-digit growth despite a challenging prior-year comparator and headwinds in VMS.Dettol continued to deliver strong growth, supported by innovations including Activ Botany. VMS growthmoderated with headwinds in the cross-border VMS category driven by false claims by smaller localcompetitors impacting consumer perception. Durex grew low-single-digit in Q3 as we continued to improve
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execution following the impacts of the VAT introduction with market share progress across social e-commercechannels as we continued to adapt to content restriction changes. India maintained strong momentum, with double-digit growth and broad category expansion. Our AI-enabledsales transformation is continuing to enhance our execution in the market. The prior-year period was impactedby GST-related stock depletion, creating a favourable lap which is expected to unwind in Q4. Across our Categories, Germ Protection delivered strong double-digit growth led by Dettol, supported byinnovation in China and the continued rollout into new segments and markets, including Washing MachineCleaner and Activ Botany across ASEAN and India. Self Care continued to grow strongly, led by Gaviscon, while Strepsils delivered good growth reflectingstronger sell-in ahead of the cold and flu season. Intimate Wellness grew mid-single-digit, supported by improving Durex performance in China and double-digitgrowth in India, Brazil and South Africa. Durex delivered both volume growth and strong mix contribution in thequarter, driven by our premium innovations. Household Care declined mid-single-digit, with the continued impact of international sanctions on the RussiaHygiene business more than offsetting double-digit growth in Finish in Emerging Markets excluding Russia. YTD Emerging Markets net revenue grew +8.4% on a LFL basis to £3,405m, with +2.0% volume growth and+6.4% price / mix improvement. Europe (32% of Core Reckitt Q3 net revenues) Europe returned to growth with LFL net revenue up +0.8% in Q3 to £867m, with -3.2% volume decline and+4.0% price / mix improvement. We delivered a good underlying performance led by strong growth in Gaviscon, Vanish and Veet, with a returnto LFL net revenue growth in Finish, Durex and Harpic. Consumer confidence across the Area remains subdued, with elevated promotional activity and value seekingbehaviour driving share growth for discount retailers which has impacted volumes, particularly in GermProtection. Self Care performance was led by Gaviscon, with continued strong growth benefiting from the rollout ofGaviscon Double Action, which delivered further market share gains and continued premiumisation. However,this was more than offset by declines in Nurofen and Strepsils, with category volumes lower year-on-year andslightly lower sell-in through Q3. Finish maintained its position as the number one Autodish brand across our seven largest European marketsand delivered low-single-digit LFL net revenue growth in Q3 as we improved execution and drove volumegrowth, despite the continued headwind from promotional intensity across the Autodish category. Vanish continued its turnaround, delivering mid-single-digit growth through both volume and mix whileimproving share performance following the successful rollout of Vanish Turbo. Durex Intensity continued to perform well, supported by recent range extensions and ongoing rollout acrossEurope with Durex up mid-single-digit in Q3, while Veet (up double-digit) continued to benefit from strongactivation and favourable seasonal trends. In Q3, we implemented selective pricing actions to address higher input costs arising from the war in theMiddle East. YTD Europe net revenue declined -1.7% on a LFL basis to £2,539m, with -2.9% volume decline and +1.2% price / mix improvement. North America (24% of Core Reckitt Q3 net revenues) North America LFL net revenue declined -1.3% in Q3 to £649m, with +0.7% volume growth and -2.0% price /mix decline. Lysol saw continued strong demand with low-single-digit sell-out growth in Q3 and market share gains YTD.However, LFL net revenue marginally declined as we lapped very strong sell-in from Q3 2025 and temporarymanufacturing capacity constraints limited our ability to fully meet strong Lysol consumer demand as weupgrade our manufacturing capabilities. As part of our previously announced investment of up to $600m in North America we are taking actions toupgrade and resolve the operational constraints impacting Lysol supply and expect a rebound in Q4. Self Care declined low-single-digit, with Seasonal OTC LFL net revenue marginally lower than the prior yearreflecting incidence levels and category sell-out in the quarter and as we lapped the Mucinex Sinus portfolioreset. Looking forward, with the launch of Mucinex 12 HR Cold & Fever and the incremental shelf space secured forour full seasonal OTC portfolio we are well positioned heading into the start of the season, where earlyincidence levels and sell through have been trending higher year-on-year. The broader consumer environment has weakened in the Area through Q3 which has driven value-seekingbehaviour and increased competitive pressure, particularly in Autodish, with Finish LFL net revenue decliningmid-single-digit despite strong mix contribution from consumer premiumisation.