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Interim Results 2026 1
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In order to utilise the 'safe harbour' provisions of the U.S. Private Securities Litigation Reform Act of 1995 (the "PSLRA") and the general doctrine of cautionary statements, Rentokil Initial plc ("the Company") is providing the following cautionary statement: This communication contains forward-looking statements within the meaning of the PSLRA. Forward-looking statements can sometimes, but not always, be identified by the use of forward- looking terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "potential," "seeks," "aims," "projects," "predicts," "is optimistic," "intends," "plans," "estimates," "targets," "anticipates," "continues" or other comparable terms or negatives of these terms and include statements regarding Rentokil Initial's intentions, beliefs or current expectations concerning, amongst other things, the results of operations of the Company and its consolidated entities ("Rentokil Initial" or "the Group"), financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which Rentokil Initial operates. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The Company can give no assurance that such plans, estimates or expectations will be achieved and therefore, actual results may differ materially from any plans, estimates or expectations in such forward-looking statements. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include: the Group's ability to integrate acquisitions successfully, or any unexpected costs or liabilities from the Group's disposals; difficulties in integrating, streamlining and optimising the Group’s IT systems, processes and technologies, including artificial intelligence technologies; the Group's ability to attract, retain and develop key personnel to lead the Group’s business; the availability of a suitably skilled and qualified labour force to maintain the Group's business; cyber security breaches, attacks and other similar incidents, as well as disruptions or failures in the Group's IT systems or data security procedures and those of the Group’s third-party service providers; inflationary pressures, such as increases in wages, fuel prices and other operating costs; weakening general economic conditions, including changes in the global job market or decreased consumer confidence or spending levels, especially as they may affect demand from the Group's customers; the Group's ability to implement its business strategies successfully, including achieving its growth objectives; the Group's ability to retain existing customers and attract new customers; the highly competitive nature of the Group's industries; extraordinary events that impact the Group's ability to service customers without interruption due to a material incident, including a loss of its third-party distributors; the impact of environmental, social and governance ("ESG") matters, including those related to climate change and sustainability, on the Group's business, reputation, results of operations, financial condition and/or prospects; supply chain issues, which may result in product shortages, cost increases or other disruptions to the Group's business; the Group's ability to protect its intellectual property and other proprietary rights that are material to the Group's business; the Group's reliance on third parties, including third-party vendors for business process outsourcing initiatives, investment counterparties, and franchisees, and the risk of any termination or disruption of such relationships or counterparty default, fraudulent activity or litigation; any future impairment charges, asset revaluations or downgrades; failure to comply with the many laws and governmental regulations to which the Group is subject or the implementation of any new or revised laws or regulations that alter the environment in which the Group does business, as well as the costs to the Group of complying with any such changes and the risk of related litigation; termite damage claims and lawsuits related thereto and any associated impacts on the termite provision; the Group's ability to comply with safety, health and environmental policies, laws and regulations, including laws pertaining to the use of pesticides; any actual or perceived failure to comply with stringent, complex and evolving laws, rules, regulations and standards in many jurisdictions, as well as contractual obligations, including data privacy and security, and any litigation (including class action claims and lawsuits) related to such actual or perceived failures; the identification of material weaknesses in the Group's internal control over financial reporting within the meaning of Section 404 of the Sarbanes-Oxley Act; changes in tax laws and any unanticipated tax liabilities; adverse credit and financial market events and conditions, which could, among other things, impede access to or increase the cost of financing; the restrictions and limitations within the agreements and instruments governing the Group’s indebtedness; a lowering or withdrawal of the ratings, outlook or watch assigned to the Group's debt securities by rating agencies; an increase in interest rates and the resulting increase in the cost of servicing the Group's debt; and exchange rate fluctuations and the impact on the Group's results or the foreign currency value of the Company's ADSs and any dividends. The list of factors presented here is representative and should not be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realisation of forward-looking statements. The Company cautions you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, the Group's actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which the Group operates, may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Except as required by law, Rentokil Initial assumes no obligation to update or revise the information contained herein, which speaks only as of the date hereof. The Company makes no guarantee in relation to the trends in the management of termite damage claims. Additionally, the Company makes no guarantee that its operational improvement plans will mitigate against or reduce the number of termite damage claims (litigated and non-litigated) against the Company nor that these plans will reduce the ongoing cost to resolve such claims. Additional information concerning these and other factors can be found in Rentokil Initial’s filings with the U.S. Securities and Exchange Commission (“SEC”), which may be obtained free of charge at the SEC’s website, http:// www.sec.gov, and Rentokil Initial’s Annual Reports, which may be obtained free of charge from the Rentokil Initial website, https://www.rentokil-initial.com No statement in this communication is intended to be a profit forecast and no statement in this communication should be interpreted to mean that earnings per share of Rentokil Initial for the current or future financial years would necessarily match or exceed the historical published earnings per share of Rentokil Initial. This communication presents certain non-IFRS measures, which should not be viewed in isolation as alternatives to the equivalent IFRS measure; rather they should be viewed as complements to, and read in conjunction with, the equivalent IFRS measure. Non-IFRS measures presented also include Organic Revenue Growth, One-off and adjusting items, Adjusted Interest, Adjusted Operating Profit, Adjusted Profit Before and After Tax, Adjusted EBITDA, Adjusted Earnings Per Share, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion and Adjusted Effective Tax Rate. Definitions for these measures can be found under the Use of Non-IFRS measures section of the financial statements. The Group’s internal strategic planning process is also based on these measures, and they are used for incentive purposes. These measures may not be calculated in the same way as similarly named measures reported by other companies. Cautionary statement 2
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Mike Duffy, CEO Interim Results 2026 3
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Agenda Details can be found at the back of this presentation and at www.rentokil-initial.com Q&A 4 1. H1 Overview Mike Duffy 2. H1 Financial Review Paul Edgecliffe-Johnson 3. First Impressions and Priorities Mike Duffy
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5 Strengthening leadership ● North America CEO ● North America CMO ● Group Chief Transformation Officer H1 Growth Performance ● Revenue +4.5% ● Organic Revenue +3.6% (Q2 +3.8%) ● Operating Profit +6.6% ● Free Cash Flow conversion of 96% ● Net debt to EBITDA reduced to 2.4x H1 Financial Results: Overview Growth Plan ● Focus on Customer ● Sales & Operational Excellence ● Business Simplification Enabling the frontline Organic Growth by Region ● International +3.5% ○ Q2 Pest +5.4% ● North America +3.7% ○ NA Pest Services +2.6% ○ NA Business Services +10.6% All figures are adjusted and on a continuing operations constant currency basis unless otherwise stated
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Interim Results Financial Review Paul Edgecliffe-Johnson, CFO 6
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7 H126 Group financial highlights H125 H126 H125 Revenue $3,589m $3,364m Organic Revenue Growth 3.6% 3.1%4.5% Operating profit $556m $511m Operating Profit margin 15.5% 15.2%+30bps 8.3% Basic EPS growth (9.5%) Dividend per share growth 8.0% 0.0% Free Cash Flow Net debt Free Cash Flow conversion $282m$318m 96% 93% $3,575m $4,220m Leverage 2.4x 2.8x Free Cash Flow growth 12.8% 31.2%Constant Currency Growth All figures are adjusted and on a continuing operations basis unless otherwise stated Constant Currency Growth 6.6% (4.5%) 1.6%
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North America: growth in revenue, profit and margins 8 H126 H125 Constant Currency Revenue Organic Revenue Growth Pest Control Services Business Services Operating Profit Operating Profit margin $2,197m +3.7% +2.6% +10.6% $393m 17.9% $2,106m +1.1% +0.1% +7.8% $356m 16.9% +4.2% +10.2% +100bps Q2 Organic Revenue Growth slowed by Commercial Strong progress on cost savings - Q2 Pest Control Services +2.4% (Q1 26: +2.8%) Q2 Organic Revenue Growth +3.6% (Q1 26: +3.9%) - Q2 Business Services +9.1% (Q1 26: +12.7%) +10.2% Operating Profit growth Branches*: 70 launched in H1; achieved FY target - H1 gross cost savings $45m; annualised run-rate c. $90m Branch 360: continued rollout; ongoing positive feedback Customer retention: 80.7% (up 20bps YoY) Colleague retention: 82.7% (up 200bps YoY) * Smaller, local branches; previously referred to as “satellite branches” All figures are adjusted unless otherwise stated
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*Growth refers to total revenue growth North America Pest Control Services: Residential performs well 9 Residential: solid growth through H1 Commercial: slower growth in Q2; actions being taken - Retention: improved YoY; autopay and continued - Retention: declined YoY; separating Commercial Half-yearly Organic Revenue Growth - Leads: 8% growth in small & medium sized businesses; Performance improvement over 30 months strong results from customer saves team H1: Contract +2.6% (H125: +0.6%); Job +5.7% (H125: +4.5%)* - Leads: 6% growth; regional brands driving strong growth leadership and replicating Residential customer saves team for Commercial regional brands driving strong growth
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10 North America Pest Control: good margin progression Revenue Operating Profit Operating Profit margin H126 FY24 $1,794m $353m 19.7% $3,430m $626m 18.3% Pest Control Services Revenue Operating Profit Operating Profit margin H126 FY24 $339m $32m 9.4% $596m $62m 10.4% Business Services - Fuel for growth: gross savings enabling self-funded reinvestment - Over 1,100 support function and call-centre roles offshored Pest Control Services: at c. 20% margin in H126 - Over 500 roles eliminated to simplify the organisation Retiring 2027 20% margin target; investing for more growth - Expect to deliver FY27 cost savings in line with original plan - Will self-fund additional reinvestment for growth in North America with resource redeployment in 2027 and beyond - Material additional cost efficiency opportunity globally All figures are adjusted unless otherwise stated - 140bps margin expansion since FY24
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11 CustomerEnablers Sales & Marketing Service & Retain - More brands: local & regional - Optimising digital marketing - More branches: 220 new branches* - Customer saves team - Pricing team - Trusted Advisor programme Colleagues: Rentokil-Terminix University, pay plan harmonisation and sales accountability back to branch Reinvestments to drive Residential growth in the last 18 months *Smaller, local branches previously called “satellites” Data, systems & technology: proprietary Branch 360 software and Data & Analytics team
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12 H126 H125 Constant Currency Revenue Organic Revenue Growth Pest Control Hygiene & Wellbeing Operating Profit Operating Profit margin $1,392m +3.5% +4.1% +2.6% $266m 19.1% $1,258m +2.7% +3.8% +1.0% $242m 19.2% +5.0% +4.3% (10)bps Europe: pest growth supported by pricing & jobbing UK & SSA: solid core UK pest; property services weaker Asia & MENAT: pest growth in India & Indonesia Pacific: Rural & Track Spray tough comparators continue International: improved Pest Control performance in Q2 H1: +4.3% Operating Profit growth Customer retention: 86.1% (up 90bps YoY) Colleague retention: 90.6% (up 20 bps YoY) Q2 Organic Revenue Growth +4.2% (Q1 26: +2.7%) - Q2 Pest Control +5.4% (Q1 26: +2.8%) - Q2 Hygiene & Wellbeing +2.5% (Q1 26: +2.6%) - Impacted by higher margin Rural & Track Spray jobs Acceleration in Q2 Pest Control growth Initial outsourcing in the Pacific All figures are adjusted and on a continuing operations basis unless otherwise stated
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13 Remain on-track to deliver >80% FY cash conversion Group Free Cash Flow: continued strong cash conversion Free Cash Flow: +12.8% to $318m Working capital - $54m outflow, up $3m YoY - Disciplined working capital management Net provisions - $44m outflow, up $5m YoY - Includes $46m legacy termite settlements Net capital expenditures & leases - $180m outflow, up $2m - Capex tightly controlled, up $1m - No change to FY guidance Interest & tax - $160m outflow, up $11m YoY - No change to FY guidance *Working capital includes $2m outflow reconciling non-cash items H125 H126
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Net debt: reduction in leverage to 2.4x 14 Leverage now within 2.0-2.5x target range *Other includes IFRS 16 liability movement $15m and bond interest accrual $20m; M&A revenue is quoted in the year prior to acquisition; $39m cash outflow for M&A includes $3m outflow for net debt acquired Reduction in net debt: $75m One-off items: $(70)m - $(39)m North America transformation costs - FY guidance raised to $110-120m; includes $70m FY NA transformation costs and $9m H1 International transformation costs M&A: $(39)m - 14 businesses acquired ($26m revenue)* - Forecast FY 26 cash spend reduced to $120m New debt issuance - $500m IG-rated 5-year Senior Unsecured note issued at 4.625% - IG rated by all three major agencies FY25 H126 M&A
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Legacy termite: $44m additional provision 15 Settled claim volumes and value share H126: $44m additional provision made, primarily for non-litigated claims - Legacy termite provision $364m (FY 25: $358m) Litigated claims: - Strategic prioritisation of resolving high-value claims, particularly in Commercial Non-litigated claims: steady volume decline non-Gulf areas, with declining claim counts - Vast majority of outstanding claims are in - Provision highly sensitive to small assumption changes in model - In H1, increased average claim cost due to settling some high cost claims This presentation includes forward-looking statements and cautionary statements that are based on management's beliefs and on information currently available to management. Uncertainties and other factors, including factors outside of our control, may cause our actual results or performance to be materially different from any projected results or performance. We make no guarantee that trends in the management of termite damage claims will continue or discontinue. Additionally, we make no guarantee that our operational improvement plans will mitigate against or reduce the number of termite damage claims (litigated and non-litigated) against us nor that these plans will reduce the ongoing cost to resolve such claims. We do not undertake any obligation, other than as required by applicable law, to update or revise the statements included in this presentation. Legacy termite refers to Terminix termite customers acquired prior to the acquisition, which were predominantly unlimited liability contracts. Contracts entered into after 1 January 2023 contain a limited liability cap of $250k. H126 additional provision for total termite damage claims of $47m ($44m one-off item) and $46m cash settled claims. Closing termite provisions $392m (FY25: $384m).
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16 Capital allocation framework Invest in organic growth Targeted M&A Grow a sustainable dividend Return excess capital to shareholders Maintain a strong balance sheet Targeting 2.0x-2.5x net debt / adjusted EBITDA under normalised conditions
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Financial review: summary and outlook 17 Group margin improvement from efficiency initiatives - On-track to deliver North America 2027 cost saving target unlocking additional fuel for growth - Material efficiency opportunity globally to self-fund investment in growth - Short-term North America margin target retired due to redeployment of fuel for growth Strong cash conversion and now within target leverage range - Disciplined approach to working capital and capital expenditures - On-track to deliver FY target of above 80% free cash flow conversion - Leverage within target range for the first time since Terminix acquisition completed in 2022 Continued progress on Group Organic Revenue Growth - Ongoing execution of strategic initiatives in North America supporting improving growth in Residential Pest Control - Incremental focus required on North America Commercial - Encouraging improvement in performance from International Pest Control No change to outlook: FY26 profit in line with current market expectations
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Mike Duffy, CEO 18 Building the platform for sustainable organic growth
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Operations Understanding how the engine works 19 Concentrated predominantly on the US - remains our main focus First four months as CEO Colleagues Frontline immersion Customers Meeting and listening to customers
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Distinctive strengths that give us the right to win 20 Category defining brands Experienced and long-tenured technicians Long-standing customer relationships Geographic coverage and branch network A leader in the biggest pest markets Industry leading connected technology Solid foundations to build a high performing future
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21 My perspective on being a great service company It’s about the front line… ● Establishing clear expectations ● Providing resources and training ● Removing barriers ● Empowering decision making ● Celebrating and recognising wins ….and the Customer ● Winning at the moments of truth ● Becoming a trusted advisor ● Delivering customer service excellence is a product … we need to continually improve the product
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22 Deliver operational consistency and standardisation Opportunities Invest in sales training, tools and resources Set the frontline up for success Reduce complexity
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23 Three core priorities to reinvigorate growth Great service organisations put the frontline and customers first Value to be unlocked through consistent performance Focus on growth markets / business lines and efficiency
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24 Engaged, trained and empowered frontline US technician engagement 73%, below our global average More solution oriented UK Commercial customer retention is 87.5% (connected) v 84.7% (non connected) Customer focus Great service organisations put the frontline and customers first Execution of service delivery in full every time Customer satisfaction (NPS) score range in top 20 pest markets: c.36.9 to c.86.4 Systemise and standardise customer journey ~300,000 customer touch points per day across the Group Note: Technician engagement; all-colleague survey 2025 Other data points at H1 2026
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25 c.20% of US customers take both Pest & Termite Focus on new sales Segment US Residential & Commercial Conducting growth deep dives in 6 Intl. markets focused on Commercial, lessons to be captured and shared Branch operating model Sales and operational excellence Value to be unlocked through consistent performance Top third of US branches growing well ahead of the market Identify best practice Proactive sales in Spain; leveraging AI and process discipline: ~7% of sales in 2024 to ~44% 2026 YTD Note: Data points at H1 2026
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26 Common systems and processes for scalable growth c.450 systems and applications across the Group Talent and capabilities c.150 different country / category combinations inhibiting our ability to drive functional excellence at scale Cost efficiency to fuel growth Focus resources on highest growth markets $90m annualised run rate savings achieved. Further material efficiency opportunities Top 20 markets accounted for 93% of Profit in H1 Business simplification Focus on harmonisation, growth and efficiency Note: Systems and apps analysis in Q226 Other data points at H1 2026
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Building the platform for sustainable organic growth Our Right to Win Our Core Priorities 27 Clear opportunity for shareholder value creation
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Q&A Priorities for growth: Customer Focus Sales and Operational Excellence Business Simplification To ask a question, please submit it via the questions tab online or join the conference call using the details below: United Kingdom UK (local): +44 20 3936 2999 UK (toll-free): +44 808 189 0158 United States US (local): +1 646 233 4753 US (toll-free): +1 855 979 6654 Conference access code for operator assisted dial-in: 398263 Required if you have not pre-registered online 28