Reckitt Benckiser Group Plc

Latest Results (26.01.2026):

Reckitt Benckiser Group Plc — Q1 2025: The group delivered a solid start to 2025 with Group like‑for‑like (LFL) net revenue up +1.1% and reported (IFRS) net revenue of £3,683m. Performance was led by Core Reckitt (LFL +3.1%, net revenue £2,630m), driven by strong Emerging Markets growth and standout category momentum in Germ Protection and Intimate Wellness, while Essential Home and Mead Johnson lagged. The company maintained its FY 2025 guidance and continues to progress portfolio actions and cost efficiency programmes.

Financial snapshot

Group LFL net revenue +1.1%; reported net revenue £3,683m (IFRS). Core Reckitt LFL +3.1% (£2,630m). Volume and price/mix drivers varied by area; Group IFRS down modestly year‑on‑year due to FX and comparators.

Regional performance

Emerging Markets strongest: LFL +10.7% to £1,044m (volume +6.8%). Europe LFL -1.7% to £898m (price/mix +3.0% offset by volume decline). North America LFL -0.9% to £688m (price/mix +0.9%, volumes down).

Category highlights

Germ Protection LFL +7.5% (Dettol, Harpic, Lysol driving growth). Intimate Wellness LFL +16.6% (Durex innovations & rollout). Self‑Care down -3.6% (seasonal OTC phasing), Household Care broadly flat (-0.2%).

Non‑core segments

Essential Home LFL -7.0% (£482m) with market share pressure in North America/Europe; management targeting H2 recovery. Mead Johnson Nutrition LFL -0.5% (£571m) with ongoing recovery from prior supply disruption.

Capital allocation & separation

£1bn share buyback programme underway; £815m repurchased as of 17 April 2025. Company continues to progress separation/exit of Essential Home, targeting an outcome in 2025 while acknowledging market timing risks.

Outlook & guidance

FY 2025: Group LFL net revenue growth expected +2% to +4%; Core Reckitt targeted +3% to +4% LFL. Company expects adjusted operating profit to grow ahead of net revenue and another year of adjusted diluted EPS growth. Other guidance: adjusted net finance expense £350–370m; adjusted tax rate 25–26%; capex ~3–4% of net revenue.

Strategic programmes

Fuel for Growth programme on track (targeting a 19% fixed cost base by end‑2027). GenAI deployment progressing from marketing into R&D. Management monitoring tariff/supply‑chain risks but expects limited near‑term COGS impact given mitigation levers.