Reckitt Benckiser – Results for the Year Ended 31 December 2025

RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025

A YEAR OF STRONG STRATEGIC AND FINANCIAL DELIVERY

“2025 has been a strong year with performance ahead of our expectations. Core Reckitt like-for-like net revenue grew 5.2%, driven by very strong growth in Emerging Markets. Group adjusted operating profit was up 5.3%. Our Fuel for Growth programme is reducing fixed costs, supporting continued investment, capability and efficiency. We delivered another year of EPS growth and £2.3bn of returns to shareholders. Our strategy continues to deliver. We have more work to do but our geographic footprint, portfolio of Powerbrands and focused organisational structure have strengthened our ability to deliver sustainable long-term growth. We look forward with confidence.”

Kris Licht, Chief Executive Officer

	Adjusted1			IFRS
£m	FY 2025	YoY2	£m	FY 2025	YoY2
Like-for-like (LFL) net revenue growth3 6		+5.0%	Net revenue	14,205	+0.3%
Emerging Markets		+14.6%	Emerging Markets	4,291	+10.5%
Europe		-1.4%	Europe	3,384	-3.0%
North America		+0.2%	North America	2,559	-3.1%
Core Reckitt		+5.2%	Core Reckitt	10,234	+2.2%
Mead Johnson Nutrition		+3.8%	Mead Johnson Nutrition	2,119	+0.4%
Essential Home6		n/a	Essential Home5	1,852	-9.5%
Gross profit margin	60.8%	+10bps	Gross profit margin	60.8%	+10bps
Operating profit	3,543	+2.0%	Operating profit	4,217	+73.9%
Operating profit (constant FX)3		+5.3%
Operating profit margin	+24.9%	+40bps	Operating profit margin	+29.7%	+1,260bps
Diluted EPS	352.8p	+1.1%	Diluted EPS	467.2p	+129.9%
Free cash flow	1,709	-23.4%	Cash generated from operating activities	2,297	-14.4%
Cash returns to shareholders4	2,282	-15.8%
Q4			Q4
LFL net revenue growth3 6		+5.4%	Net revenue	3,614	+1.9%

1. Adjusted and Non-GAAP measures are defined on page 33.
2. All growth rates are presented on an actual basis, except for where separately noted.
3. LFL net revenue and adjusted operating profit growth is measured on a constant exchange rate basis (see page 33).
4. Cash returns to shareholders represents dividends paid during the year plus cash returned to shareholders through share buybacks.
5. Essential Home was consolidated within IFRS results until its disposal on 31 December 2025.
6. Essential Home is excluded from LFL net revenue growth, as disposal completed before the end of the year. Had it been included Group LFL net revenue growth would have been 3.4% (Q4 3.1%).

A YEAR OF STRONG STRATEGIC AND FINANCIAL DELIVERY, LED BY CORE RECKITT

• FY Group LFL net revenue +5.0% (+3.4% including Essential Home), driven by Core Reckitt (+5.2%)
  • Core Reckitt +5.2% (IFRS: +2.2%), driven by our market-leading Powerbrands and strong geographic footprint
  • IFRS net revenue adversely impacted by FX (Group -2.9%, Core Reckitt -2.8%)
  • Emerging Markets +14.6%, with growth across all regions and all categories, driven by our brand and execution strengths
  • Europe -1.4%, impacted by a challenging consumer environment and the timing of cold & flu incidence with price/mix growth driven by our premiumisation strategy
  • North America +0.2%, with improved momentum in H2 reflecting strong growth in non-seasonal brands and enhanced execution
  • Category performance led by Intimate Wellness (double-digit FY LFL net revenue growth); Germ Protection (high-single-digit) particularly from Dettol, now our largest Powerbrand by net revenue; and a strong performance from non-seasonal OTC (high-single-digit) in Self Care
  • Core Reckitt Top CMUs holding or gaining market share at 51% (55% on average across Health and Hygiene GBUs at FY24) with continued Emerging Markets competitiveness balancing softness across seasonal OTC
  • Mead Johnson Nutrition +3.8%, driven by premiumisation and speciality brand growth, with the U.S. returning to more normalised trading following the 2024 tornado disruption and strong international performance

• Continued momentum through Q4 with Core Reckitt LFL net revenue growth +5.9%, Group 5.4%
  • Emerging Markets +17.2% (IFRS: +16.5%), driven by broad-based category growth with double-digit growth in China, India and a number of smaller but high-potential markets
  • Europe -4.5% (IFRS: -4.2%), with category growth challenged across the region in a highly competitive market and lower cold and flu incidence impacting seasonal OTC brands
  • North America +2.5% (IFRS: -1.2%), improved H2 momentum (second consecutive quarter of growth) with continued strong performance across non-seasonal brands, partially offset by a slower start to the cold and flu season
  • High-single-digit LFL net revenue growth in Q4 across Self Care, Germ Protection and Intimate Wellness, with Household Care declining mid-single-digit
  • Mead Johnson Nutrition +3.2% (IFRS: +1.5%), driven by strong price/mix performance

• In year and recent innovations driving continued performance
  • Self Care: Across Mucinex we launched the reformulated Mucinex Sinus PE-free portfolio, including Rapid+Clear and Sinus-Max as well as Mucinex Children’s Mighty Chews Cold & Flu. Nurofen Mini Liquid Capsules extended into European markets in Q3, Strepsils Cough Syrup launched in Europe in Q3 and we launched innovations across Neuriva and Biofreeze in North America.
  • Germ Protection: The launch of Dettol Activ Botany in early 2025 in China has driven strong growth for the brand with Dettol’s personal care restage, focusing on 12 hour protection, now also launched in the Middle East. Lysol Air Sanitizer continues to drive strong growth in this newly created category, with additional fragrance ranges launched in 2025.
  • Household Care: In 2025 we launched a formula upgrade in our top tier Finish Ultimate Plus range which has driven enhanced premiumisation across the autodish category and double-digit net revenue growth for Ultimate Plus in Europe and Emerging Markets.
  • Intimate Wellness: Durex Intensity, the world’s first Nitrile condom, was launched across Europe and North America in 2025, with the innovation driving category volume and value growth in Europe and more than 5 million units sold worldwide. Durex Hyaluronic Acid range was extended to Air and Fetherlite products in China, alongside upgrades to Benzocaine condoms and our lubricants portfolio, with upgrades also launched in India. Intima’s strong growth in China also benefited from a formula upgrade and travel pack line extension launched in the year.

• FY adjusted operating profit growth (+5.3%) ahead of net revenue growth; AOP margin 24.9% (+40bps)
  • FY gross margin up 10bps year-on-year at 60.8%, in line with expectations and including the impact of tariffs
  • AOP margin growth +40bps to 24.9% (24.5% FY 2024) driven by fixed cost reduction from Fuel for Growth and efficiencies from our simplified operating model
  • Adjusted profit before tax up 5.2% to £3,315m on a constant FX basis, with adjusted net finance expense (£346m) slightly lower than expectations
  • Year-on-year increase in adjusted effective tax rate to 24.7% (22.2% FY 2024), with prior year adjusted effective tax rate benefiting more from the closing out of historic tax positions
  • Adjusted diluted EPS of 352.8p, +1.1% vs. FY 2024 at actual exchange rates
  • IFRS operating profit +73.9%, driven by the completion of the divestment of Essential Home to Lavender Bidco B.V. for total consideration, net of disposal costs, of £2,172 million on 31 December 2025

• £2.3bn returned to shareholders in 2025
  • c.£0.9 billion returned via our share buyback programme during FY 2025, next tranche of our current buyback programme expected to be announced and commence imminently
  • Full year dividend of 212.2p (+5.0%), including recommended final dividend of 127.8p, in line with our aim to deliver sustainable dividend growth
  • c.£1.6 billion special dividend, the excess capital resulting from the divestment of Essential Home, paid to shareholders in February 2026
  • Net debt at 1.6x adjusted EBITDA (2024: 2.0x) including the proceeds received on 31st December 2025 from the divestment of Essential Home
  • Free cash flow generation of c.£1.7 billion (2024: c.£2.2 billion), includes £179m of one-off cash costs relating to transformation and restructuring

FOCUSED AND DELIVERING ON OUR STRATEGY

• A simpler, more effective Reckitt
  • Organisational structure in place from 1st January 2025, new operating model delivering results
  • Focus on Core Reckitt and our portfolio of Powerbrands driving 2025 LFL net revenue growth in Core Reckitt ahead of our 4%-5% medium-term target
  • Delivering superior innovations to enhance consumer experience and drive premiumisation across our categories, focused on material and medical science
  • Increased investment in supply chain and R&D capabilities with FY 2025 Capex 4.2% of net revenue, above our guided range as we were able to expedite planned investments in the year
  • Long-term investments in manufacturing and R&D facilities (North America: Wilson, North Carolina, China: Taicang, Poland: Nowy Dwor line upgrades, Brazil: Raposo packaging facility, Thailand: Bangplee Self Care lines)
  • Demonstrating the strengths of Core Reckitt in our investor education series: “Reckitt Focus On” (Investor seminars | Reckitt.com)

• Fuel for Growth programme delivering fixed cost savings and enhancing our long-term capabilities
  • 150bps reduction in fixed costs vs. FY 2024 to 19.4% of net revenue (FY 2024: 20.9%)
  • Driving increased investment to support our brands through marketing; BEI percentage of net revenue up +120bps to 14.6% (FY 2024: 13.4%)
  • Delivering benefits and efficiencies across functions from investments in Digital and AI capabilities, initial implementation of shared service hubs now underway
  • Delivery of Fuel for Growth benefits to date enhance our confidence in mitigating stranded costs from the Essential Home divestment
  • Given performance of our Fuel for Growth programme, we now have confidence in achieving a fixed cost base below our initial 19% target by the end of 2027

• Completion of Essential Home divestment
  • Divestment of Essential Home to Advent International, L.P. completed on 31st December 2025, Reckitt retains an interest in Essential Home through a 30% equity stake in Advent’s acquisition vehicle see Note 11
  • Performance of Essential Home in FY 2025 resulted in no contingent consideration being payable to Reckitt in FY 2026

2026 OUTLOOK AND MEDIUM-TERM GUIDANCE

• 2026 Outlook
  • We expect LFL net revenue growth in Core Reckitt in our +4% to +5% medium-term guidance range in 2026
  • In Q1, we expect an impact on our seasonal OTC business from a weaker cold and flu season
  • We expect a continued challenging trading environment in Europe
  • We expect low-single-digit LFL net revenue growth in our non-core Mead Johnson Nutrition business in 2026, with a mid-single-digit LFL decline expected in Q1 2026 as we lap the retailer inventory rebuild in North America in Q1 2025
  • 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:
  • Adjusted net finance expense is expected to be in the range of £320m to £340m (2025: £346m)
  • The adjusted effective tax rate is expected to be around 27% (2025: 24.7%)
  • Capital expenditure as a percentage of net revenue is expected to be around 4% (2025: 4.2%)

Medium-Term Guidance

• Our medium-term guidance is for Core Reckitt to consistently deliver +4% to +5% LFL net revenue growth. We will look to achieve this alongside our ambition to deliver long term, sustainable EPS growth and value creation for shareholders

• Given performance of our Fuel for Growth programme, we now have confidence in achieving a fixed cost base below our initial 19% target by the end of 2027