Reckitt Benckiser Stock Earnings Reports

Reckitt reported a stronger H1 2026 with meaningful acceleration in Q2. Core Reckitt like-for-like net revenue grew 2.7% in H1 and 4.2% in Q2 (group Core Reckitt + Mead Johnson LFL 2.6% H1 / 4.7% Q2). Growth in Q2 was balanced between volume and price/mix, led by Emerging Markets (double-digit China growth, strong India) and improving performance in Europe and North America (Lysol momentum; initial shipments of Mucinex 12 Hour Cold & Fever). Gross margin and AOP margin held up better than expected despite input-cost headwinds; Core Reckitt & Mead Johnson AOP margin was 23.6% in H1 and adjusted EPS was 152.1p (down ~9.7% YoY largely due to the Essential Home divestment). Cash returns remained a priority: ~£3bn returned in the period (including special dividend) and the company announced a new £500m buyback and a 5% increase in the interim dividend. The Fuel for Growth cost-reduction program is delivering savings and helping offset stranded costs from the Essential Home sale; management reiterates the upgraded target of fixed costs below 19% of net revenue by end-2027 and expects ~£1bn total cost-to-deliver (~£350m in 2026). Risks include ongoing commodity volatility and regional disruption from the Middle East, which has impacted supply in the region. Management reiterated full-year Core Reckitt LFL guidance of 4–5% and AOP margin guidance of 24.9–25.6% for Core Reckitt & Mead Johnson, expecting a stronger H2. Key growth drivers highlighted: innovation (Dettol Activ Botany, Vanish Turbo, Durex Intensity, Mucinex 12H), China investment (new Shanghai Science & Innovation Center), scaling in emerging markets, and further digital/AI-enabled R&D and productivity gains.