London · Delayed Price · Currency is GBP · Price in GBX Reckitt Benckiser Group Earnings Call Transcripts
Fiscal Year 2026
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Core Reckitt delivered 1.3% like-for-like net revenue growth in Q1, with 3.1% growth excluding seasonal business, led by strong performance in China and India. Full-year guidance for 4%-5% growth and higher margins is maintained, despite ongoing geopolitical and input cost headwinds.
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Emerging markets, especially China, drove significant growth through focused leadership and digital innovation, while mature markets like Europe face flat growth and North America is set for recovery in 2026. Margin expansion is targeted via operational efficiencies, portfolio transformation, and increased R&D and AI investments.
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Sharpened focus on core Powerbrands and emerging markets is driving accelerated growth, with innovation and digital transformation fueling category expansion and operational efficiency. Sustained high margins, disciplined capital allocation, and a robust pipeline support confidence in 4%-5% annual growth and durable EPS gains.
Fiscal Year 2025
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Core net revenue grew 5.2% year-over-year, led by double-digit gains in emerging markets, while adjusted operating profit and margins improved. Portfolio focus, innovation, and supply chain investments supported growth, with strong cash returns to shareholders and a positive outlook for 2026.
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Emerging Markets are delivering high single-digit growth, driven by strong brands, local execution, and expansion into new categories and geographies. Gross margins are rising due to premiumization, and the business is leveraging digital, offline, and OTC excellence to sustain growth and value creation.
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Q3 saw 7% like-for-like net revenue growth, led by emerging markets and strong innovation, with China delivering nine consecutive quarters of double-digit growth. Guidance for 2025 is maintained, with developed markets expected to remain challenging and emerging markets to drive outsized growth.
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A streamlined organization and focused innovation pipeline are driving faster execution and brand expansion. Cost savings and increased brand investment support growth, with emerging markets and power brands as key drivers. Supply chain upgrades and disciplined capital allocation underpin a positive financial outlook.
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A new strategy focused on Powerbrands, organizational simplification, and innovation has driven strong progress, especially in emerging markets. Fixed cost reductions and portfolio streamlining support reinvestment and EPS growth, with a clear commitment to shareholder returns.
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Core revenues grew 4.2% in H1, led by double-digit emerging market growth and margin expansion. Guidance for 2025 was raised, with continued investment in brands, cost savings, and a new share buyback. Essential Home divestment and innovation in key categories support a positive outlook.
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A unified, simplified structure and focus on Power Brands drive sustainable growth, supported by innovation, digital transformation, and premiumization. Each core category—Germ Protection, Self-Care, Household Care, and Intimate Wellness—leverages tailored strategies for penetration and margin expansion, with robust financial discipline and evolving talent development.
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Q1 2025 saw solid group results with strong emerging market growth and Core Reckitt up 3.1% like-for-like. Guidance for 2025 is maintained, with growth expected to accelerate in the second half, despite macro uncertainty and retailer destocking in key categories.
Fiscal Year 2024
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2024 saw solid top and bottom line growth, margin expansion, and strong cash returns, driven by innovation and organizational simplification. Guidance for 2025 is prudent amid macro uncertainty, with continued focus on margin and EPS growth, and major portfolio exits planned.
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Q3 results met guidance with strong health and hygiene growth offsetting nutrition declines from the Mount Vernon tornado. Market share gains, innovation, and a progressing share buyback support a positive outlook, with full-year targets reaffirmed and Q4 acceleration expected.
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H1 2024 saw modest revenue growth and strong cash flow, but full-year guidance was lowered due to a tornado's impact on U.S. Nutrition. The company will exit non-core businesses, focus on power brands, and implement major cost reductions, with continued shareholder returns.