REG - Reckitt Benckiser Gp - Q1 RESULTS 2026
22/04/2026 07:00
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RNS Number : 3910B Reckitt Benckiser Group PLC 22 April 2026
22 April 2026
Q1 Results 2026
delivering growth in a challenging environment; full year outlook unchanged
"Core Reckitt delivered Q1 LFL net revenue growth of 1.3%, impacted by very
low seasonal incidence, weak categories in Europe and geopolitical disruption.
Excluding seasonal OTC, Core Reckitt delivered 3.1% growth. This was led by
high-single-digit growth in Emerging Markets, despite market-specific
headwinds. We maintain our LFL net revenue guidance for 2026. This will be
driven by sequential growth from our market-leading Powerbrands, as the season
resets and we continue to launch superior innovations including Mucinex 12hr
Cold and Fever, improved performance in Europe and continued strong growth
across China, India and non-seasonal North America."
Kris Licht, Chief Executive Officer
Net Revenue LFL growth(1 2) Volume Price Net Revenue IFRS Growth
/ Mix (£m)
Emerging Markets +7.6% +0.5% +7.1% 1,087 +4.1%
Europe -4.2% -4.5% +0.3% 873 -2.7%
North America -0.9% +1.5% -2.4% 638 -7.2%
Core Reckitt +1.3% -1.0% +2.3% 2,598 -1.2%
Mead Johnson Nutrition -2.7% -6.8% +4.1% 531 -7.1%
Core Reckitt + MJN +0.6% -2.0% +2.6% 3,129 -2.2%
EH Transitional(3) - - - 118 N/A
Group(4) +0.6% -2.0% +2.6% 3,247 -11.8%
1. Adjusted and Non-GAAP measures are defined on page 8.
2. All percentage figures in this table are derived from unrounded
data.
3. From 1 January 2026, Reckitt records revenue under transitional
manufacturing and distribution arrangements associated with disposal of the
Essential Home business. This activity will decline as the businesses
complete separation and is excluded from like-for-like net revenue. There is
very low operating profit margin on these activities.
4. Q1 2025 Group net revenue included Essential Home (£482m) and this is
not included in Q1 2026 net revenue as a result of the disposal of the
Essential Home business which was completed on 31 December 2025.
q1 highlights
· Core Reckitt LFL net revenue growth of +1.3%, led by Emerging Markets, with
double-digit growth in China and India and mid-single-digit growth in
non-seasonal brands in North America. Excluding seasonal OTC, Core Reckitt Q1
LFL net revenue growth was +3.1%
· Q1 net revenue growth impacted by continued low incidence rates through the
end of the cold and flu season, ongoing challenges in Europe and geopolitical
disruption to operations and supply in our Middle East business.
· Emerging Markets delivered high-single-digit LFL net revenue growth of +7.6%,
led by double-digit LFL net revenue growth in our two largest EM markets,
partially offset by headwinds in our MENARP region including a c.200bp
headwind from changes to international sanctions impacting our Russia
Household Care and Germ Protection business.
· In Europe, LFL net revenue declined -4.2% as category growth rates remained
challenged, with heightened promotional intensity in autodish continuing and
the weak cold and flu season resulting in a double-digit decline in seasonal
OTC LFL net revenue. We are delivering encouraging initial results from our
actions to drive market share growth for Finish.
· North America LFL net revenue declined -0.9% with volume growth of +1.5%.
Within this we delivered a very strong performance across non-seasonal brands,
driven by enhanced execution with key retailers and led by the continued
strength of Lysol. Seasonal OTC LFL net revenue declined double-digit due to
the weak cold and flu season as retailers reduced inventory levels through the
quarter.
· Non-core Mead Johnson Nutrition delivered a LFL net revenue decline of -2.7%
due to the lapping of significant inventory rebuild in North America in Q1
2025, with a solid underlying performance in Q1 2026.
· Group IFRS net revenue decline of -11.8% reflects the impact of foreign
exchange headwinds and the prior year's contribution from Essential Home.
· Innovation continues to support long-term growth with launches across each of
our categories in Q1 2026:
o Upgrades to Finish premium formats and Vanish Quick Wash formulations.
Dettol's Activ Botany range now activated across European markets. Upgrades
and extensions to the Durex Intensity range, and in China, Intima Foam Wash
launched in Q1. New high-strength extension to MegaRed launched to align with
Chinese consumer demand.
· Our next Reckitt Focus On education event on 14(th) May 2026 will showcase our
Digital Science and AI capabilities across our R&D function and each stage
of the product lifecycle. Registration is open for the virtual event here
(https://urldefense.com/v3/__https:/event.swisscom.ch/v/reckittfocuson__;!!IHJ3XrWN4X8!IYQ5Crw4gynPg6hXYC1baBjQkh_o1L19aBWIv9W4TMuPsSULNpBZd3oD5fb9ZHbv7rR753txXZ4BSa2NvPKskTgWrzUR$)
.
· £1 billion share buyback programme ongoing. As of 17(th) April 2026, a
total of £669m of shares bought back since the current programme commenced on
28(th) July 2025.
outlook
· We are maintaining our FY 2026 LFL net revenue outlook for Core
Reckitt of +4% to +5%.
· Whilst acknowledging the current uncertainty arising from the war
in the Middle East, through 2026 we expect to benefit from the reset of the
cold and flu season, as well as the launch of superior innovations across our
categories. We are driving continued momentum across our North America
non-seasonal portfolio and are taking actions to improve our execution in
Europe. We expect continued strong performance in Emerging Markets, led by
China and India where structural growth underpins our expectations of
sustainable high-single-digit growth in Emerging Markets over the medium-term.
· In Q2 we expect to benefit in seasonal OTC from the initial shipments
of the category-creating innovation "Mucinex 12 hour Cold and Fever" in North
America in June and lapping the Mucinex Sinus PE reformulation in Q2 2025.
· In Europe, against a continued challenging trading environment we
expect a sequential improvement in LFL net revenue performance as the cold and
flu season resets.
· We expect Q2 LFL net revenue growth in Emerging Markets to be broadly
in line with Q1 2026 given the ongoing headwind to our Russia business and
assuming similar impacts from the war in the Middle East as seen in late Q1.
Given the duration and intensity of disruption remains uncertain, we do not
currently assume further impacts on the Area from the war in the Middle East
beyond H1.
· Modelling a scenario of oil at $110 a barrel for the remainder of
2026 indicates a c.£130 million - £150 million gross impact on our input
cost base in 2026 which we see as a manageable level to offset through
flexibility and productivity in our supply chain, hedging strategy, pricing
and our strong gross margin profile.
· While challenging to forecast, if commodity prices remain at
significantly elevated levels throughout the year we would anticipate an
impact on consumer demand as a result of pressure on household budgets.
· In our non-core Mead Johnson Nutrition business we expect
low-single-digit LFL net revenue growth in FY 2026.
· In 2026, our Fuel for Growth programme is expected to largely offset
the stranded costs associated with the Essential Home divestment.
· We maintain our expectation for Group adjusted operating profit
margin for FY 2026, with the delivery of this weighted to H2. In H1, the
impact of stranded costs, lower seasonal incidence on our higher margin
seasonal OTC business and higher commodity prices are expected to result in
Group adjusted operating profit margin around 200bp below H1 2025 (24.6%). In
H2, Group adjusted operating profit margin will be much stronger than H2 2025
driven by a greater level of stranded cost mitigation from our Fuel for Growth
programme, the reset of the cold and flu season, more favourable mix across
our categories and Areas, continued activation of our innovation pipeline, and
actions to offset commodity price inflation.
· 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:
o Adjusted net finance expense is expected to be in the range of £320m to
£340m (2025: £346m).
o The adjusted effective tax rate is expected to be around 27% (2025:
24.7%).
o Capital expenditure as a percentage of net revenue is expected to be
around 4% (2025: 4.2%).
CORE RECKITT + MJN
Net Revenue £m Volume Price / Mix LFL(1 2) Net M&A FX IFRS
Q1 2026 3,129 -2.0% +2.6% +0.6% -0.4% -2.4% -2.2%
1. Adjusted and Non-GAAP measures are defined on page 8.
2. All percentage figures in this table are derived from unrounded
data.
CORE RECKITT AREA performance (80% of Group Q1 net revenue)
Q1 2026 Net Revenue (£m) Volume Price / Mix LFL(1 2) Net M&A FX IFRS
Emerging Markets 1,087 +0.5% +7.1% +7.6% -0.7% -2.8% +4.1%
Europe / ANZ 873 -4.5% +0.3% -4.2% -0.1% +1.6% -2.7%
North America 638 +1.5% -2.4% -0.9% 0.0% -6.3% -7.2%
Core Reckitt 2,598 -1.0% +2.3% +1.3% -0.3% -2.2% -1.2%
1. Adjusted and Non-GAAP measures are defined on page 8.
2. All percentage figures in this table are derived from unrounded
data.
Emerging Markets (42% of Core Reckitt Q1 net revenues)
· Emerging Markets net revenue grew +7.6% on a LFL basis in Q1 to
£1,087m, with +0.5% volume growth and +7.1% price / mix improvement.
· Across our categories, performance was driven by double-digit
growth in Germ Protection (led by Dettol) and Self Care (with continued strong
performances from Gaviscon and VMS) with Intimate Wellness growing
low-single-digit reflecting the VAT impact on condoms in China while Household
Care declined double-digit predominantly due to the Russian business.
· China delivered its eleventh consecutive quarter of double-digit
growth, led by growth across Germ Protection, with continued success of our
recently launched new segments in China, notably Dettol Activ Botany. Our VMS
brands in China also drove significant growth in the quarter. In Intimate
Wellness, the introduction of a 13% VAT on condoms impacted volume and price /
mix performance in the quarter for the category and Durex, in addition to
content restrictions across online marketing platforms contributing to slower
growth in Intimate Wellness.
· India delivered double-digit growth in Q1 led by strong growth in
Germ Protection (Dettol), Intimate Wellness (Durex), and Household Care
(Finish) categories, with execution further enhanced by our ongoing sales
transformation driving expanded coverage.
· In our MENARP region, Russia LFL net revenue declined double-digit
resulting in a c.200bp impact to Emerging Markets LFL net revenue growth in
the quarter.
o The impact is across our Household Care and Germ Protection business and
follows changes to EU sanctions in 2025 which have resulted in restrictions on
the supply of products and brand use in the market.
o Our health entity is focused on importing and distributing healthcare
products to the Russia market and is not impacted by the changes to EU
sanctions.
o We maintain a multi layered sanctions compliance framework and do not
provide any strategic services from the UK and EU to our Russian operations.
o As previously stated, the process to transfer ownership of our Russian
operations remains ongoing and we will provide a further update if and when
appropriate. In the market we have ceased capital investments, advertising and
sponsorship activities.
· Operations and supply in our Middle East business were disrupted
by the ongoing war in the region, with impacts later in the quarter resulting
in no LFL net revenue growth in Q1.
· Performance in LATAM was improved through Q1 with LFL net revenue
flat year on year. Self Care in Brazil grew double-digit in the quarter with
the category softer in Mexico due to lower seasonal incidence.
· Strong growth was delivered in a number of currently small, but
high potential markets, including Colombia and Indonesia.
Europe (34% of Core Reckitt Q1 net revenues)
· Europe net revenue declined -4.2% on a LFL basis in Q1 to £873m,
with +0.3% price / mix improvement and -4.5% volume decline.
· Regional dynamics were consistent with those in Q4 2025 with lower
cold and flu incidence year on year impacting seasonal OTC, continued softness
in category growth (categories down low-single-digit in Q1) and a heightened
promotional environment across the Household Care category.
· Our premiumisation strategy continues to deliver particularly in
autodish with double-digit sales value growth in Finish Ultimate Plus
contributing to positive mix in Q1. Overall in the quarter, mix contributed
+1.5% to LFL net revenue.
· Actions to improve performance in the highly promotional Household
Care category have driven market share momentum, particularly in Finish, as we
regained market leadership across all major European markets.
· Self Care LFL net revenue declined mid-single-digit in the
quarter, with non-seasonal Self Care growing low-single-digit, led by Gaviscon
(up high-single-digit), and seasonal Self Care declining double-digit due to
lower seasonal incidence.
· Across new and recently launched innovations, Nurofen Mini Liquid
Capsules delivered incremental growth, with continued strong growth trajectory
in the initial launch market of Australia and now activated in other markets.
Durex Intensity continues to deliver strong in-market performance, with range
extensions launching across the Area.
North America (24% of Core Reckitt Q1 net revenues)
· North America net revenue declined -0.9% on a LFL basis in Q1 to
£638m, with +1.5% volume growth and -2.4% price / mix decline.
· Our non-seasonal brands continue to perform strongly with
volume-led mid-single-digit LFL net revenue growth in the quarter.
· Lysol delivered double-digit LFL net revenue growth in Q1 as the
brand continues to gain market share in key categories and drive market
leadership in segments such as disinfectant wipes, disinfectant spray and
laundry sanitizer. Lysol Air Sanitizer continues to drive category penetration
and is benefiting from an expanded fragrance range. Lysol also benefited from
incremental sell-in in Q1 ahead of the spring cleaning season.
· Lower cold and flu incidence, down around 10% vs. the prior year's
season resulting in seasonal OTC LFL net revenue declining double-digit as
retailers actively reduced inventory levels through the end of the season.
· In non-seasonal Self Care, both Neuriva and Biofreeze gained
market share following recent innovations with shipment phasing of VMS at the
end of 2025 reducing LFL net revenue performance in Q1.
· Finish performed well in the quarter, growing LFL net revenue
low-single-digit. Intimate Wellness contributed LFL net revenue growth across
both Durex (double-digit) and Veet (mid-single-digit).
· Strong performance across key retail channels, with improved
execution driving further growth with Walmart, particularly in non-seasonal
categories, alongside continued momentum with Costco and Amazon.
CORE RECKITT CATEGORY performance
Q1 2026 Net Revenue Volume Price / Mix LFL (1 2) Net M&A FX IFRS
(£m)
Self-Care 831 -3.7% +3.6% -0.1% 0.0% -1.7% -1.8%
Germ Protection 854 +7.6% +1.9% +9.5% 0.0% -4.5% +5.0%
Household Care 524 -5.7% -1.9% -7.6% -1.0% -1.1% -9.7%
Intimate Wellness 389 -5.8% +6.1% +0.3% -0.1% -0.7% -0.5%
Core Reckitt 2,598 -1.0% +2.3% +1.3% -0.3% -2.2% -1.2%
1. Adjusted and Non-GAAP measures are defined on page 8.
2. All percentage figures in this table are derived from unrounded
data.
Self Care
· Net revenue declined -0.1% on a LFL basis to £831m in the
quarter, with volume of -3.7% and price / mix of +3.6%.
· Excluding seasonal OTC, Self Care grew LFL net revenue +6.9% led
by high-single-digit growth in Gaviscon as the brand continues to grow
strongly in both Europe and Emerging Markets. VMS delivered double-digit
growth with continued strong growth in China, particularly from Move Free,
more than offsetting a softer quarter of sell-in in North America. Nurofen
declined low-single-digit with strong growth in Emerging Markets offset by a
LFL net revenue decline in Europe which was concentrated in Southern Europe.
· Seasonal OTC LFL net revenue declined -10.8% due to lower incidence
rates of cold and flu through the quarter compared to the prior year. In North
America, seasonal OTC declined double-digit as lower incidence rates and
retailer destocking at the end of the season impacted sell-in. In Europe,
seasonal OTC declined double-digit with similar dynamics. In Emerging Markets,
seasonal OTC grew double-digit with Strepsils contributing strong growth
across the region despite lower cold and flu incidence rates in Mexico.
Germ Protection
· Net revenue grew +9.5% on a LFL basis to £854m in the quarter,
with volume of +7.6% and price / mix of +1.9%.
· Market-leading Powerbrands Dettol and Lysol both grew double-digit
in the quarter. Lysol's expanded category offerings (Lysol Laundry Sanitizer
and Lysol Air Sanitizer) alongside strong growth in wipes and sprays,
complemented with enhanced execution drove double-digit growth in North
America.
· Dettol, recently awarded YouGov's 8(th) Best Brand globally,
continued to deliver very strong double-digit growth in Emerging Markets, led
by China and India and benefiting from innovations including Dettol Activ
Botany which is now activated in certain markets outside of China.
· Harpic LFL net revenue was flat in the quarter, with growth in
Emerging Markets offset by the challenging category backdrop in Europe.
Household Care
· Net revenue declined -7.6% on a LFL basis to £524m in the quarter,
with volume of -5.7% and price / mix of -1.9%.
· Finish declined mid-single-digit on a LFL basis in Q1 with growth in
North America more than offset by the challenging promotional environment in
Europe and a decline in Emerging Markets driven by the MENARP region,
particularly Russia. Our premiumisation strategy delivered double-digit sales
value growth in Finish Ultimate Plus in Europe in Q1.
· Vanish LFL net revenue declined high-single-digit in Q1 with the
brand's Emerging Markets performance impacted across Latam and MENARP, with a
mid-single-digit decline in Europe.
Intimate Wellness
· Net revenue grew +0.3% on a LFL basis to £389m in the quarter, with
volume of -5.8% and price / mix of +6.1%.
· Veet and Intima both grew LFL net revenues in Q1, with Veet
growing across all three Areas.
· Durex's volume and price / mix performance was impacted by the
implementation of VAT on condoms in China at the start of the quarter which
influenced consumer demand dynamics, alongside restrictions on content across
online marketing channels. Durex delivered double-digit growth in India, South
Africa and a number of ASEAN markets. In Europe, while volumes were up LFL net
revenue declined low-single-digit, with strong double-digit growth in North
America.
non-Core segments: mead johnson nutrition (16% of Group Q1 net revenue)
Net Revenue £m Volume Price / Mix LFL(1 2) Net M&A FX IFRS
Q1 2026 531 -6.8% +4.1% -2.7% -0.9% -3.5% -7.1%
1. Adjusted and Non-GAAP measures are defined on page 8.
2. All percentage figures in this table are derived from unrounded
data.
Mead Johnson Nutrition
· Mead Johnson Nutrition net revenue declined -2.7% on a LFL basis
in Q1 to £531m, with volume decline of -6.8% and price / mix of +4.1%.
· As expected, LFL net revenue declined mid-single-digit in the
North America business, with the prior year's base benefiting from
approximately two weeks of trade inventory rebuild following recovery from the
Mount Vernon tornado in 2024.
· Underlying performance in North America was in line with
expectations.
· Mead Johnson Nutrition's International business delivered
low-single-digit LFL net revenue growth in the quarter, consistent with our
long-term expected trend.
· Overall market share trends in the business remain stable.
· Mead Johnson Nutrition continued to deliver strong price / mix
performance (+4.1% in Q1) driven by specialty and allergy brands.
Further information
Webcast and Q&A for investors and analysts
Kris Licht, CEO, and Shannon Eisenhardt, CFO, will host a live webcast
followed by a Q&A session for analysts and investors at 08:30 (BST) on
Wednesday 22 April 2026.
To listen to the webcast audio visit:
https://www.reckitt.com/news/q1-2026-trading-update/
(https://www.reckitt.com/news/q1-2026-trading-update/)
To participate in the Q&A, dial in to the conference call as follows:
United Kingdom: (020) 3481 4247
United States: (646) 307-1963
Other locations: +1 (646) 307-1963
A recording will be available soon after the event ends.
For enquiries contact:
Investors: Nick Ashworth
+44 (0)7408 812350
Jon Bone
+44 (0)7408 811493
Media: Richard Farnsworth
+44 (0)7734 776317
Will
Hill
+44 (0)7503 442453
Cautionary note concerning forward-looking statements
This announcement contains statements with respect to the financial condition,
results of operations and business of Reckitt Benckiser Group plc and the
Reckitt group of companies (the "Group") and certain of the plans and
objectives of the Group that are forward-looking statements. Words such as
''intends', 'targets', or the negative of these terms and other similar
expressions of future performance or results, and their negatives, are
intended to identify such forward-looking statements. In particular, all
statements that express forecasts, expectations and projections with respect
to future matters, including targets for net revenue, operating margin and
cost efficiency, are forward-looking statements. Such statements are not
historical facts, nor are they guarantees of future performance.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that will occur in
the future. There are a number of factors that could cause actual results and
developments to differ materially from those expressed or implied by these
forward-looking statements, including many factors outside the Group's
control. Among other risks and uncertainties, the material or principal
factors which could cause actual results to differ materially are: the general
economic, business, political, geopolitical and social conditions in the key
markets in which the Group operates; the Group's ability to innovate and
remain competitive; the Group's investment choices in its portfolio
management; the ability of the Group to address existing and emerging
environmental and social risks and opportunities; the ability of the Group to
manage regulatory, tax and legal matters, including changes thereto; the
reliability of the Group's technological infrastructure or that of third
parties on which the Group relies including the risk of cyber-attack;
interruptions in the Group's supply chain and disruptions to its production
facilities; economic volatility including increases in tariffs and the cost of
labour, raw materials and commodities; the execution of acquisitions,
divestitures and business transformation projects; product safety and quality,
and the reputation of the Group's global brands; and the recruitment and
retention of key management.
These forward-looking statements speak only as of the date of this
announcement. Except as required by any applicable law or regulation, the
Group expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statements contained herein to
reflect any change in the Group's expectations with regard thereto or any
change in events, conditions or circumstances on which any such statement is
based.
LEI: 5493003JFSMOJG48V108
APPENDIX - ALTERNATIVE PERFORMANCE MEASURES
Definitions:
Like-for-Like (LFL): Net revenue growth or decline at constant exchange rates
(see below) excluding the impact of acquisitions, disposals and discontinued
operations. Disposals include low margin manufacturing revenues which are
agreed at the time of sale of a brand or business. Completed disposals are
excluded from LFL revenue growth for the entirety of the current and prior
years. Acquisitions are included in LFL revenue growth 12 months after the
completion of the relevant acquisition. LFL growth also excludes countries
with annual inflation greater than 100% (Venezuela). Argentina was disposed in
full in 2025.
Constant exchange rate (CER): Net revenue and profit growth or decline
adjusting the actual consolidated results such that the foreign currency
conversion uses the same exchange rates as were applied in the prior period
and excludes the effect of applying hyperinflation accounting in the relevant
subsidiaries.
Growth rates: Percentage figures are derived from unrounded data.
Reconciliation of IFRS Net Revenue to Like-for-Like Net Revenue growth
For the quarter ended 31 March
Net revenue Emerging Markets Europe North America Core Mead Johnson Core Reckitt + MJN Essential Home Vestacy Transition Group
Reckitt
£m £m £m £m £m £m £m £m £m
2025 IFRS 1,044 898 688 2,630 571 3,201 482 - 3,683
M&A (9) (1) - (10) (7) (17) (482) - (499)
Exchange and hyperinflation (27) 7 (30) (50) (17) (67) - - (67)
2025 Like-for-like 1,008 904 658 2,570 547 3,117 - - 3,117
2026 IFRS 1,087 873 638 2,598 531 3,129 - 118 3,247
M&A (2) - - (2) (2) (4) - (118) (122)
Exchange and hyperinflation 1 (8) 14 7 3 10 - - 10
2026 Like-for-like 1,086 865 652 2,603 532 3,135 - - 3,135
Like-for-like growth 7.6% -4.2% -0.9% 1.3% -2.7% 0.6% N/A N/A 0.6%
For the quarter ended 31 March
Net revenue Self Care Germ Protection Household Care Intimate Wellness Core Reckitt
£m £m £m £m £m
2025 IFRS 846 813 580 391 2,630
M&A - (2) (8) - (10)
Exchange and hyperinflation (13) (22) (10) (5) (50)
2025 Like-for-like 833 789 562 386 2,570
2026 IFRS 831 854 524 389 2,598
M&A - - (2) - (2)
Exchange and hyperinflation 1 11 (3) (2) 7
2026 Like-for-like 832 865 519 387 2,603
Like-for-like growth -0.1% 9.5% -7.6% 0.3% 1.3%
(
)
Reconciliation of like-for-like net revenue excluding seasonal OTC brands
For the quarter ended 31 March
Net revenue Self Care Core Reckitt
£m £m
2025 Like-for-like 833 2,570
2025 seasonal OTC 331 331
2025 LFL ex. seasonal OTC 502 2,239
2026 Like-for-like 832 2,603
2026 seasonal OTC 296 296
2026 LFL ex. seasonal OTC 536 2,307
2026 Like-for-like growth -0.1% 1.3%
2026 LFL growth ex seasonal OTC 6.9% 3.1%
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