Reckitt Benckiser Group (RKT) Q1 2025 TU earnings summary

Executive summary

• Solid Q1 2025 performance with Core Reckitt driving growth, especially in emerging markets like China and India, supported by innovation and power brands such as Germ Protection and Intimate Wellness.

• Strategic transformation continues, including the planned exit of Essential Home and ongoing Fuel for Growth program execution.

• Ongoing £1 billion share buyback programme, with £815 million repurchased as of April 2025.

Financial highlights

• Group like-for-like net revenue grew 1.1% year-over-year to £3,683m, with Core Reckitt up 3.1% to £2,630m, led by emerging markets at 10.7%.

• Essential Home like-for-like net revenue declined 7.0%; Mead Johnson Nutrition down 0.5% like-for-like.

• Group volume declined 1.9%, price/mix up 3.0%.

Outlook and guidance

• Fiscal 2025 guidance maintained: group like-for-like net revenue growth of 2%-4%, with Core Reckitt targeted at 3%-4%.

• Q2 growth in Core Reckitt expected to be led by emerging markets; H2 growth to be more balanced across regions.

• Adjusted operating profit expected to grow ahead of net revenue, with another year of adjusted diluted EPS growth anticipated.