Reckitt Benckiser Group (RKT) Q3 2026 TU earnings summary

Executive summary

• Q3 core like-for-like revenue grew 3.3%, or 3.9% excluding Russia Hygiene, with growth broadening across markets and categories.

• Emerging Markets remained strong and Europe returned to growth; North America fell short as Lysol supply constraints limited sales.

• FY2026 core like-for-like revenue growth guidance was reset to 3.5%-4.5%, reflecting Lysol supply disruption and slower China VMS growth alongside stronger early Q4 seasonal demand.

Financial highlights

• Q3 core like-for-like growth was 3.3%; YTD growth was 2.9%. Q3 core volumes rose 0.1%, with price and mix each contributing 1.6%.

• Q3 total net revenue was £3,362m, up 3.2% LFL and down 6.9% IFRS; prior-year Essential Home revenue contributed to the reported decline.

• Core plus Mead Johnson Nutrition revenue was £3,239m, up 3.2% LFL and 3.5% IFRS; price/mix rose 3.9% and volume declined 0.7%.

• YTD core plus Mead Johnson Nutrition revenue was £9,415m, up 2.8% LFL and 2.3% IFRS; volume declined 0.5% and price/mix rose 3.3%.

Outlook and guidance

• FY2026 core like-for-like revenue growth is expected at 3.5%-4.5%; Emerging Markets growth is expected in the high single digits and Mead Johnson Nutrition growth in the low single digits.

• FY2026 adjusted operating margin guidance for core business plus Mead Johnson Nutrition is 24.9%-25.6%; H2 margin is expected to exceed H1's 23.6%.

• FY2026 adjusted net finance expense is forecast at £250m-£270m; adjusted tax rate at 26%-27%; capital expenditure at ~4% of net revenue.

• 2027 net finance cost is forecast at £390m-£410m, absent ~£75m of 2026 one-offs and reflecting current rates and higher gross borrowing.

• Medium-term core like-for-like revenue growth guidance remains 4%-5%, alongside annual EPS growth; FY2026 EPS faces dilution from the Essential Home divestment.