Haleon Plc · LSE:HLN
Haleon — Q2 2026 Earnings Presentation
46 slides from Haleon's earnings presentation, Jul 30, 2026
Slide 1: 2026 Half year results
2026 Half year results July 2026
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that are, or may be deemed These forward-looking statements and views may be based on a number of to be, “forward-looking statements” (including for purposes of the safe assumptions and, by their nature, involve known and unknown risks, harbor
Slide 3: Brian McNamara, CEO
Brian McNamara CEO 2026 Half year results
Slide 4: Haleon is making progress against strategic priorities
Haleon is making progress against strategic priorities of growth, productivity and culture 2.6% organic revenue growth in H11 with sequential improvement in Q2 driving organic growth of +3.1% Competitive performance with 73% of business gained or maintained share2 Productivity agenda delivering with
Slide 5: H1 2026 results
H1 2026 results £5.6bn 2.6% 2.1%/0.5% 1 H1 revenue Organic revenue growth Price / Volume Mix Q2 results Adjusted gross profit1: Up 4.7% at constant currency Strong cash generation1: Strong FCF generation of c.£0.8bn 3.1% 140bps margin expansion at constant currency Net debt / Adjusted EBITDA of 2.5x
Slide 6: Unlocking our full potential
Unlocking our full potential 01 02 03 Growth Productivity Culture Annual 4-6% organic Significant gross A more agile and revenue growth 1 margin opportunity performance-focused company 1. Reconciliation/definition of IFRS to Adjusted results can be found in the appendix 6
Slide 7: Growth: Three opportunities
01 Growth: Three opportunities Closing the incidence Innovation-led Lower income vs treatment gap premiumisation consumers 7
Slide 8: Productivity: Capturing the significant gross margin opportunity
02 Productivity: Capturing the significant gross margin opportunity Opportunities Three legacy pharma supply chains Reducing SKUs, formulations and packaging Reducing gap versus peers on Service, cost and inventory Operational Complexity Simplified efficiency and reduction footprint effectiveness £8
Slide 9: Culture: Agile and performance focused
03 Culture: Agile and performance focused Driving consumer centricity High Performance Evolution Drive cultural shift Separation Simplified processes Streamline and simplify operating model Reshaped the Cloned pharma systems organisation Expand business services and processes Upgraded talent 9
Slide 10: Evolution of operating model to drive growth
Evolution of operating model to drive growth 01 02 03 04 Organising Closer to our Leaner, Clarity of for growth consumers simpler and decision more efficient making Growth function Six operating units Remove complexity Stronger agility, • Chief Growth officer • Voice of consumers and duplication exe
Slide 11: Medium term guidance
Medium term guidance Annual organic revenue growth of 4-6%1 High-single digit adjusted operating profit growth1,2 Net debt/Adjusted EBITDA1 of around 2.5x Dividend to grow at least in line with adjusted earnings 1. Reconciliation/definition of IFRS to Adjusted results can be found in the appendix 2.
Slide 12: Dawn Allen, CFO
Dawn Allen CFO 2026 Half year results
Slide 13: Delivering against our leading value creation framework
Delivering against our leading value creation framework in H1 2026 Operating Strong cash flow Disciplined leverage generation capital allocation H1 2026 H1 2026 H1 2026 performance performance performance 4-6% organic 2.6% Working capital 5 day Invest for A&P2: +3.2% revenue growth improvement impro
Slide 14: H1 2026 organic revenue growth
H1 2026 organic revenue growth : +2.6% 1 Sequential improvement in Q2 with £m ORG1 organic revenue growth of +3.1% +2.6% 5,602 (0.0)% Improvement in North America from 2.1% (0.4)% stronger execution Net M&A Price Translational Volume/Mix foreign Softer performance in Europe from 5,480 0.5% exchange
Slide 15: H1 2026 adjusted profit growth
H1 2026 adjusted profit growth : +8.2% (CER) 1 £m 1,364 (0.1)% 1.5% 8.3% Translational Strong execution on productivity Net M&A initiatives enabling continued 1,243 FX investment in key markets Operating leverage Translational foreign exchange impact reflects strength of Sterling (Euro and some emer
Slide 16: High quality earnings
High quality earnings % YoY % YoY £m H1 2026 H1 2025 (AER) (CER) Revenue 5,602 5,480 2.2% 2.6%2 Adj. gross margin improvement Adjusted gross profit 1 3,728 3,561 4.7% 4.7% +140bps2, ahead of 50-80bps target % Adjusted gross margin 1 66.5% 65.0% 150bps 140bps Margin expansion reflects pricing to Sale
Slide 17: Productivity: supply chain transformation
Productivity: supply chain transformation H1 adj. gross profit: +4.7% with margin up 140bps 1 Immediate accelerators Operational Excellence Build for Tomorrow SKU’s Operational Equipment Announced new Oral Health Effectiveness facilities in India & China (£240m PACKAGING 13,000+ Investment) to suppo
Slide 18: Global portfolio delivering growth
Global portfolio delivering growth Organic Organic Q2 2026 revenue H1 2026 revenue revenue growth1 revenue growth1 £m % £m % Oral Health 906 6.2% 1,838 7.3% VMS 435 2.2% 849 1.9% Pain Relief 669 4.6% 1,323 2.1% Respiratory Health 351 (6.5)% 850 (4.7)% Digestive Health 251 5.5% 490 2.4% Therapeutic S
Slide 19: North America
North America 33% of H1 2026 revenue • Q2 organic revenue growth1: 3.1% with 1.1% price and 2.0% volume/mix H1 revenue • Q2 performance reflects: – Execution-led improvement across retailer partnerships, 2.0% 2.5% (0.5)% shelf resets, distribution, media and innovation – Continued outperformance in
Slide 20: EMEA & LATAM
EMEA & LATAM 43% of H1 2026 revenue • Q2 organic revenue growth1: +1.7% with 3.5% price and (1.8)% volume/mix H1 revenue • Q2 performance reflects: – Consumer environment remaining challenging in Europe 1.9% 3.0% (1.1)% – Improvement in Latin America from stronger execution – Impact from geopolitica
Slide 21: Asia-Pacific
Asia-Pacific 24% of H1 2026 revenue • Q2 organic growth1: +5.4% with (0.7)% price and 6.1% volume/mix H1 revenue • Q2 performance reflects: – High-single digit growth in China with strong performance in 4.7% (0.2)% 4.9% e-comm, particularly Douyin – Double digit growth in India with expanded distrib
Slide 22: Adjusted diluted EPS growth
Adjusted diluted EPS growth +12.0% 1 £m H1 2026 H1 2025 % change Adjusted operating profit1 1,364 1,243 9.7% Net finance costs Net finance costs (119) (129) (7.8)% • Reduction largely related to reduction in net debt Adjusted tax1 (322) (272) 18.4% Adjusted tax rate % tax rate 25.9% 24.4% 140bps • I
Slide 23: Adjusting items
Adjusting items £m H1 2026 H1 2025 % change Adjusted operating profit1 1,364 1,243 9.7% Restructuring costs Net amortisation and • Majority of charges relate to evolution of (28) (26) impairment of intangible assets1 operating model Restructuring costs 1 (169) (26) Transaction related costs 1 - - Se
Slide 24: Strong free cash flow generation
Strong free cash flow generation £m H1 2026 H1 2025 % change Adjusted operating profit1 1,364 1,243 9.7% Working capital P&L adjusting items 1 (192) (40) • Improvement in working capital cycle Non-cash movements 209 217 Tax (paid) Working capital and other movements2 (99) (170) • Reflecting timing o
Slide 25: Reduced net debt
Reduced net debt £bn 2.6x 2.5x Cost of bond debt2: 3.1% Net debt / Net debt / Adjusted EBITDA1 Adjusted EBITDA1 66% fixed/34% floating3 £7.5bn 0.1 Shareholder €850m bond repaid March 2026 £7.3bn returns Other 0.5 movements £826m cash and £325m commercial paper outstanding (0.8) Share repurchase 0.4
Slide 26: Disciplined capital allocation to deliver growth
Disciplined capital allocation to deliver growth and attractive returns Investing for growth Bolt-on M&A Shareholder returns • Continued investment in A&P • Bolt-on M&A focused on • c.£0.9bn returned to focused on driving efficiencies strategic growth areas shareholders through dividends and effecti
Slide 27: 2026 guidance maintained
2026 guidance maintained 3-5% organic revenue growth1 High-single digit adjusted operating profit growth1 Other modelling considerations Net Interest and Tax Net M&A and Translational Foreign Exchange • Net interest cost expected to be c.£255m • Translational FX expected to be slightly positive on b
Slide 28: Confident in value creation framework
Confident in value creation framework Operating Strong cash flow Disciplined leverage generation capital allocation 4-6% organic Working capital Invest for revenue growth improvement Growth +50-80 bps adjusted Strong Free Bolt-on gross margin per annum1 Cash Flow acquisitions High-single digit adjus
Slide 29: Brian McNamara, CEO
Brian McNamara CEO 2026 Half year results
Slide 30: Haleon is making progress against strategic priorities
Haleon is making progress against strategic priorities of growth, productivity and culture 2.6% organic revenue growth in H11 with sequential improvement in Q2 driving organic growth of +3.1% Competitive performance with 73% of business gained or maintained share2 Productivity agenda delivering with
Slide 31: Appendix
Appendix
Slide 32: Glossary
Glossary We use certain alternative performance measures to make financial, operating, and planning • Transaction-related costs: Transaction-related accounting or other adjustments relate to decisions and to evaluate and report performance. Adjusted Results and other non-IFRS significant acquisition
Slide 33: IFRS and Adjusted Income Statement
IFRS and Adjusted Income Statement Unaudited 6 months ended 30 June Gross Profit Operating Profit Income tax £m 2026 2025 2026 2025 2026 2025 IFRS Results 3,691 3,524 1,172 1,203 (286) (262) Net amortisation and impairment of intangible assets 28 26 28 26 (6) (6) Restructuring costs 9 11 169 26 (37)
Slide 34: IFRS and Adjusted Income Statement
IFRS and Adjusted Income Statement Unaudited 6 months ended 30 June Profit Diluted earnings attributable per share to shareholders (pence) £m 2026 2025 2026 2025 IFRS Results 762 806 8.5 8.9 Net amortisation and impairment of intangible assets 22 20 0.3 0.2 Restructuring costs 132 20 1.5 0.2 Transac
Slide 35: Free cash flow and Adjusted EBITDA
Free cash flow and Adjusted EBITDA Free cash flow1 Adjusted EBITDA1 Six months to 30 June Six months to 30 June £m 2026 2025 £m 2026 2025 Net cash inflow from operating activities 1,044 1,027 Adjusted operating profit 1 1,364 1,243 Capital expenditure (140) (129) Add: Depreciation – Property Plant a
Slide 36: Historic quarterly growth across the categories
Historic quarterly growth across the categories Organic revenue growth1 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Oral Health 6.6% 8.7% 6.9% 9.3% 7.9% 8.3% 6.2% VMS 0.9% 0.9% 4.9% 1.2% 1.9% 1.7% 2.2% Pain Relief 2.6% 2.5% 3.7% 0.5% 2.3% (0.3)% 4.6% Respiratory Health 0.7% (2.0)% (1.8)% (4.6)% (1.9)% (3.4)% (6.
Slide 37: Reconciliation of H1 organic growth
Reconciliation of H1 organic growth1 Product categories Ended 30 June Therapeutic Oral Pain Respiratory Digestive Skin Health 2026 vs 2025 (%) Health VMS Relief Health Health and Other Total Revenue growth 6.4 1.9 2.9 (4.8) (0.2) 1.2 2.2 Organic adjustments — — — — — 1.2 0.0 Effect of exchange rates
Slide 38: Reconciliation of quarterly organic growth
Reconciliation of quarterly organic growth (historic structure) North America EMEA & LatAm Q1 Q2 H1 Q1 Q2 H1 2026 vs 2025 (%) 2026 2026 2026 2026 vs 2025 (%) 2026 2026 2026 Revenue Growth (4.9) 3.1 (1.1) Revenue Growth 4.4 4.9 4.7 Organic Adjustments - - - Organic Adjustments - 0.2 0.1 Effect of Exc
Slide 39: Reconciliation of operating profit growth
Reconciliation of operating profit growth (historic structure) Geographical Segments Corporate North EMEA and Six months ended 30 June APAC and Other Total 2026 vs 2025 (%) America LatAm unallocated Operating profit growth (2.6) Adjusting items 12.3 Adjusted operating profit growth 9.6 16.0 8.3 9.7
Slide 40: Reconciliation of quarterly organic growth
Reconciliation of quarterly organic growth (new structure) North America Europe Q1 Q2 H1 Q1 Q2 H1 2026 vs 2025 (%) 2026 2026 2026 2026 vs 2025 (%) 2026 2026 2026 Revenue Growth (4.9) 3.1 (1.1) Revenue Growth 6.3 3.3 4.8 Organic Adjustments - - - Organic Adjustments (0.2) 0.0 (0.1) Effect of Exchange
Slide 41: Reconciliation of H1 2026 gross and operating profit growth
Reconciliation of H1 2026 gross and operating profit growth (new structure) Group Six months ended 30 June 2026 vs 2025 2025 vs 2024 (%) (%) Gross profit growth 4.7 (0.7) Adjusting items — (1.2) Adjusted gross profit growth 4.7 (1.9) Effect of exchange rates — 4.7 Adjusted gross profit growth (CER)
Slide 42: Historic quarterly revenue and growth across the Operating Units
Historic quarterly revenue and growth across the Operating Units Reported revenue1 2024 2025 2026 FY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 North America 4,042 980 871 1,851 977 1,038 3,866 932 898 1,830 Europe 3,052 800 756 1,556 805 724 3,085 850 781 1,631 Asia Pacific 2,240 597 552 1,149 563 522 2,234 597 58
Slide 43: Historic quarterly growth across the Operating Units
Historic quarterly growth across the Operating Units Organic revenue growth1 2024 2025 2026 FY Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1 North America 1.1% 1.0% (1.8)% (0.4)% 0.4% (1.0)% (0.4)% 1.0% 3.1% 2.0% Europe 5.3% 4.5% 4.1% 4.3% 3.8% 1.7% 3.6% 0.8% 0.4% 0.6% Asia Pacific 4.8% 3.5% 5.3% 4.3% 3.4% 4.5% 4.1% 2
Slide 44: Historic adjusted operating profit and growth
Historic adjusted operating profit, organic operating profit growth, and adjusted operating profit growth FY 2024 H1 2025 FY 2025 H1 2026 Adjusted Organic Adjusted Adjusted Organic Adjusted Adjusted Organic Adjusted Adjusted Organic Adjusted operating operating operating operating operating operatin
Slide 45: Debt profile
Debt profile Net debt c.6.3 years Group net Group net Group net debt at debt at debt at £m 30 Jun 2026 31 Dec 2025 30 Jun 2025 Short-term borrowings 1,962 836 813 Duration1 Long-term borrowings 6,290 7,773 7,666 Derivative financial liabilities 141 65 66 Cash and cash equivalents (826) (1,324) (676)
Slide 46: H1 2026 results
H1 2026 results Jo Russell Rakesh Patel Head of Investor Relations Director Joanne.c.Russell@Haleon.com Rakesh.x.Patel@Haleon.com +44 7787 392441 +44 7552 484646