Slide 1: Delivering the Powerhouse in Pest Control
Full Year Results 2025 Delivering the Powerhouse in Pest Control 5 March 2026 1
Slide 2: Cautionary statement
Cautionary statement In order to utilise the 'safe harbour' provisions of the U.S. Private Securities Litigation Reform Act of 1995 (the "PSLRA") and the general doctrine of cautionary statements, Rentokil Initial plc ("the Company") is providing the following cautionary statement: This communicatio
Slide 3: Agenda | Full Year Results
Agenda | Full Year Results Introduction Andy Ransom Financial Review Paul Edgecliffe-Johnson Update on North America Plan Andy Ransom Q&A All 3
Slide 4: Encouraging progress in 2025
Encouraging progress in 2025 2025 has been a year of encouraging progress with improving performance through the second half. Evolved strategy in North America leads to improved performance: ● North America Pest Control Services Organic Revenue Growth to 2.6% in Q4. Strong execution: ● Delivery of n
Slide 5: Building on the North America plan in 2026
Building on the North America plan in 2026 Continuing to focus on growth: ● Continued focus on marketing to drive organic lead flow. ● ~30 brands for multi-brand presence in key areas. ● 220 small, local branches by end of 2026; around 800 branches in total. Creating a high-quality, unified field op
Slide 6: Financial Review
Full Year Results 2025 Financial Review Paul Edgecliffe-Johnson Chief Financial Officer 6
Slide 7: Group Financial Highlights
Group Financial Highlights Continuing operations; Adjusted Results Revenue +3.8%, (+4.8% International) Δ $6,908m +2.6% Organic Revenue Growth Δ Constant $ million FY 2025 Reported Currency* Operating Profit +5.4%, ahead of revenue Revenue 6,908 4.4% 3.8% $1,070m Operating Profit Margin +0.3%pts Ope
Slide 8: North America
North America Growth in Revenue, Operating Profit and Margins Δ Organic Revenue +2.3%: 2025 Constant ● Pest Control Services +1.1%; Business Services +8.9% Currency ● Q4 +3.6%: Pest Control Services +2.6%; Business Services +7.8% Revenue $4,294m +3.2% Adjusted Operating Profit +5.1% Organic Revenue
Slide 9: North America
North America A leader in Pest Control; expert in Business Services North America Pest Control Services Organic Revenue +1.1% North America Business Services Organic Revenue +8.9% Revenues $3.5bn: Revenues $0.6bn: 84% NA Pest Control 16% NA Pest Control Quarterly Organic Revenue Quarterly Organic Re
Slide 10: North America
North America Effective fuel for growth strategy: $25m saved, >$10m reinvested • Organisational design efficiencies Operational • Process simplification and automation Investment in fuel for growth Excellence • Headcount reductions of >500 ● Incremental marketing investment • Investment in Global Ca
Slide 11: International Region
International Region Stronger growth in H2 Organic Revenue +3.0%: Pest Control +3.7%; Hygiene & Wellbeing +2.0% Δ FY 2025 Constant ● H2 organic growth of 3.4% compared to 2.6% in H1 Currency ● High demand and solid pricing boosted results across Southern Europe Revenue $2,614m +4.8% ● Strong UK & SS
Slide 12: Central overheads, one-off items and Termite Provision
Central overheads, one-off items and Termite Provision One-off and adjusting items Central & Regional Overheads Termite Provision (excl Termite) ● Total costs $191m - up 6.9% CER ○ At AER +$16m; +9.1% 2025 2025 ● One-off and adjusting items - $92m ● Provision increase: FY $201m ● Investments to supp
Slide 13: Group Adjusted Free Cash Flow - up 24.5%
Group Adjusted Free Cash Flow- up 24.5% Strong Free Cash Flow Conversion 2025: 98% FCF Commentary Conversion 2024: 81% FCF • EBITDA +$65m 615 Disposals Lease Conversion CAPEX Cash of PPE Payments • Working capital year-on-year improvement of $67m Working additions Cash Tax One-offs Capital Interest
Slide 14: Net Debt - Reduction in Leverage to 2.6x
Net Debt - Reduction in Leverage to 2.6x Target range of 2.0-2.5x Commentary 2.9x • Bolt on M&A core to growth strategy 2.6x Strong pipeline - 2026 spend ~$200m 3,650 • $391m from sale of France Workwear FX Other M&A One-off FCF* Items Simplified International business Dividends FWW Reduced capex an
Slide 15: Capital Allocation
Capital Allocation Continuing our balanced capital allocation approach Grow a Return excess Invest in Invest in sustainable capital to Organic Growth Inorganic Growth ordinary dividend shareholders Maintain a strong balance sheet 2.0x – 2.5x Net Debt to Adjusted EBITDA under normalised conditions 15
Slide 16: Financial Review - Summary
Financial Review - Summary ● Execution of strategic initiatives delivers improved North America Organic Growth ● Stronger revenue and profit growth in International in H2 ● Focus on operational cash conversion delivers result ahead of guidance ● On track to deliver $100m cost reduction and +20% Nort
Slide 17: Delivering the Powerhouse in Pest Control
Full Year Results 2025 Delivering the Powerhouse in Pest Control Andy Ransom Chief Executive 17
Slide 18: Agenda
Agenda 1. Pest Control & Hygiene and Wellbeing Markets North America Pest Control Services - What we set out to do - 2025: The plan we outlined and progress 2. against the plan - Continuing the plan - further simplification and focus on growth International 3. - Growth and Emerging markets - Pest Co
Slide 19: Pest Control Market
Pest Control Market (2025: 83% Group Revenues) Over 10 years the global market has grown from $15.4bn to $29.0bn 6.6% $29.0 (US$ bn) $15.4 17% North America $14.2 17% $7.7 6.4% (49%) (50%) 50% 50% 33%33% International $7.7 $14.8 6.8% (51%) (50%) Global Market Est. 2025 2015 CAGR 2025 Continued resil
Slide 20: Pest Control Market
Pest Control Market Forecast outlook for industry growth remains very healthy CAGR (2025 - 2035): Total Market 6.2% Growth Drivers Urbanisation, growing middle classes, demand for higher hygiene standards, climate / rise of pests. US increase in population in southern states, weather related termite
Slide 21: Hygiene & Wellbeing Market
Hygiene & Wellbeing Market (2025: 17% Group Revenues) Strong sister business to Pest Control The global washroom services market will, we estimate, grow at a CAGR of c.4% to 2030. Macro drivers: ● Ageing global population: Increasing demand for accessible washrooms and infection-prevention solutions
Slide 22: Agenda
Agenda 1. Pest Control & Hygiene and Wellbeing Markets North America Pest Control Services - What we set out to do - 2025: The plan we outlined and progress 2. against the plan - Continuing the plan - further simplification and focus on growth International 3. - Growth and Emerging markets - Pest Co
Slide 23: We Set Out to Create a Powerhouse in Pest Control
We Set Out to Create a Powerhouse in Pest Control Proven, Repeatable, Low-cost Operating Model Attractive, Non-cyclical Employer of Choice and Growth Market Customer Focus. Standard KPIs US accounts for c.50% of the throughout the organisation. global pest control market. Primarily a contract-based
Slide 24: Creating One Enterprise
Creating One Enterprise ✓ Single leadership structure ✓ Launched our first US pest Innovation Centre Organisation design - RNA, TMX + standalones into a Focus on Employer of Choice - recruitment, ✓ single business ✓ training and retention. Turnaround colleague retention in Terminix ✓ vehicles More e
Slide 25: Final part of the plan: Creation of a unified, high-quality field operation
Final part of the plan: Creation of a unified, high-quality field operation ● 2024 pilot branch migrations ● Combination of fewer locations, significant levels of change (complex branch technology migration) and changes to service technicians, impacted negatively on growth ● Decision to pause throug
Slide 26: Agenda
Agenda 1. Pest Control & Hygiene and Wellbeing Markets North America Pest Control Services - What we set out to do - 2025: The plan we outlined and 2. progress against the plan - Continuing the plan - further simplification and focus on growth International 3. - Growth and Emerging markets - Pest Co
Slide 27: North America: We set out our new plan in 2025
North America: We set out our new plan in 2025 ✓ Revised marketing plan - organic leads, local content, local search/AI. Leads ✓ Invest in the Terminix and core regional and local brands. ✓ Small, local branches through the satellite programme for customer proximity. ✓ Sales ✓ Move Sales into Field
Slide 28: 2025: Programme Delivered Encouraging Results
2025: Programme Delivered Encouraging Results People and Service Employer of Customer Service, Choice Satisfaction and Retention Excellent Safety State of Service: Strong at 99.0% ● 20% reduction in Lost Time Accidents vs 2024 to an LTA of 0.21. ● Further improvement in Working Days Lost to 6.60 (20
Slide 29: 2025: Programme Delivered Encouraging Results
2025: Programme Delivered Encouraging Results Driving Leads and Sales Focus on Leads Sales Generation Performance Smarter Marketing Plan and Spend Improvement in Sales Execution ● Focused on Terminix plus additional regional and local brands ● Returned Sales to Branches in Q1 ● 1,200 web pages in 20
Slide 30: 2025: Programme Delivered Encouraging Results
2025: Programme Delivered Encouraging Results Simplification and Efficiency Efficiency Programme Encouraging Results in 2025; Strong Q4 ● North America Organic Growth: ○ 3.5% in H2 (1.1% in H1) Installation / productivity ○ Q1: 0.7%, Q2: 1.4%, Q3: 3.4%, Q4: 3.6% ● Focus on increasing speed to instal
Slide 31: Agenda
Agenda 1. Pest Control & Hygiene and Wellbeing Markets North America Pest Control Services - What we set out to do - 2025: The plan we outlined and progress 2. against the plan - Continuing the plan - further simplification and focus on growth International 3. - Growth and Emerging markets - Pest Co
Slide 32: Continuing Focus on Operational Execution
Continuing Focus on Operational Execution Regional and local brands: ~30 to support growth Next steps: Utilising ~30 local brands Original plan ● Residential and SME demand is highly localised - search, local ads etc. Focus on the core Terminix and Rentokil brands. ● Growth requires multiple, well-p
Slide 33: Continuing Focus on Operational Execution
Continuing Focus on Operational Execution Continuing rollout of small, local branches - building customer proximity Original plan New plan in 2025 Continuing the plan ✔ Over 650 to c.400 branches. Net ✔ More branches - 150 small, ● Increasing roll out of branches reduction of c.100 in 2023. local br
Slide 34: Continuing Focus on Operational Execution
Continuing Focus on Operational Execution New BI tool simplifies the use of branch data and systems Original plan: Single System Branch 360 ● Data from both existing branch systems (Mission & PestPac). ● Utilise data migration of systems to ● Easy to access branch BI scorecard - branches & regions t
Slide 35: Continuing Focus on Operational Execution
Continuing Focus on Operational Execution Pay plan implementation no longer linked to systems harmonisation Original plan: Field Leadership: Completed to region level. Harmonisation of Branch Plan was to harmonise field Managers pay in early 2026. Includes a quarterly Incentive and leadership pay. r
Slide 36: Summary
Summary North America: New Plan Continues - Simpler Approach Encouraging progress in 2025: ● Smarter local marketing - increase in Organic Leads. ● Return to total Residential leads growth up 7.1% in H2. ● Strong lead flow in regional and local brands. ● Sales returned to branches - improved perform
Slide 37: Agenda
Agenda 1. Pest Control & Hygiene and Wellbeing Markets North America Pest Control Services - What we set out to do - 2025: The plan we outlined and progress 2. against the plan - Continuing the plan - further simplification and focus on growth International 3. Growth and Emerging markets - Pest Cont
Slide 38: International
International Revenue in Pest Control up 5.4%, Hygiene & Wellbeing up 4% Growth Markets Emerging Markets 2025 Revenue up 4.4%, Profit up 4.7% 2025 Revenue up 6.2%, Profit up 10.8% Changing public attitudes requiring higher standards Mega cities will generate higher economic growth of hygiene and wel
Slide 39: Pest Control
Pest Control A global leader in pest control +3.7% Revenue growth to $5.7bn. +2.6% Organic growth (H1: 1.8%, H2: 3.4%). 31 acquisitions with revenues in the year prior to purchase of c. $55m. +4.9% Adjusted Operating Profit to $1bn. 18.3% Adjusted Operating Margin +0.2%pts. Pest Control: 83% of Grou
Slide 40: Hygiene and Wellbeing
Hygiene and Wellbeing Strong ‘sister’ business to Pest, shared overheads and density focus +4.3% Revenue growth to $1.2bn. +2.3% Organic growth (H1: 0.9%, H2: 3.6%). 5 acquisitions with revenues in the year prior to purchase of c. $8m. +7.8% Adjusted Operating Profit to $224m. 18.6% Adjusted Operati
Slide 41: AI in Rentokil Initial
AI in Rentokil Initial 100 Agents in development to support growth and efficiency Gemini launched to all 60,000+ colleagues in 2025. AI Productivity Embedded with email, Google docs etc. Over 1 million uses in the first 6 months. RI developed portal launched PestConnect Optix Secure portal “Rat-GPT”
Slide 42: Examples: AI Agents
Examples: AI Agents Creating operational efficiency and actionable insights through AI and Agentic AI across all lines of the business Prospect Prioritisation Pilot A fully developed Prospect Prioritisation Solution, where multiple AI Agents combine together to score leads based on a number of facto
Slide 43: Leaving the Rat Race…
Leaving the Rat Race… THE RIGHT WAY plan - latest scorecard can be found in the Appendix. Impact on Employer Health and of Choice Preparing to hand over the baton to Mike on Society Safety Shareholder Great Service Value Leading 16 March, all on track. Very smooth transition. Dividend Brands M&A Cus
Slide 44: Questions and Answers
Questions and Answers To ask a question, please submit it via the questions tab online or join the conference call: UK (Local): +44 20 3936 2999 UK (Toll-Free): +44 808 189 0158 US (Local): +1 646 233 4753 US (Toll-Free): +1 855 979 6654 Access Code: 093809 (if you are not already registered) Confid
Slide 45: Appendix: THE RIGHT WAY PLAN
Appendix THE RIGHT WAY PLAN ESG: MSCI AA rated, FT UK’s best employers, Group Colleague Retention: +1.1 ppt to 87.4% S&P Global Sustainability Yearbook 2026 Impact on society: 180 charities supported in 2025 as Record Safety Performance: Lost Time Accidents at 0.28 part of centenary celebrations (20
Slide 46: Terminix Termite Control
Appendix Terminix Termite Control Continued long term positive trends in open claims, but pressure on cost per claim, as legacy claims continue to be resolved ● Significantly fewer filed warranty claims: Total filed warranty claims reduced: 16% reduction in 2025 vs 2024 ● Open warranty claims furthe