Slide 1: Interim Results 2026
Initial Interim Results 2026
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: Interim Results 2026
Interim Results 2026 Mike Duffy, CEO 3
Slide 4: Agenda
Agenda 1. H1 Overview Mike Duffy 2. H1 Financial Review Paul Edgecliffe-Johnson 3. First Impressions and Priorities Mike Duffy Q&A Details can be found at the back of this presentation and at www.rentokil-initial.com 4
Slide 5: H1 Financial Results: Overview
H1 Financial Results: Overview H1 Growth Performance Organic Growth by Region ● Revenue +4.5% ● International +3.5% ● Organic Revenue +3.6% (Q2 +3.8%) ○ Q2 Pest +5.4% ● Operating Profit +6.6% ● North America +3.7% ● Free Cash Flow conversion of 96% ○ NA Pest Services +2.6% ● Net debt to EBITDA red
Slide 6: Interim Results Financial Review
Interim Results Financial Review Paul Edgecliffe-Johnson, CFO 6
Slide 7: Group financial highlights
Group financial highlights All figures are adjusted and on a continuing operations basis unless otherwise stated H126 H125 H126 H125 Revenue $3,589m $3,364m Free Cash Flow $318m $282m Constant Currency Growth 4.5% 3.1% Free Cash Flow growth 12.8% 31.2% Organic Revenue Growth 3.6% 1.6% Operating prof
Slide 8: North America: growth in revenue, profit and margins
North America: growth in revenue, profit and margins All figures are adjusted unless otherwise stated Constant H126 H125 Currency Revenue $2,197m $2,106m +4.2% Q2 Organic Revenue Growth +3.6% (Q1 26: +3.9%) - Q2 Pest Control Services +2.4% (Q1 26: +2.8%) Organic Revenue Growth +3.7% +1.1% - Q2 Busin
Slide 9: North America Pest Control Services: Residential performs well
North America Pest Control Services: Residential performs well Performance improvement over 30 months Half-yearly Organic Revenue Growth H1: Contract +2.6% (H125: +0.6%); Job +5.7% (H125: +4.5%)* Residential: solid growth through H1 - Leads: 6% growth; regional brands driving strong growth - Retenti
Slide 10: North America Pest Control: good margin progression
North America Pest Control: good margin progression All figures are adjusted unless otherwise stated Pest Control Services H126 FY24 Revenue $1,794m $3,430m Pest Control Services: at c. 20% margin in H126 - 140bps margin expansion since FY24 Operating Profit $353m $626m - Over 500 roles eliminated t
Slide 11: Reinvestments to drive Residential growth
Reinvestments to drive Residential growth in the last 18 months Sales & Marketing Service & Retain Customer - Optimising digital marketing - Customer saves team - More brands: local & regional - Pricing team - More branches: 220 new branches* - Trusted Advisor programme Colleagues: Rentokil-Te
Slide 12: International: improved Pest Control performance in Q2
International: improved Pest Control performance in Q2 All figures are adjusted and on a continuing operations basis unless otherwise stated Constant H126 H125 Currency Revenue $1,392m $1,258m +5.0% Q2 Organic Revenue Growth +4.2% (Q1 26: +2.7%) - Q2 Pest Control +5.4% (Q1 26: +2.8%) Organic Revenue
Slide 13: Group Free Cash Flow: continued strong cash conversion
Group Free Cash Flow: continued strong cash conversion Free Cash Flow: +12.8% to $318m Working capital - $54m outflow, up $3m YoY - Disciplined working capital management Net provisions - $44m outflow, up $5m YoY - Includes $46m legacy termite settlements Net capital expenditures & leases - $180m ou
Slide 14: Net debt: reduction in leverage to 2.4x
Net debt: reduction in leverage to 2.4x Reduction in net debt: $75m One-off items: $(70)m - $(39)m North America transformation costs - FY guidance raised to $110-120m; includes $70m FY NA transformation costs and $9m H1 International transformation costs M&A: $(39)m M&A - 14 businesses acquired ($2
Slide 15: Legacy termite: $44m additional provision
Legacy termite: $44m additional provision Settled claim volumes and value share H126: $44m additional provision made, primarily for non-litigated claims - Legacy termite provision $364m (FY 25: $358m) Litigated claims: - Strategic prioritisation of resolving high-value claims, particularly in Commer
Slide 16: Capital allocation framework
Capital allocation framework Targeted Grow a Return excess Invest in organic sustainable capital to growth M&A dividend shareholders Maintain a strong balance sheet Targeting 2.0x-2.5x net debt / adjusted EBITDA under normalised conditions 16
Slide 17: Financial review: summary and outlook
Financial review: summary and outlook Continued progress on Group Organic Revenue Growth - Ongoing execution of strategic initiatives in North America supporting improving growth in Residential Pest Control - Incremental focus required on North America Commercial - Encouraging improvement in perform
Slide 18: Building the platform for sustainable organic growth
Building the platform for sustainable organic growth Mike Duffy, CEO
Slide 19: First four months as CEO
First four months as CEO Operations Customers Colleagues Understanding Meeting and Frontline how the listening to immersion engine works customers Concentrated predominantly on the US - remains our main focus 19
Slide 20: Distinctive strengths that give us the right to win
Distinctive strengths that give us the right to win Experienced and Long-standing Category defining brands long-tenured customer technicians relationships Geographic A leader in the Industry leading coverage and branch biggest pest markets connected technology network Solid foundations t
Slide 21: My perspective on being a great service company
My perspective on being a great service company It’s about the front line… ….and the Customer ● Establishing clear expectations ● Winning at the moments of truth ● Providing resources and training ● Becoming a trusted advisor ● Removing barriers ● Delivering customer service excellence is a product
Slide 22: Opportunities
Opportunities Deliver operational consistency Invest in sales training, tools and and standardisation resources Set the frontline up for success Reduce complexity 22
Slide 23: Three core priorities to reinvigorate growth
Three core priorities to reinvigorate growth Value to be unlocked through consistent Great service performance organisations put the frontline and customers first Focus on growth markets / business lines and efficiency 23
Slide 24: Customer focus
Customer focus Great service organisations put the frontline and customers first Engaged, Systemise Execution More trained and and of service solution empowered standardise delivery in oriented frontline customer full every journey time US technician ~300,000 Customer UK Commercial engagement custom
Slide 25: Sales and operational excellence
Sales and operational excellence Value to be unlocked through consistent performance Focus on Identify best Branch Segment US new sales practice operating Residential & model Commercial c.20% of US Proactive sales Top third of US Conducting customers take in Spain; branches growth deep both Pest & l
Slide 26: Business simplification
Business simplification Focus on harmonisation, growth and efficiency Common Focus Cost Talent and systems and resources efficiency to capabilities processes for on highest fuel growth scalable growth growth markets c.450 systems Top 20 markets $90m c.150 different and applications accounted for ann
Slide 27: Building the platform for sustainable organic growth
Building the platform for sustainable organic growth Our Right to Win Our Core Priorities Clear opportunity for shareholder value creation 27
Slide 28: Q&A
Q&A To ask a question, please submit it via the questions tab online or join the conference call using the details below: Priorities for growth: Customer United Kingdom United States Focus UK (local): US (local): +44 20 3936 2999 +1 646 233 4753 Sales and UK (toll-free): US (toll-free): Operational