Slide 1: 2025 Full year results
2025 Full year results February 2026
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that are, or may be These forward-looking statements and views may be based on a number deemed to be, “forward-looking statements” (including for purposes of of assumptions and, by their nature, involve known and unknown risks, the safe harbor
Slide 3: Brian McNamara, CEO
Brian McNamara CEO 2025 Full year results
Slide 4: Good progress against strategic priorities of growth, productivity and culture
Haleon is making good progress against strategic priorities of growth, productivity and culture 3.0% organic revenue growth1 with 60% of business gained or maintained share2; Market impacted by lower category growth with Haleon outperforming a challenging market Productivity agenda delivering with +
Slide 5: FY 2025 results
FY 2025 results £11.0bn 3.0% 2.3%/0.7% FY revenue Organic revenue growth1 Price / Volume Mix Q4 results Adjusted gross profit1: Up 4.4% at constant currency Strong cash generation1: Strong FCF generation of c.£1.9bn 2.1% 220bps margin expansion at constant currency Net debt / Adjusted EBITDA of 2.6x
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 Operational Reducing gap versus Complexity Simplified efficiency and peers on Service, cost reduction footprint effectiveness and inventory £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: 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 11: Dawn Allen, CFO
Dawn Allen CFO 2025 Full year results
Slide 12: Delivering against our value creation framework in 2025
Delivering against our leading value creation framework in 2025 Operating Strong cash flow Disciplined leverage generation capital allocation 2025 2025 2025 performance performance performance 4-6% organic Working capital 11 day Invest for A&P2: +7.5% revenue growth 3.0% improvement Growth improveme
Slide 13: FY 2025 organic revenue growth: +3.0%
FY 2025 organic revenue growth : +3.0% 1 £m ORG1 +3.0% Organic revenue impacted by softer category growth, inventory action in 2.3% (2.0)% North America drug channel and lower 0.7% 11,233 levels of cold and flu incidence Price Net M&A Volume/Mix (2.8)% 11,030 Net M&A dilution reflects divestment of
Slide 14: FY 2025 organic profit growth: +10.5%
FY 2025 organic profit growth : +10.5% 1 £m (5.7)% Operating leverage driven by 10.5% Net M&A continued productivity initiatives (3.8)% 2,526 2,500 enabling continued investment in A&P Translational and R&D spend Operating leverage FX Net M&A - divestment of ChapStick and Non-US Smokers’ Health busi
Slide 15: High quality earnings
High quality earnings % YoY % YoY £m FY 2025 FY 2024 (AER) (Organic) Revenue 11,030 11,233 (1.8)% 3.0% Adj. gross margin improvement +220bps2, well ahead of 50-80bps Adjusted gross profit 1 7,193 7,099 1.3% 4.4%2 target % Adjusted gross margin 1 65.2% 63.2% 200bps 220bps2 Margin expansion driven by
Slide 16: Productivity: supply chain transformation
Productivity: supply chain transformation FY adj. gross profit: +4.4% with margin up 220bps 1 Operational Build for Immediate accelerators Excellence Tomorrow SKUs Formulations Increased equipment Network Progress to date2 effectiveness optimisation Optimised c.26% c.12% freight routes Ambition by 2
Slide 17: Global portfolio delivering growth
Global portfolio delivering growth Organic Organic Q4 2025 revenue FY 2025 revenue revenue growth1 revenue growth1 £m % £m % Oral Health 866 9.3% 3,461 7.9% VMS 430 1.2% 1,685 1.9% Pain Relief 631 0.5% 2,564 2.3% Respiratory Health 470 (4.6)% 1,873 (1.9)% Digestive Health 256 0.7% 987 0.5% Therapeut
Slide 18: Respiratory Health impacted by cold and flu season
Respiratory Health impacted by cold and flu season Weekly market cold and flu (million units) 50 C&F season 45 2024-25 40 2025-26 35 30 25 20 15 Winter season Off season 10 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Source: local week data, 10 markets (US, FR, UK, DE, IT, RU, PL, SK, CZ and HU)
Slide 19: North America
North America 35% • Q4 organic revenue growth1: (1.0)% of FY 2025 revenue with 2.7% price and (3.7)% volume/mix • Q4 performance reflects: FY revenue – Outperformance versus the market – Strong momentum in Oral Health (0.4)% 1.0% (1.4)% – Improving trend in VMS – Weaker cold and flu sales Organic gr
Slide 20: EMEA & LATAM
EMEA & LATAM 42% of FY 2025 revenue • Q4 organic revenue growth1: +3.2% with 3.5% price and (0.3)% volume/mix FY revenue • Q4 performance reflects: 4.7% 4.2% 0.5% – Continued strength across Oral Health and VMS – Decline in Respiratory health impacted by weak cold and Organic growth1 Price Volume /
Slide 21: Asia-Pacific
Asia-Pacific 23% of FY 2025 revenue • Q4 organic growth1: +5.9% with (0.3)% price and 6.2% volume/mix FY revenue • Q4 performance reflects: 5.2% 1.0% 4.2% – Mid-single digit growth in China with strength in Pain Relief and Oral Health Organic growth1 Price Volume / mix – Double digit growth in India
Slide 22: Adjusted diluted EPS growth +5.0%
Adjusted diluted EPS growth +5.0% 1 £m FY 2025 FY 2024 % change Adjusted operating profit1 2,526 2,500 1.0% Net finance costs Net finance costs (262) (302) (13.2)% • Reduction driven by lower net debt and favourable foreign exchange movement on US Dollar denominated debt Adjusted tax1 (554) (527) 5.
Slide 23: Significant reduction in adjusting items
Significant reduction in adjusting items £m FY 2025 FY 2024 % change Net amortisation and impairment changes Adjusted operating profit1 2,526 2,500 1.0% • Lower given 2024 included impairment charge for Nexium Net amortisation and (60) (147) Restructuring costs impairment of intangible assets1 • Mai
Slide 24: Strong free cash flow generation
Strong free cash flow generation £m FY 2025 FY 2024 % change Adjusted operating profit1 2,526 2,500 1.0% P&L adjusting items 1 (114) (294) Working capital • 11-day reduction in working capital cycle vs FY 2024 Non-cash movements 478 481 Tax (paid) Working capital and other movements2 (183) (207) • O
Slide 25: Reduced net debt
Reduced net debt £m 2.8x 2.6x Cost of bond debt2: 3.0% Net debt / Net debt / Adjusted EBITDA1 Adjusted EBITDA1 67% fixed/33% floating3 £7.9bn Shareholder returns $1,750m bond repaid March 2025 £7.3bn (17) £1.3bn cash and no commercial paper M&A Dividend Other payment 500 outstanding (1,913) movement
Slide 26: Disciplined capital allocation to deliver growth and attractive returns
Disciplined capital allocation to deliver growth and attractive returns Investing for growth Bolt-on M&A Shareholder returns • Continued investment in A&P • Completed acquisition of • £612m returned to remaining 12% stake in China shareholders through dividends • R&D investment behind JV for £174m i
Slide 27: 2026 guidance
2026 guidance 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 impact both net revenue and • Tax ra
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 2025 Full year results
Slide 30: Reach 1 billion more consumers by 2030
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 31: Driving growth and agility in North America
Driving growth and agility in North America Transforming Strengthened Investing in North America North America capability building for long-term leadership team success • Streamlining and • Strengthened net • Strengthen in-market simplifying business revenue management execution model • Marketing ef
Slide 32: Good progress against strategic priorities of growth, productivity and culture
Haleon is making good progress against strategic priorities of growth, productivity and culture 3.0% organic revenue growth1 with 60% of business gained or maintained share2; Market impacted by lower category growth with Haleon outperforming a challenging market Productivity agenda delivering with +
Slide 33: Appendix
Appendix
Slide 34: 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 35: Historic quarterly growth across the categories
Historic quarterly growth across the categories Organic revenue growth1 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Oral Health 10.6% 9.1% 8.2% 10.6% 9.6% 6.6% 8.7% 6.9% 9.3% 7.9% VMS 9.9% 8.5% 3.7% 8.2% 7.6% 0.9% 0.9% 4.9% 1.2% 1.9% Pain Relief (4.8)% (4.0)% 3.1% 7.4% 0.1% 2.6% 2.5% 3.7% 0.5% 2.3% Resp
Slide 36: Debt profile
Debt profile Net debt Group net Group net £m debt at 31 Dec 2025 debt at 31 Dec 2024 c.6.2 years Short-term borrowings 836 1,487 Duration1 Long-term borrowings 7,773 8,640 Derivative financial liabilities 65 160 Cash and cash equivalents (1,324) (2,250) c.3.0% Derivative financial assets (87) (130)
Slide 37: IFRS and Adjusted Income Statement
IFRS and Adjusted Income Statement Unaudited 12 months ended 31 December Gross Profit Operating Profit Income tax £m 2025 2024 2025 2024 2025 2024 IFRS Results 7,080 6,824 2,412 2,206 (472) (435) Net amortisation and impairment of intangible assets 58 147 60 147 (12) (35) Restructuring costs 55 123
Slide 38: IFRS and Adjusted Income Statement
IFRS and Adjusted Income Statement Unaudited 12 months ended 31 December Profit Diluted earnings attributable per share to shareholders (pence) £m 2025 2024 2025 2024 IFRS Results 1,667 1,442 18.5 15.7 Net amortisation and impairment of intangible assets 48 112 0.5 1.2 Restructuring costs 69 165 0.8
Slide 39: Reconciliation of FY organic growth
Reconciliation of FY organic growth1 Product categories Ended 31 December Therapeutic Oral Pain Respiratory Digestive Skin Health 2025 vs 2024 (%) Health VMS Relief Health Health and Other Total Revenue growth 4.5 (0.6) - (11.7) (4.1) (9.8) (1.8) Organic adjustments - - - 8.1 0.2 8.7 2.0 Effect of e
Slide 40: Reconciliation of quarterly organic growth
Reconciliation of quarterly organic growth North America EMEA & LatAm Q1 Q2 HY Q3 Q4 FY Q1 Q2 HY Q3 Q4 FY 2025 vs 2024 (%) 2025 2025 2025 2025 2025 2025 2025 vs 2024 (%) 2025 2025 2025 2025 2025 2025 Revenue Growth (1.6) (9.3) (5.4) (2.0) (4.7) (4.4) Revenue Growth (4.3) (4.7) (4.5) 3.5 2.7 (0.8) Or
Slide 41: Free cash flow and Adjusted EBITDA
Free cash flow and Adjusted EBITDA Free cash flow1 Adjusted EBITDA1 Twelve months to 31 December Twelve months to 31 December £m 2025 2024 £m 2025 2024 Net cash inflow from operating activities 2,634 2,301 Adjusted operating profit 1 2,526 2,500 Capital expenditure 1 (413) (318) Add: Depreciation –
Slide 42: FY 2025 results
FY 2025 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