Slide 1: Financial Results for the six months to 30 June 2025
Financial Results for the six months to 30 June 2025 31 July 2025 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: Half Year Results | Agenda
Half Year Results | Agenda Introduction Andy Ransom Questions and Answers To ask a question, please submit it via the questions tab online or Group Financial Results: Paul Edgecliffe-Johnson join the conference call: UK (Local): +44 20 3936 2999 UK (Toll-Free): +44 808 189 0158 Strategy Update: Andy
Slide 4: Half Year Results | Summary
Half Year Results | Summary H1 Group Results* H1 North America Revenue Growth of 3.1% to $3,364m New marketing strategy execution underway in Q2 Organic Growth of 1.6%; 2.7% in International; c.100 satellite locations now operational North America Q2 1.4% vs Q1 0.7% (H1: 1.1%) Terminix una
Slide 5: Our Focus for H2 2025
Our Focus for H2 2025 North America: Growth and Integration 1. Continue RIGHT WAY 2 Growth plan – customer retention, pricing, trusted advisor, broader marketing execution and branding, door to door pilot. Focus on Contract portfolio and leads 2. Continue to roll out satellite branches from c.100 to
Slide 6: Financial Review
Half Year Results 2025 Financial Review Paul Edgecliffe-Johnson Chief Financial Officer 6
Slide 7: Group Financial Highlights
Group Financial Highlights Revenue +3.1%, (5.1% International) $3,364m +1.6% Organic Growth Continuing Operations Δ Δ Constant* $ million H1 2025 Reported Currency Adj. Operating Profit $511m Solid, in line performance Revenue 3,364 3.0% 3.1% Adjusted Operating Profit 511 -4.7% -4.5% Free Cash Flow
Slide 8: North America
North America Δ H1 2025 Constant Organic Revenue +1.1%: Currency Pest Control +1.1%; Pest Control Services for commercial, residential and termite customers +0.1% Revenue $2,106m +2.0% North America Q2 organic growth +1.4% (Q1 +0.7%) Organic Revenue +1.1% Pricing impact more than offset volume d
Slide 9: Driving North American Performance
Driving North American Performance Improving data analysis and insight Key initiatives and integration update Enables enhanced branch segmentation to: Driving lead growth Refocusing marketing budget to organic lead generation Drive remediation of underperforming branches c.100 Satellite branch
Slide 10: International Region
International Region All regions outside of North America Organic Revenue +2.7% Δ Pest Control +3.8%; Hygiene & Wellbeing +1.1% H1 2025 Constant Strongest performance in Europe and Asia & MENAT, driven by Currency pricing and growth in Southern Europe, India and Indonesia Revenue $1,251m +5.1%
Slide 11: Divestment of France Workwear
Divestment of France Workwear Transaction Summary Enterprise value €410m (c.$465m), including up to €30m (c.$34m) earn-out based on FY26 EBITDA Completion expected late Q3 / early Q4 Expected net cash proceeds €370m (c.$420m) Increased cash generation for long-term shareholder value Accounti
Slide 12: Group Adjusted Cash Flow
Group Adjusted Cash Flow $ million H1 2025 H1 2024 Adjusted Operating Profit 511 537 Depreciation 158 153 Commentary Other 17 17 Adjusted EBITDA 686 707 One-off and adjusting items (Non-Cash) (66) 5 Adjusted Free Cash Flow Conversion was 93%, ahead Working capital (51) (115) of guidance 80% Movement
Slide 13: Driving Cash and Cost Efficiency
Driving Cash and Cost Efficiency Managing Working Capital and Cash Sustainable cash generation an important priority; strong focus on operational cash conversion Working capital improvement Disciplined approach to capital expenditure M&A remains a key growth driver; now expect c.$200m in FY2
Slide 14: Terminix Termite Control
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: 18% reduction in H1 2025 vs H1 2024 Open warranty claims further r
Slide 15: Technical Guidance for H1 2025
Technical Guidance for H1 2025 (Continuing Operations) P&L Guidance Cash Flow Guidance Restructuring costs: $10m; and One-offs & Adjusting items excl. One-off & Adjusting items: c.$80-90m Terminix c.$10m Working Capital: c.$75-85m outflow and provision Terminix integration costs to achieve*:
Slide 16: Financial summary
Financial summary In line H1 performance and outlook Stronger cashflow performance Improving data and insights to drive North American performance Encouraging recent results from lead flow growth initiatives Ongoing efficiency and working capital progress More focused, cash generative bu
Slide 17: Strategy Update: Markets and Businesses
Half Year Results 2025 Strategy Update Markets and Businesses Andy Ransom Chief Executive 17
Slide 18: Focused on Growth
Focused on Growth 1. Global Markets and Businesses: Pest Control and Hygiene & Wellbeing Questions and Answers 2. International Region: Growth and Emerging Markets Opportunity To ask a question, please submit it via the questions tab online or 3. North America Region: Business Services performing we
Slide 19: Pest Control
1. Pest Control (H1: 83% Revenues) Over 10 years the global market has grown from $14.4bn to $27.3bn 6.6% $27.3 A global leader in Pest Control (US$ bn) $14.4 Growth Drivers North America $13.4 Legislation, urbanisation, $7.2 6.4% (49%) growing middle classes, higher (50%) hygiene standards, climate
Slide 20: Pest Control forecast outlook
1. Pest Control Forecast outlook for industry growth remains very healthy CAGR (2024 - 2034): Total Market 6.2% Growth across sectors, particularly Termite. 6.3% 5.7% 6.8% CAGR 2024 - 2034 Latest forecasts show consistent market growth levels in line with past 10 years Value of the global market exp
Slide 21: Hygiene & Wellbeing
1. Hygiene & Wellbeing (H1: 17% Revenues) Sister business to Pest Control A global leader in core Hygiene services - 70 markets and leading positions in over a third of the markets Industry-leading products – in hand, air and in-cubicle Hygiene. Increasing focus on washroom dignity and the developme
Slide 22: International Region
2. International Region (37% Group Revenues) High quality businesses in non-cyclical markets Growth & Emerging Markets We continue to invest and expand in our Market CAGR of c.6% to 2030 International markets 87 markets Leading economies of Europe, UK, Asia, MENAT, Revenues of $1.25bn in H1 2025, up
Slide 23: North America Region
3. North America Region (63% Group Revenues) A Leader in Pest Control; expert in Business Services Business Services Focused on growth in Pest Control; Business 19% Pest Control Products Services operations performing well Pest Control Lake/Vector Ambius Revenues of $2,106m in H1 2025, up 2.0%, 1.1%
Slide 24: North America – Business Services
3. North America – Business Services Strong standalone businesses Business Services are high-quality businesses with deep expertise in their specialist areas Ambius (interior planting), VDCI (public sector mosquito vector control), SOLitude (lake management), Steritech (food hygiene and brand standa
Slide 25: US Pest Control: One-off Jobs
4. US Pest Control: One-off Jobs One-off Job Organic Revenue in H1 up by +1.0% Typical % of US Pest Control Revenue One-off customer issue eg Wasp nest in garden, bird proofing What are we doing: Importance of web searches for new 1-off Jobbing customers 25% 1. Trusted Advisor Over 40% jobs from exi
Slide 26: US Pest Control: One-off Jobs Trusted Advisor
4. US Pest Control: One-off Jobs Focus on leads from existing customers and internet, and pricing Trusted Internet Job Advisor Leads Pricing Participation rates among technicians In Q2 we began to refocus marketing spend Pricing lever is being utilised successfully. (Trusted Advisor) has improved fr
Slide 27: US Pest Control: Contract Portfolio
5. US Pest Control: Contract Portfolio Contract Organic Revenue in H1, -0.2% YoY Typical % of US Pest Control Revenue Customer Retention rates of 80.3% (H1 2024: 79.3%) 75% of Revenues Three areas to improve: 1-off Jobbing Under contract on 1st January 25% A. Customer Retention Most contracts allow
Slide 28: Customer Retention
5A Customer Retention H1: 80.3% (H1 2024: 79.3%) “Drive to 85” programme is designed to transform our capability over time Focus on getting the basics right: Service adherence, speed of sale to install, customer communications, billing and scheduling Customer Saves team: In June, Saves team increasi
Slide 29: Pricing
5B Pricing Opportunity to go further on pricing Enhancing our capabilities in Pricing Making good progress with strong pricing discipline to both new and existing customers New leadership expertise added in H1 (VP, Pricing) to build our pricing programme • Auto pay adoption tactics – customers on au
Slide 30: Lead Generation: Marketing and Brand
5C Lead Generation: Marketing and Brand 20 initiatives in H1 to target a broader channel mix, support national and regional brands and drive increased lead flow ▪ Focused on broad range (full-funnel) lead growth activities ▪ Aligned spend to awareness channels that drive Too focused on paid-for digi
Slide 31: Lead Generation: Satellite Branches
5C Lead Generation: Satellite Branches Closer customer relationships and stronger reviews Win local: Low-cost branches targeting key zip codes to build local presence and community c.100 satellite branches operational by the end of Q2 (Q1: 36) • First 25% satellite branch pilots opened Q4-Q1 - gener
Slide 32: Lead Generation: Signs of Progress in Q2
5C Lead Generation: Signs of Progress in Q2 Targeted actions driving improved results Total All Brands Residential (inc. Termite) Inbound Lead Growth 10% 6.6% 5% 0% MQL vs Prior Year -5% -7.4% -3.0% -8.1% -10% -9.3% -15% -15.6% -20% Jan Feb Mar Apr May Jun Some encouraging developments Too early to
Slide 33: Door to Door Sales Pilot
5C Door to Door Sales Pilot Pilot launched in Q2 with 23 branches – focus on contract sales Operating across 23 branches 5 additional branches starting in July Residential contract focus: Pest Free 365 plans (protection Over 100 from main pest types) plus Tick and Mosquito c.$12m sales, as of 30 Jun
Slide 34: Focused on Growth
Focused on Growth >6% CAGR market growth Attractive Structural Growth Markets: 1 2024-34 Global Pest Control and Hygiene & Wellbeing International and North International North America (37% Revenues) (63% Revenues) 2 American growth below High quality businesses in Pest and H&W Excellent business in
Slide 35: H1 2025 Summary
H1 2025 Summary Q2 activities showing signs of progress, but much more to do Revenue Growth Solid H1 in International 3.1% to $3,364m Broader US marketing execution underway in Q2 Rebuilding in bound Resi lead flow - up 6.6% in Q&A Organic Growth of 1.6%. June will begin shortly NA: Q2: 1.4%,
Slide 36: Appendix
PROTECTING PEOPLE | ENHANCINGLIVES | PRESERVING OUR PLANET Appendix Rentokil Initial 36
Slide 37: Pest Control Category
Pest Control Category A global leader in pest control Revenue increased by 2.9% (1.8% Organic) to $2,791m Adj. Operating profit declined by 4.2%, as lower volumes and inflation outweighed pricing gains. Margin of 18.0%. 16 pest control acquisitions completed in H1, with prior year revenues of
Slide 38: Hygiene and Wellbeing Category
Hygiene and Wellbeing Category Strong ‘sister’ business to Pest, shared overheads and density focus Revenue increased 4.3% (0.9% Organic) to $566m in H1 Adj. Operating Profit increased 5.0% as pricing gains offset cost inflation. Margin of 17.2% 2 bolt-on acquisitions in H1, contributing c.$4m