Management Breakfast Highlights

Research evidence excerpt

Management Breakfast Highlights

Update

August 4, 2026 11:28 AM GMT

Morgan Stanley & Co. International plc+MRentokil Initial PLC | Europe Annelies Vermeulen

Equity Analyst

Management Breakfast Annelies.Vermeulen@morganstanley.comZachariah Al-Qaryooti +44 20 7425-4367

Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

Highlights

Rentokil Initial PLC (RTO.L, RTO LN)

Business Services | United Kingdom

Key Takeaways Stock Rating Overweight

Industry View Attractive

Rentokil hosted a sell-side analyst breakfast in London this morning, with the Price target 500p

new group CEO, the CFO and IR, which we attended. Shr price, close (Jul 31, 2026) 345p

52-Week Range 507-345p

As at 1H, while there was a lot of management focus on what RTO needs to do Mkt cap, curr (mn) US$11,782

Net debt (12/26e) (mn)* US$3,553

better, where there is most room for improvement and the MT business potential EV, curr (mn)* US$15,592

... * = GAAP or approximated based on GAAP

… management gave no further detail on timing, quantification or execution

milestones, and the recovery trajectory looks uncertain near term. Highlights

below.

We remain Overweight on valuation and the MT potential, but acknowledge that

the path to multiple recovery looks more opaque given outlook uncertainties ...

.. and note that management will need to rebuild investor conviction in the story

over the coming quarters, while showing evidence of positive strategic execution.

Comments are our interpretation of what was said, and should not be regarded as

verbatim quotes.

Strategic update. Management is looking to eliminate variability across the

business, and want to give employees freedom to execute within a framework, but

need to fully establish that framework. Bottom third of branches are a drag, and