Reckitt Benckiser Group PLC: 3.5% Q2 OSG forecast

研报英文原文证据摘录

Reckitt Benckiser Group PLC: 3.5% Q2 OSG forecast

Equity Research

European Consumer Staples

24 June 2026

Reckitt Benckiser Group PLC

3.5% Q2 OSG forecast

We forecast Q2 Core RKT OSG of 3.5% with EM growth of

7.5%, US 3% and Europe -1.5%. This would leave H1 Core RKT

growth of 2.5%, which requires H2 OSG of >5% to hit the RKT.L/RKT LN OVERWEIGHT Unchanged

guide. Despite very easy cold and flu comps in H2, investors European Consumer NEUTRAL

are likely to stay sceptical with onus on management to Staples Unchanged

deliver in H2. Price Target GBp 5600

Unchanged

Price (23-Jun-26) GBp 4655

We will be hosting our inaugural Consumer Health Corporate Day, taking place in London Potential Upside/Downside +20.3%

tomorrow Thursday, 25 June 2026. This is the last chance to register - (LINK). The event will Source: Bloomberg, Barclays Research

offer attendees numerous opportunities to engage with senior Consumer Health operators,

consultants and disruptors in group meetings, 1x1s and across 10 plenary sessions. Market Cap (GBP mn) 29561

Shares Outstanding (mn) 635.05For one of the ten plenaries, we will be hosting a fireside chat with Reckitt's Chief

Free Float (%) 99.99Category Growth Officer, Ryan Dullea. We will touch on topics including the cold and flu

52 Wk Avg Daily Volume (mn) 1.0season, Emerging Market growth priorities, the Mucinex 12hr launch in the US and the

Dividend Yield (%) 4.63outlook for Reckitt's intimate wellness business.

Return on Equity TTM (%) 44.06

A weak start to 2026: Q1-26 headline growth of +1.3% LFL was a clear miss impacted by a Current BVPS (GBp) 1200

sizeable impact from a weak cold & flu season (~180bp drag) and Russia (~80bp headwind). The Source: Bloomberg

Russia headwind was not expected and a negative surprise and something that is likely to