Post the Call: Confidence on H2 acceleration, EMs strong, Developed Markets remain mixed

研报英文原文证据摘录

Post the Call: Confidence on H2 acceleration, EMs strong, Developed Markets remain mixed

C A Z E N O V E Europe Equity Research

29 July 2026

Reckitt Neutral

RKT.L, RKT LN

Post the Call: Confidence on H2 acceleration, EMs Price (28 Jul 26):5,176p

strong, Developed Markets remain mixed Price Target (Dec-27):5,800p

Following Reckitt’s H126 sales beat, management struck a confident tone on FY26 European Food Producers,

guidance of +4-5% topline growth, still accounting for Russia Hygiene in its Household & Personal Care

assumptions. While Q1 was pressured by an abnormally weak flu season, Reckitt Products, Beverages & Tobacco

sees the acceleration in Q2 continuing for the remainder of the year, making Celine Pannuti, CFA AC

“prudent assumptions” on flu levels, with FY growth still expected to be H2 (44-20) 7134-7123

weighted. Regionally, North America is expected to be softer in Q3 and stronger celine.pannuti@jpmorgan.com

in Q4 due to tougher comps in the coming quarter, Europe is expected to return to Edward G Hockin

modest growth in H2 with sequential improvement, albeit on a still challenged (44-20) 7742-6937

edward.hockin@jpmorgan.com

environment, while Emerging Markets strong performance should continue. On J.P. Morgan Securities plc

margins, H1 operating margin of 23.6% delivery (-100ps y/y) was better than the

-200bps expected, driven by less severe gross margin headwinds from the Middle Specialist Sales contact details:

East conflict and earlier-than-anticipated phasing of some Fuel for Growth Olivia Petronilho - Specialist Sales -

savings, however guidance for FY remains unchanged between 24.9% and 25.6% European Consumer

as management want to maintain flexibility in BEI investments. While we view (44-20) 3493-3709