First Read Reckitt Benckiser: Off the call (2Q26)

研报英文原文证据摘录

First Read Reckitt Benckiser: Off the call (2Q26)

d execution (India offline-led, China online-

led), with learnings applied to other markets. Focus on scaling smaller high opportunity

markets.

Emerging Markets local competition: The impact in the Middle East has been

significant for Reckitt - had to close plant in Bahrain (but has now been reopened, with

disruption whenever the conflict picks up - manageable). Overall, have not had a

disproportionate impact vs peers in the region.

Emerging Markets gross margins: Continue to expect differential vs developed

markets to continue closing over time. Can price more quickly in EMs than in developed

markets, so could quickly respond to cost headwinds.

China intimate wellness: Durex soft due to VAT, content restrictions, and some fairly

deep promo from some competitors. Very optimistic about outlook, expect a recovery.

Doing very well in social commercial, growing very fast on the "platform that matters

most in China". Have further innovations coming behind Durex.

China innovation centre: Recently opened. The centre combines consumer insight,

innovation and local expertise, to create more tailored local innovations, with enhanced

marketing capabilities.

North America: Returned to growth in Q2. Started shipping Mucinex 12HR Cold

& Fever at the end of Q2. Strong performance in Lysol, ahead of market, supported by

growth in adjacent categories. Household care softer with weak demand for Finish. Mix

contributed +1.4pp in Q2. For H2, continue to focus on executional excellence across

whole portfolio. Mucinex 12HR had a strong positive reaction from retailers, with

multiple shelf facings secured - will be incremental to upper respiratory portfolio.

North America Q2: Destocking continued into April due to season. Non-seasonal