Haleon (HLN.LN) 1H/2Q26: Four legs good, two legs bad

研报英文原文证据摘录

Haleon (HLN.LN) 1H/2Q26: Four legs good, two legs bad

30 July 2026

Callum Elliott, CFA, ACA

+44 20 7676 7183

European Household & Personal Care callum.elliott@bernsteinsg.com

Haleon plc Victoria Nice, CFA

+44 20 7762 5862

Rating victoria.nice@bernsteinsg.com

Market-Perform Henry Dennis

Price Target +44 20 7676 6776

henry.dennis@bernsteinsg.com

HLN.LN 415.00 GBp

Simran Cheema

+44 20 7676 6705

simran.cheema@bernsteinsg.com

Haleon reported its 2Q/1H26 results this morning with a mixed set of numbers. On the one

Close Date 29 Jul 2026

hand, organic growth remains stubbornly weak, in contrast to the solid organic trends reported

HLN.LN Close Price (GBp) 379.70

by many of Haleon’s peers this quarter. Organic growth of 3.1% fails to meet a low bar of

Price Target (GBp) 415.00

3.2% consensus, which itself had fallen over 100bps over the past few months, and around

Upside/(Downside) 9%

200bps over the past year. By contrast, however, margins are very strong, around 70bps

52-Week Range 416.10/317.90

ahead of consensus, which - despite the weak top-line - results in a ~3% beat on EPS. We are

EDME 1,601.43

likely to need to see positive revisions as a result, and confidence in the medium-term margin

FYE Dec

delivery should likely also increase. As Staples analysts, it is deeply ingrained in our psyche that

Div Yield 1.9%

what matters most for these stocks is Organic growth. Four legs good, two legs bad. But at

Market Cap (GBP) (M) 33,447

what point do we question that mantra? Ultimately, we fear that the weak organic growth will

EV (GBp) (M) 40,791

dominate share of mind this morning, especially after the strong share-price performance of

the past month, but at the same time, we imagine that bulls will feel emboldened by the margin Performance YTD 1M 6M 12M