Reckitt (RKT.L): First Take: Beat in H1, with strong Emerging Markets growth, guidance maintained

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Reckitt (RKT.L): First Take: Beat in H1, with strong Emerging Markets growth, guidance maintained

Equity Research

29 July 2026 | 8:08AM BST

Reckitt (RKT.L): First Take: Beat in H1, with strong Emerging Markets

growth, guidance maintained

Emerging Markets drive better-than-expected Core Reckitt. Core Reckitt organic Olivier Nicolaï

+44(20)7774-2895 |

sales growth was +4.2% in Q2, ahead of company-compiled consensus data at olivier.nicolai@gs.com

Goldman Sachs International

+3.6%. The beat was driven by Emerging Markets (+9.4% vs cons. +7.6%) with

Tom Hulls

continued double-digit growth in China, high-single-digit in India and +44(20)7774-7641 | tom.hulls@gs.com

mid-single-digit in LatAm. This also included a 170bps drag from the Russia Hygiene Goldman Sachs International

Aron Adamskibusiness, which Reckitt recently announced a disposal of (more here). Europe +44(20)7774-6224 |

(-1.5%) sequentially improved from Q1, with June in growth, while the sequential aron.adamski@gs.comGoldman Sachs International

improvement in North America (+2.8%), was underpinned by strong Lysol Rebecca Ayo-Adebanjo

performance and support in self-care from the Mucinex 12-hour Cold & Fever Launch. +44(20)7552-2213 | rebecca.ayo- adebanjo@gs.com

Mead Johnson Nutrition (MJN) grew +7.2% in Q2 (vs cons. +4.2%), lapping softer Goldman Sachs International

comps. Group sales, which includes Vestacy Transitional Services revenue, were Srikar Medisetti

+1(332)245-7675 |

£6,411m in H1 +3.3% ahead of consensus (1% ahead of GSe). Group (Core Reckitt + srikar.medisetti@gs.com

Goldman Sachs India SPL

MJN) adjusted EBIT margin of 23.6% (vs cons. 22.5%) was helped by continued fixed

Sam Darbyshire, CFA

cost optimisation helping to offset stranded cost absorption, while gross margin +44(20)7051-9112 |