Reckitt Benckiser Group PLC (RBGLY) June 2, 2026 Conference Transcript

Okay, I think we shall begin. So thank you everyone for coming along this morning and thank you for enjoying the fine Scottish weather that we have today in Paris. I'm delighted to introduce Chris Licht, who I'm sure many of you know well. Chris is CEO of Wreckit. The format of today will be that we'll have probably around 25 minutes or so fireside chat between myself and Chris and then we'll open it up to questions from the audience and you can pose those questions via the app alternatively we will put a microphone around the room and so with that I'll put my spectacles on because I'm now getting to that age and let us begin so time flies it's been three years like I couldn't actually believe that two and a half I think but okay counter yeah since you took over the role that there's been an enormous amount of change at record through that period probably I'd say more change than maybe been over the previous ten years um when you reflect on all of that change how do you think it's gone do you think it's weighed on the performance of the business you think it's had no impact on the business how do you reflect on the last two and a half years chris thank you jeff thanks for having me it's good to see everyone so um look we've been busy at racket there's no question we have made a lot of changes.

I think it's safe to say that when I took over I felt that we needed that. I felt that our portfolio was lacking clarity and focus. I felt that our organization was complicated and I thought that too many things had gotten in the way of actually delivering the kind of performance that I know that were capable of fundamentally inside record there's a great company a truly excellent company but I felt that it had been cluttered by a number of things including the meat Johnson transaction but also a number of other tail businesses that was a drag on performance a clear drag and had been a drag for a long time and so it was a chance to really envision a simpler and sharper company. And that's what we set out to do. And we've been moving at great pace. We have restructured the company. We have carved out 90 tail brands in the essential home transaction. We have executed our fuel for growth program, which is still running and will continue to run. But that has delivered really nice cost savings and given us some oxygen to invest back in brands and innovation. So all of those things were exactly what I felt we needed to do, and it is what we have done. And so 25 was a really important year for the company where we achieved those things in a very accelerated timeframe. I think we did test the limits in terms of what's possible from a timing standpoint, but I'm frankly pleased that we did that because that means that we're now sitting here in 26 with much of that work behind us obviously we have one non-core business left but we have restructured the organization we can fully focus ourselves on execution on driving innovation and growing our brands and so i'm happy we went fast now whenever you do things like this this is heavy surgery on an organization of course there's an element of disruption there's some new people that take new jobs. There's changes that we have to make in the organization. And yes, that sometimes causes us to miss a beat slightly. But actually, if you look at what we did last year during the peak of this transformation, we grew 5.2% like for like. We raised our guide at the half year and then we beat it at the full year. So I was very proud of that because that's an unusual thing to see at the peak of transformation. And I think there's a learning in that for us. All companies are created differently, right? We have different cultures, we have different histories, we have different things that we But at Reckhead, what we value is doing hard things. And I think what I saw from our organization, from our team last year, was really the ability to do very difficult things and deliver performance at the same time. I think that was just terrific and it speaks to the fact that our culture thrives on that kind of challenge our culture is we're not very good sort of on Tuesday afternoon if we're not trying to do anything particularly exciting our organization responds to challenge to achievement to doing difficult things and doing them well and I think that's what we saw in 25 so I'm pleased about that would when you reflect on this period is there anything that you would have done different with the benefit of hindsight so I thought about that a few times I mean fundamentally no strategically big picture no I think we have been doing the right things they were exactly the things I felt we needed to do and we have done them like I said we've done them fast and it's gone pretty well um there's always things that you consider around pace and timing of things and of course we have things that don't go well right we have innovations that don't work out we have uh you know disruptions of different kinds some of you will remember we had a tornado that hit a warehouse i mean things go wrong um but and some of those are in our control so i wouldn't say that we're there's no perfection it's not that everything is going perfectly it's just that the big things have gone to plan and I really wouldn't want to have done it any other way of

course there's some things that that you know we're not entirely in control of I would love to sit here and have definite news about what we're doing with the me Johnson business that would be nice we have not managed to get there yet but we're working on it and and hopefully we we can share some news on that in in the near future okay thank you I'm going to do a geographical tour so maybe starting off close to home Europe and ANZ that's been difficult now for a couple of quarters you just elaborate what's sort of happening there and how

you see things playing out and what what what's your view of a sort of midterm mile goal for Europe so it has been tough in Europe it is tough right now in Europe it's our categories are very soft it's a low to no growth environment and we've seen this fairly significant deceleration of category dynamics and category growth over the really the last 12 months and some of that of course is about consumer sentiment which is not high there isn't a lot of growth in the economy broadly speaking and so that that is a concern that it's not it's not a great environment we had a very weak cold and flu season which you know seasons come and go this one was a particularly weak one it was actually weak lapping a weak season so it's a bit unusual to have that happen and then we have a very promotional environment in auto dish where finish is the market leader uh and we are defending our turf but it is very promotional and uh it uh it is a drag which of course plays into the i mean it's very much driven by the consumer dynamic that we just talked about now looking ahead i think i actually think that it will be fairly soft for a while in europe i can't really see any major catalysts that's going to change that of course we're very focused on executing at a high level of bringing innovation to the market and defending our competitiveness and so we're gonna keep doing that and I'm actually happy to see that the team is is executing that pretty well you know on finish for instance we're seeing some some good early signs of that but if you take the macro view I think it'll be tough I think our categories will be soft and I think it'll be that way for a while I hope I'm wrong I would love to see a resurgence in consumer spending in Europe, but I'm just not sure where the catalyst is going to come from right now. And obviously with the consequences from the war in the Middle East, that might present a further drag. So, the thing that's important to remember, though, is we didn't have a particularly great year in Europe last year either, because it was softening all through the fall, and yet we grew 5.2%. So while I would love to see all our geographies in good, strong growth, we can deliver our algo without Europe doing very much. So I would say we should expect sort of low to mid-single digits out of Europe, and that's It's worth noting that Europe is an extremely profitable business for us. contributes a lot on the earnings side and that'll continue and we are executing some good programs there. Fuel for Growth has also delivered significant benefits in Europe and we're seeing some really strong improvement in our supply chain performance in Europe as well. So there's things in the P&L that are actually benign.

One thing you just said there, Chris, that struck me as quite interesting is you said you don't really see anything on the horizon that you know radically changes a growth trajectory can i assume therefore you don't think there's going to be much pricing taken by the industry in europe because you know obviously the inflationary backdrop for everyone's changing a little bit yeah you have some offsetting dynamics so in places where we have real cost inflation coming through and there are some now with energy costs, we will price that, right?

I mean, and that's what we do. And we have a track record of doing that well. But at the same time, you have a softer environment. You have value-seeking behaviors for consumers. You have fairly high promo levels. So there's a bit of an offset there. I think you'll still see some net pricing coming through, but not enough to make it exciting, let's put it that way. I think it's the fundamentals that have to change. Consumers have to feel differently. There has to be more real economic growth for us to see a return of steady volume growth in Europe. And I hope that day will come. I think that day will come. But I think we're in a cycle right now where that's not imminent.

Thank you. Maybe moving across Atlantic, if we may. um you talked about two weak flu seasons in europe um north america's had exactly the same and tends to be global do you think i mean there's there's a debate in the market is this is this a new normal or is it a freak of nature is there anything how do you see it i see it this way and we have studied this so it's not just sort of my opinion we have really used all the data that it's available to us to try to have a close look.

We think this is just a seasonal fluctuation. Everything we look at, consumers behave the same way. Consumers have the same attitudes. Consumers feel the same needs and trust in brands. And when they get sick, they behave the same way. It's just that incidences were lower. Now, we know this about seasons, they do fluctuate, right? And we had the peaks of COVID And then we had a peak coming out of COVID because everyone got sick with the normal strains of cold and flu and RSV. But people still also were getting COVID. So that was a bit elevated. Then we came down from that. And now we've had these two successive weaker seasons. We can't see anything from a scientific standpoint, from a consumer insight standpoint, that would cause you to say this is actually something different that's happening. But, you know, we have to see what this next season looks like. And I would fully expect us to get to a point where we have a benign lap, right, where a season actually comes through and looks normal again. And if so, that's a positive, that's a tailwind for the business. But we'll see. You can't predict them.

Have we ever had three consecutive week seasons? Has that ever happened?

Not in the record that we have. We haven't had it. They tend to go back and forth.

You tend to have a weaker one and then you have a slightly stronger one. and then you know it tends to fluctuate that way so having these two it back to back is a little unusual one thing you seem very excited about is the new Mucinex innovation yeah and 12-hour cold and fever yes which I think is sort of shipping as we speak it is just elaborate a little bit on that and give some sort of framing to yeah how substantial this could be for it yeah Sure.

I mean, we always aim to bring meaningful innovation to market that can be a new platform, that's a permanent new element for the business, and that's what this is. So this is just an example of what we really like to do, probably the most value-creating thing we can do as a business. And it happens to be on Mucinex, which is, from an economic standpoint, a very attractive business, very high margin business. So cold and fever 12 hour is solving a need in the market that hasn't been met which is multi-symptom relief for cold and fever for 12 hours. There is no product that can do that. 12 hours is relevant for consumers because you can take your medicine and then you don't have to worry about it. You'll feel better for the rest of the day and so it's much easier for consumers and so there's a real demand for it. It's hard to do which is why no one's done it and we have actually worked for over a decade to bring this product to market we have run many many clinicals it's the first NDA that has been approved in the category for over 10 years so it's it's a real breakthrough and that's great and now we're selling it we're shipping it the retailer engagement has been very high the kind of footprint that we've agreed to with retailers is unlike anything i've seen in an otc innovation uh it looks a bit more like what a switch used to look like and uh that's very positive so of course we're not doing any victory laps because we obviously want to we want to sell it we want to see the performance in the

market but but it's exciting we don't have this every year great thank you um we've done europe We've done the US, so there's 40% of your business is elsewhere in emerging markets. Maybe starting with China, there's been some stuff going on. There's been VAT on condoms, which allegedly is going to resolve Chinese birth rate issues. We've seen phasing impacts around that. There's new legislation surrounding advertising, et cetera. Can you just talk about what's going on in China specifically, or especially, should I say, on Durex and how things have sort of evolved?

I will do that. I'm sorry. I want to go back to the U.S. and just say one thing. I'm really excited about how the rest of the U.S. business is doing, so the non-seasonal piece, because Lysol has had a fantastic start to the year on the back of a really strong year last year. So the U.S. is really showing a nice performance. I think they'll have a good year. Anyway, China. China is a place, of course, as you know, where we have been very successful. We have built superior capabilities there that underpin our success. Durex has historically been a very successful business in China. It's important to note that Durex is actually not our largest business. Dettol is our largest business, and our VMS business is also very large. We actually sell more than 11 brands, and they're all in good growth. And that's because we have superior capabilities in terms of how we execute online, how we execute in social commerce, and the content generation capabilities that we've built, which are unique. Durex had a great year last year off the back of many great years before that. We knew the VAT was coming, so we priced ahead of that. You know, we saw kind of a big quarter, therefore, for Durex in Q4. A little slower in Q1. we were not surprised about that um uh of course you never know the magnitude and and the magnitude perhaps was a little bit greater uh than we had baked in but uh actually was made up by that's all in the other businesses that are in very strong growth and show no signs of of slowing so i'm very optimistic about china i think we'll do well in china for for years um for many years it's a very dynamic market it's much more dynamic than any other consumer market that we operate in anywhere in the world it's just meaningfully much more dynamic and so the rate of change is very high and fortunately we are on the front foot in terms of that rate of change but we need to stay there because it's most likely going to change again or evolve and so we know that and so we're very focused on that which try to watch very closely every element of what's happening in China. But we're going to have a very strong year in China this year, and we're going to continue to invest. The capabilities that we've built there, we think ultimately will make it to other markets too.

And so we are also focused on that, on transferring those capabilities, broadening those capabilities, because social commerce and probably live streaming will be a factor in many other places. um thank you your other sizeable em market i mean you have many um but uh india india would be the uh other one of note um can you just talk it through what you're seeing in india um you know it's for pretty good growth for a period um but you know currency starting to weaken input costs

are going up and just how you're seeing the Indian landscape yeah the Indian business has been a engine of growth for record now for a decade we are very successful there we tend to win our competitive battles there we execute at a very high level it's one of our strongest operating businesses the Indian business is very much about offline distribution as I'm sure folks are aware and we have been expanding our distribution gradually but very significantly over the years and we now use a lot of technology to do that execution with precision covering more than a million outlets but you have to be very precise about what you're selling where what the offer is what the promotion is what the incentive for the retailer is and we now have technology platforms that power all of that and use AI in them as well so that that's a source of advantage that we're gonna broaden to many other parts of the world in India we were historically built around Dettol that's all was our power brand and still is a power brand and and has done phenomenally well in in India but we are now growing other businesses much faster and Durex has It's been on a tear in India for a long time. It's really been a successful story, and innovation has been good. But really, it's about also just getting to as many outlets as possible. And so India has been a success for us. India actually accelerated in the last six months, which is exciting to see. And I hope that continues. I think we have to watch the broader economy. me, you were asking about the currency, but I think just the energy impact again on India, you know, a lot of the gas that's used in India comes from the Middle East, if not all of it, almost all of it. And I think, you know, we have to see those prices are now flowing through, but that's fairly recent. That's only been, I think, in the last month. And so we have to just watch and see how that impacts how consumers behave and consumer spending.

That being said, we know that our categories are fairly resilient um so our categories are typically not where people cut back first uh so i'm pretty optimistic india has been through a lot i mean india has weathered a lot of shocks and and it's a pretty resilient economy so i hope that continues thank you um we sort of touched on some of the inflationary stuff earlier on in our conversation yeah um so maybe you can put that to one side um talking about portfolio um and you mentioned me johnson earlier um and i think you said if i'm correct you know hopefully have some news on that in the near future um so maybe just could you elaborate on that you know and is it correct to think we would need to have some form of litigation settlement before Mead gets exited or maybe that could happen before there's a settlement or how should we be thinking about the sort of potential time frame on Mead?

Unfortunately I don't know that I have anything definite new to say today. I wish I did but I don't. I would say that the key is to understand that yes it probably has to be sequential. We probably we have to have meaningful progress on the litigation and then exit the business. I don't see that any differently today. We are, of course, much further into the litigation than we were when we started this process, and so that means we're also closer to the end. It's a very complex, multi-level litigation, as you know. But at the same time, you know, I think our team has done a good job. We remain, of course, convinced that our product is safe and has to remain available, just like the U.S. authorities have said. And so we know our product is safe. We know that it's critical to care for the most vulnerable infants in the U.S. And so we remain focused on getting this resolved so that this can continue and babies can get the care they need. in in the NICU.

Switching from disposals to acquisitions, is it reasonable to assume acquisitions are just off the agenda for the foreseeable future given the amount of change that's still taking place, given at some point Mead will get exited or how should we think about your intentions in that field?

Yeah I mean I think it's our obligation to always look and assess what what's out there what's available and of course as you would imagine we get offered many things we have said no to those things so far and I think that's because it's actually hard to find things that are as attractive as the core assets inside core record so we have 11 power brands that are outstanding that have number one equity positions clear runways for growth like decade-long run or his for growth and and you know very attractive structural economics very high gross margins it's very difficult to find assets of this size and scale that share those characteristics they just don't come around that often and what i don't want to do is for us to acquire something that is not as excellent and then uh have to navigate the fact that our people will not focus as much on it and maybe it won't have as bright prospects and you know then that turns into a problem i i don't really want to do that so it would be great to find things that are of similar quality and we're always looking and and let's see if we find we find one so we're we're not completely closed off to it but it's not really my top priority at the moment uh given that we have so many great things inside racket that we can drive hard uh and and that we're very focused on uh driving right now so that that's probably the outlook um maybe just

focusing on this year um you guided to four to five percent like for like growth in the core business um but then unfortunately we learned at q1 that due to new eu sanctions there will be about an 80 basis points drag this year on the russian business or the russian business impacting the entirety um did you debate whether or not to change the guide for russia and what was the rationale for not doing that because 80 basis points is you know pretty material yeah yeah it's the russia hygiene business that's impacted by that yeah so look every time we guide every

time we say anything so the public markets we think about it and we debate it um so i can assure you there was a a healthy debate and and we assessed our plan and uh what did we think was prudent um also by the way it's important to say there's a big element of just the uncertainty that comes from the war in the middle east right i mean just in terms of knowing what what does that actually do to to markets how long does it last uh what's the price of oil i mean there's many things that are not entirely clear so we have to factor in all kinds of scenarios so we run those scenarios and uh and that's how we we set the guide and kept the guide and um we will continue to look at that right this is a ongoing process just as i'm sure that many other big companies in the world are are assessing that right now that that's what we have to do we're faced with an unusually volatile environment we're faced with greater uncertainties than we normally would encounter of course we've had some other shocks in recent past so i'm starting to wonder what is normal but um but but this is definitely still not normal what we're dealing with right now we will continue to guide you know in a way that we find is appropriate and and you know that's that's what we're committed to and we had no reason to

change our guide and so we didn't okay thank you one other element of guidance has been sort of commitment to sustainable EPS growth which this year is more challenging because of the exit from essential home is there any reason to think that mead may be different when that eventually gets exited is there anything about the nature of the essential home business and mead that make them quite different with respect to separation so just on on EPS so our ambition is to grow EPS year on year we think that's very important to do we

also recognize them when we have large disposals obviously mechanically that creates a dilutive headwind and what we've said is for essential home we're going to largely offset that this year now what is largely offset it means not quite all of it but almost all of it that's actually pretty unusual it's pretty unusual for businesses to dispose of very large businesses and then offset the stranded costs in the first year that's that doesn't happen all the time Some people don't offset it at all, as you know. So I think that that is pretty ambitious. I would like to show EPS growth for the year, but we haven't guided to that because we don't guide EPS formally. But we want to make sure that people understand that that's our ambition. Our ambition is to grow EPS every year. Now, with Meet Johnson, it would be speculation to say what that's going to do because there's so many parameters of a potential transaction. that so so that's just too hard to to say but obviously there will be some dilutive impact and then we'll uh work hard to offset that because ultimately uh we want to offset all that and and we can um i think the difference is we know we can do that because we have this fuel for growth program that's really delivering and we have great conviction from that and now in in the way that we can deploy ai in the company uh as we communicated recently we're going beyond our initial ambition of 19% fixed cost. We're going below that. So I think that people should take away the fact that yes when we have these big disposals there is this dilution effect, we all know that, but our commitment to offsetting that and our commitment to actually going beyond what our initial targets were is firm. And so I think that's a positive.

And I'm right in thinking that meat has been managed what it is separately that'll be yeah I mean there's a few things but there's a little bit of interdependency but from a separation standpoint it is completely the opposite of essential home and then finally before we move to questions from the audience you mentioned AI and before I get replaced by a large language model and I kind of feel compelled to ask you a question about it um what what i'm most interested in is you know obviously nearly every corporate can theoretically get more efficient but it's really how you see it playing out in terms of your

interaction with the consumer and agentic shopping how you see that evolving from a racket perspective so i mean look i i want to be honest and say i don't have all the answers on ai i think anyone that tells you they have all the answers has not studied hard enough and not close enough to what's going on because it's fascinating. It's moving at such an incredible pace. I do try to spend a fair amount of time learning about it and staying current and thinking about what it means for our business. And we do have a lot of our team members that are working both with retailers and with other partners on actually the technical way of competing in in an agentic world and I believe at this moment that it'll be hardest for the people that don't have a number one equity or don't have great science behind their products or don't have a real differentiator I actually think that companies like us where we do have the leading equity we do have differentiated science I think we'll do well but the key is to make sure that we are discoverable right that the LLMs will find our products will understand the benefits of our products we'll see that their consumer preferred that their number one trusted equities and then translate that into recommendation so that's what we're very focused on that uh specific issue uh which i think will just be a new part of how we compete you know we've we've gone through these kinds of transitions before ai more broadly look i think uh you know you made the joke about replacing you and i i'm fairly certain that's not going to happen anytime soon but I'm not sure you're confident, but fingers crossed. I think we should try to not think about AI as a replacement tool. So the one learning that I've had over the past 12 months is if we frame it as this is a technology that replaces people, then we miss the whole point. It is not. It is technology that augments people to be more effective and productive and creative than they've ever been before. And so I think that's the lens we have to take. And inside Reckitt, what we're working on is how do we use these technologies to make Reckitt better? Okay, so that's the objective function. How do we get better at innovating, which we have tools now that we use for innovation, where we have better ideas, you know, mining larger data sets that our people could not mine in that way. These models can. So now our people can use the models to create better concepts for innovation. that's live in the company that's a use case that I really like because it demonstrates that this is actually about getting better and getting better at what we're already good at there's no question of course that the the models will replace repetitive work that's not you know that doesn't involve as much creativity or or human judgment or you know things like that that only humans can do and so that will of course play out and it is playing out we're also getting productivity benefits like that from AI inside the company. So it's not that there won't be some work that gets done by models. Of course, there will be lots of work that will get done by models. But then it's a question of how do you reconceive of the work? And how do we have employees that can do things that were completely impossible and now they can do them and they can do them fairly quickly at a level of excellence that was unattainable before? That, I think, is the exciting part so um that's how we're trying to think about it inside the company and and and and work on it uh and like i said you know in r d and innovation and marketing uh these tools are alive and and performing uh quite well for us but we're still learning about how can we use it in finance and supply and other functions uh i think this will be a journey that will last for a long time i think we're just getting started okay uh i've overrun a little bit so we only have five minutes now to do questions all right so my challenge will be can we do 30 seconds on each of these ones that come in electronically and then we'll move to questions from the audience right

let's go um do you well i think we've answered this the question is do you think there'll be the same stranded cost impact when mead johnson is sold i don't think i have anything to add to what I just said. Next one. Why does it, I'll rephrase this slightly, why does it make sense to keep Nurofen, Finish and Durex under the same roof?

Because they are self-care and health, consumer health brands that ride on many of the same technology platforms. They get distributed in the same places too okay how is the bahrain production disruption being managed is there sufficient alternative manufacturing capacity elsewhere yeah just for context we had to close our bahrain factory but because it was close to some of the impacted conflict zones we have reopened that factory and we did that for the safety of our employees and that was the number one consideration fortunately none of our employees were impacted and they're all safe and we have reopened the factory and as you probably know actually in many of the countries that were impacted things are sort of

gradually back to some some sense of normalcy you know schools are opening you know places of work are reopened etc and last one before we go to the audience Russia and why was nothing mentioned with Q4 results oh simply because we can only disclose things when we know them when we know that they are for sure happening and we understand some sense of the magnitude of it so we didn't and we couldn't okay very clear now has anyone in the audience got any questions um if you do if you could please the gentleman over here if we could can you keep your hand up just so we can see where the mic has to go to Thank you.

Hi, Chris. Thanks for your time and transparency and hard work. You talked about not guiding to earnings per share, which is your prerogative, but there is a strong correlation between earnings per share revisions and relative stock price performance. Twenty-three and twenty-four were tough. Last year, as you alluded to, was flat to up.

Now you've had one more downdraft this year, down about 13% in your date. do you do you I heard everything that you said do you have a sense that we've reached the bottom in terms of earnings revisions at this point and that things should flatten out from here in terms of expectations yeah I mean like I said we we believe what you just said which is we need to grow earnings and and that's our full focus I can't sit here and tell you that the dilutive impacts don't present a challenge in the year they do but like I said we're largely offsetting them this year and that's that's pretty good and and sets us up for the kind of year-on-year EPS growth that we want to deliver so I fully expect that we will do that now we just talked about the other sort of variable in that is me Johnson and the dilutive impact of an exit there which we are working hard to offset already thinking about what that would look like and and making plans for that by the way AI is a big piece of that but there's many other actions so So I would say we don't guide EPS because we would like to obtain the ability to invest in the business and make the moves that we think we need to make for long-term value creation. But I am very focused on it, and your point is well taken, and I would expect us to see a better trajectory than where we've been as a business over, frankly, the past five or ten years. and maybe it's a one last question from the audience oh 10 to in there just as a follow-up to that actually I don't think EPS growth is a KPI for variable comp why is that not included if that's your main focus so historically our compensation for top executives was tied to EPS there was a lot of debate about that for a whole host of reasons that is not worth getting into And it was changed in large part because shareholders felt that that would be a positive change. This is back in 18, 19. Since then, we've been on a comp scheme that rewards sales growth, profit growth, working capital management. And those are the metrics that impact us. We also have some other metrics in the LTI that are more around sustainability, delivery, and things like that. So I think overall, we are rewarding value creation. There is a Roe-Key measure as well. There's different measures that give you a pretty balanced view of value creation. It does emphasize growth in a significant way. We are open to feedback and suggestions on this.

Okay. Chris, thank you very much, sir. And we hope to see you again next year. Thank you.

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Hi everyone at the time of recording this Hormuz still isn't open all the talks