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Haleon’s Treasury team manages the Group’s capital structure, funding requirements, and financial risks to support sustainable growth and shareholder returns. We maintain robust access to debt markets through multiple facilities, diversified funding sources, and strong credit ratings from Moody’s (A3) and S&P (BBB+).
Haleon’s Treasury department monitors and manages the Group’s external and internal funding requirements and financial risks in support of our strategic objectives. Haleon operates on a global basis, primarily through subsidiary companies, and we manage our capital to ensure that our subsidiaries are able to operate as going concerns and to optimise returns to shareholders through an appropriate balance of debt and equity.
For information on Haleon’s approach to ESG, please visit our ESG Reporting Hub.
Haleon has solicited credit ratings from Moody's and S&P as follows:
Long-term rating:
Stable
Short-term rating:
Stable
Stable
As at 30 June 2026.
The principal source of liquidity is cash generated from operations. As and when required, Haleon’s policy is to borrow centrally in order to meet anticipated funding requirements. The strategy is to diversify liquidity sources using a range of facilities and to maintain broad access to financial markets.
Short-term liquidity
Haleon has access to multiple sources of short-term finance:
The Revolving Credit Facility was undrawn as at 30 June 2026.
| Issuing entity listed on respective programme/offering | ||||
Limit | Haleon UK Capital plc | Haleon NL Capital B.V | Haleon US Capital LLC | |
US Commercial Paper Programme | $10 billion | Yes | - | Yes |
Euro Commercial Paper Programme | £2 billion | Yes | - | - |
| US Shelf Registration | n/a | Yes | - | Yes |
Euro Medium Term Note programme | £10 billion | Yes | Yes | - |
| 24th March 2022 144a offering | n/a | Yes | - | Yes |
As at 30 June 2026: £325m of commercial paper outstanding (31 December 2025: no commercial paper outstanding).
Relevant programme information can be found in the downloads tab.
Debt Maturity Profile1 (£bn Equivalent)
1 Principal value of bond debt as at 30 September 2026 (GBPUSD 1.33; GBPEUR 1.17).
Net debt was £7,513m as at 30 June 2026, increased from £7,263m as at 31 December 2025
The currency of debt is largely matched to the regions where profit is earned, so there is a natural hedge on foreign exchange movements over time. As at 30 June 2026, 66% of debt was fixed with the balance being exposed to floating rates.
Below is a table of the bonds guaranteed by Haleon plc as at 30 September 2026.
Issuer | Issue | Issue amount | Issue date | Maturity date | Coupon | CUSIP | ISIN |
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Haleon UK Capital plc | EUR | 750 | 18/09/2024 | 18/09/2028 | 2.875% | 290202477 | XS2902024772 |
Haleon Netherlands Capital B.V.. | EUR | 750 | 29/03/2022 | 29/03/2030 | 1.750% | 246232482 | XS2462324828 |
Haleon Netherlands Capital B.V.. | EUR | 750 | 29/03/2022 | 29/03/2034 | 2.125% | 246232512 | XS2462325122 |
Haleon UK Capital plc | GBP | 300 | 29/03/2022 | 29/10/2028 | 2.875% | 246232504 | XS2462325049 |
Haleon UK Capital plc | GBP | 300 | 18/09/2024 | 18/09/2033 | 4.625% | 290208670 | XS2902086706 |
Haleon UK Capital plc | GBP | 400 | 29/03/2022 | 29/03/2038 | 3.375% | 246244669 | XS2462446696 |
Haleon US Capital LLC | USD | 657* | 24/03/2022 | 24/03/2027 | 3.375% | 36264FAB7 | US36264FAB76 |
Haleon US Capital LLC | USD | - | 24/03/2022 | 24/03/2027 | 3.375% | 36264FAK7 | US36264FAK75 |
Haleon US Capital LLC | USD | - | 24/03/2022 | 24/03/2027 | 3.375% | U04020AB6 | USU04020AB65 |
Haleon US Capital LLC | USD | 1,000 | 24/03/2022 | 24/03/2029 | 3.375% | 36264FAC5 | US36264FAC59 |
Haleon US Capital LLC | USD | - | 24/03/2022 | 24/03/2029 | 3.375% | 36264FAL5 | US36264FAL58 |
Haleon US Capital LLC | USD | - | 24/03/2022 | 24/03/2029 | 3.375% | U04020AC4 | USU04020AC49 |
Haleon US Capital LLC | USD | 600 | 21/08/2026 | 21/08/2029 | 4.625% | 40555XAA0 | US40555XAA00 |
Haleon US Capital LLC | USD | 600 | 21/08/2026 | 21/08/2031 | 4.875% | 40555XAB8 | US40555XAB82 |
Haleon US Capital LLC | USD | 2,000 | 24/03/2022 | 24/03/2032 | 3.625% | 36264FAD3 | US36264FAD33 |
Haleon US Capital LLC | USD | - | 24/03/2022 | 24/03/2032 | 3.625% | 36264FAM3 | US36264FAM32 |
Haleon US Capital LLC | USD | - | 24/03/2022 | 24/03/2032 | 3.625% | U04020AD2 | USU04020AD22 |
Haleon US Capital LLC | USD | 800 | 21/08/2026 | 21/08/2036 | 5.375% | 40555XAC6 | US40555XAC65 |
Haleon US Capital LLC | USD | 1,000 | 24/03/2022 | 24/03/2052 | 4.000% | 36264FAE1 | US36264FAE16 |
Haleon US Capital LLC | USD | - | 24/03/2022 | 24/03/2052 | 4.000% | 36264FAN1 | US36264FAN15 |
Haleon US Capital LLC | USD | - | 24/03/2022 | 24/03/2052 | 4.000% | U04020AE0 | USU04020AE05 |
* On the 19th August 2026 Haleon completed an any-and-all tender offer. The principal amount tendered and accepted was £1,342m (of the original £2,000m issued). Full details can be found here.
Please note that the name of each bond issuing entity was changed in March 2023; the names of GSK Consumer Healthcare Capital UK plc, GSK Consumer Healthcare Capital US LLC and GSK Consumer Healthcare Capital NL B.V. were changed to Haleon UK Capital plc, Haleon US Capital LLC and Haleon Netherlands Capital B.V. respectively.
| Contact details | |
| Mike Rowe | Haleon Investor Relations |
| Head of Treasury | investor-relations@haleon.com |
| cf-treasury@haleon.com | Tel: +44 (0) 7552 484 646 |
Debt Investor Materials
| Date | Document | Downloads |
|---|---|---|
2026 | ||
| 01 October 2026 | H1 2026 Debt Investor Factsheet | |
| 19 August 2026 | Tender Offer Pricing Terms, Expiration and Results Press Release | |
| 11 August 2026 | Cash Tender Offer Press Release | |
| 27 February 2026 | FY25 Debt Investor Factsheet | |
| 2025 | ||
| 1 August 2025 | H1 2025 Debt Investor Factsheet | |
| 28 February 2025 | FY24 Debt Investor Factsheet | |
| 2024 | ||
| 1 August 2024 | H1 2024 Debt Investor Factsheet | |
| 11 April 2024 | FY23 Results - Debt Investor Presentation | |
| 15 March 2024 | FY23 Debt Investor Factsheet | |
| 2023 | ||
| 8 September 2023 | H1 2023 Debt Investor Factsheet | |
| 28 March 2023 | FY22 Results - Debt Investor Presentation | |
| 28 March 2023 | FY22 Debt Investor Factsheet |
Bond Programme Materials
| Date | Document | Downloads |
|---|---|---|
| 2026 | ||
| 07 May 2026 | 2026 EMTN – Listing Particulars | |
| 07 May 2026 | 2026 EMTN – Trust Deed | |
| 2025 | ||
| 30 October 2025 | Haleon UK Capital Plc – Articles of Association | |
| 30 October 2025 | Haleon Netherlands B.V. – Statuten | |
| 2024 | ||
| 18 September 2024 | EUR & GBP Pricing Supplement | |
| 9 September 2024 | 2024 EMTN – Supplementary Listing Particulars | |
| 3 May 2024 | 2024 EMTN – Listing Particulars | |
| 3 May 2024 | 2024 EMTN – Trust Deed | |
| 2023 | ||
| 11 May 2023 | 2023 EMTN - Agency Agreement | |
| 2022 | ||
| 24 March 2022 | 144A Offering Listing Particulars |
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