Annual Report 2025

13 March 2026

Haleon delivered 2025 organic revenue growth¹ of 3.0% to £11.0bn, with organic operating profit¹ up 10.5% and adjusted gross margin¹ improving by 220bps. Performance was supported by the ongoing transformation of our supply chain, allowing us to invest in strengthening our brands, alongside the launch of the Win as One strategy to drive sustainable growth and shareholder value.

Download our Annual Report and Form 20-F 2025

A world-class consumer company focused on better everyday health

By the numbers

At a glance

Market size	Global Categories	Revenue
c. £200bn²	6	£11bn

Our purpose

to deliver better everyday health with humanity

Our strategy

our Win as One strategy is how we will realise our ambitions

1. We use certain non-IFRS measures to provide additional information about the Company’s performance and position. Non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. Non-IFRS measures are defined and reconciled to the nearest IFRS measure, see from page 205 in the report for more details.

2. Global Data £MSP 2024 (‘Oralcare’, mapping to Oral Health). Nicholas Hall £MSP 2024 (VMS; ‘Analgesics’ mapping to Pain Relief; ‘Cough Cold & Allergy’ plus ‘Smoking Control’ mapping to Respiratory Health; ‘Gastrointestinals’ mapping to Digestive Health; and ‘Dermatologicals’ plus ‘Lifestyle CHC’ (excluding ‘Smoking Control’) mapping to Therapeutic Skin Health & Other). 2024 is the latest date to which data is available for the consumer healthcare market as a whole, beyond our individual categories.

Three key drivers of value creation:
To unlock our full potential

Operating Leverage¹	Strong cash flow generation¹	Disciplined capital allocation
4–6% organic revenue growth over the medium term² +50–80bps adjusted gross profit margin per year³. High single-digit adjusted operating profit growth⁴.	Working capital improvement. Strong free cash flow. c.2.5x net debt/adjusted EBITDA.	Invest for growth. Bolt-on acquisitions. Return surplus cash to shareholders.

Strong EPS¹ growth generating industry-leading shareholder returns

1. Definitions and calculations of non-IFRS measures can be found from page 205 in the report.

2. Over the medium term, the Company expects annual organic revenue growth of 4–6%.

3. On average over the next 5 years at constant currency.

4. At constant currency.

Portfolio of leading brands in resilient categories

Six market categories	Oral Health	Vitamins, Minerals & Supplements (VMS)	Pain Relief	Respiratory Health	Digestive Health	Therapeutic Skin Health & Other
Key superior bands
Category size / Haleon Position ¹	£30bn/#1²	£66bn/#1	£20bn/#1	£32bn/#2	£20bn/#1	£34bn/#3³
Combined category growth at 3-4%⁴

1. Global Data £MSP 2024 (‘Oralcare’, mapping to Oral Health). Nicholas Hall £MSP 2024 (VMS; ‘Analgesics’ mapping to Pain Relief; ‘Cough Cold & Allergy’ plus ‘Smoking Control’ mapping to Respiratory Health; ‘Gastrointestinals’ mapping to Digestive Health; and ‘Dermatologicals’ plus ‘Lifestyle CHC’ (excluding ‘Smoking Control’) mapping to Therapeutic Skin Health & Other). 2024 is the latest date to which data is available for the consumer healthcare market as a whole, beyond our individual categories.

2. Relates to Therapeutic Oral Health only, from: Haleon’s analysis of third-party data including IQVIA, Circana, Nielsen et al (2024). Data set based on Haleon global category standards. Haleon is #3 across the entire Oral Health category.

3. Relates to Therapeutic Skin Health only, mapped to the Nicholas Hall ‘Dermatologicals’ category alone. Haleon is #5 across the entire Therapeutic Skin Health & Other category.

4. Haleon’s analysis of third-party market data including IQVIA, Circana, NIQ et al (2024). Data set based on Haleon global category standards.

Chair's Statement

It was a privilege to be appointed Chair from 1 January 2026.

Since then, I have focused on supporting Brian and the Haleon Executive Team in delivering our strategy and positioning Haleon for the long term.

2025: Good progress in a challenging market

Haleon delivered a competitive performance in 2025, outperforming our global categories in a challenging market. Against this backdrop, we improved our gross margin significantly through the ongoing transformation of our supply chain allowing us to invest in strengthening our brands while delivering higher profits.

Win as One

In May, we launched our new Win as One strategy, a bold and ambitious plan to unlock our full potential. We are focused on delivering three strategic priorities: delivering consistent growth, unlocking productivity gains and embedding an agile, performance-focused culture.

In January 2026, we announced our new operating model, which will enable us to drive growth and agility in support of our new strategy. This will enable better investment choices, superior execution, and enhanced marketing and brand-building capabilities.

Disciplined capital allocation and dividend

The final Pfizer sell-down in March 2025 was an important milestone for us as a standalone business and reflects our significant progress since listing. We have delevered to 2.6x net debt/adjusted EBITDA, enabling us to return substantial value to our shareholders. In 2025, we returned £1.1 billion through dividends and share buybacks.

Our strategic position in China, our second-largest market and a key source of long-term growth, was advanced through the acquisition of the remaining 12% stake in our TSKF joint venture. We remain focused on bolt-on acquisitions that complement our existing portfolio, with strong strategic alignment and attractive financials.

The Board is proposing a total dividend of 7.1p per ordinary share, representing a payout ratio of approximately 38% of 2025 adjusted earnings. This includes a final dividend of 4.9p per ordinary share.

Governance

Following my appointment as Chair, Alan Stewart was appointed Senior Independent Director from 1 January 2026. Bláthnaid Bergin, Chief Financial Officer of J Sainsbury plc, and Matt Shattock, a highly experienced consumer sector leader were appointed to the Board in February and June 2025 respectively, adding to the collective experience and strenght of the Board.

The Board travelled to our global Over-the-Counter (OTC) R&D and manufacturing centre in Nyon, Switzerland and to our largest market, the US. These visits, as well as our regular interactions with colleagues across the business, provide valuable insights.

We continue to uphold the highest standards of ethics and regulatory compliance, ensuring transparency and accountability in we do. We also reaffirmed our commitment to delivering better everyday health with humanity through our Health Inclusivity and Sustainability Report, which is an integral part of our Win as One strategy.

In 2025, we achieved all the Responsible Business goals we set at listing, including empowering 50 million people annually to access improved everyday health. We have now set an ambitious goal of providing opportunities for over 300 million people a year to take more control of their health by 2030.

Focus for 2026

The Board has the following priorities for this year:

Driving our growth, productivity and culture change agenda, including the implementation of our new operating model.
Supporting our value creation framework through disciplined capital allocation to deliver our ambition of generating industry-leading shareholder returns.
Building our capabilities in innovation, marketing, R&D, information, data analytics and customer excellence to that of a world-class consumer-focused business.
Maintaining strong corporate governance and upholding robust ethical standards.
My Board and I will work closely with the Executive Team to support Haleon’s continuing evolution, and drive performance and shareholder returns through the delivery of our strategy.

Thank you

I would like to thank Sir Dave Lewis for his contribution as Chair since listing, as well as Brian and the Executive Team for their commitment and hard work in 2025.

Chief Executive Officer's Statement

Transforming into a world-class consumer company

2025 was an important year for Haleon. We made good progress against our three strategic priorities: delivering competitive growth in a challenging environment; unlocking productivity gains; and embedding an agile, performance-focused culture.

Financial highlights

Organic revenue grew 3.0% (reported (1.8)%), and 60% of our brands grew or maintained market share. We continued to drive productivity, with adjusted gross profit margin up 220 basis points at constant currency (reported 350bps), which provided capacity for continued investment in the business.

This resulted in organic operating profit growth of 10.5% (reported 9.3%). Adjusted operating profit margin increased 160bps on an organic basis and 60bps on an actual exchange rate basis (reported 230bps).

Free cash flow for the year was strong, and we invested in high-growth markets such as China, where we acquired the remaining stake in our TSKF joint venture to take us to full ownership.

Introducing our Win as One strategy

Haleon operates in an attractive and highly relevant global consumer health sector worth around £200bn¹ today. We are well positioned to benefit from favourable long-term macro trends including the global focus on health and wellness, ageing populations, and a growing middle class, particularly in emerging markets.

This year we launched our Win as One strategy, which will enable us to unlock our full potential. It will support our ambitions to reach one billion more consumers by 2030 and deliver industry-leading shareholder returns.

Growth

Leveraging our global footprint, scaling our innovations, and capitalising on the strength and breadth of our superior brands will allow us to deliver health in more hands. We are focused on three key opportunities:

Closing the incidence vs treatment gap: In Gum Health, parodontax has become one of our top-selling innovations across China’s three largest cities and is now available in over 10,000 stores. We continue to roll out Sensodyne’s Clinical range, which is fuelling growth among younger consumers.
Innovation-led premiumisation: In North America, we launched our new nasal mist technology under the Theraflu brand following its success with Otrivin, which is delivering strong market gains. In VMS, the expansion of Centrum Daily Kits across Asia-Pacific has delivered market share gains, with over one million packs sold since launch.
Reaching lower-income consumers: We more than doubled rural India distribution to 600,000 outlets, boosting 20-Rupee Sensodyne consumption, expanding ENO 3-in-1 reach and launching 10-Rupee Centrum Recharge.

Productivity

We aim to unlock £800m in gross supply chain savings over the next five years through optimising our supply chain, allowing us to deliver operating leverage more consistently to the bottom line.

Progress includes:

Tracking well against targets to reduce SKUs, packaging and formulations by around 30%.
Increasing our multi-sourcing of ingredients to around 90% and lower logistics costs from optimising shipments, ports and global scale. Further efficiencies will flow from globalised engineering, technical platforms and an innovation supply chain.

Culture

We are transforming Haleon into a world-class consumer company with an agile, performance-focused culture.

Progress includes:

Employee engagement reached 82% in our latest annual engagement survey.
In January 2026, we announced plans to evolve our operating model to drive growth and agility in support of our Win as One ambitions. This included creating a new Chief Growth Officer role to lead our growth and innovation agenda, alongside the creation of six new Operating Units, which all sit on the Haleon Executive Team bringing the voice of consumers deeper into strategic decision making.

Strengthening our leadership

In May 2025, we welcomed Nathalie Gerschtein as our new President, North America who brings more than two decades of experience across the retail, FMCG and beauty industries.

Carl Haney also joined as our new Chief R&D Officer in August 2025, bringing world-class expertise in driving transformative innovation within global consumer businesses.

As part of our announcement to evolve our operating model in January 2026, Filippo Lanzi became Chief Growth Officer, and Björn Timelin became Chief Transformation Officer. Jon Workman was appointed President, Europe and Özlem Kaynak was named as President, Middle East & Africa.

We also welcomed two new external leaders. Andrés González joined as President, Latin America from Unilever, where he was most recently President Beauty & Wellbeing LatAm and President, Unilever Brazil. Kedar Lele joined as President, India Subcontinent from Castrol India Ltd, where he was most recently Managing Director for Castrol India’s South Asia business. Thank you to Lisa Paley and Franck Riot, who left the business in 2025, for their significant contributions to Haleon.

2026 outlook

The opportunity ahead for Haleon is significant and I remain confident in our ability to deliver on our medium-term guidance. In 2026, we expect organic revenue growth of 3–5% and high single-digit adjusted operating profit growth at constant currency.

Thank you

I would like to thank Sir Dave Lewis for the instrumental role he played as Haleon’s Chair since our listing in July 2022, and for his support to me and my Executive Team.

I look forward to working closely with Vindi Banga, our new Chair, in the year ahead. Vindi has an extensive track record in global consumer businesses and extensive international board experience.

Finally, I would like to thank the Board and everyone at Haleon for their hard work and commitment to the business.

_{1. Nicholas Hall, Euromonitor Passport and Haleon analysis of third-party data, the latest available data for the Consumer Healthcare market as a whole, beyond our individual categories.}

By the numbers

2025 Financial Highlights

Reported financial measures
Revenue	£11bn	2024: £11.2bn
Operating profit	£2.4bn	2024: £2.2bn
Net cash inflow from operating activities	£2.6bn	2024: £2.3bn
Diluted earnings per share	18.5p	2024: 15.7p
Revenue growth	(1.8)%	2024: (0.6)%
Operating profit growth	9.3%	2024: 10.5%
Total borrowings/profit after tax	5.1x	2024: 6.9x
Total dividend per ordinary share²	7.1p	2024: 6.6p
Operating profit margin	21.9%	2024: 19.6%

Non-IFRS measures¹
Organic revenue growth	3.0%	2024: 5.0%
Adjusted operating profit	£2.5bn	2024: £2.5bn
Free cash flow	£1.9bn	2024: £1.9bn
Adjusted diluted earnings per share	18.8p	2024: 17.9p
Organic operating profit growth	10.5%	2024: 9.8%
Net debt/adjusted EBITDA	2.6x	2.8x at 31 December 2024
Adjusted operating profit margin	22.9%	2024: 22.3%

Non-financial measures
55%*	reduction in net Scope 1 and 2 carbon emissions vs the 2020 baseline
9%*	reduction of virgin petroleum‑based plastic
46.3%	gender representation in leadership roles³
74m+	people empowered to be more included in opportunities for better everyday health

* KPMG LLP has issued independent limited assurance over the selected data indicated using assurance standards ISAE(UK) 3000 and ISAE 3410.
1. We use certain non-IFRS measures to provide additional information about the Company’s performance and position. Non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. Non-IFRS measures are defined and reconciled to the nearest IFRS measure, see from page 205 for more details.
2. Includes the interim dividend of 2.2p paid on 18 September 2025, and the proposed final dividend of 4.9p per ordinary share. The total dividend represents a payout ratio of approximately 38% of adjusted earnings (2024: approximately 37%).
3. This does not include the US and Puerto Rico.

Chief Financial Officer's Statement

2025 was a pivotal year for Haleon, marked by the introduction of our value creation framework to deliver industry-leading returns.

Despite a softer consumer and customer environment, with global category growth falling below historic averages, we delivered strong financial results, in line with our value creation framework. We delivered strong organic operating profit driven by strong gross margin improvement enabling further investment in the business whilst delivering more to the bottom line, combined with strong cash generation enabling disciplined capital allocation.

I would like to thank everyone at Haleon for all their efforts in delivering strong financials and building solid foundations for continued momentum in 2026.

High quality earnings

For the year, organic revenue increased 3.0% (reported: (1.8)%) to £11.0bn with our consumption outperforming the market by 40bps. Headwinds from foreign exchange and net M&A reduced revenue by 2.8% and 2.0% respectively. Organic growth was held back by a weakening consumer environment and lower levels of cold and flu which impacted performance in the fourth quarter. Had we had a normal cold and flu season, organic growth would have been 3.4%.

We continue to operate in attractive categories with long-term consumer tailwind trends such as increased focus on health and wellbeing. This alongside our trusted brands, healthy innovation pipeline and leading category positions, are the key reasons we remain confident in our medium-term guidance of 4-6% revenue growth.

During the year, we continued at pace to unlock savings from productivity, particularly across the supply chain where we made strong progress in reducing SKUs, packaging specifications and formulations. This, combined with pricing resulted in adjusted gross profit growth of 4.4% (constant currency) and 220bps of margin expansion (constant currency) (reported: 3.8% with 350bps of margin expansion). Unlocking efficiencies across the supply chain remains an area where we continue to see significant potential.

Our strong gross profit performance meant that we were able to invest in the business at a healthy rate with advertising and promotional (A&P) spend up 7.5% constant currency (reported: +4.7%) to 20.5% of revenue. Investment was focused on our core, key growth markets such as India and driving innovation. At the same time, we looked to maximise the effectiveness of our spend. Adjusted R&D spend was up 7.7% constant currency (reported: +6.1%) focused on a number of key areas including scientific evidence generation for new and differentiated claims along with digital enablement.

Altogether, organic profit growth of 10.5% (reported: +9.3%) represented 160bps of margin growth (reported: 230bps). This was partly offset by a drag from net M&A ((70) bps) and FX ((30)bps) which resulted in adjusted operating margin up 60bps at actual rates.

Adjusted EPS was up 5.0% to 18.8p (reported EPS: up 17.8% to 18.5p) largely reflecting the strong profit performance, lower dividend payments for our China JV and the impact of the £500m share buyback.

Strong cash performance

Our cash performance was also strong, with free cash flow of £1.9bn, up £194m on a like-for-like basis (i.e. excluding the impact of divestments in 2024 including net proceeds of £325m offset by £(100m) of associated tax payments). This was helped by a strong improvement in our working capital cycle which reduced by 11 days. Working capital continues to be an area where we see further optimisation opportunity.

Capital expenditure of £413m (2024: £318m) was weighted towards growth and productivity with spend largely devoted to systems, processes and automation.

Driving shareholder returns

During the year, we returned £1.1bn to shareholders through a £500m buyback with the remainder coming from dividends. This, along with spend to complete the full buyout of our China JV and our strong free cash flow performance meant that we were able to reduce leverage by £0.6bn to £7.3bn representing 2.6x net debt/adjusted EBITDA (2024: 2.8x); in line with our medium-term guidance.

As highlighted at our Capital Markets Day, we continue to believe c.2.5x net debt/adjusted EBITDA is the right leverage for Haleon over the medium term. This enables the business to appropriately balance our capital allocation priorities of maintaining a strong investment grade balance sheet, to invest for growth and explore bolt-on acquisitions, as well as return surplus capital to shareholders.

Given these priorities, the Board has proposed a final dividend for 2025 of 4.9p per ordinary share and a total dividend of 7.1p per ordinary share, up 7.6% year on year. In addition, we have announced the allocation of £500m to share buybacks in 2026. This reflects our expectation for another year of strong financial performance.

Looking ahead

We are making good progress in transforming Haleon into a world-class consumer company. However, there is more to do to become truly agile and relentlessly consumer-focused.

The evolution of our operating model will be key to driving this shift. Through our value creation framework, we are focused on building flexibility and agility in our P&L by unlocking productivity savings to fund sustained investment in growth. Alongside this, an even sharper focus on return on capital reinforces our confidence in our medium-term guidance. I am confident that Haleon is well positioned to continue to create value for all our stakeholders.

Our strategy

Our Win as One strategy is all about raising our ambitions and unlocking our full potential. It is how we are mobilising and driving the organisation forward, to capture the opportunities we see ahead. Our strategy consists of mutually reinforcing elements: our purpose; two ambitions; four strategic drivers; and four behaviours.

Explore the full strategy

Our key performance indicators

We have several enterprise metrics monitoring performance across the business, from which we select our key performance indicators (KPIs). These are the most applicable in tracking our strategic performance, health inclusivity and sustainability efforts, and commitments to our key stakeholders. The Board and Executive Team monitor our KPIs to ensure continued alignment to our strategy and, where applicable, they are linked to Executive Directors’ remuneration.

Chart
Table

Financial and commercial KPIs

Organic revenue growth¹

Delivery on our 4-6% guidance. 

Relevance and calculation: Measures the strength of our existing portfolio. Data is reconciled to our Financial Statements. Reconciliations are included in our Non-IFRS measures section on page 205.

Future focus: Continue to deliver on our guidance, prioritising driving growth from increasing penetration, brand building, innovation and developing routes to market.

Organic operating profit growth¹

A key profitability measure, measuring the Group’s performance against its sustainable growth model.

Relevance and calculation: Drives value-creating behaviours and captures excess cash returned to shareholders via share buybacks, which in turn increase total shareholder returns. Data is reconciled to our Financial Statements. Reconciliations are included in our Non-IFRS measures section on page 205.

Future focus: Top-line and bottom-line growth of the business, reduction of interest charges through optimal leverage, and share buybacks.

Free cash flow1¹

Continued profitable growth.

Relevance and calculation: Our organic operating profit growth is an important indicator of the strength of our business model. Data is reconciled to our Financial Statements. Reconciliations are included in our Non-IFRS measures section on page 205.

Future focus: Drive positive operating leverage, whilst at the same time ensuring healthy investment to drive top-line growth or return to shareholders.

Adjusted diluted earnings per share (EPS) growth¹

Targeting medium-term leverage of c.2.5x net debt/adjusted EBITDA.

Relevance and calculation: Reducing our leverage strengthens our balance sheet and maintains our investment-grade credit rating. Data is reconciled to our Financial Statements. Reconciliations are included in our Non-IFRS measures section on page 205.

Future focus: Operate a strong investment-grade balance sheet with medium-term leverage of c.2.5x net debt/adjusted EBITDA.

Net debt/adjusted EBITDA¹

A key component in measuring the viability of our business.

Relevance and calculation: Provides us with capacity to invest in the business, pay down debt and make shareholder returns. Data is reconciled to our Financial Statements. Reconciliations are included in our Non-IFRS measures section on page 205.

Future focus: Drive free cash flow through a combination of working capital management and efficiencies across the business.

Business gained/maintained share

Drive market share gains through brand building, innovation and increased investment in A&P and R&D.

Relevance and calculation: The attractiveness of our products is key for all our stakeholders, giving them confidence in our ability to increase household penetration and capitalise on new and emerging opportunities. Based on Haleon’s analysis of third-party market value sales and share data, including IQVIA, Circana and NIQ data.

Future focus: Ensure healthy investment in A&P and drive innovation through investment in R&D.

Responsible business, people and culture KPIs

Carbon reduction³

Reduce our net Scope 1 and 2 carbon emissions by 100% by 2030 vs a 2020 baseline.

Relevance and calculation: Decarbonising our operations is a key focus area and helps protect against climate-related transition risks. We track the percentage change in total tonnes of market-based net Scope 1 and 2 greenhouse gas (GHG) emissions vs 2020.

Future focus: We are focused on addressing our remaining Scope 1 emissions by transitioning to renewable-energy-powered systems for heating and cooling.

Virgin petroleum-based plastic reduction⁴

Reduce our use of virgin petroleum-based plastic by 10% by 2025, and a third by 2030, vs a 2022 baseline.

Relevance and calculation: Packaging and plastic pollution are environmental areas of high concern to consumers. We are committed to addressing this by making our packaging more sustainable. We track the percentage change in estimated tonnes of virgin petroleum-based plastic in our packaging vs 2022.

Future focus: Continue to focus on reducing our use of virgin petroleum-based plastic, and replacing it with recycled plastic or alternative materials, focusing on our most significant packaging formats.

Gender representation⁵

We aim to achieve gender parity in leadership roles by 2030.⁵

Relevance and calculation: We believe that building an inclusive organisation, that represents the consumers and communities who rely on our brands, is a competitive advantage and is an important consideration for our stakeholders. Calculated as a percentage of employees who self-identify as female, compared to our overall number of permanent employees, across a quarterly average.

Future focus: Monitor representation (excluding the US and Puerto Rico) to understand the composition of our workforce and how it reflects our key stakeholders.

Employee engagement⁶

Build a company where employees are proud to work, feel inspired, challenged, supported and have a sense of personal accomplishment.

Relevance and calculation: Ensuring employees feel that Haleon is fulfilling its core engagement index measures, is fundamental to our long-term success. We track responses to our core engagement index measures in our annual employee survey and review progress via our pulse survey.

Future focus: Continue to focus on strengthening our culture to drive performance, agility and continuous improvement.

* KPMG LLP has issued independent limited assurance over the selected data indicated, using assurance standards ISAE(UK)3000 and ISAE 3410.

1. Organic revenue growth, Organic operating profit growth, Free cash flow, Adjusted diluted earnings per share and Net debt/adjusted EBITDA are Non-IFRS measures. Definitions and calculations of Non-IFRS measures can be found on page 205.

4. Successful reductions shown as negative figures. The 2024 and 2025 reporting periods run from 1 July of the prior year to 30 June of the reported year. The end point for the 2025 goal is the end of the 2025 calendar year. The 2022 baseline is the calendar year. The scope of our estimated packaging footprint includes product packaging and some devices, including toothbrushes.

5. Gender parity is defined as between 48-52%. Since 2025, the Gender representation metric does not include the US and Puerto Rico. The 2024 result has also been updated to exclude these, hence the 2024 result shown differs from the value of 45.2% disclosed in the 2024 Annual Report and Form 20-F and the 2024 Responsible Business Report. Percentage indicates the percentage of female permanent employees.

6. Measure shows the engagement index at Haleon calculated as an average favourability score on three questions: 1) I am proud to work for Haleon; 2) My work gives me a feeling of personal accomplishment; and 3) I would recommend Haleon as a great place to work.