2026 Half year results

Organic revenue growth²: Q2 +3.1% with sequential improvement driven by North America

• Group: Sequential improvement with Q2 +3.1%; balanced between price 1.7% and volume/mix 1.4%
• North America: Q2 +3.1% (vs +1.0% in Q1) reflecting benefits from growth initiatives and execution
• EMEA & LatAm: Q2 +1.7% reflecting challenging market backdrop in Europe and Middle East
• Emerging markets: Q2 +6.3% reflecting a strong performance across China, India and Latin America 
• Oral Health:Q2 +6.2% with continued momentum led by Sensodyne and parodontax supported by innovation
• Market share: In challenging markets, 73%⁵ of the business gained or maintained market share

Adjusted operating profit growth²: H1 +8.2% at CER⁴ driven by adjusted gross margin

• Adjusted gross margin: H1 66.5%, up 140bps constant currency due to strong execution on productivity
• Growth reinvestment: H1 A&P +3.2% at constant currency, ahead of sales growth
• Adjusted operating margin: H1 +160bps at AER to 24.3% (+120bps CER) reflecting gross margin benefit
• Adjusted diluted EPS: 10.3p, up 12.0%
• Reported operating profit: (2.6)% to £1,172m with margin of 20.9%, impacted by restructuring costs

Strong cash flow and disciplined capital allocation supporting shareholder returns

• Free cash flow: H1 £769m, up £35m supported by strong operating leverage
• Net debt/Adjusted EBITDA: 2.5x at end of H1, in line with medium term guidance
• Announced capital investment: c.£240m in two new manufacturing sites in China and India to support growth
• Share buyback: Completed £457m out of £500m allocated to share buybacks for 2026
• Interim dividend: 2.4p, a 9% increase (vs 2025), in line with policy of paying 1/3 of prior year dividend

FY 2026 outlook unchanged

• Organic revenue growth: Expected to be in the range of 3-5%
• Adjusted operating profit growth: High single digit growth at constant currency

Brian McNamara, Chief Executive Officer, said: 

“We delivered a good first half performance in what remains a challenging consumer environment, with sequential improvement in Q2 and a more balanced price and volume/mix.

North America delivered further progress and Emerging Market growth accelerated particularly in China, India and Latin America. Oral Health remained the standout performer supported by innovation and excellent in-market execution. Competitive performance was also strong, with 73% of the portfolio gaining or maintaining share.

We continue to make strong progress on productivity. This supported gross margin expansion, strong operating profit growth and enables investment behind our brands, innovation and capabilities.

Looking ahead, while the external environment remains uncertain, we remain confident in our guidance for the year and our medium-term guidance, underpinned by strategic initiatives and the implementation of the new operating model, which will drive greater agility and further growth.”

FY 2026 outlook

For FY 2026 the Group continues to expect:

• Organic revenue growth of 3%-5%
• High-single digit adjusted operating profit growth at constant currency
• Net interest c.£255m; Adjusted effective tax rate c.24.5%

Foreign exchange

The Group now expects a slightly positive foreign exchange translation impact on net revenue and adjusted operating profit respectively, this is based on Bloomberg forward consensus rates averaged over 2026⁶.

Medium term guidance

Haleon’s medium-term guidance is as follows:

• 4-6% annual organic revenue growth
• High-single digit adjusted operating profit growth at constant currency

Adjusted operating profit growth is expected to be supported by c.50 to 80bps (on average) per annum of adjusted gross profit margin expansion (at constant currency). This is expected to drive financial flexibility through the P&L to enable continued healthy investment in A&P and R&D. Together with continued optimisation of tax and interest, this should support strong adjusted EPS growth.

We believe optimal leverage for Haleon is around 2.5x net debt/adjusted EBITDA. We believe that this is the right level to enable the business to appropriately balance our capital allocation priorities of continued investment for growth, optionality for M&A, providing attractive shareholder returns and sustaining a strong investment grade credit balance sheet.

Presentation for analysts and shareholders 

A recorded results presentation by Brian McNamara, Chief Executive Officer, and Dawn Allen, Chief Financial Officer, will be available shortly after 7:00am BST (8:00 am CEST) on 30 July 2026 and can be accessed at www.haleon.com/investors. This will be followed by a Q&A session at 9:00am BST (10:00am CEST).

For analysts and shareholders wishing to ask questions, please use the dial-in details below which will have a Q&A facility:

UK: +44 (0) 808 189 0158                 
US: +1 855 979 6654
All other: +44 (0) 203 936 2999
Passcode: 081063        

An archived webcast of the presentation will be available later on in the day of the results and can be accessed at www.haleon.com/investors. 

Financial timetable

Q3 2026 Trading Statement                     29 October 2026

About Haleon plc

Haleon (LSE/NYSE: HLN) is a consumer company that is solely focused on better everyday health. Our people, our brands, our research, our investment and our innovation are aimed at improving the everyday health of consumers. Our product portfolio spans six major categories - Oral Health, Vitamins, Minerals and Supplements (VMS), Pain Relief, Respiratory Health, Digestive Health and Therapeutic Skin Health and Other. Our superior brands - such as Advil, Centrum, Otrivin, Panadol, parodontax, Polident, Sensodyne, Theraflu and Voltaren  are trusted by more than one billion consumers and are recommended by health professionals around the world.

Notes and forward looking statements 

<sup><sub>1. The commentary in this announcement contains forward-looking statements and should be read in conjunction with the cautionary note on page 32
2. Organic revenue growth, organic operating profit growth, adjusted operating profit, adjusted operating profit margin, adjusted gross profit, adjusted gross profit margin, adjusted diluted earnings per share, free cash flow, adjusted profit attributable to shareholders, net debt, adjusted EBITDA, adjusted effective tax rate, adjusted profit before tax and net debt/adjusted EBITDA are non-IFRS measures; definitions and calculations of non-IFRS measures can be found on pages 32 to 44
3. On an organic basis, at constant currency and excludes the impact of divestments, acquisitions, manufacture and supply agreements (MSAs) relating to divestments and closure of production sites
4. At constant currency
5. Refers to Consumer Health market. Market share statements throughout this announcement are estimates based on the Group’s analysis of third party market data of revenue for YTD May 2026 including IQVIA, IRI and Nielsen data. Represents percentage of brand-market combinations gaining or maintaining share (this analysis covers c.90% of Haleon’s total revenue).
6. As of 30 June 2026 Strategy</sub></sup>