Reckitt Benckiser Group (LSE:RKT) reported Core LFL net revenue growth of 1.3% in Q1 while maintaining its full‑year Core LFL guidance of +4% to +5%, citing a weak cold and flu season, tough European categories and geopolitical disruption to Middle East operations.
"Core Reckitt delivered Q1 LFL net revenue growth of 1.3%, impacted by very low seasonal incidence, weak categories in Europe and geopolitical disruption. Excluding seasonal OTC, Core Reckitt delivered 3.1% growth. This was led by high-single-digit growth in Emerging Markets, despite market-specific headwinds. We maintain our LFL net revenue guidance for 2026. This will be driven by sequential growth from our market-leading Powerbrands, as the season resets and we continue to launch superior innovations including Mucinex 12hr Cold and Fever, improved performance in Europe and continued strong growth across China, India and non-seasonal North America," said Kris Licht, Chief Executive Officer
Emerging Markets led with +7.6% LFL growth (China’s eleventh consecutive quarter of double‑digit growth; India double‑digit). Europe fell -4.2% LFL; North America was -0.9% LFL but non‑seasonal brands gained volume (+1.5%) with Lysol growing double‑digit. Mead Johnson Nutrition was down -2.7% LFL. Group IFRS net revenue fell -11.8% reflecting FX headwinds and last year’s Essential Home contribution.
Management pointed to June shipments of Mucinex 12hr Cold and Fever, a £1bn buyback programme (£669m repurchased to 17 April), and said Fuel for Growth will largely offset stranded costs from the Essential Home sale. It modelled a $110 oil scenario adding c.£130-150m to 2026 input costs and reiterated H1 margin pressure (~200bp below H1 2025) with recovery weighted to H2. Other technical guidance: adjusted net finance £320-340m, adjusted tax ~27% and capex ~4% of net revenue.
