Haleon
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Haleon (HLN) investor relations material

Haleon H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary30 Jul, 2026

Executive summary

  • Achieved 2.6% organic revenue growth in H1 2026, with Q2 sequential improvement to 3.1%, driven by balanced price and volume/mix and strong performance in North America, China, and India.

  • 73% of the business gained or maintained market share, reflecting competitive strength despite challenging consumer environments.

  • Adjusted operating profit grew 8.2% at constant currency, supported by gross margin expansion and productivity initiatives.

  • Adjusted diluted EPS grew 12.0% at AER, supported by robust free cash flow generation of £769m.

  • FY 2026 guidance maintained for 3–5% organic revenue growth and high single-digit adjusted operating profit growth.

Financial highlights

  • H1 2026 revenue reached £5.6bn, up 2.2% reported and 2.6% organic year-over-year.

  • Adjusted gross profit rose 4.7% at constant currency, with margin up 140bps to 66.5%.

  • Adjusted operating profit increased 8.2% at constant currency, margin up 120bps to 24.3%.

  • Adjusted diluted EPS: 10.3p (up 12.0%); free cash flow: £769m (+£35m YoY).

  • Net debt/Adjusted EBITDA improved to 2.5x, with net debt at £7.5bn as of June 2026.

Outlook and guidance

  • FY 2026 guidance reaffirmed: 3–5% organic revenue growth and high single-digit adjusted operating profit growth.

  • Medium-term targets: 4–6% annual organic revenue growth, high single-digit adjusted operating profit growth, and net debt/Adjusted EBITDA around 2.5x.

  • Dividend expected to grow at least in line with adjusted earnings.

Drivers of margin expansion exceeding target
Strategic goals for China and India investments
Growth strategy for the GLP-1 user segment
Savings from the new category-led operating model
Impact of SKU and formulation reductions on margin
Scaling the India value-tier model to Brazil
Growth impact of low-income consumer SKUs
China hospital channel pricing impact
H2 recovery outlook for respiratory health
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Q3 2026 TU29 Oct, 2026
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