Financial Data and Key Metrics Changes - The company achieved 3.4% organic revenue growth in Q3, with a balance of 1.8% from price and 1.6% from volume mix [3][6] - Reported revenue grew by 0.7% in Q3, impacted by a 2.3% drag from divestments and a 0.4% impact from foreign exchange [6][7] - The company is on track to deliver its full-year guidance, expecting organic revenue growth of around 3.5% for 2025 [15][16] Business Line Data and Key Metrics Changes - Oral health grew by 6.9% in Q3, driven by innovation-led premiumization and geographic expansion [7][8] - The business line for pain relief grew by 3.7%, with Panadol showing high single-digit growth [8][9] - Respiratory health declined by 1.8%, while digestive health grew by 2.1% [9][10] Market Data and Key Metrics Changes - North America delivered organic revenue growth of 0.4%, driven by a 0.7% price increase, while volume mix decreased by 0.3% [10][12] - EMEA and LATAM saw organic revenue increase of 5.3%, with price growth at 3.5% and volume mix improvement of 1.8% [12][13] - Asia-Pacific experienced organic revenue growth of 5.1%, with strong performance in India and Southeast Asia [13][14] Company Strategy and Development Direction - The company is focusing on innovation-led premiumization to drive category growth and has made significant progress in its supply chain productivity agenda [5][6] - The company aims to strengthen its innovation pipeline and improve net revenue management through strategic pricing and channel mix [11][12] - The company is closely monitoring the macroeconomic environment in Latin America and expects to adapt its strategies accordingly [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth in North America next year, citing actions taken to improve inventory management and innovation pipeline [21][22] - The company anticipates continued strong growth in Q4, driven by salesforce investment and an improving macro environment [14][15] - Management noted that the consumer health market remains resilient despite macroeconomic pressures, particularly in oral health [58][59] Other Important Information - The company has completed EUR 500 million in share buybacks for 2025 [6] - The company reduced the number of SKUs by 19% since the beginning of 2024, improving gross margin and cash conversion [5][6] Q&A Session Summary Question: North America performance and future expectations - Management noted that the performance in North America was better than expected, driven by oral health and digestive health, with no significant one-offs affecting Q3 results [20][21] Question: Innovation pipeline for 2026 - The company highlighted a strong innovation pipeline across all categories, with no immediate need for RX to OTC switches impacting growth forecasts [28][29] Question: Pricing evolution in EMEA and LATAM - Management acknowledged competitive pressures leading to increased promotional activity, particularly in VMS, while maintaining resilience in oral health [47][72] Question: Category performance and consumer behavior - Management observed a bifurcated consumer environment, with some categories performing well while others struggled, emphasizing the importance of being present across all channels [41][42] Question: Inventory management and channel dynamics - Management confirmed that inventory levels are being adjusted based on consumption trends, with a focus on exiting the year in a clean position [36][66]

Financial Data and Key Metrics Changes - The company achieved 3.4% organic revenue growth in Q3, with a balance of 1.8% from price and 1.6% from volume mix [3][6] - Reported revenue grew 0.7% in Q3, impacted by a 2.3% drag from divestments and 0.4% from foreign exchange [6][7] - The company is on track to deliver its full-year guidance, expecting organic revenue growth of around 3.5% for 2025 [15][16] Business Line Data and Key Metrics Changes - Oral health grew 6.9% in Q3, driven by innovation-led premiumization and geographic expansion [7][8] - The business line for pain relief grew 3.7%, with Panadol showing high single-digit growth [8][9] - Respiratory health declined 1.8%, influenced by the previous year's elevated COVID cases [9][10] - Digestive health grew 2.1%, supported by innovations like TUMS Gummy Bites Plus [9][10] Market Data and Key Metrics Changes - North America delivered organic revenue growth of 0.4%, driven by 0.7% price increase, while volume mix decreased by 0.3% [10][12] - EMEA and LATAM saw organic revenue increase of 5.3%, with price at 3.5% and volume mix at 1.8% [12][13] - Asia-Pacific experienced organic revenue growth of 5.1%, with strong performance in India and Southeast Asia [13][14] Company Strategy and Development Direction - The company focuses on innovation-led premiumization to drive category growth and expand market reach [4][6] - Continued investment in supply chain productivity and cost discipline is emphasized to enhance flexibility and agility in P&L [5][6] - The company aims to strengthen its innovation pipeline and improve net revenue management in North America [11][22] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging consumer backdrop in North America but highlighted outperformance in oral health and digestive health [3][10] - The company expects continued strong growth in Q4, driven by salesforce investment and an improving macro environment [14][15] - Management remains confident in returning to growth in North America next year, with actions in place to address inventory levels [22][66] Other Important Information - The company completed EUR 500 million in share buybacks for 2025 [6] - Significant progress has been made in reducing SKUs by 19%, improving gross margin and working capital [5][80] Q&A Session Summary Question: North America performance and future expectations - Management explained that the sequential improvement in North America was driven by reduced drag from smokers' health and better performance in oral and digestive health [20][21] - Guidance for Q4 suggests around 1% decline, reflecting tough comparatives from the prior year [21][22] Question: Innovation pipeline and cold/flu season outlook - Management confirmed a strong innovation pipeline across categories and noted that the cold and flu season's variability impacts guidance [28][30] Question: Channel dynamics and inventory management - Management discussed the differences in inventory levels across channels, with a focus on ensuring appropriate stock levels for growth next year [35][66] Question: Consumer behavior and market performance - Management highlighted a bifurcated consumer environment, with varying performance across categories and channels [41][42] Question: Oral care business performance - Management acknowledged softer performance in certain oral care brands but remains positive about overall oral health growth [70][72]

Financial Data and Key Metrics Changes - The company achieved 3.4% organic revenue growth in Q3, with a balance of 1.8% from price and 1.6% from volume mix [3][6] - Reported revenue grew by 0.7% in Q3, affected by a 2.3% drag from divestments and a 0.4% impact from foreign exchange [6][7] - The company is on track to deliver its full-year guidance, expecting organic revenue growth of around 3.5% for 2025 [15][16] Business Line Data and Key Metrics Changes - Oral health grew by 6.9% in Q3, driven by innovation and geographic expansion, particularly in markets like the US, India, and China [7][10] - The BMS category grew by 4.9% in Q3, with strong performance from Centrum [8] - Pain relief grew by 3.7%, with Panadol showing high single-digit growth, while respiratory health declined by 1.8% [8][9] - Digestive health grew by 2.1%, supported by innovations in TUMS and Benefiber [9] Market Data and Key Metrics Changes - North America delivered organic revenue growth of 0.4%, driven by oral health and digestive health, despite challenges in the respiratory category [10][11] - EMEA and LATAM saw organic revenue increase of 5.3%, with strong performance in oral health and VMS [11][12] - Asia-Pacific experienced organic revenue growth of 5.1%, with double-digit growth in India and strong performance in Southeast Asia [12][14] Company Strategy and Development Direction - The company is focused on driving category growth through innovation-led premiumization and expanding reach to lower-income consumers [4][5] - Continued investment in supply chain productivity and cost discipline is expected to enhance flexibility and agility in the P&L [5][6] - The company aims to return to growth in North America next year, supported by a strong innovation pipeline and strategic pricing initiatives [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong growth in Q4, driven by salesforce investment and an improving macro environment [14][15] - The company is closely monitoring the macroeconomic environment in Latin America due to consumer pressures [16] - Management highlighted the resilience of the oral health category and the importance of being present across all channels to cater to changing consumer behaviors [41][57] Other Important Information - The company has completed £500 million in share buybacks for 2025 [6] - Significant progress has been made in reducing SKUs by 19%, which is expected to improve gross margin and working capital [5][78] Q&A Session Summary Question: North America performance and future expectations - Management noted that the performance in North America was better than expected, driven by oral health and digestive health, with no one-off benefits impacting Q3 [19][20] - For Q4, a slight decline in organic sales growth is anticipated due to tough comparatives from the prior year [21][22] Question: Innovation pipeline and cold/flu season outlook - The company has a strong innovation pipeline across categories, with no immediate RX to OTC switches expected [27][29] - Guidance for the cold and flu season is based on a normal season assumption, with variability expected [30][31] Question: Consumer behavior and channel dynamics - Management observed a bifurcated consumer environment, with some products performing well while others struggle, and emphasized the importance of being present across all shopping channels [41][42] Question: Pricing evolution in EMEA and LATAM - Management indicated that competitive pressure and promotional activity have increased due to softer consumption, impacting pricing in EMEA and LATAM [46][47] Question: Contribution of innovations and pain franchise performance - Innovations have significantly contributed to growth, with ongoing launches expected to drive future performance [53][54]

2025 Half year results July 2025 Disclaimer This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" (including for purposes of the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Forward-looking statements give Haleon's current expectations and projections about future events, including strategic initiatives and future financial condition ...

Financial Data and Key Metrics Changes - The company reported a 4% to 6% growth guidance for the full year, despite a slow start in Q1 due to a low cold and flu season, which saw a 15% decline in the market in both the US and globally [18][19][21] - 71% of the business gained and maintained market share for the full year, indicating strong underlying performance [21] Business Line Data and Key Metrics Changes - The Oral Health division is performing well, with strong growth in brands like Sensodyne and paradontax, and the Clinical White platform is set to expand into 12 more markets this year [22][23] - The VMS category is back to expected levels, with Centrum being a unique global brand in over 68 countries [52] Market Data and Key Metrics Changes - The company noted that the US retail environment is experiencing pressure, particularly among certain drug retailers managing their cash and inventory levels [62] - The company is facing currency headwinds, with a forecasted negative impact of 1% to 2.5% on top and bottom lines due to geographical diversification and inflation in emerging markets [39][40] Company Strategy and Development Direction - The company is focused on innovation across all categories, with a 10.2% increase in A&P investment in 2024 to drive growth [27] - The company is actively investing in its sales force in India and has formed a joint venture in China to enhance market access [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance despite a slow start, attributing it to seasonal dynamics and inventory levels [21][36] - The company is optimistic about the opportunities in China and the efficiencies gained from increased ownership of the China JV [74][80] Other Important Information - The company announced a £500 million share buyback program, indicating strong cash flow and confidence in its financial outlook [32][37] - The company is exploring options to mitigate currency impacts through strategic choices in supply chain and pricing strategies [42][43] Q&A Session Summary Question: Performance skewed towards the second half of the year - Management acknowledged a slow start due to a low cold and flu season, with confidence in reacceleration based on underlying business performance and innovation [18][21] Question: Sustainability of Oral Health performance - Management confirmed strong growth in Oral Health, with ongoing innovation and expansion plans for Clinical White [22][23] Question: FX headwinds and balance sheet - Management noted ongoing FX headwinds and clarified that the £500 million share buyback does not preclude M&A opportunities [32][39] Question: VMS category outlook - Management indicated that the VMS category is stabilizing and performing as expected, with a strong innovation pipeline [50][52] Question: Retail landscape in the U.S. - Management highlighted pressures in the U.S. retail environment but attributed it mainly to seasonality rather than deeper issues [62] Question: Working capital efficiencies - Management identified ongoing opportunities in working capital, particularly in inventory optimization and payment terms [66] Question: China JV and inventory revaluation - Management discussed the benefits of increased ownership in the China JV and clarified that inventory revaluation impacts were more significant in Europe [76][78] Question: M&A focus - Management stated that M&A would focus on opportunities that strategically strengthen the business, particularly in innovation [80]