Rentokil Initial PLC

30 July 2026

RENTOKIL INITIAL PLC (FTSE: RTO / NYSE: RTO) 2026 INTERIM RESULTS

Issued: 30 July 2026

"BUILDING THE PLATFORM FOR SUSTAINABLE ORGANIC GROWTH:

FOCUS ON THE CUSTOMER, SALES AND OPERATIONAL EXCELLENCE, AND BUSINESS SIMPLIFICATION"

"Since joining four months ago I have spent much of my time in the field, talking with our technicians, sales teams and branch management, and listening to our customers. I want to extend my thanks to all colleagues for their warm welcome and continued dedication showing up for our customers every single day.

"From these interactions, it is clear we have a strong right to win. We are a scale player with leading market positions in many of the countries where we operate. We have category-defining brands represented by a proud, experienced and long-tenured front line. However, we are not yet delivering on our growth potential, leaving significant opportunities to improve. Moving forward we will focus on three key priorities to drive sustainable organic growth.

"First, we will intensify our focus on the customer, putting them at the centre of every decision we make. Improving the experience through the customer lifetime journey will increase customer satisfaction and drive both sales and retention.

"Second, we must deliver sales and operational excellence through standardisation of our branch operating model and consistent execution.

"Third, we have to simplify our business. We have an overly complex operating model, spanning 90 countries and multiple service lines, that does not prioritise our highest opportunity markets and business lines sufficiently. We must also further optimise the cost base to improve margins and generate fuel for growth.

"Underpinning these priorities will be enabling our frontline. They are our brand and when they are engaged and feel valued, they go the extra mile. We need to make it easier for them to do what they do best - take care of our customers.

"We have started to progress these priorities with a focus on North America where we have strengthened the leadership team, taken steps to establish a regional head office and training centre, and begun to standardise the operating model to include the planned segmentation of Commercial and Residential.

"Achieving our potential will require disciplined reinvestment primarily back into the North America business which we will fully self-fund through cost savings. Our focus is driving volume growth over short-term margin expansion and this targeted redeployment of resources will enable us, over time, to accelerate organic growth, improve margins and free cash flow and deliver on the clear opportunity for shareholder value creation.

"I am encouraged by our interim results. Our financial performance was good with 3.6% Organic Revenue Growth, 6.6% Operating Profit Growth and 96% Free Cash Flow Conversion. International Organic Revenue Growth accelerated in Q2 and North America Residential revenues, where our recent focus has been, grew solidly through the half. Slower Q2 growth primarily related to Commercial, where we will intensify our focus. Looking forward, we have seen some weakness in North America Residential lead flow towards the end of Q2 and into July, however we still expect to deliver FY 2026 profit in line with current market expectations."

Mike Duffy, Chief Executive of Rentokil Initial plc

 

Financial Results Continuing Operations Six months to 30 June 2026		Adjusted Results1					Statutory Results
$m	H1 2026 $m	H1 2025 $m	Change (reported) %	Change (constant currency) %		H1 2026 $m	H1 2025 $m	Change (reported) %	Change (constant currency) %
Revenue	3,589	3,364	6.7%	4.5%		3,589	3,364	6.7%	4.5%
EBITDA	745	686	8.6%
Operating Profit	556	511	8.8%	6.6%		349	304	14.8%	11.5%
Operating Profit margin	15.5%	15.2%	0.3%pts	0.3%pts		9.7%	9.0%	0.7%pts	0.6%pts
Profit before Tax	459	418	9.8%	7.8%		263	216	21.8%	18.4%
Free Cash Flow	318	282	12.8%
Basic EPS	13.50c	12.46c	8.3%			7.76c	6.49c	19.6%
Dividend Per Share	4.48c	4.15c	8.0%
Net debt	3,575	4,220
Net debt:EBITDA	2.4x	2.8x

Organic Revenue Growth1	Q1	Q2	H1
Group	3.4%	3.8%	3.6%
North America	3.9%	3.6%	3.7%
●      Pest Control Services	2.8%	2.4%	2.6%
●      Business Services	12.7%	9.1%	10.6%
International	2.7%	4.2%	3.5%

Financial Highlights

●      H126 Group Organic Revenue Growth¹ of 3.6%, with improving performance in Q2.

●      Q2 Group Organic Revenue Growth¹ of 3.8% including 3.6% in North America and 4.2% in International.

●      Group Adjusted Operating Profit¹ up 6.6%, benefiting from 10.2% growth in North America as we continue to deliver on our cost efficiency programme. Group Adjusted Operating Margin¹ of 15.5%, up 0.3%pts.

●      Free Cash Flow¹ of $318m, up 12.8%, with Free Cash Flow Conversion of 96%, reflects continued disciplined working capital management and control of capital expenditure, leaving us on track to deliver a full year conversion rate in line with guidance of above 80%.

●      Additional provision for termite damage claims of $47m. After $46m of cash settled claims in H126, closing provision of $392m (FY25: $384m). Current estimate for 2026 cash outflow of $115m-$125m.

●      North America transformation costs of $38m, with cumulative gross savings delivered in the first half of $45m and net savings after investment of $28m. International transformation costs of $9m.

●      Net debt to Adjusted EBITDA¹ ratio reduced to 2.4x, now within our stated target range of 2-2.5x for the first time since the Terminix acquisition (FY25: 2.6x). There was a negligible foreign exchange impact on translation of period-end net debt.

●      Interim dividend of 4.48 cents per share, up 8.0%.

Operational Highlights

North America - trading and growth initiatives

●      H126 North America Organic Revenue Growth of 3.7% including 3.6% in Q2 after 3.9% in Q1.

●      H126 North America Business Services Organic Revenue Growth of 10.6%. Q2 growth of 9.1% moderated as expected from 12.7% growth in Q1. Growth supported by seasonal demand in product distribution and a good contribution from new business wins in brand standards.

●      H126 North America Pest Control Services Organic Revenue Growth of 2.6%, including 2.8% in Q1 and 2.4% in Q2. Residential revenues grew solidly through the half, with acceleration in core Pest Control moderated by slower growth in Termite revenues in Q2. Commercial revenues grew more slowly through the half, with slower growth in Q2 driven by National Accounts.

●      The strategy to invest in more branches and brands brings us closer to the customer and is driving good growth in lead flow with 6% growth in Residential leads in H1, with a strong return on investment in regional brands.

●      Roll out of the 70 further smaller, local branches planned for 2026 now complete, focused on serving higher household income areas.

●      Pricing remains ahead of inflation, supported by local rate card optimisation and customer segmentation.

●      Successful roll-out of Branch 360 'single pane of glass' with good branch manager feedback. Branch 360 is our proprietary software consolidating multiple systems into a single reporting, insights and action platform delivering consistent and easily accessible KPIs to enable branch managers to drive improved performance.

●      North America customer retention of 80.7% (H125: 80.5%) is up 0.2%pts year-on-year due to good progress in Residential retention, supported by continued improvement in multiple service metrics, rising autopay penetration and increasing impact of the customer saves team.

●      North America colleague retention improved to 82.7% (H125: 80.7%).

●      Launched our leading connected device solution, PestConnect, in the US, further differentiating our Commercial offer, with over 12,000 devices now deployed at 245 sites. Encouragingly, two of our largest PestConnect customer sites are now in the US and PestOptix camera trials are being completed with a number of customers.

North America - cost efficiency programme

●      North America cost efficiency initiatives continue on track. Cumulative first half gross savings of $45m have been delivered with net savings of $28m after reinvestment. Annualised gross savings run rate now c.$90m.

●      We are making good progress on improving operating margins, with our North America Pest Control Services business delivering a 19.7% Adjusted Operating Profit margin in H1. The faster growth of lower margin Business Services is holding back overall North America margin delivery.

International

●      H126 Organic Revenue Growth of 3.5% converted into Adjusted Operating Profit Growth of 4.3% with Adjusted Operating Profit margin of 19.1%, down 0.1%pts year-on-year.

●      Q2 Organic Revenue Growth of 4.2%, after 2.7% in Q1. The improvement in Q2 has primarily come from International Pest Control, improving from 2.8% in Q1 to 5.4% in Q2, with good volumes and a strong demand and pricing environment across the UK, Southern Europe, Indonesia and India.

●      International customer retention of 86.1% (H125: 85.2%) is up 0.1%pts compared to Q1 due to proactive account management initiatives across the region.

●      As we continue to assess further cost efficiency opportunities across our International businesses, we have made progress with initial outsourcing and simplification programmes incurring transformation costs of $9m.

●      During the half we disposed of our Benelux specialist hygiene business, representing revenues of c.$9m, simplifying our regional footprint and increasing focus on core services.

M&A

●      14 businesses with revenues of c.$26m in the year prior to purchase were acquired for $37m. M&A remains a core strategy for growth to build density through bolt-on acquisitions. We now expect to spend around $120m in 2026 with a disciplined approach focused on delivering value in our highest opportunity markets and segments.

2026 Outlook unchanged

●      We have seen some weakness in North America Residential lead flow towards the end of Q2 and into July, however we still expect to deliver FY 2026 profit in line with current market expectations.

Our Strengths

After four months in the role, I have seen first-hand the strong structural growth opportunities for our industry, and our distinctive strengths that give us the right to win.

●      We are a global leader in the high-growth Pest category, and we are a leader in the provision of Hygiene & Wellbeing services across our International markets, with both categories benefiting from favourable tailwinds.

●      We are a scale player with strong national branch networks in many of the countries where we operate.

●      We have category-defining brands complemented by a portfolio of trusted regional and local brands, supporting long-standing customer relationships.

●      Our scale has enabled investment to differentiate ourselves from the competition, such as our:

○      Highly-experienced and long-tenured frontline organisation.

○      Industry-leading capabilities such as the PestConnect remote monitoring platform.

Our Opportunities

We are not delivering on our growth potential in many of the markets we operate in, nor adequately benefiting from our scale. In North America, the changes made last year to retain more brands and add smaller, local branches added customer proximity and delivered higher penetration of market demand. Combined with changes to digital marketing this has improved lead flow, but there is more to do to address the underperformance of organic revenue growth. I have three key priorities to unlock better performance.

1. Focus on the customer

●      Great service organisations put the frontline and customers first. We must enable our frontline to delight our customers and improve the customer experience across all touchpoints of the customer journey.

●      We are revisiting operating KPIs to ensure greater customer focus and clearer accountabilities, together with a continued focus on enhancing data and systems to improve consistency of performance.

●      In North America, further actions are being taken to improve customer satisfaction and retention:

○      Residential retention is benefiting from improved service quality in the field, investment in our customer saves team and autopay enrolment campaigns.

○      Commercial and National Accounts retention needs more focus with a number of initiatives to be executed in H2 including replicating the successful Residential customer saves team.

2.  Sales and operational excellence

●      Faster growth will be unlocked by better execution of commercial levers across the customer lifecycle from acquire through to convert, retain, price and upsell.

●      There is a significant opportunity to drive greater standardisation in our branch operating model, delivering operational excellence consistently across the branch network.

●      For North America, the changes made to digital marketing through 2025 continue to yield healthy growth in lead flow, but higher conversion rates are an opportunity. We have taken recent actions to improve this:

○      Addition of lead co-ordinator roles to improve backlog management and customer responsiveness via faster scheduling.

○      Introduction of a National Accounts sales commission plan for technicians.

●      We will separate leadership of our US Residential and Commercial businesses, recognising their different needs. This will reduce operational complexity, ensure we have the right sales and commercial capabilities to maximise revenue opportunities and enhance our focus on meeting the unique, specialised needs of both Residential and Commercial customers. Improving Commercial growth is a substantial opportunity and we have already:

○      Invested in Commercial leadership roles at a regional level and established a dedicated team accountable for growth.

○      Launched our proprietary digital pest management network, PestConnect, with early success. There are now over 12,000 devices deployed at 245 sites.

3.  Business simplification

●      We are an overly complex global organisation operating in 90 countries but with 93% of operating profit from our top 20 countries. We will simplify the portfolio to focus resources on high growth markets and categories where we can deliver industry-leading operating margins and returns.

●      There is a clear opportunity to simplify the business through a streamlined global operating model and harmonisation of our core systems and processes for scalable growth.

●      We have made excellent progress on our cost efficiency programme in North America with the annualised gross savings run rate now at c.$90m. This has delivered growth in margins in our North America Pest Control Services business from 18.3% in 2024 to 19.7% in H1 2026.

●      There are further significant opportunities to optimise the cost base, taking the success of our initiatives in North America and applying them globally. This will enable us to generate sufficient fuel to self-fund reinvestment in growth resources, primarily into North America. These efforts will be led by a new role on the Executive Leadership Team - Group Chief Transformation Officer.

●      This redeployment of resources into North America, with a focus on driving volume growth over short-term margin expansion, means we are retiring our North America margin target of 20% in 2027. I am confident through this targeted redeployment we will, over time, accelerate organic growth and improve margins.

Building the platform for sustainable growth

The focus for the rest of the year is to continue to prioritise improving performance in North America Pest Control Services. We have been moving at pace to strengthen leadership and take actions to improve growth and standardise our operating model. We are establishing a North America head office and training centre in Dallas, Texas, which will help build a cohesive leadership team, accelerate the speed of decision making and ensure tight alignment of priorities.

We have filled key leadership roles. Rafa Carrasco joins on 3 August 2026 to lead our business in North America. Rafa has an impressive track record of leadership in large-scale field and route-based service industries serving both commercial and residential customers. Following this, we have appointed a new Chief Marketing Officer for North America, Famous Rhodes, who joined the business in July from Apex Service Partners, America's largest national home services platform.

We are building a roadmap for the future centred on sustainably accelerating organic growth across the Group, as the key driver of long-term shareholder value creation. We continue to believe in our ability to increase Group margins as further cost optimisation globally will provide the fuel to invest for growth. We will return with more detailed plans at our FY26 results in February 2027.

Enquiries:

Investors / Analysts:	Heather Wood Jamie Lewis	Rentokil Initial plc Rentokil Initial plc	+44 7808 098793 +44 7341 071944
Media:	Malcolm Padley	Rentokil Initial plc	+44 7788 978199

A management presentation and Q&A for investors and analysts will be held virtually today, 30 July 2026 at 9.30am (UK time). Dial-in details will be provided on the website

(https://www.rentokil-initial.com/investors.aspx). A recording will be made available following the conclusion of the presentation.

Notes

1. Non-IFRS measures - This statement includes certain financial performance measures which are not measures defined under International Financial Reporting Standards (IFRS). These measures include Adjusted Operating Profit, Adjusted Profit Before Tax, Adjusted Profit After Tax, Adjusted EBITDA, Adjusted Interest, Adjusted Earnings Per Share, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion, Adjusted Effective Tax Rate and Organic Revenue. Management believes these measures provide valuable additional information for users of the financial statements to aid better understanding of the underlying trading performance. Adjusted Operating Profit, Adjusted Profit Before/After Tax and Adjusted EBITDA exclude certain items that could distort the underlying trading performance of the business. An explanation of all the above non-IFRS measures used along with reconciliation to the nearest IFRS measures is provided in Use of Non-IFRS measures in the financial statements.

Regional Performance

		Revenue				Adjusted Operating Profit
	H1 2026 $m	H1 2025 $m	Change (constant currency) %	Organic Revenue Growth %		H1 2026 $m	H1 2025 $m	Change (constant currency) %
North America
Pest Control	2,133	2,044	4.3%	3.8%		385	348	10.3%
Hygiene & Wellbeing	64	62	3.5%	2.4%		8	8	6.6%
	2,197	2,106	4.2%	3.7%		393	356	10.2%
International
Pest Control	835	749	6.0%	4.1%		169	153	5.5%
Hygiene & Wellbeing	557	509	3.6%	2.6%		97	89	2.3%
	1,392	1,258	5.0%	3.5%		266	242	4.3%
Central1						(103)	(85)	(16.9)%
Restructuring costs						-	(2)	100.0%
Total	3,589	3,364	4.5%	3.6%		556	511	6.6%

1.    H1 2025 central revenue of $7m was allocated to International Pest Control ($2m) and Hygiene & Wellbeing ($5m).

North America

	H1 2026 $m	H1 2025 $m	Change (reported) %	Change (constant currency) %	Organic Revenue Growth
Revenue	2,197	2,106	4.3%	4.2%	3.7%
Pest Control	2,133	2,044	4.4%	4.3%	3.8%
Hygiene & Wellbeing	64	62	3.2%	3.5%	2.4%
Operating Profit	246	183	34.4%	34.1%
Adjusted Operating Profit	393	356	10.4%	10.2%
Pest Control	385	348	10.6%	10.3%
Hygiene & Wellbeing	8	8	0.0%	6.6%
Adjusted Operating Margin	17.9%	16.9%	1.0%pts	1.0%pts
Pest Control	18.0%	17.0%	1.0%pts	1.0%pts
Hygiene & Wellbeing	12.5%	12.9%	(0.4)%pts	0.4%pts

North America Pest Control	H1 2026 $m	H1 2025 $m	Change (reported) %	Change (constant currency) %	Organic Revenue Growth
Revenue	2,133	2,044	4.4%	4.3%	3.8%
Pest Control Services	1,794	1,738	3.2%	3.1%	2.6%
Business Services	339	306	10.8%	10.6%	10.6%
Adjusted Operating Profit	385	348	10.6%	10.3%
Pest Control Services	353	321	10.0%	9.6%
Business Services	32	27	18.5%	17.9%
Adjusted Operating Profit Margin	18.0%	17.0%	1.0%pts	1.0%pts
Pest Control Services	19.7%	18.5%	1.2%pts	1.2%pts
Business Services	9.4%	8.8%	0.6%pts	0.6%pts

Organic Revenue Growth	Q1	Q2	H1
North America	3.9%	3.6%	3.7%
North America Pest Control Services	2.8%	2.4%	2.6%
North America Business Services	12.7%	9.1%	10.6%

H1 2026 Performance

Half year Revenue was up 4.2% to $2,197m, with Organic Revenue Growth up 3.7% including 3.8% in Pest Control and 2.4% in Hygiene & Wellbeing.

North America Pest Control Services delivered revenue growth of 3.1%, with 2.6% growth in contract revenues and 5.7% growth in jobbing revenues. Growth in contract revenues was 2.3% in Q2 compared to 3.0% in Q1, and jobbing revenues delivered 5.5% growth in Q2 compared to 6.1% in Q1.

Organic Revenue Growth in North America Pest Control Services of 2.4% in Q2 from 2.8% in Q1 reflects solid growth in total Residential revenues through the half as the initiatives in place to drive Residential lead flow delivered lead flow growth of 6%. An acceleration in core Pest Control revenues was moderated by slower growth in Termite revenues in Q2. Commercial revenues grew more slowly through the half, with slower growth in Q2 from National Accounts.

We have made good progress against our strategic initiatives laid out at the start of 2026 to invest in customer proximity through more brands and more branches, and in improved data leading to faster, higher-quality insights.

●      We have been investing behind a broader suite of national, regional and powerful local brands, with a good return on investment. Terminix top-of-mind awareness and unaided awareness are up 3%pts in the 12 months to April 2026 and Residential lead flow for regional brands was up double-digit in the first half.

●      We have opened an additional 70 smaller, local branches, taking the total to around 220, building further customer proximity, community presence and market demand penetration. We have targeted higher household income areas for these branches.

●      The roll-out of our integrated Branch 360 proprietary software, consolidating multiple systems into a single reporting, insights and action platform accessed through a unified branch BI (Business Intelligence) scorecard has been well-received. The dashboard is delivering an enhanced user experience with consistent, easily accessible KPIs and management information driving improved, faster decision-making for branch managers.

North America Business Services had a strong start to 2026 with Organic Revenue Growth of 12.7% in Q1 and 9.1% in Q2, supported by seasonal demand in product distribution and a good contribution from new business wins in brand standards.

Adjusted Operating Profit increased by 10.2% to $393m. Within North America Pest Control, Adjusted Operating Profit in Pest Control Services grew 9.6%, taking margins to 19.7%, up 1.2%pts. Adjusted Operating Profit in North America Business Services grew 17.9%, taking margins to 9.4%, up 0.6%pts. The faster growing areas within Business Services are lower margin, which is diluting overall profit margins within North America, which grew 1%pt to 17.9%.

We have made strong progress on our cost efficiency programme in North America. Cumulative gross savings of $45m have now been delivered, $28m net of reinvestment, with an annualised gross savings run rate of c.$90m.

Colleague retention increased to 82.7% (H125: 80.7%), improving for both sales and service colleagues.

Customer retention improved to 80.7% (H125: 80.5%). Growth was strongest in the Residential business, benefiting from Drive to 85 initiatives such as the continued roll-out of autopay to remove billing friction and the investment in the customer saves team.

Bolt-on M&A activity continued, with 2 acquisitions completed with combined revenues of c.$1m in the year prior to purchase. We continue to selectively pursue high quality M&A assets in the North America region.

International

	H1 2026 $m	H1 2025 $m	Change (reported) %	Change (constant currency) %	Organic Revenue Growth
Revenue	1,392	1,258	10.7%	5.0%	3.5%
Operating Profit	222	214	3.7%	(1.9)%
Adjusted Operating Profit	266	242	9.9%	4.3%
Adjusted Operating Margin	19.1%	19.2%	(0.1%)pts	(0.1%)pts

Organic Revenue Growth	Q1	Q2	H1
International	2.7%	4.2%	3.5%

H1 2026 Performance Revenue

Revenue was up 5.0% to $1,392m, with Organic Revenue up 3.5%. Performance improved in Q2, with Organic Revenue Growth of 4.2% (Q1: 2.7%) supported by an acceleration in International Pest Control Organic Revenue Growth to over 5% in Q2.

Europe delivered strong growth through the quarter across key markets of Spain, Portugal and Italy, supported by price increases and a good performance on jobbing revenues.

In the UK, the core pest business is performing well with mid-single digit Organic Revenue Growth. Overall performance was held back by more challenging trading conditions for property services and DCUK, our asbestos removal business, due to softness in overall housing demand and deferral of spending on more discretionary projects.

In Asia, we saw strong growth in India and Indonesia driven by good demand boosting contract sales. Both the Middle East and the Pacific regions returned to modest growth in Q2. In the Pacific, solid demand drove up gross sales, which combined with a strong performance on retention, delivered good growth in the core Pest business, with overall results held back by strong comparatives in Rural and Track Spray. Excluding these businesses, International Organic Revenue Growth would have been 3.8%.

Profit

Adjusted Operating Profit in our International region increased by 4.3% to $266m, broadly in line with revenue growth. Adjusted Operating Margin was 19.1%, down 0.1%pts year-on-year. Statutory Operating Profit was $222m, up 3.7% year-on-year (H125: $214m).

Adjusted Operating Profit growth in Asia and MENAT benefited from good growth in volume-driven revenues in our largest markets of India, Indonesia and Malaysia. Operating Profit growth in the UK benefited from strong Organic Revenue Growth in the higher margin Pest business and disciplined cost control. Europe profit margins were broadly flat year-on-year as good pricing and cost efficiency measures offset inflation. Within the Pacific region, operating profit declined due to the shortfall in Rural and Track Spray revenue in the Pest business.

Colleague retention of 90.6% was up on last year (H125: 90.4%) supported by service colleague retention.

Customer retention improved to 86.1% (H125: 85.2%) benefiting from a number of initiatives across the region including improved focus on structured and proactive customer account management across Europe, Asia and the Pacific.

The International region acquired 12 businesses with total revenues in the year prior to purchase of c.$25m.

Pest Control

	H1 2026 $m	H1 2025 $m	Change (reported) %	Change (constant currency) %	Organic Revenue Growth
Revenue	2,968	2,793	6.3%	4.8%	3.9%
Operating Profit	362	299	21.1%	18.2%
Adjusted Operating Profit	554	501	10.6%	8.8%
Adjusted Operating Margin	18.7%	17.9%	0.8%pts	0.7%pts

Organic Revenue Growth	Q1	Q2	H1
Pest Control	3.7%	4.0%	3.9%

Our Pest Control business is one of the leading operators in the US, the world's biggest pest control market, and the largest operator in the world overall, providing services in around 90 markets. We are a leading global player in a resilient and non-cyclical industry characterised by long-term structural growth drivers. Over the past 10 years the global pest control market has grown from a value of $15.4bn in 2015 to $29.0bn in 2025 at a CAGR of 6.6%. Industry forecasts for the next 10 years deliver a CAGR of 6.2%, with the value of the global market expected to reach around

$50bn by 2034.

H1 2026 Performance

Pest Control Revenue increased by 4.8% to $2,968m (H125: $2,793m), with Organic Revenue Growth of 3.9%.

Within North America, good revenue growth of 4.3% (3.8% Organic) included 3.1% in Pest Control Services (2.6% Organic) and 10.6% in Business Services (10.6% Organic). Pest Control Services growth benefited from a good performance from Residential revenues through the half, with overall growth impacted by Commercial revenues growing more slowly, particularly in Q2 impacted by revenues from National Account customers.

North America Business Services had a strong start to 2026 with Organic Revenue Growth of 12.7% in Q1 and 9.1% in Q2, supported by strong seasonal demand in product distribution and a good contribution from new business wins in brand standards.

Within International, good revenue growth of 6.0% (4.1% Organic) included 7.1% growth in contract revenue and 3.8% growth in jobbing revenues. Overall growth was held back by an Organic Revenue decline in the Pacific region due to strong comparatives in Rural and Track Spray. Excluding these businesses, Organic Revenue Growth in International Pest Control was 4.7%, including 5.7% in Q2, with Europe, the UK and Asia all performing well.

Adjusted Operating Profit increased by 10.6% to $554m (H125: $501m) and by 8.8% at constant currency, with Adjusted Operating Profit Margin increasing to 18.7% (H125: 17.9%). Statutory Operating Profit increased by 21.1% to

$362m (H125: $299m).

Pest Control represented 83% of Group Revenue and 84% of Group Adjusted Operating Profit.

We acquired 9 Pest Control businesses in the period with revenues in the year prior to acquisition of c.$10m.

Hygiene & Wellbeing

	H1 2026 $m	H1 2025 $m	Change (reported) %	Change (constant currency) %	Organic Revenue Growth
Revenue	621	571	8.8%	3.6%	2.6%
Operating Profit	106	98	8.2%	2.6%
Adjusted Operating Profit	105	97	8.2%	2.6%
Adjusted Operating Margin	16.9%	17.0%	(0.1%)pts	(0.2%)pts

Organic Revenue Growth	Q1	Q2	H1
Hygiene & Wellbeing	2.1%	3.0%	2.6%

Rentokil Initial is a leader in the provision of hygiene and wellbeing services, operating in around 70 markets around the world. Inside the washroom we provide hand hygiene (soaps and driers), air care, in-cubicle (feminine hygiene units), no-touch products and digital hygiene services. In addition to core washroom hygiene, we deliver specialist services outside the washroom such as premium scenting, plants, air quality monitoring, green walls and specialist waste collection services.

H1 2026 Performance

Hygiene & Wellbeing Revenue increased by 8.8% to $621m (H125: $571m) and by 3.6% at constant currency, with Organic Revenue Growth of 2.6%. Growth was driven principally by key markets in Europe and the Pacific, with the UK performance impacted by some caution on spending on discretionary projects in DCUK, our asbestos removal business. Excluding DCUK, Hygiene & Wellbeing Organic Revenue Growth was 3.2%. The stronger growth in Q2 (3.0%) from Q1 (2.1%) benefited from improved jobbing demand for Ambius in North America following the weakness in construction-related work in Q1.

Adjusted Operating Profit increased by 8.2% to $105m (H125: $97m) and by 2.6% at constant currency, broadly in line with revenue growth. Adjusted Operating Margin was broadly flat at 16.9% (H125: 17.0%). The profit performance reflected the benefit of pricing and productivity initiatives, alongside continued cost discipline. Statutory Operating Profit increased by 8.2% to $106m (H125: $98m).

For H126, Hygiene & Wellbeing represented 17% of Group Revenue and 16% of Group Adjusted Operating Profit. We acquired 5 Hygiene & Wellbeing businesses in the period with revenues of c.$16m in the year prior to acquisition.

Good contributions from bolt-on M&A

In the first half of 2026, we acquired 14 businesses, comprising 9 in Pest Control and 5 in Hygiene & Wellbeing for a total consideration of $37m, with revenues of c.$26m in the year prior to purchase. We added 2 new businesses in North America during the period with revenues of $1m in the year prior to purchase, and 12 businesses in our International region with revenues of c.$25m in the year prior to purchase.

M&A remains a core strategy for growth to build density through bolt-on acquisitions. We now expect to spend around $120m in 2026 with a disciplined approach focused on delivering value in our highest opportunity markets and segments.

Innovation and Technology

We continue to leverage the benefits of our scale and expertise to invest in data, innovation and technology.

Our innovation strategy continues to drive market differentiation and customer value, anchored by the success of our connected product range. During the first half, our PestConnect footprint continued to expand, reaching c.660,000 devices now operating across c.40,000 customer sites. This has been bolstered by the launch in the US, including our largest single site deployment.

In H1 we launched the T-Rex rat trap in the US, a powerful new device offering industry-leading effectiveness and 24/7 connected monitoring. In Hygiene, we introduced the new Signature Inclusive Sanitary Bin in the UK, which supports inclusivity with a larger waste tray for bulkier incontinence products in line with our washroom dignity for all campaign.

In 2025, we successfully launched our in-house AI Platform ("RAT-GPT"), prioritising AI agent development to support growth and efficiency. This included a pilot of a new lead prioritisation tool in France which prioritises leads based on factors such as likelihood to convert, sales value and future customer value. Following the success of this pilot, the tool is being adapted for different markets including Portugal and Switzerland, and has recently been piloted in North America, successfully identifying and servicing high priority leads faster.

Financial review for continuing operations for the six months ended 30 June 2026

6 months ended 30 June 2026	H1 2026 Statutory $m	Amortisation and impairment of intangible assets2	One-off and Adjusting items $m	H1 2026 Adjusted $m	H1 2025 Adjusted $m	Change (Reported) %
Revenue
North America	2,197			2,197	2,106	4.3%
International	1,392			1,392	1,258	10.7%
Total Revenue	3,589			3,589	3,364	6.7%
Analysed as:
Pest Control	2,968			2,968	2,793	6.3%
Hygiene & Wellbeing	621			621	571	8.8%
Operating Profit
North America	246	62	85	393	356	10.4%
International1	222	28	16	266	242	9.9%
Central & Restructuring costs	(119)	7	9	(103)	(87)	18.4%
Total Operating profit	349	97	110	556	511	8.8%
Analysed as:
Pest Control	362	87	105	554	501	10.6%
Hygiene & Wellbeing	106	3	(4)	105	97	8.2%
Central & Restructuring costs	(119)	7	9	(103)	(87)	18.4%
Finance income	43		(17)	26	12	116.7%
Finance expense	(134)		6	(128)	(110)	(16.4%)
Associates, net of tax	5			5	5	-
Profit before tax	263	97	99	459	418	9.8%
Income tax expense	(67)		(51)	(118)	(104)	(13.5%)
Profit from continuing operations	196	97	48	341	314	8.6%
Weighted average shares in issue (m)	2,526			2,526	2,522
Basic Earnings per Share (cents)	7.76			13.50	12.46	8.3%

1.    International adjusting items includes profit on disposal of businesses of $2m (2025: $nil).

2.    Excluding computer software.

Group Revenue and Profit highlights

Group Revenue increased 6.7% to $3,589m, up 4.5% at constant currency, with 3.6% Organic Revenue Growth. North America Revenue growth was 4.3%, up 4.2% at constant currency, with 3.7% Organic Revenue Growth. The International business grew Revenue 10.7% for the half year, up 5.0% at constant currency with 3.5% Organic Revenue Growth.

Group Adjusted Operating Profit grew 8.8% to $556m, up 6.6% at constant currency, with 10.4% growth in North America (10.2% growth at constant currency) and 9.9% growth in International (4.3% growth at constant currency). After a $4m increase in Adjusted Interest, Adjusted Profit Before Tax increased 9.8% to $459m. Adjusted Basic Earnings Per Share increased 8.3% to 13.50 cents.

Central and restructuring costs

Central and restructuring costs within Adjusted Operating Profit of $103m were up 14.2% at constant currency (18.4% reported) as a result of inflationary increases and increased investment in our proprietary digital applications and technology.

One-off and adjusting items

One-off and adjusting items of $112m are primarily made up of transformation costs and the movement in the legacy termite provision.

Transformation costs

We are focused on business simplification and cost efficiency.

In North America we have made good progress delivering on our cost efficiency programme, with a number of initiatives underway including use of outsourcing and Global Capability Centres for back-office roles. These initiatives have now delivered $45m in cumulative savings, with an annualised run rate of c.$90m. In the first half, we incurred one-time costs to achieve these savings of $38m (H125: $30m). We currently expect further one-time costs in 2026 in the region of $32m.

In International, there are further cost efficiency opportunities. In the first half we incurred $9m costs in relation to initial outsourcing and simplification programmes in our International business.

Legacy termite warranty obligations

During the first half, the total termite provision increased by $8m to a total of $392m (FY25: $384m). Within this, the legacy termite provision increased by $6m to $364m (FY25: $358m). This net movement reflects $44m in additional provisions, driven by the settlement of higher-than-average cost non-litigated claims in the non-Gulf region and settlement of a small number of the larger, litigated complex Commercial cases at higher average costs than the historical average. Other movements included a $6m discount unwind and provision utilisation of $43m reflecting cash outflows for settled claims.

To actively manage long-term financial exposure, the Group is strategically prioritising the resolution of high-value, non-litigated claims, particularly with aged and Commercial customers with the intention of reducing future litigation.

Interest

Adjusted interest of $102m (H125: $98m) includes a $13m increase in net finance income due to interest on higher bank balances. There was an offsetting $31m increase in finance costs due to higher levels of and a higher average cost of bond debt, mitigated by $11m in reduced overdraft costs.

Tax

The income tax charge for the period at actual exchange rates was $67m on the reported Profit Before Tax of $263m, giving an effective tax rate (ETR) of 25.5% (H125: 24.2%). The Group's ETR before amortisation of intangible assets (excluding computer software), one-off and adjusting items and the net interest adjustments for H126 was 25.7% (H125: 25.0%). This compares with a blended rate of tax for the countries in which the Group operates of 25.3% (H125: 25.2%).

Cash flow

$m at actual exchange rates
	H1 2026 $m	H1 2025 $m	Change $m
Statutory operating profit	349	304	45
Add back:
One-off and adjusting items	112	110	2
Profit on disposal of businesses	(2)	-	(2)
Amortisation and impairment of intangible assets	97	97	-
Adjusted operating profit	556	511	45
Depreciation	172	158	14
Other	17	17	-
Adjusted EBITDA as reported	745	686	59
One-off and adjusting items (non-cash)	11	13	(2)
Working capital	(54)	(51)	(3)
Movement on provisions	(44)	(39)	(5)
Capex - additions	(90)	(89)	(1)
Disposals - PPE	4	1	3
Capital element of lease payments	(94)	(90)	(4)
Interest	(110)	(106)	(4)
Tax	(50)	(43)	(7)
Free Cash Flow - continuing operations	318	282	36
Free Cash Flow - discontinued operations	-	6	(6)
Free Cash Flow	318	288	30
Acquisitions	(39)	(70)	31
Disposal of companies and businesses	3	-	3
Dividends	(208)	(198)	(10)
Cash impact of one-off and adjusting items	(70)	(48)	(22)
IFRS 16 liability movement	15	5	10
Net debt acquired	(3)	-	(3)
Bond interest accrual	20	16	4
Foreign exchange translation and other items	39	(196)	235
Decrease/(increase) in net debt	75	(203)	278
Opening net debt	(3,650)	(4,017)	367
Closing net debt	(3,575)	(4,220)	645

Cash Flow

Cash generation remains a key focus, supported by continued discipline in operational cash conversion and working capital management.

Free Cash Flow from continuing operations increased 12.8% to $318m (H125: $282m), with the improvement driven principally by higher profits. Free Cash Flow was $318m (H125: $288m), $30m higher year-on-year.

Free Cash Flow Conversion of 96% exceeded our guidance as a result of continued disciplined working capital management and control of capital expenditure.

The Group had a $54m working capital outflow in the first half (H125: $51m outflow). Movements on provisions totalled $44m (H125: $39m), including the cash element of legacy termite payments of $46m, down $6m year-on-year. Capital expenditure additions were $90m (H125: $89m). The capital element of lease payments were $94m (H125: $90m). Cash interest payments were $110m, up $4m year-on-year and cash tax payments were $7m higher year-on-year at $50m.

With respect to free cash flow utilisation, after cash spend on current and prior year acquisitions of $39m (down on the $70m spent in H1 2025), dividend payments of $208m and the cash impact of one-off and adjusting items of $70m, net debt reduced by $75m to $3,575m.

Funding

As at 30 June 2026, the Group had liquidity headroom of $2.5bn, including $1bn of undrawn revolving credit facilities, with a maturity date of October 2029. The Net Debt to Adjusted EBITDA ratio was 2.4x at 30 June 2026 (31 December 2025: 2.6x).

Dividend

The Board is recommending an interim dividend of 4.48 cents per share, up 8.0% year-on-year, in line with the Company's progressive dividend policy. The dividend is first determined in US dollars and the sterling amount will be announced on 27 August 2026 using the average of the market exchange rates for the three working days commencing 24 August 2026, using the closing spot rate. The dividend is payable to shareholders on the register at the close of business on 14 August 2026, to be paid on 21 September 2026. The last day for DRIP elections is 28 August 2026.

Technical guidance update for FY 2026 P&L

●      One offs and Adjusting items excl. North America Transformation costs: c.$35-45m

●      North America Transformation costs¹: c.$70m

●      P&L adjusted interest costs: c.$210-$220m, including $5-10m of hyper-inflation

●      Estimated Adjusted Effective Tax Rate: 25%-26%

●      Impact of FX²within range of +$10m to +$15m

Cash

●      One-off and Adjusting items : c.$110m-$120m

●      Cash utilisation of provisions: c.$115-125m (primarily legacy termite cash payments)

●      Capex excluding right of use (ROU) asset lease payments: $190m-$200m

●      Cash interest: c.$200m-$210m

●      Cash tax payments: $110m-$125m

●      Anticipated spend on M&A in 2026 of c.$120m

1: Reported as one-off and adjusting items and excluded from Adjusted Operating Profit and Adjusted PBTA 2: Based on maintenance of current FX rates

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the period ended 30 June 2026

Unaudited six months to 30 June
		2026	2025
	Notes	$m	$m
Revenue	2	3,589	3,364
Operating expenses		(3,198)	(3,021)
Net impairment losses on financial assets	2	(44)	(39)
Profit on disposal of businesses		2	-
Operating profit	2	349	304
Finance income	3	43	24
Finance cost	4	(134)	(117)
Share of profit from associates net of tax		5	5
Profit before income tax		263	216
Income tax expense	5	(67)	(52)
Profit from continuing operations		196	164
Profit from discontinued operations1		-	24
Profit for the period		196	188
Profit for the period attributable to:
Equity holders of the Company		196	188
Non-controlling interests		-	-
Other comprehensive income:
Items that are not reclassified subsequently to the income statement:
Remeasurement of net defined benefit liability		-	1
Items that are or may be reclassified subsequently to the income statement:
Net exchange adjustments offset in reserves		12	(182)
Net (loss)/gain on net investment hedge		(3)	165
Effective portion of changes in fair value of cash flow hedge		8	(21)
Cost of hedging		(2)	(1)
Tax related to items taken to other comprehensive income	5	1	12
Other comprehensive income for the period		16	(26)
Total comprehensive income for the period		212	162
Total comprehensive income for the period attributable to:
Equity holders of the Company		212	162
Non-controlling interests		-	-
Earnings per share:	6
From continuing operations
Basic (cents)		7.76	6.49
Diluted (cents)		7.73	6.47

From continuing and discontinued operations1
Basic (cents)	7.76	7.44
Diluted (cents)	7.73	7.41

1. Discontinued operations relate to the sale of the Workwear business in France to H.I.G. Capital which was completed on 30 September 2025. At 30 June 2025 the transaction was classified as a disposal group held for sale and a discontinued operation. Financial information in relation to the discontinued operations can be found in the 2025 Interim statement note 6 and in the 2025 Annual Report note B7.

Condensed Consolidated Balance Sheet At 30 June 2026

Unaudited At 30 June 2026			Audited At 31 December 2025
	Notes	$m	$m
Assets
Non-current assets
Intangible assets		8,857	8,917
Property, plant and equipment		443	445
Right-of-use assets		555	576
Investments in associated undertakings		44	41
Other investments		28	25
Deferred tax assets	5	49	55
Contract costs		354	337
Retirement benefit assets		12	6
Trade and other receivables		60	52
Derivative financial instruments	11	54	121
		10,456	10,575
Current assets
Other investments		-	2
Inventories		314	308
Trade and other receivables		1,259	1,151
Current tax assets		13	18
Derivative financial instruments	11	42	61
Cash and cash equivalents		2,471	2,319
		4,099	3,859
Liabilities
Current liabilities
Trade and other payables		(1,472)	(1,392)
Current tax liabilities		(60)	(61)
Provisions for liabilities and charges	12	(212)	(275)
Bank and other short-term borrowings		(1,944)	(1,411)
Lease liabilities		(164)	(171)
Derivative financial instruments	11	-	(5)

		(3,852)	(3,315)
Net current assets		247	544
Non-current liabilities
Other payables		(59)	(46)
Bank and other long-term borrowings		(3,601)	(4,156)
Lease liabilities		(379)	(392)
Deferred tax liabilities	5	(600)	(589)
Retirement benefit obligations		(31)	(27)
Provisions for liabilities and charges	12	(467)	(397)
Derivative financial instruments	11	(52)	(18)
		(5,189)	(5,625)
Net assets		5,514	5,494
Equity
Capital and reserves attributable to the Company's equity holders
Share capital		41	41
Share premium		22	21
Other reserves		(931)	(946)
Retained earnings		6,384	6,380
Total equity attributable to the Company's equity holders		5,516	5,496
Non-controlling interests		(2)	(2)
Total equity		5,514	5,494

Condensed Consolidated Statement of Changes in Equity For the period ended 30 June

Attributable to equity holders of the Company
Notes	Share capital $m	Share premium $m	Other reserves $m	Retained earnings $m	Non- controlling interests $m	Total equity $m
At 1 January 2025	41	20	(932)	6,166	(2)	5,293
Profit for the period	-	-	-	188	-	188
Other comprehensive income:
Remeasurement of net defined benefit liability	-	-	-	1	-	1
Net exchange adjustments offset in reserves	-	-	(182)	-	-	(182)
Net gain on net investment hedge	-	-	165	-	-	165
Net loss on cash flow hedge1	-	-	(21)	-	-	(21)
Cost of hedging	-	-	(1)	-	-	(1)
Tax related to items taken directly to other comprehensive income	-	-	-	12	-	12
Total other comprehensive income for the period	-	-	(39)	201	-	162

Transactions with owners:
Dividends paid to equity shareholders	7	-	-	-	(198)	-	(198)
Cost of equity-settled share-based payment plans		-	-	-	12	-	12
Tax related to items taken directly to equity	5	-	-	-	(3)	-	(3)
Movement in carrying value of put options		-	-	-	1	-	1
At 30 June 2025 (unaudited)		41	20	(971)	6,179	(2)	5,267
At 1 January 2026		41	21	(946)	6,380	(2)	5,494
Profit for the period		-	-	-	196	-	196
Other comprehensive income:
Net exchange adjustments offset in reserves		-	-	12	-	-	12
Net loss on net investment hedge		-	-	(3)	-	-	(3)
Net gain on cash flow hedge1		-	-	8	-	-	8
Cost of hedging		-	-	(2)	-	-	(2)
Tax related to items taken directly to other comprehensive income	5	-	-	-	1	-	1
Total other comprehensive income for the period		-	-	15	197	-	212
Transactions with owners:
Dividends paid to equity shareholders		-	-	-	(208)	-	(208)
Cost of equity-settled share-based payment plans		-	-	-	17	-	17
Gain on stock options		-	1	-	-	-	1
Tax related to items taken directly to equity	5	-	-	-	(2)	-	(2)
At 30 June 2026 (unaudited)		41	22	(931)	6,384	(2)	5,514

1.     $8m net gain (2025: $21m net loss) on cash flow hedge includes a $7m loss (2025: $44m gain) from the effective portion of changes in fair value, and a $15m gain (2025: $65m loss) on reclassification to the income statement due to changes in foreign exchange rates.

Shares of $nil (2025: $nil) have been netted against retained earnings. This represents 6.5m (2025: 9.8m) shares held by the Rentokil Initial Employee Share Trust, which is not consolidated. The market value of these shares at 30 June 2026 was $37m (2025: $59m). Dividend income from, and voting rights on, the shares held by the Trust have been waived.

Analysis of other reserves

	Capital reduction reserve $m	Merger relief reserve $m	Cash flow hedge reserve $m	Translation reserve $m	Cost of hedging $m	Total $m
At 1 January 2025	(3,146)	3,326	43	(1,155)		(932)
Net exchange adjustments offset in reserves	-	-	-	(182)	-	(182)
Net gain on net investment hedge	-	-	-	165	-	165
Net loss on cash flow hedge1	-	-	(21)	-	-	(21)
Cost of hedging	-	-	-	-	(1)	(1)

Total comprehensive income for the period	-	-	(21)	(17)	(1)	(39)
At 30 June 2025 (unaudited)	(3,146)	3,326	22	(1,172)	(1)	(971)
At 1 January 2026	(3,146)	3,326	12	(1,138)	-	(946)
Net exchange adjustments offset in reserves	-	-	-	12	-	12
Net loss on net investment hedge	-	-	-	(3)	-	(3)
Net gain on cash flow hedge1	-	-	8	-	-	8
Cost of hedging	-	-	-	-	(2)	(2)
Total comprehensive income for the period	-	-	8	9	(2)	15
At 30 June 2026 (unaudited)	(3,146)	3,326	20	(1,129)	(2)	(931)

1. $8m net gain (2025: $21m net loss) on cash flow hedge includes a $7m loss (2025: $44m gain) from the effective portion of changes in fair value, and a $15m gain (2025: $65m loss) on reclassification to the income statement due to changes in foreign exchange rates.

Condensed Consolidated Cash Flow Statement For the period ended 30 June

Unaudited six months to 30 June
		2026	2025
	Note	$m	$m
Cash flows from operating activities
Operating profit from:
- Continuing operations		349	304
- Discontinued operations		-	35
Operating profit including discontinued operations		349	339
Adjustments for:
- Depreciation and impairment of property, plant and equipment		71	95
- Depreciation and impairment of leased assets		80	80
- Amortisation and impairment of intangible assets (excluding computer software)		97	97
- Amortisation and impairment of computer software		21	18
- Other non-cash items		23	13
Changes in working capital:
- Inventories		(8)	2
- Contract costs		(18)	(9)
- Trade and other receivables		(121)	(47)
- Trade and other payables and provisions		93	34
Interest received		74	81
Interest paid1		(184)	(188)
Income tax paid	5	(50)	(46)
Net cash flows from operating activities		427	469
Cash flows from investing activities
Purchase of property, plant and equipment		(61)	(108)
Purchase of intangible fixed assets		(29)	(28)

Proceeds from sale of property, plant and equipment		4	1
Acquisition of companies and businesses, net of cash acquired	8	(39)	(70)
Proceeds from disposal of businesses, net of tax paid		3	-
Dividends received from associates		1	-
Net cash flows from investing activities		(121)	(205)
Cash flows from financing activities
Dividends paid to equity shareholders	7	(208)	(198)
Capital element of lease payments		(94)	(94)
Cash inflow on settlement of debt-related foreign exchange forward contracts		52	30
Proceeds from new debt		493	1,232
Debt repayments		(584)	(700)
Net cash flows from financing activities		(341)	270
Net (decrease)/increase in cash and cash equivalents		(35)	534
Cash and cash equivalents at beginning of period		1,589	467
Exchange (loss)/gain on cash and cash equivalents		(13)	26
Cash and cash equivalents at end of the financial period		1,541	1,027

1. Interest paid includes the interest element of lease payments of $15m (2025: $15m).

Notes to the Condensed Consolidated Financial Statements

1. Basis of preparation and accounting policies

a) General information

The Company is a public limited company incorporated in England and Wales and domiciled in the UK with listings on the London Stock Exchange and the New York Stock Exchange. The address of its registered office is Rentokil Initial plc, Compass House, Manor Royal, Crawley, West Sussex, RH10 9PY.

The unaudited condensed consolidated interim financial statements for the six months ended 30 June 2026 (hereafter referred to as the condensed consolidated financial statements) was approved on 29 July 2026 for issue on 30 July 2026.

On page 68 and 69 of the 2025 Annual Report we set out the Group's approach to risk management and on pages 70 to 75 we define the principal risks that are most relevant to the Group. These risks are described in detail and have mitigating actions assigned to each of them. In our view the principal risks remain unchanged from those indicated in the Annual Report 2025. A summary of the risks is laid out in the table below:

Principal risk	Summary of risk
Failure to integrate acquisitions and execute disposals from continuing business	The Group has a strategy that includes growth by acquisition and has acquired 14 businesses in H1 2026. These companies need to be integrated quickly and efficiently to minimise potential impact on the acquired business and the existing business.
Failure to develop products and services that are tailored and relevant to local markets and market conditions	The Group operates across markets that are at different stages in the economic cycle, at varying stages of market development and have different levels of market attractiveness. We must be sufficiently agile to develop and deliver products and services that meet local market needs which allows us to meet our growth objectives and stay ahead in a highly competitive industry.

Failure to grow our business profitably in a changing macro-economic environment	The Group's two core categories (Pest Control and Hygiene & Wellbeing) operate in a global macroeconomic environment that is subject to uncertainty and volatility.
Failure to mitigate against financial market risks	Our business is exposed to foreign exchange risk, interest rate risk, liquidity risk, counterparty risk and settlement risk.
Breaches of laws or regulations (including tax, competition and anti-trust laws)	As a responsible company we aim to comply with all laws and regulations that apply to our businesses across the globe.
Failure to ensure business continuity in case of a material incident	The Group needs to have resilience to ensure business can continue if impacted by external events, e.g. cyber attack, hurricane or terrorism.
Fraud, financial crime and loss or unintended release of personal data	Collusion between individuals, both internal and external, could result in fraud if internal controls are not in place and working effectively. The business holds personal data on colleagues, some customers and suppliers; unintended loss or release of such data may result in sanctions, fines and reputational risk.
Safety, health and the environment (SHE) and sustainability	The Company is responsible for minimising its environmental impact and ensuring the health and safety of its employees, customers, and other stakeholders in the workplace.
Failure to deliver consistently high levels of service to the satisfaction of our customers	Our business model depends on servicing the needs of our customers in line with internal high standards and to levels agreed in contracts.

These interim financial results do not comprise statutory accounts within the meaning of Section 435 of the Companies Act 2006, and should be read in conjunction with the Annual Report 2025. Those accounts have been audited and delivered to the registrar of companies. The report of the auditor was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

b) Basis of preparation

The condensed consolidated financial statements have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and in accordance with IAS 34 Interim Financial Reporting as contained in UK-adopted international accounting standards. The condensed consolidated financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025 which have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The annual financial statements for the year ended 31 December 2025 and the condensed consolidated financial statements also comply fully with International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).

c) Going concern

The Directors have prepared Board approved cash flow forecasts that demonstrate the Group has sufficient liquidity to meet its obligations as they fall due for at least 12 months from the date of approval of these condensed consolidated financial statements. The Directors have assessed a downside scenario which reflects a severe but plausible prolonged downturn, including a revenue decline of 20% for 12 months. This assessment has been prepared on the conservative assumption that the Group has no access to the debt capital markets to refinance maturing debt.

As part of their analysis, the Board considered mitigating actions at its discretion to further support liquidity, such as adjusting the level of M&A activity, reducing non-essential capital expenditure, and reviewing dividend payments. In addition to the above, the Directors also considered that the Group has the ability to extend or raise new financing, although this was not included in the modelling undertaken for the going concern assessment.

The analysis demonstrates that under the base case, the Group maintains headroom of at least c.$1.3bn throughout the period to September 2027, and c.$1.2bn under the severe but plausible downside scenario. This is before potential discretionary mitigations available, estimated to be c.$1.1bn.

Based on the above, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for at least 12 months from the signing date of these condensed consolidated financial statements. They therefore consider it appropriate to adopt the going concern basis in preparing these condensed consolidated financial statements.

d) Foreign currency translation

Items included in the Financial Statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The condensed consolidated financial statements are presented in US dollars.

GBP balances were translated at a closing GBP/USD rate of 0.7544 (June 2025: 0.7290) and an average GBP/USD rate of 0.7439 (June 2025: 0.7706).

EUR balances were translated at a closing EUR/USD rate of 0.8760 (June 2025: 0.8497), and an average EUR/USD rate of 0.8561 (June 2025: 0.9183).

e) Standards, amendments, and interpretations to published standards that are mandatorily effective for the current year

Except as described below, the accounting policies applied in these condensed consolidated financial statements are the same as those applied in the Group's consolidated financial statements for the year ended 31 December 2025.

The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with effect from 1 January 2026:

●	amendments to IFRS 7 & IFRS 9 - Classification and Measurement of Financial Instrument and Power Purchase Agreements

The application of this amendment had no material impact on the disclosures of the amounts recognised in the Group's condensed consolidated financial statements. Consequently, no adjustment has been made to the comparative financial information at 31 December 2025.

f) New standards and interpretations not yet adopted

Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2026 reporting periods, and have not been adopted early by the Group.

●	IFRS 18 - Presentation and disclosure in financial statements
●	IAS 21 - Translation to a Hyperinflationary Presentation Currency
●	IFRS 20 - Regulatory Assets and Regulatory Liabilities

IFRS 18 is effective for annual periods beginning on or after 1 January 2027 and will replace IAS 1 - Presentation of financial statements. It will introduce new requirements that are intended to help to achieve comparability of the financial performance of similar entities, and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive; in particular those related to the statement of comprehensive income or loss, and providing management-defined performance measures within the financial statements.

IAS 21 is effective for annual periods beginning on or after 1 January 2027. The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one.

IFRS 20 is effective for annual periods beginning on or after 1 January 2029. It is a new IFRS Accounting Standard issued by the International Accounting Standards Board (IASB) which addresses situations where there is a timing difference between when a company provides regulated goods or services and when it is permitted to recover (or refund) the related amounts through customer rates. It requires regulated companies to recognise regulatory assets and liabilities so that financial statements reflect both the amount they are entitled to earn and the timing of recovery through regulated customer rates.

Management is currently assessing the detailed implications of applying the new standard on the Group's consolidated financial statements.

2. Revenue recognition and operating segments Segment reporting

Segmental information has been presented in accordance with IFRS 8 Operating Segments. The Group's operating segments are regions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision maker (CODM) (the Chief Executive). The businesses within each operating segment operate in a number of different countries and sell services across two business segments with the workwear segment disposed of in the prior year.

Following the acquisition of Terminix, the majority of the Group's activity is in North America. With effect from 1 January 2025, the Group's reporting structure was changed to combine Europe incl. LATAM, UK & SSA, Pacific and Asia & MENAT regions into a single operating and reporting segment, International. The Chief Executive remains as CODM and reviews the results on a monthly basis for North America and International segments. All reporting to the Board is also done on this basis.

Disaggregated revenue under IFRS 15 is the same as the segmental analysis below. Restructuring costs, one-off and adjusting items, amortisation and impairment of intangible assets (excluding computer software), and central and regional costs are presented at a Group level as they are not targeted or managed at reportable segment level. The basis of presentation is consistent with the information reviewed by internal management.

The segment profit or loss measure that is regularly provided to the CODM is Adjusted Operating Profit.

Revenue and Profit

Six months ended 30 June	Revenue 2026 $m	Revenue 2025 $m	Operating profit 2026 $m	Operating profit 2025 $m
North America
Pest Control	2,133	2,044	385	348
Hygiene & Wellbeing	64	62	8	8
Sub-total North America	2,197	2,106	393	356
International2
Pest Control	835	749	169	153
Hygiene & Wellbeing	557	509	97	89
Sub-total International	1,392	1,258	266	242
Total	3,589	3,364	659	598
Central and regional overheads2	-	-	(103)	(85)
Restructuring costs	-	-	-	(2)
Revenue and Adjusted Operating Profit	3,589	3,364	556	511
One-off and adjusting items			(112)	(110)
Profit on disposal of businesses			2	-
Amortisation and impairment of intangible assets1			(97)	(97)
Operating profit			349	304
Finance income			43	24
Finance cost			(134)	(117)
Share of profit from associates net of tax			5	5
Profit before income tax			263	216

1.    Excluding computer software, which is included in our segment operating profit measure.

2.    H1 2025 central revenue of $7m was allocated to International Pest Control ($2m) and Hygiene & Wellbeing ($5m).

Analysis of revenue by type

Six months ended 30 June	Revenue 2026 $m	Revenue 2025 $m
Contract service revenue	2,523	2,371
Job work	770	730

Sales of goods	296	263
Total	3,589	3,364

Other segment items included in the Condensed Consolidated Statement of Profit or Loss and OCI are as follows:

Six months ended 30 June	Depreciation, amortisation and impairment 2026 $m	Net impairment losses on financial assets 2026 $m	Depreciation, amortisation and impairment 20251 $m	Net impairment losses on financial assets 2025 $m
North America	122	39	127	35
International	126	5	112	4
Central and regional	21	-	16	-
Total	269	44	255	39

1.    Depreciation, amortisation and impairment expense presented for 2025 is for continuing operations only. In the 6 months ended June 30 2025 $35m was recorded in relation to discontinued operations.

3. Finance income

Six months ended 30 June	2026 $m	2025 $m
Bank interest received	24	11
Fair value gain on hedge ineffectiveness	17	-
Foreign exchange gain on translation of foreign assets/liabilities	-	12
Hyperinflation accounting adjustment	2	1
Total finance income	43	24

4. Finance cost

Six months ended 30 June	2026 $m	2025 $m
Hedged interest payable on medium-term notes issued	81	50
Interest payable on bank loans and overdrafts1	7	18
Interest payable on RCF1	1	1
Interest payable on cross-currency and interest rate swaps2	23	26
Interest payable on leases	15	16
Amortisation of discount on provisions	7	5
Fair value loss on hedge ineffectiveness	-	1
Total finance cost	134	117

1.    Interest expense on financial liabilities held at amortised cost.

2.    Interest payable on cross-currency and interest rate swaps including coupon interest payable for the 6 months to 30 June was $25m (2025: $29m).

$2m has been reported in other comprehensive income due to hedge accounting (2025: $3m).

5. Income tax

The analysis of the tax charge in the period is as follows:

Six months ended 30 June	2026 $m	2025 $m
Current tax charge	55	56
Adjustment in respect of previous periods	(2)	(1)