Haleon (HLN.L) - Company Research

Last Updated: 10 August 2026

Haleon is what was left when GSK and Pfizer decided their consumer health joint venture was worth more on its own. Demerged in July 2022, it owns Sensodyne, Panadol, Advil, Centrum, Voltaren and Otrivin, and sells them in around 100 markets. The investment question four years on is unusually crisp. Underlying volumes and prices are growing, margins are expanding, and the company generates roughly £2bn of cash a year. Yet reported revenue has now fallen in three consecutive years, because currency translation and the sale of non-core brands have swamped the underlying growth. This report lays out what the accounts say, what management has committed to, and what would have to change for either side of that argument to win. It contains no analyst ratings and no price targets.

1. Company Snapshot

Field	Value
Company	Haleon plc
Listings	London Stock Exchange (HLN) and New York Stock Exchange ADR (HLN, 1 ADR equals 2 ordinary shares)
Share class	Ordinary shares of £0.01 each, ISIN GB00BMX86B70
Sector	Consumer healthcare — over-the-counter medicines, oral health and supplements
Share price	370.6p (previous close, 10 August 2026)
Market cap	£32.5bn (approximately US$43.9bn at GBP/USD 1.3490)
Revenue (FY2025)	£11,030m, organic growth of 3.0%, reported growth of -1.8%
Operating profit (FY2025, IFRS)	£2,412m, up 9.3%; adjusted operating profit £2,526m
Profit attributable to shareholders (FY2025)	£1,667m, up 15.6%
Diluted EPS (FY2025)	18.5p; adjusted diluted EPS 18.8p
Dividend per share (FY2025)	7.1p, up 7.6%
Net debt (30 June 2026)	£7,513m, 2.5x adjusted EBITDA
CEO / Leadership	Brian McNamara, Chief Executive Officer; Dawn Allen, Chief Financial Officer; Vindi Banga, Chair from 1 January 2026
Employees	24,535 at 31 December 2025
Registered office	Building 5, First Floor, The Heights, Weybridge, Surrey KT13 0NY
Shares in issue (31 July 2026)	8,820,906,422 ordinary shares; 8,809,026,622 voting rights
Next scheduled update	Q3 2026 trading statement, 29 October 2026

Market capitalisation, share price and the 52-week range are taken from market data as at 10 August 2026. All financial statement figures are taken from Haleon's own results announcements, its Annual Report and its Form 20-F filed with the US Securities and Exchange Commission on 13 March 2026.

2. Bull and Bear Case

Bull Case

• Category leadership in defensive niches: Oral Health, the largest category at 31 per cent of revenue, grew 7.9 per cent organically in 2025 and 7.3 per cent in the first half of 2026, led by Sensodyne and parodontax. Around 73 per cent of the business gained or maintained market share in the year to May 2026.
• Margin expansion is being delivered, not just promised: adjusted gross margin rose 220 basis points at constant currency in 2025 and a further 140 basis points in the first half of 2026, underwritten by a supply chain programme targeting £800m of gross savings by 2030 and by stock-keeping unit reductions of approximately 27 per cent since the start of 2024.
• Emerging markets provide a long runway: emerging markets grew 6.4 per cent organically in 2025 and 6.3 per cent in the second quarter of 2026, and the company is building capacity behind it with a £175m oral health site in Madhya Pradesh and a £65m plant in Shanghai. Rural Indian distribution has more than doubled to 600,000 outlets.
• Cash generation supports both deleveraging and returns: operating cash flow reached £2,634m in 2025, net debt fell £644m to £7,263m and leverage improved to 2.6 times, while £500m was allocated to buybacks in each of 2025 and 2026 and the dividend rose 7.6 per cent.

Bear Case

• Reported revenue has fallen for three straight years: £11,302m in 2023, £11,233m in 2024 and £11,030m in 2025. Organic growth has been real but currency translation cost 2.8 per cent in 2025 and divestments a further 2.0 per cent, so shareholders have not yet seen top-line growth in sterling.
• North America is not working: the largest single region shrank 0.4 per cent organically in 2025 and grew only 2.0 per cent in the first half of 2026, with management citing a weakening consumer environment, labour market concerns and trade-down away from discretionary categories.
• Ingredient and litigation risk is live, not theoretical: on 30 July 2026 the US Second Circuit revived the "Maximum Strength" and branded new drug application claims in the oral phenylephrine class actions, in which Haleon US Holdings LLC is a named defendant, and remanded them for further proceedings. The FDA's proposed order removing oral phenylephrine has still not been finalised.
• The competitive set is consolidating around it: Kimberly-Clark's agreed acquisition of Kenvue, valued at approximately US$48.7bn enterprise value, remains pending, and Procter & Gamble agreed on 4 August 2026 to buy the supplements maker Thorne for US$3.8bn in a process Haleon was reported to have contested and lost.
• The rating already reflects the quality: the shares trade at roughly 20 times trailing reported earnings and around 14 times enterprise value to EBITDA against organic revenue growth guided at 3 to 5 per cent for 2026, leaving limited room for disappointment on the margin programme.

3. Business Segments

Haleon manages the business by product category and reports segment profit by region. Following a change announced on 1 May 2025 there are six categories, with Therapeutic Skin Health separated out and prior years restated. Percentages below are calculated from FY2025 revenue of £11,030m.

Segment / category	% of revenue	What it is
Oral Health	31.4% (£3,461m)	Sensodyne for sensitivity including the Clinical range, parodontax for gum health, Polident and Poligrip denture care, and Aquafresh. Organic growth of 7.9% in FY2025, the strongest category.
Pain Relief	23.2% (£2,564m)	Panadol paracetamol, Advil ibuprofen, Voltaren topical diclofenac and Excedrin. Organic growth of 2.3% in FY2025, with Panadol mid single digit and Advil flat.
Respiratory Health	17.0% (£1,873m)	Otrivin nasal care, Theraflu, Robitussin, Flonase allergy and the Smokers' Health business. Down 11.7% reported in FY2025, of which 8.1 points was the divestment of the non-US nicotine replacement business.
Vitamins, Minerals and Supplements	15.3% (£1,685m)	Centrum multivitamins, Caltrate calcium and Emergen-C immunity. Organic growth of 1.9% in FY2025, with Centrum and Emergen-C mid single digit and Caltrate flat.
Digestive Health	8.9% (£987m)	Tums, Benefiber, ENO and Nexium. Organic growth of 0.5% in FY2025; Tums and Benefiber grew while ENO fell on a double-digit decline in Brazil.
Therapeutic Skin Health and Other	4.2% (£460m)	Zovirax, Fenistil, Abreva and Bactroban. Down 9.8% reported in FY2025, of which 8.7 points was the ChapStick divestment.

Geographically, FY2025 revenue split into EMEA and LatAm £4,592m (42 per cent, organic growth 4.7 per cent), North America £3,866m (35 per cent, organic growth -0.4 per cent) and Asia Pacific £2,572m (23 per cent, organic growth 5.2 per cent). From January 2026 the reporting regions changed to North America, Europe, Asia Pacific and a new International segment covering Latin America, the Middle East, Africa and the Indian subcontinent.

4. Business Model and Moat

How it makes money. Haleon buys active ingredients and packaging, manufactures at scale, and sells branded over-the-counter products through pharmacies, grocers and increasingly through e-commerce. Gross margin was 64.2 per cent on an IFRS basis in 2025 and 65.9 per cent in the first half of 2026. Around 20.5 per cent of revenue goes back out as advertising and promotion, which is the single largest discretionary cost and the mechanism that keeps the brands front of mind. What is left after selling, general and administrative costs of £4,364m and research spend of £316m produced £2,412m of IFRS operating profit in 2025.

Where the moat sits. Two things protect the economics. The first is regulatory: an over-the-counter medicine sold on a monograph or a marketing authorisation cannot be copied instantly, and decades of clinical dossiers behind brands like Sensodyne and Voltaren create a barrier that a private-label entrant cannot cheaply cross. The second is habit. These are low-ticket, repeat-purchase products bought in moments of discomfort, where consumers reach for a name they recognise rather than compare labels. That combination is why the company can take 2.3 percentage points of price in a year, as it did in 2025, with volume and mix still positive.

The strategic bet on the incidence gap. Management's stated growth thesis is that far more people have a condition than treat it. In China, on the company's own figures, 75 per cent of adults experience gum problems but only 40 per cent seek treatment. Closing that gap is the logic behind rolling the Sensodyne Clinical range into 30 markets, piloting parodontax across 19 Chinese cities, and putting a 20-rupee Sensodyne pack into more than 500,000 Indian stores, where affordable formats now account for over 40 per cent of tubes sold.

The cost of ownership. The business carries £25,613m of goodwill and intangibles against £16,425m of equity, a legacy of the brands transferred from GSK and Pfizer, and it carried £8,252m of borrowings at 30 June 2026. That leverage is manageable at 2.5 times adjusted EBITDA and close to the stated optimal level of around 2.5 times, but it does mean the equity is geared to any impairment of those brand values. Track the share price on our Live Charts page.

5. Financial Health

Haleon reports in pounds sterling and its financial year is the calendar year. It publishes full profit and loss statements half-yearly and revenue-only trading statements for the first and third quarters.

Fiscal Year	Revenue (£m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	9,545	-3.5%	15.1p	17.9p	Nil†	£87m
FY2022	10,858	+13.8%	11.5p	18.4p	2.4p	£10,003m
FY2023	11,302	+4.1%	11.3p	17.3p	6.0p	£8,800m
FY2024	11,233	-0.6%	15.7p	17.9p	6.6p	£8,640m
FY2025	11,030	-1.8%	18.5p	18.8p	7.1p	£7,773m

GAAP EPS is diluted earnings per share under IFRS and Adjusted EPS is the company's own adjusted diluted earnings per share. The long-term debt column is long-term borrowings at each year end, as tagged in Haleon's own filings. Total borrowings including the current portion were £8,609m at 31 December 2025 and £8,252m at 30 June 2026, and net debt was £7,263m and £7,513m respectively.

† FY2021 pre-dates the demerger, which completed on 18 July 2022. Those figures are the audited combined carve-out financial statements of the GSK Consumer Healthcare group as published in the June 2022 prospectus, not statutory Haleon plc consolidated accounts, and earnings per share was restated retrospectively under IAS 33 for the shares issued at demerger. No ordinary dividend was paid in respect of 2021 or as an interim in 2022; the maiden dividend was the 2.4p final declared for the period since listing. FY2021 was also a net cash position of £246m rather than net debt, since the £9.9bn of borrowings was raised at the demerger.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
H1 2026	£5,602m	10.3p	8.5p
H2 2025	£5,550m‡	9.6p‡	9.6p‡
H1 2025	£5,480m	9.2p	8.9p
FY2025 total	£11,030m	18.8p	18.5p

‡ Second half 2025 figures are derived as the full year less the first half, since Haleon publishes a profit and loss statement only half-yearly. For reference, first quarter 2026 revenue was £2,857m with organic growth of 2.2 per cent.

First half 2026 in detail: revenue rose 2.2 per cent reported and 2.6 per cent organically, with price contributing 2.1 points and volume and mix 0.5 points. Adjusted operating profit reached £1,364m, up 8.2 per cent at constant currency, and the adjusted operating margin improved 120 basis points to 24.3 per cent. IFRS operating profit fell 2.6 per cent to £1,172m because of £169m of restructuring costs, almost all relating to the new operating model. Free cash flow was £769m and the interim dividend rose 9 per cent to 2.4p. Full-year 2026 guidance was left unchanged at 3 to 5 per cent organic revenue growth and high single-digit adjusted operating profit growth at constant currency, with the currency assumption improved from a headwind at the February results to slightly positive.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	£32.5bn (approximately US$43.9bn), at a 370.6p close on 10 August 2026 and 8,808m shares outstanding
Trailing P/E (GAAP)	20.5x on trailing twelve-month IFRS diluted EPS of 18.1p (H1 2026 8.5p plus H2 2025 9.6p). On trailing twelve-month adjusted diluted EPS of 19.9p the multiple is 18.6x, and on FY2025 IFRS diluted EPS of 18.5p it is 20.0x.
P/E (forward)	16.2x (370.6p divided by consensus forward earnings per share of 22.9p, per market data at 10 August 2026)
P/S (TTM)	2.92x (market cap of £32,536m divided by trailing twelve-month revenue of £11,152m, being H1 2026 £5,602m plus H2 2025 £5,550m)
EV/EBITDA (TTM)	14.4x (enterprise value of £40.0bn divided by EBITDA of £2,772m). EBITDA is FY2025 IFRS operating profit of £2,412m plus depreciation and amortisation of £360m taken from the FY2025 cash flow statement, being £240m depreciation and £120m amortisation. That cross-checks closely against the approximately £2.79bn of adjusted EBITDA implied by management's stated 2.6 times net debt leverage at 31 December 2025.
P/FCF	14.6x (market cap of £32,536m divided by free cash flow of £2,221m; free cash flow equals operating cash flow of £2,634m less capital expenditure of £413m, being £322m of property, plant and equipment plus £91m of intangibles, per the FY2025 cash flow statement). On Haleon's own narrower free cash flow measure of £1,913m, which is struck after interest and tax items, the multiple is 17.0x.
Enterprise value	£40.0bn (market cap of £32.5bn plus net debt of £7.5bn at 30 June 2026; net debt is total borrowings of £8,252m less cash and cash equivalents, adjusted for lease liabilities and derivative balances)
Dividend yield	1.92% on the FY2025 dividend of 7.1p. The 2026 interim was raised 9% to 2.4p.
52-week high	416.1p
52-week low	274.4p
Short interest (% of float)	0.77% of issued share capital on the London ordinary line, being the Financial Conduct Authority aggregate net short position with a position date of 29 July 2026. Under the UK Short Selling Regulations 2025, effective 13 July 2026, individual position holders are no longer named. The New York ADR line separately shows 0.29% of float.
Days to cover	1.41 days on the New York ADR line, on a 15 July 2026 settlement date and short interest of 12.63m ADSs. No equivalent figure is published for the London ordinary line.

7. What Are They Building

The strategic framework, set out at the Capital Markets Day on 1 May 2025 and repeated unchanged at both the FY2025 and half-year 2026 results, is called Win as One and rests on growth, productivity and culture. The stated ambition is to reach one billion more consumers by 2030. The medium-term financial guidance attached to it is 4 to 6 per cent annual organic revenue growth, high single-digit adjusted operating profit growth at constant currency, and 50 to 80 basis points a year of average adjusted gross margin expansion at constant currency, with leverage held at around 2.5 times net debt to adjusted EBITDA and the dividend growing at least in line with adjusted earnings.

The productivity leg is the more concrete of the two. A supply chain programme is targeting £800m of gross savings by 2030, and the progress markers are specific: stock-keeping units down approximately 27 per cent since the start of 2024 against a 30 per cent target for 2028, formulations down approximately 26 per cent against a 25 to 30 per cent target, packaging specifications down 22 per cent, overall equipment effectiveness improved by seven points during 2025, and more than 180 robots installed across the network in eighteen months. Artwork production was consolidated into a single centre in Poland at half the previous cost. A separate, earlier £300m productivity programme concluded during 2025.

On 8 January 2026 the company announced an operating model change that created a Chief Growth Officer role, filled by Filippo Lanzi, and six operating units: North America, Europe, Middle East and Africa, Latin America, the Indian subcontinent and Asia Pacific. Expected annualised gross cost savings are approximately £175m to £200m over two years, one third landing in 2026 and the remainder in 2027, with one-time costs broadly in line with the annualised savings and weighted to 2026. The £169m restructuring charge in the first half of 2026 is the first tranche of that.

Capital is also going into physical capacity in the two markets management considers structurally underpenetrated. A £175m oral health plant in Madhya Pradesh, India, announced on 8 June 2026, is expected to open in early 2028 and support an ambition of more than three million rural outlets by 2030. A £65m oral health plant in the Shanghai Lingang New Area was announced in March 2026. Capital expenditure guidance has been raised to approximately 4 per cent of revenue over the next three to five years, from 3.7 per cent in 2025.

8. Competitive Landscape

Haleon competes with the consumer health arms of far larger household goods groups and with a directly comparable pure play in Kenvue. Market capitalisations below were checked on 10 August 2026.

Peer	Market cap (August 2026)	Key 2025 metric
Procter & Gamble (PG)	US$339.5bn	FY2026 to 30 June 2026 net sales of US$87.0bn, up 3%, organic growth 1%; agreed on 4 August 2026 to acquire Thorne for US$3.8bn
Unilever (ULVR)	£100.6bn	FY2025 turnover of €50.5bn, down 3.8% reported; underlying sales growth 3.5% with volume up 1.5%
Colgate-Palmolive (CL)	US$74.4bn	FY2025 record net sales of US$20.38bn; organic sales growth 1.4%; GAAP EPS US$2.63, down 25% on goodwill and intangible charges
Kenvue (KVUE)	US$36.9bn	FY2025 net sales of US$15,124m, down 2.1% reported and 2.2% organic; agreed acquisition by Kimberly-Clark at approximately US$48.7bn enterprise value remains pending
Reckitt Benckiser (RKT)	£33.7bn	FY2025 net revenue of £14,205m, up 0.3% reported and 5.0% like-for-like; adjusted operating margin 24.9%, up 40 basis points

The closest comparison is Kenvue, the Johnson & Johnson consumer spin-off, which is larger by revenue but shrank organically in 2025 while Haleon grew 3.0 per cent. Kenvue shareholders approved a sale to Kimberly-Clark on 29 January 2026, and the transaction was still awaiting European antitrust clearance in August 2026 with closing expected in the second half of the year. If it completes, Haleon becomes the only large listed pure-play consumer health company in the sector. Reckitt is the nearer comparison on margin, running at 24.9 per cent adjusted operating margin against Haleon's 22.9 per cent in 2025. Watch upcoming results dates on our Economic Calendar.

9. Insider Activity

Chief Executive Officer Brian McNamara has been in post since May 2022 and remains the largest individual insider holder, with 1,758,809 ordinary shares plus 327,826 American depositary shares following his May 2026 dividend reinvestment. The characterisation of the 2026 dealings matters: every sale recorded below is an automatic disposal to settle income tax arising on the vesting of a share award, not a discretionary decision to reduce a holding. The only voluntary open-market transactions by directors and senior managers in 2026 have been purchases, through dividend reinvestment and the employee Share Reward Plan.

Name	Date	Type	Shares	Price	Value	Plan Type
Brian McNamara	23 Mar 2026	Sale	704,974	368.4419p	£2,597,406	Automatic sale to cover tax on Performance Share Plan vesting
Brian McNamara	23 Mar 2026	Sale	63,012	368.4419p	£232,161	Automatic sale to cover tax on Deferred Annual Bonus Plan vesting
Dawn Allen	30 Jun 2026	Sale	133,301	352.3867p	£469,739	Automatic sale to cover tax on Performance Share Plan buyout vesting
Brian McNamara	19 May 2026	Purchase	24,891	340.22p	£84,684	Dividend reinvestment, ordinary shares
Dawn Allen	19 May 2026	Purchase	2,596	340.22p	£8,832	Dividend reinvestment, ordinary shares
Alan Stewart	14 May 2026	Purchase	498	331.05p	£1,649	Dividend reinvestment, ordinary shares
Jonathan Workman	10 Feb 2026	Purchase	32	395.6p	£127	Share Reward Plan partnership and matching shares

On 12 March 2026 McNamara was granted 1,813,680 conditional shares and Chief Financial Officer Dawn Allen 808,297, across the Performance Share Plan and the Deferred Annual Bonus Plan, at nil cost. The one change at the top of the house in the period was at board level rather than executive: Sir Dave Lewis stepped down as Chair on 31 December 2025 and Vindi Banga, a director since the demerger, succeeded him on 1 January 2026, with Alan Stewart becoming Senior Independent Director on the same date.

10. Key Risks

• Material litigation and ingredient regulation: the US Second Circuit on 30 July 2026 vacated the dismissal of the "Maximum Strength" and branded new drug application claims in the oral phenylephrine multidistrict litigation and remanded them, with Haleon US Holdings LLC a named defendant over Advil Sinus Congestion and Pain, Robitussin and Theraflu products. Separately, Haleon has received and rejected indemnity notices relating to over-the-counter Zantac under the demerger purchase agreement, and its own filings acknowledge indemnification obligations to GSK and Pfizer that "could be significant".
• Growth model and competitive intensity: Haleon's own first principal risk is failure to meet medium-term organic growth guidance. Sector growth is attracting new global and local entrants, international buying groups are consolidating retail power, and digital platforms are disrupting traditional channels, all of which pressures pricing and market share.
• Consumer trade-down and regional weakness: North America shrank 0.4 per cent organically in 2025 on a weakening consumer backdrop, Europe grew only 0.6 per cent in the first half of 2026 with explicit value-seeking behaviour in Germany and central and eastern Europe, and Brazil saw a double-digit decline in ENO. Private label is the natural beneficiary in a trade-down.
• Currency translation: sterling strength cost 2.8 per cent of reported revenue and 3.8 per cent of adjusted operating profit in 2025, and 2.1 per cent of revenue in the first quarter of 2026. Roughly 64 per cent of revenue comes from developed markets, so translation can continue to mask organic progress for extended periods.
• Balance sheet gearing to brand values: goodwill and intangibles of £25,613m sit against equity attributable to owners of £16,425m, and the company flags in its own risk factors that these are a material component of the balance sheet and may be subject to impairment. A £14m Nexium impairment was taken in the first half of 2026.
• Supply chain and product quality: a voluntary nationwide US recall of four lots of Gas-X Extra Strength Softgels was announced on 4 June 2026 after potential contamination with a diluted coolant from machine leakage during packaging. No adverse events were reported and the root cause was repaired, but it illustrates a recall risk the company lists among its principal risks.
• Tariffs and geopolitical instability: Haleon's own emerging risk disclosure warns that further expansion of global tariffs and protectionism in 2026, including measures targeting the sector and export controls, could disrupt its supply chain and raise costs, and it notes that the complex political relationship between the US and China, its two largest markets, creates trade disruption and cash flow risk.

11. Recent Developments

• 04 Aug 2026 — Procter & Gamble wins Thorne. P&G agreed to acquire the US supplements maker Thorne for US$3.8bn in cash, expected to close later in 2026. Haleon had been reported in June 2026 as a bidder alongside P&G and Unilever at a valuation of up to US$4bn.
• 30 Jul 2026 — Half year results in line, guidance held. Revenue of £5,602m grew 2.6 per cent organically, adjusted operating profit rose 8.2 per cent at constant currency to £1,364m and adjusted diluted earnings per share rose 12.0 per cent to 10.3p. The interim dividend was raised 9 per cent to 2.4p and full-year guidance of 3 to 5 per cent organic revenue growth was reiterated, with the currency assumption improved to slightly positive.
• 30 Jul 2026 — US appeals court revives part of the phenylephrine litigation. The Second Circuit affirmed dismissal of most state law claims and the civil racketeering claim, but vacated dismissal of the "Maximum Strength" and branded new drug application claims and remanded them to the Eastern District of New York.
• 08 Jun 2026 — £175m investment in a first Indian manufacturing site. The oral health plant in Madhya Pradesh is phased from 2025 to 2029, expected to open in early 2028, and is intended to support up to 500 jobs and a rural distribution ambition of more than three million outlets by 2030.
• 04 Jun 2026 — Voluntary US recall of Gas-X softgels. Four lots of Gas-X Extra Strength Softgels 125mg were recalled at consumer level nationwide over potential contamination from packaging machine leakage. No adverse events were reported.
• 29 Apr 2026 — First quarter trading statement. Revenue of £2,857m grew 2.2 per cent organically against a weak cold and flu season worth an estimated 130 basis points of headwind, and full-year guidance was reiterated.
• 11 Mar 2026 — £65m Shanghai oral health plant announced. The new facility in the Lingang New Area followed completion in June 2025 of the purchase of the remaining 12 per cent of the Tianjin TSKF joint venture, taking the China over-the-counter business into full ownership at a cumulative cost of approximately £700m.
• 25 Feb 2026 — FY2025 results and a new buyback. Revenue of £11,030m grew 3.0 per cent organically, adjusted operating profit grew 10.5 per cent organically, the dividend rose 7.6 per cent to 7.1p and £500m was allocated to buybacks for 2026. Net debt fell £644m and leverage improved to 2.6 times.
• 08 Jan 2026 — Operating model evolution announced. A new Chief Growth Officer role and six operating units were created, targeting approximately £175m to £200m of annualised gross cost savings over two years.
• 01 Jan 2026 — Chair succession completed. Vindi Banga succeeded Sir Dave Lewis as Chair, with Alan Stewart becoming Senior Independent Director.

12. Key Dates to Watch

• 13 Aug 2026 — Ordinary shares go ex-dividend for the 2.4p 2026 interim dividend; the American depositary shares go ex-dividend on 14 August 2026
• 14 Aug 2026 — Record date for the 2026 interim dividend
• 19 Aug 2026 — Latest date for completion of the £500m 2026 share buyback programme, of which £457m had been executed by 30 June 2026
• 28 Aug 2026 — Dividend reinvestment plan election deadline for the interim dividend
• 17 Sep 2026 — 2026 interim dividend paid
• 29 Oct 2026 — Q3 2026 trading statement, the next scheduled financial update
• Expected Feb 2027 — FY2026 results; the FY2025 results were released on 25 February 2026 and the 2027 date has not yet been published
• Expected Apr 2027 — 2027 Annual General Meeting; the 2026 meeting was held on 29 April 2026

Two unscheduled items could move earlier than any of the above. The Kimberly-Clark acquisition of Kenvue was awaiting European antitrust clearance with closing guided to the second half of 2026, and the remanded phenylephrine claims return to the Eastern District of New York without a published timetable. Haleon has no capital markets day scheduled for the remainder of 2026; the last was held on 1 May 2025. Share views with other investors in our Forum.

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