Haleon上半年有機收入增2.6% 調整後經營利潤升8.2% 中期股息增9%

Haleon plc_2026-06-30
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Half year results announcement
Six months ended 30 June 2026

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30 July 2026

      
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2026 Half year results 
Six months ended 30 June 2026 (unaudited) 
Reported
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Adjusted results2

Six months ended 30 June 
 2026
vs 2025
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 2026
vs 2025

Revenue 
£5,602m
2.2% 
Organic revenue growth 
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2.6%3

Gross profit
£3,691m
4.7%
Adjusted gross profit
£3,728m
4.7%4

Gross margin 
65.9%
160bps 
Adjusted gross margin 
66.5% 
140bps4

Operating profit 
£1,172m
(2.6)% 
Adjusted operating profit 
£1,364m 
8.2%4 

Operating profit margin 
20.9%
(110)bps 
Adjusted operating profit margin 
24.3% 
120bps4

Diluted earnings per share 
8.5p
(4.5)%
Adjusted diluted earnings per share
10.3p 
12.0%

Net cash flow from operating activities 
£1,044m
£17m
Free cash flow
£769m 
£35m 

Total borrowings/Profit after tax
10.7x
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Net debt/Adjusted EBITDA
2.5x
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Strong competitive performance

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H1 reported revenue growth of 2.2% to £5,602m, with FX impact of 0.4% 

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Organic revenue growth of 2.6% with 2.1% price and 0.5% volume/mix

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In challenging markets, 73%5 of the business gained or maintained market share

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Operating profit driven by operating leverage

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Reported operating profit (2.6)% to £1,172m impacted by restructuring costs 

•

Reported operating profit margin of 20.9%, down 110bps yoy

•

Adjusted operating profit up +8.2%4 driven by strong execution on productivity

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Adjusted operating profit margin 24.3%, up 120bps4

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Strong cash flow and disciplined capital allocation supporting shareholder returns

•

H1 2026 net cash from operating activities was £1,044m with free cash flow of £769m

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Total borrowings as at 30 June 2026 was £8,252m resulting in 10.7x total borrowings/ profit after tax

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Net debt at 30 June 2026 was £7,513 representing 2.5x net debt/adjusted EBITDA

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Share buyback: Completed £457m out of £500m allocated to share buybacks for 2026

•

Interim dividend of 2.4p, representing 9% increase vs 2025, in line with policy of paying 1/3 of prior year dividend

​

FY 2026 outlook unchanged

•

Organic revenue growth: Expected to be in the range of 3-5% 

•

Adjusted operating profit growth: High single digit growth at constant currency

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Notes and forward looking statements 
1. The commentary in this announcement contains forward-looking statements and should be read in conjunction with the cautionary note on page 33
2. Organic revenue growth, organic operating profit growth, adjusted operating profit, adjusted operating profit margin, adjusted gross profit, adjusted gross profit margin, adjusted diluted earnings per share, free cash flow, adjusted profit attributable to shareholders, net debt, adjusted effective tax rate and adjusted EBITDA are non-IFRS measures; definitions and calculations of non-IFRS measures can be found on pages 33 to 45
3. On an organic basis, at constant currency and excludes the impact of divestments, acquisitions, manufacture and supply agreements (MSAs) relating to divestments and closure of production sites
4. At constant currency
5. Refers to Consumer Health market. Market share statements throughout this announcement are estimates based on the Group’s analysis of third party market data of revenue for YTD May 2026 including IQVIA, IRI and Nielsen data. Represents percentage of brand-market combinations gaining or maintaining share (this analysis covers c.90% of Haleon’s total revenue). 
6. As of 30 June 2026
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Half year results announcement
Six months ended 30 June 2026

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FY 2026 outlook
For FY 2026 the Group continues to expect:
●Organic revenue growth of 3%-5%
●High-single digit adjusted operating profit growth at constant currency
●Net interest c.£255m; Adjusted effective tax rate c.24.5% 
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Foreign exchange
The Group now expects a slightly positive foreign exchange translation impact on net revenue and adjusted operating profit respectively, this is based on Bloomberg forward consensus rates averaged over 20266.
​
Medium term guidance
Haleon’s medium-term guidance is as follows:
●4-6% annual organic revenue growth
●High-single digit adjusted operating profit growth at constant currency
​
Adjusted operating profit growth is expected to be supported by c.50 to 80bps (on average) per annum of adjusted gross profit margin expansion (at constant currency). This is expected to drive financial flexibility through the P&L to enable continued healthy investment in A&P and R&D. Together with continued optimisation of tax and interest, this should support strong adjusted EPS growth.
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We believe optimal leverage for Haleon is around 2.5x net debt/adjusted EBITDA. We believe that this is the right level to enable the business to appropriately balance our capital allocation priorities of continued investment for growth, optionality for M&A, providing attractive shareholder returns and sustaining a strong investment grade credit balance sheet.
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Please note that we are unable to present reconciliations of forward-looking information for adjusted EBITDA, adjusted effective tax rate, adjusted operating profit, adjusted operating profit margin, organic revenue growth and metrics presented at constant currency because we are unable to forecast accurately certain adjusting items required to present a meaningful comparable IFRS forward-looking financial measure.
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Half year results announcement
Six months ended 30 June 2026

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Presentation for analysts and shareholders 
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A recorded results presentation by Brian McNamara, Chief Executive Officer, and Dawn Allen, Chief Financial Officer, will be available shortly after 7:00am BST (8:00 am CEST) on 30 July 2026 and can be accessed at www.haleon.com/investors. This will be followed by a Q&A session at 9:00am BST (10:00am CEST).
For analysts and shareholders wishing to ask questions, please use the dial-in details below which will have a Q&A facility: 
UK:+44 (0) 808 189 0158 
US:+1 855 979 6654
All other: +44 (0) 203 936 2999
Passcode: 081063 
​
An archived webcast of the presentation will be available later on in the day of the results and can be accessed at www.haleon.com/investors. 
​
Financial timetable 
​
Q3 2026 Trading Statement 
29 October 2026

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​

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Enquiries 
Investors
Media

Jo Russell 
+44 7787 392441
Zoë Bird
+44 7736 746167

Rakesh Patel 
+44 7552 484646
Victoria Durman
+44 7894 505730

Email: [email protected]
Email: [email protected] 

​
About Haleon plc 
Haleon (LSE/NYSE: HLN) is a consumer company that is solely focused on better everyday health. Our people, our brands, our research, our investment and our innovation are aimed at improving the everyday health of consumers. Our product portfolio spans six major categories - Oral Health, Vitamins, Minerals and Supplements (VMS), Pain Relief, Respiratory Health, Digestive Health and Therapeutic Skin Health and Other. Our superior brands - such as Advil, Centrum, Otrivin, Panadol, parodontax, Polident, Sensodyne, Theraflu and Voltaren  are trusted by more than one billion consumers and are recommended by health professionals around the world. For more information please visit www.haleon.com 
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3
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​

​

Half year results announcement
Six months ended 30 June 2026

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​

​

Strategy 

​
We are guided by our purpose to deliver better everyday health with humanity. At our Capital Markets Day in May 2025, we outlined our Win as One strategy that will unlock significant potential as we transform into an agile, world class consumer company through three key areas: growth, productivity and culture. 
​
It will support our ambitions to reach one billion more consumers by 2030 and deliver industry-leading shareholder returns. 
​
Growth 
Leveraging our global footprint, scaling our innovations and capitalising on the strength and breadth of our superior brands, will enable us to deliver health in more hands. We are focused on three key areas: 
​
Closing the incidence versus treatment gap: Examples include in China, 75% of adults experience gum problems, yet only 40% seek treatment. The launch of parodontax introduced the first toothpaste clinically proven to address the root cause of bleeding gums by breaking down plaque. Developed with local sensory scientists, the formulation was tailored to Chinese consumer preferences, combining efficacy with a sweeter flavour profile, enhanced fragrance and a richer foaming experience, driving strong consumer uptake. Overall, this resulted in strong double-digit growth for the brand in the region. 
​
Innovation-led premiumisation: Haleon launched Centrum Age Defy in the US, a high-potency multivitamin formulated to help consumers stay ahead of ageing. Initial results have been strong, supported by effective activation driving market share gains. Voltaren 2% Gel, the only clinically proven 2% diclofenac formulation shown to deliver deep joint penetration, continued to perform strongly with launches rolled out in further markets following its successful activation in China in 2025. In India, growth was driven by expert advocacy and its clinically proven 12-hour pain relief claim. In China, Voltaren 2% Gel helped the brand achieve its highest-ever market share, supported by impactful in-store activation and sports partnerships that increased awareness and relevance among both active and older consumers.
​
Expanding our reach with lower income consumers: Two years ago, Haleon launched an Rs. 20 Sensodyne pack in India, to drive penetration with new consumers at a more affordable price point. Distribution has grown to more than 500,000 stores, reaching critical mass, supported by strong media investment and rural outreach programmes. During the half, we launched Sensodyne Fresh Gel at the same Rs. 20 price point, which has seen strong consumer uptake. These initiatives helped drive double-digit Sensodyne growth in India, with more than 40% of tubes sold in H1 coming from affordable offerings. Building on this success, we have launched a value-tier proposition in Brazil, initially piloting in São Paulo, where early results have been encouraging.
​
Productivity
Haleon is developing a more efficient and agile supply chain. Initiatives are expected to realise £800m in gross supply chain savings by 2030 and contribute 50 to 80bps per annum (on average) of adjusted gross profit margin improvement at constant currency per annum. Haleon’s supply chain strategy is focused on a number of key pillars: 
Immediate Accelerators for a near-term impact 
●We continued to make progress and have reduced SKUs by c.27% (target c.30% by 2028) and formulations by c.26% (target 25-30% by 2028) since the beginning of 2024 
●Over 180 robots have been implemented worldwide over the last 18 months to enhance productivity and safety in manufacturing processes
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4
​

​

​

Half year results announcement
Six months ended 30 June 2026

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​

​

Strategy (cont.)

Operational Excellence to drive improvement across daily operations through shifting to a culture of quality and performance 
●Trial of continuous manufacturing for tablet production to reduce traditional batch processes has been successful
​
Build for Tomorrow focused on the mid-to-longer term horizon, with benefits starting to be felt from 2027
●We agreed a five-year strategic partnership with Microsoft to enhance capabilities, simplify processes and leverage data more effectively across the business, including the supply chain
●Across our supply chain network, we continue to advance network optimisation initiatives, helping build a more efficient and fit-for-purpose manufacturing network through footprint optimisation. This includes a c.£175m investment in a new oral health manufacturing facilities in India due to open in 2028 with supply commencing the following year. In addition, we will strengthen our manufacturing footprint in China with a c.£65m investment in a new Oral Health manufacturing plant.  
​
Culture
In support of our Win as One ambitions, we are shaping a culture that will help us to deliver on our strategy and financial commitments. A world-class, agile and performance-focused consumer company, will be underpinned by our purpose to deliver better everyday health with humanity. 
In January 2026, we announced the evolution of Haleon’s operating model to be a critical enabler of our strategy - simplifying how we work, enabling faster and clearer decisions, bringing us closer to consumers, and building a more connected, agile and performance-focused organisation.
Having now largely completed the design phase, Haleon is moving to implementation. Key elements include: 

●The creation of a new Chief Growth Officer (CGO) role. The CGO role has responsibility for Haleon's category organisation, Marketing and Strategy functions, as well as a new global Commercial Excellence team. The CGO leads Haleon's growth and innovation agenda in partnership with the R&D and Supply Chain functions.
●Six Operating Units bringing the voice of consumers deeper into strategic decision making, taking accountability for in-year performance, execute category strategies and partner with functions to build capability and long-range plans
●Functions will focus on the capabilities, priorities and ways of working that matter most, operating efficiently and effectively

The implementation of the operating model is expected to result in annualised gross cost savings of c. £175m-200m over the next two years, with a third of the savings to be delivered in 2026 and the remainder in 2027. The savings will be delivered through leveraging our new Growth function, streamlining our organisation to be category led and leveraging automation and AI. We expect to incur costs broadly in line with the annualised gross savings, with a higher proportion of costs weighted towards 2026.
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5
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​

​

Half year results announcement
Six months ended 30 June 2026

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​

​

Category review

​
Revenue by product category for the six months ended 30 June:
​
​
Revenue (£m)
​
Revenue change (%)

2026
2025
​
Organic1
FX impact
Net M&A impact
Reported

Oral Health
1,838
1,728
​
7.3%
(0.9)%
-
6.4%

VMS
849
833
​
1.9%
-
-
1.9%

Pain Relief
1,323
1,286
​
2.1%
0.8%
-
2.9%

Respiratory Health
850
893
​
(4.7)%
(0.1)%
-
(4.8)%

Digestive Health
490
491
​
2.4%
(2.6)%
-
(0.2)%

Therapeutic Skin Heath and Other
252
249
​
1.6%
0.8%
(1.2)%
1.2%

Group revenue
5,602
5,480
​
2.6%
(0.4)%
(0.0)%
2.2%

​
​
1. Definitions and calculations of non-IFRS measures can be found on pages 33 to 45
​

Oral Health (33% of H1 2026 revenue)

In H1 2026, Oral Health reported revenue increased 6.4% to £1.8bn with organic revenue growth of 7.3% (excluding a 0.9% adverse impact of foreign exchange rate). During the half, Oral Health delivered strong market share gains supported by innovations and geographic expansion, combined with strong in-market execution. We remain confident in the category’s growth potential supported by a strong innovation pipeline and geographic expansion.
​
Double digit CER growth in Sensodyne was supported by continued strength in the Sensodyne Clinical platform. Clinical White continues to drive penetration gains, attracting a younger audience into the franchise. Haleon launched Sensodyne Clinical Repair in the US, with early data indicating it is the number one innovation in the category in value terms. 
​
Across parodontax, strong performance was seen from recent innovation launches including parodontax Gum Strengthen & Protect in US. In addition, the launch in China continues to progress at pace. This, combined with penetration growth across a number of markets supported double digit growth for the brand. 
​
Denture Care performance was underpinned by mid-single digit CER growth with the Max Hold + premium range of adhesives continuing to scale. Poligrip Ultimate All in One continues to expand geographically, with the recent launch in Japan. Aquafresh declined mid-single digit at CER. 
​

VMS (15% of H1 2026 revenue)

In Vitamins, Minerals and Supplements, H1 2026 reported revenues increased 1.9% to £849m. On an organic basis, revenues grew 1.9%. 
Growth in Centrum reflected a strong performance in North America and APAC. Growth in North America was driven by stronger distribution, the launch of innovations including Centrum Age Defy and the activation of biological ageing claims on Centrum Silver driving market share gains. Performance in APAC reflected the launch of an upgraded Centrum Daily Kit in China. Europe was flat at constant exchange rate (CER) with a decline in the second quarter reflecting weak market conditions.
​
Caltrate grew mid-single digit at CER, supported by e-comm and the expansion of Caltrate glucosamine platform and Caltrate Joint which continues to scale.
​
Strong performance in Centrum and Caltrate was partly offset by a decline in local brands including Be-Total, Scotts and Vitasprint.

6
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​

​

Half year results announcement
Six months ended 30 June 2026

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​

​

​

Category review (cont.)

​
Pain Relief (24% of H1 2026 revenue) 

In Pain Relief, reported revenue increased 2.9% resulting in £1.3bn of revenue.  Organic revenue growth was 2.1% (excluding a 0.8% impact of foreign exchange rates). 
​
Growth on an organic basis (excluding the impact of foreign exchange effects) was driven by mid-single-digit growth in Voltaren, supported by innovation including the launch of Voltaren 2% Gel in a number of markets which delivered strong market share gains, particularly in China. We also extended the brand into the non-medicated topical segment with the launch of our Sensorials portfolio in France and Australia, including VoltaHeat and VoltaCool. Early results are encouraging, with share gains driving incremental category growth. Performance also benefited from retail ordering patterns.
​
Panadol also grew mid-single digit (CER) through the continued success of the That’s One for Panadol campaign. Growth was supported by innovation including Panadol Dual Action, a paracetamol and ibuprofen combination product leveraging technology in Advil in markets including the UK. Strong performance was also seen from an improved formulation for Panadol Kids in Australia.
​
Advil saw a slight decline at CER but outperformed the market. Performance in the second quarter was supported by activation of a new campaign, For the Assist in North America around the FIFA World Cup. This, combined with retailer ordering patterns helped drive low-single digit growth in the second quarter.
​

Respiratory Health (15% of H1 2026 revenue)

Respiratory Health reported revenue declined 4.8% to £850mn with organic revenue growth of (4.7)% (excluding a 0.1% adverse impact of foreign exchange rates). The decline in H1 organic revenue growth reflected a weak cold and flu season, particularly in North America, Central & Eastern Europe and China. Whilst the second quarter is smaller for cold and flu sales, APAC saw significant double-digit declines at CER from lower levels of incidence, particularly in China. Allergy was flat at CER with a strong early season before trending below prior year levels as the season progressed. 
​
Otrivin grew mid-single digit at CER with continued market share gains in Otrivin Nasal Mist. This innovation launched in New Zealand with a full pharmacy roll out ahead of the southern hemisphere winter and is expected to be launched in additional markets in H2. At CER, Smokers’ Health declined high single digit in H1 2026 and mid-single digit in Q2. 
​

Digestive Health (9% of H1 2026 revenue)

Digestive Health reported revenue declined 0.2% to £490mn with organic revenue growth of 2.4% (excluding a 2.6% adverse impact of foreign exchange rates). H1 performance on an organic basis, was driven by mid-single digit growth in Tums supported by innovations and activations around Chewy Bites and the launch of TUMS + Gas Relief in the US along with activations around the FIFA World Cup. Benefiber was up double digit (CER) helped by media activations to attract younger consumers to category. This was offset by double digit (CER) decline in Nexium.
​
ENO revenue sequentially improved with double digit growth (CER) in both Latin America and India in the second quarter driven by strengthened in-market execution.

​
​
Therapeutic Skin Health and Other (4% of H1 2026 revenue) 

7
​

​

​

Half year results announcement
Six months ended 30 June 2026

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​

​

Therapeutic Skin Health and Other reported revenue increased 1.2% to £252mn with organic revenue growth of 1.6% (excluding a 0.8% impact of foreign exchange rates and (1.2)% from net M&A ). Across the half, Zovirax delivered strong performance. This was offset by a decline in Fenistil. 

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8
​

​

​

Half year results announcement
Six months ended 30 June 2026

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​

​

Regional review 

Revenue by geographical segment for the six months ended 30 June:
​
​
Revenue (£m)
​
Revenue change (%)

2026
2025
​
Organic1
Price1
Vol/Mix1
FX impact
Net M&A impact
Reported

North America
1,830
1,851
​
2.0%
2.5%
(0.5)%
(3.1)%
-
(1.1)%

EMEA and LatAm
2,416
2,309
​
1.9%
3.0%
(1.1)%
2.9%
(0.1)%
4.7%

APAC
1,356
1,320
​
4.7%
(0.2)%
4.9%
(2.0)%
-
2.7%

Group 
5,602
5,480
​
2.6%
2.1%
0.5%
(0.4)%
(0.0)%
2.2%

Adjusted operating profit by geographical segment for the six months ended 30 June:
​
Adjusted operating profit1,2 (£m)
​
YoY organic change1
FX impact
Net M&A 
impact
YoY 
change

2026
2025
​
2026

North America
421
384
​
15.3%
(5.7)%
-
9.6%

EMEA and LatAm
677
584
​
8.9%
7.4%
(0.3)%
16.0%

APAC
334
308
​
11.9%
(3.6)%
-
8.3%

Corporate and other unallocated
(68)
(33)
​
>(100)%
27.3%
​
>(100)%

Group adjusted operating profit1
1,364
1,243
​
8.3%
1.5%
(0.1)%
9.7%

​
Adjusted operating profit margin by geographical segment for the six months ended 30 June
​
Adjusted operating profit margin1,2 (%)
​
YoY organic change1
FX impact
Net M&A 
impact
YoY 
change

2026
2025
​
2026

North America
23.0%
20.7%
​
270bps
(40)bps
0bps
230bps

EMEA and LatAm
28.0%
25.3%
​
170bps
110bps
(10)bps
270bps

APAC
24.6%
23.3%
​
160bps
(30)bps
0bps
130bps

Group1
24.3%
22.7%
​
130bps
40bps
(10)bps
160bps

​
1. Definitions and calculations of non-IFRS measures can be found on pages 33 to 45. Reconciling items for these purposes are the adjusting items, which are defined under “Use of Non-IFRS Measures”. A reconciliation between operating profit and adjusted operating profit is included under “Use of Non-IFRS Measures”.
2. The CODM (as defined below) uses a measure of adjusted operating profit to assess the performance of the reportable segments. 
All commentary below refers to organic revenue growth unless otherwise stated.
​
North America: (33% of H1 2026 revenue)

​

H1 2026 reported revenue was £1,830m (H1 2025: £1,851m), a decline of 1.1% on a reported basis, which included the adverse impact of exchange rates of 3.1%. As a result, revenue grew 2.0% on an organic basis with +2.5% price and (0.5)% volume/mix. 
​
In Q2, organic revenue growth of 3.1% was split +1.1% price and +2.0% volume/mix. More balanced growth in the second quarter was a result of improved execution across retailer partnerships, shelf resets, distribution, media and innovation. Together this translated into a stronger share performance despite a challenging consumer environment
 ​
We continue to expect growth in North America to improve in the second half. This will be underpinned by the full benefits from shelf-resets and distribution gains across Oral Health, VMS and Pain Relief. In addition, better media effectiveness alongside further innovation roll out and a reduced drag from Respiratory Health will support performance.
​
​

9
​

​

​

Half year results announcement
Six months ended 30 June 2026

​
​

​

On an organic basis, excluding the impact of foreign exchange and net M&A, key highlights in Q2 included:

​
​

●
Mid-single digit growth in Oral Health reflected share gains across Sensodyne and parodontax. Consumption across the category outperformed the market by over two times 

●
VMS grew low single digit, with mid-single digit growth in Centrum, supported by strong momentum from recent innovation launches partly offset by a decline in Emergen-C

●
Pain Relief grew mid-single digit driven by strength in Voltaren, improved performance across Advil with the brand seeing share gains in a declining market, and the launch of Excedrin Rapid Relief 

●
Respiratory Health declined low-single digit. Smokers’ Health performance improved against a weak comparative, and declined mid-single digit

●
Digestive Health grew mid-single digit, supported by double digit growth in Tums and Benefiber, underpinned by new media activations. This was partly offset by a double-digit decline in Nexium

●
Therapeutic Skin Health and Other grew double digit with strength in Zovirax 

H1 2026 adjusted operating profit grew 9.6% at actual exchange rates and 15.3% at constant currency, driven by cost efficiencies which were partly offset by an increase in A&P. Adjusted operating profit margin was 23.0%, up 230bps at AER and 270bps at constant currency.
​
​

EMEA and LatAm: (43% of H1 2026 revenue)

H1 2026 reported revenue was £2,416m (H1 2025: £2,309m), an increase of 4.7% on a reported basis, which included the impact of exchange rates of 2.9%. Net M&A had a (0.1)% impact. As a result, revenue grew 1.9% on an organic basis with +3.0% price and (1.1)% volume/mix. In Q2, organic revenue growth was 1.7% with 3.5% price and (1.8)% volume mix. 
​
In the half, excluding the impact of foreign exchange rates and net M&A, Latin America saw mid-single digit growth with an acceleration in the second quarter, growing high-single digit benefiting from an improved macro-economic environment and stronger execution particularly in Sensodyne and ENO. Middle East and Africa also grew mid-single digit at CER, with a broadly flat performance in the second quarter, impacted by weakness in UAE from geopolitical conflicts in the region. Modest growth in Europe reflected a weak consumer backdrop against an overall market that declined.
​
On an organic basis, excluding the impact of foreign exchange and net M&A, key highlights in Q2 included:
​

●
Mid-single digit growth in Oral Health was supported by a strong performance from Sensodyne, Polident/Poligrip and parodontax reflecting innovation launches and strong in market execution

●
VMS declined mid-single digit with strength in Centrum more than offset by a decline in local brands

●
Pain Relief grew mid-single digit underpinned by strength in Voltaren and Panadol

●
Respiratory Health revenues declined impacted by weakness in allergy 

●
Growth in Digestive Health was supported by strength in ENO in Latin America and a number of local brands

●
Therapeutic Skin Health and Other declined mid-single digit driven by weakness in Fenistil

H1 2026 adjusted operating profit grew 16.0% at actual exchange rates and 8.6% at constant currency, driven by cost efficiencies. Adjusted operating profit margin was 28.0%, up 270bps at AER and 160bps at constant currency.

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​

10
​

​

​

Half year results announcement
Six months ended 30 June 2026

​
​

​

​
Asia-Pacific (APAC): (24% of H1 2026 revenue)

​

H1 2026 reported revenue was £1,356m (H1 2025: £1,320m), an increase of 2.7% on a reported basis, which included the impact of exchange rates of 2.0%. As a result, H1 2026 organic revenue growth was +4.7% with (0.2)% price and 4.9% volume mix. Haleon consumption continued to outperform the market.  Q2 organic revenue growth of 5.4% was split (0.7)% price and +6.1% volume/mix. The decline in price in Q2 reflected a negative impact from strong hospital channel growth in China
​
In the half, excluding the impact of foreign exchange rates and net M&A, India delivered double digit growth from strong in-market execution particularly for Sensodyne. An improved performance in China, up high-single digit in the second quarter, was supported by investment in e-commerce including Douyin. South-East Asia & Taiwan was up low-single digit, reflecting a slowdown in the second quarter arising from the conflict in the Middle East leading to a softer consumer backdrop. North Asia declined low-single digit from supply constraints in Oral Health which have now been resolved. Australia & New Zealand grew mid-single digit.
​
On an organic basis, excluding the impact of foreign exchange and net M&A, key highlights in Q2 included:

●
Oral Health grew double digit driven by Sensodyne and Denture care 

●
VMS delivered mid-single digit growth with strength in both Caltrate and Centrum from innovation launches and phasing of orders combined with an acceleration in e-comm performance

●
Performance in Pain Relief was underpinned by double digit growth in Voltaren including Voltaren 2% gel supported by excellent in-store execution

●
Respiratory Health declined double digit with soft demand for Cold and Flu products

●
Strong performance in Therapeutic Skin Health and Other supported by Bactroban 

H1 2026 adjusted operating profit grew 8.3% at actual exchange rates and 11.9% at constant currency. This was driven by positive operating leverage combined with operational efficiencies, which more than offset an increase in A&P. Adjusted operating profit margin was 24.6% and increased 130bps at AER and 160bps at constant currency.

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​

11
​

​

​

Half year results announcement
Six months ended 30 June 2026

​
​

​

Regional review - new reporting structure 

​
In January 2026, Haleon announced the evolution of its operating model to drive growth and agility in support of its Win as One ambition. This resulted in a structural reporting change to reflect the organisation of the business. North America remains largely unchanged. Europe will be reported as a separate segment. India Subcontinent (ISC) is separated from Asia Pacific and is now part of our International segment which also includes Latin America and Middle East & Africa. Going forward, Haleon will report performance against this structure. 
​
Revenue by geographical segment for the six months ended 30 June:
​
​
Revenue (£m)
​
Revenue change (%)

2026
2025
​
Organic1
Price1
Vol/Mix1
FX impact
Net M&A impact
Reported

North America
1,830
1,851
​
2.0%
2.5%
(0.5)%
(3.1)%
-
(1.1)%

Europe
1,631
1,556
​
0.6%
2.2%
(1.6)%
4.1%
0.1%
4.8%

APAC
1,182
1,149
​
3.3%
(0.6)%
3.9%
(0.4)%
-
2.9%

International
959
924
​
6.3%
4.3%
2.0%
(2.0)%
(0.5)%
3.8%

Group 
5,602
5,480
​
2.6%
2.1%
0.5%
(0.4)%
(0.0)%
2.2%

Adjusted operating profit by geographical segment for the six months ended 30 June:
​
Adjusted operating profit1,2 (£m)
​
YoY 
CER1
FX 
impact
YoY change

2026
2025
​
2026

North America
425
389
​
14.9%
(5.6)%
9.3%

Europe
522
441
​
8.6%
9.8%
18.4%

APAC
292
274
​
8.0%
(1.4)%
6.6%

International
193
172
​
16.3%
(4.1)%
12.2%

Corporate and other unallocated
(68)
(33)
​
>(100)%
27.3
>(100)%

Group adjusted operating profit1
1,364
1,243
​
8.2%
1.5%
9.7%

​
Adjusted operating profit margin by geographical segment for the six months ended 30 June:
​
Adjusted operating
profit margin1,2 (%)
​
YoY 
CER1
FX 
impact
YoY change

2026
2025
​
2026

North America
23.2%
21.0%
​
270bps
(50)bps
220bps

Europe
32.0%
28.3%
​
220bps
150bps
370bps

APAC
24.7%
23.8%
​
110bps
(20)bps
90bps

International
20.1%
18.6%
​
180bps
(30)bps
150bps

Group1
24.3%
22.7%
​
120bps
40bps
160bps

1. Definitions and calculations of non-IFRS measures can be found on pages 33 to 45. R