RKLIF · Rentokil Initial plc

Rentokil Initial plc delivered a solid Q1 2026 trading update with group revenue reaching $1,677m, reflecting 4.3% reported growth and 3.4% organic growth on a constant currency basis. North America, comprising nearly 60% of group revenue, led performance with $995m revenue, up 4.5% constant currency and 3.9% organic. Within North America, Pest Control revenue grew 4.7% reported and 4.1% organic, driven by 2.8% organic growth in Pest Control Services from robust price increases, weather recovery, enhanced marketing, and sales execution, plus 12.7% organic growth in Business Services fueled by pre-spring product distribution demand, 2025 new business wins, and lake management jobs. Colleague retention improved to 82.6% from 82.2% in FY25, with customer retention stable at 80.4%. International revenue of $682m rose 4.1% constant currency and 2.8% organic, supported by strong pricing and volumes in Europe, Latin America, and UK & Sub-Saharan Africa, offset by headwinds in Pacific (lapping strong comparatives) and MENAT (Middle East conflict disruption). By category, Pest Control achieved 3.7% organic growth (4.1% North America, 2.8% International excluding MENAT), while Hygiene & Wellbeing grew 2.1% organically, with International at 2.7% but North America declining 2.7% due to delayed Ambius jobbing from construction phasing. The bolt-on M&A pipeline remained active with 9 deals contributing $19m annualized revenue. New CEO Mike Duffy highlighted momentum in North America, progress internationally, employee passion, and confidence in full-year delivery in line with market expectations despite geopolitical uncertainty. A conference call was held on April 16, 2026, at 9:00am BST.