Haleon PLC: Buy Rating Amidst Short-term Challenges and Long-term Growth PotentialWe update post 1H results. HLN’s EM growth decelerated in 1H25 (6.4% v 13% 2H24), suggesting patchy progression in converting latent demand to sales. In the US, subdued demand, seasonal softness & retail channel shifts is containing sales evolution. However, EM growth, while patchy, is still running at 10% LTM & the US rebasing promises improvement (under new leadership) in FY26. Investment case credibility may have to wait until 1H26, but we are patient, Buy. FY (Dec) CHANGE TO JEFe JEF vs CONS 2025 2026 2025 2026 REV NM NM -1% NM EPS <1% +1% NM +3% 2025 (p) Q4 FY EPS - - - - 18.21p PREV 18.05p Source: VisibleAlphaIn our prior note, we summarised the detailed results vs expectations. 1/ Some context on slow-down in EM org sales growth is needed. HLN’s EM momentum has cooled.