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Item 5 — Management's Discussion and Analysis
Rentokil Initial Plc /fi · 20-F · FY 2025 · Period ended Dec 31, 2025
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A. Operating Results
The information (including graphs and tabular data) set forth under the headings “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—The impact of macroeconomic factors on the Group’s business” on page 207, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key indicators of performance and financial condition” on pages 207 to 208, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Certain components of results of operations” on page 208, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of operations” on pages 209 to 210, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Revenue by geographical location” on pages 211 to 212, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Revenue by business segment” on page 212, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Operating expenses by geographic region” on page 213, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Operating expenses by business segment” on page 214, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-IFRS measures” on pages 215 to 219, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and capital resources” on pages 219 to 220 and “Cautionary Statement” on page 228, in each case of the Annual Report 2025 included as exhibit 15.1 to this Form 20-F is incorporated by reference.
Please also see the information above under the heading “Cautionary Note Regarding Forward-Looking Statements”.
B. Liquidity and Capital Resources
The information (including graphs and tabular data) set forth under the headings “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and capital resources” on pages 219 to 220, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Cash flow activity” on pages 219 to 220 and “Cautionary Statement” on page 228, in each case of the Annual Report 2025 included as exhibit 15.1 to this Form 20-F is incorporated by reference.
Please also see the information above under the heading “Cautionary Note Regarding Forward-Looking Statements”.
C. Research and Development, Patents and Licenses
Our major research and development facilities are based in the UK and the U.S., following the opening of the Rentokil Terminix North America Innovation Centre in March 2024.
The information set forth under the headings “Strategic Report—Our Businesses—Pest Control—Innovation is a core driver of performance” on page 29, “—Our innovation strategy” on page 29 and “—Product development to meet evolving customer needs” on pages 30 to 31 in each case of the Annual Report 2025 included as exhibit 15.1 to this Form 20-F is incorporated by reference.
Please also refer to the information set forth under the heading “Financial Statements—Notes to the Consolidated Financial Statements—B2. Intangible assets” on pages F-42 to F-45 of this Form 20-F.
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D. Trend Information
The information (including graphs and tabular data) set forth under the headings “Strategic Report—Financial Review—Funding” on page 41, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—The impact of macroeconomic factors on the Group’s business” on page 207, “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key indicators of performance and financial condition” on pages 207 to 208 and “Cautionary Statement” on page 228, in each case of the Annual Report 2025 included as exhibit 15.1 to this Form 20-F is incorporated by reference.
Please also see the information above under the heading “Cautionary Note Regarding Forward-Looking Statements”.
E. Critical Accounting Estimates
The information (including tabular data) set forth under the headings “Corporate Governance—Audit Committee Report—Financial reporting” and “—Significant issues and judgements” on page 102 and “Other Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key indicators of performance and financial condition” on pages 207 to 208, in each case of the Annual Report 2025 included as exhibit 15.1 to this Form 20-F is incorporated by reference.
Please also refer to the information set forth under the heading “Financial Statements—Notes to the Consolidated Financial Statements—Material accounting policies—Sources of estimation uncertainty and significant accounting judgements” on pages F-14 to F-15, in each case of this Form 20-F.