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Karel Zoete

Research Analyst at Kepler Cheuvreux

Karel Zoete is Head of Netherlands Equity Research at Kepler Cheuvreux, specializing in the Food & HPC sector and covering Benelux food & beverage companies including Essity, Reckitt, and Haleon. Ranked #2 in Food & Household Products for earnings estimates in the Refinitiv StarMine Analyst Awards, he has demonstrated strong analytical performance through accurate recommendations and insights for institutional investors. Zoete joined Kepler Cheuvreux in September 2016 after 15 years as a sell-side analyst, with prior roles at Rabobank International as Director of Equity Research, Rabo Securities, Effectenbank Stroeve, and Keijser Securities, where he focused on Dutch Consumer Goods and led projects like the DE Masterblenders IPO. He holds a Master’s degree in Banking & Finance from Vrije Universiteit Amsterdam, plus education from Rotterdam School of Management and Rabobank TalentenCooperatie.

Karel Zoete's questions to Haleon (HLN) leadership

Question · H2 2025

Karel Zoete inquired about the slowdown in Haleon's digestive health business in 2025, asking for anticipated improvements in 2026. He also questioned what is needed for the pain franchise, despite strong brands like Panadol, to perform more in line with anticipated growth rates, given its underperformance in 2024 and 2025.

Answer

CEO Brian McNamara explained that over 80% of the digestive health business is in the U.S., India, and Brazil, with Eno performing well in India and Brazil. In the U.S., while brands like TUMS and Benefiber are strong, Nexium has faced a drag from private label competition. He identified an opportunity to support GLP-1 users with brands like TUMS, Benefiber, Biotene, and a Centrum variant. For pain relief, he highlighted Voltaren as the #1 topical analgesic globally, with a strong patch business and new 24-hour patch launches. Panadol has performed well in Asia. He noted efforts to address systemic pain relief in Europe and expressed confidence that new structures and investment would drive Advil back to consistent performance, which is crucial for the business.

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Question · H2 2025

Karel Zoete asked for a deeper dive into two categories: digestive health and pain relief. For digestive health, he noted a slowdown in 2025 and asked what to anticipate for 2026 and why performance should improve. For pain relief, he observed that 2024 and 2025 were not strong years despite robust franchises like Panadol in Asia, asking what is needed for the pain franchise to perform in line with anticipated growth rates.

Answer

Brian McNamara, CEO, explained that over 80% of Haleon's digestive health business is in the U.S., India, and Brazil, with Eno performing well in the latter two. In the U.S., Nexium has faced a drag from private label competition, but brands like TUMS and Benefiber are strong. He sees an opportunity to support GLP-1 users with products addressing side effects. For pain relief, McNamara highlighted Voltaren as the number one topical analgesic globally and mentioned successful launches of 24-hour patches. He noted Panadol's strong performance in Asia and expressed confidence that Advil, with the new structure and focus, will return to consistent performance, which is crucial for the franchise.

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