Reckitt reported estimate beating Q2/H1 22 numbers, with sales up 11.9%/8.6%, respectively, on a LFL basis, as strong momentum in Health and Nutrition was partially offset by a normalisation in Hygiene. The H1 adjusted operating margin expanded by 290bps, which is noteworthy within the context of an inflationary environment. Following the strong H1, Reckitt upgraded its FY22 guidance. We expect a mid-to-high single digit upgrade to our estimates.