LONDON, March 10, 2026, 00:07 GMT
Singapore-based GIC Private Limited cut its stake in Rentokil Initial plc to 3.25% from 3.99%, a major-shareholding filing showed on Monday, reducing the position to 82.2 million voting rights. The threshold was crossed on March 4, the filing said.
The disclosure comes as investors watch whether Rentokil can keep stabilising North America, its biggest market, after a string of setbacks there and a slower, more complex integration of U.S. rival Terminix. Last week the company reported higher annual adjusted pretax profit, helped by stronger execution in North America.
Rentokil said on March 5 it still expected 2026 results to be in line with market expectations despite weather disruption in North America in January and uncertainty from recent geopolitical events. Revenue rose to $6.91 billion in 2025 and adjusted operating profit to $1.07 billion, while group organic growth – its measure of underlying sales growth – was 2.6%.
North America was the part investors wanted to see improve. Rentokil said pest-control organic growth there rose to 2.6% in the fourth quarter from 0.1% in the first half, while residential lead flow grew 7.1% in the second half as it pushed local brands, more branches and tighter marketing.
Chief executive Andy Ransom called 2025 a year of “encouraging progress” and said Rentokil planned to keep about 30 brands in North America and take its branch network to around 800 by end-2026. On the investor call, finance chief Paul Edgecliffe-Johnson said the company was “still losing a bit of volume” in North America, though improving, while Ransom said the Terminix brand was “going well”. Rentokil Initial
The shareholding change also lands in the middle of a management handover. Mike Duffy, appointed in January, is due to become chief executive on March 16 after joining as CEO designate in February, while Chair Richard Solomons plans to retire once a successor is appointed.
But the risks have not gone away. Rentokil added $122 million in the second half for termite damage claims, taking the 2025 charge to $201 million and the year-end provision – money set aside for expected claims – to $384 million. The company said 2026 cash outflow on those claims should be similar to 2025.
Competition in the U.S. remains tight. Reuters reported last year that Rentokil and Rollins together account for roughly half of the U.S. pest-control market, and Rollins in February missed quarterly revenue and earnings estimates on weaker demand.
Investors welcomed Rentokil’s annual results on March 5, sending the shares up 10.7% even as the FTSE 100 fell 1.5% that day. The company’s next scheduled market update is a first-quarter trading statement on April 16.
