Rentokil Initial is the world's largest pest control company and a leading hygiene and wellbeing services provider, operating in over 90 countries. Pest control is the core business, generating roughly 83% of group revenues, with the remainder coming from hygiene and wellbeing services (washroom products, soap dispensers, air hygiene, and related services). Rentokil sells recurring pest control contracts to residential and commercial customers — homeowners, restaurants, hospitals, offices, and warehouses — with technicians visiting sites on a scheduled basis. Roughly 75-80% of revenues are contractual, providing strong revenue visibility. Rentokil's key earnings drivers are customer retention, annual price increases, and new contract sales. The company reports across two segments: North America (~62% of revenues) and International (~38%). In North America, Rentokil operates primarily under the Terminix brand, the most recognized pest control brand in the U.S., alongside regional brands including Western Exterminator and Ehrlich. The dominant near-term story is the integration of Terminix, acquired in 2022 for ~$6.7B, which has disrupted organic growth through branch consolidations and reduced local search visibility. Rentokil has paused large-scale branch migrations and is restoring growth by expanding regional brands, rolling out satellite branches, and pushing accountability back to local branch managers. Rentokil also grows through bolt-on acquisitions of local and regional pest control operators, completing 36 deals in FY25. Internationally, Rentokil deploys connected pest control technology, including IoT-based remote monitoring, as a key differentiator with large commercial customers.