Henkel Ag & Co. Kgaa · XETR:HEN
Henkel Ag & Co. Kgaa — H1 2026 Earnings Presentation
43 slides from Henkel Ag & Co. Kgaa's earnings presentation, Aug 6, 2026
Slide 1: Henkel H1 2026
HENKEL H1 2026 CARSTEN KNOBEL, MARCO SWOBODA – 6 AUGUST 2026
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements which are based on current estimates and assumptions made by the corporate management of Henkel AG & Co. KGaA. Statements with respect to the future are characterized by the use of words such as “expect”, “intend”, “plan”, “anticipate”
Slide 3: Agenda
AGENDA 01 Key Developments 02 Business Performance H1 2026 & Outlook 03 Key Take-Aways & Closing 3 HENKEL H1 2026
Slide 4: At a Glance
AT A GLANCE HENKEL GROUP ORGANIC ADJ. ADJ. EPS GROWTH SALES GROWTH EBIT MARGIN (AT CONSTANT FX) STRONG TOP- AND BOTTOM-LINE PERFORMANCE IN H1 2026 3.2% 15.7% ADHESIVE 7.1% CONSUMER TECHNOLOGIES BRANDS ▪ Strong organic sales growth with both positive price and volume dynamics across business units an
Slide 5: Advancing our businesses by successfully executing on our M&A growth strategy
ADVANCING OUR BUSINESSES BY SUCCESSFULLY EXECUTING ON OUR M&A GROWTH STRATEGY Timing of Closing 2026 Feb 4 Entering into attractive market for 4 OUT OF 5 facade solutions in UK ACQUISITIONS Expanding portfolio beyond liquid SUCCESSFULLY April 1 technologies into attractive tapes business CLOSED Apri
Slide 6: M&A: Strengthening Hair with premium hair care brand Olaplex
M&A: STRENGTHENING HAIR WITH PREMIUM HAIR CARE BRAND OLAPLEX BECOMING GLOBAL #2 IN HAIR PROFESSIONAL Adding CROSS-SELLING & DISTRIBUTION ~370 OPPORTUNITIES ACROSS OMNICHANNEL MEUR sales1 INNOVATION & TECHNOLOGY OPPORTUNITIES ~5% CAGR premium hair care BUILDING ON BROADER REACH & market2 GLOBAL GEOGR
Slide 7: M&A: Entering highly attractive adjacency with ATP adhesive systems
M&A: ENTERING INTO HIGHLY ATTRACTIVE ADJACENCY WITH ATP ADHESIVE SYSTEMS EXPANDING PORTFOLIO INTO FAST-GROWING SUSTAINABLE TAPES MARKET WATER-BASED WATER-BASED FLOORING STEERING WHEEL Adding PORTFOLIO EXPANSION & TAPES SENSOR TAPES ~270 CROSS-SELLING OPPORTUNITIES MEUR sales1 NEW GROWTH PLATFORM FOR
Slide 8: Innovations & investments as catalysts for organic growth in Adhesive Technologies
INNOVATIONS & INVESTMENTS AS CATALYSTS FOR ORGANIC GROWTH IN ADHESIVE TECHNOLOGIES INNOVATIONS DRIVING INVESTING IN HIGH-GROWTH MARKETS INCREASING NO. OF SOLUTIONS (SELECTIVE EXAMPLES) PROTECTION & REPAIR INFRASTRUCTURE Innovation trends in e.g., Average number of DATA CENTER AEROSPACE consumer devi
Slide 9: Investing to enhance innovation and execution speed in high-growth regions
INVESTING TO ENHANCE INNOVATION AND EXECUTION SPEED IN ATTRACTIVE HIGH-GROWTH REGIONS NEW SMART FACTORY IN CHINA NEW CO-INNOVATION HUB IN INDIA Investment of ~€120M in new Opening of advanced CUSTOMER SMART FACTORY – strong APPLICATION CENTER for backbone for business in China electronics solutions
Slide 10: Delivering high-performing solutions in construction for demanding conditions
DELIVERING HIGH-PERFORMING SOLUTIONS IN CONSTRUCTION FOR DEMANDING CONDITIONS CUSTOMIZED BONDING SOLUTION INNOVATIVE ROOF SOLUTION STRUCTURAL BONDING Innovative COOL ROOF WATER- SOLUTION enabling stone & steel PROOFING & COATING, to act as single structural unit in central improving thermal insulati
Slide 11: Sustained strong growth dynamics across our top 10 consumer brands
SUSTAINED STRONG GROWTH DYNAMICS ACROSS OUR TOP 10 CONSUMER BRANDS TOP 10 >4% BRANDS ORGANIC account for ~60% SALES GROWTH in H1 of sales Driven by LEADING Reflecting BALANCED POSITIONS PRICE & VOLUME across categories DEVELOPMENT 11 HENKEL H1 2026
Slide 12: Driving strong performance in Hair through tech-driven innovations
DRIVING STRONG PERFORMANCE IN HAIR THROUGH TECH-DRIVEN INNOVATIONS OUTPERFORMING FAST-GROWING HAIR MARKET BY SHAPING CONSUMER TRENDS CAGR Selective trends, FY 2022-2025 e.g., in Hair Care SKINIFICATION >6% >4% HAIR PROTECTION e.g., NEW PREMIUM GLISS SCALP CARE LINE Organic Market HAIR REPAIR with ac
Slide 13: Actively shaping our portfolio with focus on premium laundry care market
ACTIVELY SHAPING OUR PORTFOLIO WITH INCREASED FOCUS ON ATTRACTIVE PREMIUM LAUNDRY CARE MARKET DRIVING PROFITABLE GROWTH THROUGH TECH-DRIVEN INNOVATIONS DELIVERING SUPERIOR CONSUMER BENEFITS INCREASING PREMIUM SHARE IN LAUNDRY CARE TOP BRANDS like PERSIL & PERWOLL with ~55% ~5% OSG combined in H1 ~45
Slide 14: Updated Outlook FY 2026
UPDATED OUTLOOK FY 2026 ORGANIC SALES GROWTH 1.5 to 3.5% previously: 1.0 to 3.0% ADJUSTED EBIT MARGIN 14.5 to 16.0% ADJUSTED EPS1 low to high single-digit % increase 14 HENKEL H1 2026 1 per preferred share, at constant exchange rates
Slide 15: Agenda
AGENDA 01 Key Developments 02 Business Performance H1 2026 & Outlook 03 Key Take-Aways & Closing 15 HENKEL H1 2026
Slide 16: Organic Sales Development
ORGANIC SALES DEVELOPMENT H1 2026 3.2% 0.2% -3.9% -0.5% OSG A&D FX NOMINAL PRICE VOLUME SALES 1.1% 2.1% €10.3bn 16 HENKEL H1 2026
Slide 17: Organic Sales Development by Region
ORGANIC SALES DEVELOPMENT BY REGION H1 2026 Group organic sales growth Group sales share EUROPE NORTH AMERICA ASIA-PACIFIC IMEA LATIN AMERICA -1.5% 2.4% 10.3% 14.9% -1.3% 38% 25% 17% 10% 8% 17 HENKEL H1 2026
Slide 18: Adhesive Technologies
ADHESIVE TECHNOLOGIES H1 2026 ORGANIC ADJ. SALES GROWTH EBIT MARGIN 4.5% 17.7% SALES ADJ. EBIT €5.5BN €1.0BN PRICE VOLUME 1.8% 2.8% 18 HENKEL H1 2026
Slide 19: Adhesive Technologies: Organic Sales Growth Development
Organic Sales Growth Development ADHESIVE TECHNOLOGIES in % 4.2 2.0 H1 2026 0.3 1.3 0.5 0.1 ▪ 4.5% organic sales growth driven by a sequential acceleration 0.6 1.0 0.5 0.8 0.4 3.2 of both price & volume Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 ▪ Swift execution of pricing initiatives to offset 1.1 1.3 2.
Slide 20: Mobility & Electronics
MOBILITY & ELECTRONICS H1 2026 ORGANIC SALES SALES GROWTH 7.8% €2.1bn Double-digit growth in Electronics and significant growth in Industrials Automotive below prior year in the first half, however, with a sequential improvement & back to positive territory in Q2 20 HENKEL H1 2026
Slide 21: Packaging & Consumer Goods
PACKAGING & CONSUMER GOODS H1 2026 ORGANIC SALES SALES GROWTH 4.7% €1.6bn Very strong growth in Consumer Goods Strong growth in Packaging, supported by continued forward buying 21 HENKEL H1 2026
Slide 22: Craftsmen, Construction & Professional
CRAFTSMEN, CONSTRUCTION & PROFESSIONAL H1 2026 ORGANIC SALES SALES GROWTH 1.0% €1.9bn Strong growth in Manufacturing & Maintenance Consumer & Construction slightly below prior year 22 HENKEL H1 2026
Slide 23: Consumer Brands
Replace picture CONSUMER BRANDS H1 2026 ORGANIC ADJ. SALES GROWTH EBIT MARGIN 1.7% 15.3% SALES ADJ. EBIT €4.7BN €0.7BN PRICE VOLUME 0.3% 1.4% 23 HENKEL H1 2026
Slide 24: Consumer Brands: Organic Sales Growth Development
Organic Sales Growth Development CONSUMER BRANDS in % 2.8 2.0 1.5 0.7 2.1 0.9 H1 2026 1.4 1.1 -0.6 -0.5 -1.2 ▪ 1.7% organic sales growth with both positive price & -5.5 volume development Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 ▪ Hair continues very strong growth trajectory and -3.5 0.4 0.4 4.1 1.8 1.6
Slide 25: Laundry & Home Care
LAUNDRY & HOME CARE H1 2026 ORGANIC SALES SALES GROWTH 0.7% €2.8bn Good growth in Home Care driven by double-digit growth in Hand Dishwashing Laundry Care returned to positive growth due to clear acceleration in Q2 – particularly driven by high-single digit growth in Fabric Care 25 HENKEL H1 2026
Slide 26: Hair
HAIR H1 2026 ORGANIC SALES SALES GROWTH 4.2% €1.7bn Hair with very strong growth driven by balanced contribution from both Consumer & Professional Styling category as strongest contributor 26 HENKEL H1 2026
Slide 27: Other Consumer Businesses
OTHER CONSUMER BUSINESSES H1 2026 ORGANIC SALES SALES GROWTH -2.1% €0.3bn Below prior year due to Body Care in Europe while good growth in North America 27 HENKEL H1 2026
Slide 28: Bridge from Adjusted Gross Profit to Adjusted EBIT
BRIDGE FROM ADJUSTED GROSS PROFIT TO ADJUSTED EBIT H1 2026 Impact on adjusted EBIT margin in pp vs. PY, in % of sales 51.7% -27.7% -3.0% -5.5% 0.1% 15.7% +0.4pp -0.1pp -0.1pp -0.2pp 0.0pp +0.1pp Adj. Gross Profit Marketing, selling R&D Admin OOI / OOE Adj. EBIT & distribution 28 HENKEL H1 2026
Slide 29: Bridge from Reported to Adjusted EBIT
BRIDGE FROM REPORTED TO ADJUSTED EBIT H1 2026 in €m 1,424 - 68 128 1,620 REPORTED EBIT ONE-TIME INCOME ONE-TIME EXPENSES RESTRUCTURING ADJUSTED EBIT 29 HENKEL H1 2026
Slide 30: Bridge from Adjusted EBIT to Adjusted EPS
BRIDGE FROM ADJUSTED EBIT TO ADJUSTED EPS H1 2026 in €m 1,620 -54 -399 1,166 -10 1,156 (25.5%1) ADJUSTED EPS2 €2.86 1.8% y-o-y 7.1% at constant currencies Non- Adj. net income Financial Taxes on Adj. Adj. EBIT controlling attributable to result income (adj.) net income interest shareholders 30 HENKE
Slide 31: Development of Cash KPIs
DEVELOPMENT OF CASH KPIs H1 2026 NET WORKING CAPITAL1 FREE CASH FLOW NET FINANCIAL POSITION 7.0% €612m -€1.9bn Change y-o-y Change y-o-y Change y-o-y +100bps +€128m -€1.4bn 31 HENKEL H1 2026 1 net working capital as a percentage of sales in Q2
Slide 32: Acquisitions to deliver strong contributions on both top- and bottom-line
ACQUISITIONS TO DELIVER STRONG CONTRIBUTIONS ON BOTH TOP- AND BOTTOM-LINE1 ~€2.0bn ≥10% MID TO HIGH HIGH ~1.5X SINGLE-DIGIT SINGLE-DIGIT ADJ. EBITDA OSG % SALES ~€0.7bn from by ~1% by FY 2027 FY 2030 FY 2026 FY … FY onwards FY … FY well within single A 2026 2030 2026 2030 credit rating corridor Sale
Slide 33: Updated Outlook FY 2026
UPDATED OUTLOOK FY 2026 ORGANIC ADJUSTED ADJUSTED SALES GROWTH EBIT MARGIN EPS1 GROUP 1.5 to 3.5% 14.5 to 16.0% Low to high single- previously: 1.0 to 3.0% digit % increase ADHESIVE 2.0 to 4.0% 16.5 to 18.0% TECHNOLOGIES previously: 1.0 to 3.0% CONSUMER BRANDS 0.5 to 2.5% 14.0 to 15.5% 33 HENKEL H1
Slide 34: Agenda
AGENDA 01 Key Developments 02 Business Performance H1 2026 & Outlook 03 Key Take-Aways & Closing 34 HENKEL H1 2026
Slide 35: Key Take-Aways
KEY TAKE-AWAYS STRONG TOP- AND BOTTOM-LINE PERFORMANCE IN H1 2026 ▪ Strong organic sales growth with both positive price and volume dynamics across business units and clear acceleration in Q2 ▪ Swift execution of pricing initiatives in Adhesive Technologies to offset raw material price headwinds ▪ S
Slide 36: Questions & Answers
QUESTIONS & ANSWERS 36 HENKEL H1 2026
Slide 37: Upcoming Events
UPCOMING EVENTS 2026 AUG 6 | HY 2026 RELEASE Half-Year Report NOV 10 | Q3 2026 RELEASE Quarterly Statement 2027 MAR 8 | FY 2026 RELEASE Annual Report 37 HENKEL H1 2026
Slide 38: Thank You
THANK YOU. 38 HENKEL H1 2026
Slide 39: Sales by Business Unit and Business Area Q1, Q2 & H1 2026
SALES BY BUSINESS UNIT AND BUSINESS AREA Q1, Q2 & H1 2026 Q1 2026 Q2 2026 H1 2026 €m Sales OSG Sales OSG Sales OSG HENKEL GROUP 4,952 1.7% 5,396 4.7% 10,348 3.2% ADHESIVE TECHNOLOGIES 2,627 1.7% 2,908 7.4% 5,534 4.5% MOBILITY & ELECTRONICS 977 6.7% 1,106 8.8% 2,083 7.8% PACKAGING & CONSUMER GOODS 75
Slide 40: Sales, Adj. EBIT and Adj. EBIT Margin by Business Unit H1 2026
SALES, ADJ. EBIT AND ADJ. EBIT MARGIN BY BUSINESS UNIT H1 2026 Sales Adj. EBIT Adj. EBIT margin €m H1 2025 H1 2026 YoY OSG H1 2025 H1 2026 H1 2025 H1 2026 HENKEL GROUP 10,402 10,348 -0.5% 3.2% 1,614 1,620 15.5% 15.7% ADHESIVE TECHNOLOGIES 5,416 5,534 2.2% 4.5% 931 982 17.2% 17.7% MOBILITY & ELECTRON
Slide 41: Outlook 2026: Additional Input for Selected KPIs
OUTLOOK 2026 ADDITIONAL INPUT FOR SELECTED KPIS CURRENCY IMPACT ON SALES Low single-digit % negative1 M&A IMPACT ON SALES Low single-digit % positive PRICES FOR DIRECT MATERIALS2 High single-digit % increase1 RESTRUCTURING CHARGES € 150 – 200m CAPEX € 650 – 750m 41 HENKEL H1 2026 1 versus the prior
Slide 42: Balanced and Diversified Portfolio
BALANCED AND DIVERSIFIED PORTFOLIO FY 2025 1% 38% 52% €20.5bn 47% 26% ADHESIVE CONSUMER SALES TECHNOLOGIES BRANDS 29% 34% 7% 17% 1% 10% Corporate €10.7bn €9.7bn 35% SALES SALES 6% 36% 60% Europe Asia/Pacific IMEA Latin America Mobility & Electronics Laundry & Home Care North America Corporate Packag
Slide 43: Find out more on henkel.com/ir
FIND OUT MORE ON HENKEL.COM/IR