Henkel Ag & Co. Kgaa · XETR:HEN
Henkel Ag & Co. Kgaa — H1 2025 Earnings Presentation
38 slides from Henkel Ag & Co. Kgaa's earnings presentation, Aug 7, 2025
Slide 1: Henkel H1 2025
HENKEL H1 2025 CARSTEN KNOBEL, MARCO SWOBODA – 7 AUGUST 2025
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 2025 & Outlook 03 Key Take-Aways & Closing 3 HENKEL H1 2025
Slide 4: Highlights H1 2025
HIGHLIGHTS H1 2025 ▪ Both business units with positive organic sales growth in Q2 HENKEL ADHESIVE CONSUMER – Adhesive Technologies with positive pricing and volume GROUP TECHNOLOGIES BRANDS development in both quarters – Consumer Brands with positive pricing and significantly OSG OSG OSG improved vo
Slide 5: Adhesive Technologies leveraging growth opportunities along global megatrends
ADHESIVE TECHNOLOGIES LEVERAGING GROWTH OPPORTUNITIES ALONG GLOBAL MEGATRENDS Driving sustainable INNOVATIONS ACROSS SEGMENTS… MOBILITY DIGITALIZATION …by translating SUSTAINABILITY as a CONNECTIVITY URBANIZATION SUSTAINABILITY megatrend into LONG-TERM GROWTH 5 HENKEL H1 2025
Slide 6: Pioneering smart debonding solutions to enable future-ready designs
PIONEERING SMART DEBONDING SOLUTIONS TO ENABLE FUTURE-READY DESIGNS AND DRIVE SUSTAINABLE GROWTH BUILDING A GLOBAL NETWORK OF BATTERY ENGINEERING DEBONDING-ON-DEMAND technologies… CENTERS EQUIPPED WITH DEBONDING CAPABILITIES …are REDUCING COST & maximizing MADISON HEIGHTS RESOURCE EFFICIENCY through
Slide 7: Unlocking organic growth through sustainable innovations in fast growing markets
UNLOCKING ORGANIC GROWTH THROUGH SUSTAINABLE INNOVATIONS IN FAST GROWING MARKETS OUTPERFORMING THE MARKET in Metal Packaging with HIGH SINGLE-DIGIT GROWTH in a fast-growing, circularity-focused industry Low temperature can cleaners enabling efficient & sustainable beverage can manufacturing FIRST-TO
Slide 8: Driving future growth opportunities by leveraging proven solutions
DRIVING FUTURE GROWTH OPPORTUNITIES BY LEVERAGING PROVEN SOLUTIONS SHAPING THE HYDROGEN INDUSTRY with our Ensuring leak prevention, operational safety & reliability CERTIFIED THREAD SEALANTS tested for hydrogen across the hydrogen value chain compatibility to meet new application requirements PROVEN
Slide 9: Strong growth momentum of top 10 brands across categories in Consumer Brands
STRONG GROWTH MOMENTUM OF TOP 10 BRANDS ACROSS CATEGORIES IN CONSUMER BRANDS >3% ORGANIC SALES GROWTH in Q2 TOP 10 brands with CLEAR TOPLINE ACCELERATION in Q2 with BALANCED PRICE & VOLUME Driving ONGOING VALORIZATION and investing behind our STRONG BRANDS TECH-DRIVEN INNOVATIONS addressing clear co
Slide 10: Strengthening global leadership to become the authority in hair
STRENGTHENING GLOBAL LEADERSHIP TO BECOME THE AUTHORITY IN HAIR FURTHER STRENGTHENING GLOBAL #2 POSITION1 LOS ANGELES HAMBURG IN HAIR WITH >3% ORGANIC GROWTH IN Q2 OPENED IN H1 2025 OPENED IN H1 2025 Driving CONSUMER-CENTRIC INNOVATION by meeting diverse hair needs ACROSS REGIONS Expanding COLLABORA
Slide 11: Strengthening Schwarzkopf masterbrand with tech-driven innovations
STRENGTHENING SCHWARZKOPF MASTERBRAND WITH TECH-DRIVEN INNOVATIONS MID-SINGLE-DIGIT GROWTH with STRONG VOLUME CONTRIBUTION from SCHWARZKOPF in Q2 CREME SUPREME supporting GLISS with MID-SINGLE- HIGH SINGLE-DIGIT DIGIT GROWTH in Q2 GROWTH of Consumer Coloration category in Q2 FULL HAIR WONDER based F
Slide 12: Accelerating growth by addressing relevant consumer trends and leveraging brand equity
ACCELERATING GROWTH BY ADDRESSING RELEVANT CONSUMER TRENDS AND LEVERAGING BRAND EQUITY GOT2B with HIGH SINGLE- SYOSS with MID-SINGLE- DIGIT GROWTH in Q2 DIGIT GROWTH in Q2 GLUED WAX STICK and UPGRADING PRODUCT TINTED GELS driving trend for EXPERIENCE with new formulas ultra-sleek looks and fuller br
Slide 13: Strong innovation pipeline in Consumer Brands to support topline acceleration in H2
STRONG INNOVATION PIPELINE IN CONSUMER BRANDS TO SUPPORT TOPLINE ACCELERATION IN H2 H1 launches (exemplary) H2 launches (exemplary) … and more to come STRONG INNOVATION PIPELINE IN 2025 launching new formulations and filling geographical white spots 13 HENKEL H1 2025
Slide 14: Outlook 2025 updated
OUTLOOK 2025 UPDATED ORGANIC SALES GROWTH 1.0 to 2.0% ADJUSTED EBIT MARGIN 14.5 to 15.5% ADJUSTED EPS1 low- to high-single digit % increase 14 HENKEL H1 2025 1 Per preferred share, at constant exchange rates
Slide 15: Agenda
AGENDA 01 Key Developments 02 Business Performance H1 2025 & Outlook 03 Key Take-Aways & Closing 15 HENKEL H1 2025
Slide 16: Organic sales development
ORGANIC SALES DEVELOPMENT H1 2025 -0.1% -0.9% -2.8% -3.8% OSG A&D FX NOMINAL PRICE VOLUME SALES 1.3% -1.4% €10.4bn 16 HENKEL H1 2025
Slide 17: Organic sales development by region
ORGANIC SALES DEVELOPMENT BY REGION H1 2025 Organic sales growth Europe -1.9% North America -3.4% IMEA 9.1% Asia-Pacific 3.4% Latin America 0.4% 17 HENKEL H1 2025
Slide 18: Adhesive Technologies
In progress ADHESIVE TECHNOLOGIES H1 2025 ORGANIC ADJ. SALES GROWTH EBIT MARGIN 1.2% 17.2% SALES ADJ. EBIT €5.4BN €0.9BN PRICE VOLUME 0.8% 0.4% 18 HENKEL H1 2025
Slide 19: Adhesive Technologies
to be updated Price/Volume Development ADHESIVE TECHNOLOGIES in % 3.9 3.1 2.3 0.3 0.5 0.3 H1 2025 – Business Unit Performance 1.0 0.6 1.0 -0.5 -0.2 -0.5 ▪ Positive organic sales growth with sequential improvement in Q2 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 OSG 1.3 2.6 3.7 1.7 1.1 1.3 ▪ Robust pricing
Slide 20: Adhesive Technologies
ADHESIVE TECHNOLOGIES H1 2025 – Business Area Performance MOBILITY & PACKAGING & CRAFTSMEN, ELECTRONICS CONSUMER GOODS CONSTRUCTION & PROF. SALES OSG SALES OSG SALES OSG €1,943m 2.8% €1,588m 0.0% €1,885m 0.6% Double-digit growth in Positive development in Good growth in Construction; Electronics and
Slide 21: Consumer Brands
CONSUMER BRANDS H1 2025 ORGANIC ADJ. SALES GROWTH EBIT MARGIN -1.6% 15.3% SALES ADJ. EBIT €4.9BN €0.7BN PRICE VOLUME 1.8% -3.4% 21 HENKEL H1 2025
Slide 22: Consumer Brands
Price/Volume Development CONSUMER BRANDS in % 6.2 4.0 4.4 2.0 2.0 1.5 H1 2025 – Business Unit Performance -1.0 -0.8 -1.4 -1.2 -1.7 ▪ Substantial organic sales growth acceleration in -5.5 the course of H1 leading to positive growth in Q2 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 ▪ Positive pricing and sign
Slide 23: Consumer Brands
CONSUMER BRANDS H1 2025 – Business Area Performance LAUNDRY & HAIR OTHER CONSUMER HOME CARE BUSINESSES SALES OSG SALES OSG SALES OSG €2,983m -2.6% €1,621m 0.9% €303m -4.2% Positive growth in Home Care Good growth in Consumer mainly Below prior year due to driven by very strong growth in driven by ve
Slide 24: Bridge from adjusted gross profit to adjusted EBIT
BRIDGE FROM ADJUSTED GROSS PROFIT TO ADJUSTED EBIT H1 2025 Impact on adjusted EBIT margin in pp vs. PY, in % of sales 51.3% -27.6% -2.9% -5.4% 0.2% 15.5% +0.6pp -0.1pp -0.1pp 0.0pp +0.2pp +0.6pp Adj. Gross Profit Marketing, selling R&D Admin OOI / OOE Adj. EBIT & distribution 24 HENKEL H1 2025
Slide 25: Bridge from reported to adjusted EBIT
BRIDGE FROM REPORTED TO ADJUSTED EBIT H1 2025 in €m 1,541 -23 51 46 1,614 REPORTED EBIT ONE-TIME INCOME ONE-TIME EXPENSES RESTRUCTURING ADJUSTED EBIT 25 HENKEL H1 2025
Slide 26: Bridge from adjusted EBIT to adjusted EPS
BRIDGE FROM ADJUSTED EBIT TO ADJUSTED EPS H1 2025 in €m 1,614 -21 -406 1,187 -11 1,176 (25.5%1) ADJUSTED EPS2 €2.81 +1.1% y-o-y +5.0% at constant currencies Non- Adj. net income Financial Taxes on Adj. Adj. EBIT controlling attributable to result income (adj.) net income interest shareholders 26 HEN
Slide 27: Development of cash KPIs
DEVELOPMENT OF CASH KPIs H1 2025 in €m ▪ Increase mainly as a result of higher inventory NET WORKING CAPITAL Change y-o-y levels incl. investments in safety stocks 6.0% +80bps ▪ Decline due to amongst others higher FREE CASH FLOW Change y-o-y net working capital and higher CAPEX €485m -€287m ▪ Stron
Slide 28: Outlook 2025 updated
OUTLOOK 2025 UPDATED ORGANIC ADJUSTED ADJUSTED SALES GROWTH EBIT MARGIN EPS1 GROUP 1.0 to 2.0% 14.5 to 15.5% Low to high previously: 1.5 to 3.5% previously: 14.0 to 15.5% single-digit % increase ADHESIVE 2.0 to 3.0% 16.5 to 17.5% unchanged TECHNOLOGIES previously: 2.0 to 4.0% previously: 16.0 to 17.
Slide 29: Agenda
AGENDA 01 Key Developments 02 Business Performance H1 2025 & Outlook 03 Key Take-Aways & Closing 29 HENKEL H1 2025
Slide 30: Key take-aways
KEY TAKE-AWAYS ▪ Both business units with positive organic sales growth in Q2 – Adhesive Technologies with positive pricing and volume development in both quarters – Consumer Brands with positive pricing and significantly improved volume development in Q2 versus Q1 ▪ Strong EBIT margin increase driv
Slide 31: Questions & Answers
QUESTIONS & ANSWERS 31 HENKEL H1 2025
Slide 32: Upcoming events
UPCOMING EVENTS Tbd – HAT Teach-in? 2025 AUG 7 | H1 2025 RELEASE Half-Year Report NOV 6 | Q3 2025 RELEASE Quarterly Statement 2026 MAR 11 | FY 2025 RELEASE Annual Report 32 HENKEL H1 2025
Slide 33: Thank you.
THANK YOU. 33 HENKEL H1 2025
Slide 34: Sales by business unit and business area Q1, Q2 & H1 2025
SALES BY BUSINESS UNIT AND BUSINESS AREA Q1, Q2 & H1 2025 - Q1 2025 Q2 2025 H1 2025 €m Sales OSG Sales OSG Sales OSG HENKEL GROUP 5,242 -1.0% 5,160 0.9% 10,402 -0.1% ADHESIVE TECHNOLOGIES 2,715 1.1% 2,701 1.3% 5,416 1.2% MOBILITY & ELECTRONICS 966 3.1% 977 2.5% 1,943 2.8% PACKAGING & CONSUMER GOODS
Slide 35: Sales, adj. EBIT and adj. EBIT margin by business unit
SALES, ADJ. EBIT AND ADJ. EBIT MARGIN BY BUSINESS UNIT H1 2025 - Sales Adj. EBIT Adj. EBIT margin €m H1 2024 H1 2025 YoY OSG H1 2024 H1 2025 H1 2024 H1 2025 HENKEL GROUP 10,813 10,402 -3.8% -0.1% 1,610 1,614 14.9% 15.5% ADHESIVE TECHNOLOGIES 5,475 5,416 -1.1% 1.2% 933 931 17.0% 17.2% MOBILITY & ELEC
Slide 36: Outlook 2025 additional input for selected KPIs
OUTLOOK 2025 ADDITIONAL INPUT FOR SELECTED KPIS Low to mid-single-digit % negative1 CURRENCY IMPACT ON SALES Previously: flat to low single-digit negative1 M&A IMPACT ON SALES Low single-digit % negative PRICES FOR DIRECT MATERIALS Low to mid-single-digit % increase1 € 150 – 200m RESTRUCTURING CHARG
Slide 37: Balanced and diversified portfolio
BALANCED AND DIVERSIFIED PORTFOLIO FY 2024 37% 1% 51% 48% ADHESIVE €21.6bn CONSUMER 28% SALES TECHNOLOGIES BRANDS 30% 31% 16% 8% 1% 11% Corporate €11.0bn €10.5bn SALES 34% SALES 6% 36% 63% Europe Asia/Pacific IMEA Latin America Mobility & Electronics Laundry & Home Care North America Corporate Packa
Slide 38: Find out more on henkel.com/IR
FIND OUT MORE ON HENKEL.COM/IR