Henkel AG & Co. KGAA Overview
Key identifiers
| Item | Detail |
|---|---|
| Legal name | Henkel AG & Co. KGaA |
| Legal form | Kommanditgesellschaft auf Aktien (partnership limited by shares); personally liable partner is Henkel Management AG |
| Former names | Henkel & Cie (1876); Henkel KGaA (from 1975 conversion until 2008); renamed Henkel AG & Co. KGaA in 2008 (not re-verified) |
| Founded | 1876 (Aachen), by Fritz Henkel; 150th anniversary celebrated in 2026 |
| Incorporation jurisdiction | Germany (Düsseldorf commercial register) |
| Headquarters | Henkelstraße 67, 40589 Düsseldorf, Germany |
| Exchanges | Frankfurt (Xetra, regulated market, Prime Standard); also Düsseldorf, Hamburg-Hanover, Munich, Stuttgart, Tradegate BSX (Source: Henkel buyback announcements, Mar 2026) |
| Tickers | HEN3 (preferred), HEN (ordinary); US Level-I ADRs: HENKY (preferred), HENOY (ordinary) |
| ISIN | Preferred DE0006048432; Ordinary DE0006048408 |
| WKN | Preferred 604843; Ordinary 604840 |
| CUSIP | Not applicable to the German primary lines; ADR identifiers (e.g., US42550U1097 ADR line cited by finanzen.ch) — full CUSIP set NA |
| Fiscal year end | 31 December |
| Employees | ~47,000 (FY2025, Henkel); "about 50,000" cited in the H1 2026 release after acquisitions |
| Auditor | NA (not re-verified for FY2025 in this review — see Annual Report 2025, auditor's report) |
| Market capitalization | ~€31–32bn (both share classes, mid-August 2026; aggregator roic.ai showed €32.37bn at a preferred price of €78.12). A real-time figure as of 7 Oct 2026 was not verifiable in this review |
| Index membership | DAX (preferred shares) |
| Website | www.henkel.com (IR: www.henkel.com/ir) |
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Employees (approx., thousands, year-end) | — | — | — | 47 | 47 |
Note: Henkel describes its workforce as "about 47,000" in FY2024 and FY2025 materials, and "about 50,000" in the H1 2026 release, the step-up reflecting the closed acquisitions (ATP, Wetherby Laroc, Not Your Mother's, OLAPLEX) and the Stahl closing (approx. 1,700 employees) pending at that time.
Henkel is a 150-year-old, family-controlled German industrial and consumer group operating two scaled businesses under one listed roof. Adhesive Technologies (≈52% of FY2025 sales, €10.7bn) is, by Henkel's own description, the global leader in adhesives, sealants and functional coatings, anchored by the Loctite, Technomelt, Bonderite and Teroson franchises and deeply embedded in electronics, automotive, packaging, general industry and construction value chains. Consumer Brands (≈47%, €9.7bn) holds leading positions in laundry and home care (Persil, Bref, Pril, Somat) and hair (Schwarzkopf, Syoss, Got2b, and since 2026 OLAPLEX and Not Your Mother's). After a 2022–2025 transformation that merged two consumer units, pruned >€1bn of low-margin sales and lifted group adjusted EBIT margin from 10.4% (2022) to 14.8% (2025), Henkel pivoted in 2026 to acquisitive growth, committing ~€5bn to five deals. The investment case now rests on whether specialty-adhesive and premium-hair compounding can outrun a structurally slow European laundry base.
Company's own description (paraphrased from FY2025/H1 2026 releases)
Henkel describes itself as holding leading market positions worldwide in both industrial and consumer businesses through its brands, innovations and technologies. It characterizes Adhesive Technologies as the global leader in adhesives, sealants and coatings, and Consumer Brands as holding leading positions especially in laundry & home care and hair across many markets and categories. It names Loctite, Persil and Schwarzkopf as its three strongest brands, and its corporate purpose as "Pioneers at heart for the good of generations" (Source: Henkel FY2025 news release, 11 Mar 2026; H1 2026 release, 6 Aug 2026).
Independent characterization
Henkel is best understood as two economically distinct businesses sharing a capital allocator, a family shareholder and a balance sheet:
Adhesive Technologies (HAT) is a specialty-chemicals formulator. It buys commodity and specialty raw materials (polymers, resins, monomers, silicones, solvents, fillers), formulates proprietary chemistries, and sells them predominantly B2B, either as specified, qualified components in customer manufacturing processes (e.g., electronics underfills, battery thermal interface materials, automotive structural adhesives, flexible-packaging laminating adhesives) or via distribution and retail to craftsmen and consumers (Loctite, Pattex, Ceresit, Pritt). Its economics derive from specification lock-in (qualification cycles of 1–3 years in automotive/electronics), technical service intensity, and small cost-in-use share relative to the customer's bill of materials. Margins (adjusted EBIT 16.7% FY2025; 17.7% H1 2026) are structurally higher than the consumer business.
Consumer Brands (HCB) is an FMCG brand owner selling through mass retail, drugstores, e-commerce and — in Hair Professional — salons and specialty retail. Its economics derive from brand equity, innovation cadence, advertising scale, and retailer negotiating power. Adjusted EBIT margin rose from a combined 8.3% (FY2022, pre-merger perimeter) to 14.5% (FY2025) through ~€525m+ of merger savings, portfolio pruning and "valorization" (mix upgrading).
Business and revenue model
| Dimension | Adhesive Technologies | Consumer Brands |
|---|---|---|
| Revenue type | Product sales (formulated chemistry); technical service bundled, not separately billed (no disclosed service revenue) | Product sales of branded consumer goods |
| Subscription/licensing | Not material / not disclosed | Not material; some brand licensing historically (e.g., Vidal Sassoon China rights acquired 2024 — not re-verified) |
| Customer type | OEMs (electronics, auto, packaging converters), industrial MRO, distributors, DIY/retail, professional craftsmen | Retailers (grocery, drugstore, mass, club), e-commerce, salons/specialty retail (Hair Professional) |
| Value-chain position | Mid-stream specialty formulator between petrochemical suppliers and manufacturers | Downstream brand owner/manufacturer |
| Pricing power | Moderate-high (low cost share, specification lock-in) | Moderate (brand-dependent; retailer power; private-label competition) |
| Cyclicality | Industrial-cyclical (auto, electronics, construction, packaging volumes) | Defensive but elastic to consumer down-trading |
End-markets served
Electronics (semiconductor packaging, consumer devices, data-center/AI hardware, displays); automotive and e-mobility (structural bonding, battery assembly, thermal management, ADAS sensors); general industry and MRO (threadlockers, gasketing, surface treatment, industrial coatings, protective coatings for infrastructure via Seal For Life); packaging and consumer goods (flexible packaging, labels, paper/board, hygiene, metal-packaging sealants under Darex); construction (tile adhesives, façade/ETICS systems, waterproofing — Ceresit, Wetherby Laroc); craftsmen/DIY; and — via Stahl from Oct 2026 — coatings for flexible materials (leather, synthetic leather, textiles) serving automotive interiors, fashion/lifestyle and packaging. Consumer end-markets: fabric cleaning, fabric finishers, fabric care, dishwashing, surface and toilet care, air care; hair colorants, care, styling and professional salon; body care (soaps, shower gels — Dial, Fa); and residual oral/skin care.
Strategy
Strategic framework — "Purposeful Growth" agenda
Launched in 2020 under Knobel, the agenda rests on six dimensions (themes paraphrased from Henkel materials): (1) a winning portfolio via active portfolio management; (2) competitive edge in innovation, sustainability and digitalization; (3) future-ready operating models; (4) a collaborative, empowering culture; (5) disciplined capital allocation; and (6) the purpose "Pioneers at heart for the good of generations". 2026's jubilee motto is "Future? Ready!".
Initiatives in the last 24 months
| Initiative | Date | Description / target | Status |
|---|---|---|---|
| Consumer Brands integration | 2022–2025 | Merge LHC and Beauty Care; original target €525m annual savings | Completed end-2025, one year early; savings exceeded; HCB adjusted margin 8.3% (FY2022) → 14.5% (FY2025) |
| Portfolio pruning | 2022–Apr 2025 | Divest/discontinue low-margin brands | >€1bn sales divested/discontinued; final step Retailer Brands NA (Apr 2025) |
| Separate legal entities (HAT/HCB Germany) | Announced Mar 2025; AGM approved 27 Apr 2026 | Create agile structures; linked to SAP S/4HANA migration (2025–2028); strategic/operational management unchanged | Implementation in progress |
| M&A growth strategy | Feb–Oct 2026 | Five deals, ~€5bn total, ~€1.6bn combined annual sales; targeted ~€700m 2026 contribution and ~€2bn by 2030, mid-to-high single-digit growth, ≥10% contribution to adjusted EPS by 2030 | 5 of 5 closed (Stahl 1 Oct 2026) |
| Innovation infrastructure | 2024–2027 | Inspiration Centers (Düsseldorf, Mumbai, New Jersey, Shanghai 2025 €60m); House of Hair Hamburg; Trumbull CT R&D (>USD 70m, 2027) | Ongoing |
| AI deployment | 2025–2026 | Generative-AI TV commercial (Persil, Germany 2025); AI-automated adhesive lab workflows; AI-supported battery simulation/debonding | Ongoing |
| Capital returns | Mar 2025–Mar 2026 | €1bn buyback (≈2.7% of capital) | Completed 24 Mar 2026 (~€993m) |
| 150th anniversary commercial program | Jul–Dec 2026 | Limited jubilee editions (Persil Big-Size, Somat design box, Pril flower editions) to support H2 share | Running |
| Sustainability | Ongoing | Net-zero by 2045: −90% absolute Scope 1–3 vs. 2021; −29% achieved by FY2025 | On track per company |
| Panda bond program | Jan 2026 | First China bond: RMB 1.5bn, 3-year; program up to RMB 15bn | Executed |
Guidance and targets
| Metric | FY2026 initial (11 Mar 2026) | FY2026 current (6 Aug 2026) |
|---|---|---|
| Group organic sales growth | 1.0–3.0% | 1.5–3.5% |
| HAT organic growth | 1.0–3.0% | 2.0–4.0% |
| HCB organic growth | 0.5–2.5% | 0.5–2.5% (unchanged) |
| Group adjusted EBIT margin | 14.5–16.0% | 14.5–16.0% (unchanged) |
| HAT adjusted EBIT margin | 16.5–18.0% | unchanged |
| HCB adjusted EBIT margin | 14.0–15.5% | unchanged |
| Adjusted EPS growth (constant FX) | low- to high-single-digit | unchanged |
| FX translation impact on sales | negative low-single-digit | — |
| Direct material prices | up low-single-digit vs. 2025 avg | — |
Dividend payout target: 30–40% of adjusted net income.
Products & Services
Note: Henkel does not disclose sales by brand except aggregated statements (e.g., Consumer Brands' top-10 brands ≈60% of HCB FY2025 revenue). Pricing models are not disclosed beyond being product-based; consumer list prices are retailer-set.
Adhesive Technologies
| Brand / platform | Business area | Description & capabilities | Target customer | Origin / latest |
|---|---|---|---|---|
| Loctite | All, esp. M&E and CCP | Flagship global adhesive brand: threadlockers, instant adhesives (cyanoacrylates), structural acrylics/epoxies, gasketing, retaining compounds, electronics underfills, die-attach, thermal interface materials, conformal coatings; also consumer superglue | OEMs, MRO, electronics assemblers, consumers | Acquired 1997; continuous launches (battery/EV and semiconductor packaging grades) |
| Technomelt | P&CG | Hot-melt adhesives for packaging (case & carton), hygiene, bookbinding; includes bio-based and low-temperature grades | Packaging converters, FMCG, hygiene producers | Long-standing; Dow partnership on lower-carbon hot-melt feedstocks (2025, aggregator report) |
| Loctite Liofol | P&CG | Laminating adhesives for flexible packaging, incl. recyclable mono-material structures and food-safe systems | Flexible-packaging converters | Long-standing |
| Aquence | P&CG | Water-based adhesives for labels, paper, board and packaging | Labelers, paper converters | Long-standing |
| Darex | P&CG | Sealants and coatings for metal packaging (can ends, closures) | Can and closure makers | Acquired 2017 |
| Bonderite | M&E (Industrial) | Surface treatment/pretreatment, cleaners, conversion coatings, lubricants for metal processing | Auto, appliance, aerospace, metal fabricators | Long-standing |
| Teroson | M&E (Automotive) | Automotive aftermarket and OEM sealants, body adhesives, acoustic and NVH solutions | Auto OEMs, body shops | Long-standing |
| Bergquist | M&E (Electronics) | Thermal management materials (gap pads, gap fillers, phase-change materials) for electronics, EV batteries, data centers | Electronics/EV OEMs and Tier-1s | Acquired 2014 (not re-verified) |
| Electronics materials (ex-National Starch/Ablestik) | M&E (Electronics) | Semiconductor packaging: die-attach pastes/films, underfills, encapsulants, conductive inks | Semiconductor OSATs/IDMs | Via 2008 National Starch deal; double-digit China growth in 2025–26 |
| Pattex | CCP | Consumer & professional DIY adhesives, sealants, mounting adhesives | DIY consumers, craftsmen | Long-standing |
| Ceresit | CCP (Construction) | Tile adhesives, grouts, waterproofing, ETICS/façade insulation systems, floor levelling | Contractors, builders' merchants | Long-standing |
| Thomsit | CCP | Flooring installation products | Flooring installers | Long-standing |
| Pritt | CCP (Consumer) | Glue sticks, correction products; new cardboard blister packs in Europe from early 2026 | Schools, offices, consumers | 1,969 |
| Ponal, Sista, Metylan, Moment, Unibond, Polyseam, Rubson | CCP | Regional DIY wood glue, sealant, wallpaper paste, moisture-control brands | DIY/consumers | Long-standing regional |
| Seal For Life (Stopaq, Polyguard etc.) | CCP / MRO | Protective coatings and sealing solutions for pipelines, water, energy, renewables infrastructure | Infrastructure owners, contractors | Acquired 2024 |
| Critica Infrastructure | MRO | Composite repair solutions for pipelines and infrastructure | Asset owners | Acquired 2023 (aggregator source) |
| ATP Adhesive Systems | New platform (tapes) | High-performance water-based specialty tapes (automotive incl. ADAS sensor mounting, electronics, medical, construction, graphics). Henkel cites up to 90% lower VOC emissions and up to 60% lower carbon footprint vs. solvent-based tapes; ~€270m FY2025 sales; market growing ~7% p.a. | Auto, electronics, medical, graphics OEMs | Closed H1 2026 |
| Wetherby Laroc (ecorend, Wethertex) | CCP (Construction) | UK façade systems, external renders, performance coatings; manufacturing in North Yorkshire | UK contractors/builders | Majority JV closed Feb 2026 |
| Stahl | New platform (specialty coatings) | Specialty coatings for flexible materials (leather, synthetic leather, textiles) in automotive interiors, fashion & lifestyle, packaging; ~€725m FY2025 sales, ~1,700 employees; HQ Waalwijk (NL) | Auto interior suppliers, fashion brands, tanneries, packaging | Closed 1 Oct 2026 |
Consumer Brands
| Brand | Business area | Description | Target / channel | Origin / latest |
|---|---|---|---|---|
| Persil | Laundry & Home Care | Flagship detergent brand (Europe; US via license/rights) — powders, liquids, discs/caps; "Ultra Plus" enzyme gel marketed for cold-water efficacy; 130-load "Big-Size" jubilee edition 2026; first generative-AI TV commercial in Germany (2025) | Mass grocery/drug | 1,907 |
| all / Snuggle / Purex / Sun (US) | Laundry & Home Care | US detergents and fabric softeners (via Sun Products 2016 and Dial) | US mass/club | Acquired 2004/2016 |
| Perwoll, Vernel, Silan, Spee, Weißer Riese, Dixan, Wipp, Le Chat, Mir | Laundry & Home Care | Regional detergents, fine-fabric washes, fabric softeners | Europe/LatAm/IMEA mass | Long-standing |
| Pril / Fairy-competitor dish brands | Home Care | Hand dishwashing; Pril 75th anniversary limited "Prilblumen" editions 2026 | Mass | 1,951 |
| Somat | Home Care | Automatic dishwashing tabs/gels; 2026 design box edition | Mass | Long-standing |
| Bref | Home Care | Toilet rim blocks and toilet care | Mass | Long-standing |
| Bloo, Clin, Biff, WC Frisch, Sidolin, Dac | Home Care | Toilet, glass and surface cleaners | Mass | Regional |
| Schwarzkopf (incl. Gliss, Palette, Taft, Schauma, Brillance, Igora Royal, BlondMe) | Hair | Consumer and professional hair color, care, styling; Creme Supreme coloration with micro-bonding technology launched 2025 | Mass, drug, salons | Acquired 1995 |
| Syoss | Hair | Salon-inspired mass hair color/care/styling | Mass/drug | Launched 2008 (not re-verified) |
| Got2b | Hair | Youth-oriented styling and color | Mass | Long-standing |
| Authentic Beauty Concept, Joico, Kenra, Zotos | Hair Professional | Professional salon brands (US/global) | Salons, professional distributors | Various acquisitions (not re-verified) |
| OLAPLEX | Hair (premium/professional) | Patented bond-building hair care; ~€370m annual sales (USD 423m FY2025 per trade press); sold via salons, specialty retail, DTC | Premium consumers, stylists | Closed Jul 2026 |
| Not Your Mother's | Hair (mass) | US trend-driven shampoos, conditioners, treatments, styling; ~€190m FY2025 sales with double-digit growth; retail $7.99–11.99 per trade press | US mass/drug | Closed Apr 2026 |
| Dial | Other Consumer | US bar/liquid soaps, body wash | US mass | Acquired 2004 |
| Fa | Other Consumer | Shower gels, deodorants (Europe) | Mass | Long-standing |
| Right Guard, Dry Idea | Other Consumer | US deodorants | US mass | Long-standing |
| Theramed / oral care | Other Consumer | Toothpaste (selected European markets) | Mass | Long-standing |
| Diadermine | Other Consumer | Skin care (selected European markets) | Mass | Long-standing |
Financial Narrative
Income statement: notes and sources
Sources: Sales, adjusted EBIT and adjusted EPS — Henkel Annual Report 2024 multi-year table and FY2025 release; reported EBIT FY2024–25 and reported EPS — Henkel FY2025 release; gross profit, reported EBIT FY2021–23, pre-tax, tax and net income — stockanalysis.com (aggregator). Diluted EPS equals basic (Henkel has no material dilutive instruments). EBITDA is not presented in the releases reviewed and was not reconstructed to avoid estimation.
Margin profile (%)
Revenue CAGR FY2021–FY2025: +0.5% p.a. nominal (computed). Note: the step-change in aggregator gross margin between FY2023 and FY2024 likely partly reflects classification differences; Henkel's own commentary confirms HAT gross margin was "unchanged at a high level" and HCB gross margin "improved significantly" in FY2025.
Commentary. The five-year arc is a V. FY2022 was the trough: raw-material and energy inflation following the Ukraine invasion compressed adjusted EBIT margin to 10.4% even as nominal sales peaked at €22.4bn on price increases. FY2023 began recovery as input costs eased and price realization held. FY2024 was the inflection — adjusted EBIT +20.9% to €3,089m, margin +240bp to 14.3% — driven by the Consumer Brands merger synergies, portfolio pruning, HAT mix and volume recovery. FY2025 consolidated the gains (margin 14.8%, +50bp) despite a −4.2% FX translation hit and the Retailer Brands divestiture that together pushed nominal sales down 5.1%. The striking feature is that FY2025 sales are roughly equal to FY2021 while adjusted EBIT is ~13% higher and attributable net income ~25% higher: this has been a margin-led, not volume-led, story. Volume was flat in FY2025 (growth "mainly price-driven"), which is the core weakness the 2026 M&A program is designed to address.
Interim FY2026 snapshot
H1 2026 sales bridge: −0.5% nominal = +3.2% organic, −3.9% FX, +0.2% M&A. Adjusted EPS at constant FX +7.1%. Reported EBIT and EPS declined, reflecting higher one-time/restructuring items (likely including M&A transaction and integration costs). Q2 2026 alone: sales €5,396m (+4.6% nominal; +4.7% organic, beating a 3.3% consensus per JPMorgan cited by dpa-AFX). Source: Henkel H1 2026 release; RTTNews.
Balance sheet
Sources: Henkel FY2024/FY2025 releases (NFP, NWC); stockanalysis.com (aggregator net cash/debt including lease liabilities); comdirect (equity ratio FY2025 61.97%). As of 30 Jun 2026, Henkel's net financial position was −€1,855m (net debt), reflecting the closed acquisitions and buyback outflows; the Stahl closing on 1 Oct 2026 (EV €2.1bn) will add materially to net debt in Q4 2026. Scope Ratings (May 2026) expected Scope-adjusted debt/EBITDA to rise to about 1.5x in 2026.
Commentary. Henkel entered 2026 with essentially zero net financial debt — an unusually conservative position for a €20bn-revenue company and the enabling condition for its €5bn acquisition program. Pro forma for Stahl, net financial debt is likely to approach roughly €4bn by year-end 2026 before H2 free cash flow (an estimate derived from the H1 figure plus Stahl EV; not a company figure), still compatible with the single-A rating commitment.
Cash flow
The 2026 AGM dividend totals ≈€840m.
Commentary. Cash conversion is lumpy and working-capital driven: FY2022's €654m reflected inventory build at inflated input costs; FY2023's record €2.6bn reflected the unwind. FY2025's decline to €1.85bn was attributed by Henkel to net working capital (3.8% of sales vs. 3.0%) and FX translation. H1 2026 FCF of €612m (+26% YoY) is a seasonally low half.
Ratios
Henkel's stated payout policy is 30–40% of adjusted net income attributable to shareholders; FY2025 payout was 37.9% (Henkel). Qualitatively: interest income exceeded interest expense in FY2024–25 per aggregator data (interest income €101m/€96m), implying very high interest coverage; Scope assesses the financial risk profile at AA-.
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Revenue by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Adhesive Technologies sales (EUR Mn) | 10,776 | 10,970 | 10,667 |
Consumer Brands sales (EUR Mn) | 10,519 | 10,467 | 9,677 |
Group sales (EUR Mn) | 21,514 | 21,586 | 20,495 |
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View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
HAT adjusted EBIT (EUR Mn) | 1,584 | 1,817 | 1,779 |
HAT adjusted EBIT margin (%) | 14.7 | 16.6 | 16.7 |
HAT reported EBIT (EUR Mn) | — | 1,715 | 1,680 |
HCB adjusted EBIT (EUR Mn) | 1,115 | 1,419 | 1,400 |
HCB adjusted EBIT margin (%) | 10.6 | 13.6 | 14.5 |
HCB reported EBIT (EUR Mn) | — | 1,276 | 1,311 |
Corporate adjusted EBIT, derived (EUR Mn) | -143 | -147 | -153 |
Group adjusted EBIT (EUR Mn) | 2,556 | 3,089 | 3,026 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
HAT nominal sales growth (%) | — | 1.7 | -2.8 |
HAT organic sales growth (%) | — | — | 1.5 |
HCB nominal sales growth (%) | — | — | -7.5 |
HCB organic sales growth (%) | — | — | 0.3 |
HAT share of group sales (%) | 50.1 | 50.8 | 52.0 |
HCB share of group sales (%) | 48.9 | 48.5 | 47.2 |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
HAT sales (EUR Mn) | 5,416 | 5,534 |
HAT organic growth (%) | — | 4.5 |
HAT adjusted EBIT (EUR Mn) | 931 | 982 |
HAT adjusted EBIT margin (%) | 17.2 | 17.7 |
HCB sales (EUR Mn) | 4,907 | 4,733 |
HCB organic growth (%) | — | 1.7 |
HCB adjusted EBIT (EUR Mn) | 748 | 724 |
HCB adjusted EBIT margin (%) | 15.3 | 15.3 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Sales (EUR Mn) | 20,066 | 22,397 | 21,514 | 21,586 | 20,495 |
Gross profit, aggregator (EUR Mn) | 8,975 | 9,367 | 9,661 | 10,820 | 10,421 |
Reported EBIT (EUR Mn) | 2,213 | 1,810 | 2,011 | 2,831 | 2,816 |
Adjusted EBIT (EUR Mn) | 2,686 | 2,319 | 2,556 | 3,089 | 3,026 |
Pre-tax income, aggregator (EUR Mn) | 2,149 | 1,689 | 1,888 | 2,723 | 2,729 |
Income taxes, aggregator (EUR Mn) | 519 | 436 | 549 | 691 | 670 |
Net income incl. minorities, aggregator (EUR Mn) | 1,629 | 1,253 | 1,340 | 2,032 | 2,058 |
Net income attributable to shareholders, aggregator (EUR Mn) | 1,634 | 1,259 | 1,318 | 2,007 | 2,035 |
Reported EPS per preferred share (EUR) | — | — | — | 4.80 | 4.92 |
Adjusted EPS per preferred share (EUR) | 4.56 | 3.90 | 4.35 | 5.36 | 5.33 |
Dividend per preferred share (EUR) | 1.85 | 1.85 | 1.85 | 2.04 | 2.07 |
Dividend per ordinary share (EUR) | 1.83 | 1.83 | 1.83 | 2.02 | 2.05 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin, aggregator basis (%) | 44.7 | 41.8 | 44.9 | 50.1 | 50.8 |
Reported EBIT margin (%) | 11.0 | 8.1 | 9.3 | 13.1 | 13.7 |
Adjusted EBIT margin (%) | 13.4 | 10.4 | 11.9 | 14.3 | 14.8 |
Net margin, attributable (%) | 8.1 | 5.6 | 6.1 | 9.3 | 9.9 |
Effective tax rate, aggregator (%) | 24.2 | 25.8 | 29.1 | 25.4 | 24.6 |
Income Statement and Margin Analysis (%)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Sales (EUR Mn) | 10,402 | 10,348 |
Organic growth (%) | — | 3.2 |
Reported EBIT (EUR Mn) | 1,541 | 1,424 |
Adjusted EBIT (EUR Mn) | 1,614 | 1,620 |
Adjusted EBIT margin (%) | 15.5 | 15.7 |
Net income attributable (EUR Mn) | 1,110 | 988 |
EPS per preferred share (EUR) | 2.66 | 2.44 |
Adjusted EPS per preferred share (EUR) | 2.81 | 2.86 |
Free cash flow (EUR Mn) | 485 | 612 |
Net working capital, % of Q2 sales | 6.0 | 7.0 |
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View Subscription PlansLiquidity & Coverage Ratios and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Henkel net financial position (EUR Mn; positive = net cash) | — | — | 12 | -93 | 109 |
Net cash (debt) incl. leases, aggregator (EUR Mn) | -1,223 | -2,410 | -848 | -1,297 | -912 |
Net working capital, % of sales (Henkel) | — | — | 2.6 | 3.0 | 3.8 |
Equity ratio (%) | — | — | — | — | 62.0 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Free cash flow, Henkel definition (EUR Mn) | 1,478 | 654 | 2,603 | 2,362 | 1,850 |
Free cash flow, aggregator (EUR Mn) | 1,494 | 654 | 2,647 | 2,494 | 1,842 |
Share buybacks (EUR Mn) | 0 | — | 0 | — | — |
Margin Analysis (%) (2)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend payout ratio on adjusted net income, pref (%) | — | — | — | — | 37.9 |
Dividend / adjusted EPS, pref, computed (%) | 40.6 | 47.4 | 42.5 | 38.1 | 38.8 |
FCF / attributable net income, computed (%) | 90.5 | 51.9 | 197.5 | 117.7 | 90.9 |
Region Overview
| Region | Q1 2026 sales (EUR Mn) | Share of group (%) |
|---|---|---|
Europe | 1,919 | 39 |
IMEA | 522 | 11 |
North America | 1,231 | 25 |
Latin America | 372 | 8 |
Asia-Pacific | 868 | 18 |
Corporate | 41 | 1 |
Total | 4,952 | 100 |
Geographic Revenue
| Region | H1 2025 | Q1 2026 | H1 2026 |
|---|---|---|---|
Europe | -1.9 | -3.4 | -1.5 |
IMEA | 9.1 | 12.8 | 14.9 |
North America | -3.4 | 0.9 | 2.4 |
Latin America | 0.4 | -3.1 | -1.3 |
Asia-Pacific | 3.4 | 10.3 | 10.3 |
Share Price & Returns
| Reference point | Price (EUR) | Source |
|---|---|---|
52-week high (Feb 2026) | ~84.2 | comdirect (84.20); boerse-express (84.06) |
52-week low (Mar 2026) | ~61.3 | comdirect (61.28) |
Q1 results day, 7 May 2026 (intraday) | 66.68 | goldesel.de |
H1 results day, 6 Aug 2026 (close) | 79.54 | boerse.de |
14 Aug 2026 (close) — latest verified | 76.32 | boerse.de |
Valuation Snapshot
| Multiple | Value | Basis / source |
|---|---|---|
P/E trailing (pref) | ~15.4x | aktien.guide, 3 Aug 2026 |
P/E forward 2026e (pref) | ~13.6–14.9x | aktien.guide (13.64); comdirect (14.87) |
P/Sales trailing | ~1.44x | aktien.guide |
Dividend yield (pref, FY2025 DPS) | ~2.7% | aktien.guide at €76.24 |
Consensus 2026 EPS (pref) | ~€5.40 | boerse-express (consensus) |
Analyst Ratings & Targets
| Broker | Rating | Target (EUR) | Date |
|---|---|---|---|
Barclays | Equal Weight | 85 (from 75) | 7 Aug 2026 |
Bernstein | Market-Perform | 74.96 | Mid-2026 |
RBC (W. Udomsilpa) | — | — | May 2026 — called Q1 a good start |
JPMorgan (C. Pannuti) | — | — | Aug 2026 — noted Q2 beat |
Consensus average | — | ~75.15 | boerse-express (pre-H1 2026) |
Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per preferred share (EUR) | 1.85 | 1.85 | 1.85 | 2.04 | 2.07 |
Dividend per ordinary share (EUR) | 1.83 | 1.83 | 1.83 | 2.02 | 2.05 |
Capital Programmes
| Program | Period | Authorized | Executed |
|---|---|---|---|
2025–26 program | 12 May 2025 – 24 Mar 2026 | Up to €1bn (€800m pref / €200m ord) | 11,424,271 pref (avg €69.58) + 3,095,211 ord (avg €64.09) ≈ €993m |
New authorization | — | None announced in sources reviewed | — |
Credit Ratings
| Agency | Rating | Outlook | Note |
|---|---|---|---|
Moody's | A2 | Stable | Per Henkel bonds page (2026) |
S&P | A (historically) | Stable (historically) | — |
Scope | A | Stable | Affirmed 4 May 2026; acquisitions deemed credit-neutral |
CCXI (China, Panda bond) | AAA | Stable | Local scale |
Capital Instruments
| Instrument | Maturity | Amount |
|---|---|---|
GBP bond | 30 Sep 2026 | GBP 350m (now matured) |
Bond | 17 Nov 2026 | — |
EUR 650m 5-year bond (issued Sep 2022) | 13 Sep 2027 | EUR 650m |
Sustainability-linked bond | 17 Nov 2032 | — |
Panda bond (Henkel Hong Kong Holding, guaranteed) | Jan 2029 | RMB 1.5bn |
Debt Issuance Programme | — | Up to €10bn capacity |
Analyst Conclusions
Management guidance (FY2026, as of 6 Aug 2026)
Organic sales growth 1.5–3.5% (HAT 2–4%, HCB 0.5–2.5%); adjusted EBIT margin 14.5–16.0% (HAT 16.5–18.0%, HCB 14.0–15.5%); adjusted EPS growth at constant FX low- to high-single-digit; acquisitions contributing ~€700m of 2026 sales. H1 delivery (organic +3.2%, margin 15.7%) places Henkel in the upper half of the growth range and comfortably within the margin band. Consensus 2026 adjusted EPS (pref) ~€5.40 vs. €5.33 FY2025 (reported currency).
Bull case
-
Growth re-rating: Q2 2026 organic growth of 4.7% with positive volume in both units, plus ~€2bn of acquired sales growing mid-to-high single digit by 2030, could lift group organic growth structurally toward 3–4%.
-
Mix shift to higher-quality earnings: Adhesives (now >52% of sales, rising with Stahl and ATP) and premium hair raise the group's growth and margin profile; acquisitions are guided to add ≥10% to adjusted EPS by 2030.
-
Valuation and balance sheet: ~14x forward P/E with single-A credit and modest post-deal leverage (~1.5x) leaves room for renewed buybacks from 2027 and multiple expansion toward specialty-chemicals peers.
Bear case
-
Laundry and Europe: Laundry & Home Care grew only 0.7% in H1 2026 and Europe was negative; the core consumer franchise remains ex-growth and exposed to private label.
-
M&A execution and price paid: €5bn spent in eight months, including OLAPLEX for a brand whose standalone outlook had been weak (shares down sharply since IPO; disappointing 2026 guidance before the deal) — impairment risk and dilution of ROIC.
-
Cyclical and macro exposure: Automotive declined in H1 2026; part of Packaging & Consumer Goods strength reflected forward-buying; FX (−3.9%) and Middle East-related input costs threaten H2 margins.
Catalysts and monitorables (next 12 months)
| Date | Catalyst |
|---|---|
| 10 Nov 2026 | Q3 2026: sustainability of Q2 volume momentum; first Stahl consolidation commentary |
| Nov 2026 | Bond maturity/refinancing; potential new bond issue |
| Mar 2027 | FY2026 results; FY2027 guidance; possible new buyback or capital-allocation update; dividend |
| Apr 2027 | AGM 2027 |
| 2026–2027 | Progress on German legal-entity separation and S/4HANA; any signal of strategic optionality between HAT and HCB |
| Ongoing | OLAPLEX turnaround metrics; Electronics growth in China; European consumer trends; raw-material and energy costs |
Analyst verdict
Henkel enters its 151st year as a materially better business than at the start of the decade. The 2022–2025 transformation was executed with unusual discipline: two consumer units fused a year early, more than €1bn of weak revenue exited, and group adjusted EBIT margin lifted roughly 440 basis points from the 2022 trough to 14.8%, with H1 2026 running at 15.7%. The criticism that remains valid is that this was a margin story rather than a growth story — FY2025 organic growth of 0.9% was price-led with flat volume, and nominal sales are no higher than in 2021.
2026 is management's answer. Five acquisitions totalling about €5bn, all closed by 1 October, deliberately tilt the portfolio toward faster-growing, higher-value niches: specialty coatings (Stahl), specialty tapes (ATP), façade systems (Wetherby Laroc), and the mass-to-premium hair ladder (Not Your Mother's, OLAPLEX). Simultaneously the organic engine has re-accelerated — Q2 2026 organic growth of 4.7%, led by Electronics and Hair, with positive volumes in both units — prompting a guidance upgrade.
The balance of evidence supports a constructive but not uncritical stance. The balance sheet absorbs the deals within a single-A framework, the dividend is secure at a sub-40% payout, and the shares at roughly 14x forward earnings do not price in success. The risks are real: OLAPLEX was bought from a position of standalone weakness, part of H1 strength reflected customer forward-buying, Europe remains negative, and FX continues to erode reported figures. The next three reporting dates — Q3 2026, FY2026 and H1 2027 — will reveal whether acquired growth integrates cleanly and whether volume momentum is durable. If both hold, Henkel's valuation discount to specialty-chemical and beauty peers should narrow; if laundry stagnation and integration friction dominate, the stock is likely to remain a range-bound, dividend-supported holding. On balance: a credible, improving compounder with execution risk front-loaded into the next 12–18 months.
Primary sources consulted: Henkel news releases — FY2024 (Mar 2025), H1 2025 (7 Aug 2025), FY2025 (11 Mar 2026), Q1 2026 Quarterly Statement (7 May 2026), H1 2026 (6 Aug 2026), AGM 2026 results (27 Apr 2026), Wetherby Laroc (4 Feb 2026), management change releases (2021, 2023); Henkel Annual Report 2024 multi-year table; Henkel Investor Fact Sheet (Annual Report 2025); Henkel bonds page; buyback announcements under Art. 5 MAR (Jan–Mar 2026); Stahl and Wendel press releases (4 Feb 2026); Wendel closing (via Option Finance, 1 Oct 2026); OLAPLEX 8-K exhibit (SEC, Q1 2026) and GlobeNewswire release (26 Mar 2026); Scope Ratings publications (Feb and May 2026). Secondary: Reuters (via ESM Magazine, Checkout.ie, Global Banking & Finance Review), RTTNews, dpa-AFX/t-online, boerse.de, comdirect, aktien.guide, boerse-express, goldesel.de, stockanalysis.com, marketscreener, roic.ai, Beauty Independent, Cosmetics Business, Personal Care Insights, Hartford Business Journal, RetailBoss, European Coatings, SpecialChem, Indian Chemical News, The Machine Maker.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | On Board since | Background | Age |
|---|---|---|---|---|
Carsten Knobel | Chairman of the Management Board (CEO) | CEO since 1 Jan 2020; Board member (CFO) from 2012 | — | — |
Marco Swoboda | CFO; EVP Finance/Purchasing/Integrated Business Solutions | 2020 | Long-time Henkel finance executive incl. | — |
Mark Dorn | EVP Adhesive Technologies | 1 Feb 2023 | Joined Henkel 1992; Cognis; BASF (Head of Formulation Additives, Hong Kong; SVP internal consulting); returned to Henkel 2019 as head of HAT Asia-Pacific and global CCP; MBA IESE Barcelona | 52 (49 in Jan 2023) |
Wolfgang König | EVP Consumer Brands | 2021 | Previously Category President, Kellogg North America; 25+ years FMCG; earlier Henkel Laundry & Home Care marketing roles | ~53 (48 at 2021 appointment) |
Sylvie Nicol | EVP Human Resources & Infrastructure Services | — | Henkel HR and infrastructure leadership | — |
Board of Directors
| Name | Role | Notes |
|---|---|---|
Dr. Simone Bagel-Trah | Chair, Supervisory Board and Shareholders' Committee | Henkel family; chair since 2009 |
Stefan Hartung | Member, Shareholders' Committee | Elected at AGM 27 Apr 2026 (former Bosch CEO) |
Jean-François van Boxmeer | Former member, Shareholders' Committee | Resigned effective end of AGM 2026 |
Major Shareholders
| Holder | Stake | Notes |
|---|---|---|
Henkel family share-pooling agreement | ~61.85% of ordinary (voting) shares | Per comdirect; the pool contractually binds family members and provides permanent voting control |
Treasury shares | 11.42m preferred + 3.10m ordinary bought back 2025–26 | Held as treasury stock with potential cancellation (Reuters, Mar 2025) |
Free float | ~38% of ordinary shares; ~100% of preferred shares (non-voting) | Preferred shares are the DAX line |
Competitive Landscape
Key Competitors
| Competitor | Segment overlap | Approx. revenue (latest FY, as reported) | Relative positioning vs. Henkel |
|---|---|---|---|
H.B. Fuller | Adhesives (pure play) | ~USD 3.6bn (FY2024) | Henkel ~3x larger in adhesives; Fuller strong in hygiene, packaging, construction |
Sika | Construction chemicals, industrial adhesives/sealants | ~CHF 11.8bn (FY2024) | Leader in construction; overlaps CCP and automotive bonding |
3M | Industrial adhesives & tapes, electronics materials | ~USD 24.6bn group (FY2024) | Tapes/abrasives leader; ATP acquisition moves Henkel into 3M/tesa territory |
Arkema (Bostik) | Adhesives | Bostik ~€2.0–2.3bn within Arkema ~€9.5bn (FY2024) | No. 2–3 globally in adhesives |
tesa (Beiersdorf) | Specialty tapes | ~€1.7bn (FY2024) | Key tapes competitor for ATP platform |
Dow / DuPont | Electronics & industrial materials, polyurethanes | Diversified | Supplier and competitor in electronics/auto materials |
Avery Dennison | Labels, tapes | ~USD 8.8bn (FY2024) | Tapes/labels overlap |
Procter & Gamble | Laundry (Tide, Ariel), hair (Pantene, Head & Shoulders) | ~USD 84bn (FY June 2025) | Global laundry and hair leader; far larger scale |
Unilever | Laundry (Persil UK, OMO, Surf), hair (Dove, TRESemmé) | ~€60bn (FY2024) | Peer in laundry/hair; separating ice cream |
L'Oréal | Hair (consumer and professional: Kérastase, L'Oréal Professionnel, Redken) | ~€43.5bn (FY2024) | Global No. 1 professional hair; Henkel now No. 2 post-OLAPLEX |
Reckitt | Home care (Finish, Vanish, Air Wick) | ~£14bn (FY2024) | Dishwashing/stain removal competitor |
Church & Dwight | US laundry (Arm & Hammer), personal care | ~USD 6.1bn (FY2024) | US value laundry competitor |
Kao | Hair (Goldwell, John Frieda), laundry (Asia) | ~JPY 1.6tn (FY2024) | Hair professional/Asia laundry overlap |
Coty / Wella (KKR-majority) | Hair professional/color | — | Professional hair color competitor |
Private label (Aldi, Lidl, Walmart, etc.) | Laundry, home care, body care | — | Persistent down-trading threat in Europe |
Peer Comparison FY2025
| Metric | Henkel | H.B. Fuller | Sika | Procter & Gamble |
|---|---|---|---|---|
Revenue (latest FY, local currency bn) | EUR 20.5 (FY2025) | USD ~3.6 (FY2024) | CHF ~11.8 (FY2024) | USD ~84 (FY2025) |
Organic growth (latest FY) | +0.9% | — | — | — |
Adjusted EBIT/EBITDA margin | 14.8% adj. EBIT | ~16% adj. | — | — |
