Henkel (HEN) Q1 2026 (Media) earnings summary

Executive summary

• Organic sales grew 1.7% year-over-year in Q1 2026, reaching €4,952 million, with both business units contributing positively through price and volume increases.

• Five M&A transactions totaling €1.6 billion in sales were announced, with three deals closed; a €1 billion share buyback program was completed by end of March.

Financial highlights

• Group sales for Q1 2026 were €4,952 million, a nominal decrease of 5.5% year-over-year, but organic sales rose 1.7%.

• Adhesive Technologies: organic sales growth of 1.7%, nominal sales down 3.2% to €2,627 million.

• Consumer Brands: organic sales growth of 1.8%, nominal sales down 8.0% to €2,285 million.

• Foreign exchange effects reduced group sales by 5.2%; acquisitions/divestments reduced sales by 2.1%.

Outlook and guidance

• Full-year 2026 organic sales growth expected between 1.0% and 3.0%.

• Adjusted return on sales forecasted at 14.5% to 16.0%; EPS to increase in the low to high single-digit percentage range at constant exchange rates.

• Adhesive Technologies: organic sales growth guidance 1.0% to 3.0%; Consumer Brands: 0.5% to 2.5%.

• Acquisitions/divestments expected to have a positive low single-digit impact on nominal sales; FX translation to have a negative low single-digit impact.

• Direct material prices expected to rise by a high single-digit percentage year-over-year; restructuring expenses of €150–200 million; capex of €650–750 million.