Henkel lifts 2026 organic sales growth outlook

Henkel AG & Co. KGaA announced that it has increased its 2026 organic sales growth forecast to a range of 3‑4%, up from the prior guidance of 1.5‑3.5%. The revision follows the release of third‑quarter results that showed organic growth of 6.5%, well above the analyst consensus of roughly 4.1%.

Third‑quarter performance

For the quarter ended September, Henkel reported sales of €5.71 billion, an 11% increase year‑on‑year and surpassing the consensus estimate of €5.58 billion. Organic growth, which excludes currency effects and acquisitions, was 6.5% compared with 1.4% in the same quarter last year. The organic increase comprised a price contribution of 5.4% and a volume contribution of 1.1%. Acquisitions added 4.4% to sales, while currency movements had no net effect.

Segment breakdown

  • Adhesive Technologies generated €3.03 billion in sales, up 11.8% YoY. Organic growth in this segment was 7.9%, driven by a 7.2% price increase and a 0.7% volume rise.
  • Consumer Brands posted €2.64 billion in sales, up 10.1% YoY. Organic growth was 4.8%, with price up 3.2% and volume up 1.6%. Acquisitions, notably OLAPLEX and “Not your Mother’s”, contributed an additional 6.4% to segment sales.
  • Laundry & Home Care grew organically by 6% and Hair by 4% (absolute figures not disclosed).

Over the first nine months, total sales reached €16.06 billion, a 3.3% increase YoY and 4.3% on an organic basis.

Updated segment outlooks

Henkel now expects Adhesive Technologies organic growth of 4.5‑5.5% for 2026, revised from the earlier 2‑4% range. Consumer Brands is projected to grow organically by 1.5‑2.5%, widened from the prior 0.5‑2.5% range.

Adjusted margin expectations have been narrowed. The group now foresees an overall adjusted margin of around 15% for 2026, down from the previous upper bound of 16%. Segment‑specific margins are expected to be about 16.5% for Adhesive Technologies (previously 16.5‑18%) and roughly 15% for Consumer Brands (previously 14‑15.5%).

Cost and expense assumptions

Henkel anticipates raw‑material price inflation of approximately 10% in 2026, up from a high‑single‑digit increase in the prior outlook. Restructuring expenses are now projected at €200‑250 million, compared with the earlier estimate of €150‑200 million.

Earnings per share

Adjusted earnings per preferred share are expected to rise by a mid‑single‑digit percentage on a constant‑exchange‑rate basis, an upgrade from the earlier low‑to‑high single‑digit range.

Acquisitions

All five acquisitions announced in 2026 have been completed, together contributing roughly €1.6 billion in sales. Henkel expects these businesses to generate about €2 billion in annual sales by 2030.

Analyst consensus

External analysts continue to target 2026 organic growth of 3.2% and an adjusted margin of 14.8%.

Executive comment

Chief Executive Carsten Knobel said the continued positive price and volume trends, with volumes increasing for the fifth consecutive quarter, underpin the revised outlook. He noted that the narrower earnings guidance reflects the higher raw‑material cost pressure, particularly in Adhesive Technologies.