Henkel: Q2/H126 Preview: JPMe Q2 LFL +3.7% driven by front-loaded Adhesive pricing

Research evidence excerpt

Henkel: Q2/H126 Preview: JPMe Q2 LFL +3.7% driven by front-loaded Adhesive pricing

J P M O R G A N Europe Equity Research

19 June 2026

Henkel Underweight

HNKG_p.DE, HEN3 GR

Q2/H126 Preview: JPMe Q2 LFL +3.7% driven by front- Price (18 Jun 26):€70.96

loaded Adhesive pricing Price Target (Dec-27):€65.00

Ahead of Q2/H126 Results (due 6th August), we update our model on the back of European Food Producers,

recent industry data and discussion with the company. For Q2, we expect organic Household & Personal Care

sales growth to accelerate to +3.7%, as Adhesives picks up to +6.2%. The division Products, Beverages & Tobacco

should be buoyed by early pricing increases, while volumes are supported by 100- Celine Pannuti, CFA AC

150bps trading day impact in the quarter, still-strong electronics and industrials, (44-20) 7134-7123

and potential for continued customer prebuy benefit at the start of the period. We celine.pannuti@jpmorgan.com

expect Consumer LFL +1.0% to be more muted as volume comps are tougher Edward G Hockin

(though we still expect slightly positive volumes +0.2%) and we see pricing (44-20) 7742-6937

edward.hockin@jpmorgan.com

softening to +0.8%. We expect a bifurcated margin development with Adhesive J.P. Morgan Securities plc

supported by strong pricing and mix at H126E +30bps to 17.5%, while Consumer

softer -50bps to 14.8%, leading to Group 15.4%. We raise EPS 26E by 0.6% largely Specialist Sales contact details:

on FX. Net-net, front-loaded pricing in Adhesives should drive a strong Q2 LFL, Olivia Petronilho - Specialist Sales -

yet we see uncertainty on the durability as the oil price has moderated, if such European Consumer

strong pricing sustains into H2. And while Consumer volumes are encouraging, (44-20) 3493-3709