Toiletries: Apr–Jun results at Colgate-Palmolive

Research evidence excerpt

Toiletries: Apr–Jun results at Colgate-Palmolive

Global Markets Research

Toiletries: Apr–Jun results at Colgate-Palmolive 3 August 2026

EQUITY: JAPAN TOILETRIES & COSMETICS

Research Analysts

US pet market remains solid Japan toiletries & cosmetics

Yuji Ohana - NSC

yuji.ohana@nomura.comQuick Note +81-3-6703-1143

Oral care market weak in China, performance in India favorable thanks to GST cuts

US-based Colgate-Palmolive announced 26/12 Q2 (Apr–Jun) results on 31 July local

time. Sales were up 2% y-y on a local currency basis, in line with the Bloomberg

consensus forecast. As in Q1, the oral, personal & home care segment and pet nutrition

segment performed solidly across all regions, aside from oral, personal & home care in

North America.

Implications for Japanese equities: We see the solid market trends for pet products in

the US and daily necessities in India as positive news for Unicharm [8113]. In particular,

we expect margins to rise in the US, partly thanks to lower tariffs. The slump in the

Chinese oral care market looks negative for Lion [4912], but Colgate-Palmolive said that

inventory corrections had come to an end and that sales had improved in April, so we will

be keeping a close eye on market trends.

North America: Sales in the oral, personal & home care segment were down 3%. The US

market was sluggish because of weak consumer spending as a result of inflation, fiercer

price competition, and retail inventory reductions. Company-specific factors also had an

impact, including a decline in the company's share of the toothpaste market. US-based

Procter & Gamble (P&G) also mentioned the weakness of the US daily necessities market

(for details, see our 30 July 2026 report Cosmetics:Apr–JunresultsatL'Oréaland

Procter&Gamble).