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In the third quarter of 2025, Henkel recorded robust sales growth in a market environment that remains challenging – both in terms of industrial demand and globally subdued consumer sentiment – with Group sales coming in at around 5.1 billion euros. This corresponds to an organic growth rate of 1.4 percent. Growth at Group level was primarily underpinned by a generally positive volume development accompanied by stable price development.
“As expected, sales momentum continued to accelerate in the third quarter. While the main driver for this was the Adhesive Technologies business unit, the Consumer Brands business unit also recorded positive organic sales growth. From a regional perspective, the good sales development in North America – to which both business units contributed with positive sales growth – is of particular note. This demonstrates the effectiveness of our measures,” said Henkel CEO Carsten Knobel.
“In addition, the good earnings development continued in the third quarter, while we consistently pursued investments in our businesses and brands. At the same time, we are continuing to make very good progress in integrating our Consumer Brands businesses and, as announced, will successfully complete the process by year-end. We expect to realize the full cost savings of at least 525 million euros by the end of the current fiscal year,” commented Carsten Knobel further.
“The full-year outlook for 2025 remains unchanged, albeit with the uncertainty and challenges in the global markets persisting. We continue to expect that both the adjusted EBIT margin and the adjusted EPS growth at constant currency exchange rates will be well within our current outlook ranges. However, in case the overall economic environment does not improve noticeably by year-end, organic sales growth for the Group is expected to come in at the lower end of our current guidance range of 1 to 2 percent,” commented Carsten Knobel further.
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in million euros | Sales | |||||||
Third Quarter | Q3/2024 | Q3/2025 | +/- | Organic | ||||
Henkel Group | 5,492 | 5,147 | -6.3% | 1.4% | ||||
Adhesive Technologies | 2,800 | 2,708 | -3.3% | 2.5% | ||||
Consumer Brands | 2,653 | 2,402 | -9.5% | 0.4% | ||||
January–September | 1–9/2024 | 1–9/2025 | ||||||
Henkel Group | 16,305 | 15,549 | -4.6% | 0.4% | ||||
Adhesive Technologies | 8,275 | 8,124 | -1.8% | 1.6% | ||||
Consumer Brands | 7,919 | 7,308 | -7.7% | -1.0% | ||||
The Adhesive Technologies business unit generated good organic sales growth in the third quarter, driven by the Mobility & Electronics and Craftsmen, Construction & Professional business areas. The positive organic sales growth in the Consumer Brands business unit was driven primarily by the global business area Hair.
Group sales performance
Group sales in the third quarter of 2025 decreased nominally by -6.3 percent to 5,147 million euros. Effects from acquisitions/divestments had a negative impact of -2.9 percent on sales development. Foreign exchange effects reduced sales by -4.8 percent. Organically (i.e. adjusted for foreign exchange and acquisitions/divestments), sales increased by 1.4 percent. At Group level, this growth was driven by both a stable price development and overall good volume development.
In the first nine months of 2025, sales totaled 15,549 million euros. This is equivalent to a nominal decrease of -4.6 percent. Organically, Henkel achieved positive sales growth of 0.4 percent, driven by a positive price development. By contrast, volume development at Group level declined slightly.
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|---|---|---|---|---|---|---|---|---|
in million euros | Q3/2024 | Q3/2025 | 1–9/2024 | 1–9/2025 | ||||
Sales | 5,492 | 5,147 | 16,305 | 15,549 | ||||
Change versus previous year | 1.0% | -6.3% | -0.4% | -4.6% | ||||
Foreign exchange | -3.6% | -4.8% | -2.4% | -3.5% | ||||
Adjusted for foreign exchange | 4.5% | -1.5% | 2.1% | -1.2% | ||||
Acquisitions/divestments | 1.2% | -2.9% | -1.0% | -1.6% | ||||
Organic | 3.3% | 1.4% | 3.0% | 0.4% | ||||
Of which price | 2.1% | -0.1% | 2.4% | 0.9% | ||||
Of which volume | 1.2% | 1.5% | 0.6% | -0.4% | ||||
Organic sales growth in the third quarter was driven by the North America, IMEA and Asia-Pacific regions. In contrast, Europe and Latin America recorded a decline in organic sales development.
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
in million euros | Europe | IMEA | North America | Latin America | Asia- | Corporate | Henkel Group | |||||||
Sales¹ July– | 1,990 | 537 | 1,319 | 369 | 895 | 37 | 5,147 | |||||||
Sales¹ July– | 2,047 | 580 | 1,509 | 401 | 915 | 40 | 5,492 | |||||||
Change versus | -2.8% | -7.4% | -12.6% | -8.0% | -2.1% | – | -6.3% | |||||||
Organic | -2.0% | 10.0% | 2.3% | -2.9% | 4.9% | – | 1.4% | |||||||
Proportion of Group | 39% | 10% | 26% | 7% | 17% | 1% | 100% | |||||||
Proportion of Group | 37% | 11% | 27% | 7% | 17% | 1% | 100% | |||||||
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In the first nine months of 2025, Henkel’s positive organic sales growth was driven by the IMEA and Asia-Pacific regions.
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
in million euros | Europe | IMEA | North America | Latin America | Asia- | Corporate | Henkel Group | |||||||
Sales¹ January– | 5,970 | 1,616 | 4,141 | 1,119 | 2,587 | 117 | 15,549 | |||||||
Sales¹ January– | 6,118 | 1,712 | 4,542 | 1,265 | 2,556 | 111 | 16,305 | |||||||
Change versus | -2.4% | -5.6% | -8.8% | -11.5% | 1.2% | – | -4.6% | |||||||
Organic | -1.9% | 9.4% | -1.6% | -0.6% | 3.9% | – | 0.4% | |||||||
Proportion of Group | 38% | 10% | 27% | 7% | 17% | 1% | 100% | |||||||
Proportion of Group | 38% | 11% | 28% | 8% | 16% | 1% | 100% | |||||||
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Sales performance Adhesive Technologies
The Adhesive Technologies business unit achieved sales of 2,708 million euros in the third quarter of 2025. This represents a nominal decrease of -3.3 percent compared to the prior-year quarter. Organically (i.e. adjusted for foreign exchange and acquisitions/divestments), sales increased by 2.5 percent. This growth was driven by positive price and volume development. Foreign exchange effects reduced sales by -4.9 percent. Acquisitions/divestments also had a negative impact of -0.9 percent.
In the first nine months of 2025, the Adhesive Technologies business unit posted a negative nominal sales development of -1.8 percent to 8,124 million euros. Organically, Adhesive Technologies achieved good sales growth of 1.6 percent.
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|---|---|---|---|---|---|---|---|---|
in million euros | Q3/2024 | Q3/2025 | 1–9/2024 | 1–9/2025 | ||||
Sales | 2,800 | 2,708 | 8,275 | 8,124 | ||||
Proportion of Group sales | 51% | 53% | 51% | 52% | ||||
Change versus previous year | 3.3% | -3.3% | 1.1% | -1.8% | ||||
Foreign exchange | -3.3% | -4.9% | -2.4% | -3.3% | ||||
Adjusted for foreign exchange | 6.5% | 1.6% | 3.5% | 1.5% | ||||
Acquisitions/divestments | 2.8% | -0.9% | 0.9% | -0.2% | ||||
Organic | 3.7% | 2.5% | 2.5% | 1.6% | ||||
Of which price | -0.2% | 0.5% | 0.1% | 0.7% | ||||
Of which volume | 3.9% | 2.0% | 2.4% | 0.9% | ||||
The good organic sales growth of the Adhesive Technologies business unit in the third quarter was driven by the Mobility & Electronics and the Craftsmen, Construction & Professional business areas. The Mobility & Electronics business area generated a very strong organic sales increase of 5.9 percent. This development was driven by double-digit growth in the Electronics business and very strong growth in the Industrial business. Sales in the Automotive business declined overall due to muted demand. The Packaging & Consumer Goods business area posted a slightly negative organic sales development of -1.1 percent. The Packaging business recorded a decline in sales. In contrast, the Consumer Goods business recorded positive growth. The Craftsmen, Construction & Professional business area achieved organic sales growth of 2.2 percent. This growth was supported by a strong increase in sales in the General Manufacturing & Maintenance business. The Construction business recorded good growth, while the Consumers & Craftsmen business posted positive growth.
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|---|---|---|---|---|---|---|---|---|
in million euros | Sales | |||||||
Third Quarter | Q3/2024 | Q3/2025 | +/- | Organic | ||||
Adhesive Technologies | 2,800 | 2,708 | -3.3% | 2.5% | ||||
Mobility & Electronics | 989 | 991 | 0.2% | 5.9% | ||||
Packaging & Consumer Goods | 841 | 767 | -8.8% | -1.1% | ||||
Craftsmen, Construction & Professional | 969 | 950 | -2.0% | 2.2% | ||||
January–September | 1–9/2024 | 1–9/2025 | ||||||
Adhesive Technologies | 8,275 | 8,124 | -1.8% | 1.6% | ||||
Mobility & Electronics | 2,926 | 2,934 | 0.3% | 3.8% | ||||
Packaging & Consumer Goods | 2,520 | 2,355 | -6.5% | -0.4% | ||||
Craftsmen, Construction & Professional | 2,829 | 2,834 | 0.2% | 1.2% | ||||
From a regional perspective, the Adhesive Technologies business unit recorded a slight decline in organic sales growth in Europe in the third quarter. While the Craftsmen, Construction & Professional business area achieved a positive development, the Mobility & Electronics as well as the Packaging & Consumer Goods business areas recorded a decline in organic sales. In contrast, the North America region posted good organic sales growth, driven by the Mobility & Electronics and Craftsmen, Construction & Professional business areas. In the IMEA region, the business unit achieved double-digit organic sales growth, to which all three business areas contributed. The Latin America region recorded a decline in organic sales growth, driven by all three business areas. The Asia-Pacific region recorded very strong organic sales growth, due in particular to a double-digit increase in sales in the Electronics business in China.
Sales performance Consumer Brands
In the Consumer Brands business unit, sales in the third quarter of 2025 totaled 2,402 million euros, representing a nominal decrease of -9.5 percent versus the prior-year quarter. Organically – i.e. adjusted for foreign exchange effects and acquisitions/divestments – the business unit achieved a positive sales increase of 0.4 percent, driven by a positive volume component. However, the price development was slightly negative. Foreign exchange effects reduced sales by -4.8 percent. Acquisitions/divestments – in particular the divestment of the retailer brands business in North America – also had a negative impact on sales of -5.0 percent.
In the first nine months of 2025, Consumer Brands sales amounted to 7,308 million euros, a nominal decrease of -7.7 percent compared to the prior-year period. Organically, sales declined slightly by -1.0 percent due to lower volumes.
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|---|---|---|---|---|---|---|---|---|
in million euros | Q3/2024 | Q3/2025 | 1–9/2024 | 1–9/2025 | ||||
Sales | 2,653 | 2,402 | 7,919 | 7,308 | ||||
Proportion of Group sales | 48% | 47% | 49% | 47% | ||||
Change versus previous year | -1.6% | -9.5% | -1.8% | -7.7% | ||||
Foreign exchange | -3.9% | -4.8% | -2.5% | -3.7% | ||||
Adjusted for foreign exchange | 2.3% | -4.6% | 0.8% | -4.0% | ||||
Acquisitions/divestments | -0.3% | -5.0% | -2.9% | -3.0% | ||||
Organic | 2.7% | 0.4% | 3.7% | -1.0% | ||||
Of which price | 4.4% | -0.6% | 4.9% | 1.0% | ||||
Of which volume | -1.7% | 0.9% | -1.2% | -1.9% | ||||
In the third quarter, the Laundry & Home Care business area recorded an organic sales decline of -1.5 percent, partly due to a challenging market environment. Against this background, sales development in the Laundry Care business was negative overall. While the Fabric Cleaning category recorded a decline, the Fabric Care category posted double-digit sales growth. By contrast, organic sales growth in the Home Care business remained flat, due in particular to a very strong increase in sales in the Dishwashing category. The Hard Surface Cleaner category, however, was below the previous year’s level.
The Hair business area achieved very strong organic sales growth of 4.4 percent. Both the Consumer business – primarily supported by the Hair Styling and Hair Colorants categories – and the Professional business generated very strong sales growth.
The Other Consumer Businesses business area recorded a decline in organic sales of -3.2 percent as a result primarily of negative development in the Body Care business in the North America and Europe regions
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|---|---|---|---|---|---|---|---|---|
in million euros | Sales | |||||||
Third Quarter | Q3/2024 | Q3/2025 | +/- | Organic | ||||
Consumer Brands | 2,653 | 2,402 | -9.5% | 0.4% | ||||
Laundry & Home Care | 1,649 | 1,409 | -14.6% | -1.5% | ||||
Hair | 829 | 833 | 0.6% | 4.4% | ||||
Other Consumer Businesses | 175 | 159 | -9.0% | -3.2% | ||||
January–September | 1–9/2024 | 1–9/2025 | ||||||
Consumer Brands | 7,919 | 7,308 | -7.7% | -1.0% | ||||
Laundry & Home Care | 4,974 | 4,392 | -11.7% | -2.2% | ||||
Hair | 2,437 | 2,454 | 0.7% | 2.1% | ||||
Other Consumer Businesses | 508 | 462 | -9.1% | -3.8% | ||||
From a regional perspective, the Consumer Brands business unit recorded a decline in organic sales growth in the Europe region in the third quarter. The Hair business area achieved good sales growth, while the Laundry & Home Care business area experienced a negative development. The North America region generated overall good organic sales growth, primarily driven by the Hair business area. The IMEA region achieved a significant increase in organic sales. The Latin America region recorded positive organic sales growth, driven by the Hair business area. The Asia-Pacific region also posted positive organic sales. Here, the Hair business area recorded very strong organic sales growth, while the Laundry & Home Care business area was below the previous year’s level.
Net assets and financial position of the Group
No substantial changes to the net assets and financial position of the Group occurred in the period under review compared to the situation as at June 30, 2025.
Outlook for the Henkel Group
For fiscal 2025, Henkel expects organic sales growth of 1.0 to 2.0 percent for the Group. For the Adhesive Technologies business unit, organic sales growth in the range of 2.0 to 3.0 percent is expected. For Consumer Brands, the Company anticipates an organic sales increase of 0.5 to 1.5 percent.
Adjusted return on sales (adjusted EBIT margin) at Group level is expected to be in the range of 14.5 to 15.5 percent. Adhesive Technologies is expected to achieve an adjusted return on sales in the range of 16.5 to 17.5 percent. For Consumer Brands, adjusted return on sales is expected to be in the range of 14.0 to 15.0 percent.
Adjusted earnings per preferred share (EPS) at constant exchange rates are expected to increase in the low to high single-digit percentage range.
In case the overall economic environment does not improve noticeably by year-end, organic sales growth for the Group as well as for both business units is expected to come in at the lower end of our current guidance ranges. In contrast, we continue to expect that both the adjusted EBIT margin – for both the Group and the two business units – and the adjusted EPS growth at constant currency exchange rates will be well within our current outlook ranges.
Furthermore, we have the following expectations for 2025:
Acquisitions/divestments: negative effect in the low single-digit percentage range on nominal sales growth
Translation of sales in foreign currencies: negative effect in the low to mid-single-digit percentage range
Prices of direct materials: low to mid-single-digit percentage increase compared to the previous year’s average
Restructuring expenses of 150 to 200 million euros
Cash outflows from investments in property, plant and equipment and intangible assets of between 650 and 750 million euros