Henkel’s H1 figures were a mixed bag, beating the consensus at the adjusted profitability line (+3.6%; sales: -1.0%), but missing in terms of the real-world data (-16.2%). The management was very confident about a volume recovery which could be even stronger in the Q4. We see many moving parts governing whether the expected dynamics come through. On the other hand, the comps are becoming less tough and the pricing effects should accelerate.
