Investment Review №354. AI lends a hand to the bulls

Yerlan Abdikarimov

Yerlan Abdikarimov

Head of Financial Analysis Department at Freedom Broker

IPO The Wella Company. Global Haircare and Nail Care Brand

On August 31, 2026, The Wella Company filed to go public. The company manufactures haircare, nail care and beauty products under a portfolio of brands. The offering is being underwritten by Goldman Sachs, BofA Securities, KKR, J.P. Morgan, William Blair, TD Securities, BNP PARIBAS, Crédit Agricole CIB, BBVA, COMMERZBANK and others

IPO

Investment Potential

Company Overview. Wella positions itself as the world’s largest company focused exclusively on haircare and nail care products, with a presence in more than 100 countries. The company’s products include hair coloring, care, styling, and treatment products, nail polishes and nail care products, as well as hair dryers. Its brand portfolio operates across both the professional and retail segments and includes Wella Professionals, ghd, Clairol, OPI, Wella/Koleston, Sebastian Professional, and Nioxin. Wella serves more than 250,000 beauty salons and hundreds of thousands of stylists worldwide. Its premium hair color and haircare brand Wella Professionals has ranked No. 1 globally in salon hair color for six consecutive years, while OPI is the No. 1 global brand in premium retail nail polish.

Market Opportunity. According to Euromonitor, the global beauty market remains one of the fastest-growing categories within the broader consumer staples universe, with projected annual growth of 5.7% from 2025 to 2029. Euromonitor expects growth to be supported by rising consumer focus on health, wellness, and self-care, continued product innovation, category premiumization, and omnichannel distribution. The hair and nail market stood at $105bn in 2025.

Financials. In fiscal 2025, revenue grew 4%, accelerating to 9% in fiscal 2026. EBIT margin increased from 2% in fiscal 2024 to 8% in fiscal 2026. At the end of fiscal 2026, the company’s debt accounted for 42% of total assets.

16, Dostyk street, integral non-residential facility No.2, Yessil district Astana, Republic of Kazakhstan (Talan Towers Offices).

+7 7172 67 77 55 - Free from landline numbers in Kazakhstan; calls from international and mobile numbers are chargeable.

(+7 727 3557555 – additional)

7555 - free from mobile operators in Kazakhstan [email protected], [email protected]

Notify about fraudulent activities or security issues regarding this resource: fbroker.kz/trustcenter

Owning securities and other financial instruments is always associated with risks: the value of securities and other financial instruments can both rise and fall. Past investment results do not guarantee future income. In accordance with the law, the company does not guarantee or promise future returns on investments, nor does it provide guarantees regarding the reliability of potential investments or the stability of potential income.

Freedom Finance Global PLC provides brokerage (agency) services in the securities market on the territory of the Astana International Financial Center (hereinafter referred to as AFSA) in the Republic of Kazakhstan. Subject to compliance with requirements, conditions, restrictions and/or directions of the Acting Law of the AFSA, the Company is authorized to conduct the following Regulated Activities under License No. AFSA-A-LA-2020-0019: Dealing in Investments as Principal, Dealing in Investments as Agent, Managing Investments, Advising on Investments, Arranging Deals in Investments.

S&P Global ratings – “BB-”, outlook “Positive”.

Ownership of securities and other financial instruments always involves risks: the cost of securities and other financial instruments may rise or fall. Past investment results do not guarantee future returns. In accordance with the legislation, the company does not guarantee or promise the profitability of investments in the future, does not guarantee the reliability of possible investments and the stability of the amount of possible income.

The information on the website is updated as part of keeping the data up-to-date and meeting regulatory disclosure requirements. Please note that these updates are for informational purposes only and are not marketing materials!