Beiersdorf (BEI) investor relations material

Executive summary

• Group organic sales declined by 3.5% to €4.952 billion in H1 2026, with Consumer sales down 4.0% and tesa down 0.9%, amid volatile markets and geopolitical disruptions, especially in the Middle East.

• Derma brands (Eucerin, Aquaphor) delivered strong growth of 7.8% in H1, with exceptional regional gains, while NIVEA sales declined 6.8%, prompting an 18-month turnaround plan.

• La Prairie returned to growth in Q2 (+2.2% organic), after earlier disruptions, while tesa showed improved Q2 momentum despite Electronics headwinds.

• EBIT margin excluding special factors was 15.5%, down from 16.1% prior year; profit after tax was €558 million, with EPS at €2.52.

• A €750 million share buyback program was launched to support shareholder returns.

Financial highlights

• Group H1 2026 sales were €4,952 million, down 3.5% year-over-year; EBIT (excluding special factors) was €768 million, margin 15.5%.

• Consumer segment sales fell 4.0% organically to €4,113 million; tesa sales declined 0.9% to €839 million.

• Group gross margin fell 110 bps to 58.3%; consumer gross margin down 100 bps to 61.0%.

• Profit after tax was €558 million; EPS rose to €2.52, supported by share buybacks.

• Free cash flow improved to €199 million from €-71 million prior year; gross cash flow rose to €738 million.

Outlook and guidance

• Full-year 2026 guidance: low single-digit organic net sales decline for Group and Consumer; Group EBIT margin (excluding special factors) expected at least 11.8%, Consumer at least 11.0%.

• tesa expected to see flat to slightly growing organic sales, with EBIT margin slightly below prior year.

• Return to net sales growth expected in 2027, with profitable growth and margin improvements from 2028.

• Free cash flow target of at least 50% of EBITDA in the midterm.

• H2 2026 expected to remain challenging due to slow market and Middle East crisis.