Beiersdorf (BEI) investor relations material

Executive summary

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

• Derma brands Eucerin and Aquaphor delivered strong growth, while NIVEA faced continued challenges, prompting an 18-month turnaround plan targeting profitable growth from 2028.

• La Prairie returned to growth in Q2 after earlier disruptions; Healthcare brands continued to gain market share.

• EBIT margin excluding special factors was 15.5%, down from 16.1% in the prior year.

• Profit after tax was €558 million, with EPS at €2.52, supported by share buybacks.

Financial highlights

• Group net sales for H1 2026 were €4.952 billion, an organic decline of 3.5% year-over-year.

• EBIT (excluding special factors) was €768 million, with a margin of 15.5%.

• Consumer business net sales declined 4.0% organically; tesa net sales declined 0.9% organically.

• Free Cash Flow improved to €199 million from €-71 million year-over-year.

• Group gross margin decreased by 110 basis points to 58.3%.

Outlook and guidance

• Full-year 2026 guidance: low single-digit organic sales decline for both group and consumer business; EBIT margin excluding special factors of at least 11.8% (group) and 11.0% (consumer).

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

• Expect return to net sales growth in 2027 and profitable growth from 2028, with midterm ambition to outperform the market.

• Free cash flow target of at least 50% of EBITDA in the midterm; continued focus on M&A and shareholder returns.

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