Beiersdorf (BEI) Q1 2025 earnings summary

Executive summary

• Group sales reached €2.7 billion in Q1 2025, up 3.6% organically year-over-year, with strong contributions from both Consumer and tesa segments.

• Consumer Division grew 2.3% organically, led by Derma (+11.4%) and Health Care (+10.8%), while La Prairie declined 17.5% due to China and travel retail headwinds.

• tesa Division delivered €441 million in sales, up 10.7% organically, driven by electronics and a low prior-year base.

• Innovation and expansion into new markets, especially India and the U.S., remain key growth drivers.

• Q1 2025 results met expectations, supporting the full-year outlook.

Financial highlights

• Group net sales rose to €2,691 million, up 3.6% organically year-over-year.

• Consumer segment organic sales grew 2.3% to €2,250 million; tesa segment up 10.7% to €441 million.

• NIVEA posted 2.5% organic sales growth; Derma (Eucerin, Aquaphor) up 11.4%; Health Care up 10.8%; La Prairie declined 17.5%.

• Chantecaille achieved 15.9% organic sales growth, driven by expansion in China and Asia.

• Excluding China, Consumer business grew 4% organically, in line with full-year guidance.

Outlook and guidance

• Maintains 2025 guidance: group organic sales growth 4-6%, Consumer 4-6%, tesa 1-3%.

• EBIT margin (excluding special factors) in Consumer expected to be 50 bps above last year; tesa EBIT margin around 16%.

• Group EBIT margin (excluding special factors) projected slightly above last year.

• Growth expected to accelerate in H2 2025 as China repositioning and inventory normalization effects fade.