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 Business Segment sales were €2.3 billion, up 2.3% organically, led by Derma (+11.4%) and Health Care (+10.8%), while La Prairie declined 17.5%.

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

• Growth was in line with expectations despite a strong prior-year base and headwinds from China repositioning and travel retail destocking.

• Strategic focus on innovation, premiumization, and digital channels, especially in China, with Thiamidol launches planned for 2026.

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.

Outlook and guidance

• Maintains full-year group organic sales growth guidance of 4-6%.

• Consumer segment expected to be at lower end of guidance in Q2, with acceleration in H2 as major launches roll out.

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

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

• China repositioning to continue impacting sales in H1, with improvement expected from Q2 onward.