Beiersdorf (BEI) Q1 2026 earnings summary

Executive summary

• Q1 2026 organic net sales declined 4.6% at group level to €2.5 billion, in line with expectations and prior guidance, reflecting a challenging start and high prior-year comparison base.

• Derma segment delivered strong growth (+8.2%), driven by Eucerin and Aquaphor, outperforming the market, with notable expansion in North America, Brazil, and China.

• NIVEA sales declined 7.0% organically due to tough comps, trade disputes, and weak core portfolio, but early signs of improvement in sell-out dynamics (+1.7% YTD) support optimism.

• La Prairie net sales fell 14.9% organically, impacted by U.S. department store and China travel retail disruptions, though retail sales in China grew 12%.

• Strategic initiatives include NIVEA portfolio rebalancing, local market adaptations, and innovation-driven growth.

Financial highlights

• Group net sales: €2.484 billion, organic growth -4.6%, nominal growth -7.7% year-over-year.

• Consumer business net sales: €2.077 billion, organic growth -4.7%.

• Tesa business net sales: €407 million, organic growth -4.3%.

• NIVEA organic sales: -7.0% to €1.34 billion; Derma: +8.2% to €459 million; Health Care: +1.9% to €83 million; La Prairie: -14.9% to €109 million.

• Adverse FX effects impacted nominal growth across segments.

Outlook and guidance

• 2026 guidance confirmed: group, Consumer, and Tesa net sales expected flat to slightly growing organically.

• EBIT margin (excluding special factors) anticipated slightly below 2025 levels for all segments.

• Q2 expected to be flat to slightly positive, with recovery in NIVEA and La Prairie and continued Derma strength.