Beiersdorf (BEI) Q2 2025 earnings summary

Executive summary

• Organic group sales grew 2.1% year-over-year in H1 2025, with Consumer up 1.9% and tesa up 3.0% organically.

• EBIT margin excluding special factors was 16.1%, with profit after tax at €561 million, down from €590 million in H1 2024.

• NIVEA underperformed due to tough comparables and weaker mass market, while Derma and Healthcare segments posted strong double-digit growth, notably in China (+61.9%) and North America (+11.6%).

• Innovation pipeline, especially EPICELLINE launches, is expected to drive a stronger H2 performance.

• Share buyback program of up to €500 million launched, with positive market reception.

Financial highlights

• Group net sales reached €5,188 million, up 2.1% organically and 0.2% nominally year-over-year.

• EBIT excluding special factors was €836 million (16.1% margin), slightly down due to lower tesa EBIT.

• EPS remained flat at €2.54; profit after tax was €561 million, €29 million below prior year due to absence of one-time real estate gain.

• Consumer EBIT margin improved by 10 bps to 16.0% on higher gross margin; tesa EBIT margin at 16.9%.

• Gross cash flow fell to €622 million from €769 million; free cash flow at €501 million.

Outlook and guidance

• Full-year 2025 Consumer organic sales growth guidance lowered to 3%-4% (from 4%-6%) due to H1 softness and market volatility.

• Group organic sales growth expected around 3%, with EBIT margin (excl. special factors) slightly above last year.

• tesa segment guidance: 1%-3% organic sales growth, EBIT margin around 16%.

• H2 expected to be stronger, driven by major launches and relisting in Europe.

• Macroeconomic environment remains uncertain due to trade conflicts, geopolitical tensions, and inflation.