Beiersdorf (BEI) Q2 2026 earnings summary

Executive summary

• Group organic sales declined by 3.5% to €4.95 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.

• La Prairie returned to growth in Q2 after earlier disruptions; tesa showed improved momentum in Q2 despite Electronics headwinds.

Financial highlights

• EBIT (excluding special factors) was €768 million, with a margin of 15.5% (down from 16.1% in H1 2025).

• Profit after tax was €558 million, with return on sales after tax at 11.3%.

• Earnings per share rose slightly to €2.52; gross cash flow increased to €738 million.

• Capital expenditure was €180 million; R&D expenses totaled €188 million.

Outlook and guidance

• Full-year 2026 guidance adjusted to a low-single-digit organic net sales decline for the Group.

• EBIT margin (excluding special factors) expected at least 11.8% for the Group and at least 11.0% for Consumer.

• Mid-term ambition: return to net sales growth in 2027 and profitable growth from 2028.