Beiersdorf (BEI) Q3 2024 earnings summary

Executive summary

• Achieved 6.5% organic sales growth for the first nine months of 2024, with Consumer division up 7.3% and tesa up 3.1%.

• NIVEA delivered 9.4% organic growth year-to-date, outperforming competitors and driving regional success.

• Derma brands (Eucerin, Aquaphor) posted 8.8% organic growth, with double-digit Q3 growth and strong North America rebound.

• La Prairie sales declined 7.3% due to China and travel retail weakness, but gained market share in most geographies.

• Chantecaille continued its growth trajectory, with strong digital launch in China and steady Q3 growth.

Financial highlights

• Group sales reached €7.55 billion, up 6.5% organically and 4.0% nominally for Jan–Sep 2024.

• Consumer sales: €6.26 billion (+7.3% organic, +4.4% nominal); tesa: €1.29 billion (+3.1% organic, +2.2% nominal).

• Q3 group organic sales growth: +5.3%; Consumer: +5.7%; tesa: +3.5%.

• NIVEA Q3 organic growth: +5.9%, with balanced price and volume contributions.

• Derma Q3 organic growth: +10%, driven by U.S. performance and innovation.

Outlook and guidance

• Full-year 2024 guidance confirmed: Group organic sales growth expected at 6%-8%, EBIT margin slightly above previous year.

• Consumer EBIT margin (excluding special factors) expected to rise by 50 bps year-over-year.

• tesa organic sales growth expected at 2%-5%, EBIT margin stable.

• Optimism for Q4 and 2025 due to easier comparatives and strong innovation pipeline.