Beiersdorf (BEI) Q3 2025 earnings summary

Executive summary

• Group organic sales grew 2.0% to €7.5 billion in the first nine months of 2025, with gradual improvement despite a challenging market.

• Derma segment delivered double-digit growth, while NIVEA and La Prairie showed positive momentum, with La Prairie returning to growth in Q3.

• Major launches, including NIVEA Epicelline and Derma Control, began in September, with strong early traction but limited Q3 impact.

• Portfolio adjustments and innovation, especially in NIVEA and Eucerin, are supporting long-term strategy.

Financial highlights

• Group net sales for Jan–Sep 2025 reached €7.5 billion, up 2.0% organically but nearly flat nominally.

• Consumer and tesa divisions each grew 2.0% organically; Derma up 12.3%, Health Care up 8.8%, NIVEA up 0.6%.

• E-commerce sales grew 16.6% YTD, accelerating to 19.2% in Q3.

• La Prairie returned to growth in Q3 (+1.6%), with China up 3% and e-commerce strong.

Outlook and guidance

• Full-year 2025 organic sales growth guidance for Consumer and Group adjusted to around 2.5%.

• Q4 growth expected to be driven by recent launches and core business reinforcement.

• Derma segment expected to maintain double-digit growth for the year, though Q4 will be below nine-month performance.

• EBIT margin guidance for Consumer: improvement of 20 basis points from 2024's 13.4%, excluding special factors; Group EBIT margin expected slightly above 13.9%.

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