Beiersdorf (BEI) Q3 2026 earnings summary

Executive summary

• Q3 organic sales declined 1.3%; Consumer excluding Russia grew 0.6%. Derma and La Prairie accelerated, while NIVEA and tesa remained under pressure.

• Consumer performance improved sequentially from H1; NIVEA sell-out grew globally despite temporary sell-in headwinds.

Financial highlights

• Q3 net sales were €2.362bn, up 0.4% nominally and down 1.3% organically; 9M sales were €7.314bn, down 3.0% nominally and 2.8% organically.

• Consumer Q3 sales were €1.940bn, up 1.0% nominally and down 0.7% organically; 9M sales were €6.052bn, down 3.2% nominally and 2.9% organically.

• tesa Q3 sales were €422m, down 2.0% nominally and 4.3% organically; 9M sales were €1.262bn, down 2.1% nominally and organically.

Outlook and guidance

• FY2026 total organic sales expected to decline at a low-single-digit rate; EBIT margin excluding special factors expected to be at least 11.8%.

• Consumer FY organic sales expected to decline at a low-single-digit rate; EBIT margin excluding special factors expected to be at least 11.0%.

• tesa FY organic sales expected flat to slightly higher; EBIT margin excluding special factors expected slightly below the prior year, with semiconductor shortages a risk.

• Consumer Q4 expected to be slightly negative as stock is brought to healthy levels; sell-in targeted to match sell-out by year-end.