Beiersdorf (BEI) Q4 2024 earnings summary

Executive summary

• Achieved record net sales of €9.9 billion in 2024, with 6.5% organic growth at group level and 7.5% in the Consumer segment, despite macroeconomic and geopolitical headwinds.

• EBIT margin (excluding special factors) improved by 50 basis points to 13.9%, and EBIT reached nearly €1.4 billion, with EPS rising from €3.24 to €4.05.

• Outperformed key competitors in organic sales growth, driven by innovation, brand strength, and expansion into new markets.

• Continued focus on sustainability, diversity, and inclusion, achieving significant milestones in emissions reduction and gender parity.

• Positioned for ongoing success in 2025 and beyond, with a focus on DE&I and climate action.

Financial highlights

• Group organic sales growth of 6.5% and nominal growth of 4.3%; Consumer segment organic growth at 7.5%, nominal at 4.9%.

• EBIT margin (excluding special factors) increased to 13.9%; profit after tax reached €928 million.

• Gross margin improved by 120 basis points, driven by pricing and premiumization, offsetting FX headwinds.

• Earnings per share reached €4.05, up from €3.24 in the prior year.

• Marketing spend increased to 26.9% of net sales, with 70% digital focus.

Outlook and guidance

• 2025 group organic sales growth expected in the 4%-6% range; Consumer segment guidance also 4%-6%.

• EBIT margin (excluding special factors) projected to be slightly above 2024; Consumer segment margin to improve by 50 basis points.

• Tesa segment organic sales growth expected at 1%-3%, with EBIT margin around 16%.

• Q1 2025 expected below full-year range due to strong prior-year comparison and China inventory cleanup.