Beiersdorf Ag · XETR:BEI
Beiersdorf — FY 2025 Earnings Presentation
47 slides from Beiersdorf's earnings presentation, Mar 3, 2026
Slide 1: FY 2025 Results
FY 2025 RESULTS Hamburg, March 3, 2026 Astrid Hermann, Vincent Warnery
Slide 2: Luxury Disruption Weigh on Q1
LUXURY DISRUPTION WEIGH ON O1
Slide 3: Growing in Challenging Markets
GROWING IN CHALLENGING MARKETS ~5.0% 1.5 - 2.0% 2024 2025 Global skin care market growth
Slide 4: Growing in Challenging Markets: Consumer Group
GROWING IN CHALLENGING MARKETS CONSUMER GROUP + 2.5% +2.4% FY 2025 NIVEA DERMA HEALTHCARE LA PRAIRIE TESA + 0.9% +11.7% +9.3% –4.5% 1.8 % + Organic sales growth, NIVEA incl. Labello
Slide 5: Skin Care Outperformance Continues in Difficult Environment
SKIN CARE OUTPERFORMANCE CONTINUES IN DIFFICULT ENVIRONMENT BEIERSDORF SKIN CARE +3.7% COMPETITOR 1 COMPETITOR 2 COMPETITOR 3 COMPETITOR 4
Slide 6: Derma: Undisputable Success
DERMA UNDISPUTABLE SUCCESS Q4 +9.9% FY NET SALES +11.7% 1.5BN € Organic sales growth
Slide 7: Exceptional Performance Across Regions
EXCEPTIONAL PERFORMANCE ACROSS REGIONS EUROPE +8.3% NORTH AMERICA +8.8% EMERGING MARKETS +16.3% FY organic sales growth Organic sales growth, FY 2025
Slide 8: Sustainable Outperformance
SUSTAINABLE OUTPERFORMANCE 11.7% 10.6% 2024 2025 DERMA COMPETITOR 1 Organic sales growth
Slide 9: Breakthrough Innovations: Thiamidol & Epicelline Rollout
BREAKTHROUGH INNOVATIONS THIAMIDOL & EPICELLINE ROLLOUT
Slide 10: White Space Expansion: Eucerin Asia
WHITE SPACE EXPANSION EUCERIN ASIA
Slide 11: Health Care Outperformance Driven by Innovation
HEALTH CARE OUTPERFORMANCE DRIVEN BY INNOVATION FY +9.3 % Organic sales growth
Slide 12: NIVEA Navigating Challenging Markets
NIVEA NAVIGATING CHALLENGING MARKETS Q4 FY +1.9% +0.9 % Organic sales growth, NIVEA incl. Labello
Slide 13: Mass Market Deceleration Across Regions
MASS MARKET DECELERATION ACROSS REGIONS VOLUME MASS MARKET EMERGING GLOBAL 5.1% MARKETS 4.1% 0.7% 2.0% 0.5% 0.0% -1.5% -1.4% FY LTM Q4 FY FY LTM Q4 FY 2024 Jul 2025 2025 2025 2024 Jul 2025 2025 2025 Volume market development, source: Nielsen
Slide 14: NIVEA China: Repositioning Completed
NIVEA CHINA REPOSITIONING COMPLETED Q1 Q2 Q3 Q4 FY Organic sales growth
Slide 15: Backend Loaded Pipeline
Beiersdorf YY wwe BACKEND LOADED PIPELINE
Slide 16: NIVEA Epicelline on Track
NIVEA EPICELLINE ON TRACK STRONG INITIAL RESULTS Q1 SELL-IN RE- PURCHASE SELL-OUT
Slide 17: La Prairie with Improved Q4
LA PRAIRIE WITH IMPROVED Q4 VOLATILITY WEIGHS ON Q1 Q4 FY + 3.8 % - 4.5% Organic sales growth
Slide 18: tesa
TESA AUTOMOTIVE CHALLENGING MARKET FY +1.8% Q4 ELECTRONICS DYNAMIC GROWTH ENGINE +1.1% CONSUMER Organic sales growth DIFFICULT ENVIRONMENT
Slide 19: Financials
FY 2025 FINANCIALS
Slide 20: Group Results 2025
GROUP RESULTS 2025 ORGANIC EBIT EARNINGS SALES GROWTH MARGIN PER SHARE +2.4% 14.0% € 4.25 +10bps +4.9% vs. 2024 vs. 2024 EBIT margin excluding special factors
Slide 21: Segments Key Figures
SEGMENTS KEY FIGURES 2025 2024 CHANGE IN € MILLION IN € MILLION NOMINAL ORGANIC CONSUMER SALES 8,176 8,162 0.2% 2.5% EBIT 1,108 1,094 EBIT MARGIN 13.6% 13.4% TESA SALES 1,676 1,688 -0.7% 1.8% EBIT 270 276 EBIT MARGIN 16.1% 16.3% EBIT and EBIT margin excluding special factors
Slide 22: Slide 22
Slide 23: Gross Margin Bridge FY 2024 to FY 2025
-70 bps 61.0 0.3 -0.9 0.4 -0.5 60.3 FY 2024 PRICE COST MIX FX FY 2025 Gross profit as a percentage of sales
Slide 24: Group Income Statement
GROUP INCOME STATEMENT Organic Growth/ Organic Growth/ (in € million) 2025 % of Sales 2024 % of Sales Sales 9,852 2.4% 9,850 6.5% Cost of goods sold -4,165 - -4,090 - Gross profit 5,687 57.7% 5,760 58.5% Marketing and selling expenses -3,454 35.1% -3,461 35.1% Research and development expenses -365
Slide 25: Slide 25
Slide 26: Our Skin Care Strategy: Successful Track Record
OUR SKIN CARE STRATEGY SUCCESSFUL TRACK RECORD 9,852 1,378 7,627 993 2021 2025 2021 2025 EBIT Margin: 13.0% 14.0%
Slide 27: Drivers of Growth
DRIVERS OF GROWTH Mention E-Commerce KPIs in speech BREAKTHROUGH EXPANSION INTO E-COMMERCE INNOVATIONS WHITE SPACES
Slide 28: Thiamidol Cascaded Across Brands
THIAMIDOL CASCADED ACROSS BRANDS NET SALES € 500M
Slide 29: Epicelline: Gamechanger in Anti-Age
EPICELLINE GAMECHANGER IN ANTI-AGE
Slide 30: Next Level Innovation for Acne-Prone Skin
NEXT LEVEL INNOVATION FOR ACNE-PRONE SKIN
Slide 31: White Space Expansion
WHITE SPACE EXPANSION USA CHINA JAPAN INDIA BRAZIL
Slide 32: White Space Expansion Key Highlights
WHITE SPACE EXPANSION KEY HIGHLIGHTS >2x NET SALES USA IN 5 YEARS €1bn NET SALES INDIA BRAZIL #4 FROM #15 IN 5 YEARS
Slide 33: Derma Sales Almost Doubled
DERMA SALES ALMOST DOUBLED FULLY DELIVERED ON STRATEGY +89% 1.5 2025 0.8 +11.7% 2021 2025
Slide 34: NIVEA Grew Substantially but Slowed Down in 2025
NIVEA GREW SUBSTANTIALLY BUT SLOWED DOWN IN 2025 +34% 5.5 2025 4.1 +0.9% 2021 2025
Slide 35: NIVEA Strategy Recalibration
NIVEA STRATEGY RECALIBRATION REBALANCING THE PORTFOLIO FACE + BODY, REGIONAL ACCESSIBLE DEO PRODUCT HEROES FACE CARE
Slide 36: Rebalancing the Portfolio
REBALANCING THE PORTFOLIO FACE BODY DEO
Slide 37: Rebalancing the Portfolio: Select Regional Innovation
REBALANCING THE PORTFOLIO SELECT REGIONAL INNOVATION
Slide 38: Rebalancing the Portfolio: Accessible Face Care
REBALANCING THE PORTFOLIO ACCESSIBLE FACE CARE + €7.99 €13.99 €17.99 €26.99 €29.99 Recommended retail price in Germany, as of January 2026
Slide 39: NIVEA Price Range
NIVEA PRICE RANGE CONTINUED ACCESSIBILITY €1.99 €2.99 €3.49 €5.49 €7.99 €10.99 €17.99 €26.99 €29.99 Recommended retail price in Germany, as of January 2026
Slide 40: NIVEA Strategy Recalibration: Rebalancing Plan
NIVEA STRATEGY RECALIBRATION REBALANCING PLAN BROADER LAUNCHES ACROSS CATEGORIES BREAKTHROUGH LINE EXTENSIONS PIPELINE MEASURES A&P SELECT REGIONAL INNOVATIONS SHIFT INITIATED FAST TRACK EXECUTION FOR CURRENT TRENDS 2026+ Q4 2025
Slide 41: Slide 41
Slide 42: Top Brands in Attractive Markets
TOP BRANDS IN ATTRACTIVE MARKETS
Slide 43: Midterm Outlook
MIDTERM OUTLOOK GROWTH ABOVE MARKET DRIVEN BY • BREAKTHROUGH INNOVATIONS • WHITE SPACE EXPANSION • NIVEA REBALANCING MEASURES • INORGANIC GROWTH IMPROVED RETURN TO SHAREHOLDERS VIA SHARE BUYBACKS AND DIVIDENDS PROFITABLE GROWTH COMMITTED TO DELIVER EBIT GROWTH EQUAL TO OR ABOVE SALES GROWTH
Slide 44: Share Buyback 2026/27
SHARE BUYBACK 2026/27 €750M
Slide 45: Challenging 2026 Ahead
CHALLENGING 2026 AHEAD CHALLENGING NIVEA DISRUPTIONS MARKET REBALANCING IN LUXURY
Slide 46: Guidance 2026
GUIDANCE 2026 2025 data for reference CONSUMER (excluding special factors): Consumer EBIT margin 13.6% Net sales flat to slightly growing organically tesa EBIT margin 16.1% Group EBIT margin 14.0% EBIT margin slightly below previous year TESA Net sales flat to slightly growing organically EBIT margi
Slide 47: Thank You
THANK YOU