Beiersdorf Ag (BDRFF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the PIASOF H1 Results 2025 conference call. I am Valentina De Coro's call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcasting. At this time, it's my pleasure to hand over to Christopher Sheldon, Head of Investor Relations. Please go ahead. Good morning, everyone, and thank you for joining us this morning for the presentation of our first half-year results 2025. I'm here with our CEO, Vincent Vanery, and our CFO, Astrid Herrmann. As always, we will start with the presentation of our results, followed by a Q&A session. And with that, I would like to hand over to Vincent. Thank you, Christopher. Good morning, everyone, and thank you for joining us to this conference call. Astrid and I will now present an overview of our financial performance and key developments for the first half of 2025. Balzo showed a solid performance in the first half year despite a challenging market environment. Market growth, especially in the emerging markets, was slower than expected due to broader economic uncertainties, geopolitical effects, and a lower consumer confidence. Our core brand Nivea navigated a weaker mass market and faced a tough comparison base in 2024. This resulted in a disappointing performance below our expectations in the first half of this year, especially in the second quarter. Our Derma business, on the other hand, once again set a benchmark in the industry. Performing against tougher market conditions, Derma contin...