Beiersdorf AG

Latest Results (31.08.2026):

Beiersdorf AG — Q2 2026 update: the company has revised its full-year 2026 outlook, citing a volatile market environment and the impact of the Middle East crisis on consumer sentiment, consumption and costs. Management now expects low-single-digit organic sales declines for the Group and the Consumer Business Segment, adjusted EBIT-margin targets, and increased consumer-facing investments to support the NIVEA turnaround; tesa guidance is confirmed but faces semiconductor-related risk. The company forecasts a return to net sales growth in 2027 and profitable above-market growth from 2028.

Guidance update

Beiersdorf now expects Group organic sales to decline low-single-digits in 2026 (previously: flat to slightly growing) and a consolidated EBIT margin excluding special factors of at least 11.8% (previously: slightly below the prior year; prior year Group: 14.0%).

Consumer Business

The Consumer Business Segment is expected to report a low-single-digit organic sales decline in 2026 (previously: flat to slightly growing). EBIT margin (excluding special factors) is now guided to be at least 11.0% (previously: slightly below the prior year; prior year Consumer: 13.6%), reflecting higher investments to support the NIVEA turnaround.

tesa Business

tesa confirms prior guidance of flat to slightly growing organic sales in 2026 and an EBIT margin (excluding special factors) slightly below the previous year’s level. Management flags potential semiconductor shortages that could hurt Electronics sales and tesa’s profitability mix in H2 2026.

Profitability & investments

Beiersdorf will increase consumer-facing investments to accelerate the NIVEA turnaround; this is expected to negatively affect the Consumer EBIT margin in 2026. The revised margins reflect a trade-off between near-term profitability and brand turnaround spending.

Near- and medium-term outlook

Based on current initiatives, the company expects to return to net sales growth in 2027 with EBIT margin stabilization, and from 2028 anticipates returning to profitable growth with net sales growth above market and steady EBIT margin improvement.