Beiersdorf AG Overview
Beiersdorf is a Hamburg-based, family-controlled skin care specialist with €9.85 billion of sales and a net cash balance sheet. Its Consumer segment (83% of sales) is built on NIVEA, the mass-market brand that still generates about two-thirds of Consumer revenue, alongside a fast-growing dermocosmetics franchise (Eucerin, Aquaphor), a wound-care business (Hansaplast, Elastoplast) and luxury skin care (La Prairie, Chantecaille). The tesa segment (17% of sales) is an independently managed adhesive-technology business serving electronics, automotive and consumer markets. The company's edge is proprietary skin science, notably the patented actives Thiamidol and Epicelline, which has driven five consecutive years of double-digit Derma growth. Its weakness is concentration: NIVEA's sales fell 6.8% organically in the first half of 2026, forcing a profit warning and an 18-month turnaround plan. Beiersdorf is therefore a high-quality balance sheet attached to a two-speed portfolio, with the equity story now dependent on restoring NIVEA volume growth.
Third-party services quoted the market capitalization between €16.35 billion and €16.9 billion in the same week, depending on price date and on whether treasury shares are excluded. The company's own convention since 2024 excludes treasury shares.
Company's own description. Beiersdorf describes itself as a company that has stood for innovative skin care and pioneering skin research for over 140 years, headquartered in Hamburg and employing more than 22,000 people (Q1 26 statement boilerplate). The Annual Report states that the Group operates two business segments, Consumer and tesa, with tesa managed since 2001 as an independent sub-group (AR 2025; Beiersdorf AG Annual Financial Statements 2025).
Independent characterization. Beiersdorf is best understood as three businesses with different economics sharing one balance sheet.
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A mass-market skin and personal care business (NIVEA, Labello, 8x4, Hidrofugal and local brands). It sells through grocery, drugstore and e-commerce channels, competes on brand trust and price accessibility, and is exposed to retailer negotiations and private label.
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A science-led premium business (Derma, Health Care, Luxury). It is sold through pharmacies, dermatologist recommendation, department stores, travel retail and e-commerce, with pricing power derived from patented actives and clinical claims.
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An industrial technology business (tesa). It sells engineered adhesive tapes and systems to electronics, automotive, printing and building customers on a specification basis, plus a consumer and craftsmen tape range.
Revenue model. Revenue is almost entirely product sales recognised on transfer of goods. There is no material subscription or service revenue. Beiersdorf AG, the parent, additionally earns intra-group royalty and dividend income from affiliates (AR 2025, Beiersdorf AG section), but this eliminates on consolidation. Licensing to third parties is not disclosed as a material revenue line.
Value chain position. Beiersdorf is a brand owner and manufacturer. It runs its own research (1,849 R&D employees per AR 2025), formulates and produces most volume in its own plants, and sells to retailers, pharmacies, distributors and industrial customers. It does not own retail except selective La Prairie counters and direct e-commerce.
Customers and end-markets.
Sales mix (FY2025, FY25 release). Consumer €8,176 million (83.0%), tesa €1,676 million (17.0%). By region: Europe 44.1%, Africa/Asia/Australia 30.4%, Americas 25.4% (AR 2025 FAQ).
Strategy
Stated strategy. The corporate strategy since 2019 is C.A.R.E.+, extended under the "Win with Care" banner. Its recurring themes in the annual report and Capital Markets Day 2024 are: win with skin care; unlock white spaces (new countries and categories for existing brands); fuel growth through productivity; build on strong foundations of digital, sustainability ("Care Beyond Skin") and culture [recalled, paraphrased; not verbatim]. AR 2025's summary says the Group scales key innovations globally and selectively enters new markets.
Initiatives announced in the last 24 months.
No quantified cost-saving programme with a published target was found. The August 2026 plan is an investment programme, not a restructuring.
Financial guidance.
Products & Services
Pricing is set by market and channel and is not disclosed. Launch years for heritage lines are [recalled].
Consumer — NIVEA
| Product line | Description and capability | Target customer | Launch / latest | Flagship offerings |
|---|---|---|---|---|
| NIVEA Creme / Universal Creams | Water-in-oil all-purpose moisturiser in the blue tin; NIVEA Soft as lighter variant | Mass-market households, all ages | 1911; ongoing | NIVEA Creme, NIVEA Soft |
| NIVEA Face Care | Anti-age and anti-pigment ranges built on Q10, Thiamidol-derived Luminous630 and Epicelline-based epigenetics technology | Women 30+, mass-premium | Q10 1998; Luminous630 2020; Cellular Epigenetics Rejuvenating Serum H2 2025 | NIVEA Q10, NIVEA Cellular Luminous630, NIVEA Cellular Epigenetics Serum (described in the FY25 release as the most significant face-care launch in the brand's history) |
| NIVEA Body Care | Lotions, milks and creams | Mass-market | Ongoing; Smooth & Glow Body Milk announced 22 Sep 2026 (MarketScreener headline) | NIVEA Body Milk, Smooth & Glow Body Milk |
| NIVEA Sun | Sun protection and after-sun | Families, seasonal | 1930s heritage; annual renewals | NIVEA Sun Protect & Moisture, Kids, UV Face |
| NIVEA Deodorant | Antiperspirants and deodorants, roll-on and spray | Mass-market men and women | Ongoing | Black & White, Derma Dry Control |
| NIVEA Body Cleansing | Shower gels, bath care | Mass-market | Ongoing | NIVEA Creme Soft shower |
| NIVEA MEN | Shaving, face and body care for men | Men | 1986 (as NIVEA for Men) | Sensitive range, Anti-Age |
| NIVEA Lip / Labello / Liposan | Lip care sticks | Mass-market | Labello 1909 | Labello Original |
The FY25 release reports that in 2025 Universal Creams, Body Cleansing and Body Care were the stronger NIVEA categories in Latin America, while Deodorant, Sun and Face Care lagged. The 2026 rebalancing shifts investment from a face-care-first approach toward a more even split across Face, Body and Deodorant, plus accessible face-care price points.
Consumer — Derma
| Product line | Description and capability | Target customer | Launch / latest | Flagship offerings |
|---|---|---|---|---|
| Eucerin Anti-Pigment / Radiant Tone | Hyperpigmentation range using the patented tyrosinase inhibitor Thiamidol | Pharmacy consumers with pigment spots | 2018; Radiant Tone introduced in the USA and Thiamidol in China in 2025 (FY25 release) | Anti-Pigment Dual Serum, Anti-Pigment body lotions |
| Eucerin Hyaluron-Filler Epigenetic Serum | Anti-age serum using Epicelline, positioned on epigenetic skin rejuvenation | Pharmacy anti-age consumers | 2024; rolled out to more than 15 emerging markets in early 2025 (Q1 2025 release) | Hyaluron-Filler Epigenetic Serum |
| Eucerin Sun | Medical-grade sun protection | Sensitive and pigment-prone skin | Ongoing | Sun Pigment Control, Oil Control |
| Eucerin dry skin and medical skin | Urea-based and atopic skin care | Dry, atopic, diabetic skin | 1950 (pH5) onward | UreaRepair, AtopiControl, pH5, DermoPure (acne) |
| Aquaphor | Healing ointment and baby care; being extended into body lotions and creams in 2026 (H1 26 release) | US mass and pharmacy channel | 1925; category extension 2026 | Aquaphor Healing Ointment |
Consumer — Health Care
| Product line | Description | Target customer | Latest | Flagship offerings |
|---|---|---|---|---|
| Hansaplast / Elastoplast / CURITAS | Plasters, wound care, large-format dressings, sports supports | Households, pharmacies | Second Skin Protection range drove 2025 growth; large plasters grew double-digit (FY25 release) | Second Skin Protection, Aqua Protect, wound-healing ointment |
Consumer — Luxury
| Brand | Description | Target customer | Latest | Flagship offerings |
|---|---|---|---|---|
| La Prairie | Swiss luxury skin care | Ultra-premium consumers, strong China and travel-retail exposure | New entry line scheduled for September 2026 to recruit new consumers (H1 26 release) | Skin Caviar, Platinum Rare, Pure Gold, White Caviar |
| Chantecaille | Botanical prestige skin care, colour and fragrance, with a philanthropy positioning | Prestige consumers in the US and Asia | Acquired 2022 | Bio Lifting, Rose de Mai, Future Skin |
Chantecaille sales are not disclosed separately. FY2025 Consumer sales not attributed to the four reported units amount to roughly €378 million [derived], covering Chantecaille, Coppertone and other brands.
Consumer — other brands
| Brand | Description | Geography |
|---|---|---|
| Coppertone | Sun care, acquired from Bayer in 2019 | USA, Canada |
| 8x4 | Deodorant | Germany, selected markets |
| Hidrofugal | Antiperspirant | Germany, Austria, Switzerland |
| Florena | Natural-positioned skin care | Germany and selected markets |
| atrix | Hand care | Europe, Japan |
| SKIN STORIES, GAMMON, STOP THE WATER WHILE USING ME | Niche and incubated brands | Selected markets (Yahoo Finance company description) |
tesa
| Business | Description and capability | Target customer | Flagship offerings |
|---|---|---|---|
| Electronics | Precision die-cut tapes, optically clear and structural bonding tapes for smartphones, tablets, displays and batteries | Asian electronics OEMs and contract manufacturers | Debonding-on-demand tapes, display mounting tapes [recalled] |
| Automotive | Wire-harness tapes, masking, hole-covering, battery and e-mobility applications | OEMs and tier-1 suppliers | tesa Sleeve, hole-covering patches [recalled] |
| Printing and Packaging Solutions | Plate-mounting tapes for flexographic printing, splicing, tape-based packaging | Printers, paper and packaging converters | tesa Softprint, EasySplice [recalled] |
| Building and general industry | Sealing, mounting and surface protection | Construction, appliances, distribution | tesa ACXplus [recalled] |
| Consumer and Craftsmen | Household, office and DIY tapes and mounting solutions | Retail consumers, tradespeople | tesafilm, tesa Powerstrips, tesa insect screens [recalled] |
In 2025 Electronics and Printing and Packaging drove growth and Automotive was flat. In H1 2026 Electronics declined against a strong comparison base, and management flagged possible semiconductor shortages for H2 (FY25 release; H1 26 release).
Financial Narrative
Source for the tables below is AR 2025 Ten-Year Overview unless noted. All figures are IFRS consolidated, EUR millions.
Income statement
Basic and diluted EPS are identical; the company reports a single figure.
Items not in the table.
Revenue CAGR FY2021–FY2025: 6.6% nominal [derived].
Commentary. Sales grew by a third between 2021 and 2024 on three consecutive years of roughly 10% organic growth, driven by pricing, the NIVEA face-care push and Derma. Growth then stalled: 2025 nominal sales were flat because 2.4% organic growth was fully absorbed by currency. The adjusted EBIT margin rose every year, from 13.0% to 14.0%, but only by about 25 basis points a year, because gross-margin gains were reinvested in marketing. Reported EBIT in 2023 was depressed by special factors of €163 million [derived], mainly a La Prairie-related impairment [recalled]; special factors fell to €58 million in 2025. EPS grew faster than profit in 2024–2025 because buybacks reduced the share count.
Balance sheet
Cash balances are from the consolidated cash flow statements (AR 2025; Investing.com cash-flow table for earlier years).
Additional FY2025 and FY2024 balance sheet items (AR 2025, Net Assets):
Net liquidity is defined by the company as cash, cash equivalents and long- and short-term securities, less lease liabilities and other financial liabilities.
Cash flow
Sources: AR 2025 Financial Position; AR 2024 and AR 2023 cash flow statements; FY25 release. The company defines free cash flow as operating plus investing cash flow, so it includes purchases and maturities of securities and is not comparable to a conventional operating-cash-flow-minus-capex measure. On the conventional basis, 2025 free cash flow was roughly €322 million and 2024 roughly €794 million [derived]; GuruFocus shows a price-to-free-cash-flow multiple of about 54x, consistent with weak conventional free cash flow in 2025. The 2024 buyback amount of €500 million is the programme size [recalled]; dividends paid in 2021–2023 follow from the €0.70 dividend and the Ten-Year Overview total of €159 million.
Commentary. Operating cash flow fell 36% in 2025 to €785 million, the weakest since 2022, on lower gross cash flow and working-capital outflows (trade receivables up €118 million). Capex has stayed elevated at about 4.5% of sales after the Leipzig plant and Hamburg campus. Cash returned to shareholders was about €724 million in each of 2024 and 2025, largely financed by maturing securities rather than current cash generation (AR 2025, Net Assets).
Ratios
Stockopedia shows return on capital of 13.2% and return on equity of 10.7% on its own definitions. Interest coverage is not a meaningful constraint for a company with over €4 billion of net liquidity.
Commentary. Returns on equity of 10–11% are low for a branded consumer company with a 14% EBIT margin. The cause is the balance sheet: roughly a third of total assets is cash and securities earning financial rather than operating returns. The buybacks begun in 2024 are the first sustained attempt to address this.
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View Subscription PlansFinancial Detail
Segment sales (EUR Mn)
| Segment sales (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Consumer | 6,129 | 7,131 | 7,780 | 8,162 | 8,176 |
tesa | 1,498 | 1,668 | 1,667 | 1,688 | 1,676 |
Group | 7,627 | 8,799 | 9,447 | 9,850 | 9,852 |
Organic sales growth (%)
| Organic sales growth (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Consumer | 8.8 | 10.5 | 12.5 | 7.5 | 2.5 |
tesa | 13.6 | 8.8 | 3.2 | 1.9 | 1.8 |
Group | 9.7 | 10.2 | 10.8 | 6.5 | 2.4 |
Nominal sales growth (%)
| Nominal sales growth (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Consumer | 7.5 | 16.3 | 9.1 | 4.9 | 0.2 |
tesa | 13.1 | 11.3 | 0.0 | 1.2 | -0.7 |
Group | 8.6 | 15.4 | 7.4 | 4.3 | 0.0 |
Share of Group sales (%) [derived]
| Share of Group sales (%) [derived] | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Consumer | 80.4 | 81.0 | 82.4 | 82.9 | 83.0 |
tesa | 19.6 | 19.0 | 17.6 | 17.1 | 17.0 |
Segment EBIT excl. special factors (EUR Mn)
| Segment EBIT excl. special factors (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Consumer | 1,003 | 1,095 | 1,108 |
tesa | 265 | 275 | 270 |
Group | 1,268 | 1,370 | 1,378 |
Segment EBIT margin excl. special factors (%)
| Segment EBIT margin excl. special factors (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Consumer | 12.9 | 13.4 | 13.6 |
tesa | 15.9 | 16.3 | 16.1 |
Group | 13.4 | 13.9 | 14.0 |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Consumer sales (EUR Mn) | 4,330 | 4,113 |
Consumer organic growth (%) | 1.9 | -4.0 |
Consumer EBIT excl. special factors (EUR Mn) | 691 | 632 |
Consumer EBIT margin excl. special factors (%) | 16.0 | 15.4 |
tesa sales (EUR Mn) | 858 | 839 |
tesa organic growth (%) | 3.0 | -0.9 |
tesa EBIT margin excl. special factors (%) | 16.9 | 16.2 |
Group sales (EUR Mn) | 5,188 | 4,952 |
Group EBIT excl. special factors (EUR Mn) | 836 | 768 |
Group EBIT margin excl. special factors (%) | 16.1 | 15.5 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (EUR Mn) | 7,627 | 8,799 | 9,447 | 9,850 | 9,852 |
Organic growth (%) | 9.7 | 10.2 | 10.8 | 6.5 | 2.4 |
EBITDA (EUR Mn) | 1,220 | 1,379 | 1,554 | 1,651 | 1,648 |
EBITDA excl. special factors (EUR Mn) | 1,280 | 1,445 | 1,717 | 1,727 | 1,706 |
Operating income, EBIT (EUR Mn) | 933 | 1,092 | 1,105 | 1,294 | 1,320 |
EBIT excl. special factors (EUR Mn) | 993 | 1,158 | 1,268 | 1,370 | 1,378 |
Net income, profit after tax (EUR Mn) | 655 | 771 | 749 | 928 | 955 |
EPS basic and diluted (EUR) | 2.81 | 3.33 | 3.24 | 4.05 | 4.25 |
EPS excl. special factors (EUR) | 3.00 | 3.56 | 3.80 | 4.33 | 4.44 |
Dividend per share (EUR) | 0.70 | 0.70 | 1.00 | 1.00 | 1.00 |
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View Subscription PlansMargin (%) [derived]
| Margin (%) [derived] | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
EBITDA margin | 16.0 | 15.7 | 16.4 | 16.8 | 16.7 |
EBIT margin | 12.2 | 12.4 | 11.7 | 13.1 | 13.4 |
EBIT margin excl. special factors | 13.0 | 13.2 | 13.4 | 13.9 | 14.0 |
Net margin (return on sales after tax, reported) | 8.6 | 8.8 | 7.9 | 9.4 | 9.7 |
Balance Sheet and Margin Analysis (%)
| Metric (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 11,299 | 12,348 | 12,629 | 13,011 | 12,758 |
Non-current assets | 6,668 | 6,806 | 6,653 | 6,570 | 6,097 |
Current assets | 4,631 | 5,542 | 5,976 | 6,441 | 6,661 |
Cash and cash equivalents | 1,036 | 1,080 | 1,133 | 1,207 | 1,200 |
Equity | 6,894 | 7,805 | 8,339 | 8,495 | 8,618 |
Total liabilities | 4,405 | 4,543 | 4,290 | 4,516 | 4,140 |
Equity ratio (%) | 61 | 63 | 66 | 66 | 68 |
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View Subscription PlansKey Financials
| Item (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
Inventories | 1,612 | 1,609 |
Trade receivables | 1,792 | 1,910 |
Short-term securities | 1,159 | 1,260 |
Net liquidity (company definition) | 4,566 | 4,088 |
Pension provisions | 328 | 163 |
Cash Flow
| Metric (EUR Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross cash flow | — | — | 1,057 | 1,269 | 1,075 |
Net cash flow from operating activities | — | 797 | 941 | 1,231 | 785 |
Net cash flow from investing activities | — | — | -341 | -126 | 128 |
Free cash flow (company definition) | — | — | 600 | 1,105 | 913 |
Capital expenditure incl. intangibles and acquisitions | — | — | — | 437 | 463 |
Dividends paid (Beiersdorf AG) | 159 | 159 | 159 | 227 | 223 |
Share buybacks | — | — | — | 500 | 501 |
Net cash flow from financing activities | — | — | — | -1,029 | -847 |
Ratio [derived]
| Ratio [derived] | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, profit after tax / average equity (%) | 10.0 | 10.5 | 9.3 | 11.0 | 11.2 |
ROA, profit after tax / average assets (%) | 6.1 | 6.5 | 6.0 | 7.2 | 7.4 |
Asset turnover, sales / average assets (x) | 0.71 | 0.74 | 0.76 | 0.77 | 0.76 |
Total liabilities / equity (x) | 0.64 | 0.58 | 0.51 | 0.53 | 0.48 |
Net liquidity / EBITDA (x, net cash) | — | — | — | 2.8 | 2.5 |
Group sales (EUR Mn)
| Group sales (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
Europe | 4,313 | 4,347 |
Americas | 2,567 | 2,505 |
Africa/Asia/Australia | 2,970 | 3,000 |
Total | 9,850 | 9,852 |
Group FY2025 growth (%)
| Group FY2025 growth (%) | Nominal | Organic |
|---|---|---|
Europe | 0.8 | 0.5 |
Americas | -2.4 | 2.8 |
Africa/Asia/Australia | 1.0 | 4.9 |
Total | 0.0 | 2.4 |
Consumer sales (EUR Mn)
| Consumer sales (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
Europe | 3,547 | 3,590 |
Western Europe | 2,786 | 2,839 |
Eastern Europe | 760 | 751 |
Americas | 2,283 | 2,235 |
North America | 1,008 | 997 |
Latin America | 1,275 | 1,238 |
Africa/Asia/Australia | 2,332 | 2,351 |
Total | 8,162 | 8,176 |
Consumer FY2025 growth (%)
| Consumer FY2025 growth (%) | Nominal | Organic |
|---|---|---|
Europe | 1.2 | 0.9 |
Western Europe | 1.9 | 1.8 |
Eastern Europe | -1.2 | -2.3 |
Americas | -2.1 | 3.1 |
North America | -1.1 | 3.8 |
Latin America | -2.9 | 2.6 |
Africa/Asia/Australia | 0.8 | 4.5 |
Tesa sales (EUR Mn)
| tesa sales (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
Europe | 767 | 757 |
Americas | 284 | 270 |
Africa/Asia/Australia | 637 | 649 |
Total | 1,688 | 1,676 |
Consumer brand sales (EUR Mn)
| Consumer brand sales (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
NIVEA incl. Labello | 5,601 | 5,529 |
Derma | 1,372 | 1,492 |
Health Care | 282 | 299 |
La Prairie | 509 | 478 |
H1 2026 Details
| H1 2026 | Sales (EUR Mn) | Nominal (%) | Organic (%) |
|---|---|---|---|
Group – Europe | 2,233 | -5.1 | -5.3 |
Group – Americas | 1,259 | -2.6 | -2.0 |
Group – Africa/Asia/Australia | 1,460 | -5.3 | -1.9 |
Consumer – Western Europe | 1,465 | -6.0 | -6.0 |
Consumer – Eastern Europe | 372 | -8.0 | -8.8 |
Consumer – North America | 493 | -7.7 | -2.4 |
Consumer – Latin America | 638 | 3.0 | -0.8 |
Consumer – Africa/Asia/Australia | 1,145 | -5.7 | -2.1 |
tesa – Europe | 396 | 1.5 | 1.1 |
tesa – Americas | 128 | -7.9 | -5.9 |
tesa – Africa/Asia/Australia | 315 | -3.9 | -1.2 |
Share Price and Market Valuation
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Year-end share price (EUR) | 90.38 | 107.20 | 135.70 | 124.00 | 93.68 |
Market capitalization at 31 Dec (EUR Mn) | 20,500 | 24,315 | 30,779 | 27,679 | 20,471 |
Dividend per share (EUR) | 0.70 | 0.70 | 1.00 | 1.00 | 1.00 |
EPS (EUR) | 2.81 | 3.33 | 3.24 | 4.05 | 4.25 |
Period to 2 Oct 2026 Details
| Period to 2 Oct 2026 (price approx. €75.40) | Change (%) | Basis |
|---|---|---|
Year to date (from €93.68) | -19.5 | [derived] |
1 year | approx. -21 | MarketScreener peer table (date-dependent) |
3 years | approx. -39 | MarketScreener peer table |
From 31 Dec 2023 peak year-end (€135.70) | -44.4 | [derived] |
From 31 Dec 2020 (€94.44), approx. 5 years 9 months | -20.2 | [derived] |
52-week range | €67.08 – €110.20 | ad-hoc-news, 2 Oct 2026 |
Valuation Multiples
| Multiple | Beiersdorf | Basis |
|---|---|---|
P/E trailing | approx. 17.5x | Yahoo Finance (EPS TTM €4.30) |
P/E on FY2025 EPS excl. special factors (€4.44) | approx. 17.0x | [derived] |
EV/EBITDA | approx. 7.5–8.4x | Lower bound uses market cap €16.5 billion less year-end net liquidity €4.09 billion over EBITDA €1,648 million [derived]; upper bound uses Stockopedia EV of €13.83 billion |
EV/Sales | approx. 1.3–1.4x | [derived] |
P/B | approx. 1.8–1.9x | Investing.com; [derived] from equity €8,618 million |
Dividend yield | approx. 1.3% | Yahoo Finance |
EV/NOPAT | approx. 15.5x on consensus, a discount to peers | Jefferies, 28 Sep 2026 |
Capital Markets
| Item | Value | Source |
|---|---|---|
Number of analysts | 20 | MarketScreener |
Mean rating | Hold | MarketScreener |
Average target price | €81.6–82.1 | Yahoo Finance; MarketScreener |
High / low target | €95 / €67 | MarketScreener |
Consensus EPS, next financial year | €3.88 | Stockopedia |
Notable ratings | Bernstein Outperform €95; Deutsche Bank Sell €70; RBC Sell; Berenberg Hold €72; Jefferies Hold €74; DZ Bank Hold €74; JPMorgan Neutral | Sept–Oct 2026 broker notes via MarketScreener, finanzen.net |
Capital Programmes
| Programme | Size | Execution |
|---|---|---|
| 2,024 | Up to €500 million | Completed [recalled] |
| 2,025 | Up to €500 million | 4,690,621 shares, 28 May – 18 Aug 2025; €501 million cash outflow |
2026/2027 | Up to €750 million over two years | 2,109,166 shares, 6 May – 25 Sep 2026; first tranche extended 20 Aug 2026 |
Analyst Conclusions
Management guidance. FY2026: low-single-digit organic sales decline and an adjusted EBIT margin of at least 11.8%. 2027: return to sales growth with a stable margin. From 2028: growth above market with steady margin improvement (H1 26 release).
What the guidance implies. H1 2026 adjusted EBIT was €768 million at a 15.5% margin. If full-year sales decline about 2.4% organically and a further point from currency, to roughly €9.5 billion, an 11.8% margin implies full-year adjusted EBIT of about €1.12 billion and therefore H2 EBIT of about €350 million at a margin near 7.5–8% [derived, illustrative]. The second half is therefore being deliberately sacrificed to fund the €100 million media step-up and absorb gross-margin pressure. Consensus EPS of about €3.88 is consistent with this.
Bull case
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Derma is a €1.5 billion business growing 8% in a low-single-digit market, with the USA and China launches of Thiamidol barely a year old. On a stand-alone basis it would command a multiple well above the Group's 17x.
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NIVEA sell-out remained positive in H1 2026 while sell-in fell 6.8%; if that is accurate, part of the decline is destocking that reverses once trade inventories normalise.
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At about 7.5–8.5x EV/EBITDA with €4 billion of net liquidity and a €750 million buyback under way, the downside is cushioned and the controlling shareholder is buying.
Bear case
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The 2025 volume decline at NIVEA predates the 2026 retailer disputes, suggesting a structural loss of relevance in core categories that media spending alone may not fix.
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Management's forecasting record is poor: three guidance cuts in twelve months and a confirmation in April 2026 that lasted fifteen weeks.
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The margin reset to about 12% may prove a new base rather than a trough if competitors match the investment, leaving Beiersdorf with a structurally lower margin than peers and no faster growth.
Catalysts and monitorables, next 12 months
Analyst verdict. Beiersdorf enters the fourth quarter of 2026 as a company whose strongest and weakest assets are both skin care brands. Derma has roughly doubled in five years and continues to take share on the back of two patented actives. NIVEA, which is nearly four times larger, grew on price alone in 2025 and then contracted by 6.8% in the first half of 2026. Management's diagnosis is candid: several years of prioritising premium face care left body care, deodorant and local execution under-resourced. The remedy is equally plain: spend more, broaden innovation, lower entry price points, and accept a Group margin near 12% in the meantime.
The plan is reasonable; the difficulty is evidential. Investors are asked to believe that sell-out is healthier than sell-in, that retailer conflicts are temporary, and that an 18-month programme will restore growth by 2027, from a management team that has revised guidance downward three times in a year. None of those claims can be verified until the nine-month statement at the earliest, and more realistically until mid-2027.
Against that, the financial position removes any question of solvency or forced action. Net liquidity exceeds €4 billion, the buyback continues, research spending has been protected, and tesa contributes a stable €270 million. The shares, down 44% from their end-2023 level, now price the Group at roughly 17 times trailing earnings and well under 9 times EBITDA, which gives little credit to Derma.
Our synthesis is that the equity is no longer expensive but is not yet investable on evidence. The balance of risk improves materially if third-quarter NIVEA sales show sequential stabilisation and the 2026 margin floor holds. Until then the appropriate stance is neutral, with attention on NIVEA volume, Western European trade relations and the Russian proceedings.
APPENDIX — DATA GAPS AND CONFLICTS
| Item | Status |
|---|---|
| Full-year gross profit, pre-tax income, interest expense, current liabilities, financial debt split, goodwill and intangibles, working capital | Reported in AR 2025 financial statements |
| FY2021 operating cash flow; capex before 2024 | — |
| Individual Executive Board remuneration | Aggregator figures only |
| Top 10 institutional holders; ESG agency scores | — |
| maxingvest stake | 53.17% (company IR page) versus 51.19% (third party, January 2025) |
| Market capitalization | €16.35–16.9 billion across sources in the week to 2 Oct 2026 |
| Group versus Consumer EBIT margin on one AR web page | 13.6% shown under a Group heading matches the Consumer figure; Group is 14.0% per the press release |
| FY2023 segment EBIT split; peer benchmarks; footprint list; pre-2019 history; NIVEA-Kao transaction | Recalled from earlier disclosures, flagged in the text, to be re-verified |
| Executive Board composition after 2 March 2026 | No change found; not positively confirmed |
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Function and responsibilities | On Board since | Prior roles | Notes |
|---|---|---|---|---|
Vincent Warnery | CEO; Strategy, Internal Audit, Supply Chain and QA, R&D, Derma, Health Care, Communication, Sustainability, Japan | Feb 2017; CEO since 1 May 2021 | Procter & Gamble, L'Oréal, Sanofi; previously Board member for Pharmacy & Selective | French national, aged about 58; contract extended to end of 2030 |
Astrid Hermann | CFO; Finance, Legal and Compliance, IT; tesa SE oversight | 1 Jan 2021 | Colgate-Palmolive (VP Finance North America) | Deputy chair of tesa SE supervisory board; board member of Stora Enso |
Oswald Barckhahn | Europe, USA and Canada, Luxury (La Prairie, Chantecaille) | 15 Oct 2021 | Jacobs Douwe Egberts (President Europe); earlier PepsiCo [recalled] | Took over Luxury after Rasquinet's departure |
Grita Loebsack | President NIVEA; brand management, digital marketing, Greater China and South Korea | 1 Jan 2022 | EssilorLuxottica (CMO Essilor), L'Oréal (16 years, including Vichy), Unilever [recalled] | Leads the NIVEA turnaround |
Ramon A. Mirt | Emerging Markets: Latin America, Africa, Asia excluding Greater China, Russia | 2019 [recalled] | Long Beiersdorf career in Latin America [recalled] | — |
Nicola D. Lafrentz | Human Resources, General Services; Labor Director | May 2022 | Senior HR roles at Beiersdorf 2015–2021 and elsewhere | — |
Directors' Remuneration
| Executive | Total compensation FY2025 (EUR Mn) | Basis |
|---|---|---|
Vincent Warnery | 6.82 | Aggregator, named |
Astrid Hermann | 3.47 | Aggregator, named by role |
Ramon A. Mirt | 3.50 | Aggregator, inferred from tenure |
Oswald Barckhahn | 3.41 | Aggregator, inferred from tenure |
Grita Loebsack | 6.64 | Aggregator, inferred from tenure |
Nicola D. Lafrentz | 2.19 | Aggregator, named by role |
Board of Directors
| Name | Role | Affiliation | Representation |
|---|---|---|---|
Prof. Dr. Reinhard Pöllath | Chairman | Lawyer, P+P Pöllath + Partners; chair since 2008 (MarketScreener) | Shareholder |
Frédéric Pflanz | Deputy Chairman | Managing Director and CFO, maxingvest | Shareholder (controlling shareholder) |
Wolfgang Herz | Member | General Manager, Participia Holding; maxingvest and Tchibo supervisory boards | Shareholder (controlling family) |
Hong Chow | Member | EVP, Head of Product and Portfolio Strategy, Novo Nordisk | Shareholder |
Uta Kemmerich-Keil | Member; Audit Committee chair | Non-executive director, including British American Tobacco and Schott | Shareholder |
Donya-Florence Amer | Member; Digital and ESG Committee chair | Executive Board member (CIO/CHRO), Hapag-Lloyd | Shareholder |
Barbara Wentzel | Deputy Chairwoman | Works Council, Beiersdorf AG | Employee |
Olaf Papier | Member | Chairman of the Works Council, Beiersdorf AG | Employee |
Jan Koltze | Member | Regional Head, IG BCE trade union | Employee |
Doris Robben | Member | Deputy chair, Works Council, tesa SE | Employee |
Kirstin Weiland | Member | Process engineer, tesa Manufacturing Hamburg | Employee |
Hilde Cambier | Member | VP Marketing, tesa | Employee |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Feb 2025 | CEO Warnery's contract extended to end of 2030 | Previously ran to 31 January 2027 (Dow Jones) |
30 Jun 2025 | Patrick Rasquinet (Pharmacy & Selective) left the Executive Board | Derma and Health Care moved to the CEO; Luxury to Barckhahn (AR 2025) |
| 2024 | Auditor rotation from EY to PwC | Mandatory rotation |
Major Shareholders
| Holder | Stake (%) | Source |
|---|---|---|
maxingvest group | 53.17 | Beiersdorf IR shareholder structure page (current version, undated) |
Beiersdorf AG treasury shares | 9.92 | Same |
Free float | 36.91 | Same |
Competitive Landscape
Competitors by Segment
| Business | Competitors |
|---|---|
Mass skin and personal care (NIVEA) | L'Oréal (L'Oréal Paris, Garnier), Unilever (Dove, Vaseline, Rexona), Procter & Gamble (Olay, Old Spice), Kenvue (Neutrogena, Aveeno), Henkel, Colgate-Palmolive, Kao, private label |
Dermocosmetics (Eucerin, Aquaphor) | L'Oréal Dermatological Beauty (La Roche-Posay, CeraVe, Vichy), Pierre Fabre (Avène), Galderma (Cetaphil), Kenvue, NAOS (Bioderma) |
Wound care (Hansaplast) | Kenvue (Band-Aid), Essity (Leukoplast), private label |
Luxury skin care (La Prairie, Chantecaille) | Estée Lauder (La Mer), L'Oréal Luxe (Lancôme, Helena Rubinstein), LVMH (Guerlain), Shiseido (Clé de Peau), Sisley |
Adhesive tapes (tesa) | 3M, Nitto Denko, Avery Dennison, Lohmann, Scapa/Mativ, Intertape Polymer |
Peer Comparison FY2024
| Company | Revenue FY2024 | Organic / like-for-like growth FY2024 | Operating margin FY2024 | R&D intensity |
|---|---|---|---|---|
Beiersdorf (FY2025 actual) | €9.85 billion | +2.4% | 14.0% (excl. special factors) | 3.7% |
Beiersdorf (FY2024 actual) | €9.85 billion | +6.5% | 13.9% | 3.6% |
L'Oréal | approx. €43.5 billion | approx. +5% | approx. 20% | approx. 3% |
Unilever (Group) | approx. €60.8 billion | approx. +4% | approx. 18% (underlying) | approx. 1.6% |
Procter & Gamble (FY to June 2025) | approx. US$84 billion | approx. +2% | approx. 23–24% | approx. 2.5% |
Recent Developments
Headcount fell slightly, from 22,480 to 22,326 between June 2025 and June 2026.
