Not all segments disappointed. Derma brands Eucerin and Aquaphor extended their multi-year outperformance with 7.8% organic growth to €837 million, fueled by innovation and expansion into new growth markets. La Prairie returned to net sales growth in the second quarter as temporary retail disruptions faded, with a new entry line scheduled for September. The tesa business improved momentum in Q2 despite headwinds in electronics, posting 2.5% organic growth to €839 million.
Shares fell as much as 7.6% intraday to €77.76, their lowest level in over a month, before paring losses to close down 3.6%. The stock is down roughly 17% year to date. Analyst reactions were mixed: RBC said the miss was not dramatic, while Bernstein called it a profit warning of enormous magnitude that could cut consensus estimates by 15%.
Management maintains its mid-term ambition of returning to net sales growth in 2027 and profitable growth from 2028. The critical test is whether the Nivea turnaround can deliver measurable traction before the added marketing spend erodes margins further. Can Beiersdorf execute an 18-month brand revival in a volatile market without sacrificing the profitability that underpins its long-term targets?
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
