H1 Preview: Slipping Further

Research evidence excerpt

H1 Preview: Slipping Further

Update

June 30, 2026 04:00 PM GMT

Morgan Stanley & Co. International plc+MBeiersdorf AG | Europe Tilly Eno

Equity Analyst

H1 Preview: Slipping Further Tilly.Eno@morganstanley.comSarah Simon +44 20 7677-3662

What’s Changed Sarah.Simon@morganstanley.com +44 20 7425-6064

David J Roux

Beiersdorf AG (BEIG.DE) From To Equity Analyst

Price Target €73.00 €71.00 David.Roux@morganstanley.com +44 20 7425-1040

Chris Linford, CFA

Another likely challenging quarter ahead leaves a FY OSG and ResearchChris.Linford@morganstanley.comAssociate +44 20 7425-1639

margin guidance cut looking increasingly inevitable, albeit now Richard Li

fairly widely anticipated. However, we continue to see further ResearchRichard.Li@morganstanley.comAssociate +44 20 7425-1976

downside risk beyond this. Stay Underweight.

Beiersdorf AG (BEIG.DE, BEI GY)

Q2/H1 preview: Q2 is set to be another difficult quarter, primarily driven by further Household & Personal Care Products | Germany

weakness in Nivea amidst ongoing disruption from the retail dispute (not yet Stock Rating Underweight

Industry View In-Line

resolved, per the company) and in the Middle East, as well as a strong deceleration Price target €71.00

in European scanner data (particularly within suncare, but also across other Shr price, close (Jun 29, 2026) €75.22

52-Week Range €113.10-67.08

subcategories), somewhat mitigated by a favourable comp base (we note though Mkt cap, curr (mn) €16,626

that this factor becomes a headwind again in H2 - see below). Overall, we forecast Net debt (12/26e) (mn)* €(4,130)

EV, curr (mn)* €12,619

Q2 Group OSG of -2.0% (VA cons -0.5%) including Consumer OSG -3.3% (VA cons -

* = GAAP or approximated based on GAAP

1.4%), primarily driven by Nivea -6% and only partly mitigated by Derma +MSD% and