Beiersdorf Q2/H126 Preview: JPMe Consumer -3.3% LFL, lower EPS 26E -5% on topline and margin risk

研报英文原文证据摘录

Beiersdorf Q2/H126 Preview: JPMe Consumer -3.3% LFL, lower EPS 26E -5% on topline and margin risk

J P M O R G A N Europe Equity Research

23 June 2026

Beiersdorf Neutral

BEIG.DE, BEI GR

Q2/H126 Preview: JPMe Consumer -3.3% LFL, lower Price (22 Jun 26):€70.96

EPS 26E -5% on topline and margin risk ▼Price Target (Dec-27):€80.00 Prior (Dec-27):€90.00

We update our model ahead of Q2/H1 results on 5th August, following on from our

recent CEO Fireside Chat, latest industry data, and discussion with the company. European Food Producers,

Household & Personal CareWe expect Consumer LFL -3.3% in Q2 (from JPMe -0.3% previously) only a

Products, Beverages & Tobacco

sequential improvement vs Q1 -4.5% amidst a still poor performance for NIVEA

at -5.9%. As such, we now forecast Consumer LFL at -2.5% for 2026 (from -0.3% Celine Pannuti, CFA AC

and below management's slightly positive guidance). On EBIT margins, higher (44-20) 7134-7123

celine.pannuti@jpmorgan.com

input costs come on top of the current FY26 EBIT guide for a slight decrease, whilst

Edward G Hockin

operating deleverage from NIVEA weakness seems stronger than expected and

(44-20) 7742-6937

CEO Vincent Warnery has been clear the company will not compromise media edward.hockin@jpmorgan.com

spend to offset. We therefore lower Group EBIT margins in 2026E to 13.0% (from J.P. Morgan Securities plc

13.5%, down 100bps yoy) and cut adj. EPS -5%. We now expect Beiersdorf to miss

Specialist Sales contact details:its guide range for FY26. We lower EPS 27E -6%, a similar magnitude to our EPS

26E cut, leaving us 4% below consensus. Yet our COGS tracker points to Olivia Petronilho - Specialist Sales -

incremental headwinds in 2027, and the magnitude of NIVEA softness so far in European Consumer

(44-20) 3493-3709