拜尔斯道夫电话会议后：销售趋势改善，但新战略需要更有说服力

研报英文原文证据摘录

J P M O R G A N

Europe Equity Research

05 August 2026

Beiersdorf

Post the call: Improving sell-out trends but New strategy

needs more convincing

Beiersdorf CEO Vincent Warnery and CFO Astrid Hermann presented the

conference call post H126 results, overviewing the next phase of Nivea turnaround

for the next 18m and updated FY26/27 guidance. The company flags that Nivea

sell-out growth has been improving (growth globally, Europe and EMs), with the

sell-in/sell-out gap driven 30% by retailer conflicts (though now with deals

covering c90% of Europe customers and not expecting further disruption), 50%

from destocking, and 20% by specific actions such as changes in route to market

in Malaysia and Philippines. Management noted that they hope sell-in and sell-out

are more aligned by the end of the year. The company expects some improvement

in Consumer LFL in H2 (implied by guidance FY -LSD) aided by new product

launches - notably Nivea extension in affordable ranges, across sub-segments, US

Aquaphor and Eucerin pipeline. On margin, the company guides a more even

phasing of investment in 2027 after the €100m step up in H226, and looks for better

mix in 2027. Beiersdorf does not see a need to cut prices, nor broader operational

changes, though scope for better rhythm/time to market on new innovations. Net

net - phase 2 of Nivea turnaround involves broadening affordable ranges into all

categories and accelerating investments. Yet with so many stops and starts for the

brand over the past 2 decades, and lingering share losses, we question whether a

reactive strategy (multiplication of innovation, step up in investments) is enough

to address the endemic underperformance. In a difficult market place, Beiersdorf

seems to lack speed and agility to react to changing trends or increasing

competitive pressures (Korean brands, private labels, Unilever in Deodorant and

Body, Mixa competition) which should warrant deeper overhaul on key functional

skills sets, in commercial execution, R&D and innovation funnel and marketing.

Also with margin guidance implying Consumer down c450bps in H2 (and Group

c350bps), we expect continued scrutiny on the building blocks to stabilising

…