Comment: Beiersdorf Q2 Expectations

研报英文原文证据摘录

Comment: Beiersdorf Q2 Expectations

24 June 2026

Callum Elliott, CFA, ACA +44 20 7676 7183 callum.elliott@bernsteinsg.com

Victoria Nice, CFA +44 20 7762 5862 victoria.nice@bernsteinsg.com

Henry Dennis +44 20 7676 6776 henry.dennis@bernsteinsg.com

Simran Cheema +44 20 7676 6705 simran.cheema@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. Ahead of the Beiersdorf Q2 results,

due on the 5th August, we update on key themes and our thoughts below.

The crux of the message was that, whilst the “rebalancing” is underway, it will take time and Q2 growth is likely to remain weak.

By Division/Brand:

Nivea. Remains under pressure: continue to face retailer conflicts from Q1 with most unresolved. Middle East is still a drag, but with a whole

quarter of impact, so an incremental drag relative to Q1 which had only one month of impact. Apart from the past week, the sun season

has been weak in Europe, and laps tough comparisons from last year. On the positive side, the innovation phasing which dragged on Q1

should drop away, but this positive likely to be offset by the aforementioned negatives. We infer that Nivea likely to remain in negative growth

territory, likely to the tune of negative MSD, with consensus likely to come down over the coming weeks.

Derma. No meaningful change, still doing well against backdrop of industry growth still weak. Excited for new innovation in Acne in H2. But

Q2 laps the toughest comp of the year. We infer that Derma could be +MSD in Q2, slightly below current consensus.

La Prairie. Should see incremental improvement from Q1 as the Saks situation has been resolved and now shipping to them again. But

China TR disruption still an impact in Q2.

Healthcare/Hansaplast.