Beiersdorf: FY26 warning, H126 EBIT in line with consensus, JPM sees teens downgrade to FY26/27E EPS

研报英文原文证据摘录

Beiersdorf: FY26 warning, H126 EBIT in line with consensus, JPM sees teens downgrade to FY26/27E EPS

J P M O R G A N Europe Equity Research

03 August 2026

Beiersdorf Neutral

BEIG.DE, BEI GR

FY26 warning, H126 EBIT in line with consensus, JPM Price (31 Jul 26):€80.70

sees teens downgrade to FY26/27E EPS Price Target (Dec-27):€80.00

Our Take: Beiersdorf just issued a sales and profit warning along with key European Food Producers,

highlights of H1 reporting (full reporting will be on Wednesday). The new Household & Personal Care

guidance for FY26 and FY27 is materially below expectations and we would Products, Beverages & Tobacco

expect to see low to mid teens cuts to FY26/FY27 consensus: FY26 LFL is Celine Pannuti, CFA AC

expected to decline LSD driven by Consumer down LSD (vs consensus -0.5%/- (44-20) 7134-7123

1.2% respectively), group margin FY26 margin of at least 11.8% (vs css 13.4%) celine.pannuti@jpmorgan.com

with a Consumer margin of at least 11% (vs consensus 12.8%) implying a c260bps Edward G Hockin

margin fall, much wider than prior guidance of a slight decline. FY27 should “see (44-20) 7742-6937

edward.hockin@jpmorgan.com

a return to net sales growth” (vs css +3.3%) and stabilisation of EBIT margin (at J.P. Morgan Securities plc

c11.8% vs css 13.5%) and to return to profitable growth from FY28. The higher-

than-expected magnitude of the warning evidences the task to turn around Nivea: Specialist Sales contact details:

“The Executive Board has resolved to launch the next phase of the program to Olivia Petronilho - Specialist Sales -

stimulate NIVEA’s growth momentum on a global scale. This second phase will European Consumer

focus on reigniting growth across all categories, drive volume and penetration (44-20) 3493-3709