Beiersdorf (BEI.GR) 2Q26: The Final Cut?

研报英文原文证据摘录

Beiersdorf (BEI.GR) 2Q26: The Final Cut?

3 August 2026

Callum Elliott, CFA, ACA

+44 20 7676 7183

European Household & Personal Care callum.elliott@bernsteinsg.com

Beiersdorf Victoria Nice, CFA

+44 20 7762 5862

Rating victoria.nice@bernsteinsg.com

Outperform Henry Dennis

Price Target +44 20 7676 6776

henry.dennis@bernsteinsg.com

BEI.GR 95.00 EUR

Simran Cheema

+44 20 7676 6705

simran.cheema@bernsteinsg.com

Beiersdorf pre-released its 2Q26 intraday this morning, with a big profit warning. Nivea

Close Date 31 Jul 2026

sales growth of -6.7% is a long way behind already weak consensus estimates of -3.8%, and

BEI.GR Close Price (EUR) 80.70

shows essentially no improvement from the very weak Q1. Against this ongoing challenging

Price Target (EUR) 95.00

performance management announces a cut to FY26 growth forecasts, and a new 18-month

Upside/(Downside) 18%

“turnaround plan”, with a big cut to profitability expectations, as the company plans to increase

52-Week Range 110.15/66.92

investments behind the Nivea brand. At a first pass, we expect that consensus estimates will

EDME 1,611.67

need to come down around 15%, and expect the stock to take a big hit today, accordingly.

FYE Dec

Organic sales growth of -3.3% in Consumer is around 150bps behind consensus Div Yield 1.2%

expectations. The miss is all driven by the Nivea brand, which is around 300bps weaker Market Cap (EUR) (M) 19,674

than expected, with other brands/divisions all better than expected but unlikely to be the EV (EUR) (M) 15,544

focus today. Management revises guidance for the Full Year, to “Low-Single-Digit” Organic Performance YTD 1M 6M 12M

sales decline in Consumer. With H1 at -4.0% and Q2 at -3.3%, we think this broadly covers Absolute (%) (12.9) 6.9 (18.0) (24.4)