Q1 2026 Beiersdorf AG Earnings Call Transcript
Key Points
- The Derma business achieved an outstanding 8.2% organic sales growth, significantly outperforming the market.
- Eucerin and Aquaphor brands are driving growth in key markets such as North America, Brazil, and China.
- NIVEA's rebalancing strategy is showing early signs of success, with a 1.7% year-to-date sell-out growth.
- La Prairie's retail sales, excluding disruptions, grew close to 10% in Q1, indicating strong underlying demand.
- Beiersdorf AG (BDRFF) is maintaining its 2026 guidance, expecting net sales to be flat to slightly growing organically.
- The company experienced an organic net sales decline of 4.6% at the group level in Q1.
- NIVEA and La Prairie faced significant headwinds, with net sales declining by 7% and 14.9%, respectively.
- Retailer conflicts in Europe, particularly in Germany and France, are impacting NIVEA's sales performance.
- The Middle East crisis contributed to a 50% decline in net sales for NIVEA and Eucerin in the region.
- The automotive sector remains challenging for the tesa business, impacting overall performance.
Good morning, everyone, and thank you for joining us for our first quarter 2026 conference call. I'm here with our CEO, Vincent Warnery; and our CFO, Astrid Hermann.
As always, we will start with a presentation of our sales performance of the quarter, followed by a Q&A session. And with that, I'd like to hand over to Vincent.
Thank you, Christopher, and good morning. Welcome to today's conference call. Astrid and I will walk you through our sales figures for the first three months of 2026 and a deep view on the key strategic initiatives we are executing to strengthen our business.
This includes an update on our ongoing NIVEA rebalancing. Our Q1 sales were in line with expectations. As mentioned in our full year 2025 call a few weeks ago, we anticipated a challenging start into 2026 with several factors impacting La Prairie and NIVEA net sales performance.
Our Derma business continue to demonstrate outstanding growth, fully delivering on its strategy. La Prairie faced
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