Q2 2026 Beiersdorf AG Earnings Call Transcript
Key Points
- Derma business (Eucerin, Aquaphor) delivered strong high single-digit growth of 7.8% in H1 2026, outperforming the market with notable successes in Brazil, China, and North America.
- La Prairie returned to growth in Q2 2026 with 2.2% organic net sales growth, driven by strong performance in domestic China and a healthy inventory level.
- Healthcare business (Hansaplast, Elastoplast) grew 6.2% organically in Q2, with three consecutive years of market share gains and successful innovations like the pressed plaster.
- Aquaphor launched its largest US product expansion into body lotions and creams, a significant white space opportunity representing over 80% of the US body care market.
- The company is implementing a decisive 18-month turnaround plan for Nivea, including a EUR100 million increase in consumer-facing investment in H2 2026, with early signs of improving sell-out performance.
- Tesa returned to growth in Q2 2026 with 2.5% organic sales growth, driven by broad-based momentum across industrial, trade, and converting businesses.
- The company maintains a strong commitment to shareholder returns through share buybacks and dividends, with a confirmed EUR750 million buyback program.
- Nivea's net sales declined by 6.7% organically in Q2 2026, with the rebalancing strategy showing only isolated positive effects and not yet achieving global growth.
- The company lowered its full-year 2026 guidance to a low single-digit organic sales decline for the consumer business, down from previous expectations of flat to slightly growing sales.
- Consumer EBIT margin is expected to decline by around 250 basis points in 2026, driven by gross margin pressure, negative mix effects from Nivea rebalancing, and increased marketing investments.
- The crisis in the Middle East continues to weigh on the Africa, Asia, and Australia region, with a 160 basis points headwind to growth in H1 2026.
- Tesa's electronics business faced challenging market conditions, particularly in Greater China, with ongoing destocking and weaker demand, leading to a 0.9% organic sales decline in H1 2026.
- The company faces ongoing customer conflicts in Europe, which have impacted Nivea's shipments and contributed to a gap between sell-in and sell-out performance.
- Gross margin decreased by 100 basis points in the consumer business due to higher raw material costs, lower factory utilization from reduced volumes, and unfavorable foreign exchange effects.
Ladies and gentlemen, welcome to the BIASoft H1 Results 2026 Conference Call.
I am Sergen, the chorus call operator.
I would like to remind you that all participants will be in listen-only mode and the conference being recorded.
The presentation will be followed by a Q&A session.
You can register for questions at any time by pressing star and one on your telephone.
For operating assistance, please press star and zero.
The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand it over to Christopher Sheldon, Head of Investor Relations. Please go ahead.
Thank you, Zach, and good morning, everyone, and thank you for joining us for our first half year 2026 conference call. I'm here with our CEO, Vincent Vannery, and our CFO, Astrid Hermann. As always, we will start with a presentation of the results.
Followed by a Q&A session.
And with that, I would like to hand over to
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