Beiersdorf AG

Group / Consumer performance (Q3) – modest decline but improving trend - Consumer net sales: -0.7% organic in Q3; +0.6% organic excluding Russia. - Derma outperformance (key driver): +10.6% organic in Q3 (broad-based across regions/categories; supported by innovations and “white space” expansion). - Healthcare within Derma: +5.7% organic in Q3 (Wound Care innovation). - Luxury accelerating: La Prairie +8.5% organic in Q3; Chantecaille delivered double-digit growth. - NIVEA drag remains the main offset: NIVEA -4.9% organic in Q3 (sell-in pressure; sell-out improving but still below market).

NIVEA turnaround – progress on sell-out, but sell-in headwinds & continuing disconnect - Russia-related disruption: Q3 NIVEA performance impacted by a commercial dispute involving the Russian subsidiary and a local partner; resolved/settled, normal business resumed (expectation: Q4 Russia is normal, and Eastern Europe should improve). - Sell-in vs sell-out: Management says sell-out is growing globally, but not yet gaining market share (i.e., sell-out growth still below market). - Phasing/destocking: still a factor in Q3; expectation is stock levels normalize by year-end, reducing pressure into 2027. - Key “phase 2” actions for 2026–27: unlocking portfolio & size growth, stronger value/access, local relevance, and higher consumer-facing investment.

Q4 expectations (Consumer) – still slightly negative but improving; guidance reiterated - Management maintains guidance: low single-digit organic decline for full-year Consumer. - Q4 sell-out expected slightly negative vs Q3 (still affected by residual retailer/customer conflicts and the need to end the year with healthy stocks). - Explicit note on comps: Q4 2025 was heavily impacted by Derma Control/Epicelline-type launches; not expected to repeat in Q4 2026.