Beiersdorf AG

Overall performance: Consumer slightly down, Derma/ Luxury strong; group held back by NIVEA + tesa - Consumer organic -0.7% in Q3; +0.6% excluding Russia. - Derma +10.6% organic (broad-based; supported by innovations + expansion into “white spaces”); Healthcare +5.7% (Wound Care innovation). - Luxury (La Prairie) +8.5% organic; China remained key (+28% net sales). - NIVEA -4.9% organic in Q3; key driver of consumer weakness. - tesa organic -4.3% in Q3 due to semiconductor shortages in electronics (electronics also higher margin), dragging group profitability.

NIVEA turnaround: sell-out improving, sell-in still pressured; Russia issue resolved - NIVEA sell-out is growing, but still below market → not yet market-share recovery. - Main sell-in headwinds: retailer disputes, plus phasing/destocking; dynamics improved vs Q2. - Russia commercial dispute with a Russian partner was resolved; business is “back to normal”. Eastern Europe expected to improve; Q3 Eastern Europe was down heavily due to Russia (-14.6% reported, but -1.3% excluding Russia). - Strategy reset pillars (for 2026–27): portfolio/size expansion, faster innovation pipeline, accessibility/value-for-money, stronger local relevance, and higher consumer-facing investments targeted for impact.

Q4 and full-year outlook: still slightly negative, but improving sequentially; guided broadly maintained - Management expects Consumer full-year to deliver a low single-digit organic decline (Q3 year-to-date consumer organic -2.9% with tougher Q4 comps). - Expectation for Q4 at sell-out: slightly negative, balancing remaining retailer/distributor effects and the goal to end the year with healthy stock levels. - NIVEA sell-in vs sell-out gap target: exit Q4 “exactly in line” (i.e., working toward closing the disconnect by end of year). - Consumer EBIT margin (ex. special factors) ≥ 11.0% guided for the full year.