Beiersdorf, DE0005200000

Beiersdorf stock holds 2026 outlook as NIVEA pressure persists

Published on 11/12/2026 at 10:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Beiersdorf stock traded at 84.94 euros on Thursday morning. Derma growth and unchanged 2026 guidance temper continued NIVEA weakness.

Growth offsets brand pressure

Derma and La Prairie expanded strongly in the third quarter.
NIVEA remained the main drag despite improving global sell-out.
Management retained its full-year sales and margin targets.

Beiersdorf, DE0005200000, Illustration mit AI erstellt.

Beiersdorf is entering the final stretch of 2026 with a split portfolio picture: Derma and La Prairie are expanding, while NIVEA remains under pressure. The company kept its full-year outlook unchanged in its third-quarter update, as reported by AD HOC NEWS.

Beiersdorf stock traded at 84.94 euros on Lang & Schwarz at 10:42 CET on Thursday, November 12, 0.28 percent above the Xetra close of 84.70 euros on Wednesday, November 11.

Derma remains the growth engine

The Derma business, including Eucerin and Aquaphor, delivered 10.6 percent organic sales growth in the third quarter. La Prairie advanced 8.5 percent, helped by momentum in China, while Health Care grew 5.7 percent.

Group sales reached 2.362 billion euros in the quarter. Reported sales increased 0.4 percent, but organic sales declined 1.3 percent. For the first nine months, group sales stood at 7.314 billion euros, down 2.8 percent organically.

The performance gives Beiersdorf important support outside its largest consumer brand. Aquaphor is expanding into body care in North America, and the company is launching FACE+ in Europe. Beiersdorf also plans a five-year NIVEA SUN partnership with the Tour de France starting in 2027.

NIVEA turnaround faces execution test

NIVEA organic sales fell 4.9 percent in the third quarter. Temporary sell-in effects, trade-related tensions and inventory destocking weighed on the brand, although global sell-out continued to grow. Management is focusing the turnaround on broader innovation, a stronger value-for-money proposition and greater use of local consumer insights.

The contrast between sell-in and sell-out remains central for investors. Beiersdorf expects temporary retail pressures to fade gradually by year-end, but the fourth quarter carries a tougher prior-year comparison. The success of the turnaround will depend on whether improving shopper demand translates into stronger reported sales while inventories and retailer relationships normalize.

Guidance stays cautious

Beiersdorf continues to expect a low-single-digit organic sales decline for the Consumer Business segment in 2026. The company targets a Consumer EBIT margin excluding special factors of at least 11.0 percent and a group margin of at least 11.8 percent.

The unchanged outlook limits the immediate earnings reset, but it also leaves little room for renewed weakness in NIVEA or further pressure in the tesa Electronics business. Investors are likely to focus on fourth-quarter sell-in, consumer demand and evidence that the turnaround is building a stronger base for 2027.