Beiersdorf's Shares and Investor Relations

In 2022, the capital markets were dominated by inflation and the interest rate policy of the central banks. While at the beginning of the year, expectations had been for an economic recovery as life returned to normal after the pandemic, the Russia-Ukraine conflict very quickly overshadowed these positive developments. The war triggered shortages and price rises in the commodity markets, which had already been trading at a high level, and especially the energy sector. Signs of recession mounted both in Europe, which was highly dependent on the Russian energy sector, and in the United States, and the inflation rate rose significantly in the second half of the year. To tackle this development, the central banks shifted away from their low interest rate policy and hiked rates sharply in the United States and Europe. In this process, further rate hikes were already signaled for 2023.

In many parts of the world, the pandemic played a dominant role again in 2022. The Chinese economy, for example, was hit hard, as the strict implementation of the zero-Covid policy led to abrupt, large-scale lockdowns that temporarily imposed considerable restrictions on both goods production and public freedom. Toward the end of the year, the Chinese government distanced itself from its previous policy, and a stabilization of the economic situation in the current year is anticipated.

Oil and gas prices in 2022 reflected developments on the commodity markets: both commodities saw their prices rise significantly as a result of the Russian invasion. Particularly in Europe, gas prices hit historic highs, with deliveries from Russia to the European Union coming to a standstill. The situation on the oil and gas markets eased somewhat toward the end of the year and prices began to fall, though they remained at a high level. The development of the US dollar against the euro also reflected the difficult situation in Europe. While the euro was still the significantly stronger currency at the start of the year, the situation reversed in mid-2022. After reaching parity at the end of the first half of the year, the US dollar continued to appreciate further and was worth more than the euro during the fall. It was Europe and the euro that then benefited most from the slight easing on the energy markets toward the end of the year.

Beiersdorf’s shares defied this difficult market environment and outperformed the market on the back of strong operating results. Early in the year, the share price fell like the market as a whole to a temporary low shortly after the Russian invasion began. However, consumers’ desire to return to normality after the pandemic was strong, and demand rose significantly in mobility and tourism categories such as deodorants and lip and sun care. In addition, Beiersdorf’s higher investments in the face care area increasingly paid off and lifted demand over the course of the year. Higher sales, market share, and profitability subsequently led to an upgraded outlook for the year in the quarterly and half-year publications. Beiersdorf’s share price rose to just under €100 at mid-2022 and closed the year at €107.20. This was 18.6% higher than the year-end closing price for 2021 and gave us a top ranking compared with our competitors and the DAX40.

The strong shares performance during 2022 also meant that Beiersdorf AG returned to the DAX in June and established its presence in the middle of the index.

In the reporting year, the Annual General Meeting of Beiersdorf AG took place in a virtual format for the third time at the Group’s headquarters in Hamburg. For the first time in our corporate history, this event was not only accessible to shareholders but available for the general public to watch. Around 500 viewers participated in this way in the meeting on April 14, 2022.

Capital market communication was clearly focused on macroeconomic developments: It covered the implications of the Russia-Ukraine conflict, higher commodity prices, and concerns about recession, as well as topics such as the regional impacts of the pandemic. At roadshows and conferences, the Executive Board also explained how Beiersdorf can take advantage of new market opportunities through its investments as part of the C.A.R.E.+ strategy and the continued development of the operational business model.

In 2022, Beiersdorf held its first Capital Markets Day, inviting numerous analysts and investors to Hamburg to better get to know the Beiersdorf management team. As well as detailed strategic insights at brand level, the Executive Board also presented the medium-term outlook with profitable growth in the Consumer Business Segment. Analysts and investors could also discover how Beiersdorf’s new management is successfully implementing the C.A.R.E.+ strategy and driving transformation in the company.

Around 25 financial analysts published regular research notes on Beiersdorf in the reporting year. The number of buy recommendations rose constantly over the course of 2022. This meant that, by the end of the year, the vast majority of analysts had buy recommendations for Beiersdorf’s shares.

For more information on Beiersdorf’s shares please visit www.beiersdorf.com/shares

For more information on Investor Relations please visit www.beiersdorf.com/investors

Analyst recommendations

As of Dec. 31, 2022 (in %)

Shareholder structure

As of Dec. 31, 2022 (in %)

Beiersdorf’s share price performance 2022

Jan. 1 - Dec. 31 / relative change in %