Annual Report 2023

Annual Report 2023

Beiersdorf’s Shares and Investor Relations

After a volatile year for the economy in 2022, the market placed high hopes on an improvement in 2023. Geopolitically, however, there was no respite, with the Russia-Ukraine conflict continuing unchanged and new serious conflicts flaring up in the Middle East. Despite this, the performance of the capital markets in 2023 was primarily driven by inflation and the interest rate policies of central banks. High inflation figures at the beginning of the year in Europe and the USA led central banks to respond with historic rate hikes. However, the situation on the capital markets at the end of the year proved more favorable than many had expected. This was primarily due to the easing of inflation as the year progressed and the expectation of falling rates looking ahead to 2024. Leading indexes, including in Germany and the USA, reflected this by reaching record levels toward year-end 2023.

Subdued economic growth, well below the average for the past decades, is nevertheless still expected for 2024. The most important causes for this is to be found in the second largest economy – China – whose performance was significantly impaired in 2023 due to structural problems which are likely to continue in 2024. High price levels and interest rate hikes could also put the brakes on the US economy in the next year. The prospects for the eurozone are significantly better, and economic growth is expected to pick up slightly after the stagnation in 2023.

Gas prices, which soared to new heights as a result of the Russian invasion in 2022, returned to normal levels in the course of 2023. The oil price remained within a narrow range in the first half of the year before rising sharply due to the supply shortage and developments in the Middle East conflict. Toward the end of the year, calm increasingly returned to the oil market. The value of the US dollar against the euro was also largely driven by inflation and central bank interest rate policy, moving in a narrow corridor throughout the year with little fluctuation. The euro benefited from the prospect of lower inflation and appreciated slightly toward the end of the year.

Beiersdorf’s shares continued their strong performance from the previous year. After a restrained first two months of 2023, Beiersdorf’s shares rose during the second quarter to an interim high of over €127. This was on the back of strong market data and better-than-expected first-quarter results. As the year progressed, the capital market came to the view that the difficult market environment for our luxury brands was being more than outweighed by the outstanding performance at NIVEA and the Derma brands. The excellent figures and upgraded outlook for the year took the share price to a new all-time high as the year continued. At the end of 2023, Beiersdorf’s shares closed at €135.70. This was 26.6% up on their closing price for 2022 and put them among the front-runners compared with both the competition and the DAX.

The Annual General Meeting took place in a virtual format at the company’s headquarters in Hamburg. For the second time, not just shareholders but anyone interested were able to follow the event from their computer. Around 2000 viewers took advantage of this offer and attended this year’s Annual General Meeting online on April 13, 2023. A new feature this year was the opportunity for shareholders around the world to pose their questions live via a virtual request-to-speak counter and thereby interacting directly with the Executive Board, as was commonplace for decades at the in-person Annual General Meetings.

In 2023, the focus in capital market communication was on the development of our brands. For NIVEA, it discussed both pricing and, in particular, the growth opportunities in emerging markets. For the Derma brands Eucerin and Aquaphor, communication centered on innovations around the active ingredient Thiamidol and potential new business areas. In the case of the premium and selective brands Chantecaille and La Prairie, developments in China and in travel retail were analyzed in depth. 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.

Around 25 financial analysts published regular research notes on Beiersdorf in the reporting year. The number of buy recommendations rose over the course of 2023. 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

For more information on Investor Relations please visit

Analyst Recommendations

as of Dec. 31, 2023 (in %)

Analyst recommendations (pie chart)
Source: Beiersdorf AG

Shareholder Structure

as of Dec. 31, 2023 (in %)

Shareholder Structure (pie chart)
Key Figures – Shares







Earnings per share as of Dec. 31

(in €)





Market capitalization as of Dec. 31

(in € million)





Closing price as of Dec. 31

(in €)





Closing high for the year

(in €)





Closing low for the year

(in €)





Beiersdorf’s share price performance 2023

Jan. 1 –Dec. 31/relative change in %

Beiersdorf’s Share Price Performance 2023 (line chart)
Basic Share Data

Company name


Beiersdorf Aktiengesellschaft

Admission year









Stock trading venues


Official Market:
Frankfurt/Main and Hamburg
Open Market:
Berlin, Dusseldorf, Hanover, Munich, and Stuttgart

Number of shares



Share capital in €





No-par value bearer shares

Market segment/index


Prime Standard/DAX

Stock exchange symbol









DAX – Deutscher Aktienindex (German Stock Index)
Compiled by the Deutsche Börse. The index reflects the performance of the 40 most important German stocks, including Beiersdorf AG.
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