Results of Operations – Business Segments1
Consumer
Consumer
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Change |
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01.01.-31.12.2023 |
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01.01.-31.12.2024 |
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nominal |
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organic |
Europe |
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3,364 |
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3,546 |
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5.4 |
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5.3 |
Western Europe |
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2,672 |
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2,785 |
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4.2 |
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3.6 |
Eastern Europe |
|
692 |
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761 |
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9.9 |
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11.5 |
Americas |
|
2,196 |
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2,283 |
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4.0 |
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7.0 |
North America |
|
980 |
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1,008 |
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2.9 |
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2.8 |
Latin America |
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1,216 |
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1,275 |
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4.9 |
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10.5 |
Africa/Asia/Australia |
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2,220 |
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2,333 |
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5.1 |
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11.3 |
Total |
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7,780 |
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8,162 |
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4.9 |
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7.5 |
Sales in the Consumer Business Segment grew organically by 7.5% in 2024. Exchange rate effects reduced growth by 2.6 percentage points. In nominal terms, sales therefore increased by 4.9% to €8,162 million (previous year: €7,780 million).
All regions contributed to the growth in the Consumer Business Segment. The NIVEA brand increased its market share in particular in the regions of North America and Japan. At the individual country level, notable market share gains were recorded in Mexico, Sweden, and the Philippines. The Derma business unit, with its Eucerin and Aquaphor brands, also gained market share in all regions and in all key categories, with particularly strong performance in the USA, Brazil, Austria, and Germany. The Health Care business unit, too, reported another year of market share growth, driven by particularly strong gains in Australia and Indonesia.
EBIT excluding special factors amounted to €1,094 million (previous year: €1,002 million), while the EBIT margin excluding special factors was 13.4% (previous year: 12.9%). The increase in EBIT compared to the previous year is primarily due to the positive development in the gross margin, which more than compensated for the significant targeted investments in marketing, digitalization and research and development. The special factors in the Consumer Business Segment came to €-67 million (previous year: €-168 million). For further details regarding the composition of special factors, please refer to the table “Special Factors” in the “Result of Operations – Group” Section. The operating result including special factors stood at €1,027 million (previous year: €834 million), while the EBIT margin was 12.6% (previous year: 10.7%).
NIVEA (including Labello) grew organically by 9.0% globally in 2024. Nominal sales increased from €5,304 million to €5,601 million. The NIVEA brand’s particularly strong growth can be attributed to both sales volumes and pricing. It grew substantially across all major regions, thanks in part to the introduction of new products but also to the strong performance of our core assortment. All main categories posted growth in 2024. The key growth drivers were NIVEA Deo, NIVEA Body Care, NIVEA All Purpose Creams, Lip (NIVEA Lip & Labello) as well as NIVEA Face Care. In the NIVEA Deo category, existing core product lines such as Black & White, Deep and Fresh as well as Dry were among the key growth drivers. Growth in the NIVEA Body business can be attributed primarily to the positive performance of the core range and the addition of innovative new product lines such as NIVEA LUMINOUS630® to the category. NIVEA Face continued to grow, chiefly due to the lasting success of the product lines NIVEA LUMINOUS630® and NIVEA Q10. By contrast, the Hair Care and Baby categories, which had been deprioritized, recorded a decline in sales.
The Derma business unit achieved another strong year with double-digit organic sales growth of 10.6% and nominal sales of €1,372 million (previous year: €1,252 million). Eucerin became the 2nd net sales billionaire brand in the Beiersdorf Consumer portfolio in the year 2024. Strong net sales growth was recorded in all regions and in all major categories. Emerging Markets remained a key contributor to the growth and the performance of Thailand as well as Latin America – despite challenging economic conditions in Argentina – are to be highlighted in this region. Additionally, the USA continued its strong performance led by the Aquaphor brand, despite a significant slow-down in the US market which especially impacted the body category in the first half year. The overall growth was fueled by very strong innovations. The growth in Eucerin Sun was supported by the ongoing success around Hydro Protect Ultra-Light Fluid and the Eucerin Face category was driven by further expansion of the Thiamidol® range in the anti-pigment segment and our breakthrough innovation Epigenetics which was launched in the second half of 2024 and is the single biggest product launch in Beiersdorf Derma history. Moreover, the launch in regional white spaces like Eucerin Face in the US and the launch of Eucerin in India were significant milestones in the year 2024. The e-commerce sales channel once again outgrew the offline business.
Health Care recorded organic sales growth of 6.1%, reaching €282 million (previous year: €267 million). Sales growth was driven by the core wound care category. Larger sized plasters contributed significantly to the strong result, delivering double-digit net sales growth and gaining market share in all key markets.
In selective cosmetics, our La Prairie brand’s organic sales were down by 6.2%. Nominal sales fell from €543 million to €509 million. This result was mainly due to the challenges in the China ecosystem, especially in Travel Retail impacted by a negative Premium Skincare market. The introduction of our Platinum Rare Mask and Life Matrix Cream helped to partially mitigate the decline in sales, together with positive performance in the e-commerce channel especially in China benefiting from a successful Douyin launch at the end of 2023. Japan recorded another very strong year driven by the return of tourists.
In the Europe region, organic sales were up 5.3% on the previous year. Nominal sales climbed by 5.4% to €3,546 million (previous year: €3,364 million).
In Western Europe, organic sales rose by 3.6%. Strong growth was recorded in particular in Germany, Italy, Spain, and the United Kingdom, with sales of NIVEA Deo, Body Care, and All Purpose Creams, as well as the Eucerin categories Face and Sun, developing especially well. The Health Care business unit’s wound care category also contributed to its sales growth. For the La Prairie brand, the negative development of the travel retail business had a significant impact.
Sales in Eastern Europe were up 11.5% on the previous year in organic terms. All countries in the region contributed to this development, mostly with double-digit growth rates. The NIVEA Deo, Body Cleansing, and Men Shaving categories performed particularly well in the region, as did Eucerin Face, Sun, and Body.
In the Americas region, organic sales grew by 7.0%. At €2,283 million, nominal sales were up 4.0% on the previous year (€2,196 million).
In North America, there was organic sales growth of 2.8%, with the NIVEA and Aquaphor brands as the key growth drivers. Coppertone’s sales did not reach the prior year level mainly due to poor weather conditions during the core sun season, negative market factors and portfolio streamlining effects.
Sales in Latin America grew organically by 10.5%. Sales growth was seen in all countries, most notably in Brazil, Mexico, and Chile. NIVEA Deo, Body Care, Face Care and Lip emerged as the main growth drivers. Eucerin also performed very well, particularly in the Body and Face categories.
Sales in the Africa/Asia/Australia region grew by 11.3% in organic terms. In nominal terms, sales rose by 5.1% to €2,333 million (previous year: €2,220 million). Particularly strong sales were recorded in Japan, Nigeria, Middle East, Saudi Arabia and Turkey with NIVEA Deo, Body Cleansing, All Purpose Creams, and Lip all performing exceptionally well. Eucerin also achieved strong growth in the region, especially driven by the strong market in Thailand. Health Care also performed well across the region.
Consumer Sales
(in € million)
Consumer Sales by Region 2024
(in %)
Consumer EBIT
Excluding special factors (in € million)
Consumer Sales in Europe
(in € million)
Consumer Sales in Americas
(in € million)
Consumer Sales in Africa/Asia/Australia
(in € million)
tesa
tesa
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Development |
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01.01.-31.12.2023 |
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01.01.-31.12.2024 |
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nominal |
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organic |
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Europe1 |
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770 |
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767 |
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–0.4 |
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–0.5 |
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Americas |
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288 |
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284 |
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–1.3 |
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0.0 |
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Africa/Asia/Australia1 |
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609 |
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637 |
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4.5 |
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5.7 |
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Total2 |
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1,667 |
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1,688 |
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1.2 |
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1.9 |
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tesa achieved organic sales growth of 1.9% in 2024 in a challenging market environment. Exchange rate effects dampened this performance by 0.7 percentage points. Nominal sales increased from €1,667 million to €1,688 million.
In Europe, sales were around the previous year’s level, with a slight organic decline of 0.5%. Despite the challenging market environment, the Industry division increased sales in most areas, with particularly strong growth recorded in printing and packaging. By contrast, the automotive business was significantly affected by the decline in the market, particularly in the area of e-mobility, and by the postponement of customer projects. The performance of the consumer goods business was marked by increasing price pressure in 2024. Demand remained subdued due to economic uncertainties, persistently high interest rates and the rising cost of living. In nominal terms, tesa achieved sales of €767 million in Europe (previous year: €770 million) and therefore sales decreased by 0.4%. The region’s share of Group sales fell to 45.5% (previous year: 46.2%).
In North and South America, organic sales remained at the previous year’s level (0.0%) . The business performance was mixed: In North America, tesa recorded strong growth in the printing and packaging and automotive sectors, while the electrical systems business was significantly impacted by price pressure and inventory reductions by major customers. In South America, all Industry divisions achieved solid to strong growth, while the Consumer segment remained at the previous year’s level, mainly due to intense price competition in the local markets. The region’s sales decreased by 1.3% in nominal terms to €284 million (previous year: €288 million). The region’s share of Group sales declined to 16.8% (previous year: 17.3%).
In Asia, tesa achieved organic sales growth of 5.7%, particularly due to new project business with products for the electronics industry. Business developed particularly positively in high-growth markets such as India and South East Asia. In nominal terms, sales in Asia increased by 4.5% to €637 million (previous year: €609 million). The region’s share of Group sales rose to 37.7% (previous year: 36.5%).
At €276 million, EBIT excluding special factors was above the previous year’s level (previous year: €266 million). The EBIT margin excluding special factors was 16.3% (previous year: 16.0%). The special factors in the tesa Business Segment amounted to a total of €-9 million (previous year: -€5 million). For further details regarding the composition of special factors, please refer to the table “Special Factors” in the “Result of Operations – Group” Section. EBIT excluding special factors was positively impacted by an increase in the gross margin and positive exchange rate effects. This was offset by higher investments in key strategic areas such as innovation, digitalization and geographic expansion into high-growth regions.
The operating result including special factors amounted to €267 million (previous year: €271 million), while the EBIT margin was 15.8% (previous year: 16.3%).
tesa Sales
(in € million)
tesa Sales by Regions
(in %)
tesa EBIT
Excluding special factors (in € million)
Industry
tesa Industry recorded significant sales growth in the financial year 2024. The positive performance of the consumer electronics and printing and packaging businesses made a significant contribution to sales growth, while electrical systems closed the year down on the previous year. The Industry division recorded total organic sales growth of 2.6%. In nominal terms, sales increased by 1.8% to €1,315 million (previous year: €1,292 million). The Industry division’s share of total sales amounted to 77.9% (previous year: 77.5%).
In consumer electronics, tesa once again recorded an increase in sales and expanded its position as an important provider of innovative products and solutions for the manufacture of smartphones and tablets. The ranges for mounting front and back modules and innovative reactive adhesive tapes were further developed and transformed into customized solutions. tesa also benefited from a market recovery in 2024.
In printing and packaging, tesa further expanded its activities, particularly in the flexographic printing segment. This was positively influenced by the sustained global growth trend in the packaging industry. In addition, increased inventory levels on the part of customers boosted sales development.
The automotive business recorded modest sales growth in 2024. In a globally declining market environment, tesa achieved significant sales growth in North America and China and increased its market share. This was due in particular to successful customer projects relating to e-mobility in North America and automated adhesive tape solutions for vehicle bodywork (hole covering). Beyond this, tesa was unable to buck the declining market in Europe, particularly with regard to e-mobility, and recorded a drop in sales compared to the previous year. The electrical systems business was not immune to this trend either. In North America in particular, there was considerable price pressure and the reduction in inventories by major customers had a negative impact on business.
Business with industrial distributors was also characterized by subdued demand in 2024, with sales at the previous year’s level. Optimizing and expanding sales structures in Asia led to a positive sales trend. Due to the challenging market situation in Europe and North America, sales in those regions fell short of the previous year. The transformation of the product range toward greater sustainability had a positive effect. New product generations with the same high performance but considerably reduced carbon footprints were successfully launched on the market.
Consumer
In a challenging market environment, the Consumer division recorded an organic decline in sales of 1.0%, corresponding to nominal sales development of –1.1% to €367 million (previous year: €371 million). As a result, the division contributed 21.8% (previous year: 22.3%) of tesa’s total sales in the reporting year.
Business with private end consumers and professional tradespeople declined slightly in Europe and Latin America due to the increased cost of living, economic uncertainty, and high interest rates. Increasing price pressure meant that price increases could not be implemented as planned, and prices remained at the previous year’s level in the reporting period.
The main growth drivers on the product range side were fly screens, self-adhesive fastening solutions, and repair tapes, while sales of sealing tapes such as tesamoll, painter’s tapes and packaging tapes declined.
In terms of sales channels, there was growth particularly in the hardware store business and in e-commerce. In a market environment dominated by a downturn in the construction industry, business with professional tradespeople saw a decline in sales, while the stationery business was down on the previous year.
1 Due to the choice of numerical format (in € million), there may be deviations from the amounts actually posted or rounding differences in the calculation of subtotals and final totals. In addition, the percentage changes relate to values in € thousand.