Summary of the Risk Situation

For the Consumer segment, the assessment of the likelihood of occurrence of the relevant existing risks has risen slightly compared with the previous year, due to increased risks from reputational damage and generative artificial intelligence. The potential financial implications should the existing relevant risks occur have been reduced overall, due primarily to a variety of responses to the growing ESG requirements. For the tesa Business Segment, the relevant risks continue to exist, as does the risk situation for the most part.

Even considering the updated estimations, there is currently no fundamental change to our assessment of the overall risk situation of the Beiersdorf Group. As in the previous year, this assessment was substantiated by comparing the current quantitatively and qualitatively aggregated total risk portfolio with the very conservatively calculated and broadly unchanged current risk-bearing capacity of the Beiersdorf Group. Risk-bearing capacity has slightly increased, partly due to the Group’s further improved liquidity position. This analysis has confirmed Beiersdorf’s view that, at the current time, neither the Beiersdorf Group nor individual segments of the business are exposed to any risks that could endanger their continued existence.