Beiersdorf’s Shares and Investor Relations

After a challenging financial year 2023, expectations for 2024 were characterized by caution and uncertainty. The geopolitical situation remained tense, with the Russia-Ukraine conflict continuing and developments in the Middle East, along with new tensions in the Red Sea posing additional risks for global markets. The global economy showed sustained, albeit moderate, growth in 2024, reflecting a continuation of the previous year’s performance. Economic activity in the eurozone picked up slightly compared to the previous year. However, global challenges such as macroeconomic difficulties in China and high interest rates in the USA, as well as ongoing inflation concerns, slowed economic momentum. Economic conditions in 2024 were largely shaped by developments in inflation and central banks’ monetary policies. In Germany, inflation stabilized at a moderate level, while the European Central Bank (ECB) initiated several interest rate cuts from the middle of the year onwards. In the USA, high interest rates remained a negative factor, although a downward trend was discernible.

The global economic outlook for the coming years has weakened following the announcement of a more protectionist trade policy under US President Donald Trump. Introducing tariffs to enforce political objectives could lead to increased uncertainty at an international level. Heavily export-oriented economies such as Germany and China, whose economic development could be hampered by additional trade barriers, are likely to be particularly affected. More moderate growth in China would also have a potentially far-reaching impact on the global economy, as reduced demand for imports of primary products and raw materials would have a noticeable effect worldwide. The trade policy measures planned by the USA are also likely to have an impact on global inflation trends. In the USA itself, these newly introduced import tariffs could have an inflationary effect, particularly if companies pass on the increased costs to consumers. In the eurozone, possible retaliatory tariffs and a devaluation of the euro could increase inflationary pressure, although a weakening of the economy should mitigate this effect in the long term. Overall, we can assume that the already slow decline in inflation will be further delayed, with rising costs, particularly in the services sector, continuing to act as a driving force. These developments could further delay future interest rate policy moves by central banks.

Monetary policy also dominated events on the capital markets, with concerns about rising inflation rates potentially delaying additional interest rate cuts. The markets reacted sensitively to the central banks’ outlook, while there were signs of stabilization on the commodity markets. After a temporary rise in oil prices, the market calmed down again towards the end of the year.

Beiersdorf’s shares were unable to fully maintain their strong performance from the previous year in a challenging market environment. After a cautious start in the first few months of the year, the shares went on to recover and reached a new all-time high of €147.25 in the second quarter. This positive development was supported by solid results, which were better than those of our competitors in many areas. As the year progressed, however, the share price came under pressure as the challenging market environment continued to have a negative impact, particularly on the luxury segment in China. Nevertheless, our core brands, especially NIVEA and the Derma brands, once again proved to be strong pillars underpinning the stability of the business model, with the result that the decline in the share price was more modest than that of many of our competitors.

At the end of the year, Beiersdorf’s shares closed at €124.00, a moderate decline compared to the previous year. Despite this development, the company’s long-term prospects remain intact thanks to its innovative strength, strong brands, undeveloped business areas (white spaces), and a strategy geared towards long-term value creation with a focus on profitable growth.

This year’s Annual General Meeting was once again held virtually at the company’s headquarters in Hamburg, Germany. In addition to shareholders being able to dial in, interested parties were also able to follow the event virtually for the third time. This year too, shareholders had the opportunity to use a virtual speakers’ desk that was available worldwide. This enabled them to ask questions live and engage in direct dialog with the Executive Board – an interactive feature intended to uphold the spirit of in-person events and facilitate exchange even in a digital environment.

In 2024, the focus of our communication with the capital market was on our innovative strength and targeted expansion into previously untapped markets. This included Eucerin Face’s entry into the US market and the ongoing global expansion of our Thiamidol® product line. The launch of Epicelline® in the second half of the year was another highlight. It soon became clear that our expectations had been far exceeded and the product received an extremely positive response from our consumers. We also held a Capital Markets Day in 2024, at which we were able to give our investors a deeper understanding of our innovation strategy and present our “Win with Care” strategy.

In the reporting year, around 22 financial analysts regularly published studies on Beiersdorf. The number of buy recommendations continued to rise over the course of the year, with the majority of analysts recommending Beiersdorf shares as a buy by the end of financial year 2024.

For more information on Beiersdorf’s shares please visit: 
www.beiersdorf.com/investor-relations/shares/share-price

For more information on Investor Relations please visit: 
www.beiersdorf.com/investor-relations

Analyst Recommendations

as of Dec. 31, 2024 (in %);
percentages may not total 100% due to rounding

Shareholder Structure

as of Dec. 31, 2024 (in %);
percentages may not total 100% due to rounding

Beiersdorf’s Share Price Performance 2024

Jan. 1 – Dec. 31; relative change in %