Beiersdorf AG

Business Activities

Beiersdorf AG is based in Hamburg (Germany) and is the parent company of the Beiersdorf Group. As of December 31, 2025, Beiersdorf AG employed 2,660 people (previous year: 2,600). The number of apprentices not included in this figure was 93 (previous year: 101).

Beiersdorf AG is responsible for the German Consumer business and provides typical holding company services to its affiliates. In addition to its own operating activities, the company manages an extensive investment portfolio and is the direct or indirect parent company of over 190 affiliates worldwide. Beiersdorf AG also performs central planning/financial control, supply chain, treasury, and human resources functions, as well as a large proportion of research and development activities for the Consumer business. In addition, the company is responsible for the regional management of European sales and the procurement of products as well as global royalty management.

Beiersdorf AG’s operating business is one part of the Beiersdorf Group’s business activities. The entire company is managed on the basis of the key performance indicators outlined in the “Management and Control” section of the Combined Management Report. It is only possible to gain a full insight into the key performance indicators at the level of the Group.

The net assets, financial position, and results of operations of Beiersdorf AG are dominated by its own business activities and by the activities of its affiliates in the form of royalty income and dividend income. Consequently, the economic position of Beiersdorf AG essentially corresponds to that of the Group as a whole. Similarly, the opportunities and risks as well as the expected business development for Beiersdorf AG correlate closely with those for the Group, particularly regarding the growing global political and economic uncertainties and their potential impact on our key procurement, transport, and sales markets.

Basis of Preparation

The annual financial statements of Beiersdorf AG are prepared in accordance with the provisions of the Handelsgesetzbuch (German Commercial Code, HGB) and the Aktiengesetz (German Stock Corporation Act, AktG). The recommendations of the German Corporate Governance Code that are relevant to the annual financial statements were taken into account.

Result of Operations – Beiersdorf AG

Beiersdorf AG’s sales increased by €30 million to €1,873 million in the reporting year (previous year: €1,843 million). This includes product sales of the Consumer Germany division as well as royalty income and income from the provision of services to affiliates. €1,062 million (previous year: €1,051 million) of sales were generated in Germany and €811 million (previous year: €792 million) in other countries.

Operating result decreased by €26 million to €302 million despite higher sales and lower other operating expenses due to lower other operating income and higher personnel expenses.

The financial result deteriorated by €24 million compared to the previous year. This decline resulted from a lower net income from investments of €62 million due to lower dividend distributions and a €10-million drop in other financial result, while net interest expense improved by €48 million.

Accordingly, profit before tax was down by €50 million at €360 million compared to previous year.

In 2025, taxes on income amounted to €154 million. In the previous year, the figure was €161 million.

Profit after tax amounted to €206 million (previous year: €249 million). In addition, as part of the adoption of the annual financial statements 2025, the Executive Board and Supervisory Board decided to withdraw €37 million from other retained earnings for distribution purposes. This amount was added to the net retained profits.

Net Assets and Financial Position – Beiersdorf AG

Fixed assets fell by a considerable €293 million year-on-year. This decrease was mainly due to the disposal of maturing bonds and a few bonds sold before maturity. The additions to property, plant, and equipment of €42 million were offset by depreciation of property, plant, and equipment of €20 million.

Current assets increased by €150 million over the financial year to €2,150 million. This includes short-term securities of €935 million (previous year: €1,030 million). The decline in this item as well as in the long-term securities in financial assets is due to the share buyback carried out in 2025. In addition, receivables and other assets increased by €15 million due to higher trade receivables.

Liabilities also increased by €84 million year on year to €4,300 million. This was mainly due to an increase of €231million in financial liabilities to affiliated companies.

Total assets reported in the balance sheet of €7,229 million are significantly below the previous year’s level at minus €484 million (previous year: €7,713 million). This decline in assets and equity of €517 million to €2,024 million (previous year: €2,541 million) resulted from the share buy-back carried out in 2025. Accordingly, the equity ratio amounted to 28.0% (previous year: 32.9%).

The Executive Board and Supervisory Board will propose to the Annual General Meeting that a dividend of €1.00 (previous year: €1.00) per no-par-value share bearing dividend rights (218,523,759 shares) be distributed from the net retained profits of €243 million.