Net Assets

Non-current assets decreased by €473 million to €6,097 million (previous year: €6,570 million). Long-term securities decreased by €621 million to €1,845 million (previous year: €2,466 million). The decline is primarily due to the reclassification of long‑term securities with originally multi‑year maturities into short‑term securities, as their contractual remaining terms fell below twelve months during financial year 2025. The new investments made in long‑term securities in 2025 only partially offset these reclassifications. Funds released from securities maturing over the course of the year were used to finance the 2025 share buyback. Capital expenditure on property, plant, and equipment, Right-of-Use Assets and investment in intangible assets amounted to €463 million (previous year: €437 million). Of this amount, €397 million related to the Consumer Business Segment (previous year: €374 million) and €66 million related to the tesa Business Segment (previous year: €63 million). The largest investment projects included the construction of the new plant in Leipzig, Germany, and expansion of the sites in Poland and Mexico (€128 million). The construction of the new logistics center in Leipzig resulted in additions of €91 million. Depreciation and impairment losses amounted to €328 million. In the previous year, this position totaled €357 million, partly due to the goodwill impairment at Chantecaille. Non-current assets also include the lease receivable in connection with Clinique La Prairie (€111 million, previous year: €110 million), the derivative arising from the climate protection agreement concluded with tesa, with a fair value of €40 million (previous year: €0 million), as well as long‑term net pension assets amounting to €41 million.

Inventories decreased by €3 million to €1,609 million (previous year: €1,612 million). Other current assets increased to €3,852 million (previous year: €3,622 million). This item includes short-term securities of €1,260 million (previous year: €1,159 million). Trade receivables increased by €118 million to €1,910 million (previous year: €1,792 million). Income tax receivables amounted to €303 million (previous year: €250 million), while other current assets decreased by €22 million to €260 million (previous year: €282 million).

Cash and cash equivalents decreased to €1,200 million (previous year: €1,207 million). Net liquidity (cash, cash equivalents, and long- and short-term securities less current and non-current lease liabilities and less other financial liabilities) decreased by €478 million to €4,088 million (previous year: €4,566 million). One reason for the decline in net liquidity is the share buyback program (€501 million), which was carried out during the year. Other financial liabilities decreased by €7 million to €23 million (previous year: €30 million).

Financing Structure

(in %)

Total non-current provisions and liabilities stood at €631 million (previous year: €820 million). This item includes provisions for pensions and other post-employment benefits, which amounted to €163 million (previous year: €328 million) in 2025. The decrease in pensions and other post-employment benefits is primarily attributable to the change in the applicable discount rate. Deferred tax liabilities stood at €187 million (previous year: €135 million).

Total current provisions and liabilities decreased by €187 million to €3,509 million (previous year: €3,696 million) mainly as a result of the decrease in trade payables. The equity ratio was 68% (previous year: 66%). Non-current liabilities accounted for 5% (previous year: 6%) and current liabilities for 27% (previous year: 28%).

Significant changes in Beiersdorf’s capital structure are not expected.