Results of Operations – Group*

Sales

Group sales increased organically by 2.4% year on year. The Consumer Business Segment recorded organic sales growth of 2.5% while the tesa Business Segment’s growth came to 1.8%. Exchange rates reduced nominal growth by 2.4 percentage points. In nominal terms, Group revenue amounted to €9,852 million and was broadly in line with the prior-year level (previous year: €9,850 million).

In Europe, organic sales were up 0.5% on the previous year. Nominal sales stood at €4,347 million (previous year: €4,313 million), putting them 0.8% higher than the previous year.

Organic year-on-year growth in the Americas reached 2.8%. In nominal terms, sales declined by 2.4% to €2,505 million (previous year: €2,567 million).

Organic sales in the Africa/Asia/Australia region were 4.9% above the previous year’s level. Nominal sales climbed by 1.0% to €3,000 million (previous year: €2,970 million).

Group Sales

(in € million)

Group Sales by Regions 2025

(in %)

Expenses/other operating result

The cost of goods sold increased by 1.8%, thus rising disproportionately compared to nominal sales growth. Price and product mix effects had a positive impact on the gross margin, while cost effects and transaction‑related exchange rate changes reduced the gross margin.

Marketing and selling expenses amounted to €3,454 million (previous year: €3,461 million) and were therefore broadly in line with the prior-year level. The marketing budget is continuously adjusted to changing market conditions and, in particular, to shifts in consumer media usage behavior. A total of €2,209 million (previous year: €2,257 million) was spent on advertising and trade marketing. The decline is mainly due to translation effects from currency fluctuations as well as efficiency measures at tesa. The focus remained on investments in digital media and face care.

Research and development expenses increased by €11 million to €365 million (previous year: €354 million). The focus remains on forward-looking technologies and research areas, intensified collaboration with external partners, and new digitalization opportunities. Through continuous research work – also taking regional specifics into account – we respond to the needs of our consumers worldwide.

General administrative expenses amounted to €580 million (previous year: €605 million). This development is attributable to increased cost discipline, lower provisions for variable compensation, and a structural adjustment (further standardization) of the allocation of facility and IT costs to the functional areas. The Group continues to make targeted investments in sustainability and digitalization.

The other operating result (excluding special factors) amounts to €90 million (previous year: €30 million). This development is essentially attributable to exchange rate effects from operating activities, a decrease in provisions recognized, as well as income arising from the climate protection agreement at tesa.

Operating Result (EBIT, Excluding Special Factors)

Group EBIT

Excluding special factors (in € million)

The Beiersdorf Group’s results of operations are determined on the basis of the operating result (EBIT) excluding special factors. Special factors are one-time, non-operating transactions.

EBIT excluding special factors amounted to €1,378 million (previous year: €1,370 million), while the EBIT margin excluding special factors was 14.0% (previous year: 13.9%). The Consumer Business Segment generated EBIT excluding special factors of €1,108 million (previous year: €1,094 million). The EBIT margin excluding special factors was 13.6% (previous year: 13.4%). The tesa Business Segment achieved EBIT excluding special factors of €270 million (previous year: €276 million) and an EBIT margin excluding special factors of 16.1% (previous year: 16.3%).

In Europe, the Group posted EBIT excluding special factors of €716 million (previous year: €681 million). The EBIT margin (excluding special factors) was 16.5% (previous year: 15.8%). EBIT excluding special factors in the Americas came to €125 million (previous year: €169 million). The EBIT margin (excluding special factors) was 5.0% (previous year: 6.6%). In Africa/Asia/Australia, EBIT excluding special factors amounted to €537 million (previous year: €520 million). The EBIT margin (excluding special factors) was 17.9% (previous year: 17.5%).

Special Factors

The special factors in the Group amounted to a total of €58 million (previous year: €76 million). The following table provides a detailed overview of the individual effects.

Operating Result (EBIT)

The operating result (EBIT) amounted to €1,320 million (previous year: €1,294 million). This corresponds to an EBIT margin of 13.4% (previous year: 13.1%).

Financial Result

The financial result amounted to €28 million (previous year: €32 million), among other things due to a decline in income from short‑term securities classified as FVPL.

Income Taxes

Income taxes totaled €393 million (previous year: €398 million). The tax rate was 29.1% (previous year: 30.0%). Tax benefits in connection with the effects shown in the table “Special factors” amounted to €15 million (previous year: €13 million).

Group Profit After Tax

Excluding special factors (in € million)

Profit After Tax

Profit after tax was €955 million (previous year: €928 million). The return on sales after tax was 9.7% (previous year: 9.4%). Excluding special factors, profit after tax increased to €998 million (previous year: €991 million). The corresponding return on sales after tax was 10.1% (previous year: 10.1%).

Earnings per Share – Dividends

Earnings per share stood at €4.25 (previous year: €4.05). Excluding special factors, earnings per share amounted to €4.44 (previous year: €4.33). These figures were calculated on the basis of the weighted number of shares bearing dividend rights, which totaled 221,028,422 (previous year 224,959,424). The Executive Board and Supervisory Board will propose a dividend of €1.00 per no-par-value share bearing dividend rights to the Annual General Meeting (previous year: €1.00). For further information on the number, type, and notional value of the shares, please refer to Note 19 “Share Capital” in the notes to the consolidated financial statements.

* 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.