ESRS E1 – Climate Change

Material Impacts, Risks, and Opportunities

Climate change is one of the greatest challenges of our time – both for civil society and for businesses. Climate-related risks and opportunities therefore influence the Beiersdorf business strategy and activities. In our materiality assessment, we identified several negative impacts, risks, and one opportunity associated with climate change in our own operations as well as in the upstream and downstream value chain.

Analysis of Climate-Related Impacts, Risks, and Opportunities

To identify climate-related impacts, risks, and opportunities in our own operations and in the upstream and downstream value chain, we specifically considered Scope 1 to 3 greenhouse gas (GHG) emissions as part of the materiality assessment. For the assessment of physical and transition climate risks and opportunities, we conduct separate analyses at regular intervals, the results of which have also been incorporated into the materiality assessment.

Transition Climate Risks and Opportunities

To analyze transition risks, we used the 2021 “Net Zero Emissions by 2050 Scenario” (NZE) from the “International Energy Agency” (IEA). This internationally recognized scenario maps a 1.5 °C-aligned transformation path and takes into account relevant developments for our business model.

We considered possible regulatory changes, technological developments, and market-related changes in customer and consumer behavior up to 2050. Short- and medium-term time horizons according to the ESRS definition were not considered separately.

The assessment evaluated the extent to which business activities along the value chain and assets may be directly or indirectly affected by regulatory, technological, reputational, or market risks, the potential magnitude of the impact, the probability of occurrence, and which risk mitigation measures are already in place at Beiersdorf. A separate determination of whether assets and business activities are fundamentally incompatible with the transition to a climate-neutral economy was not carried out.

Physical Climate Risks

With regard to our physical risks, we conducted an additional site-specific analysis for all production sites in 2024. The analysis was based on currently available scientific knowledge and methods that were in line with the latest report from the “Intergovernmental Panel on Climate Change” (IPCC) and recognized scientific publications. Both chronic and acute natural hazards were considered to identify all material risks under current and future climate conditions.

We analyzed the hazards using an ensemble of 20 climate models, taking into account the emissions scenarios SSP1-2.6, SSP2-4.5, and SSP5-8.5 for the time periods 2000, 2030, 2050, and 2085. By combining the scenarios, we ensured that plausible risks and uncertainties, ranging from ambitious climate action to unmitigated emissions development, are covered. Due to the long-term perspective of this analysis, the time horizons are not directly linked to the company’s strategic planning horizons or capital allocation plans.

The following drivers of the scenarios are relevant for Beiersdorf as they influence energy prices, regulatory requirements, raw material costs, and the frequency and severity of extreme weather events:

• SSP1-2.6: Low emissions increase, temperature rise < 2 °C, strict climate policy, high share of renewable energies, moderate increase in extreme weather events.

• SSP2-4.5: Moderate emissions increase, balanced climate protection measures, parallel use of fossil and renewable energies, increasing probability of extreme weather events, need for adaptation at production sites.

• SSP5-8.5: Strong emissions increase, little climate policy, high fossil energy consumption, more frequent and intense extreme weather events, increased risks for facilities and supply chains.

The physical risks were assessed based on the geographical coordinates of the production sites. A risk assessment was carried out for each hazard, consisting of the site’s exposure (hazard analysis) and the potential extent of damage to the object under investigation (vulnerability). Physical risks in the upstream and downstream value chain were not analyzed with the same level of detail but were reviewed and assessed as part of the materiality assessment.

Climate Resilience Analysis

In the 2025 reporting year, we conducted a resilience assessment of the identified climate-related risks. The assessment was grounded in the scenario analysis described above. It covered all material climate-related risks across our own operations as well as the upstream and downstream value chain. Insights from interviews with internal subject-matter experts from various corporate functions were incorporated to ensure a robust evaluation of the resilience of our business model to climate-related risks.

The resilience assessment applied the same underlying assumptions as the climate risk analysis, including the time horizons considered, potential implications of the transition to a low-carbon economy, and the emissions scenarios used to assess physical climate risks.

The results indicate that Beiersdorf demonstrates a high level of resilience to the majority of material transition and physical climate-related risks, for example regarding new regulatory requirements on material use or CO₂ labelling in product communication and advertising. Risks for which resilience is currently assessed as moderate, such as those related to climate risk management within the supply chain, are addressed through targeted measures.

Furthermore, the analysis confirms that Beiersdorf is able to maintain and adapt its business model in the short, medium, and long term. To ensure the continued resilience of our business model, climate-related risks are integrated into our corporate strategy and risk management processes, and we continuously refine our actions.

Since this analysis is forward-looking, uncertainties cannot be eliminated entirely.

Transition Plan for Climate Change Mitigation

Climate change mitigation is a key field of action in the sustainability strategies of the Beiersdorf Consumer and tesa Business Segments. In 2024, we published our initial “Climate Transition Plan,” which serves as our roadmap for the path to net zero emissions by 2045.¹ In the 2025 financial year, this plan was reviewed and revised in line with the medium-term targets. Our medium-term Scope 1 and 2, as well as our long-term climate targets are aligned with the “Paris Agreement” of limiting global warming to 1.5 °C and are detailed in the targets and metrics sections below. More information on the progress of implementing our transition plan can be found in this chapter’s section on actions.

The “Climate Transition Plan,” which incorporates requirements by the “Science Based Target initiative (SBTi) Net Zero Standard” and the “CDP Technical Note: Reporting on Climate Transition Plans,” is the result of group-wide, cross-functional collaboration. It builds upon sectoral net zero transition plans in energy, chemicals, and aluminum. Our transition plan is integrated into the company’s vision for the future of our brands and the cosmetics sector. It is aligned with the Beiersdorf business strategy, and the revised version of the plan was approved by the Executive Board in November 2025, following the approval of its initial version in 2024.

Our corporate business strategy “Win with Care” addresses Beiersdorf’s commitment to climate action. Our strategic choice of “Performance with Purpose” is demonstrated by our target of achieving net zero by 2045. We aim to realize this target by transforming our own business and our entire value chain, driven by collaborative efforts and with close cooperation between the two business segments.

Beiersdorf identified key actions to initiate the decarbonization journey based on an assessment of technical and market readiness. An important building block is the transformation of production infrastructure. Increasing energy efficiency, expanding renewable energies, and electrification are among the key decarbonization levers. As part of the reduction of indirect GHG emissions along the value chain, the focus is on switching to more sustainable, e.g., non-fossil based and/or renewable materials for packaging and ingredients, and less carbon-intense logistics processes. Moreover, engaging with suppliers and customers is crucial for indirect GHG emission reduction as collaboration with our business partners enables us to implement the actions identified.

Financial resources for our “Climate Transition Plan” include both operating (OpEx) and capital expenditures (CapEx) for the short, medium, and long term through 2030. The increase in OpEx compared to financial year 2025 is primarily driven by the Consumer Business Segment and is expected to recur annually to meet the 2030 GHG emission reduction targets (see table below). The additional CapEx to achieve these targets is estimated at €250 million.

The successful implementation of the “Climate Transition Plan” also depends on suppliers’ abilities to provide CO₂-optimized materials. Overall, the plan is designed to remain financially balanced through internal cost efficiencies.

Beiersdorf reports financial information annually in line with the “EU Taxonomy Regulation,” disclosing the share of turnover, CapEx, and OpEx associated with environmentally sustainable economic activities (see “EU Taxonomy”). Currently, our core business activities do not cover any activities listed in the latest version of the Delegated Acts with material taxonomy-eligible turnover. Therefore, Beiersdorf has no specific targets or CapEx plans in place for aligning economic activities.

In our transition to net zero, our investments in infrastructure, facilities and equipment with potential carbon lock-in effects will be kept to a minimum. Our existing assets are not expected to result in long-term carbon lock-in. Along the value chain, we are explicit about our commitment to our net zero ambition and aim to reduce incentives for suppliers to continue investing in carbon-intensive infrastructure. Therefore, we do not expect any carbon lock-in effect, either from our own production activities or from the value chain.

Our goal is to convince our stakeholders that we take our climate-related ambitions seriously and are taking tangible steps to address climate change. We remain committed to regularly reassessing and refining our plan in response to any significant shifts in the assumptions underlying the plan.

Our company is not excluded from EU benchmarks, which are in line with the “Paris Agreement.”

Policies Related to Climate Change

To mitigate our climate-related negative impacts, adapt to the climate risks, and capitalize on our opportunity, we have set ambitions for both our own operations and our value chain. These commitments are outlined in our policies, detailed through corresponding action plans, and translated into concrete actions focusing on climate change mitigation and adaptation, energy efficiency, and renewable energy deployment (see this chapter’s section on actions below).

Actions Related to Climate Change

As part of our “Climate Transition Plan” we have created an action roadmap. It encompasses our entire value chain and reflects cross-functional plans to reduce GHG emissions. The focus is on our main levers for decarbonization, e.g., own operations, packaging, raw materials, product transformation, and logistics as well as stakeholder engagement with an emphasis on suppliers, retail customers, and consumers.

The implementation of the actions is carried out using the Group’s own resources and is integrated into Beiersdorf’s overall financial planning process (see “Climate Transition Plan”). The Group is committed to providing the necessary resources.

Our climate transition plan specifies the decarbonization actions identified to achieve the 2030 milestones. The emission reductions anticipated from these actions by 2045 are currently hard to estimate. We will disclose these estimates in future reports as assumptions and data become more robust.

Targets Related to Climate Change

Beiersdorf has set ambitious targets to help mitigate the consequences of climate change on our planet and society as well as to acknowledge the identified risks and opportunity that it poses to business. Our Group-wide near- and long-term targets – with milestones defined up to 2025, and 2030, and net zero ambitions for 2045 – have been validated by the SBTi, confirming that they are in line with the “Paris Agreement’s” 1.5°C target.

Beiersdorf has successfully achieved all of its 2025 climate targets, both at Group level and within individual business segments, marking a decisive first milestone on its journey toward net zero.

In line with requirements of the CSRD, we have adjusted our near-term timeframe from 2032 to 2030 and updated our science-based targets for Scope 1, 2, and 3.

The Consumer and tesa Business Segments have each set specific climate targets which correspond to their distinct business contexts and contribute to the overall Beiersdorf Group climate targets. These targets contribute to achieving the commitments set out in the Consumer Business Segment’s “Beiersdorf Environmental Policy” and the tesa Business Segment’s “tesa Environmental & Energy Policy.”

The GHG emission reduction targets were developed through a cross-functional top-down/bottom-up approach following the initial “Task Force on Climate-related Financial Disclosures” (TCFD) implementation. In particular, the Research and Development (R&D), Supply Chain, Marketing, and Finance functions were involved in several workshops, and technological feasibility analyses were conducted. Several approaches were discussed with our strategic partner, the non-governmental organization “World Wide Fund for Nature” (WWF), to guide development of the targets. This means that necessary perspectives and business risks were included from the beginning.

The targets disclosed in this chapter mainly refer to the material topic climate change mitigation. In the context of climate change adaptation, we have defined targets related to sustainable product innovation (see “ESRS E5 – Resource Use and Circular Economy”) and are implementing measures to diversify our material sourcing (see “ESRS E4 – Biodiversity and Ecosystems”).

The table below presents an overview of the Group’s and each business segment’s emission reduction targets. All Beiersdorf emission reduction targets are in absolute terms, regardless of business growth. Our business ambition is to continue to grow in volume and sales, which will pose a challenge to achieving our climate targets. However, with the decarbonization levers identified and resources planned, achieving the set climate targets is considered feasible.

Apart from our emission reduction targets, Beiersdorf has committed to reaching climate-neutral production by 2030. This means reducing Scope 1 and 2 emissions from production sites by at least 90% and neutralizing the remaining emissions of a maximum of 10% with carbon removals. In the reporting year, we achieved climate neutrality for seven out of 21 production sites.

Since 2020, Beiersdorf has achieved the target of sourcing 100% of all electricity purchased by the sites included in data collection from renewable energy sources, and continues to maintain this target.²

The 2018 base year was chosen because it was the year with the most recent data available when Beiersdorf submitted the first short-term target to the SBTi in 2019. No outstanding external factors that would reduce the representativeness of 2018 data have been identified. The business activities of Beiersdorf have remained the same since 2018, despite the COVID-19 pandemic as well as acquisitions and divestment over the years. For acquisitions and divestment since 2018, we have recalculated the baseline value according to our restatement guideline which was developed following “GHG Protocol” standards.

Target Boundaries

Our GHG emission reduction targets encompass all GHG emissions required by the “Kyoto Protocol,” without considering GHG removals, carbon credits, or avoided emissions, but including the use of biofuel certificates for transportation emissions as a Scope 3 reduction action. For Scope 3 emissions, which are indirect and outside our operations, we have included different emission categories for different target years, aiming to focus our resources on significant emission categories while gradually increasing our emission coverage in our climate targets over time.

Scope 3 emissions categories included in our 2025 target boundary were:

• Scope 3.1: Purchased goods and services – raw materials, packaging materials, and third-party manufacturing services

• Scope 3.4: Upstream transportation and distribution, including finished goods transportation and third-party warehousing

• Scope 3.6: Business travel

For both our 2030 and 2045 targets, we have adjusted the target boundaries by adding the following Scope 3 emission category to those already included for 2025:

• Scope 3.12: End-of-life treatment of sold products

Furthermore, tesa has included additional categories (Categories 3.3, 3.5, 3.7) in its own Scope 3 emissions target for 2030, which are not reported or included in this report or in the target achievement.

We have further expanded our 2045 target boundary to achieve 90% coverage of Scope 3 emissions. It now encompasses:

• Scope 3.1: Purchased goods and services – media services, value-added services (VAS) and point-of-sale materials (POS)

• Scope 3.3: Fuel- and energy-related activities

• Scope 3.5: Waste generated in operations

• Scope 3.7: Employee commuting

Uncertainty and External Dependency

Our climate targets and mitigation strategy are backed up by a quantitative simulation using a set of scenarios. These include the net zero 2050 plans for the global energy, chemical, and aluminum sectors, as well as net zero commitments from major world economies such as the EU, the USA, and China. These climate scenarios provide us with insights into the readiness of innovative technologies needed for GHG reduction, consumer behavioral change, renewable energy employment, and potential regulatory developments. Achieving our climate targets highly depends on the implementation of the net zero plans and commitments mentioned above.

Metrics Related to Climate Change

We calculate our GHG emissions according to the requirements set by the “GHG Protocol” (“Corporate Accounting and Reporting Standard,” “GHG Scope 2 Guidance,” and “Corporate Value Chain (Scope 3) Standard”). The “GHG Protocol” specifies different consolidation approaches for GHG emissions accounting and reporting. In calculating our emissions, we have followed a financial consolidation approach in line with financial reporting. The comparison between the financial control and operational control approach shows no major difference for Beiersdorf in terms of GHG accounting.

In our GHG accounting, we account for all greenhouse gases in accordance with the “Kyoto Protocol.” This includes carbon dioxide (CO₂), methane (CH₄), nitrous oxide (N₂O), sulfur hexafluoride (SF₆), perfluorocarbons (PFCs), hydrofluorocarbons (HFCs), and nitrogen trifluoride (NF₃).

Energy Consumption, and Scope 1 and 2 Emissions

We capture, consolidate, and analyze our operational energy consumption data to calculate our global Scope 1 and 2 GHG emissions. Collecting this data on an ongoing basis helps us verify the effectiveness of our measures and identify further potential for energy and emissions savings.

The Consumer Business Segment collects energy consumption data at all of its production sites, at the warehouses it operates, and at its offices above 50 full-time equivalents (FTE). tesa collects energy consumption data for all ISO 14001-certified sites and offices with more than 40 FTEs, including six production sites and the company headquarters. Some administrative offices are excluded from data collection. Energy consumption and emissions from affiliates which are excluded from data collection or excluded after data validation are estimated. The estimation uses the average energy consumption and emissions per FTE in offices with validated data and the number of FTEs at these affiliates. Thus, the reported energy and Scope 1 and 2 emissions cover all affiliates under financial control.

The emission factors used in our Scope 1 and 2 calculations are derived from the IPCC, complemented by emission factors from our energy suppliers and the IEA. Further emissions, such as those from steam in district heating, are calculated using the emission factors provided in the “GaBi Databases” by the sustainability solutions provider “Sphera” and, if not available, from the UK “Department for Energy Security and Net Zero” (DESNZ).

Scope 1 and 2 emissions are then calculated by multiplying the collected energy consumption data by the emission factors of different energy types. Our Scope 2 emissions are calculated using a location-based and market-based approach. However, our Group climate target uses a market-based approach for Scope 2. This method reflects emissions from electricity that companies have purposefully chosen (or use through lack of choice) and uses emission factors derived from contractual agreements. If no market-based emissions are available, then the system defaults to location-based emissions, which utilize the residual mix of the country or region.

The process for energy data collection, emission factor mapping, and emission calculation is managed through the “Corporate Sustainability Software” provided by “Sphera.” With this tool, we manage Scope 1 and 2 data in one place. We also benefit from its automatic update of emission factors and flexible reporting functions.

For the tesa Business Segment, the base year 2018 was recalculated in the reporting year due to an improved data situation.

If biogas is used at our own sites, biogenic emissions outside of Scope 1 are reported separately and not included in Scope 1. Biogas certificates acquired in this context are internationally recognized and intended to prevent double counting of GHG reductions along the entire value chain. They are based on a mass balance approach in which the biogas is not physically purchased, but certificates are acquired to ensure that the gas is fed into the European gas grid. Currently, the “GHG Protocol” has not yet published any clear guidelines on the inclusion of such certificates. We closely monitor relevant biogas accounting standards and are committed to adapting our reporting in this area as existing standards evolve and new standards are published.

Manual data collection is an error-prone and cumbersome process, which is a limitation to us. We have defined an internal validation process and are investigating a more automated, digitalized process of data collection.

When electricity is purchased through contractual instruments, both the energy and its environmental attributes are acquired together via a green tariff, which means that the use of renewable energy is automatically attributed to us. Without contractual instruments, electricity procurement is separate from the allocation of environmental attributes. We purchase electricity from one supplier and acquire renewable energy certificates (RECs) from another.

Scope 3 Emissions

The “GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard” classifies Scope 3 emissions into 15 categories. The climate reduction targets of Beiersdorf encompass various emission categories in accordance with the SBTi guidance. Under the requirements of the “European Sustainability Reporting Standards” (ESRS), companies are mandated to disclose significant Scope 3 categories. This report discloses Scope 3 categories that have been evaluated as significant. These significant categories all fall under our 2030 target boundary. Although other categories have also been quantified, they appeared as non-significant in the significance analysis and are not disclosed in this reporting year.

Screening and Prioritization

Based on an economic and environmental input-output (EEIO) model, Beiersdorf began by identifying the most relevant categories of Scope 3 emissions using expenditures data. The EEIO model evaluates resource consumption and environmental impact throughout the supply chain on the basis of international statistics and databases. The analysis allowed us to identify the Consumer Business Segment’s upstream Scope 3 emission hotspots. Taking into account the level of emissions, our ability to influence, and engagement purposes, we have selected the categories to be included in our target boundary, which meets the minimum coverage requirements of the SBTi near-term and long-term targets.

Beiersdorf is continuously working on improving the methodologies for accounting GHG emissions in different Scope 3 categories. As a first step, we are moving from the spend-based EEIO method to an activity-based approach in most of the categories. The emission factors used are mostly industry averages. We work with value chain partners to enable carbon footprint data exchange. This enables us to better implement decarbonization actions and monitor the progress.

Digitalization

We take a holistic approach to digitalizing the sustainability processes, including reporting. For example, we have integrated analysis tools, created a framework, and connected different systems to simplify reporting. This enables us to analyze key figures such as GHG emissions or figures relating to plastic packaging and raw materials throughout the year and – if necessary – identify measures at an early stage that will help us achieve our emission reduction targets.

Methodology

Selecting the appropriate methodology, data sources, databases, and underlying assumptions to calculate Scope 3 emissions is a challenging task. Our goal is to improve the accuracy and reliability of these measurements over time. The methodologies described below were selected based on our business boundaries, targets, and practical realities. This selection process includes consideration of emission types, industry-specific requirements, and the availability of activity data and emission factors. We strive to use comprehensive and relevant data sources and, to the extent possible, use automated data collection systems. The databases selected for emission factors are recognized and widely used, which enhances their credibility. We closely monitor updates to key databases and evaluate their changes and impacts. When emission factors and activity data reflect our current practices and technologies, more recent data is preferred. To ensure the completeness of the GHG inventory, estimates have been made for scopes and categories where primary data collection is difficult. These estimates are based on the primary data collected, which represents more than 93% of the data. When data is incomplete and estimates are required, we refer to the most similar cases from our collected data and estimate based on the amount or expenditure of the missing activities. This systematic approach ensures that our Scope 3 GHG calculations are transparent and robust under the current circumstances.

Scope 3 emissions from our majority shareholding NIVEA-Kao are calculated based on the results of life cycle assessments (LCAs) conducted in 2022 for certain reference products. We estimated the emissions generated in previous years on the basis of the quantity of reference products sold. NIVEA-Kao’s raw material and packaging emissions are calculated using the reference products’ bills of materials and the LCA emission factors. The upstream transport emissions are calculated using the product weight, the average distance transported, and the emission factors of the different modes of transportation. The calculated emissions are included in the respective Scope 3 categories.

Using the calculation methods described above, we did not identify any significant measurement uncertainties in the energy or emissions figures reported in this chapter.

Scope 3.1 – Purchased Goods and Services

Scope 3.4 – Upstream Transportation and Distribution

To calculate global inbound and outbound GHG emissions from upstream transportation activities, we mostly use the “EcoTransIT” tool in accordance with the European EN 16258 standard. Primary data on distances, loads, and the various modes of transportation are obtained from our internal logistics network. A third-party partner processes this data. Emission factors are secondary industry averages from “EcoTransIT.”

Scope 3.6 – Business Travel

Scope 3.12 – End-of-Life Treatment of Sold Products

Scope 3 Emissions Not Disclosed

Beiersdorf has quantified base year emissions from Scope 3.1 (purchased services), 3.2 (capital goods), 3.3 (fuel- and energy-related activities), 3.5 (waste generated in operations), 3.7 (employee commuting), 3.9 (downstream transportation and distribution), and Scope 3.15 (investments). However, these emissions are evaluated as non-significant and excluded from the Beiersdorf 2030 climate target. They are therefore not disclosed in this report. Scope 3.8, Scope 3.13, and Scope 3.14 are not relevant to Beiersdorf, as we have neither upstream/downstream leased assets, nor franchises. Scope 3.10 (processing of sold products) is not relevant as neither our cosmetics and adhesive products need further processing before application. As for Scope 3.11, Beiersdorf products do not have direct use-phase emissions. Indirect use-phase emissions could be generated for example when consumers take warm showers and apply our shower gel. Indirect use-phase emissions are not part of the targets as required by the SBTi.

GHG Removals and GHG Mitigation Projects Financed Through Carbon Credits

While Beiersdorf anticipates substantial reductions in GHG emissions by 2045, some emissions will remain. In line with the “SBTi Corporate Net Zero Standard,” we aim to neutralize 10% of residual emissions in Scope 1 to 3 within our net zero target boundary, while unabated emissions will be neutralized outside the boundary. We plan to achieve the net zero and climate-neutral targets through high-quality, permanent carbon removal projects.

During previous reporting periods, the Consumer Business Segment purchased CO₂ certificates from carbon removal projects that are gradually being decommissioned. These carbon removal initiatives contribute to the global transition toward a lower-emission future. They neither reduce our Scope 1 to 3 emissions nor contribute to our emission reduction targets. None of these projects is located within the European Union; furthermore, the projects do not meet the requirements for an adjustment in accordance with Article 6 of the Paris Agreement.

The tesa Business Segment does not currently invest in GHG removals or mitigation projects outside of its value chain.

¹ In line with SBTi definitions, “Net Zero” means reducing greenhouse gas emissions by 90% across Scopes 1, 2, and 3, and neutralizing the remaining 10% through permanent carbon removals.

² Includes only affiliates covered by data collection. Beiersdorf purchases renewable electricity directly from energy suppliers, or purchases “International Renewable Energy Certificates” (IRECs), “European Guarantees of Origin,” or country-specific certificates.

³ We include (primary) consumer packaging and secondary packaging in our calculation. Packaging materials that are added as part of packaging processes or during preparation for transport are not included.

⁴ The data collection period for outsourced production and warehousing (December 2024 to November 2025) differs from the reporting period.