Beiersdorf expects muted growth in 2026, citing raw material costs and currency headwinds. The Nivea maker projects net sales to remain flat to slightly higher organically, falling short of the 3.7% growth anticipated by analysts. This cautious outlook reflects persistent industry challenges facing consumer goods companies.

The company forecasts EBIT margin excluding special factors to slightly trail 2025 levels. Beiersdorf also flagged a soft first quarter performance due to disruptions in U.S. retail channels and China travel retail. For 2025, organic sales rose 2.5% to €9.9 billion, while EBIT edged up to €1.38 billion.

Growth at the Nivea brand remained modest at 0.9%, prompting CEO Vincent Warnery to initiate a "focused rebalancing" of the portfolio. The recalibration began in late 2025 with changes continuing through 2026 and 2027. Beiersdorf also announced a €750 million share buyback program over the next two years.

Analysts expressed surprise at the lack of follow-through in Q1, particularly following the major launch of Nivea Epicelline. The muted guidance suggests Beiersdorf faces significant headwinds beyond typical seasonal factors in key markets.