Beiersdorf AG: Comprehensive Corporate Profile and Financial

Quick Facts / Company Snapshot

• Company Name: Beiersdorf Aktiengesellschaft
• Headquarters: Hamburg, Germany
• Founding Year: 1882
• Total Group Sales (2024): €9,850 million
• Operating Result (EBIT, excluding special factors): €1,370 million
• EBIT Margin (excluding special factors): 13.9%
• Profit After Tax: €928 million
• Earnings Per Share: €4.05
• Total Employees: 22,791
• Research & Development Expenses: €354 million
• Dividend Per Share (Proposed): €1.00
• Core Business Segments: Consumer and tesa
• Consumer Segment Sales: €8,162 million
• tesa Segment Sales: €1,688 million
• Largest Brand: NIVEA
• Key Strategic Vision: Win with Care
• Majority Shareholder: maxingvest GmbH & Co. KGaA
• CEO: Vincent Warnery

Company Overview

Beiersdorf Aktiengesellschaft is a globally leading consumer goods company that has stood for innovative skin care and pioneering skin research for over 140 years. The company’s success is built upon a strong portfolio of internationally leading brands, distinct innovative strength, outstanding quality, and exceptional closeness to consumers. Beiersdorf operates through two separate, independently managed business segments: Consumer and tesa.

The company’s overarching purpose is “Care Beyond Skin.” This expresses the organization’s self-image to not only win people over with unique skin care but also to make a positive contribution to society. In 2024, the company updated its corporate strategy under the banner “Win with Care.” This strategy articulates a clear vision: to be the best skin care company in the world. It focuses on raising the bar for performance and growth, aiming to be the undisputed authority in skin care, ensuring omnipresence for consumers, and combining performance with purpose.

Beiersdorf manages a global network with over 190 international affiliates. The company’s operational headquarters are located in Hamburg, Germany. The business activities are characterized by a long-term focus on sustainable, profitable growth, driven by continuous investment in research and development, digitalization, and the expansion into new markets and business areas.

Business Segments

Beiersdorf divides its operations into two primary business segments. Each segment operates independently and holds a leading market position in its respective field.

Consumer Business Segment

The Consumer Business Segment focuses on skin and body care. It is the larger of the two segments, contributing the vast majority of the Group’s total sales.

• Segment Revenue (2024): €8,162 million
• Share of Total Group Revenue: 82.9%
• Organic Sales Growth: 7.5%
• EBIT (excluding special factors): €1,094 million
• EBIT Margin: 13.4%

This segment serves the mass market, dermocosmetics market, and the premium/selective market. The portfolio includes world-renowned brands such as NIVEA, Eucerin, Aquaphor, Hansaplast, La Prairie, and Chantecaille. The segment’s strategy involves strengthening brand positions through innovations, particularly in the areas of hyperpigmentation, anti-aging, and acne care. The Consumer segment operates 15 production centers worldwide, located in Europe, North and South America, Africa, and the Asia-Pacific region.

tesa Business Segment

tesa SE is managed as an independent subgroup and is one of the world’s leading manufacturers of innovative adhesive tapes and self-adhesive product solutions.

• Segment Revenue (2024): €1,688 million
• Share of Total Group Revenue: 17.1%
• Organic Sales Growth: 1.9%
• EBIT (excluding special factors): €276 million
• EBIT Margin: 16.3%

tesa supplies specialized product and system solutions to industrial customers (Industry division) and end consumers (Consumer division).

• Industry Division: Supplies sectors such as automotive, electronics, printing and paper, and building and construction.
• Consumer Division: Offers products for private consumers and craftspeople, sold via retail partners and e-commerce.

tesa operates seven production sites globally, located in Germany, Italy, the USA, China, and Vietnam. The segment focuses on developing technologically advanced and sustainable adhesive solutions.

History and Evolution

Beiersdorf has been caring about skin since its foundation in 1882. The company’s origins lie in the invention of medical plasters by pharmacist Paul Beiersdorf. A pivotal moment in the company’s history was the invention of modern skin care in 1911 with the creation of NIVEA Creme, the world’s first stable water-in-oil emulsion.

Throughout its history, Beiersdorf has continuously evolved by expanding its brand portfolio and global footprint. The company established the tesa brand, which was spun off into an independent subgroup, tesa SE, in 2001 to focus on self-adhesive system solutions.

In recent years, the company has pursued a strategic transformation. The C.A.R.E.+ strategy guided the company through a phase of strengthening consumer proximity and digitalization. In 2024, this evolved into the “Win with Care” strategy, setting a new ambition to become the best skin care company in the world. This evolution includes significant acquisitions, such as the purchase of the prestige beauty brand Chantecaille and the Belgian biotechnology company S-Biomedic, to strengthen expertise in premium cosmetics and microbiome research.

Products and Services

Beiersdorf offers a diverse range of products across its two main business segments. The product portfolio is designed to meet various consumer needs, from mass-market skin care to specialized industrial applications.

Skin Care and Personal Care Products (Consumer Segment)

This category represents the core of Beiersdorf’s offering. It includes products for face care, body care, sun protection, and personal hygiene.

• Key Offerings: Face creams, body lotions, deodorants, shower gels, sunscreens, and lip care products.
• Innovation Highlights: The launch of the Eucerin Hyaluron-Filler Epigenetic Serum in 2024, utilizing the patented active ingredient Epicelline® to reverse signs of skin aging. The NIVEA Q10 Anti-Wrinkle Expert Dual Action Serum features the new active ingredient GLYCOSTOP® to prevent sugar-induced skin aging.
• Revenue Contribution: Driving the €8,162 million Consumer segment revenue.

Dermocosmetics and Healthcare (Consumer Segment)

These products address specific skin conditions and wound care needs.

• Key Offerings: Medical skin care products under Eucerin and Aquaphor; wound care plasters and therapeutic heat products under Hansaplast, Elastoplast, and CURITAS.
• Strategic Focus: Treatment of hyperpigmentation, acne, and atopic dermatitis.
• Performance: The Health Care unit recorded organic sales growth of 6.1% in 2024, reaching €282 million.

Premium and Selective Cosmetics (Consumer Segment)

High-end luxury skin care and cosmetics.

• Key Offerings: Anti-aging creams, serums, and makeup under La Prairie and Chantecaille.
• Recent Launches: La Prairie Life Matrix Haute Rejuvenation Cream and Chantecaille 24K Gold Cream Intense.

Adhesive Solutions (tesa Segment)

tesa provides self-adhesive products and system solutions.

• Industry Solutions: Adhesive tapes for mounting, masking, and protection in automotive manufacturing, electronics (e.g., smartphone assembly), and printing.
• Consumer Solutions: Products for office, home, and garden use, including repair tapes, mounting solutions, and fly screens.
• Innovation: “Debonding on Demand” technology allowing adhesive bonds to be released for repair and recycling.

Brand Portfolio

Beiersdorf manages a portfolio of strong, globally recognized brands. Each brand serves distinct market segments and consumer needs.

NIVEA

• Positioning: Mass market skin and body care.
• Performance (2024): Achieved 9.0% organic sales growth. Nominal sales increased to €5,601 million.
• Key Categories: Deo, Body Care, Face Care, and Lip Care.
• Highlights: Strong performance of the Luminous630® and Q10 product lines.

Eucerin

• Positioning: Dermocosmetics.
• Performance (2024): Together with Aquaphor, achieved 10.6% organic sales growth. Nominal sales for the Derma unit reached €1,372 million.
• Milestone: Eucerin became the second net sales billionaire brand in the Beiersdorf Consumer portfolio in 2024.
• Key Markets: Strong growth in the USA, Latin America, and Germany.

Aquaphor

• Positioning: Medical skin care, particularly strong in the US market.
• Performance: A key contributor to the Derma unit’s double-digit growth.

La Prairie

• Positioning: Selective luxury cosmetics.
• Performance (2024): Organic sales declined by 6.2%. Nominal sales fell to €509 million.
• Context: Impacted by challenges in the China ecosystem and travel retail market.

Hansaplast / Elastoplast / CURITAS

• Positioning: Wound care and plaster brands.
• Performance: Part of the Health Care unit which grew 6.1% organically.

Chantecaille

• Positioning: Botanical luxury skin care and cosmetics.
• Status: Successfully launched in mainland China in 2024; expanding growth rates throughout the year.

tesa

• Positioning: Adhesive solutions for industry and consumers.
• Performance (2024): Generated sales of €1,688 million with 1.9% organic growth.

Geographical Presence

Beiersdorf operates globally with a presence in over 170 affiliates. The Group reports financial data across three major regions.

Europe

• Revenue (2024): €4,313 million
• Share of Total Group Revenue: 43.8%
• Organic Growth: 4.1%
• Consumer Segment Performance: Organic sales up 5.3%. Western Europe grew 3.6%, while Eastern Europe saw strong growth of 11.5%.
• tesa Segment Performance: Sales decreased slightly by 0.4% nominally.
• Key Hubs: Headquarters in Hamburg; production and logistics centers in Germany, Spain, and Poland.

Africa / Asia / Australia

• Revenue (2024): €2,970 million
• Share of Total Group Revenue: 30.1%
• Organic Growth: 10.1%
• Consumer Segment Performance: Organic sales grew by 11.3%. Strong sales in Japan, Nigeria, the Middle East, and Turkey.
• tesa Segment Performance: Sales increased by 4.5% nominal and 5.7% organic.
• Key Hubs: Innovation center in Shanghai; production in Thailand, India, and China.

Americas

• Revenue (2024): €2,567 million
• Share of Total Group Revenue: 26.1%
• Organic Growth: 6.2%
• Consumer Segment Performance: Organic sales up 7.0%. North America grew 2.8%, while Latin America achieved 10.5% growth.
• tesa Segment Performance: Sales decreased by 1.3% nominal.
• Key Hubs: Innovation center in New Jersey; production in Mexico and the USA.

Financial Performance Analysis

In the financial year 2024, Beiersdorf demonstrated resilience and strength in a challenging global environment marked by economic and political unrest. The company achieved record sales and improved profitability.

• Group Sales: Increased to €9,850 million from €9,447 million in the previous year.
• Nominal Growth: 4.3%
• Organic Growth: 6.5%
• Operating Result (EBIT, excluding special factors): Rose to €1,370 million, an increase of 8.0% from €1,268 million in 2023.
• Profit After Tax: Increased significantly by 23.9% to €928 million.

The Consumer Business Segment was the main growth driver, while the tesa Business Segment also contributed positive growth despite a difficult market environment.

Profit and Loss Analysis

Revenue

Total Group sales reached €9,850 million. The increase was driven by organic growth across all regions and the strong performance of the NIVEA and Derma brands. Exchange rate effects reduced nominal growth by 2.2 percentage points.

Operating Profit (EBIT)

• EBIT (excluding special factors): €1,370 million.
• EBIT Margin (excluding special factors): Improved to 13.9% from 13.4% in the previous year.
• Reported EBIT: €1,294 million, up 17.1% from €1,105 million in 2023.
• Special Factors: The Group recorded special factors totaling €-76 million, primarily related to restructuring and impairments (e.g., Chantecaille goodwill).

Net Profit

Profit after tax stood at €928 million. The return on sales after tax improved to 9.4% from 7.9% in the previous year. Excluding special factors, profit after tax was €991 million.

Expenses

• Cost of Goods Sold: €4,090 million, increasing by 1.4%.
• Gross Profit: €5,760 million, resulting in a gross margin improvement.
• Marketing and Selling Expenses: €3,461 million, up 6.5%, reflecting increased investment in digital media and skin care focus.
• Research and Development Expenses: €354 million, an increase of 10.6%, emphasizing the company’s commitment to innovation.
• General and Administrative Expenses: €605 million.

Financial Result

The financial result was positive at €32 million, improving from €0 million in the previous year, driven by interest income and other financial result improvements.

Balance Sheet Analysis

Assets

• Total Assets: €13,011 million, up from €12,629 million.
• Non-Current Assets: €6,570 million. This includes property, plant, and equipment of €2,719 million and intangible assets of €888 million.
• Current Assets: €6,441 million.
• Inventories: Increased to €1,612 million.
• Cash and Cash Equivalents: €1,207 million.
• Securities: The Group holds significant liquidity in securities, with non-current securities at €2,466 million and current securities at €1,159 million.

Equity and Liabilities

• Total Equity: €8,495 million.
• Equity Ratio: 66%, indicating a very healthy and stable capital structure.
• Retained Earnings: €8,508 million.
• Non-Current Liabilities: €820 million, including pension provisions of €328 million.
• Current Liabilities: €3,696 million, including trade payables of €2,571 million.

Liquidity Position

Net liquidity (cash, cash equivalents, and securities less financial liabilities) stood at €4,566 million. The decrease from the previous year was partly due to the share buyback program (€501 million).

Cash Flow Analysis

Operating Cash Flow

• Gross Cash Flow: Increased to €1,269 million from €1,057 million in 2023.
• Net Cash Flow from Operating Activities: €1,231 million.

Investing Cash Flow

• Net Cash Flow from Investing Activities: Outflow of €126 million. This included capital expenditure of €437 million on property, plant, and equipment and intangible assets, offset by proceeds from the sale of securities.

Financing Cash Flow

• Net Cash Flow from Financing Activities: Outflow of €1,029 million. This includes the dividend payment of €227 million and payments for the acquisition of own shares amounting to €501 million.

Free Cash Flow

Free cash flow increased significantly to €1,105 million from €600 million in the previous year, demonstrating strong cash generation capabilities.

Board of Directors and Leadership Team

Beiersdorf operates with a dual management structure comprising the Executive Board and the Supervisory Board.

Executive Board

The Executive Board manages the company and is committed to increasing sustainable enterprise value.

• Vincent Warnery: Chairman of the Executive Board (CEO). Responsible for Corporate Development, Internal Audit, Supply Chain, R&D, Derma, Health Care, Communications, Sustainability, and Japan.
• Astrid Hermann: Member of the Executive Board (CFO). Responsible for Finance, tesa SE, Legal, Compliance, and IT.
• Nicola D. Lafrentz: Member of the Executive Board (CHRO) and Labor Director. Responsible for Human Resources and General Services.
• Grita Loebsack: Member of the Executive Board. Responsible for NIVEA Brand Management, Digital Marketing, and Greater China/South Korea.
• Ramon A. Mirt: Member of the Executive Board. Responsible for Emerging Markets (Latin America, Africa, Asia excluding Greater China, Russia).
• Oswald Barckhahn: Member of the Executive Board. Responsible for Europe and North America.
• Patrick Rasquinet: Member of the Executive Board. Responsible for the Luxury division (La Prairie, Chantecaille).
• Michael Frey: Member of the Executive Committee (not Executive Board). Responsible for Supply Chain and Quality Management.
• Dr. Gitta Neufang: Member of the Executive Committee (not Executive Board). Responsible for Research & Development.

Supervisory Board

The Supervisory Board advises and supervises the Executive Board. It consists of 12 members.

• Prof. Dr. Reinhard Pöllath: Chairman.
• Frédéric Pflanz: Deputy Chairman.
• Barbara Wentzel: Deputy Chairwoman (Employee Representative).
• Members: Donya-Florence Amer, Hilde Cambier, Hong Chow, Wolfgang Herz, Uta Kemmerich-Keil, Jan Koltze, Olaf Papier, Doris Robben, Kirstin Weiland.

Subsidiaries, Associates, Joint Ventures

Beiersdorf AG is the direct or indirect parent company of over 190 affiliates worldwide.

Top Revenue Generating Subsidiaries (Selection)

• Beiersdorf Manufacturing Hamburg GmbH (Germany): Production affiliate.
• tesa SE (Germany): 100% owned. Independent subgroup for adhesive solutions.
• Beiersdorf S.A. (France): 99.93% equity interest.
• Beiersdorf Inc. (USA): 100% equity interest.
• Nivea-Kao Co., Ltd. (Japan): 60% equity interest. Joint venture.
• Beiersdorf SpA (Italy): 100% equity interest.
• Beiersdorf India Pvt. Limited (India): 51% equity interest.
• La Prairie Group AG (Switzerland): 100% equity interest.
• Chantecaille Beaute Inc. (USA): 100% equity interest.

Significant Associates

• Alkynes Co. Ltd. (South Korea): 31.43% equity interest.

Physical Properties

Beiersdorf maintains a global network of production centers, innovation centers, and offices.

Production Sites (Consumer Segment)

There are 15 production centers for the Consumer Business Segment worldwide.

• Germany: Hamburg, Berlin, Leipzig (new state-of-the-art plant).
• Spain: Argentona, Tres Cantos.
• Poland: Poznan.
• Mexico: Silao.
• Thailand: Bangkok.
• Others: Located in North and South America, Africa, and Asia-Pacific.

Production Sites (tesa Segment)

tesa operates seven production sites.

• Germany: Hamburg, Offenburg.
• Italy: Solbiate con Cagno.
• USA: Sparta, Michigan.
• China: Suzhou.
• Vietnam: Haiphong.

Innovation Centers

• Hamburg, Germany: Main skin research center.
• Shanghai, China: Second largest innovation center.
• Florham Park, New Jersey, USA: Innovation center.
• Development Laboratories: Brazil, India, Japan.

Logistics

• Leipzig, Germany: A new €200 million investment in a state-of-the-art logistics center. Groundbreaking took place in 2024.

Segment-wise Performance

Consumer Segment

• Organic Growth: 7.5%
• Nominal Growth: 4.9%
• EBIT Margin (excluding special factors): Increased to 13.4%.
• Performance Drivers: NIVEA (+9.0% organic), Derma (+10.6% organic), Health Care (+6.1% organic). La Prairie declined (-6.2% organic).

tesa Segment

• Organic Growth: 1.9%
• Nominal Growth: 1.2%
• EBIT Margin (excluding special factors): Increased to 16.3%.
• Performance Drivers: Growth in the Industry division (+2.6% organic), particularly in consumer electronics and printing/packaging. The Consumer division saw a slight decline (-1.0% organic).

Founders

The company was founded by Paul Beiersdorf, a pharmacist, in 1882. The foundation was laid when Paul Beiersdorf applied for a patent for the manufacture of coated plasters. In 1890, the company was acquired by Dr. Oscar Troplowitz, who, together with Prof. Paul Gerson Unna, developed the scientific basis for modern skin care and the NIVEA brand.

Shareholding Pattern

Beiersdorf AG is a listed company with a controlled shareholder structure.

• Promoters / Majority Shareholder: maxingvest GmbH & Co. KGaA (Hamburg) holds more than 50% of the voting rights. This holding is attributed to the Herz family (Wolfgang Herz and Michael Herz).
• Treasury Shares: Beiersdorf AG holds approximately 9.99% of its own shares (24,785,620 shares) following a share buyback program in 2024.
• Public / Institutional Holdings: The remaining shares are in free float, held by institutional and private investors. BlackRock, Inc. holds a share exceeding 3%.

Parent Company

The ultimate parent company of Beiersdorf AG is maxingvest GmbH & Co. KGaA, based in Hamburg, Germany. maxingvest is the holding company for the family-owned Tchibo Group and Beiersdorf. It controls Beiersdorf AG indirectly through its subsidiaries. Beiersdorf AG is included in the consolidated financial statements of maxingvest GmbH & Co. KGaA.

Investments and Capital Expenditure Plans

Beiersdorf continues to invest heavily to secure future growth and modernization.

• Total Capital Expenditure (2024): €437 million.
  • Consumer Segment: €374 million.
  • tesa Segment: €63 million.
• Key Projects:
  • Leipzig Logistics Center: Investment of €200 million in a new hub to serve Central Europe.
  • Production Expansion: Expansion of capacity at production facilities in Poland and Mexico.
  • IT and Digitalization: Significant investments in the SAP S/4HANA transformation and digital infrastructure.
• R&D Spending: €354 million in 2024, focusing on epigenetics, microbiome research, and sustainable packaging solutions.

Future Strategy

The company’s future development is guided by the “Win with Care” strategy.

• Vision: To be the best skin care company in the world.
• Strategic Choices:
  • Undisputed Authority in Skin Care: Leveraging science and innovation (e.g., Thiamidol®, Epicelline®).
  • Consumer-Facing Omnipresence: Expanding presence in all strategic markets, categories, and channels, especially e-commerce.
  • Performance with Purpose: Combining profitable growth with sustainability and social impact.
• Market Focus: Targeting growth in “white space” markets like India and continuing expansion in China and the USA.
• Digitalization: Accelerating precision marketing and implementing generative AI tools.
• Sustainability: Achieving Net Zero emissions by 2045 and ensuring 100% of plastic packaging is made of recycled or renewable materials by 2032.

Key Strengths

• Strong Brand Equity: NIVEA is an iconic global brand; Eucerin and Aquaphor are leaders in dermocosmetics.
• Innovation Capability: Proven track record of breakthrough innovations like Thiamidol® (anti-pigment) and Epicelline® (epigenetic anti-aging).
• Financial Health: High equity ratio of 66% and net liquidity of €4,566 million provide stability and flexibility.
• Global Footprint: Balanced presence across Europe, Americas, and Emerging Markets.
• Resilience: Demonstrated ability to grow sales and profit despite difficult global economic conditions.

Key Challenges and Risks

• Geopolitical and Economic Uncertainty: Risks from global conflicts (e.g., Ukraine, Middle East), trade tensions (e.g., US-China), and volatile economic conditions affecting consumer confidence.
• Procurement Market Risks: Potential shortages and price volatility of raw materials (e.g., palm oil) and packaging materials.
• Cybersecurity: Increasing threat of attacks on IT systems and data.
• Regulatory Requirements: Growing ESG requirements (e.g., EU Green Deal, Supply Chain Due Diligence Act) increasing complexity and costs.
• Market Competition: Intense price competition and recurring disputes with retailers.
• Reputational Risk: Vulnerability to reputational damage in an environment where consumers expect companies to take stands on socio-political issues.

Conclusion and Strategic Outlook

Beiersdorf AG looks back on a successful 2024 financial year, characterized by record sales and improved profitability under the new “Win with Care” strategy. The company has successfully navigated a complex global environment, leveraging its strong brand portfolio and innovative power to achieve organic growth of 6.5%. With a solid financial foundation, a clear strategic roadmap, and a commitment to sustainability (Net Zero 2045), Beiersdorf is well-positioned for future value creation.

For 2025, Beiersdorf expects organic sales growth in the range of 4-6% for the Group. The company anticipates a consolidated EBIT margin (excluding special factors) slightly above the previous year’s level. Beiersdorf remains confident in its ability to outperform the market, driven by its focus on skin care, digital transformation, and targeted regional expansion.

Official Site: www.beiersdorf.com

FAQ Section:

1. What was Beiersdorf AG’s total revenue in 2024? Beiersdorf AG generated total Group sales of €9,850 million in the financial year 2024.
2. Which brand is Beiersdorf’s largest revenue contributor? NIVEA is the largest brand, achieving nominal sales of €5,601 million in 2024.
3. What are the two main business segments of Beiersdorf? The company operates through the Consumer Business Segment (skin and body care) and the tesa Business Segment (adhesive solutions).
4. What is Beiersdorf’s sustainability target regarding emissions? Beiersdorf aims to reach Net Zero emissions by 2045 and reduce value chain emissions by 90%.
5. Who is the CEO of Beiersdorf AG? Vincent Warnery is the Chairman of the Executive Board (CEO).
6. Does Beiersdorf pay a dividend? Yes, the Executive Board and Supervisory Board proposed a dividend of €1.00 per share for the financial year 2024.
7. Where is Beiersdorf headquartered? Beiersdorf AG is headquartered in Hamburg, Germany.
8. What is the “Win with Care” strategy? It is Beiersdorf’s updated corporate strategy aimed at making the company the best skin care company in the world through innovation, omnipresence, and purposeful performance.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.