Beiersdorf (BEI GY) expects 2026 EBIT margin (ex. special factors) to be slightly below previous years level; 2025 group sakes EUR 9.9bln, +2.4%, EBIT margin ex. special factors rises to 14%

• Q1 is expected to come in below FY range, affected by disruptions in US retail and China travel retail landscape.

Beiersdorf's forecast indicates a slight dip in EBIT margin for 2026 compared to previous years, which may raise concerns about long-term profitability. The expected 2025 sales growth is modest at +2.4%, and key challenges from disruptions in U.S. retail and the Chinese travel market could pressure first-quarter results. Overall, while the immediate sales and margin outlook appears stable, the headwinds suggest a cautious stance moving forward, particularly for investors focused on growth in personal care markets.