Nivea-maker Beiersdorf said on Monday it would launch a share buyback programme of up to 750 million euros ($877 million) over the next two years, and forecast its 2026 core operating margin, excluding special items, slightly below last year’s level.
The German consumer goods group forecasts 2026 net sales to be flat to slightly growing on an organic basis, and 2026 earnings before interest and taxes margin excluding special factors to come in slightly below 2025. It cited raw material cost increases and unfavourable foreign exchange effects.
The group added it expects the first quarter of 2026 to come in below the full-year range, citing disruptions in the US retail and China travel retail landscape.
Sales rose 2.5 percent organically to 9.9 billion euros ($11.6 billion) in 2025. Full-year operating result excluding special factors came in at 1.38 billion euros ($1.61 billion), slightly up from 1.37 billion euros ($1.60 billion) a year ago.
Sales of Nivea, the company’s flagship skin and body care brand, grew 0.9 percent organically.
“Growth at Nivea slowed in a challenging mass-market environment. This is why we have initiated a focused rebalancing of the Nivea portfolio to restore momentum over time,” CEO Vincent Warnery said in a statement.
The company’s recalibration began in the second half of 2025, and changes to its innovation pipeline and marketing spending will continue through 2026 and 2027.
By Anna Peverieri
How Beiersdorf Spots Opportunities Amid Beauty’s Slowdown
Beiersdorf chief executive Vincent Warnery explains how the company is offsetting China and US headwinds through new product launches, hero ingredients and expansion into fast-growing markets for The State of Fashion: Beauty Volume 2.
