AlphaValue/Baader Europe Flags 'More Cautious View' on Beiersdorf After H1 Report

11:57 AM EDT, 08/03/2026 (MT Newswires) -- AlphaValue/Baader Europe flagged "a more cautious view" and earnings forecasts downgrades from the second half after a surprise first-half report and full-year guidance downgrade from personal and skin care company Beiersdorf (BEI.F) on Monday. "Beiersdorf unexpectedly released its H1 figures alongside a downgrade to FY26 guidance. Q2 organic sales declined by 2.3%, while H1 profitability came in below expectations. The deterioration was primarily driven by NIVEA, which represents around 55% of group sales and showed no visible sequential improvement in Q2. Derma remained resilient and La Prairie returned to growth, but these positives were insufficient to offset the weakness of the core NIVEA performance and ongoing headwinds in Tesa's Electronics business," the note said. Looking ahead, Beiersdorf updated its group organic sales outlook to a low single-digit decline, compared with flat to slight growth previously. Analysts said their downbeat view will remain until "concrete signs" that the turnaround plan for Nivea is gaining traction.