Beiersdorf : Rede (Englisch)

Half-Year Results 2022

Beiersdorf AG, Hamburg

August 4, 2022

Speech

Vincent Warnery

Chief Executive Officer

Astrid Hermann

Chief Financial Officer

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[Vincent Warnery]

Good morning, Ladies and Gentlemen,

Astrid and I are very pleased to take you through our performance over the first six months and give you an overview of the key developments in the past quarter. 2022 has been a successful year for Beiersdorf to date. The Group is clearly continuing on its growth path.

Despite facing some significant headwinds, we managed to achieve double digit growth on group level, driven by the outperformance of consumer with +11.7% growth in the first half. tesa also delivered good growth despite challenges in China and a strong prior-year first half.

We were not only successful from a topline perspective, but also on the bottom line. A Group EBIT margin of 15.9%, which is an increase of 50bps over the first half of 2021, clearly shows that we are committed to delivering on our promise to achieve an expansion of the EBIT margin in the Consumer business in 2022 and the years to follow.

Let's take a more detailed look at our performance in the second quarter. After an already strong first quarter, we saw a slight acceleration in Q2. We were optimistic about our second quarter performance at our Capital Markets Day, and are happy to report today very good numbers, driven by a strong end of the quarter.

As you can see, the growth in the Consumer segment is broad based:

NIVEA, Derma and Healthcare all had very strong double-digit growth in the second quarter. La Prairie also put in an impressive performance in June at +17% growth, thus managing to limit the negative impact of the lockdown in China. Overall, we achieved strong growth of +11.9% in Consumer.

The tesa business recovered very quickly after the lockdowns in China, recording growth of +5.7% in the second quarter. Combined, we achieved +10.7% sales growth at group level.

As I mentioned, NIVEA performed extremely well with growth of +13.2% in the second quarter. I would now like to provide you with a few details on what exactly is driving this performance:

With our portfolio, we were able to outperform not only the skin care market, but the personal care market as well. In terms of skin care, we saw very strong growth throughout our portfolio, with particularly strong growth coming from the sun, lip, face and body categories. We also managed to gain significant market share in the majority of skin care categories.

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Personal care also had an excellent second quarter. The deodorant and shower categories recorded strong demand, resulting in market share gains around the globe.

Allow me to make just one comment on the progress we have been making with the sustainability of our shower products: last year, I presented to you our first climate- neutralized NIVEA shower range. Today, exactly one year later, we have put a version of this product on the shelves with an even stronger sustainability profile. The relaunch of our best-selling NIVEA shower gels marks an important step forward on the journey toward climate-friendlier products at Beiersdorf.

Not only is the new NIVEA shower bottle made from at least 96% recycled plastic, it is also 26% lighter than it was before. The drop in weight means that there is a corresponding 32% reduction in packaging-related CO2 emissions. All of our formulas are microplastic-free and up to 99% biodegradable. That is something that we are extremely proud of.

Back to NIVEA's performance in Q2: The broad-based growth we experienced came not only from a category perspective, but also from a regional perspective. There are two examples I would like to share with you:

In Western Europe we recorded double digit growth in net sales over the course of the second quarter. And this strong trend actually accelerated even further in June. As I indicated earlier, this growth was generated by strong performances throughout our portfolio, with our Sun care category clearly being one of the main drivers in Western Europe.

Additionally, we are delighted to report that the investments in our face care portfolio continue to pay off. Leading the way in this regard are sales in NIVEA Luminous, which we managed to double year on year, making it the primary source of growth in our face care category.

These developments were all underscored by substantial market share gains in most Western European Countries.

At this point I would like to direct your attention to one of our ongoing success stories: Latin America. This region was once again at the front of the pack from a regional standpoint, delivering another very strong performance in the second quarter with broad-based sales growth. It is really interesting to note here that the dynamics of Latin American development were quite similar to the development we saw in Western Europe.

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The sun category really stood out. Here, we managed to more than double our sales in the second quarter. But that was not the only category that delivered a strong performance: There was also significant growth in the Face category in Latin America.

I would like to take you now from a detailed look at NIVEA to a more comprehensive overview of our portfolio performance in two main regions: North America and China.

Let's start with North America: As mentioned also at the Capital Markets Day, we have established a very successful and diversified portfolio in North America and have recently extended it with the acquisition of Chantecaille.

Our North America business has been gaining a significant amount of momentum over the course of the last couple of quarters and this trend continued in Q2 where our portfolio delivered some very impressive numbers. With +15.5% growth in the second quarter, we once again outperformed the competition.

All our brands grew significantly in the US. NIVEA showed strong growth in the body category, and Coppertone's start into the summer season is promising. Our most recent acquisition Chantecaille also got off to a good start with growth exceeding our expectations.

I would like to highlight two main drivers of these excellent results in North America: our La Prairie and Derma brands.

With La Prairie, we were able to accelerate our client data strategy. We are in a unique position when it comes to client data capture thanks to our exclusive agreements with retailers in the US. We were able to double our client data capture, a development that made it possible to provide more personalized offers - something that also contributed to our strong sales recovery. With our double-digit growth in the second quarter, we outperformed the market.

Our derma brands Eucerin and Aquaphor had already gained significant market share in the US in 2021 and they are continuing to make significant gains in the current year. Aquaphor in particular delivered considerable market share gains. With developments like these, we are outperforming our competitors on all channels and across all sub-categories. When it comes to continuing this encouraging trend, our most recent launch, Eucerin Sun, has been no exception. Initial results have exceeded our expectations and we are well on track to become a serious competitor in the US sun care category in the very near future.

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Let us take a look now at our activities in China, and particularly La Prairie.

The lockdowns that hit the country in April and May - and Beijing and Shanghai in particular - had a negative impact on our La Prairie business. The situation was aggravated by a number of other COVID related restrictions such as the PCR test requirement before entering a department store. Indeed, because we are significantly more dependent on Beijing and Shanghai due to our very selective distribution, we were not able to offset the effects of the lockdown by boosting our ecommerce activities. This is not only because we are only distributed at TMall which stopped supplying customers in Shanghai during the lockdowns, but even more because, unlike our competitors, we do not promote our brands through festivals such as 18.6 or 11.11. As a result, our La Prairie sales in China declined by -30% in April and May.

The good news, however, is that we are already seeing a turnaround. June and July sales are up +32%. We will also open our JD.com site in 3 weeks - and you are surely aware that JD.com's market share in online premium skincare went up from 7% in Q2 21 to 20% in Q2 22 - and we will also open 10 new doors before the end of 2022, and nine of them are not located in Beijing and Shanghai. With this in mind, we are expecting very good double digit Q3 growth not only in China but also for the overall La Prairie business.

This recovery story for La Prairie is similar to what we have seen with our NIVEA business in China. After being impacted in April and May by the restrictions to fight the pandemic, NIVEA recovered very quickly in June with strong growth. Especially body care in mainland China, but also the face care category via cross border sales, grew significantly.

Moving now to Eucerin, the brand which was the least affected by lockdowns in the second quarter in China. Thanks to our digital-only approach we were able to almost double our sales year on year in the second quarter.

Additionally, we recorded strong sell-out numbers at the 6/18 shopping festival - the second largest and most important shopping festival in China.

We are well on-track in China, and we are constantly gaining market shares. On product level, Thiamidol remains one of the main growth contributors in our Chinese businesses. The strong performance of our Anti Pigment Skin Perfecting Serum launch via cross border e-commerce gives us additional confidence to deliver our strong ambition and to continue building our brand with the best assortment.

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