Beiersdorf Raises First Tranche of Share Buyback to €400 Million
Key Facts
Beiersdorf raised the maximum amount of the first tranche of its share buyback programme to €400 million, excluding incidental purchase costs, the company said in an announcement on 28 October 2026. It extended the tranche’s execution period to 29 December 2026. This is the second time the company has expanded the tranche since launching the programme, which targets total share repurchases of up to €750 million in multiple stages over the two years following its announcement. The company said the programme serves specific purposes, including cancelling shares and reducing capital, as well as meeting obligations under convertible debt instruments and employee share programmes. The announcement did not link the expansion to the share’s valuation or management’s financial outlook.
Beiersdorf announced the programme on 2 March 2026 and began executing it on 6 May. The adjustment is part of a multi-tranche programme, rather than the launch of a new programme. The company is conducting purchases electronically on the Frankfurt Stock Exchange via the Xetra platform, and/or through selected multilateral trading systems. Shareholders’ approval permits the purchase of treasury shares of up to 10% of the share capital until 16 April 2030.
At Xetra’s closing price of €80.34 per share on 27 October, the tranche’s value, after deducting shares already purchased, could amount to as many as 2,909,604 shares, or about 1.22% of the share capital. The company says this calculation is based on that day’s closing price, while the share count is not an estimate independent of the market price used. Through the data published on the programme page in October, Beiersdorf had purchased 2,188,824 shares for a total of €166,169,670.81. The average purchase price was €75.9173 per share. Published October data show purchases worth €4,482,549.98 during the month through the latest data displayed.
The tranche expansion comes a day after the company reported third-quarter results, with group sales of €2.4 billion and an organic decline of 1.3%. In the first nine months of 2026, sales reached €7.3 billion, down 2.8% organically. Performance varied across businesses: Derma grew 10.6% organically in the third quarter, while NIVEA sales fell 4.9%, with its sales dynamics improving compared with the second quarter. Chief Executive Vincent Warnery said third-quarter performance in consumer business improved compared with the first half, and that Derma, with its Eucerin and Aquaphor brands, continued to outperform the market.
Beiersdorf reaffirmed its 2026 outlook, expecting a low-single-digit organic decline in group sales and an operating margin of at least 11.8%, excluding special factors. The company said temporary pressure on NIVEA sales is expected to ease gradually by year-end, attributing it to trade-related tensions and lower inventories among retailers. In trading on 27 October, EL7 data showed the stock listed under ticker BDRFY closing at $17.97. The calculation of the potential share count in the tranche is based on Beiersdorf’s Xetra share price in euros, a different basis from BDRFY’s close in dollars. The scheduled end date for the purchase period in the expanded tranche remains 29 December 2026.