The margin guidance looks odd at first sight, as it may be a challenge in the current business environment, which might become even worse against the background of the Ukraine war.
Beiersdorf has been quite successful in passing on higher input costs, but we believe that pricing power will become more and more limited and internal cost cutting will also see its limits.
We were beaten at the revenue line by +2.5% and on EBIT level by +5.0%.


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A difficult to protect margin
The margin guidance looks odd at first sight, as it may be a challenge in the current business environment, which might become even worse against the background of the Ukraine war.
Beiersdorf has been quite successful in passing on higher input costs, but we believe that pricing power will become more and more limited and internal cost cutting will also see its limits.
We were beaten at the revenue line by +2.5% and on EBIT level by +5.0%.