Summary of Q2/H124 results Consumer Q2 LFL at +6.1% came in below Visible Alpha (VA) consensus of +7.2%, with the miss driven largely by La Prairie and, to a lesser extent, by Derma, while Nivea LFL was ahead of VA consensus. H1 EBIT was c.5% below VA consensus, with the miss largely explained as a matter of margin phasing between H1 and H2. FY top- and bottom-line guidance was reiterated. News Beiersdorf reiterated its message delivered at the CMD stage wrt. FY Consumer LFL guidance of +6-8%: that achieving the lower end of this range would be a disappointment. Earnings We reduce our EPS estimates by c.3% in FY24e and c.2% in FY25e/26e. Investment thesis Beiersdorf''s innovation pipeline should underpin Consumer LFL outperformance vs. the market. In addition, we see double-digit EPS growth in both FY24 and FY25, and view valuation as palatable. Rating and target price We maintain our Outperform rating. With our EPS downgrades being broadly offset by the roll-forward of our target earnings base, our target price remains unchanged at EUR149. 15 questions for management Keeping in mind that you managed to achieve Consumer LFL of +8.0% in H1 against the backdrop of poor weather and La Prairie challenges, is it fair to expect H2 to see sequential improvement in growth, with weather headwinds behind, easy comps in luxury skincare and the promising innovation pipeline for the coming months?