Summary of Q2/H125 results While most of the headline figures and downgraded FY guidance were pre-released with an ad-hoc announcement yesterday after the market close, today''s release provided more colour on the Q2/H1 delivery. The Q2 Consumer LFL miss (+1.5% vs. BBG consensus at +2.7%) was driven by Nivea (LFL at -0.5% vs. BBG consensus at +1.4%), while other major brands'' growth came in ahead of consensus. From a geographic perspective, the main drivers behind the miss were Western Europe, North America, and Latin America. Turning to the bottom line, H1 EBIT was c.1% below BBG consensus, while H1 EPS was c.6% below (other financial result weighed). FY Consumer LFL is now expected at +3-4% (vs. +4-6% before) and Consumer EBIT margin at +20bp YOY (vs. +50bp before). News Nivea should accelerate in H2 due to several factors, incl. i) Nivea Epicelline launch in Sep; ii) smaller impact from the China portfolio clean-up; iii) absence of retailer de-listings which weighed on Q2. Earnings We reduce our EPS estimates by c.5%/6%/7% in FY25e/26e/27e. Investment thesis We can see the longer-term attraction in the story, but consensus looks reasonable, and we believe a re-rating is unlikely against the current beauty market backdrop. Rating and target price We maintain our Neutral rating. Our target price moves to EUR116 from EUR125. 15 questions for management Are you concerned that Nivea price points in Europe are now at a level where you may start seeing some tangible volume share pressure from your competitors?