Summary of Q125 sales Beiersdorf''s Q1 Group LFL at +3.6% came in ahead of Bloomberg (Bbg) consensus expectation of +2.6%, with Consumer LFL at +2.3% being broadly in line with Bbg cons of +2.2% and Tesa LFL at +10.7% coming in materially ahead of Bbg cons of +4.7%. Scanning Q1 Consumer LFL by brands, we note that Nivea LFL at +2.5% was slightly ahead of Bbg cons of +2.2%, Derma was broadly in line (+11.4% vs. Bbg cons at +11.2%), La Prairie missed (-17.5% vs. Bbg cons at -11.3%), and Health Care was materially ahead (+10.8% vs. Bbg cons at +5.3%). FY guidance was reiterated. News At the moment, Beiersdorf plans to be at the lower end of the Consumer FY LFL guidance range of +4-6% for Q2. Earnings We reduce our EPS estimates by c.2% in FY25e and c.3% in FY26e/27e, primarily as a result of updating for FX translation. 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 EUR129 from EUR133 before. 15 questions for management At what level are you currently observing European skincare market growth? Thiamidol-/epicelline-containing products aside, are you outperforming the market?