BNPP Exane View We believe that today''s release, with Consumer Q1 LFL broadly in line with consensus expectations and FY guidance reiterated, will come as somewhat of a relief and hence expect a positive share price reaction relative to the market, likely in the +2-3% range, maybe even a bit more (as a usual disclaimer, it is rather difficult to call Beiersdorf shares on results days). Headline metrics . Group LFL: +3.6% (Bbg cons +2.6%; Vara cons +2.5%) . Consumer LFL: +2.3% (Bbg cons +2.2%; Vara cons +2.4%) . Tesa LFL: +10.7% (Bbg cons +4.7%; Vara cons +3.6%) Top-line drivers Scanning Q1 top-line drivers by Consumer regions, while Western Europe and AAA were ahead of Bbg consensus expectations, Eastern Europe, Latin America, and North America missed. Examining Q1 LFL by brand, we note that Nivea grew by +2.5% (Bbg cons +2.2%), La Prairie declined by -17.5% (Bbg cons -11.3%), Derma grew by +11.4% (Bbg cons +11.2%), Healthcare grew by +10.8% (Bbg cons +5.3%), Chantecaille grew +15.9% (no reliable cons). Bottom-line drivers N/A - only a sales update. Other . China: ''We are putting our house in order in China to set the foundation for future growth. Excluding the effects of our proactive measures in this key market, our Consumer quarterly performance was within our guidance.'' Outlook / guidance All elements of FY guidance remain unchanged: . Group LFL: +4-6%; Bbg cons: +5.0% . Consumer LFL: +4-6%; Bbg cons: +5.6% . Tesa LFL: +1-3%; Bbg cons: +2.5% . Group margin: slightly above the PY; Bbg cons: +30bp . Consumer margin: +50bp; Bbg cons: +60bp . Tesa margin: around 16%; Bbg cons: 16.1% Likely revisions of consensus We don''t expect material consensus earnings estimate revisions on the back of this release per se. It is important to note that relative to Bbg consensus we estimate that FX M2M will have around a -2% impact on FY25 revenues. Sector read-across This print is a small positive read-across for the beauty space. Conference call details Call...