Beiersdorf (BEI.GR) 3Q26: No news is good news?

Beiersdorf reported its 3Q26 results, with numbers broadly in line with very low expectations. The key debate around the turnaround plan for the Nivea brand is unlikely to be resolved on the back of these numbers, but after a run of horrific updates over the past eighteen months there is a sense that "no news is good news". Organic sales decline of -0.7% for the consumer business is marginally ahead of consensus at -0.8%, with ongoing strength of the Derma division at +10.6% and a return to strong growth for La Prairie at +8.5% organic, both well ahead of expectations. However, Nivea remains the focus, with organic growth of -4.9% marginally behind very low expectations. Management flags recent innovation actions to help drive the Nivea turnaround and cites positive sell-out trends, but flags ongoing retailer disputes and retail destocking as contributing to the woeful sell-in. After one of the best European sun seasons ever, we also wonder whether there is an element of one-off benefi