Flash | 24 Jun 2026 10:30:04 ET │ 11 pages Beiersdorf (BEIG.DE) Model Update CITI'S TAKE While a FY26 PE ex cash at c13x should be able to absorb LSD to MSD EPS css downgrades, we still see a clearing event on both OSG and margin as likely and necessary for the story to be derisked. We expect Q2 Consumer OSG at -1.9% due to Nivea -5% (customer conflicts on pricing issues, ME, sun), LP +0.2%, Derma +6% (comps). We do expect some improvement in H2 (LP entry-level launch, Eucerin, Nivea customer disputes easin ...