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FINANCIAL ANALYST MEETING 2019 FEBRUARY 27 TH , 2019 DISCLAIMER Some of the statements made in this presentation contain forward-looking information that involve a number of risks and uncertainties. Such statements are based on a number of

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SLIDE 1

FINANCIAL ANALYST MEETING 2019

FEBRUARY 27TH, 2019

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SLIDE 2

DISCLAIMER

Some of the statements made in this presentation contain forward-looking information that involve a number of risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. Actual results can differ materially from those anticipated in the Company´s forward-looking statements as a result of a variety of factors, including those set forth from time to time in the Company´s press releases and reports and those set forth from time to time in the Company´s analyst calls and discussions. We do not assume any obligation to update the forward-looking statements contained in this presentation. This presentation does not constitute an offer to sell or a solicitation or offer to buy any securities of the Company, and no part

  • f this presentation shall form the basis of or may be relied upon in connection with any contract or commitment. This

presentation is being presented solely for your information and is subject to change without notice.

February 27, 2019 | Financial Analyst Meeting 2019 Page 2

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SLIDE 3

AGENDA

February 27, 2019 | Financial Analyst Meeting 2019 Page 3

FINANCIAL RESULTS 2018 FINANCIAL AMBITIONS STRATEGY UPDATE SUMMARY Q&A

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SLIDE 4

AGENDA

February 27, 2019 | Financial Analyst Meeting 2019 Page 4

FINANCIAL RESULTS 2018 FINANCIAL AMBITIONS STRATEGY UPDATE SUMMARY Q&A

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SLIDE 5

FINANCIAL RESULTS 2018

February 27, 2019 | Financial Analyst Meeting 2019 Page 5

GROWTH AHEAD OF THE MARKET

2018

CHALLENGING FX, PRICING & INPUT COST ENVIRONMENT

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SLIDE 6

GROUP – KEY FIGURES

February 27, 2019 | Financial Analyst Meeting 2019 Page 6

  • JAN. – DEC. 2017
  • JAN. – DEC. 2018

CHANGE

  • MILL. €
  • MILL. €

NOMINAL ORGANIC

SALES 7,056 7,233 +2.5% +5.4% EBIT 1,088 1,097 +0.8% PROFIT AFTER TAX 689 745 +8.1% EARNINGS PER SHARE IN € 2.96 3.21 +8.4% EBIT* 1,088 1,113 +2.3% PROFIT AFTER TAX* 689 756 +9.6% EBIT MARGIN* 15.4% 15.4% FLAT PROFIT AFTER TAX MARGIN* 9.8% 10.5% +70BPS

* Excl. special factors

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SLIDE 7

GROUP – SEGMENTS

February 27, 2019 | Financial Analyst Meeting 2019 Page 7

* Excl. special factors

  • JAN. – DEC. 2017
  • JAN. – DEC. 2018

CHANGE GROUP

  • MILL. €
  • MILL. €

NOMINAL ORGANIC

SALES 7,056 7,233 +2.5% +5.4% EBIT* 1,088 1,113 +2.3% EBIT MARGIN* 15.4% 15.4% FLAT CONSUMER SALES 5,799 5,890 +1.6% +5.0% EBIT* 881 903 +2.5% EBIT MARGIN* 15.2% 15.3% +10BPS TESA SALES 1,257 1,343 +6.8% +6.8% EBIT 207 210 +1.3% EBIT MARGIN 16.5% 15.7%

  • 80BPS
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SLIDE 8

CONSUMER – GROWTH

February 27, 2019 | Financial Analyst Meeting 2019 Page 8

* Consumer organic sales growth if sales in Argentina had been calculated at constant FX rates

ORGANIC SALES GROWTH IN %

FY 2016 +3.3 Q1 2018 +4.9* +4.7 FY 2017 +8.0 +6.1 Q2 2018 +2.9 Q3 2018 +8.5* +3.3 Q4 2018 +5.0 FY 2018 +4.1* +6.6* +3.9* +4.5* +5.9*

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SLIDE 9

CONSUMER – GROWTH

February 27, 2019 | Financial Analyst Meeting 2019 Page 9

+38.5% +2.8% +5.9%

  • 1.8%

NIVEA DERMA HEALTHCARE LA PRAIRIE +14.3% +3.2% +4.6%

  • 3.1%

FY 2018 Q4 2018

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SLIDE 10

CONSUMER – EUROPE

February 27, 2019 | Financial Analyst Meeting 2019 Page 10

  • JAN. – DEC. 2018

CHANGE

  • MILL. €

FY 2018 NOMINAL FY 2018 ORGANIC Q4 2018 ORGANIC

WESTERN EUROPE 2,354 +3.2% +3.9% +1.6% EASTERN EUROPE 587 +1.1% +5.3% +6.5% EUROPE 2,941 +2.8% +4.2% +2.7%

  • STRONG GROWTH OF LA PRAIRIE
  • EASTERN EUROPE CONTINUES SOLID, BROAD-BASED PERFORMANCE
  • SIGNIFICANT CONTRIBUTION FROM SUCCESSFUL LAUNCHES
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CONSUMER – AMERICAS

February 27, 2019 | Financial Analyst Meeting 2019 Page 11

  • JAN. – DEC. 2018

CHANGE

  • MILL. €

FY 2018 NOMINAL FY 2018 ORGANIC Q4 2018 ORGANIC

NORTH AMERICA 441 +3.4% +7.3% +5.3% LATIN AMERICA 610

  • 11.7%
  • 2.8%
  • 3.2%

AMERICAS 1,051

  • 5.9%

+1.1% 0.0%

  • ARGENTINA ACCOUNTING NEGATIVELY AFFECTED REPORTED ORGANIC GROWTH,

IMPACT LARGER IN H2 THAN IN H1

  • DRIVEN BY LA PRAIRIE, AQUAPHOR AND CANADA

* Organic sales growth if sales in Argentina had been calculated at constant FX rates:

  • Latin America: FY 18 +4.0% / Q4 18 +6.0%
  • Americas: FY 18 +5.3% / Q4 18 +5.7%
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SLIDE 12

CONSUMER – AFRICA/ASIA/AUSTRALIA

February 27, 2019 | Financial Analyst Meeting 2019 Page 12

  • JAN. – DEC. 2018

CHANGE

  • MILL. €

FY 2018 NOMINAL FY 2018 ORGANIC Q4 2018 ORGANIC

A/A/A 1,898 +4.2% +8.8% +6.3%

  • STRONG BROAD-BASED GROWTH LED BY AFRICA, INDIA AND INDONESIA
  • CHINA HAIR CARE REMAINS DIFFICULT
  • LA PRAIRIE MADE A POSITIVE CONTRIBUTION
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CONSUMER – EBIT

February 27, 2019 | Financial Analyst Meeting 2019 Page 13

IN % OF CONSUMER SALES, EXCL. SPECIAL FACTORS

2016 13.0% 2015 2017 13.9% 2014 2018 14.8% 15.2% 15.3%

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GROSS MARGIN – STRONG HEADWINDS

February 27, 2019 | Financial Analyst Meeting 2019 Page 14

IN % OF CONSUMER SALES

2017

  • 0.3%

PRICE +0.3% MIX 0.0% COST OF SALES, LOGISTICS & OTHERS FX

  • 0.9%

61.3% 2018 60.4%

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WOC – 2018 NORMALIZED POST CYBER

February 27, 2019 | Financial Analyst Meeting 2019 Page 15

WORKING CAPITAL IN % OF CONSUMER SALES ON A 12-MONTH ROLLING BASIS

2018 9.9% 2014 2015 2016 9.2% 13.6% 2017 14.6% 11.0%

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TESA – KEY FIGURES

February 27, 2019 | Financial Analyst Meeting 2019 Page 16

  • JAN. – DEC. 2017
  • JAN. – DEC. 2018

CHANGE

  • MILL. €
  • MILL. €

NOMINAL ORGANIC

SALES 1,257 1,343 +6.8% +6.8% EBIT 207 210 +1.3% EBIT MARGIN 16.5% 15.7%

  • 80BPS
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LIQUIDITY – M&A, WOC, CAPEX

February 27, 2019 | Financial Analyst Meeting 2019 Page 17

GROUP NET LIQUIDITY IN MILLION EUROS AT YEAR END

2015 2014 4,189 2,527 2016 3,036 2018 2017 3,708 4,402

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PAT – SIGNIFICANTLY IMPROVED

February 27, 2019 | Financial Analyst Meeting 2019 Page 18

IN % OF GROUP SALES, EXCL. SPECIAL FACTORS

10.8% 9.2% 2014 2015 2017 2016 2018 10.0% 9.8% 10.5%

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SLIDE 19

GUIDANCE 2019

February 27, 2019 | Financial Analyst Meeting 2019 Page 19

CONSUMER

  • SALES GROWTH 3-5%
  • EBIT MARGIN 14-14.5%

TESA

  • SALES GROWTH 3-4%
  • EBIT MARGIN SLIGHTLY BELOW

PREVIOUS YEAR

TOTAL GROUP

  • SALES GROWTH 3-5%
  • EBIT MARGIN AROUND 14.5%
  • PAT MARGIN SLIGHTLY BELOW

PREVIOUS YEAR

2018 DATA FOR REFERENCE (EXCLUDING SPECIAL FACTORS):

  • CONSUMER EBIT 15.3%
  • TESA EBIT 15.7%
  • GROUP EBIT 15.4%
  • GROUP PROFIT AFTER TAX MARGIN 10.5%

Note: Sales development on an organic basis – Profit development on an operative basis

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AGENDA

February 27, 2019 | Financial Analyst Meeting 2019 Page 20

FINANCIAL RESULTS 2018 FINANCIAL AMBITIONS STRATEGY UPDATE SUMMARY Q&A

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BEIERSDORF

February 27, 2019 | Financial Analyst Meeting 2019 Page 21

5,890 MILL. €/ 81% 1,343 MILL. €/ 19%

CONSUMER SKIN CARE TESA

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SLIDE 22

TODAY

February 27, 2019 | Financial Analyst Meeting 2019 Page 22

DISRUPTION DIGITAL TECHNOLOGIES EMPOWERING CONSUMERS PERSONALIZATION DYNAMIC GROWTH OF SMALL BRANDS OPPORTUNITY SKIN CARE IS AN ATTRACTIVE MARKET BEIERSDORF IS VERY WELL POSITIONED TO CAPTURE THE OPPORTUNITY NEED TO ACT EUROPEAN MASS MARKET BUSINESS UNDER PRESSURE UNDERWEIGHT PRESENCE IN GROWTH MARKETS

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SLIDE 23

EUROPE LATAM, AFRICA, NEAR EAST

21% 21% Future Growth 10% 49% Future Growth

STRENGTHEN MARKET LEADERSHIP DRIVE CATEGORY GROWTH & MARKET ENTRY

Share of Net Sales / Future Market Growth

ASIA

CAPTURE GROWTH POTENTIAL

54% 22% Future Growth

GROWTH OPPORTUNITY

February 27, 2019 | Financial Analyst Meeting 2019 Page 23

Source: Beiersdorf Net Sales, Euromonitor, Forecast 2017-2021, not shown: North America, representing 8% of Beiersdorf Net Sales and 15% of future market growth

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SLIDE 24

February 27, 2019 | Financial Analyst Meeting 2019 Page 24

OUR ABILITY TO CAPTURE THE GROWTH POTENTIAL

STRONG BALANCE SHEET LONG TERM PERSPECTIVE PEOPLE INNOVATION KNOW HOW FOCUS ON SKIN CARE GLOBAL, ICONIC BRANDS

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OUR COMMITMENT

February 27, 2019 | Financial Analyst Meeting 2019 Page 25

SUSTAINABLE PROFITABILITY CREATE CONSUMER VALUE OUTPERFORM THE MARKET

COMPETITIVE SUSTAINABLE GROWTH

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5 STRATEGIC PRIORITIES

February 27, 2019 | Financial Analyst Meeting 2019 Page 26

INCREASE PRODUCTIVITY CREATE VALUE FOR SOCIETY

DRIVE GROWTH

ACCELERATE IN WHITE SPOTS WIN WITH SKIN CARE STEP UP DIGITALIZATION

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5 STRATEGIC PRIORITIES

February 27, 2019 | Financial Analyst Meeting 2019 Page 27

INCREASE PRODUCTIVITY CREATE VALUE FOR SOCIETY

DRIVE GROWTH

ACCELERATE IN WHITE SPOTS WIN WITH SKIN CARE STEP UP DIGITALIZATION

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SLIDE 28

WIN IN INDIA

February 27, 2019 | Financial Analyst Meeting 2019 Page 28

PROFITABLE AFTER 5 YEARS NUMBER OF STORES x 5

  • No. 1 IN MODERN TRADE & ECOMMERCE
  • No. 2 MARKET POSITION IN DEO & BODY

NET SALES x7

NET SALES DEVELOPMENT SINCE 2011

2011 2012 2018 2013 2014 2015 2016 2017

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WIN IN INDIA

February 27, 2019 | Financial Analyst Meeting 2019 Page 29

FC 2019 2012 2011 2013 2017 2014 2018 2015 2016

Prod

  • duction& R&D Center

TRULY LOCAL MODEL LOCALIZE SC AND R&D BRAND REPOSITIONING

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WHITE SPOT POTENTIAL

February 27, 2019 | Financial Analyst Meeting 2019 Page 30

43% 43%

HALF OF THE WORLD’S

POPULATION CONSUMES

LESS THAN 10 CENTS

WORTH OF BEIERSDORF PRODUCTS

% OF NET SALES

43% 43%

SOURCE: Euromonitor

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NEW AFFILIATES

February 27, 2019 | Financial Analyst Meeting 2019 Page 31

RECENTLY FOUNDED PLANNED PRODUCTION CENTER

Myanmar Nigeria Bangladesh Pakistan Saudi Arabia Egypt Ghana 2016 2018 2016 2017 2012

ADDITIONAL POPULATION COVERED: ~800 MILLION

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SLIDE 32

LONG TERM COMMITMENT TO CHINA

February 27, 2019 | Financial Analyst Meeting 2019 Page 32

CHINA HEADQUARTERED SKIN CARE INNOVATION CENTER STRATEGIC REVIEW SLEK HAIR CARE

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5 STRATEGIC PRIORITIES

February 27, 2019 | Financial Analyst Meeting 2019 Page 33

INCREASE PRODUCTIVITY CREATE VALUE FOR SOCIETY

DRIVE GROWTH

ACCELERATE IN WHITE SPOTS WIN WITH SKIN CARE STEP UP DIGITALIZATION

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SLIDE 34

WIN WITH SKIN CARE

February 27, 2019 | Financial Analyst Meeting 2019 Page 34

STEP UP INNOVATION CAPABILITIES MARGIN ENHANCING INNOVATION PORTFOLIO FOCUS

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SLIDE 35

COMPLEMENTING BRAND PORTFOLIO

February 27, 2019 | Financial Analyst Meeting 2019 Page 35

DERMO COSMETIC MASS SKIN CARE HEALTH CARE LUXURY SKIN CARE NEW SEGMENTS

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SLIDE 36

INNOVATIONS 2019

REJUVENATING & DETOXIFYING TREATMENT LOTION ACTIVATES CELLS FOR RESHAPED & STRENGHTENED SKIN STRENGTHENS SKIN & PLUMPS UP WRINKLES IN 7 DAYS SENSITIVE BALM FOR MEN’S SKIN & STUBBLE REPLENISHES, PROTECTS & BEAUTIFIES SKIN AFTER SHAVING

February 27, 2019 | Financial Analyst Meeting 2019 Page 36

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SLIDE 37

February 27, 2019 | Financial Analyst Meeting 2019 Page 37

THE NEXT MILESTONE IN INNOVATION

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SLIDE 38

HYPERPIGMENTATIO ION

ONE COMMON SKIN CONCERN WHICH AFFECTS MORE THAN HALF OF THE GLOBAL FEMALE POPULATION

February 27, 2019 | Financial Analyst Meeting 2019 Page 38

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SLIDE 39

THE SOLUTION – THIAMIDOL

GIVES THE SKIN A MORE EVEN COMPLEXION CLINICALLY PROVEN TO VISIBLY REDUCE DARK SPOTS

BEFORE AFTER

10 YEARS OF PIONEERING RESEARCH PATENT PROTECTION

February 27, 2019 | Financial Analyst Meeting 2019 Page 39

4 8 1 2
  • 6
  • 5
  • 4
  • 3
  • 2
  • 1
1 2 tre a tm e n t (w e e ks) m M A S I S co re C h a n g e (m e a n  S D ) c o n tro l T h ia m id o l                 
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5 STRATEGIC PRIORITIES

February 27, 2019 | Financial Analyst Meeting 2019 Page 40

INCREASE PRODUCTIVITY CREATE VALUE FOR SOCIETY

DRIVE GROWTH

ACCELERATE IN WHITE SPOTS WIN WITH SKIN CARE STEP UP DIGITALIZATION

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SLIDE 41

STEP UP DIGITALIZATION

February 27, 2019 | Financial Analyst Meeting 2019 Page 41

INCREASE PRODUCTIVITY DIGITAL TRANSFORMATION DIGITAL CONNECTION TO CONSUMER

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SLIDE 42

5 STRATEGIC PRIORITIES

February 27, 2019 | Financial Analyst Meeting 2019 Page 42

INCREASE PRODUCTIVITY CREATE VALUE FOR SOCIETY

DRIVE GROWTH

ACCELERATE IN WHITE SPOTS WIN WITH SKIN CARE STEP UP DIGITALIZATION

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SLIDE 43

February 27, 2019 | Financial Analyst Meeting 2019 Page 43

FUEL THE GROWTH

WORKING CAPITAL & TAX RATE SIMPLE & FAST ORGANIZATION DRIVE GROSS MARGIN

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SLIDE 44

5 STRATEGIC PRIORITIES

February 27, 2019 | Financial Analyst Meeting 2019 Page 44

INCREASE PRODUCTIVITY CREATE VALUE FOR SOCIETY

DRIVE GROWTH

ACCELERATE IN WHITE SPOTS WIN WITH SKIN CARE STEP UP DIGITALIZATION

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SLIDE 45

WE CARE. ACHIEVEMENTS

February 27, 2019 | Financial Analyst Meeting 2019 Page 45

PRODUCTS PLANET PEOPLE

100% FREE OF MICROBEADS SINCE 2015 74% CERTIFIED PALM 81% RENEWABLE ELECTRICITY

  • 59% ENERGY-RELATED CO2 PER

UNIT SINCE 2014 960,000 FAMILIES SOCIALLY SUPPORTED SINCE 2013

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SLIDE 46

WE COMMIT

100% OF PACKAGING RECYCLABLE, COMPOSTABLE OR REUSABLE BY 2025 25% RECYCLED CONTENT IN PLASTIC PACKAGING IN EUROPE BY 2025

February 27, 2019 | Financial Analyst Meeting 2019 Page 46

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SLIDE 47

February 27, 2019 | Financial Analyst Meeting 2019 Page 47

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TESA BUSINESS SEGMENTS

February 27, 2019 | Financial Analyst Meeting 2019 Page 48

IN MILL. €, ORGANIC GROWTH

* Incl. ancillary businesses

DIRECT INDUSTRIES

(+9.1% )

TRADE MARKETS

(+3.8%)

TESA TOTAL

(+6.8%)

AUTOMOTIVE ELECTRONICS PRINT AND PAPER BUILDING SUPPLY CONSUMER & CRAFTSMEN GENERAL INDUSTRIAL MARKETS

1,343*

2018

539

2018

798

2018

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SLIDE 49

ELECTRONIC INDUSTRY SOLUTIONS

February 27, 2019 | Financial Analyst Meeting 2019 Page 49

Bonding and Detaching

Reliable bonding and residue-free detaching

Shielding and Grounding

Electrically conductive tapes for shielding and grounding applications

Structural Bonding

Superior bonding strength even on small bonding areas

Screen Mounting

Mounting of demanding lens and touch panel applications

Optically Clear Lamination

Highest transparency for outstanding lamination

Film and Graphite Sheet Lamination

Reliable bonding tapes for easy lamination process

Component Mounting

Secure component mounting inside and outside of the device

Sealing and Cushioning

Preventing humidity, dust and providing cushioning

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SLIDE 50

WELL-POSITIONED AND BALANCED

February 27, 2019 | Financial Analyst Meeting 2019 Page 50

TESA PRODUCTS HELP CUSTOMERS IMPROVE THEIR LIVES, WORK AND THE PRODUCTS THEY MAKE ADHESIVE SOLUTIONS SUPPORT SUSTAINABILITY WITH ENERGY EFFICIENT, SOLVENT-FREE AND REPOSITIONABLE ADHESIVE SOLUTIONS TAPES CAN ADD FUNCTIONALITIES LIKE LIGHT AND HEAT MANAGEMENT ADHESIVE SOLUTIONS ENABLE MINIATURIZATION AND LIGHTWEIGHT CONSTRUCTION ADHESIVE TAPES ARE REPLACING TECHNOLOGIES LIKE FIXING, BONDING AND MOUNTING

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AGENDA

February 27, 2019 | Financial Analyst Meeting 2019 Page 51

FINANCIAL RESULTS 2018 FINANCIAL AMBITIONS STRATEGY UPDATE SUMMARY Q&A

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SLIDE 52

WE COMMIT TO SUSTAINABLE VALUE CREATION

February 27, 2019 | Financial Analyst Meeting 2019 Page 52

CAPITAL ALLOCATION INCREASED PRODUCTIVITY INVESTMENTS FOR GROWTH

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CONSUMER GROWTH AMBITION

February 27, 2019 | Financial Analyst Meeting 2019 Page 53

OUTPERFORM THE MARKET WITH MEDIUM-TERM GROWTH OF 4%-6%

* Assuming 3% underlying market growth in Skin and Personal Care

2019 +4-6%* 2023 +3-5% WHITE SPOTS SKIN CARE CONSUMER/ DIGITAL

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INVESTMENTS FOR GROWTH / CONSUMER BUSINESS

February 27, 2019 | Financial Analyst Meeting 2019 Page 54

INCREASE INVESTMENTS BY EUR 70-80M

ACCELERATE IN WHITE SPOTS STEP UP DIGITALIZATION WIN WITH SKIN CARE

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SLIDE 55

MARGIN EVOLUTION WITH FOCUS ON GROWTH OPPORTUNITIES / CONSUMER BUSINESS

February 27, 2019 | Financial Analyst Meeting 2019 Page 55

15.3% 2018 2019 2023

INVESTMENTS FOR GROWTH

16-17%

FROM 2023 SUSTAINABLY HIGHER GROWTH & HIGHER MARGINS FROM 2021 EBIT MARGIN IMPROVEMENT 2019 ONWARDS INVESTMENTS FOR GROWTH

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STRATEGIC PRIORITY / CONSUMER BUSINESS

February 27, 2019 | Financial Analyst Meeting 2019 Page 56

  • REVENUE GROWTH MANAGEMENT
  • VALUE ENGINEERING
  • ORGANIZATIONAL EFFICIENCIES
  • TAX RATE IMPROVEMENT
  • GROSS MARGIN
  • GENERAL EXPENSES

KP KPIs Is IN SCO SCOPE PRO PRODUCTIVIT ITY

  • EBIT MARGIN
  • EFFECTIVE TAX RATE (ETR)
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SLIDE 57

TAX RATE IMPROVEMENT

February 27, 2019 | Financial Analyst Meeting 2019 Page 57

IN %

33.4 33.8 30.7 30.1 32.6 28.9 28.0 30.0 20.0 25.0 30.0 35.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 EFFECTIVE TAX RATE (ETR) NORMALIZED ETR CURVE

  • 200bps
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SLIDE 58

AMBITION 2023 / CONSUMER BUSINESS

February 27, 2019 | Financial Analyst Meeting 2019 Page 58

GROSS MARGIN

SUSTAINABLE INCREASE DUE TO

  • RGM
  • VALUE ENGINEERING
  • CAPACITY EXPANSION

ORGANIZATIONAL EFFICIENCIES

ENSURE ORGANIZATIONAL EFFICIENCIES, UPSKILLING WORKFORCE AND COST DISCIPLINE

EFFECTIVE TAX RATE

IMPROVE ETR BY SEIZING LOCAL TAX OPTIMIZATION OPPORTUNITIES AND CONTINUOUS GLOBAL IMPROVEMENT SA SAVINGS 25 250-350BPS ETR TR -20 200BPS RE REIN INVESTMENT : : 10 100B 0BPS

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SLIDE 59

CAPITAL ALLOCATION

February 27, 2019 | Financial Analyst Meeting 2019 Page 59

WORKING CAPITAL M&A OPPORTUNITIES CAPEX INVESTMENTS

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SLIDE 60

CAPITAL EXPENDITURES

February 27, 2019 | Financial Analyst Meeting 2019 Page 60

IN MILLION EUROS AND IN % OF GROUP SALES 4%

2014 2015 2016 4.8% 3.7% 2.4% 195 2.8% 2017 4.9% 2018 2019 - 2023 301 249 162 358 250-350 P.A.

CAPACITY CAPABILITIES EFFICIENCIES

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SLIDE 61

M&A OPPORTUNITIES

February 27, 2019 | Financial Analyst Meeting 2019 Page 61

GAPS IN THE PORTFOLIO

  • NEW MARKET SEGMENTS
  • GEOGRAPHY/CATEGORY WHITE SPOTS
  • DIGITAL ENABLERS

VC FUND: EUR 50M

  • SKIN CARE TECHNOLOGIES
  • NEW BUSINESS MODELS
  • DIGITAL PLATFORMS
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SLIDE 62

WORKING CAPITAL

February 27, 2019 | Financial Analyst Meeting 2019 Page 62

12-MONTH ROLLING AVERAGE IN % OF CONSUMER SALES

14.6% 13.6% 11.0% 9.2% 9.9% 2023 2018 2014 2015 2016 2017 MORE THAN 50 BPS P.A.

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SLIDE 63

FINANCIAL SUMMARY

February 27, 2019 | Financial Analyst Meeting 2019 Page 63

GROUP TAX RATE IMPROVEMENT MARGIN IMPROVEMENT GROWTH AMBITION AROUND 200BPS 150-250BPS +4-6%

CONSUMER 2023

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SLIDE 64

FINANCIAL SUMMARY

February 27, 2019 | Financial Analyst Meeting 2019 Page 64

PROFITABILITY INVESTMENTS GROWTH AMBITION MAINTAIN THE EBIT MARGIN ABOVE 15% CONTINUE BUILDING CAPABILITIES OUTPERFORM THE MARKET BY 2% P.A.

TESA MID-TERM

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SLIDE 65

AGENDA

February 27, 2019 | Financial Analyst Meeting 2019 Page 65

FINANCIAL RESULTS 2018 FINANCIAL AMBITIONS STRATEGY UPDATE SUMMARY Q&A

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SLIDE 66

SUMMARY

February 27, 2019 | Financial Analyst Meeting 2019 Page 66

INDUSTRY IN DISRUPTION NEED TO ACT IMMEDIATELY & DECISIVELY OPPORTUNITIES FOR BEIERSDORF WE ARE READY TO ACT - C.A.R.E + WE ARE COMMITTED TO LONGTERM VALUE CREATION

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SLIDE 67

February 27, 2019 | Financial Analyst Meeting 2019 Page 67

Q&A