Nivea maker Beiersdorf said on Thursday it will launch a share buyback program of up to 500 million euros ($524.85 million) in 2025.

The program is expected to commence after the company’s 2025 annual general meeting and conclude by the end of the year.

In October, the firm reported a rise in group sales for the first nine months of 2024, and said it expected a strong fourth quarter despite persisting challenges in the Chinese luxury market.

The German skincare company also completed a 500 million euro share buyback program in 2024.

The company will report its full-year 2024 results on Thursday.