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Puig Brands (PUIG) investor relations material

Puig Brands H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary9 Sep, 2025

Executive summary

  • Net revenues for H1 2025 reached €2.3 billion, up 5.9% year-over-year and 7.6% like-for-like, outperforming the premium beauty market.

  • Adjusted EBITDA was €445 million (19.4% margin), up 8.6% year-over-year, and adjusted net profit rose 3.9% to €247 million.

  • Reported net profit surged 78.8% to €275 million, reflecting lower non-recurring costs and strong operating performance.

  • Growth was broad-based across all business segments and regions, with double-digit like-for-like growth in the Americas and Asia-Pacific.

  • Maintained leadership in global fragrance rankings and continued strong ESG performance, including improved Sustainalytics and EcoVadis scores.

Financial highlights

  • Gross margin stood at 75.8%, among the highest in the industry.

  • Adjusted EBITDA margin improved to 19.4%, with distribution costs down and SG&A expenses leveraged.

  • Operating profit reached €332 million (14.4% margin), stable year-over-year.

  • Free cash flow from operations improved to -€116 million from -€173 million in H1 2024, reflecting better working capital management.

  • Net financial leverage at 1.4x net debt/adjusted EBITDA, below the 2x threshold.

Outlook and guidance

  • Reaffirmed full-year 2025 outlook for 6–8% like-for-like net revenue growth, expecting to land at the lower end of the range.

  • Anticipates further moderation in fragrance growth in H2, with outperformance expected in makeup and skincare.

  • Adjusted EBITDA margin improvement targeted for 2025, in line with 2024.

  • AMP as a percentage of sales expected to normalize in H2, similar to last year.

  • Management expects higher net revenues and operating profit in H2 2025 due to seasonal demand, particularly for Christmas sales.

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Frequently asked questions

Spanish Fashion and Fragrance

Puig is a Spanish company that specializes in the fashion and fragrance sectors. The company designs, produces, and markets a wide range of products, including perfumes, cosmetics, and fashion apparel. Puig is known for owning several prestigious fashion brands and for producing fragrances under license for designers and celebrities. The company's portfolio includes a combination of owned brands and licenses, enabling it to cater to a diverse market with products that range from luxury to mass consumer goods. Puig's business operations span globally, with a significant presence in both retail and wholesale channels. The company is headquartered in Barcelona, Spain.

A Company With Heritage

The company was founded in 1914 by Antonio Puig Castelló in Barcelona, Spain. Initially, Puig's business focused on the beauty and cosmetics industry, but over the decades, it expanded into the world of fashion and high-end fragrances. In the early years, Puig concentrated on creating perfumes and importing cosmetic products. The company began to gain prominence in the 1940s and 1950s when it started to focus more on creating its own fragrances. It was during this period that Puig ventured into the international market. The 1960s marked a significant expansion as Puig entered the fashion industry by acquiring the rights to produce and distribute fragrances under the name of Spanish designer Paco Rabanne. This move was pivotal, as it set the stage for future partnerships with other fashion designers and brands.

A Family Affair

The company remains a family-owned enterprise, now managed by the third generation of the Puig family. Under their leadership, Puig has expanded its international reach and continued to grow its portfolio of brands and products, and today the company competes in the international luxury industry together with companies such as LVMH and Kering.

The Products

Its product portfolio includes a variety of items, primarily focusing on perfumes, beauty products, and fashion. Some companies operating

  • Fragrances: Puig is well-known for its wide range of perfumes and colognes. The company owns several prestigious fragrance brands such as Nina Ricci, Carolina Herrera, and Paco Rabanne. They also produce fragrances under license for other well-known brands like Prada, Christian Louboutin, and Comme des Garçons.

  • Beauty Products: Alongside fragrances, Puig markets a variety of beauty products including skincare and makeup. These are often associated with their existing fragrance lines or extended from their fashion brands.

  • Fashion: Through ownership and collaborations, Puig is involved in the high-fashion industry. The company has ownership stakes in fashion houses like Carolina Herrera, Jean Paul Gaultier, and Paco Rabanne.

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