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Puig Brands (PUIG) investor relations material

Puig Brands Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary30 Oct, 2025

Executive summary

  • Achieved 7.0% like-for-like (LFL) net revenue growth for the first nine months of 2025, with all business segments and regions contributing, especially APAC and Makeup.

  • Q3 2025 net revenue reached €1,297 million, up 6.1% LFL and 3.2% reported, outperforming the global premium beauty market.

  • Maintained full-year 2025 outlook for 6–8% LFL revenue growth, now expecting to be in the middle of the range.

  • All business segments performed within or above the full-year growth outlook.

  • Outperformed the global premium beauty market in Q3 2025.

Financial highlights

  • Net revenue for the first nine months: €3,596 million (+7.0% LFL, +4.9% reported).

  • Q3 net revenue: €1,297 million (+6.1% LFL, +3.2% reported).

  • Fragrance & Fashion: €2,617 million in nine months (+6.4% LFL), Q3 €932 million (+2.8% LFL).

  • Makeup: €569 million in nine months (+8.3% LFL), Q3 €230 million (+18.8% LFL).

  • Skincare: €410 million in nine months (+9.2% LFL), Q3 €135 million (+10.5% LFL).

Outlook and guidance

  • Full-year 2025 LFL revenue growth expected in the 6–8% range, with guidance at the midpoint.

  • Adjusted EBITDA margin expansion anticipated, in line with 2024 improvements.

  • Plans to maintain approximately 40% dividend payout ratio of reported net profit.

  • Solid start to Q4 and healthy retailer open-to-buy for the holiday season.

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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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