Puig Brands (PUIG) investor relations material

Executive summary

• Achieved record net revenue of €5,042 million in FY2025, up 7.8% like-for-like and 5.3% reported, at the top end of guidance, outperforming the premium beauty market.

• Adjusted EBITDA reached €1,045 million (20.7% margin), and adjusted net profit was €587 million (11.6% margin); reported net profit was €594 million (11.8% margin), both showing year-over-year improvement.

• Free cash flow conversion was 64% of adjusted EBITDA; leverage reduced to 0.7x net debt/EBITDA.

• All business segments and geographies delivered growth within or above outlook ranges, with double-digit like-for-like growth in Asia Pacific.

• Completed five-year strategic plan, more than tripling 2020 revenue by 2025.

Financial highlights

• Net revenue: €5,042 million (+7.8% like-for-like, +5.3% reported); gross profit: €3,787 million, gross margin: 75.1% (up 19 bps YoY).

• Adjusted EBITDA: €1,045 million (20.7% margin, +49 bps YoY); adjusted net profit: €587 million (11.6% margin, +6.5% YoY).

• Operating profit: €812 million (16.1% margin, +27 bps YoY); adjusted EPS: €1.04, up from €0.98.

• Free cash flow from operations: €664 million; CapEx at 4% of net revenues.

• Net debt: €716 million, down €350 million YoY; net debt/adjusted EBITDA: 0.7x.

Outlook and guidance

• 2026 guidance expects stable adjusted EBITDA margins amid continued FX and tariff headwinds and a tougher cost environment.

• Like-for-like revenue growth expected to outperform the premium beauty market.

• Dividend payout policy maintained at ~40% of reported net profit; €237 million proposed for 2025.

• Capital structure target: net debt/EBITDA not exceeding 2x.

• Selective M&A approach and new product launches planned; Capital Markets Day announced for April 2026.