Puig Brands (PUIG) CMD 2026 summary

Vision 2032 and track record

• By 2032, targets are >€8bn net revenue, >22.5% adjusted EBITDA margin and growth ahead of the premium beauty market’s expected 4%-5% CAGR; growth is primarily organic.

• Aspires to rank among the world’s top four premium beauty players and become the #2 fragrance player by 2032.

• FY21-25 revenue CAGR was 18%, reaching €5.042bn in FY25; FY25 LFL growth was 7.8% versus 3.4% for the premium beauty market.

• FY25 adjusted EBITDA margin was 20.7%; the 2032 ambition implies >180 bps expansion and adjusted EBITDA above €1.8bn.

• After the 2025-26 market reset, 2027 growth is expected near the lower end of the 4%-5% market range, with gradual improvement thereafter.

Portfolio and brand priorities

• Reinforce prestige fragrance through Carolina Herrera, Rabanne and Jean Paul Gaultier; the 2032 ambition is a top-two global position, supported by innovation and global activation.

• Grow Byredo and Penhaligon’s through existing-door productivity and selective expansion; niche fragrance targets €1bn by 2032 and growth twice as fast as the market.

• Develop Charlotte Tilbury as a tri-axis brand across makeup, skincare and fragrance; the 2032 plan targets 1.5x growth, with fragrance acceleration from 2028.

• Build a global Dermo-Cosmetics platform with ISDIN, Uriage and Apivita; Uriage targets doubling by 2032, while the platform would exceed €1bn pro forma net revenue subject to ISDIN completion.

• Profitable growth and portfolio focus take priority; selective acquisitions may add distinctive brands, capabilities or exposure to attractive categories and markets.

Markets and growth opportunities

• Consolidate EMEA and Travel Retail, reinforce Latin America, scale profitably in the US and build APAC; APAC was 11% of FY25 sales versus 39% of the global beauty market.

• APAC sales grew 22% in 2025 and 18% year-to-date 2026; expansion is staged and profitability-led.

• Digital, APAC, US niche fragrance, feminine prestige fragrance, Charlotte Tilbury distribution and Dermo-Cosmetics are identified growth whitespace areas.

• US niche expansion is a priority; the US represents 25% of the niche market versus 14% of portfolio niche weight, with selective door growth planned.

• Travel Retail rose from the sixth- to third-largest fragrance player since 2021, with share increasing from 9.6% to 13.0%.