Puig Brands (PUIG) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 net revenue reached €1.2 billion, up 7.5% like-for-like and reported, outpacing the premium beauty market and in line with 2025 outlook.

• Growth was driven by strong performance in Fragrances and Fashion, especially Prestige and Niche brands, with double-digit gains in the Americas and APAC.

• Maintains 2025 outlook despite challenging macroeconomic conditions and market uncertainties.

Financial highlights

• Q1 2025 net revenues reached €1,206 million, up from €1,118 million in Q1 2024.

• Fragrance and Fashion segment revenue rose 10.4% to €896 million, representing 74% of total sales.

• Makeup segment revenue fell 4.2% reported (6% like-for-like) to €165 million, impacted by softness in premium makeup and delayed restocking.

• Skincare segment revenue increased 7.8% reported (7.2% like-for-like) to €144 million, led by Uriage and new product launches.

• EMEA revenue: €644 million, up 4.3% reported (3.8% LFL); Americas: €451 million, up 11.5% reported (11.8% LFL); APAC: €111 million, up 14.5% reported (13.2% LFL).

Outlook and guidance

• Maintains 2025 outlook for like-for-like revenue growth of 6%-8% and adjusted EBITDA margin improvement.

• Guidance incorporates US tariffs at currently expected levels and regional price increases.

• Fragrance expected to drive upper end of guidance range; makeup to determine lower end.

• Dividend payment of €212 million for 2024 performance, subject to AGM approval.

• Medium-term guidance targets high single-digit like-for-like growth, with net debt/adjusted EBITDA ratio not to exceed 2.0x.