Puig Brands (PUIG) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 net revenue reached €1.215 billion, up 4.7% like-for-like and 0.8% reported, outperforming the premium beauty market for the eighth consecutive quarter.

• All business segments and geographies contributed to growth, with exceptional momentum in APAC (+26.1% LFL) and strong innovation and disciplined execution.

• Ongoing merger discussions with Estée Lauder remain unresolved, with no final decision or agreement reached.

• New CEO Jose Manuel Albesa appointed March 17, 2026; Marc Puig remains Executive Chairman.

Financial highlights

• Fragrance and Fashion segment (74% of sales) delivered €897 million in net revenue, up 3.9% like-for-like and 0.1% reported, despite a -4% FX impact.

• Makeup segment (14% of sales) achieved €171 million in net revenue, up 9.2% like-for-like and 3.3% reported, led by Charlotte Tilbury.

• Skincare segment (12% of sales) posted €147 million in net revenue, up 4.7% like-for-like and 2.1% reported.

• EMEA region contributed €656 million (54% of sales), up 3% like-for-like and 1.9% reported; Americas €428 million (35% of sales), up 2% like-for-like but down 5% reported due to FX; APAC €131 million (11% of sales), up 26.1% like-for-like and 17.9% reported.

• LFL net revenue growth of 4.7% year-over-year; reported growth impacted by a 4.0% negative currency effect.

Outlook and guidance

• Expects to continue outperforming the premium beauty market on a like-for-like basis, with adjusted EBITDA margins stable and in line with FY 2025 despite cost pressures.

• Guidance for the year confirmed, with EBITDA margin expected to remain at 20.7% of net revenues.

• Innovation pipeline and digital strategy rollouts are expected to support future growth.