Puig Brands (PUIG) Q2 2025 TU earnings summary

Executive summary

• Achieved record H1 2025 net revenue of EUR 2.3 billion, up 7.6% like-for-like and 5.9% reported, consistently outperforming the premium beauty market.

• Growth was broad-based across all regions and segments, with double-digit like-for-like increases in the Americas and Asia-Pacific.

• Fragrance and Skincare led performance, while Makeup rebounded in Q2.

• Strong innovation pipeline and successful launches in fragrance, makeup, and skincare supported results.

Financial highlights

• H1 2025 net revenue: EUR 2.3 billion (+7.6% like-for-like, +5.9% reported); Q2: EUR 1.1 billion (+7.7% like-for-like, +3.9% reported).

• Negative FX impact: -1.7 percentage points in H1, -3.8 in Q2, mainly due to the US dollar.

• All business segments and regions delivered positive like-for-like growth in H1 2025.

Outlook and guidance

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

• Guidance reflects confidence in strategy amid ongoing economic and geopolitical uncertainty.

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

• Price increases in the US (mid-single digit) implemented in August, independent of final tariff outcome.