Puig Brands (PUIG) Q3 2025 TU earnings summary

Executive summary

• Achieved 7.0% like-for-like (LFL) net revenue growth for the first nine months of FY2025, reaching nearly EUR 3.6 billion, outperforming the premium beauty market despite FX headwinds.

• Q3 2025 net revenue was EUR 1.3 billion, up 6.1% LFL, with all business segments and regions contributing, especially APAC.

• All business segments performed within or above the full-year growth outlook of 6%-8%.

Financial highlights

• Net revenue for 9M 2025 reached EUR 3,596 million, up 4.9% reported and 7.0% LFL; Q3 net revenue was EUR 1,297 million, up 3.2% reported and 6.1% LFL.

• Fragrance & Fashion: EUR 2.6 billion in nine-month revenue, 6.4% LFL growth, 73% of total revenue; Q3 revenue EUR 932 million, up 2.8% LFL.

• Makeup: EUR 569 million in nine-month revenue, 8.3% LFL growth; Q3 revenue EUR 230 million, up 18.8% LFL, driven by Charlotte Tilbury and Amazon US.

• Skincare: EUR 410 million in nine-month revenue, 9.2% LFL growth; Q3 revenue EUR 135 million, up 10.5% LFL.

• APAC: EUR 368 million in nine-month revenue, 23% LFL growth; Q3 EUR 134 million, up 35.8% LFL.

Outlook and guidance

• Reconfirmed FY 2025 LFL revenue growth outlook of 6%-8%, expecting to land in the middle of the range.

• Adjusted EBITDA margin expansion expected in 2025, consistent with 2024 improvements.

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

• Solid start to Q4 and healthy retailer open-to-buy for the holiday season support confidence in guidance.