Puig Brands (PUIG) Q3 2025 TU earnings summary

Executive summary

• Achieved 7.0% like-for-like (LFL) net revenue growth year-to-date, with all business segments and regions contributing, especially strong in APAC and Makeup and Skincare categories, and outperforming the premium beauty market.

• Q3 2025 net revenue reached €1,297 million, up 6.1% LFL and 3.2% reported, outpacing the global premium beauty market.

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

Financial highlights

• Nine-month 2025 net revenue: €3,596 million, up 7.0% LFL (4.9% reported); Q3 net revenue: €1,297 million, up 6.1% LFL (3.2% reported).

• Fragrance & Fashion: €2,617 million in nine months (+6.4% LFL, 73% of total revenue); Q3: €932 million (+2.8% LFL).

• Makeup: €569 million in nine months (+8.3% LFL); Q3: €230 million (+18.8% LFL), driven by Charlotte Tilbury and Amazon US expansion.

• Skincare: €410 million in nine months (+9.2% LFL); Q3: €135 million (+10.5% LFL), led by Uriage and Charlotte Tilbury Skincare.

• APAC: €368 million in nine months (+23.0% LFL); Q3: €134 million (+35.8% LFL), fastest-growing region.

Outlook and guidance

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

• Expects adjusted EBITDA margin expansion in line with 2024 improvement.

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

• Projects low single-digit growth for fragrance in H2, but expects to outperform the market.