Puig Brands (PUIG) Q3 2026 TU earnings summary

Executive summary

• Record Q3 revenue was €1,390.8M, up 5.6% LFL and 7.2% reported; 9M revenue reached €3,744.5M, up 4.8% LFL and 4.1% reported.

• LFL growth across all segments and regions; Makeup, Niche Fragrances, Dermo-Cosmetics and APAC delivered double-digit growth.

• Growth outperformed the premium beauty market; FY 2026 outlook was reaffirmed.

Financial highlights

• 9M revenue was €3,744.5M, up 4.1% reported and 4.8% LFL; Q3 revenue was €1,390.8M, up 7.2% reported and 5.6% LFL.

• Quarterly LFL growth was 4.7% in Q1, 4.1% in Q2 and 5.6% in Q3.

• Currency movements reduced reported growth by 0.7% over 9M and added 1.7% in Q3.

Outlook and guidance

• FY 2026 LFL revenue growth expected to outperform the premium beauty market; Adjusted EBITDA margin expected to remain stable versus FY 2025.

• Fragrance and Fashion expected to remain steady into Q4, with performance similar to Q3 and sell-in supported by comfortable channel inventories.

• Makeup sellout expected to remain healthy; Q4 sell-in faces a demanding comparison after 26.5% growth in Q4 2025.

• Skincare Q4 expected broadly consistent with Q3 and potentially flattish; dermo-cosmetics expected to remain strong while premium skincare stays challenging.