32 slides from Puig Brands, S.a. Class B's earnings presentation, Feb 27, 2025
Slide 1: FY 2024 Results
FY 2024 RESULTS February 27th, 2025
Slide 2: Disclaimer
Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) for the sole purpose expressed herein and neither this document nor the information contained herein, can be used, disclosed, or published by third parties for other purpos
Slide 3: Agenda
01 FY 2024 results by Marc Puig, Chairman & CEO 02 Financial review by Joan Albiol, CFO 03 Outlook 3
Slide 4: Puig
Puig A home of love brands, within a family company, that furthers wellness, confidence and self-expression, while leaving a better world 4
Slide 5: FY 2024 Key Highlights
FY 2024 Key Net Revenue € 4,790m 11.3% 10.9% Highlights FY 2024 Net Revenue Reported Net Revenue LFL Net Revenue Growth Growth Gross Profit margin € 3,588m 74.9% FY 2024 Gross Profit Gross Profit Margin Adj. EBITDA € 969m 20.2% FY 2024 Adj. EBITDA Adj. EBITDA Margin (€823m Reported EBITDA) Adj. Net
Slide 6: FY 2024 Net Revenues: 10.9% like-for-like growth
FY 2024 Net Revenues 10.9% like-for-like growth in 2024 FY24 growth YoY growth 10.9% 1.2% (0.8)% 11.3% Key drivers: Double-digit growth in Fragrance and Fashion in €m € 4,304 € 4,790 • Continued outperformance of Prestige complemented 54 36 by strong growth in Niche Makeup posted a low single-digit
Slide 7: Growth in 2024 was weighted towards the second half
Growth in 2024 was weighted towards the second half 2024 - Evolution of quarterly like-for-like growth 14.1% 11.6% 9.7% 7.2% Q1 Q2 Q3 Q4 7
Slide 8: FY 2024 Net Revenues by business segment
FY 2024 Net Revenues by business segment Fragrance & Fashion Makeup Skincare +13.6% (1.3%) +19.8% +7.4% Reported and constant Reported and constant Reported Constant perimeter perimeter growth perimeter growth growth growth € 3,538m € 763m € 516m Net Revenues Net Revenues Net Revenues 73% Total1 16%
Slide 9: Continued core execution strength in Fragrances & Fashion
Continued core execution strength in Fragrances & Fashion Double-digit growth in FY24 with three brands in the top 10 rankings worldwide Three brands within the top 10 rankings1 worldwide FY 2024 Fragrance Value Market Share1 of selective fragrance brands 11.5% #5 Global Value Market Share #6 Top 10
Slide 10: Good Girl is the No.1 fragrance franchise globally
Good Girl is the No.1 fragrance franchise globally. Three out of the top 5 fragrance lines in masculine and feminine rankings Carolina Herrera’s Good Girl achieves #11 Jean Paul Gaultier is Puig’s Puig’s €1bn brand, Rabanne’s position as feminine fragrance line in the fastest-growing brand and One M
Slide 11: Makeup: Challenging year for growth
Makeup Challenging year for growth Early days of building the Makeup proposition for core Fragrance and Fashion led Brands Maintained and #1 strengthened leading Charlotte Tilbury Prestige Makeup brand UK market positions in spite of challenges #3 Charlotte Tilbury Prestige Makeup brand US (vs. #5 i
Slide 12: Skincare: Leveraging multiple streams of growth
Skincare Leveraging multiple streams of growth Steady growth in derma with Uriage delivering double-digit growth Fastest growing category in 2024 with diversified offerings The addition of niche skincare brand Dr. Barbara Sturm – adds ultra prestige skincare to Puig’s offering. Integration was also
Slide 13: FY 2024 Net Revenues by Geography
FY 2024 EMEA € 2,620m +12.8% +11.6% Net Revenues 55%1 of total Net Revenues Reported growth Constant perimeter by Geography growth Americas € 1,715m +11.1% +9.5% 36%1 of total Net Revenues Reported growth Constant perimeter growth APAC € 455m +3.7% 10%1 of total Net Revenues Reported and constant pe
Slide 14: ESG highlights
ESG highlights Embedded in Puig values and long-term vision The Puig commitment to sustainability goes beyond legal requirements, contributing globally to two ambitious sustainability goals: Helping limit global warming to 1.5 °C by 2030 Becoming a net zero organization by 2050 The strategy of Puig
Slide 15: Agenda
01 FY 2024 results by Marc Puig, Chairman & CEO 02 Financial review by Joan Albiol, CFO 03 Outlook 15
Slide 16: Income Statement Overview
In €m FY 2023 FY 2024 % YoY Growth Net Revenues 4,304 4,790 +11.3% Cost of Sales (1,089) (1,202) Gross Profit 3,215 3,588 +11.6% Income Gross Margin (%) 74.7% 74.9% Statement Distribution expenses (218) (220) Overview Advertising and promotion expenses (1,338) (1,551) Selling, general and administra
Slide 17: Adjusted EBITDA Margin Evolution
Adjusted EBITDA Margin Evolution FY 2024 % Net Revenues 74.9% 4.6% 32.4% 22.1% – +0.2ppt improvement in Adjusted Distribution costs improved by +0.5ppt EBITDA vs. FY 2023 was driven by several vs. FY 2023 due to the effect of FY 2023 impacts continued optimisation and % Net Revenues 74.7% 5.1% 31.1%
Slide 18: FY 2024 Operating Profit by Category
FY 2024 Operating Profit by Category Operating profit (in €m) FY 2023 FY 2024 0.3ppt decrease in Operating Margins. Makeup operating margin has been % margin % margin FY 2023 driven by an increase in A&P and impacted by: Total operating profit 16.1% 15.8% the dilutive effect of smaller brands and •
Slide 19: FY 2024 Adjusted Net Profit
FY 2024 Operating Profit to Net Profit Attributable to Puig Reported Net Profit to Puig grew 14.1% to reach €531 million as a Adjusted In €m FY 2023 FY 2024 % YoY result of: Net Profit Growth • Positive impact from operating profit improvement Evolution Operating Profit 693 759 9.5% • Improved finan
Slide 20: Overview of FY 2024 Cash Flow
Overview Cash Flow from Operations Free Cash Flow Conversion increased significantly of FY 2024 In €m FY 2023 FY 2024 reaching 65% of Adjusted EBITDA Cash Flow Significant improvement in working capital led by Statement Net Profit attributable to the Parent Company 465 531 inventory optimisation and
Slide 21: Recap of key events impacting our capital structure in FY 2024
Recap of key events impacting our capital structure in FY 2024 Acquisition of 65% of Dr. Barbara Listing on the Spanish stock Accelerated buyout of all remaining Increase of ownership in Charlotte Sturm exchange with Primary component minority stakes in Byredo to 100% Tilbury from 55% at the end of
Slide 22: Leverage stands at 1.1x as of Dec-24
Leverage stands at 1.1x1 as of Dec-24, comfortably below medium-term leverage threshold (below 2.0x) Leverage1 1.8x 1 1.1x 1 in €m € 1,510 € 1,068 1,510 1,077 1,377 549 1,068 222 186 FY 2023 Net Debt Operational Cash M&A and IPO Proceeds Dividends Financial Flows FY 2024 Net Debt Cash Flow minority
Slide 23: Liabilities from Business Combinations reduced to €1.1bn net
Our Liabilities from Business Combinations were reduced by c.€1.3bn to €1.1bn net during FY 2024 Evolution of Liabilities from Business Combinations (in €m) Liabilities from Business Combinations • Periodic reassessment of future in €m € 2,385 € 1,088 decreased from €2,385m to €1,088m obligations re
Slide 24: Maturity calendar of Liabilities from Business Combinations
Maturity calendar of the €1.1bn Liabilities from Business Combinations over future years Maturity calendar of Liabilities from Business Combinations (in €m) 527 342 203 15 Less than 1 Year 1-3 Years 3 -5 Years < Maturity < 3 More than 5 Years 24
Slide 25: Agenda
01 FY 2024 results by Marc Puig, Chairman & CEO 02 Financial review by Joan Albiol, CFO 03 Outlook
Slide 26: Reiteration of Financial Outlook for the Medium Term
Reiteration of Financial Outlook for the Medium Term 2025 Outlook Revenue High single-digit like-for-like growth, well ahead of the premium beauty 6-8% like-for-like growth market growth expectation reflecting the current state of the beauty market Adj. EBITDA Margin Upside potential in the medium-t
Slide 27: A strong launch calendar for 2025
A strong launch calendar for 2025 Major Prestige Fragrance launch in Expansion of Niche Fragrance Long pipeline in 2025 with a Steady pipeline of skincare launches H2 collections particularly exciting makeup launch 2H 2025 Throughout 2025 2H 2025 Throughout 2025 27
Slide 28: Appendix
PUIG @O Appendix
Slide 29: 2024 Net Revenues Quarterly Breakdown
2024 Net Revenues Quarterly Breakdown Business Segments In €m Q1 Q2 Q3 Q4 Fragrance and Fashion 823.2 775.4 935.2 1004.2 Makeup 172.6 161.9 200.6 228.0 Skincare 134.4 121.6 125.5 134.7 Eliminations (11.8) (6.1) (4.3) (5.2) Geographical Segments In €m Q1 Q2 Q3 Q4 EMEA 617.0 536.6 676.1 790.4 The Amer
Slide 30: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures Adjusted EBITDA reconciliation Adjusted Net Profit reconciliation In €m FY 2023 FY 2024 In €m FY 2023 FY 2024 EBITDA 849 823 Net Profit Attributable to Puig 465 531 Restructuring costs 1 - Other operational income and expenses 14 147 Transaction costs 3 18 Other f
Slide 31: Detailed reconciliation of cash adjustments to Net Profit
Detailed reconciliation of cash adjustments to Net Profit Cash Flow from Operations In €m FY 2023 FY 2024 Net Profit attributable to the Parent Company 465 531 Profit / (loss) attributable to non-controlling interests 35 12 D&A 170 210 (Profit)/Loss from Associates and JV (51) (61) Financial Expense
Slide 32: PUIG
PUIG