32 slides from Puig Brands, S.a. Class B's earnings presentation, Aug 21, 2025
Slide 1: Puig
PUIG
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: Half-year results 2024 and financial review
01 Half-year results 2024 by Marc Puig, Chairman & CEO 02 Financial review by Joan Albiol, CFO 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: 1H 2024 Key Highlights
1H 2024 Key Net Revenue € 2,171m 9.6% 8.5% Highlights 1H 2024 Net Revenue Reported Net Revenue Growth LFL Net Revenue Growth Continued Gross Profit margin € 1,647m 75.8% robust 1H 2024 Gross Profit Gross Profit Margin performance Adj. EBITDA € 410m 18.9% 1H 2024 Adj. EBITDA Adj. EBITDA Margin (€275m
Slide 6: H1 2024 Net Revenues
H1 2024 Net Revenues Generated €2.2bn with strong growth momentum YoY growth 8.5% 1.4% (0.3%) 9.6% Key growth drivers: in €m €1,981 € 2,171 Leveraged continued premiumization of the € 28 (€6) portfolio Continued capturing value market share in EMEA € 169 and Americas Increased diversification into S
Slide 7: H1 2024 Net Revenues by business segment
H1 2024 Net Revenues by business segment Fragrance & Fashion Makeup Skincare +10.7% (1.8%) +25.2% +11.6% Reported and constant Reported and constant Reported Constant perimeter perimeter growth perimeter growth growth growth € 1,599m € 334m € 256m Net Revenues Net Revenues Net Revenues 73% Total 15%
Slide 8: Fragrance & Fashion: Continued core execution strength
Fragrance & Fashion Continued core execution strength Jean Paul Gaultier joined select group of top 10 fragrance brands world-wide 1H 2024 Fragrance Value Market Share1 11.3% Global 8.9% 26.5% 11.6% Key franchises continue to grow in North America Latin America Europe core markets, with Good Girl co
Slide 9: Makeup: Uneven performance across the category
Makeup Uneven performance across the category Early days building Makeup proposition for core Fragrance and Fashion Brands Improved positioning of #1 Charlotte Tilbury brand Charlotte Tilbury Prestige Makeup brand UK • Entry into Ulta – 1H 2024 leading to an improvement of rank in USA to #2 #2 • Str
Slide 10: Skincare: Leveraging multiple streams of growth
Skincare Leveraging multiple streams of growth Steady growth in derma in line Continued integration of Kama The addition of niche skincare with guidance, with Uriage in Ayurveda and Loto Del Sur, in the brand Dr. Barbara Sturm now double digits early days of their international gives us diversified
Slide 11: A strong launch calendar for the second half of 2024
A strong launch calendar for the second half of 2024 Strong Prestige fragrances launches Exclusive new Niche products: Dandy Makeup innovations like Exagger-Eyes Skincare newness in the form of the such as Million Gold and Millon Gold from Penhaligon’s and other launches Volume mascara and foundatio
Slide 12: H1 2024 Net Revenues by Geography
1H 2024 Net EMEA +12.1% +10.5% € 1,154m Revenues by 53% of total Reported growth Constant perimeter Net Revenues Geography growth Americas +8.6% +7.0% € 814m 37% of total Reported growth Constant perimeter Net Revenues growth APAC +0.7% € 204m 9% of total Reported and constant Net Revenues perimeter
Slide 13: Reinforcing our presence globally
Reinforcing our presence globally EMEA • Inauguration of Puig Tower T-2 in Barcelona in a ceremony presided over by Their Majesties the King and Queen of Spain • Inauguration of our new London HQ in Covent Garden • Reopened our renovated offices in Brussels Americas • Inauguration of our new U.S. of
Slide 14: Key events that make us proud
Key events that make us proud Our values are at the core of our achievements IPO People Puig Women’s Our ESG agenda recognition America’s Cup 14
Slide 15: ESG highlights
ESG highlights Embedded in Puig values and long-term vision Net-zero target has been approved by the SBTi: “Puig commits to reduce GHG emissions 90% by 2050 from a 2022 base year.” Recognized on CDP’s A-list for Climate Change Awarded 20.7 rating. Ranking 9th out of 104 companies in the industry Kam
Slide 16: Financial review by Joan Albiol, CFO
01 Half-year results 2024 by Marc Puig, Chairman & CEO 02 Financial review by Joan Albiol, CFO 16
Slide 17: Income Statement Overview
In €m H1 2023 H1 2024 % YoY Growth Net Revenues 1,981 2,171 +9.6% Cost of Sales (493) (524) Income Gross Profit 1,488 1,647 +10.6% Gross Margin (%) 75.1 % 75.8 % Statement Distribution expenses (109) (107) Overview Advertising and promotion expenses (585) (685) Selling, general and administrative ex
Slide 18: H1 2024 Net Revenues Evolution
H1 2024 Net Revenues Evolution Net revenue YoY growth 8.5% 1.4% (0.3%) 9.6% • Strong +9.6% YoY Reported Net composition in €m Revenues growth mostly driven by +8.5% like-for-like (“LFL”) growth, in in €m €1,981 € 2,171 line with medium term guidance of Skincare 12% growth above premium beauty € 28 (
Slide 19: Adjusted EBITDA Margin Evolution
Adjusted EBITDA Margin Evolution H1 2024 % Net Revenues 75.8% 4.9% 31.5% 25.0% – • Strong Gross Margin performance with • Slight decrease in Adjusted EBITDA an increase of +0.7ppt vs. 1H 2023 driven margin of 0.4ppt vs. 1H 2023 mainly H1 2023 by continued premiumization and driven by increase in A&P
Slide 20: H1 2024 Operating Profit by Category
H1 2024 Operating Profit by Category Operating profit (in €m) 1H 2023 % margin 1H 2024 % margin • Slight decrease in Operating Margin • Makeup operating margin has been mostly driven by an increase in A&P penalized by the smaller scale of the Total operating makeup exercises of some of our € 303 € 3
Slide 21: H1 2024 Adjusted Net Profit
H1 2024 Operating Profit to Net Profit Attributable to Puig • Adjusted for non-recurring costs, Net Adjusted In €m H1 2023 H1 2024 % YoY Growth Profit to Puig saw strong +4.8% growth with stable double-digit margin of 11.0% Net Profit • Growth in the Adjusted Net Profit to Evolution Operating Profit
Slide 22: Overview of H1 2024 Cash Flow
Overview of Cash Flow from Operations • 1H is typically characterized by a cash H1 2024 In €m H1 2023 H1 2024 outflow owing to the working capital requirements to fulfil demand in 2H Cash Flow • Our Free Cash Flow from Operations Statement Net Profit attributable to the Parent Company 209 154 remain
Slide 23: Recap of key events impacting our capital structure in 1H 2024
Recap of key events impacting our capital structure in 1H 2024 Acquisition of Dr. Barbara Sturm Accelerated buyout of minority stake Accelerated buyout of all remaining Listing on the Spanish stock in Charlotte Tilbury minority stakes in Byredo exchange 23
Slide 24: Leverage stands at 1.7x as of Jun-24
Leverage stands at 1.7x1 as of Jun-24, in line with medium term leverage target (below 2.0x) Leverage1 1.8x1 1.7x1 in €m € 1,510 € 1,520 € 863 € 1,377 € 257 € 83 € 184 FY2023 Cash Flow Cash M&A and IPO Proceeds Dividends Other2 H1 2024 Net Debt Generation Minority Buyout Net Debt 24 Note: 1 Leverage
Slide 25: Liabilities from Business Combinations reduced by c.€800m
Our Liabilities from Business Combinations were reduced by c.€800m net during 1H 2024 Evolution of Liabilities from Business Combinations (in €m) • Liabilities from Business • Furthermore, on July 25th, Puig Combinations decreased from executed a call option for an incremental €2,358m to €1,598m mos
Slide 26: Recap of key messages
Recap of key messages Our performance in 1H 2024, and the continued momentum into 2H gives us the confidence to confirm our medium-term guidance • Record Net Revenues of €2.2bn for the first half, growing at 9.6% reported and 8.5% LFL, while lapping a year of very strong growth in an uncertain marke
Slide 27: Reiteration of Financial Outlook for the Medium Term
Reiteration of Financial Outlook for the Medium Term Revenue High single-digit like-for-like growth, well ahead of the premium beauty market growth Adj. EBITDA Margin Expected to remain stable in 2024 with upside potential in the medium-term, allowing for virtuous re-investment in our brands Capital
Slide 28: Appendix
PUIG @ O Appendix
Slide 29: H1 2024 Net Revenues Quarterly Breakdown
H1 2024 Net Revenues Quarterly Breakdown Q1 (Jan-Mar) In €m Q1 2023 Q1 2024 Reported LFL growth growth Net Revenues 1,016 1,118 +10.1% +9.7% Q2 (Apr-Jun) In €m Q2 2023 Q2 2024 Reported LFL growth growth Net Revenues 965 1,053 +9.1% +7.2% 29
Slide 30: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures Adjusted EBITDA reconciliation Adjusted Net Profit reconciliation In €m H1 2023 H1 2024 In €m H1 2023 H1 2024 EBITDA 379 275 Net Profit Attributable to Puig 209 154 Restructuring costs (0) - Other operational income and expenses 3 135 Transaction costs 1 13 Other
Slide 31: Detailed reconciliation of cash adjustments to Net Profit
Detailed reconciliation of cash adjustments to Net Profit Cash Flow from Operations In €m H1 2023 H1 2024 Net Profit attributable to the Parent Company 209 154 Non-recurring items 18 84 Adj. Net Profit attributable to the Parent Company 227 238 Profit / (loss) attributable to non-controlling interes
Slide 32: Puig
PUIG