24 slides from Puig Brands, S.a. Class B's earnings presentation, Oct 30, 2025
Slide 1: H1 2025 Results
H1 2025 RESULTS September 9, 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: H1 2025 results, financial review, outlook
01 H1 2025 results by Marc Puig, Chairman & CEO 02 H1 2025 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: H1 2025 Key Highlights
H1 2025 Key Net Revenue H1 € 2,299m 5.9% 7.6% Highlights Net Revenue Reported Net Revenue LFL Net Revenue Growth 2025 Growth Gross Profit margin € 1,742m 75.8% Gross Profit Gross Profit Margin H1 2025 EBITDA € 445m 19.4% Adj. EBITDA Adj. EBITDA Margin H1 2025 Adj. Net Profit € 247m 10.8% € 0.44 Adj.
Slide 6: 7.6% LFL growth in H1 2025, outperforming the premium beauty market
7.6% LFL growth in H1 2025, Continued positive LFL growth across all business segments in H1, with noteworthy outperformance of Fragrance and Skincare while Makeup returned to growth outperforming the premium Growth recorded across all regions, led by double-digit growth in the Americas and APAC bea
Slide 7: H1 2025 Net Revenues by business segment
H1 2025 Net Revenues by business segment Fragrance & Fashion Makeup Skincare +6.5% +8.6% +1.4% +2.0% +8.1% +8.6% Reported growth LFL growth Reported growth LFL growth Reported growth LFL growth € 1,685m € 339m € 276m Net Revenues Net Revenues Net Revenues 73% Total1 15% Total1 12% Total1 (1) Busines
Slide 8: H1 2025 Net Revenues by Geography
H1 2025 EMEA € 1,199m +3.9% +3.6% Net Revenues 52%1 of total Net Revenues Reported growth LFL growth by Geography Americas € 867m +6.5% +10.9% 38%1 of total Net Revenues Reported growth LFL growth APAC € 234m +14.7% +16.5% 10%1 of total Net Revenues Reported growth LFL growth (1) Corresponds to geog
Slide 9: ESG highlights Embedded in Puig values and long-term vision
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 Puig performance on E
Slide 10: H1 2025 Financial review by Joan Albiol, CFO
01 H1 2025 results by Marc Puig, Chairman & CEO 02 H1 2025 Financial review by Joan Albiol, CFO 03 Outlook 10
Slide 11: Income Statement Overview
In €M H1 2024 H1 2025 % H1 Growth Net Revenues 2,171 2,299 +5.9% Cost of Sales (524) (557) Gross Profit 1,647 1,742 +5.8% Income Gross Margin (%) 75.8% 75.8% Statement Distribution expenses (107) (108) Overview Advertising and promotion expenses (685) (758) Selling, general and administrative expens
Slide 12: Adjusted EBITDA Margin Evolution
Adjusted EBITDA Margin Evolution H1 2025 % Net Revenues 75.8% 4.7% 33.0% 23.6% – +0.5ppt improvement in Adjusted A&P investment increased by +1.4ppt EBITDA vs. H1 2024 was driven by vs. H1 2024. This reflects greater H1 2024 several factors: investments primarily in the fragrance % Net Revenues 75.8
Slide 13: H1 2025 Operating Profit by Business Segment
H1 2025 Operating Profit by Business Segment Operating profit (in €m) Operating profit grew across all segments, with operating H1 2024 H1 2025 % margin % margin margin improving 5bps vs. H1 2024 Total operating In Fragrance and Fashion, operating profit grew 2% profit 14.4% 14.5% 332 vs H1 2024. Op
Slide 14: H1 2025 Adjusted Net Profit
H1 2025 Operating Profit to Net Profit Attributable to Puig Adjusted Reported Net Profit to Puig grew 78.8% to reach €275m. Net Profit In €M H1 2024 H1 2025 % YoY Growth Adjusted for non-recurring items, Adjusted Net Profit to Evolution Operating Profit 313 332 6.2 % Puig saw +3.9% growth, with a ma
Slide 15: Overview of H1 2025 Cash Flow
Overview Cash Flow from Operations of H1 2025 H1 is typically characterized by a cash outflow owing to the working capital requirements to fulfil demand in H2 Cash Flow In €M H1 2024 H1 2025 Statement Net Profit attributable to the Parent Company 154 275 Free Cash Flow from Operations improved marke
Slide 16: Leverage stands at 1.4x as of June-25
Leverage stands at 1.4x1 as of June-25, comfortably below medium-term leverage threshold (below 2.0x) Leverage1 1.7x1 1.1x1 1.4x1 in €M 1,520 (451) 202 25 1,426 116 13 1,068 Seasonal cash Seasonal inventory build generation is skewed occurs in the first half of the year towards the second half of th
Slide 17: Liabilities from Business Combinations reduced by €181m to €907m
Our Liabilities from Business Combinations were reduced by €181m to €907m net during H1 2025 Evolution of Liabilities from Business Combinations Liabilities from Business Combinations decreased from €1,088m to €907m to mostly driven by: In April 2025, Puig exercised its put/call option, in €M 1,088
Slide 18: Outlook
01 H1 2025 results by Marc Puig, Chairman & CEO 02 H1 2025 Financial review by Joan Albiol, CFO 03 Outlook 18
Slide 19: Reconfirming 2025 Outlook
Reconfirming 2025 Outlook Revenue 6-8% like-for-like growth expectation reflecting the current state of the beauty market Adj. EBITDA Margin Adjusted EBITDA margin improvement expectation similar to 2024 Capital Structure Adequate balance sheet management aiming at maintaining strategic flexibility
Slide 20: H2 2025 The road ahead
H2 2025 The road ahead La Bomba worldwide presentation Charlotte Tilbury to launch in Innovations on Uriage's Age Absolu Appointment of Jose Manuel Albesa with Carolina Herrera S/S 2026 Amazon US in Q3 and XEMOSE to the newly created role of show in Madrid Deputy CEO 20
Slide 21: Appendix
PUIG @ O Appendix
Slide 22: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures Adjusted EBITDA reconciliation Adjusted Net Profit reconciliation In €M H1 2024 H1 2025 In €M H1 2024 H1 2025 EBITDA 275 445 Net Profit Attributable to Puig 154 275 Restructuring costs – – Other operational income and expenses 135 – Transaction costs 13 – Other fi
Slide 23: Detailed reconciliation of cash adjustments to Net Profit
Detailed reconciliation of cash adjustments to Net Profit Cash Flow from Operations In €M H1 2024 H1 2025 Net Profit attributable to the Parent Company 154 275 Non-recurring items 84 – Adj. Net Profit attributable to the Parent Company 238 275 Profit / (loss) attributable to non-controlling interest
Slide 24: PUIG
PUIG