Puig Brands, S.a. Class B · BME:PUIG
Puig Brands, S.a. Class B — FY 2025 Earnings Presentation
31 slides from Puig Brands, S.a. Class B's earnings presentation, Feb 18, 2026
Slide 1: FY 2025 Results
FY 2025 RESULTS February 18th, 2026
Slide 2: Disclaimer
2 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 purp
Slide 3: FY 2025 Business Overview
FY 2025 BUSINESS OVERVIEW Marc Puig | Chairman and CEO
Slide 4: A home of love brands, within a family company
4 A home of love brands, within a family company, that furthers wellness, confidence and self-expression, while leaving a better world FY 2025 Results
Slide 5: FY 2025 Key Highlights
5 FY 2025 Key Highlights Net Revenue €5,042m +5.3% +7.8% FY 2025 Net Revenue Reported Growth LFL Growth Gross Profit €3,787m 75.1% Gross Profit Gross Profit Margin Adj. EBITDA €1,045m 20.7% Adj. EBITDA Adj. EBITDA Margin (€1,070m Reported (+0.5 pp vs FY 2024) EBITDA) Adj. Net Profit €587m 11.6% €1.0
Slide 6: FY 2025 Net Revenues
6 FY 2025 Net Revenues 7.8% like-for-like growth in 2025 FY 25 growth All business segments grew within or above the 6-8% outlook range YoY growth 7.8% (2.6)% 5.3% in €M Outperforming the premium €374 €0 €5,042 €4,790 beauty market €(122) • Continued outperformance of Prestige complemented by strong
Slide 7: Q4 2025 Net Revenues
7 Q4 2025 Net Revenues 9.8% like-for-like growth in Q4 2025 Q4 2025 growth Consistent delivery over FY 2025 YoY growth 9.8% (3.6)% 6.2% 2025 - Evolution of quarterly like-for-like growth in €M €133 €0 €1,446 €1,362 9.8% €(49) 7.5% 7.7% 6.1% Q4 2024 LFL growth Change in FX Q4 2025 Q1 Q2 Q3 Q4 perimet
Slide 8: FY and Q4 2025 Net Revenues by Business Segment
8 FY and Q4 2025 Net Revenues By Business Segment Fragrance & Fashion Makeup Skincare 72%1 Total 17%1 Total 11%1 Total Net Reported LFL Net Reported LFL Net Reported LFL Revenues growth growth Revenues growth growth Revenues growth growth FY €3,646m +3.8% +6.4% FY €845m +10.7% +13.7% FY €551m +7.3%
Slide 9: Fragrances & Fashion
9 Fragrances & Fashion +6.4% LFL growth in FY25 with three brands in the top 10 rankings worldwide Three brands within the top 10 rankings1 FY 2025 Fragrance Value Market Share 1 worldwide of selective fragrance brands #5 11.1% #6 Top 10 since 2020 Global Value Market Share #9 Top 10 since 2024 Doub
Slide 10: Makeup
10 Makeup Maintained and Charlotte Tilbury strengthened leading highlights market positions1 Strong pipeline of innovation in 2025 #1 Distribution gains Charlotte Tilbury through Amazon Prestige Makeup brand UK in the US New market entry: Mexico #3 Robust performances in APAC with brand Charlotte Ti
Slide 11: Skincare
11 Skincare Leveraging multiple streams of growth A year of steady Double-digit growth at Uriage consistent performance growth from hero franchises Xemose and Age Absolu along with 2025 launches, Bariésun Invisible stick SPF 50+ and Roséliane serum. Segment growth complemented by Charlotte Tilbury s
Slide 12: FY 2025 Net Revenues by Geography
12 FY 2025 Net Revenues By Geography Net Reported LFL Revenues growth growth EMEA FY €2,752m +5.0% +5.5% 1 55% of total Q4 €854m +8.0% +9.2% Americas FY €1,760m +2.6% +7.7% 35%1 of total Q4 €429m +1.2% +7.6% APAC €530m +16.6% +21.7% FY 11%1 of total Q4 €163m +10.7% +18.9% 1 Corresponds to the geogra
Slide 13: ESG Highlights
13 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 o
Slide 14: FY 2025 Financial Review
FY 2025 FINANCIAL REVIEW Joan Albiol | Chief Financial Officer
Slide 15: Income Statement Overview
15 Income Statement Overview In €M FY 2024 FY 2025 % YoY Growth Net Revenues 4,790 5,042 +5.3 % Cost of Sales (1,202) (1,255) Gross Profit 3,588 3,787 +5.5 % Gross Margin (%) 74.9% 75.1% Distribution expenses (220) (232) Advertising and promotion expenses (1,551) (1,648) Selling, general and adminis
Slide 16: Adjusted EBITDA Margin Evolution
16 Adjusted EBITDA Margin Evolution FY 2025 % Net Revenues 75.1% 4.6% 32.7% 21.7% – +49 bps improvement in Adjusted A&P remained broadly in line EBITDA vs. FY 2024 was driven by with levels deployed in recent years, FY 2024 – 74.9% 4.6% 32.4% 22.1% several impacts to support the sustainable long ter
Slide 17: FY 2025 Operating Profit by Category
17 FY 2025 Operating Profit by Category Operating profit (in €M) FY 2024 FY 2025 Operating Margins improved Makeup operating profit margin % margin % margin by +27 bps vs. FY 2024. improved by +564 bps over FY2024. This reflects the strong Total operating performance of Charlotte Tilbury, profit 15.
Slide 18: FY 2025 Adjusted Net Profit Evolution
18 FY 2025 Adjusted Net Profit Evolution Operating Profit to Net Profit Attributable to Puig in €M FY 2024 FY 2025 % YoY Growth Adjusted Net Profit to Puig grew +6.5% to reach €587 million, representing a margin of 11.6% (up 10 bps) as a result of: • Strong growth in the overall business Operating P
Slide 19: Overview of FY 2025 Cash Flow Statement
19 Strong Free Cash Flow Operational Cash Flow Overview of FY 2025 Conversion reaching 64% of Adjusted EBITDA improvement reflects the absence of IPO and transaction Cash Flow Statement Significant improvement related cash outflows recorded in FY 2024, along with a positive cash adjustment due to a
Slide 20: Leverage stands at 0.7x
20 Leverage stands at 0.7x1 As of Dec-25, comfortably below medium-term leverage threshold (below 2.0x) Leverage1 1.1x1 0.7x1 in €M €1,068 €107 €716 €212 €13 €(684) FY 2024 Operational Cash M&A Dividends Financial FY 2025 Net Debt Cash Flow and Minority Flows & Net Debt Buyout Leases 1 Leverage rati
Slide 21: Our Liabilities from Business Combinations
21 Liabilities from Business Change in value primarily Combinations decreased reflects foreign exchange from €1,088m to €988m movements and the periodic Our Liabilities from Business No significant new reassessment of future obligations Combinations transactions in FY 2025 Reduced by c.€100bn to €98
Slide 22: Maturity Calendar
22 Maturity Calendar €988m Liabilities from Business Combinations Maturity calendar of Liabilities from Business Combinations (in €M) 453 351 176 7 Less than 1-3 3 -5 Years More than 1 Year Years < Maturity < 3 5 Years Financial Review
Slide 23: Outlook
OUTLOOK
Slide 24: Guidance for 2026
24 Guidance for 2026 Revenue Puig remains confident that the strength and desirability of its brands will continue to enable LFL revenue outperformance versus the premium beauty market. Adj. EBITDA Margin Puig expects FY 2026 margins to remain stable Capital Structure Strong balance sheet management
Slide 25: Highlights for 2026
25 Highlights for 2026 update to: JPG new launch New launches for Jean Paul Strong pipeline of Chartres’ production Puig will be hosting Gaultier through the year, launches in 2026 plant moves within its first Capital Markets including an Haute Perfumerie same Cosmetic Valley Day on April 14 collect
Slide 26: Appendix
APPENDIX
Slide 27: Net Revenues Quarterly Breakdown
27 Net Revenues Quarterly Breakdown in M€ 2024 in M€ 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Puig 1,118.4 1,052.8 1,257.0 1,361.6 4,789.8 Puig 1,205.9 1,093.5 1,296.9 1,445.8 5,042.0 By business segment By business segment Fragrance and Fashion 812.2 769.7 932.0 999.4 3,513.3 Fragrance and Fashion 896.4
Slide 28: Net Revenue Quarterly 2025
28 Net Revenue Quarterly 2025 Yearly growth (%) Q1 Q2 Q3 Q4 FY Reported LFL Reported LFL Reported LFL Reported LFL Reported LFL Puig +7.8% +7.5% +3.9% +7.7% +3.2% +6.1% +6.2% +9.8% +5.3% +7.8% By business segment Fragrance and Fashion +10.4% +10.4% +2.4% +6.7% 0.0% +2.8% +3.0% +6.2% +3.8% +6.4% Make
Slide 29: Reconciliation of Non-IFRS Measures
29 Reconciliation of Non-IFRS Measures Adjusted EBITDA reconciliation Adjusted Net Profit reconciliation In €m FY 2024 FY 2025 In €m FY 2024 FY 2025 EBITDA 823 1,070 Net profit attributable to the 531 594 Parent Company Restructuring costs (Note 9) 0 0 Other operational income and 147 (22) expenses
Slide 30: Detailed reconciliation of cash adjustments to Net Profit
30 Detailed reconciliation of cash adjustments to Net Profit Adjusted EBITDA reconciliation In €M FY 2024 FY 2025 Net Profit attributable to the Parent Company 531 594 Profit / (loss) attributable to non-controlling interests 12 23 D&A 210 236 (Profit)/Loss from Associates and JV (61) (45) Financial
Slide 31: Puig
PUIG