Puig Brands, S.a. Class B · BME:PUIG
Puig Brands, S.a. Class B — H1 2026 Earnings Presentation
37 slides from Puig Brands, S.a. Class B's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 Results
H1 2026 RESULTS July 30th, 2026
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, the related webcast, nor the information contained herein, can be used, disclosed, or published by third pa
Slide 3: H1 2026 Business Overview
H1 2026 BUSINESS OVERVIEW
Slide 4: Home of Creativity
rabanne EAROLIN HERRERY CharlotteTilbury cath NINARICCI DRIES VAN NOTEN BYRIENS PENHALIGON’S APIVITA. core an Basti PARFUMEUR URIAGE &) STURM TAA AN LOTO PL SVR BANDERAS APH O Ne INEWEZe
Slide 5: H1 2026 Key Highlights
H1 2026 Key Highlights Net Revenue €2,354m +2.4% +4.4% Reported Growth LFL Growth Gross Profit €1,776m 75.5% Margin Adj. EBITDA €460m 19.5% (€450m Reported Margin EBITDA) (+0.2 pp vs H1 2025) Adj. Net Profit €260m 11.1% €0.46 (€263m Reported (11.2% Reported Adj. EPS1 Net Profit) Net Profit Margin) L
Slide 6: H1 2026 Net Revenues
H1 2026 Net Revenues 4.4% like-for-like growth in H1 2026 Growth was led by the H1 2026 growth continued strong performance of Fragrance & Fashion YoY growth 4.4% (2.1)% +2.4% Makeup and Derma delivered in €M €102 €0 healthy growth across the €2,354 portfolio €2,299 €(47) Growth from all geographies
Slide 7: Q2 2026 Net Revenues
Q2 2026 Net Revenues +4.1% like-for-like growth in Q2 2026 Q2 26 growth Consistent delivery over H1 2026 YoY growth +4.1% +4.1% 2026 - Evolution of quarterly like-for-like growth in €M €45 €0 €1,138 €1,093 4.7% 4.1% FX Q1 Q2 Q2 2025 LFL Q2 2026 growth H1 2026 Results
Slide 8: Fragrance & Fashion
Net Revenue by business segment Fragrance & Fashion +3.8% +3.7% H1 LFL GROWTH Q2 LFL GROWTH
Slide 9: Makeup
Net Revenue by business segment Makeup +9.1% +9.1% H1 LFL GROWTH Q2 LFL GROWTH
Slide 10: Skincare
Net Revenue by business segment Skincare +2.3% (0.3)% H1 LFL GROWTH Q2 LFL GROWTH
Slide 11: EMEA
Net Revenue by business segment EMEA 2.6% 2.1% H1 LFL GROWTH Q2 LFL GROWTH
Slide 12: Americas
Net Revenue by business segment Americas 2.6% 3.2% H1 LFL GROWTH Q2 LFL GROWTH
Slide 13: APAC
Net Revenue by business segment APAC +20.9% +16.1% H1 LFL GROWTH Q2 LFL GROWTH
Slide 14: H1 2026 Financial Review
H1 2026 FINANCIAL REVIEW
Slide 15: Income Statement Overview
In €M H1 2025 H1 2026 % H1 Growth Net Revenues 2,299 2,354 +2.4% Cost of Sales (557) (577) Income Gross Profit Gross Margin (%) 1,742 75.8% 1,776 75.5% +2.0% Statement Distribution expenses (108) (117) Overview Advertising and promotion expenses Selling, general and administrative expenses (758) (54
Slide 16: Adjusted EBITDA Margin Evolution
Adjusted EBITDA Margin Evolution1 H1 2026 +15 bps improvement in A&P decreased by (77) bps vs. H1 75.5% 5.0% 32.2% 23.8% - 2025. This reflects the phasing % Net Revenues Adjusted EBITDA vs. H1 2025 driven by several factors of investments, weighted towards H2 2026 H1 2025 75.8% 4.7% 33.0% 23.6% - %
Slide 17: H1 2026 Operating Profit by Business Segment
H1 2026 Operating Profit by Business Segment Operating profit (in €M) H1 2025 H1 2026 Operating profit was stable Makeup operating profit % margin % margin vs. H1 2025 declined by (46)% vs 1H 2025, 340 332 with operating margin down In Fragrance and Fashion, (175) bps , driven by a planned Total ope
Slide 18: H1 2026 Adjusted Net Profit Evolution
H1 2026 Adjusted Net Profit Evolution Operating Profit to Net Profit Attributable to Puig In €M H1 2025 H1 2026 % YoY Growth Operating Profit 332 340 2.3% Operating Margin (%) 14.5% 14.5% Other Operational Income / (Expenses) 0 (10) Financial Result (14) (9) Results from Associates and JV 27 30 Prof
Slide 19: Overview of H1 2026 Cash Flow Statement
Overview of H1 2026 Cash Flow Statement Cash Flow from Operations Free Cash Flow from The increase of €72m in cash In €M H1 2025 H1 2026 Operations outflow increased flow adjustments was to €(196)m from €(116)m primarily driven by long-term Net Profit attributable to the Parent Company 275 263 prima
Slide 20: Leverage stands at 1.5x as of June-26
Leverage stands at 1.5x1 as of June-26, comfortably below medium-term leverage threshold (below 2.0x) Leverage1 1.4x1 0.7x1 1.5 x1 In €M €1,589 €1,426 €78 €226 €(710) €372 €716 €197 Seasonal cash generation is skewed towards the Seasonal inventory build second half of the year occurs in the first ha
Slide 21: Liabilities from Business Combinations
Liabilities from Business Combinations decreased from €988m to €558m In April 2026, Puig increased its ownership stake in Charlotte Tilbury by 6.5% to 85% for Our Liabilities from Business a consideration of €260m Combinations In addition, in May 2026 earn-outs and other payments of €112m1 related t
Slide 22: Outlook
OUTLOOK
Slide 23: Guidance for 2026
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 Puig expects FY 2026 margins to remain stable Margin Capital Structure Strong balance sheet management aim
Slide 24: H2 2026 The Road Ahead
H2 2026 THE ROAD AHEAD
Slide 25: New feminine launch for Jean Paul Gaultier
New feminine launch for Jean Paul Gaultier
Slide 26: Duran Lantink's Haute Couture debut collection
Duran Lantink's Haute Couture debut collection at Paris Fashion Week
Slide 27: Exciting innovation from Rabanne's Million
Exciting innovation from Rabanne's Million
Slide 28: Olivier Rousteing appointed Creative Director of Rabanne
Appointment of Olivier Rousteing as Creative Director of Rabanne
Slide 29: Strong pipeline of launches for Charlotte Tilbury
Strong pipeline of launches in H2 2026 for Charlotte Tilbury
Slide 30: Innovation in Derma to strengthen Uriage's portfolio
Innovation in Derma to strengthen Uriage's portfolio
Slide 31: L'Artisan Parfumeur celebrates its 50th anniversary
L'Artisan Parfumeur celebrates its 50th anniversary
Slide 32: Puig to host Capital Markets Day October 28th
Puig will host its Capital Markets Day on October 28th in Madrid
Slide 33: Appendix
APPENDIX
Slide 34: Net Revenue - 2026
Net Revenue - 2026 Net Revenue by business and region segments Q1 Q2 H1 €M Reported LFL €M Reported LFL €M Reported LFL Puig 1,215.3 +0.8% +4.7% 1,138.4 +4.1% +4.1% 2,353.7 +2.4% +4.4% By business segment Fragrance and Fashion 897.2 +0.1% +3.9% 818.9 +3.9% +3.7% 1,716.1 +1.9% +3.8% Makeup 170.8 +3.3
Slide 35: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures Adjusted EBITDA reconciliation Adjusted Net Profit reconciliation In €M H1 2025 H1 2026 In €M H1 2025 H1 2026 Net Profit EBITDA 445 450 275 263 Attributable to Puig Other operational Restructuring costs – – — 10 income and expenses Other finance income Transaction
Slide 36: Detailed reconciliation of cash adjustments to Net Profit
Detailed reconciliation of cash adjustments to Net Profit Cash Flow from Operations In €M H1 2025 H1 2026 Net Profit attributable to the Parent Company 275 263 Profit / (loss) attributable to non-controlling interests 6 4 D&A 113 119 (Profit)/Loss from Associates and JV (27) (30) Financial result fr
Slide 37: PUIG
PUIG