Puig Brands, S.A. (PUIGF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, and thank you for joining us this evening as we discuss our results for the first half of 2025 that ended on June 30th. Today, we have with us our Chairman and CEO, Mark Butch, and our CFO, Joan Albiol. Mark and Joan will share some brief remarks on the performance, financial results, and outlook. We will then open up the line for Q&A. You will find this presentation, the press release, and other supporting regulatory documents on our website. You will also be able to access our replay of this recording shortly, also on our website. Good evening, everyone. We are pleased to report the strong first half of 2025, where we have continued to deliver on our commitments and have performed the premium beauty market. In July, we discussed our sales performance. We delivered net revenues of $2.3 billion, This represents plus 7.6% like-for-like and plus 5.9% reported growth, in line with our 6-8% like-for-like growth outlook for 2025. We achieved this while delivering a strong gross margin position of 75.8% for first half 2025, which reflects the desirability of our premium brand and our strong ability to execute at scale. Our adjusted EBITDA of 445 million euros implied a margin of 19.4%, which is a 0.5 percentage points improvement versus the comparable period in the prior year and puts us on track to deliver on our outlook for fiscal year 2025 in line with the margin improvement in 2024. Our adjusted net profit was 247 million euros, or 10.8% of sales, implying an increase of 3.9% versus 2024, and reported net profit was 275 million euros, or 12% of sales, growing plus 78.8% over 2024. In 2024, reported net profit was impacted by one-off costs incurred at the time of the IPO. Further, we continued to improve our free cash flow generation and had leverage of 1....