Financial Document (PUIG BRANDS 2026 Half Year FFSS ENG 70c01313c6)

Report on Limited Review

PUIG BRANDS, S.A. AND

SUBSIDIARIES

Condensed Consolidated Interim

Financial Statements and Interim Consolidated Management Report for the six-month period ended June 30, 2026

Ernst & Young, S.L. Torres Sarrià A

Avda. Sarrià, 102-106

08017 Barcelona España

Tel: 933 663 700

Fax: 934 053 784

ey.com

REPORT ON LIMITED REVIEW OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish-language version prevails

To the Shareholders of PUIG BRANDS, S.A. at the request of the Management: Report on the condensed consolidated interim financial statements

We have carried out a limited review of the accompanying interim condensed consolidated financial statements (hereinafter the interim financial statements) of Puig Brands, S.A. (hereinafter the parent Company) and its Subsidiaries (hereinafter the Group), which comprise the interim consolidated balance sheet at June 30, 2026, the income statement, the statement of other comprehensive income, the statement of changes in equity, the statement of cash flows, and the explanatory notes, all of which have been condensed and consolidated, for the six-month period then ended. The parent's Company Directors are responsible for the preparation of said interim financial statements in accordance with the requirements established by IAS 34, "Interim Financial Reporting," adopted by the European Union for the preparation of interim condensed financial reporting as per article 12 of Royal Decree 1362/2007. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.

We have performed our limited review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Reporting Performed by the Independent Auditor of the Entity." A limited review of interim financial statements consists of making inquiries, primarily of personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit carried out in accordance with regulations on the auditing of accounts in force in Spain and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the accompanying interim financial statements.

Domicilio Social: Calle de Raimundo Fernández Villaverde, 65. 28003 Madrid - Inscrita en el Registro Mercantil de Madrid, tomo 9.364 general, 8.130 de la sección 3ª del Libro de Sociedades, folio 68, hoja nº 87.690-1, inscripción 1ª. C.I.F. B-78970506.

A member firm of Ernst & Young Global Limited.

2

During the course of our limited review, which under no circumstances can be considered an audit of accounts, no matter come to our attention which would lead us to conclude that the accompanying interim financial statements for the six-month period ended June 30, 2026 have not been prepared, in all significant respects, in accordance with the requirements established in International Accounting Standard (IAS) 34, "Interim Financial Reporting," as adopted by the European Union in conformity with article 12 of Royal Decree 1362/2007 for the preparation of interim condensed financial statements.

We draw attention to the matter described in accompanying explanatory Note 2.1 in the interim financial statements, which indicates that the above-mentioned accompanying interim financial statements do not include all the information that would be required for completed consolidated financial statements prepared in accordance with International Financial Reporting Standards, as adopted by the European Union. Therefore, the accompanying interim financial statements should be read in conjunction with Puig Brands,

S.A. and Subsidiaries consolidated financial statements for the year ended December 31, 2025. This does not modify our conclusion.

The accompanying interim consolidated management report for the six-month period ended June 30, 2026 contains such explanations as the parent's Company Directors consider appropriate concerning significant events which occurred during this period and their effect on these interim financial statements, of which it is not an integral part, as well as on the information required in conformity with article 15 of Royal Decree 1362/2007. We have checked that the accounting information included in the abovementioned report agrees with the interim financial statements for the six-month period ended June 30, 2026. Our work is limited to verifying the interim consolidated management report in accordance with the scope described in this paragraph and does not include the review of information other than that obtained from the accounting records of Puig Brands, S.A. and Subsidiaries.

This report has been prepared at the request of the parent's Company management with regard to the publication of the half yearly financial report required by article 100 of Law 6/2023 of March 17 on Securities Markets and Investment Services.

ERNST & YOUNG, S.L.

(Signature on the original in Spainish)

Eloy González Fauró

July 30, 2026

A member firm of Ernst & Young Global Limited

Puig Brands,

S.A. and subsidiaries

Condensed Consolidated Interim Financial Statements as at 30 June 2026

(Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails)

‌Contents

1. Condensed consolidated interim financial statements 4

   Interim Consolidated Balance Sheet 5

   Interim Consolidated Income Statement 6

   Interim Comprehensive Consolidated Income Statement 7

   Interim Consolidated Statement of Changes in Equity 8

   Interim Consolidated Statement of Cash Flows 9

   Notes to the condensed consolidated interim financial statements 10

2. Interim consolidated management report 62

Condensed Consolidated Interim Financial Statements 3

Condensed Consolidated Interim Financial Statements

‌1

Condensed consolidated interim financial statements

at June 30, 2026

Condensed Consolidated Interim Financial Statements 4

‌Interim Consolidated Balance Sheet

Interim Consolidated Balance Sheet as at 30 June 2026 and 31 December 2025

Notes 1 to 24 contained in the Notes to the Condensed consolidated interim financial statements and the annexes are an integral part of the Interim consolidated balance sheet as at 30 June 2026 and 31 December 2025.

‌Interim Consolidated Income Statement

Interim Consolidated Income Statement for the six month period ending at 30 June 2026 and 30 June 2025

Notes 1 to 24 contained in the Condensed consolidated interim financial statements and the annexes are an integral part of the Interim consolidated statement of income for the six-month periods ended 30 June 2026 and 2025.

Interim Comprehensive Consolidated Income Statement

Interim Comprehensive Consolidated Income Statement for the six month period ending at 30 June 2026 and 30 June 2025

Notes 1 to 24 contained in the Notes to the Condensed consolidated interim financial statements and the annexes are an integral part of the Interim consolidated statement of comprehensive income for the six-month periods ended 30 June 2026 and 2025.

Condensed Consolidated Interim Financial Statements

‌Interim Consolidated Statement of Changes in Equity

Interim Consolidated Statement of Changes in Equity for the six month period ending at 30 June 2026 and 30 June 2025

Notes 1 to 24 contained in the Notes to the Condensed consolidated interim financial statements and the annexes are an integral part of the Interim statement of changes in consolidated equity as at 30 June 2026 and 2025.

Condensed Consolidated Interim Financial Statements 8

‌Interim Consolidated Statement of Cash Flows

Interim Consolidated Statement of Cash Flows for the six month period ending at 30 June 2026 and 30 June 2025

* Include mainly adjustments on Earn-outs, Employee benefits and other

Notes 1 to 24 contained in the Notes to the Condensed consolidated interim financial statements and the annexes are an integral part of the Interim consolidated cash flow statement for the six-month periods ended 30 June 2026 and 2025.

‌Notes to the condensed consolidated interim financial statements

For the period of six months ended June 30, 2026

1. Corporate information 11

2. Basis of presentation 13

3. Main events of the period 16

4. Segment reporting 17

5. Geographical reporting 19

6. Other operational income and expenses 20

7. Financial result 21

8. Taxes 22

9. Property plant and equipment, intangible and right-of-use assets 23

10. Investment in associates and joint ventures 25

11. Financial assets 26

12. Inventory 27

13. Other current assets 28

14. Equity 29

15. Earnings per share 31

16. Bank borrowings 32

17. Derivative financial instruments 33

18. Lease liabilities 35

19. Provisions and other liabilities 36

20. Employee Benefits 39

21. Off-balance sheet commitments 41

22. Other current liabilities 42

23. Other disclosures 43

24. Subsequent events 46

Annex 1- Puig Brands and subsidiaries 47

Annex 2- Entities under tax consolidation regime 52

Annex 3- Alternative performance measures (APM) 53

1. ‌Corporate information

   Puig Brands, S.A. ("Parent Company", "the Company", "Puig Brands"), formerly Jorba B.V., was established on February 25, 1983. On November 20, 2015 it changed its corporate name to Jorba Perfumes, S.L. Sociedad Unipersonal. The Company changed its registered office on December 18, 2015, and is currently located at Plaza Europa 46-48 in L'Hospitalet de Llobregat, Barcelona, Spain. On November 8, 2022, Exea Inversión Empresarial, S.L., previously named Puig, S.L., the sole shareholder of Puig Brands ("Sole Shareholder" or Exea Inversión Empresarial,S.L), approved the transformation of the Company into a public limited company, and, on March 20, 2023, decided to change the corporate name to Puig Brands, S.A.

   On May 3, 2024, the class B shares of Puig Brands, S.A. were admitted to trading on the four Spanish Stock Exchanges through the Stock Exchange Interconnection System (Continuous Market).

   The consolidated annual accounts and the consolidated management report of Puig Brands and subsidiaries (hereinafter "Puig" or "the Group") corresponding to the financial year ended December 31, 2025 were drawn-up by the directors of Puig Brands on February 16, 2026 and approved by the Annual General Meeting of Shareholders on May 29, 2026 in L'Hospitalet de Llobregat (Barcelona).

   Puig is a global player in the premium beauty industry, home of iconic brands in the fragrances and fashion, makeup and skincare business categories.

   Since 1914, the Puig Family has run the family business. The Puig Family is the backbone of the Company's values, which have been passed on for the last three generations. Their entrepreneurial spirit, creativity and passion for innovation have made Puig a reference in the field of beauty and fashion. Present in the fragrances and fashion, makeup, and skincare business categories, its brands are reinforced by a powerful ecosystem of founders and generate engagement through storytelling that connects with people's emotions.

   The Puig founding family has always aspired to leave behind a better and stronger company than the one it inherited. This legacy forms the foundation of Puig's ambition to be a driving force for sustainable change, creating a prosperous future for both the planet and people.

   Puig operates across three segments: fragrances and fashion, makeup and skincare through owned and licensed brands. Puig is based on a unique system of brands, led by unique personalities, with whom it establishes lasting and productive relationships, through shared values and the same brand building vision. Most of the business generated by Puig is built on its owned brands, highlighting Carolina Herrera, Jean Paul Gaultier, Rabanne, Charlotte Tilbury, Dr.Barbara Sturm, Nina Ricci, Dries Van Noten, Penhaligon's, L'Artisan Parfumeur, Kama Ayurveda, Loto del Sur, Byredo, Apivita and Uriage. Additionally, Puig markets licensed brands products, mainly Christian Louboutin, Adolfo Dominguez and Antonio Banderas.

   Puig owns minority interests in other entities, with the most relevant ones being ISDIN, S.A., Ponteland Distribuçao, S.A. (Granado) and Sociedad Textil Lonia, S.A.

   Each of Puig's Love Brands is rooted in a distinctive ethos, shaped by cultural relevance, creative vision, and emotional resonance, that informs every decision across the value chain. This identity-driven approach ensures that all touchpoints, from product creation to consumer experience, remain coherent, elevated, and true to what makes each brand unique.

   Puig's fully integrated business model allows the company to translate these differentiated universes into products and experiences that inspire lasting connections across geographies and generations. While it executes most of the value chain in-house, it also draws on the capabilities of selected partners, from suppliers to distributors and retailers, ensuring quality, consistency, and operational excellence are upheld at every step.

   The Company's ambition and determination have underpinned its international expansion since 1962, when it founded its first subsidiary outside Spain, and have helped it extend its activity across all continents. This extensive global presence is managed from the Barcelona headquarters. Puig has production plants in Europe (6) and India (1), with brand headquarters and subsidiaries in 33 countries.

2. ‌Basis of presentation

   1. Basis of presentation

      The condensed consolidated interim financial statements corresponding to the six-month period ended June 30, 2026 (onwards interim financial statements), have been prepared according to IAS 34 "Interim financial reporting" and therefore, they do not include all the additional information and breakdowns required in the preparation of complete annual consolidated financial statements, and they should be read together with the consolidated financial statements of Puig for the year ended December 31, 2025 for its correct interpretation.

      The accompanying selected notes to the accounts contain an explanation of significant events or movements to explain changes in the consolidated balance sheet and income statement, comprehensive income, changes in equity and cash flows of the Company between 31 December 2025 and 30 June 2026.

      Interim financial statements are expressed in thousand euros, unless otherwise stated.

   2. Comparative information

      In accordance with International Accounting Standard (IAS) 34, for comparative purposes, the interim financial statements include the balance sheet corresponding to the closing date of the immediately preceding financial year (31 December 2025) together with the consolidated balance sheet as at 30 June 2026. Moreover, the consolidated figures for the six-month period ended 30 June 2026, in addition to those for the same period of the prior year, are included for each item of the consolidated income statement, the consolidated statement of comprehensive income, the consolidated cash flow statement, and the accompanying notes.

      All mandatory accounting principles have been applied.

   3. Basis of consolidation

      The interim financial statements as of June 30, 2026, of Puig have been prepared from the accounting records maintained by the parent company and by the remaining companies included within the consolidation scope of Puig.

      All intercompany balances and transactions have been eliminated, including unrealized profits arising from intragroup transactions.

      All the companies included in the scope of consolidation have been consolidated using the full consolidation method, except for the groups Ponteland Distribuçao, S.A. (Granado), Sociedad Textil Lonia, S.A., Isdin,

      S.A. and Beijing Yitian Shidai Trading, Co, LLC, which have been consolidated using the equity method.

      The associated companies in which Puig does not have control but exercises significant influence have been valued using the equity method. For the purposes of preparing these interim financial statements, it has been considered that significant influence is held in those companies where more than 20% of the share capital is owned and/or it can be proven that such significant influence exists.

      The dependent companies are consolidated from the date control is transferred to Puig and cease to be consolidated when such control no longer exists. When control of a dependent company is lost, the consolidated annual accounts include the results of the subsidiary for the part of the year during which control was still held.

   4. Scope of consolidation

      No significant changes have been made within the group during 2026.

   5. Changes in accounting policies and disclosures

      The accounting policies used in the preparation of these interim financial statements are the same as those applied in the annual consolidated accounts for the year ended December 31, 2025, as none of the standards, interpretations, or amendments that are applicable for the first time in this period have impacted the Group's accounting policies.

      The Group intends to adopt the standards, interpretations, and amendments issued by the IASB, including IFRS 18, which are not mandatory in the European Union, when they come into effect, if applicable. Although the Group is currently analysing their impact, based on the analyses conducted to date, the Group estimates that their initial application will not have a significant impact on its annual consolidated accounts or interim financial statements.

   6. Seasonality transactions

      Due to the seasonal nature of the cosmetics and perfumery business, the expected net revenues and operating profit for the second half of the year are higher than those for the first half. This is due to the increase in demand that the sector experiences during the second half of the year to meet Christmas sales.

   7. Use of estimates and judgments

      The preparation of the interim financial statements in accordance with IFRS-EU requires Puig to make estimates and fair value judgments that affect the application of accounting policies and the balances of assets, liabilities, revenues, and expenses.

      These estimates and fair value judgments are based on historical experience and various other factors that are considered reasonable under the circumstances, and their results form the basis for determining opinions on the carrying amounts of assets and liabilities that are not readily available from other sources.

      The macroeconomic assumptions used in the estimates are based on figures provided by reputable entities and are tailored to Puig's specifications, including inflation, interest rates, exchange rates, etc. Puig incorporates these macroeconomic assumptions into its business planning and strategy.

      The business plans prepared by management are used in the estimates made by Puig for the preparation of the interim financial statements (e.g., impairment testing, recognition of deferred taxes or valuation of liabilities, etc.). However, actual results may differ from the estimates made in the business plans, both in the forecasts of business developments and in the assumptions applied for the calculations.

      Puig's main estimates are as follows:

      • The useful life and fair value of property, plant and equipment, and intangibles assets.

      • The assumptions used in determining the fair value/value in use of various Cash Generating Units (CGUs) or groups of them to assess the potential impairment of goodwill or other assets.

      • Estimation of expected credit losses on accounts receivable and inventory obsolescence.

      • Estimation of deductions from net sales (returns and rebates).

      • The fair value of financial instruments and certain unquoted financial assets.

      • Assumptions used in determining the fair values of liabilities related to business combinations. Contingent consideration liabilities fall under level 3 of the fair value hierarchy in accordance with IFRS 13.

      • Provisions: An estimate is made of amounts to be settled in the future, including those related to contractual obligations, pending litigation, and other future costs. These estimates are subject to interpretations of current facts and circumstances, projections of future events, and estimates of the financial effects of these events.

      • Evaluation of the recoverability of tax credits, including carryforward tax losses and deduction rights. Deferred tax assets are recognized to the extent that future tax benefits are available against which temporary differences can be offset, based on management's assumptions regarding the amount and timing of future tax benefits.

3. ‌Main events of the period

   Charlotte Tilbury

   As part of the renewed partnership announced in 2024, in April 2026, Puig acquired an additional 6.5% stake in Charlotte Tilbury Limited for 260 million euros, increasing its direct ownership to 85%.

   The remaining 15% continues to be governed by the terms agreed in 2024, whereby Charlotte Tilbury MBE retains a minority interest and the put and call options are exercisable between 2028 and 2031, based on market multiples linked to the business' key financial metrics.

   Additionally, in May 2026, Puig settled an earn-out and other payments related to the acquisition, amounting to 112 million euros.

   Differences between the amounts paid and those provisioned as of December 31, 2025 mainly arose from foreign exchange rate fluctuations between December 2025 and the settlement dates as well as adjustments to the final settlement amounts. These differences have been recognized either in equity or in profit or loss, depending on the accounting treatment applicable to the underlying liability.

   Changes in Executive Management

   In March 2026, Jose Manuel Albesa was appointed Chief Executive Officer of Puig, with Marc Puig assuming the role of Executive Chairman.

4. ‌Segment reporting

   The information presented below regarding segments has been prepared in accordance with IFRS 8, identifying the corresponding operating segments based on the type of products offered in each of them.

   Puig's business activities are organized into three segments: fragrances and fashion, makeup, and skincare.

   The segment reporting is presented with this breakdown as it is used by the senior management and board of directors of Puig to monitor the business. For the purposes of IFRS 8, the board of directors should be understood as the highest authority for operational decision-making at Puig.

   Fragrances and fashion: The fragrances and fashion business segment focuses on the creation, marketing and sale of fragrances, and to a much lesser extent, clothing, accessories, and other fashion-related items. Although fashion is a small portion of our revenues, it has been a key enabler of the fragrance industry, especially in the premium segment, where a major part of the top premium fragrance brands are inspired by a fashion brand. Puig recognizes the value of the deep connection that consumers build with fashion brands and how that translates to fragrances.

   Under this business category, Puig designs, develops and markets fragrances in various forms, including eau de parfum sprays and colognes, as well as lotions, powders, creams, candles, and soaps, that are based on a particular fragrance. In addition, Puig designs, produces, and markets clothing, footwear, and accessories.

   The Puig portfolio of brands operating in the fragrances and fashion business category includes Carolina Herrera, Jean Paul Gaultier, Nina Ricci, Rabanne, Byredo, Christian Louboutin, Dries Van Noten, L'Artisan Parfumeur, Penhaligon's, Adolfo Domínguez and Banderas among others.

   Makeup: The makeup business segment focuses on the creation, marketing, and sale of a comprehensive range of high-quality cosmetic products including, among others, foundations, concealers, lipsticks, lip glosses, eyeliners, blushes, mascaras and eyeshadows.

   The Puig portfolio of brands operating in the makeup business category includes Carolina Herrera, Charlotte Tilbury, Rabanne, Byredo, Christian Louboutin and Dries Van Noten.

   Charlotte Tilbury is the brand with the largest revenue contribution to our makeup business segment, it is the leader in terms of know-how and acts as the driver for the expansion of makeup products to brands that are already established in other segments.

   Skincare: The skincare business segment focuses on the creation, marketing, and sale of a variety of products to meet the needs of different skin types and concerns, such as cleansers, toners, moisturizers, serums, body care, exfoliators, acne, oil correctors, facial masks, and sun care products.

   The Puig portfolio of brands under this segment skews heavily towards dermo-cosmetics but also includes prestige skincare. Puig's brands operating in the skincare business segment include Uriage, Apivita, Dr. Barbara Sturm, Kama Ayurveda, Loto del Sur and Charlotte Tilbury.

   The distribution of net revenues, operating profit, depreciations and impairment and operating assets among segments on the 6-month period ending on June 30, 2026 and 2025 is as follows:

   2026
   (Thousand euros)	Net revenues	Operating profit	Depreciation and Impairment	Operational assets
   Fragrance & Fashion	1,716,133	329,345	91,652	3,836,803
   Makeup	358,747	6,530	18,472	2,063,418
   Skincare	278,816	4,242	9,343	1,040,294
   	2,353,696	340,117	119,467	6,940,515
   2025
   (Thousand euros)	Net revenues	Operating profit	Depreciation and Impairment	Operational assets
   Fragrance & Fashion	1,684,673	299,256	82,796	3,763,801
   Makeup	339,128	12,102	18,724	2,056,781
   Skincare	275,523	20,952	11,610	960,116
   	2,299,324	332,310	113,130	6,780,698

   Eliminations in Net revenues amounting to 15.4 million euros (8.3 million euros in 2025) and 0.1 million euros (2.3 million euros in 2025) have been allocated to Fragrance & Fashion and Skincare, respectively.

   Operational assets are those assets managed in the business segments. Operational assets includes property, plant and equipment, intangible assets, Right-of-use assets, Inventories and Trade accounts receivable.

5. ‌Geographical reporting

   In the presentation of information by geographical areas, net revenues are based on the geographical location of clients, while operational assets are based on the geographical location of assets.

   Puig reports using three geographical areas: EMEA (Europe, Middle East and Africa), Americas and Asia-Pacific.

   The distribution of net revenues and operational assets by geographical areas for the 6-month period ending on June 30 is as follows:

   2026
   (Thousand euros)	Net revenues	Operational assets
   EMEA	1,221,114	3,981,510
   Americas	859,171	1,764,589
   Asia-Pacific	273,411	1,194,416
   	2,353,696	6,940,515
   2025
   (Thousand euros)	Net revenues	Operational assets
   EMEA	1,198,727	3,849,023
   Americas	866,958	1,817,949
   Asia-Pacific	233,639	1,113,726
   	2,299,324	6,780,698

   The net carrying amount of property, plant and equipment, intangible assets, and right-of-use assets located in Spain amounted to 395 million euros as of June 30, 2026 (382 million euros as of December 31, 2025).

6. ‌Other operational income and expenses

   The breakdown of this item is as follows:

   (Thousand euros)	2026	2025
   Transaction costs	(9,503)	-
   Others	(474)	-
   	(9,977)	-

   Transaction costs comprise expenses incurred in connection with acquisition and other strategic transaction activities, including both completed transactions and projects that were ultimately not completed.

7. ‌Financial result

   The detail of the financial income and expenses is as follows:

   (Thousand euros)	2026	2025
   Finance income from investments in financial institutions and others	8,497	9,394
   Finance income with related parties	72	1,532
   Other finance income	9,974	27,664
   Total Finance income	18,543	38,590
   Finance costs from bank borrowings, commissions and other	(23,563)	(24,298)
   Finance lease expenses	(5,558)	(5,180)
   Total Finance costs	(29,121)	(29,478)
   Exchange gains (losses) (net)	1,451	(23,338)
   Total Exchange result	1,451	(23,338)
   Financial Result	(9,127)	(14,226)

   Finance income

   Financial income primarily corresponds to interest generated by investments held in financial institutions.

   In 2026, finance income from related parties includes interest of 72 thousand euros from loans issued to employees (1,532 thousand euros in 2025).

   Other finance income corresponds to the change in the valuation and the final settlements of the earn- outs (Note 19 and Note 22).

   Finance costs

   Financial expenses from financial debts with credit institutions, including loans, interest rate swaps, fees, and others, primarily refer to the interest on loans granted and credit lines used during the current year.

   Finance lease expenses exclusively concern to the financial impact of applying IFRS 16 (Note 18).

   Exchange gains (losses)

   The exchange losses in 2025 were primarily attributable to the depreciation of the US dollar followed by emerging markets.

8. ‌Taxes

   Puig Brands is subject to corporate income tax under the consolidated taxation regime in Spain, with Exea Inversión Empresarial, S.L. being responsible for such tax consolidation. Annex II provides details of the companies that are part of the tax consolidation group led by Exea Inversión Empresarial, S.L.

   The remaining companies generally pay corporate income tax on an individual basis, except in some jurisdictions where taxation occurs under a tax consolidation regime (Annex II).

   In February 2024, Exea Inversión Empresarial, S.L. received a notification for inspection for the corporate income tax regarding fiscal years

   2019-2022, as well as for the value added tax and withholding taxes for fiscal years 2020-2022. At the same time, Antonio Puig, S.A.U. received a notification for inspection for the corporate income tax regarding fiscal years 2019-2022, value added tax and withholding taxes for fiscal years 2020-2022. In March 2025, Puig Brands, S.A. received a notification for inspection for the corporate income tax regarding fiscal years 2019-2022 as well as for the value added tax and withholding taxes for fiscal years 2020-2022. In December 2025 and January 2026, Puig received assessments to the aforementioned tax inspections. As of the date of preparation of these condensed interim consolidated financial statements minutes were signed both in agreement and disagreement. The part signed in disagreement was mainly related to transfer pricing matters. The Group considers that adjustments proposed should not have a significant impact not already covered on the interim consolidated financial statements, as mechanisms in place to avoid international double taxation could be used in those cases where they are available and necessary, and claims with solid arguments of defense will be filed with regards to the rest.

   Additionally as of June 30, 2026, Puig has ongoing tax inspections (started in 2024, 2025 and 2026) for companies within the group located in the United States, France, Peru, Sweden, Belgium and India. As of the date of preparation of these condensed consolidated interim financial statements, no significant tax contingencies are expected from the outcomes of these inspections.

   Under tax regulations prevailing in countries where Puig companies are domiciled, tax returns may not be considered final until they have either been inspected by tax authorities or until the corresponding inspection period has expired. The years open to inspection in relation to the main taxes vary according to the tax legislation of each country in which the Group operates. Puig considers that, in the event of a tax inspection, no significant tax contingencies not already covered would arise in the consolidated financial statements.

9. ‌Property plant and equipment, intangible and right-of-use assets

   The breakdown of intangible assets (including goodwill), property, plant and equipment and right-of-use assets is as follows:

   (Thousand euros)	Intangible assets	Property, plant and equipment	Right of use	Total
   At December 31, 2025	4,598,653	400,038	373,505	5,372,196
   Additions	24,374	54,073	36,840	115,287
   Depreciations	(25,938)	(50,913)	(42,616)	(119,467)
   Disposals and terminations	(61)	(1,154)	(4,266)	(5,481)
   Transfers and others	674	1,687	66	2,427
   Translation differences	27,777	5,044	4,450	37,271
   At June 30, 2026	4,625,479	408,775	367,979	5,402,233
   (Thousand euros)	Intangible assets	Property, plant and equipment	Right of use	Total
   At December 31, 2024	4,705,720	380,356	365,076	5,451,152
   Additions	19,800	50,231	41,137	111,168
   Depreciations	(22,607)	(50,270)	(40,253)	(113,130)
   Disposals and terminations	(5)	(1,996)	(14,266)	(16,267)
   Transfers and others	(461)	(4,151)	36	(4,576)
   Translation differences	(74,384)	(9,171)	(12,952)	(96,507)
   At June 30, 2025	4,628,063	364,999	338,778	5,331,840

   Additions in 2026 correspond to investments in the new factory in Chartres (France), the expansion of the retail footprint, new stores, and improvements to production facilities.

   None of the property, plant and equipment items have been pledged as collateral to third parties.

   Intangible assets mainly include brands and goodwill arising from business combinations, which are tested annually for impairment.

   Cash Generating Units (CGUs) are the smallest identifiable group of assets that generate cash flows independently of cash flows produced by other assets or groups of assets. Puig defines these CGUs by associating them with different brands or businesses.

   The breakdown of the main intangible assets with indefinite useful lives (brands and goodwill) by cash-generating unit and operating segment as of June 30, 2026 and for the year ended December 31, 2025, is as follows:

   Cash Generating Unit	Operating segment	2026	2025
   Charlotte Tilbury	Skincare and makeup	1,873,678	1,850,566
   Niche & Wellness	Fragrance & fashion, skincare	1,112,980	1,109,726
   Uriage	Skincare	152,092	152,092
   Jean Paul Gaultier	Fragrance & fashion	117,359	117,359
   Apivita	Skincare	67,667	67,667
   Nina Ricci	Fragrance & fashion	37,031	37,031
   		3,360,807	3,334,441

   Variations between periods correspond mainly to the translation differences in the carrying amounts of brands and goodwills, resulting from changes in the exchange rates between the various functional currencies of the brands and the presentation currency (euro).

   Regarding the goodwill arising from the acquisition of Byredo and Dr.Barbara Sturm (1,024 million euros), Puig's strategy encompassed not only the generation of cash flows within the acquired business', but also generating synergies across other CGUs distinct from Niche and Wellness. Consequently, since the allocation of the generated goodwill, for the purpose of measuring its potential impairment, could not be assigned to a specific CGU (Niche and Wellness) unless in an arbitrary manner, the assessment of the recoverability of such goodwill is conducted at the level of the group of CGUs for which it will generate cash flows (Niche & Wellness, Carolina Herrera, Rabanne and Jean Paul Gaultier).

   The impairment methodology policy applied by Puig to its intangible assets, particularly its brands and goodwill, is detailed in Note 15 of Puig Brands's consolidated annual accounts for the year ended December 31, 2025, which outlines the corresponding impairment tests conducted. For the six-month period ended June 30, 2026, no impairment indicators have been identified that would necessitate recording any impairment.

10. ‌Investment in associates and joint ventures

    The movements in "Investments in associates and joint ventures" during the six-month period ended on June 30, are as follows:

    (Thousand euros)	2026	2025
    Opening balance	414,760	395,190
    Profit / (loss)	30,456	26,915
    Retained earnings	(925)	-
    Translation differences	10,895	(1,260)
    At June 30	455,186	420,845

    The main investments in associates and joint ventures for the 6-month period ended June 30 are described below.

    Puig owns 50% of the unlisted group Isdin, S.A, whose activity is the manufacturing, processing and marketing in all its forms, of chemical, biological and natural speciality products and pharmaceutical, dermatological, hygiene, perfumery, cosmetics, dietary, orthopedic, among others. The value reflected in the balance sheet, according to the aforementioned equity method, stands at 168 million euros (142 million euros as of December 2025). The net increase in the value of the investment corresponds to the results attributed to the group for the first six months of the year.

    Puig owns 25% of the shares and voting rights of the unlisted Spanish fashion entity Sociedad Textil Lonia, S.A. which closes its fiscal year on February 28. The value reflected in the statement of financial position, according to the aforementioned equity method, stands at 152 million euros (153 million euros as of December 2025). The net decrease in the value of the investment corresponds to the results attributed to the group for the first six months of the year. During 2026, Puig collected 6,000 thousand euros corresponding to the dividend declared in 2025, which was outstanding as of December 31, 2025.

    Puig owns a 35% stake in the unlisted Brazilian perfumery and cosmetics group Granado (Ponteland Distribuçao S.A.). The value reflected in the balance sheet, according to the aforementioned equity method, stands at 133 million euros (118 million euros as of December 2025). The net increase in the value of the investment is mainly attributable to the positive results generated by the group during the first half of the year, as well as to the appreciation of the Brazilian real.

    The methodology for testing impairment of interests in associated companies and joint ventures does not differ significantly from that applied to intangible assets.

11. ‌Financial assets

    The financial assets as of June 30, 2026, and for the year ended December 31, 2025, are as follows:

    (Thousand euros)	2026	2025
    Non-current financial assets
    - Financial investments	170	209
    - Other non-current assets	38,466	35,245
    Current financial assets
    - Trade accounts receivable	693,645	578,466
    - Other current assets (Note 13)	232,133	224,367
    Total	964,414	838,287

    Other non-current assets mainly correspond to deposits amounting to 31,695 thousand euros (27,985 thousand euros as of December 31, 2025) and loans granted to employees amounting to 4,264 thousand euros (4,853 thousand euros as of December 31, 2025). There are no significant differences between the market value of the loans and their respective nominal amounts as they accrue interest at a market rate. This caption also includes long-term derivatives amounting to 1,233 thousand euros (2,407 thousand euros as of December 31, 2025).

    As of June 30, 2026, Puig has not reduced its accounts receivable through non-recourse factoring agreements (142 million euros as of December 31, 2025).

12. ‌Inventory

    The breakdown of Inventories by category, net of the provision for obsolete goods, as of June 30, 2026, and for the year ended December 31, 2025, are as follows:

    (Thousand euros)	2026	2025
    Raw materials	187,151	180,006
    Work in progress	120,824	96,499
    Finished goods	649,012	541,401
    Inventory Gross	956,987	817,906
    Provisions	(112,350)	(124,301)
    Total	844,637	693,605

    Provisions mainly refer to obsolete stocks and slow-moving products.

    Puig has insurance policies to cover potential risks of damage.

13. ‌Other current assets

    The breakdown of "Other current assets" as of June 30, 2026, and for the year ended December 31, 2025, are as follows:

    (Thousand euros)	2026	2025
    Prepaid expenses	57,517	50,238
    Tax receivable from tax authorities	135,765	116,604
    Financial assets at fair value	2,154	9,814
    Receivable related parties	3,800	3,857
    Other accounts receivable	32,896	43,854
    Total	232,132	224,367

14. ‌Equity

    Share capital

    At June 30, 2026, the share capital amounts to 128,499 thousand euros, represented by 568,187,026 fully subscribed and paid-up shares, belonging to two different classes: (i) 393,367,348 shares belonging to Class A Shares of 0.30 euros of nominal value each, and (ii) 174,819,678 shares belonging to Class B Shares of 0.06 euros of nominal value each.

    In accordance with the provisions of the Company's bylaws, Class A confers, in aggregate, 1,966,836,740 voting rights (5 votes per each Class A Share) and Class B shares confers in aggregate, 174,819,678 voting rights (1 vote per each Class B Share). Consequently, the total number of voting rights corresponding to Class A and Class B shares, in aggregate, is 2,141,656,418.

    In 2026, there are no changes in the number of shares or in the share capital nominal amount.

    Puig Brands' Shareholders ownership, is as follows:
    Economic rights	2026	2025
    Exea Inversión Empresarial, S,L, (controlled by Exea Quorum, S.L.)	73.5%	73.5%
    Treasury shares	0.9%	0.9%
    Other	25.6%	25.6%
    Total	100%	100%
    Voting rights	2026	2025
    Exea Inversión Empresarial, S,L, (controlled by Exea Quorum, S.L.)	93.0%	93.0%
    Treasury shares	0.2%	0.2%
    Other	6.8%	6.8%
    Total	100%	100%

    Treasury Shares

    At June 30, 2026, the Company holds 4,894,911 of treasury shares (Class B Shares) amounting to 80,418 thousand euros; 4,886,667 treasury shares amounting 80,281 thousand euros at December 31, 2025.

    Dividends paid

    Puig's General Shareholders' Meeting, held on May 29, 2026, approved the allocation of the 2025 fiscal year profit of Puig Brands, S.A. (the Parent Company), amounting to 435.5 million euros. Of this amount,

    237.5 million euros were allocated to dividends, equivalent to 0.42159 euros gross per share (excluding treasury shares). The dividend was paid on June 17, 2026, after applying the corresponding tax withholding.

15. ‌Earnings per share

    Basic earnings per share are calculated as follows:

    (Thousand euros)	30 June 2026	30 June 2025
    Net profit attributable to the Parent Company	262,815	275,008
    Average of shares	568,187,026	568,187,026
    Treasury shares	4,894,911	4,886,667
    Average of shares outstanding	563,292,115	563,300,359
    Earnings per share (euro)	0.47	0.49

    There are no differences between diluted earnings per share and basic earnings per share for the mentioned periods.

16. ‌Bank borrowings

    The breakdown of current and non-current borrowings at June 30, 2026 and December 31, 2025 are as follows:

    (Thousand euros)	2026	2025
    Current
    Current portion of non-current borrowings	652,607	546,430
    Bank loans and overdraft	102,926	87,759
    Total	755,533	634,189
    Non-current
    Non-current borrowings	643,340	718,327
    Total	643,340	718,327

    As of June 30, 2026, the debt subject to variable interest rates without interest rate hedging amounted to 305,4 million euros (2025: 89 million euros). Puig entered into interest rate swaps covering loans subject to variable interest rates, which amounted to 685 million euros as of June 30, 2026 (2025: 742.5 million euros). The debt subject to fixed interest rates amounted to 408,5 million euros (2025: 521 million euros).

    As of June 30, 2026, Puig maintains a similar level of bank borrowings compared to December 31, 2025. During the six-month period, the main debt movements occurred at the parent company level, with the issuance of 400 million euros in new loans and the repayment of 375 million euros in existing borrowings in line with the scheduled amortization plan.

    As of June 30, 2026, Puig has no bank loans secured by collateral or guarantees.

    As of June 30, 2026, the total undrawn amount corresponding to the contracted credit lines amounts to 924 million euros (894 million euros as of December 31, 2025).

    The borrowings are denominated in the following currencies:

    (Thousand euros)	Effective interest rate %	2026	2025
    Euros	0,58% - 4,5%	1,318,144	1,276,590
    Other currencies	0,46% - 21%	80,729	75,926
    		1,398,873	1,352,516

    The fair value of borrowings does not differ significantly from their amortized cost.

    Most financial debt is annually subject to compliance with a financial ratio based on EBITDA and net financial debt (pre IFRS 16), which is expected to be met in 2026 and in subsequent years.

17. ‌Derivative financial instruments

    During 2026 Puig continued using derivatives to limit both interest and foreign currency risks on otherwise unhedged positions and to adapt its debt structure to market conditions. These financial instruments have been classified into the Level 2 measurement category.

    As of June 30, 2026, the following foreign currency hedges entered into by group companies were in place:

    Description	Notional	Maturity	Recognized in equity	Recognized in the income statement	Total
    AUD/EUR	(32,350)	July 2026 - February 2027	(1,080)	(299)	(1,379)
    BRL/EUR	(230,700)	July 2026 - February 2027	(1,650)	(430)	(2,080)
    CAD/EUR	(15,300)	July 2026 - February 2027	(43)	(22)	(65)
    CLP/EUR	(17,568,425)	July 2026 - February 2027	(210)	(140)	(350)
    GBP/EUR	(67,600)	July 2026 - January 2027	(835)	(88)	(923)
    MXN/EUR	(566,200)	July 2026 - January 2027	(1,862)	(884)	(2,746)
    CHF/EUR	400	July 2026	-	-	-
    PEN/EUR	(24,324)	July 2026 - January 2027	(107)	(36)	(143)
    USD/EUR	(408,668)	July 2026 - January 2027	(5,877)	(3,665)	(9,542)
    CNY/EUR	(42,100)	July 2026 - January 2027	(267)	(74)	(341)
    At June 30, 2026			(11,931)	(5,638)	(17,569)

    Interest rate hedging transactions have been entered into through swaps to exchange floating interest rates for fixed interest rates.

    As of June 30, 2026, Puig has formalized the following interest rate hedging contracts:

    Description	Notional	Maturity	Recognized in equity	Recognized in the income statement	Total
    EUR	100	May 2027	1,048	-	1,048
    EUR	75	May 2027	786	-	786
    EUR	150	June 2027	(1,094)	-	(1,094)
    EUR	50	June 2027	(332)	-	(332)
    EUR	50	April 2028	(195)	-	(195)
    EUR	50	June 2028	569	-	569
    EUR	75	November 2029	(295)	-	(295)
    EUR	25	November 2029	(232)	-	(232)
    EUR	50	December 2029	(503)	-	(503)
    EUR	60	June 2030	664	-	664
    At June 30, 2026	685		416	-	416

    Additionally, as of June 30, 2026, Puig has formalized the following exchange rate hedging contracts to cover loans formalized in foreign currency:

    Description	Notional	Maturity	Recognized in equity	Recognized in the income statement	Total
    AUD	(31,850)	July 2026	-	175	175
    GBP	(62,800)	July 2026	-	(378)	(378)
    HKD	(234,749)	July 2026	-	(222)	(222)
    JPY	(2,630,000)	July 2026	-	49	49
    USD	(109,000)	July 2026	-	(1,618)	(1,618)
    INR	(694,100)	June 2027	-	(101)	(101)
    SEK	23,500	July 2026	-	(23)	(23)
    CAD	(13,000)	July 2026	-	80	80
    SGD	8,300	July 2026	-	16	16
    At June 30, 2026			-	(2,022)	(2,022)

18. ‌Lease liabilities

    The Group's most significant lease contracts correspond to real estate (offices and stores in all geographies).

    The amounts recognized in the consolidated statement of financial position as of June 30, 2026 and December 31, 2025 are the following:

    (Thousand euros)	2026	2025
    Right-of-use assets (note 9)	367,979	373,505
    Total	367,979	373,505
    Lease liabilities
    Non-current liabilities	318,223	327,691
    Current liabilities	81,472	77,075
    Total	399,695	404,766

    The amounts recognized in the interim consolidated income statements are as follows:

    (Thousand euros)	2026	2025
    Depreciation of right-of-use assets (note 9)	42,616	40,253
    Finance costs (note 7)	5,558	5,180
    Total	48,174	45,433

19. ‌Provisions and other liabilities

The breakdown of "Provisions and other liabilities" as of June 30, 2026 and December 31, 2025 were as follows:

The movements in "Liabilities from business combinations", "Other provisions" and "Employee pension plans"during years ended June 30, 2026 and 2025 were as follows:

Liabilities from business combinations

When Puig acquires a company, it often prefers that the previous shareholders remain in the company with a minority stake. In this way, the seller / founder remains engaged and committed to the continued success of the brand.

At the time of the acquisition, Puig may enter into call and put option agreements granting the right or obligation to purchase the minority stake from the seller / founder at certain specified dates and at prices calculated based on an initially agreed adjusted multiple linked to the business performance of the related business.

These options have been recorded as liabilities in accordance with IFRS 10, and valued at fair value at each reporting period, with the changes in fair value recorded against equity.

As of June 30, 2026, the put and call options included in the balance sheet relate to the acquisitions of Charlotte Tilbury (2020), Kama Ayurveda (2022), Loto del Sur (2022) and Dr. Barbara Sturm (2024).

The options are valued based on market multiples and other adjusted multiples linked to the key financial metrics of the related business. These options are revised according to the expected performance at least at each year-end compared to the initial plan, until the expiration of the put and call options, guaranteeing a minimum price.

In the six-month period of 2026, the decrease in long-term liabilities from business combinations is mainly due to changes in the market multiple to which the put-call options are linked, as well as to translation differences and the business projections. For the commentary on short-term business combination liabilities please refer to Notes 3 and 22.

In addition to the options, this caption includes liabilities for earn-outs arising from certain business combinations. As of June 30, 2026 the balance regarding these liabilities amounted to 1 million euros (December 31, 2025: 7 million euros). The decrease in these earn-outs are mainly driven by the change in management's projections with respect to the expected business performance to which these liabilities are linked, and the effect of the discount factor and the exchange rate.