Puig Brands (PUIG) H1 2026 earnings summary

Executive summary

• Net revenues reached €2.35 billion in H1 2026, up 2.4% year-over-year and 4.4% like-for-like, outperforming the premium beauty market and gaining market share across categories and geographies.

• Gross profit margin remained strong at 75.5%, with adjusted EBITDA of €460 million (19.5% margin) and adjusted net profit of €260 million (11.1% margin).

• All business segments and regions delivered growth, led by Fragrance and Fashion and Makeup; Asia Pacific was the standout region with 20.9% like-for-like growth.

• Net profit attributable to the parent company declined 4.4% to €262.8 million, mainly due to higher income tax expense.

• Reaffirmed full-year 2026 outlook, expecting to outperform the premium beauty market and maintain stable adjusted EBITDA margins.

Financial highlights

• Net revenues reached €2.35 billion in H1 2026, up 2.4% year-over-year and 4.4% like-for-like.

• Adjusted EBITDA was €460 million (19.5% margin), up 15 basis points year-over-year.

• Adjusted net profit increased by 5.2% to €260 million (11.1% margin); reported net profit was €263 million, impacted by one-off transaction costs and higher tax rate.

• Free cash flow from operations was negative €196 million due to higher inventory levels and working capital needs.

• Net debt stood at €1,589 million, with net financial leverage at 1.5x adjusted EBITDA.

Outlook and guidance

• Full-year 2026 outlook reaffirmed: expect to outperform the premium beauty market on a like-for-like basis.

• Adjusted EBITDA margin expected to remain stable versus 2025.

• Continued focus on innovation, brand investment, and highly selective M&A aligned with long-term strategy.

• Anticipate improved free cash flow conversion in H2 as inventory levels normalize and Christmas sales drive demand.