THE WHAT? Puig reported FY 2025 results showing record net revenue above €5 billion, strong like-for-like growth and improved profitability, continuing to outperform the premium beauty market.
THE DETAILS Puig delivered FY 2025 net revenue of €5,042 million, up +7.8% like-for-like (top end of its 6–8% outlook range) and +5.3% reported. Adjusted EBITDA rose +7.8% year on year to €1,045 million, with the adjusted EBITDA margin improving to 20.7% (from 20.2% in FY 2024), ahead of guidance. Adjusted net profit reached €587 million (11.6% margin), while reported net profit was €594 million (11.8% margin). Free cash flow from operations totalled €664 million, with net debt/adjusted EBITDA at 0.7x.
By segment, Fragrance and Fashion (72% of FY revenue) grew +6.4% like-for-like to €3,646 million, supported by Carolina Herrera, Jean Paul Gaultier and double-digit growth in its Niche portfolio led by Byredo. Makeup rose +13.7% like-for-like to €845 million, driven by Charlotte Tilbury (including distribution gains via Amazon in the US and entry into Mexico), while Skincare grew +8.9% like-for-like to €551 million, led by Uriage and Charlotte Tilbury skincare. Puig also highlighted that Rabanne, Carolina Herrera and Jean Paul Gaultier hold three spots in the global top 10 fragrance brand rankings.
Regionally, growth was broad-based: EMEA delivered +5.5% like-for-like growth to €2,752 million; the Americas grew +7.7% like-for-like to €1,760 million (with FX headwinds); and Asia-Pacific increased +21.7% like-for-like to €531 million. Looking ahead, Puig updated its guidance framework, expects FY 2026 margins to remain stable amid a tougher cost environment, reiterated its leverage threshold (net debt/adjusted EBITDA not to exceed 2.0x), and said it intends to pay a dividend of €237 million (around 40% payout of reported net profit), subject to AGM approval. The company also brought forward its Capital Markets Day to April 14, 2026 in Madrid.
THE WHY? Puig’s results show it can sustain above-market growth while expanding margins, supported by strong fragrance leadership and accelerating Makeup and Skincare performance, alongside disciplined cash and balance sheet management that preserves flexibility for reinvestment and selective M&A.
Source: Puig
