THE FACT THAT? Puig reported fiscal 2025 results showing record net revenues exceeding €5 billion, strong comparable growth and improved profitability, and continuing to outperform the premium beauty market.
THE DETAILS Puig achieved FY2025 net revenue of €5,042 million, up +7.8% on a comparable basis (high end of its 6-8% outlook range) and +5.3% reported. Adjusted EBITDA increased +7.8% year-on-year to €1,045 million, and adjusted EBITDA margin improved to 20.7% (from 20.2% in fiscal 2024), ahead of forecasts. Adjusted net profit reached €587 million (11.6% margin), while reported net profit was €594 million (11.8% margin). Free cash flow from operations amounted to €664 million, with net debt/adjusted EBITDA of 0.7 times.
By segment, Fragrances and Fashion (72% of fiscal year 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, led by Charlotte Tilbury (including distribution gains through Amazon in the US and entry into Mexico), while Skin Care 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 occupy three positions in the world ranking of the 10 best fragrance brands.
Regionally, growth was across the board: EMEA recorded comparable growth of +5.5% to €2,752 million; America grew +7.7% like-for-like to €1.76 billion (with exchange rate headwinds); and Asia-Pacific increased +21.7% comparable to €531 million. Looking ahead, Puig updated its guidance framework, expects margins for fiscal 2026 to remain stable amid a more difficult cost environment, reiterated its leverage threshold (net debt/adjusted EBITDA not to exceed 2.0 times) and said it intends to pay a dividend of €237 million (around 40% of reported net profit), subject to approval by the Annual General Meeting. The company also advanced 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 leadership in fragrance and accelerated performance in makeup and skin care, along with disciplined cash and balance sheet management that preserves flexibility for reinvestment and selective M&A.
Fountain: Puig
