Puig’s H1 2025 revenue growth has outperformed the beauty market, the Spanish house reported, as net revenues for the period hit €2.23 billion, representing a +7.6% like-for-like rise (5.9% on a reported basis).
A weaker US dollar and other currency fluctuations had a negative impact of -1.7%.
Adjusted net profit reached €247 million, representing a 10.8% margin. Reported net profit increased +78.8% year-on-year to €275 million. The rise reflected top-line growth and continued operating discipline, and a favourable comparison with 2024 which was impacted by IPO-related costs, the company said.
Gross profit margin of 75.8% was stable in the first half of 2025, while operating profit was €332 million with a margin of 14.5%. Adjusted EBITDA reached €445 million, up +8.6% year-on-year and improving by approximately 50 basis points, to 19.4%, driven by revenue growth and cost management.
Puig Chairman and CEO Marc Puig said, “As previously shared in July, in the first half of 2025 we delivered strong growth in every region, significantly outpacing the market with a +7.6% like-for-like increase in net revenue, which reflects the health of our brands.
“Fragrance continued to perform well and the recovery in Makeup in the second quarter was encouraging. We achieved these results while growing our adjusted EBITDA by +8.6% year-on-year and improving our EBITDA margin to 19.4%, in line to achieve our FY2025 guidance.
“The second half is always our busiest period, with holiday demand, and the full roll-out of La Bomba, the new Carolina Herrera fragrance, still to come.
“The desirability of our brands, alongside our continued cost discipline, is allowing us to invest in them to support sustainable long-term growth. This underpins our confidence in reiterating our outlook for the year.”
Leadership update
Puig has appointed José Manuel Albesa in the newly created role of Deputy CEO, reporting directly to Chairman and CEO Marc Puig. Albesa will continue to serve as Beauty and Fashion President.
Albesa joined Puig in 1998 and has been instrumental in shaping the company’s strategic direction and global expansion. He has held senior leadership positions across brand development, marketing and innovation. He also played a pivotal role in repositioning Rabanne, Carolina Herrera and Jean Paul Gaultier – now top performers for Puig.
Marc Puig commented, “We have created the position of Deputy CEO, in charge of all divisions, and we are pleased to announce the appointment of José Manuel Albesa for this role.
“I have worked closely with José Manuel since I became CEO in 2004 and can attest that his passion, deep understanding of Puig’s values and talent as a brand builder and leader have been instrumental in our transformation to becoming the global premium beauty player we are today.
“He is uniquely suited for this new role and I look forward to continuing our trusted partnership as we enter the next phase in Puig’s development. I remain fully committed to my role as Chairman and CEO, and together we will make sure Puig is in the strongest possible position for the future.”
Performance by segment
Fragrance & Fashion remained Puig’s largest division, delivering €1.68 billion in net revenue (+8.6% like-for-like, +6.5% reported), accounting for 73% of total sales. Puig holds three spots in the world’s top ten fragrance brands with Rabanne, Carolina Herrera and Jean Paul Gaultier. The company also marked the pre-launch of La Bomba, Carolina Herrera’s biggest fragrance launch since 2016. Niche brand Byredo recorded double-digit growth.
The fashion portfolio was strengthened by the appointment of Duran Lantink as Creative Director of Jean Paul Gaultier. Puig also celebrated Julian Klausner’s debut menswear collection for Dries Van Noten at Paris Fashion Week in June, which drew positive global attention.
Makeup returned to positive growth with revenue of €339 million, representing +2.0% like-for-like (+1.4% reported) and representing 15% of group revenue. In Q2, makeup recorded €174 million in revenues, delivering double-digit like-for-like growth of +10.5% (+7.4% reported). The launch of Charlotte Tilbury’s Super Nudes collection and the extension of the Unreal franchise with Unreal Blush and Unreal Lips drove growth.
Skincare generated €276 million in revenue, with growth of +8.6% like-for-like (+8.1% reported). The segment, which represents 12% of Puig’s total revenue, was driven by Charlotte Tilbury skincare and Uriage, particularly in suncare.
Regional breakdown
While performance across the region was mixed, EMEA posted net revenue of €1.2 billion, up +3.6% like-for-like (+3.9% reported). The region accounted for 52% of Puig’s total revenue.
The Americas continued to deliver strong results, with revenue of €867 million, a +10.9% increase like-for-like (+6.5% reported), accounting for 38% of group sales.
Asia Pacific achieved revenue of €234 million, up +16.5% like-for-like (+14.7% reported), contributing 10% of group revenue. South Korea and Japan were standout markets, while increased local activations for Charlotte Tilbury also bolstered growth.
Outlook
Puig maintained full-year 2025 guidance, targeting like-for-like revenue growth of 6% to 8% and further expansion of its adjusted EBITDA margin. ✈
