Spanish fragrances-to-fashion, makeup to skincare group Puig has delivered a record third-quarter revenue performance for the period ended 30 September.
Driven by Fragrances and Makeup, Q3 revenue grew +5.6% like-for-like and +7.2% on a reported basis to €1,391 million, while nine-month revenue rose +4.8% like-for-like (+4.2% reported ) to €3,744.5 million.
Puig said it experienced like-for-like growth across all categories and regions in the first nine months.
Puig CEO Jose Manuel Albesa commented: “I’m pleased with our strong and consistent delivery in the first nine months of 2026, with growth of +4.8%, alongside a record third quarter, up +5.6%.
“Momentum was broad across business segments and regions. Asia-Pacific, Niche Fragrances, Dermo-Cosmetics and Makeup were particularly strong, delivering double-digit growth, alongside continued healthy growth in Fragrance and Fashion.
“This performance reflects the strength of our innovations and our distinctive portfolio, and is in line with our outlook for the year.”
Puig reiterated its FY 2026 outlook.
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Makeup was Puig’s fastest-growing business segment in the first nine months of 2026, with net revenue up +12.0% like-for-like (+10.4% reported) to €628 million. The segment represented 17% of Puig’s net revenue in the period.
In Q3, net makeup revenue grew +16.1% LFL (+17.2% reported) to €270 million. Strong sell-out performance was supported by continued value market share capture across regions, as well as by innovation and modest distribution gains in selected markets.
Noteworthy launches in Q3 included the Airbrush Flawless Blur Loose Powder, alongside the reformulated Blush Blur within the same franchise from Charlotte Tilbury.
Skincare grew +1.3% like-for-like (+1.0% reported) in the first nine months, generating net revenue of €414 million, accounting for 11% of the total pie.
Dermo-Cosmetics, a segment of strategic long-term focus, led by Uriage, continued to deliver double-digit growth in Q3, while premium skincare remained soft, in line with recent quarters.
Asia Pacfic resurgent
Europe, Middle East & Africa (EMEA) grew +3.0% like-for-like (+2.7% reported) in the first nine months, generating net revenue of €1,949 million. The region accounted for a sizable 52% of Puig’s net revenue in the period, growing by +3.8% like-for-like in Q3 (+4.0% reported) to €728 million.
That increase was driven by strong underlying performance in Niche, Dermo-Cosmetics and Makeup, complemented by modest distribution gains in the region. The disruption seen in the Middle East during 1H 2026 did not meaningfully affect the regional performance during the quarter.
The Americas grew +3.8% like-for-like (+2.6% reported) in the first nine months of 2026, generating net revenue of €1,366 million (36%2 of the group tally). In Q3, net revenue grew +6.2% like-for-like (+9.3% reported) to €507 million.
The quarter benefited from strong performance in Fragrance and in Makeup, which more than offset a strong comparable period in the prior year. Foreign exchange had a positive impact in Q3 across North America and LatAm.
APAC was Puig’s fastest-growing region in the first nine months, with net revenue up +17.9% like-for-like (+17.0% reported) to €430 million.
The region represented 11%2 of Puig’s net revenue in the period. In Q3, net revenue grew +12.9% like-for-like (+16.9% reported) to €157 million, supported by strong performance across categories including noteworthy growth in Niche and Makeup, leveraging performance in digital channels.
During the earnings call, Albesa said: “Without any doubt, dermo-cosmetics is going to be the faster-growing segment of Skincare in the next year, and we are strongly betting on Skincare.
“We see also a lot of interest in travel retail,” he added. “We see also big interest in department stores such as Galeries Lafayette in France or Liverpool in Mexico or El Corte in Spain. So we see an appetite for this dermo-cosmetic, which has the right level of science at a much affordable price point of the prestige and premium skincare, and we see great momentum ahead.”
Puig reaffirmed its FY 2026 outlook, expecting to outperform the premium beauty market on a like-for-like basis while anticipating that adjusted EBITDA margins will remain stable, in line with FY 2025. ✈
