Puig delivered a resilient first-half performance for 2026, with net revenue increasing +2.4% (+4.4% on a like-for-like basis) to €2.35 billion for the period ended 30 June.
The Spanish beauty and fashion powerhouse outperformed said the company gained value market share across all categories and regions with travel retail one of the strongest contributors.
Adjusted net profit rose to €260 million, with the margin increasing by 30 basis points to 11.1%. Operating profit increased +2.3% to €340 million, maintaining a stable operating margin of 14.5%, while gross profit margin eased slightly to 75.5% from 75.8% a year earlier.
Second-quarter revenue reached €1.14 billion, with both reported and like-for-like growth of +4.1%.
Puig CEO Jose Manuel Albesa said: “Puig delivered a strong first half of 2026, gaining market share across categories and geographies. Our +4.4% like-for-like revenue growth reflects the strength of our connection with consumers around the world and the power of our distinctive brand portfolio.
“Our performance was broad-based, with fragrance and makeup continuing to lead our growth. Carolina Herrera led in prestige, while our niche fragrance portfolio, led by Byredo, continued to deliver double-digit growth. Makeup maintained its excellent performance, led by Charlotte Tilbury, while within skincare Uriage continued to strengthen its competitive position, in spite of weaker performance in premium skincare.
“Our broad-based strength was visible across our geographic footprint. Asia Pacific delivered outstanding like-for-like growth of +20.9%, underpinned by exceptional performances across categories. North America delivered strong performance, while Europe showed resilient growth.
“Despite a challenging backdrop, we have gained market share in travel retail, which continues to be an important channel for us. Looking ahead, we remain confident in the long-term strength of premium beauty and in Puig’s ability to continue outperforming the market.
“We are delivering healthy organic growth, powered by our exceptional brands and talent. We will continue to invest in our brands, innovation and execution while staying focused on disciplined growth and long-term value creation.”
Travel retail among strongest contributors to fragrance gains
Travel retail was highlighted as one of the strongest contributors to Puig’s market share gains in the Fragrance & Fashion segment, alongside the Asia Pacific and North America regions.
The Fragrance & Fashion business generated €1.716 billion in first-half revenue, representing 73% of group sales and growing +3.8% like-for-like.
The division increased its value market share to 11.1%, a gain of 0.3 percentage points compared with the first half of 2025. This was supported by continued momentum across both prestige and niche fragrances.
Prestige growth was led by Carolina Herrera, where La Bomba continued to build on its successful launch alongside the sustained performance of Good Girl. Puig’s niche fragrance portfolio also delivered double-digit growth, driven by brands including Byredo and Dries Van Noten.
Key innovations such as Byredo and Penhaligon’s body mists, alongside prestige fragrance extensions such as Carolina Herrera La Bomba Intensa and Jean Paul Gaultier Divine Belle, drove gains.
Makeup was Puig’s fastest-growing business segment during the first half, with revenue increasing +9.1% like-for-like to €359 million, representing 15% of group sales.
Charlotte Tilbury helped drive growth, maintaining leadership positions across key European markets. The brand also expanded its distribution through Boots UK during the second quarter.
Skincare revenue reached €279 million, up +2.3% like-for-like, accounting for 12% of group sales.
Performance was led by dermo-cosmetics brand Uriage, which delivered double-digit growth and increased its market share to 2.6%.
Asia Pacific leads regional uplift
Asia Pacific once again delivered the group’s strongest regional performance, with revenue rising +20.9% like-for-like to €273 million, representing 12% of total sales.
Puig said the Middle East conflict had an estimated €14 million impact in the first half, or 0.6% of total revenues, primarily affecting travel retail.
The Americas contributed €859 million, representing 37% of group revenue, with like-for-like growth of +2.6%. North America continued to outperform the market through strong fragrance demand and makeup sell-out, while Latin America remained resilient despite a competitive trading environment.
The company attributed the performance to continued strength in niche fragrances, robust consumer demand across the region and the ongoing momentum of Charlotte Tilbury.
Outlook
Puig reaffirmed its full-year 2026 guidance, expecting to continue outperforming the premium beauty market on a like-for-like basis.
The first half marked several company developments. Jose Manuel Albesa was appointed Chief Executive Officer in March 2026, while Marc Puig assumed the role of Executive Chairman.
During the period, Puig also increased its ownership stake in Charlotte Tilbury from 78.5% to 85% through a €260 million investment, progressing towards full ownership of the brand by 2031. ✈
