Barcelona-based Puig has announced impressive first-half results for 2025, reaffirming its full-year outlook. The company reported net revenue of €2,299 million, showcasing a 7.6% like-for-like growth and a 5.9% increase in reported figures, significantly outpacing the premium beauty market. Fragrance and fashion grew 8.6% in like-for-like terms, while makeup grew 2.0% and skin care rose 8.6%.
Adjusted EBITDA reached €445 million, marking an 8.6% year-on-year growth with a margin improvement of 0.5 percentage points to 19.4%. Puig remains on track to achieve its margin improvement goal for FY2025. Adjusted net profit stood at €247 million, representing a 10.8% margin, while reported net profit soared by 78.8% to €275 million, boosted by favorable comparisons with 2024, which included one-off IPO-related costs.
Leadership Update: New Deputy CEO Appointment
In a strategic leadership move, Puig has appointed Jose Manuel Albesa to the newly created role of Deputy CEO, overseeing all divisions. Albesa will report directly to Marc Puig, chairman and CEO, to drive the company’s next phase of growth.
Of the results, 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 rollout 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.
We have created the position of Deputy CEO, in charge of all divisions, and we are pleased to announce the appointment of Jose Manuel Albesa for this role. I have worked closely with Jose 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.
Puig’s Financial Stability and Market Leadership
Puig demonstrated strong operational cash flow and maintained its net debt/adjusted EBITDA ratio at 1.4x, comfortably below its medium-term threshold of 2.0x. This financial resilience underscores Puig’s ability to sustain its aggressive growth strategy while maintaining stability.
In the global fragrance market, Puig had three of its brands—Rabanne, Carolina Herrera and Gaultier—ranking in the top 10 worldwide. Additionally, Charlotte Tilbury remained the #1 prestige makeup brand in the United Kingdom, and has climbed to the #3 spot in the United States.
