Puig reported net revenue of €2.35 billion in the first half of 2026, up 4.4% on a like-for-like basis and 2.4% on a reported basis but growth eased slightly in the second quarter, to 4.1% from 4.7% in Q1.
Profitability remained broadly stable. Adjusted EBITDA increased 3.2% to €460 million, with the margin slightly up to 19.5% from 19.4% a year earlier. Operating profit rose 2.3% to €340 million, while the operating margin was unchanged at 14.5%. Reported net profit declined 4.4% to €263 million, although adjusted net profit increased 5.2% to €260 million.
Fragrance and Fashion remains Puig’s largest business, generating €1.72 billion in revenue, or 73% of group sales, with like-for-like growth of 3.8%.
Makeup delivered the strongest performance, with revenue rising 9.1% like for like to €359 million, driven Charlotte Tilbury. Skincare was the lowest performing division with first-half revenue increasing 2.3% to €279 million, but declining 0.3% in the second quarter.
APAC was once again the fastest-growing region, with sales up 20.9% like for like to €273 million, although it still accounts for only 12% of group revenue. EMEA grew 2.6% to €1.22 billion, representing 52% of sales. Revenue in the Americas also rose 2.6% like for like to €859 million, but declined slightly on a reported basis because of FX impact.
Puig confirmed its outlook for 2026. The group expects to continue outperforming the premium beauty market on a like-for-like basis while maintaining a stable adjusted EBITDA margin.
