Puig’s first-half results for 2026 indicate consistent growth and market share gains across its product categories and regions. Key brands in fragrance and makeup led the expansion, supported by strong regional performances, especially in Asia-Pacific. The company remains focused on strategic investments and maintaining profitability while navigating a competitive market environment. Puig remains optimistic about its ability to outperform the premium beauty market throughout the year.
Overview of Puig’s First Half 2026 Performance
In the first half of 2026, Puig reported a net revenue of €2.354 billion, marking a 4.4% increase on a like-for-like basis and 2.4% on a reported basis. This growth surpassed the overall premium beauty market’s development during the same period. The company’s performance was broad-based, with all business segments and geographic regions contributing to the positive results. The fragrance and fashion segments, alongside makeup, were key drivers of growth.
Financial Highlights
Puig’s adjusted EBITDA rose by 3.2% year-on-year to €460 million, with the margin improving slightly by 15 basis points to 19.5%. The adjusted net profit reached €260 million, representing a margin increase of 30 basis points to 11.1%. The company’s net debt to adjusted EBITDA ratio stood at 1.5x, reflecting planned dividend payments and the reduction of liabilities from mergers and acquisitions.
Segment and Brand Performance
The fragrance segment, particularly the prestige brand Carolina Herrera, led growth in the premium category. Additionally, Puig’s niche perfume portfolio, especially Byredo, experienced double-digit growth. The makeup segment continued its positive trajectory, with Charlotte Tilbury as the standout brand. In skincare, Uriage strengthened its competitive position despite a softer market in the premium skincare sector.
Regional Growth and Market Dynamics
Regionally, the Asia-Pacific area showed exceptional growth of 20.9% on a like-for-like basis, with strong results across all categories. North America also delivered solid performance, while Europe maintained robust growth. Despite challenging market conditions, Puig gained market share in the travel retail channel, which remains an important distribution platform for the company.
Strategic Outlook
Puig confirmed its full-year outlook for 2026, expecting to continue outperforming the premium beauty market on a comparable basis. The company aims to maintain its adjusted EBITDA margin in line with the 2025 fiscal year. CEO Jose Manuel Albesa emphasised confidence in the long-term strength of the premium beauty market and Puig’s capacity for disciplined, organic growth. The company plans to keep investing in its brands and innovations while focusing on sustainable value creation.
[Text: epcnews/Photo: PUIG]