Half Year 2025 Puig Brands SA Earnings Call Transcript
Key Points
- Puig Brands SA (PUIGF) reported strong first-half 2025 results with net revenues of €2.3 billion, reflecting a 7.6% like-for-like growth.
- The company achieved a gross margin of 75.8%, showcasing the desirability of its premium brands and strong execution capabilities.
- Adjusted EBITDA improved to €445 million, representing a margin of 19.4%, a 0.5% increase compared to the previous year.
- The fragrance and fashion segment delivered solid performance with €1.7 billion in revenues, up 8.6% like-for-like.
- Puig Brands SA (PUIGF) maintained strong market shares across regions, with notable double-digit growth in the Americas and Asia Pacific.
- The company faced a negative 1.7% impact from foreign exchange on net revenues.
- Adjusted net profit margin decreased by 0.2% points to 10.8% due to foreign exchange differences and lower income from associates.
- Operating profit margin for the fragrance and fashion segment declined slightly to 17.8% from 18.6% in the first half of 2024.
- The makeup segment showed only modest growth with a 2% like-for-like increase in net revenue.
- There was a noted moderation in fragrance demand growth, with expectations for lower single-digit growth in the second half of 2025.
Good evening and thank you for joining us this evening as we discuss our results for the first half of 2025 that ended on June 30. Today we have with us our Chairman and CEO, Marc Guasch; and our CFO, Joan Albiol. Marc and Joan will share some brief remarks on the performance, financial results, and outlook. We will then open up the line for Q&A.
You will find this presentation, the press release, and all the supporting regulatory documents on our website. You will also be able to access a replay of this recording shortly, also on our website.
Good evening everyone. We're pleased to report the strong first half of 2025, where we have continued to deliver on our commitments and outperformed the premium beauty market.
In July, we discussed our sales performance.
We delivered net revenues of 2.3 billion.
This represents plus 7.6% like for like and plus 5.9% reported growth in line with our 6 to 8% like for
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