Puig reports strong H1 FY25 with USD 2.6B revenue
This performance confirms Puig’s strategic ability to outperform the premium beauty market through brand desirability, geographic diversification, and operational discipline, positioning the company for sustained long-term growth.
SPAIN – Puig, a Spanish-based beauty and fashion conglomerate, has outpaced the beauty market with a robust performance in the first half of 2025, posting net revenues of €2.23 billion(USD 2.61 billion).
This represents a 7.6% increase on a like-for-like basis and a 5.9% rise on a reported basis.
Despite a negative currency impact of -1.7%, the company’s adjusted net profit reached €247 million(USD 276.42 million), representing a 10.8% margin.
Meanwhile, the reported net profit surged 78.8% year-over-year to €275 million(USD 320.32 million).
This growth reflects strong top-line performance combined with continued operational discipline and a favorable comparison against 2024, which was affected by IPO-related costs.
The gross profit margin remained steady at 75.8%, with operating profit reaching €332 million(USD 388 million) and an operating margin of 14.5%.
Adjusted EBITDA rose 8.6% to €445 million(USD 507.85 million), improving the margin by approximately 50 basis points to 19.4%, driven by revenue growth and cost management.
Puig Chairman and CEO Marc Puig stated, “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.”
The company’s fragrance and fashion segment, its largest, generated €1.68 billion(USD 1.95 billion) in revenue, an 8.6% increase in like-for-like sales, accounting for 73% of total sales.
Makeup showed a positive return to growth, contributing €339 million (USD 352.79 million), with a strong second quarter marked by double-digit growth.
Skincare also performed well, with €276 million (USD 321.32 million) in revenue, an 8.6% increase, led by Charlotte Tilbury skincare and Uriage suncare.
Regionally, Puig experienced broad growth: EMEA accounted for 52% of revenue with €1.2 billion(USD 1.41 billion), the Americas contributed €867 million (+10.9%), and Asia-Pacific posted the most substantial increase at €234 million(USD 245.78 million), with notable performances in South Korea, Japan, and expanded activations for Charlotte Tilbury.
Puig also announced a leadership update with José Manuel Albesa, named Deputy CEO, overseeing all divisions while continuing as President of Beauty and Fashion.
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