Puig posts 4.4% H1 revenue growth as fragrance business drives performance

SPAIN – Puig reported a 4.4% increase in first-half 2026 revenue to €2.3 billion (US$2.65bn), driven by continued demand for its fragrance portfolio, particularly Carolina Herrera, alongside strong momentum from its makeup and dermocosmetics businesses.

The Spanish beauty group also posted an adjusted net profit of €26 million (US$29.96m) for the six-month period, with growth supported by premium beauty brands including Charlotte Tilbury and Uriage.

The company recorded sustained expansion across the Asia-Pacific region, accelerating growth in the Americas and continued gains through its digital sales channels.

Puig estimated that the ongoing conflict in the Middle East reduced first-half revenue by approximately €14 million (US$16.13m), equivalent to a 0.6% impact, although the company said the effect was slightly less severe than initially anticipated.

Fragrance and fashion remained Puig’s largest business, generating €1.7 billion (US$1.96bn) in revenue and accounting for 73% of group sales.

The division grew 3.8% on a like-for-like basis, supported by the continued success of Carolina Herrera’s Good Girl and La Bomba fragrance lines, as well as new launches such as La Bomba Intensa.

The introduction of body mists from Byredo and Penhaligon’s further strengthened the group’s niche fragrance portfolio.

Makeup was the fastest-growing category, with revenue rising 9.1% to €359 million (US$413.73m), led by Charlotte Tilbury’s continued international expansion, including new product launches and retail growth through Boots in the UK.

However, operating profit in the segment declined as Puig increased investment behind the brand to support future growth.

Skincare revenue rose 2.3% to €279 million (US$321.53m), although the business experienced a softer second quarter as growth from Uriage and its expanding Xémose range offset weaker performance elsewhere in the portfolio.

The results come just months after Puig and The Estée Lauder Companies ended discussions over a potential merger, allowing the company to remain focused on its standalone growth strategy.

Chief Executive José Manuel Albesa said the company continues to gain market share across product categories and regions, reaffirming Puig’s full-year 2026 outlook.

The company expects to outperform the global premium beauty market while maintaining EBITDA margins in line with the previous financial year, supported by continued investment in brands, innovation and international expansion.

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