Fragrance drives Puig’s financial growth for first half of 2025

Puig has posted net revenue of €2.3 billion (US$2.7 billion), up 7.6% like-for-like, for the first half of 2025. The Spanish beauty group says Fragrances drove performance, while makeup regained momentum in the second quarter.

The company’s net income also rose, with adjusted profit at €247 million (US$288.7 million), a 3.9% increase from last year. Reported profit jumped 78.8% to €275 million (US$321 million), boosted by the absence of IPO-related costs that weighed down on the company’s results last year this time.

Adjusted EBITDA reached €445 million (US$520 million), lifting the margin to 19.4%.

Marc Puig, chairman and CEO, says the company is on track for the rest of the year. “Fragrance continued to perform well, and the recovery in Makeup in the second quarter was encouraging,” he says.

“The second half is always our busiest period, with holiday demand and the full rollout of La Bomba, the new Carolina Herrera fragrance, still to come.”

Segments lift

Fragrance and fashion remained Puig’s strongest category, generating €1.7 billion (US$1.98 billion) in sales and accounting for 73% of total revenue.

The segment’s sales grew 8.6% like-for-like compared with last year. Operating profit increased to €299 million (US$349 million), though margins slipped slightly to 17.8% because of heavier brand investment.

Makeup sales reached €339 million (US$396 million), up 2% like-for-like. After a slow start to the year, the second quarter marked a turnaround, with revenue rising to €174 million (US$203 million), or 10.5% growth.

Charlotte Tilbury fueled this rebound with its Super Nudes line and the new Unreal Blush and Unreal Lips products. The makeup business also profited, posting €12 million (US$14 million) in operating income compared to break-even a year ago.

Fragrance and fashion remained Puig’s strongest category, generating €1.7 billion in sales.Skin Care delivered €276 million (US$322.5 million) in sales, an 8.6% like-for-like increase. 

Uriage led the way with strong demand for sun care, while Charlotte Tilbury skin care added further growth. Operating profit for the category rose to €21 million (US$24.5 million), with a margin of 7.6%.

Growth and outlook

Puig expanded in all markets, reporting that EMEA produced €1.2 billion (US$1.4 billion), up 3.6% like-for-like, while the Americas climbed 10.9% to €867 million (US$1 billion).

Asia-Pacific delivered the fastest pace, rising 16.5% to €234 million (US$273.5 million), supported by Charlotte Tilbury’s push in South Korea and Japan.

Puig announced it keeps its full-year guidance unchanged, aiming for 6–8% like-for-like revenue growth and further margin improvement.