Puig posts €2.35 billion first-half revenue as make-up and APAC lead growth

Puig recorded net revenue of €2.35 billion in the first half of 2026, with strong make-up sales and double-digit growth in Asia-Pacific helping the premium beauty group gain market share.

Revenue for the six months to 30 June increased 4.4% on a like-for-like basis and 2.4% on a reported basis. Currency movements, driven mainly by the US dollar, reduced reported growth by 2.1 percentage points.

Adjusted EBITDA increased 3.2% to €459.6 million, with the margin rising 15 basis points to 19.5%. Adjusted net profit rose 5.2% to €260.3 million, while reported net profit declined 4.4% to €262.8 million, as transaction-related costs and a comparison with extraordinary income recorded in 2025 weighed on the figure.

Jose Manuel Albesa, CEO of Puig, said in the company’s first-half results: "Puig delivered a strong first half of 2026, gaining market share across categories and geographies. Our 4.4% like-for-like revenue growth reflects the strength of our connection with consumers around the world and the power of our distinctive brand portfolio."

Make-up was Puig’s fastest-growing business segment, with revenue rising 9.1% on a like-for-like basis to €358.8 million. Charlotte Tilbury gained 0.4 percentage points of value market share, supported by strong sell-out growth and the expansion of its distribution through Boots UK during the second quarter.

However, make-up operating profit declined from €12.1 million to €6.5 million as Puig increased advertising and promotional investment to support Charlotte Tilbury.

Fragrance and fashion remained the group’s largest division, accounting for 73% of revenue. Sales increased 3.8% on a like-for-like basis to €1.72 billion, driven by double-digit growth at Carolina Herrera and across Puig’s niche fragrance portfolio, including Byredo and Dries Van Noten.

Skincare revenue increased 2.3% on a like-for-like basis to €278.8 million. Uriage delivered double-digit growth in key markets, but weaker trends in the premium skincare market contributed to a 0.3% like-for-like decline for the division in the second quarter.

Asia-Pacific delivered the strongest regional performance, with revenue increasing 20.9% to €273.4 million. Puig cited strong demand for niche fragrances and Charlotte Tilbury products across the region.

EMEA revenue grew 2.6% to €1.22 billion, while the Americas also recorded growth of 2.6%, reaching €859.2 million. Disruption in the Middle East reduced first-half revenue by an estimated €14 million, mainly affecting the Travel Retail channel.

Puig reaffirmed its full-year outlook, expecting like-for-like growth to outperform the premium beauty market while maintaining a stable adjusted EBITDA margin compared with 2025.