1H1 2026
RESULTS
July 30th, 2026
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3H1 2026
BUSINESS
OVERVIEW
Home of
Creativity
1.5x
(Net Debt/Adjusted
EBITDA)€0.46
Adj. EPS111.1%
(11.2% Reported
Net Profit Margin)€260 m (€263 m Reported Net Profit)€460 m (€450 m Reported EBITDA)H1 2026 Key Highlights 1Corresponds to Adjusted Net Profit Attributable to the company over average total number of outstanding shares of the period, excluding Treasury SharesNet Revenue Gross Profit €1,776 m 75.5%
Margin
Adj. EBITDA 19.5%
Margin
(+0.2 pp vs H1 2025) Adj. Net Profit
Leverage
H1 2026 Results€2,354 m +4.4%
LFL Growth+2.4%
Reported Growth
All business segments grew within or above the 6-8% outlook range.
Outperforming the premium
beauty market
•Continued
outperformance of
Prestige
complemented by
strong growth in Niche.
•A standout year with
double-digit Makeup
performance
•Continued
diversification into
Skincare with strong organic growth in dermo-cosmetics H1 2026 Net Revenues Growth was led by the continued strong performance of Fragrance & Fashion Makeup and Derma delivered healthy growth across the
portfolio
Growth from all geographies, led by APAC Outperforming the premium beauty market with Value Market Share gains across categories and regions H1 2026 Results
€2,299€102 €0
€(47)€2,3544.4% +2.4% YoY growth
in €M
H1 2025 LFL growth FX H1 2026 Change in perimeter4.4% like-for-like growth in H1 2026 H1 2026 growth
(2.1)%
€1,093€45 €0 €1,138+4.1%
in €M
Q2 2025 LFL
growthFX Q2 2026+4.1% like-for-like growth in Q2 2026All business segments grew within or above the 6-8% outlook range.
Outperforming the premium
beauty market
•Continued
outperformance of
Prestige
complemented by
strong growth in Niche.
•A standout year with
double-digit Makeup
performance
•Continued
diversification into
Skincare with strong organic growth in dermo-cosmetics Q2 2026 Net Revenues 2026 - Evolution of quarterly like-for-like growth +4.1%Consistent delivery over H1 2026
YoY growth
H1 2026 ResultsQ2 26 growth
4.7%
4.1%
Q1 Q2
+3.7%
H1 LFL GROWTH Fragrance
& Fashion
Q2 LFL GROWTH+3.8%
Net Revenue by business segment
MakeupNet Revenue by business segment
+9.1% +9.1%
H1 LFL GROWTH Q2 LFL GROWTH
(0.3)%
H1 LFL GROWTH
Q2 LFL GROWTH+2.3%SkincareNet Revenue by business segment
H1 LFL GROWTH Q2 LFL GROWTH
2.1%
2.6%EMEANet Revenue by business segment
H1 LFL GROWTH Q2 LFL GROWTH
3.2%
H1 LFL GROWTH2.6%AmericasNet Revenue by business segment
Q2 LFL GROWTH
+16.1% +20.9%APACNet Revenue by business segment
H1 LFL GROWTH Q2 LFL GROWTH
1
4H1 2026
FINANCIAL
REVIEW
In €M H1 2025 H1 2026 % H1 Growth Net Revenues 2,299 2,354 +2.4% Cost of Sales (557) (577) Gross Profit 1,742 1,776 +2.0% Gross Margin (%) 75.8% 75.5% Distribution expenses (108) (117) Advertising and promotion expenses (758) (758) Selling, general and administrative expenses (543) (561) Operating Profit 332 340 +2.3% Operating Margin (%) 14.5% 14.5% Other Operational Income / (Expenses) — (10) Financial Result (14) (9) Results from Associates and JV 27 30 Profit Before Tax 345 351 Income Tax (64) (85) Effective tax rate (%) 18.6% 24.2% Net Profit 281 267 (5.1%) Non-controlling Interests (6) (4) Net Profit attributable to the parent company 275 263 (4.4%) Adjusted EBITDA 445 460 +3.2% Adjusted EBITDA Margin (%) 19.4% 19.5% Adjusted Net Profit 247 260 +5.2% Adjusted Net Profit Margin (%) 10.8% 11.1%
Income
Statement
Overview
A&P decreased by (77) bps vs. H1 2025. This reflects the phasing of investments, weighted towards H2 2026 SG&A expenses increased by +22 bps YoY after two years of
consistent improvement,
balancing consistent efficiency with investment in business
growth
D&A increase by +16 bps vs H1 2025 driven by higher investment in capex in recent years and larger own store footprint +15 bps improvement in Adjusted EBITDA vs. H1 2025 driven by several factors Gross margin maintained at best-in-class levels in Premium Beauty at 75.5% , despite a (30) bps FX headwind YoY Distribution costs increased by +26 bps vs. 1H 2025, reflecting higher transportation costs in the current market environment
19.4%
(0.3)% (0.3)%0.8%
(0.2)%0.2% 19.5%
H1 2025
Adj.
EBITDA
MarginGross
marginDistribution A&P S,G&A D&A H1 2026 Adj.
EBITDA
Margin
T u e s d a y ,
J u l y
2 2 ,
2 0 2 5Adjusted EBITDA Margin Evolution1
H1 2026
% Net Revenues
H1 2025
% Net Revenues-
-
% of
Net Revenue 75.5% 5.0% 32.2% 23.8% 75.8% 4.7% 33.0% 23.6% 1 Totals may not add up due to rounding.
T u e s d a y ,
J u l y
2 2 ,
2 0 2 5Operating profit (in €M)
Total operating
profit
Fragrance &
Fashion
Makeup
Skincare14.5% 14.5%
19.2% 17.8%
1.8%
1.5%H1 2025
% marginH1 2026
% margin
332340
214127299329
H1 2025 H1 2026H1 2026 Operating Profit by Business Segment Operating profit was stable vs. H1 2025 In Fragrance and Fashion, operating profit grew + 10% vs 1H 2025. Operating profit margin improved by +143 bps driven by operational leverage and disciplined cost management, also supported by the phasing of A&P investments, which are weighted towards H2 2026Makeup operating profit declined by (46)% vs 1H 2025, with operating margin down (175) bps , driven by a planned increase in A&P investments in Charlotte Tilbury during 2026 Skincare profitability was weighed down reflecting moderate revenue growth in premium skincare brands, combined with sustained investments across brands as part of their long-term growth
strategies
3.6%
7.6%
H1 2026 Adjusted Net Profit
Evolution
In €M H1 2025 H1 2026 % YoY
Growth
Operating Profit 332 340 2.3% Operating Margin (%) 14.5% 14.5% Other Operational Income / (Expenses) 0 (10) Financial Result (14) (9) Results from Associates and JV 27 30 Profit Before Tax 345 351 1.9% Income Tax (64) (85) Net Profit 281 267 (5.1%) Non-controlling Interests (6) (4) Net Profit attributable to the Parent Company 275 263 (4.4%) Adjusted Net Profit to Puig 247 260 5.2% Adjusted Net Profit Margin (%) 10.8% 11.1% Operating Profit to Net Profit Attributable to Puig Reported Net Profit to Puig declined (4.4)% to reach € 263 million including the impact of
one-off transaction-related
costs and an unfavorably lower comparable tax rate in 1H 2025Adjusted Net Profit to Puig saw +5.2% increase, with a margin of 11.1% , reflecting:
•Improved financial results •Higher income from Associates •Partially offset by higher
tax rate
In €M H1 2025 H1 2026
Net Profit attributable to the Parent Company 275 263 Cash Flow adjustments 30 102 Cash Flow non-recurring Items 0 1 Change in Working Capital (351) (484) Adjusted Operating Cash Flow (46) (118) CapEx (70) (78) % Net revenues (3.0%) (3.3%) Free Cash Flow from Operations (116) (196) % Adjusted EBITDA (26) % (43) % Cash Flow non-recurring Items 0 (1) Operational Cash Flow (116) (197)Cash Flow from Operations Detailed breakdown in the appendixOverview of H1 2026 Cash Flow Statement Free Cash Flow from Operations outflow increased to € (196) m from € (116) m primarily due to unfavourable movements in working capital, partially offset by increased
cashflow adjustments
H1 2026 saw temporary unfavorable movements in working capital driven by
inventory levels,
conservatively maintained at higher levels in the context of the macro backdropThe increase of € 72m in cash flow a djustments was primarily driven by long-term provisions and fair value
adjustments
Capex levels increased slightly to 3.3% of Net Revenues
€1,426
€(710)
€716 €197€372€226€78€1,589
H1 2025
Net DebtH2 2025
Net debt
reductionFY 2025
Net DebtOperational
Cash FlowCash M&A and Minority BuyoutDividends Financial Flows & LeasesH1 2026 Net DebtLeverage stands at 1.5x1 as of June-26, comfortably below medium-term leverage threshold (below 2.0x) Leverage1 0.7x11.5 x1
In €M
Note: 1 Leverage ratio corresponds to Net Debt Balance at end of period over Adjusted EBITDA; Adjusted EBITDA for FY25 and the last 12 month was €1,045m and € 1,059 m respectively.
2 Total dividend amount corresponding to H1 2026 Net profit is 237m (11m of dividends outstanding as a current tax liability).21.4x1 Seasonal inventory build occurs in the first half of the yearSeasonal cash generation is skewed towards the second half of the year
Our Liabilities from Business
Combinations
Evolution of Liabilities from Business Combinations In €MReduced by € (430) m to € 558m net during H1 2026
€988
€(340)
€(90)€558
FY 2025 CT put/call option &
earn-outsSemi-annual
reassessment and
currency translationH1 2026Liabilities from Business Combinations decreased from € 988 m to € 558 m In April 2026, Puig increased its ownership stake in Charlotte Tilbury by 6.5% to 85% for a consideration of €260m In addition, in May 2026 earn-outs and other payments of €112m1 related to the acquisition were settled, of which €80m corresponded to reduction in business combination
liabilities
Further €90m change in value primarily reflects foreign exchange movements and the periodic reassessment of future obligations Note: 1€32 million of incentives are not a part of business combinational liabilities, but have an impact on cashflows
2
2OUTLOOK
Guidance for 2026 Strong balance sheet management aiming at maintaining strategic flexibility and financing future growth, with Net Debt / Adjusted EBITDA ratio not to exceed 2.0xCapital StructurePuig expects FY 2026 margins to remain stable Adj. EBITDA
Margin
Intention to maintain ~40% dividend payout ratio out of reported net profit in line with track recordDividends Highly selective approach to M&A as we continue to evaluate curated opportunities with a strong strategic fit into our portfolio, while maintaining our capital structure targetsM&A Strategy OutlookPuig remains confident that the strength and desirability of its brands will continue to enable LFL revenue outperformance versus the premium beauty marketRevenue
2 4
H2 2026
THE ROAD
AHEAD
New feminine launch for Jean Paul Gaultier
Duran Lantink's
Haute Couture debut collection at Paris
Fashion Week
Exciting
innovation from
Rabanne's Million
Appointment of
Olivier Rousteing as Creative Director of
Rabanne
Strong pipeline of launches in H2 2026 for Charlotte Tilbury
Innovation in
Derma to strengthen
Uriage's portfolio
L'Artisan Parfumeur
celebrates its 50th
anniversary
Puig will host its Capital Markets Day on October 28th in
Madrid
3
3APPENDIX
Net Revenue - 2026
Q1 Q2 H1
€M Reported LFL €M Reported LFL €M Reported LFL Puig 1,215.3 +0.8% +4.7% 1,138.4 +4.1% +4.1% 2,353.7 +2.4% +4.4% By business segment Fragrance and Fashion 897.2 +0.1% +3.9% 818.9 +3.9% +3.7% 1,716.1 +1.9% +3.8% Makeup 170.8 +3.3% +9.2% 188.0 +8.1% +9.1% 358.8 +5.8% +9.1% Skincare 147.3 +2.1% +4.7% 131.6 +0.2% (0.3%) 278.8 +1.2% +2.3% By business regions
EMEA 655.9 +1.9% +3.0% 565.2 +1.8% +2.1% 1,221.1 +1.9% +2.6%
Americas 428.3 (5.0%) +2.0% 430.8 +3.6% +3.2% 859.2 (0.9%) +2.6%
APAC 131.0 +17.9% +26.1% 142.4 +16.2% +16.1% 273.4 +17.0% +20.9%
AppendixNet Revenue by business and region segments
Reconciliation of
Non-IFRS Measures
Adjusted EBITDA reconciliation Adjusted Net Profit reconciliation
In €M H1 2025 H1 2026
EBITDA 445 450
Restructuring costs – – Transaction costs – 10 IPO costs – – Others – – Adjusted EBITDA 445 460In €M H1 2025 H1 2026
Net Profit
Attributable to Puig275 263
Other operational
income and expenses— 10 Other finance income and costs(28) (10) Tax effect on adjusted items— (2) Minority interest on adjusted items— — Adjusted Net Profit Attributable to Puig247 260
Detailed reconciliation of cash adjustments to Net Profit 36Cash Flow from Operations Note: 1 Includes deferred tax expense / income, finance lease expenses, other non-cash items, other non-
current assets and liabilities cash itemsIn €M H1 2025 H1 2026 Net Profit attributable to the Parent Company 275 263 Profit / (loss) attributable to non-controlling interests 6 4
D&A 113 119
(Profit)/Loss from Associates and JV (27) (30) Financial result from investing and financing 12 13 Other Adjustments 1(74) (4) Disposals of property, plant and equipment and intangible 0 0 Cashflow adjustments 30 102 Cash Flow non-recurring items 0 1 Change in Working Capital (351) (484) Adjusted Operating Cash Flow (46) (118) Capex (70) (78) % Net Revenues (3.0) % (3.3) % Free Cash Flow from Operations (116) (196) Cashflow non-recurring Items 0 (1) Operational Cash Flow (116) (197)
T u e s d a y ,
J u l y
2 2 ,
2 0 2 53 7