Puig Reports €2.35 Billion in H1 2026 Revenue in First Earnings Update Since Ending Estée Lauder Talks

Spanish beauty and fashion group Puig reported its financial results for the first half of 2026, with net revenue reaching €2.354 billion. The figure represents growth of 4.4% on a like-for-like basis and 2.4% on a reported basis, outperforming the premium beauty market.

The results mark Puig’s first earnings update since the company and U.S. beauty group The Estée Lauder Companies ended discussions regarding a potential business combination in May. As attention returns to Puig’s ability to grow as a standalone company, the group delivered like-for-like growth across all business segments and regions.

Summary

Fragrance and Makeup Drive Growth

Net revenue in Fragrance and Fashion increased 1.9% on a reported basis to €1.716 billion, accounting for 73% of Puig’s total revenue. The segment grew 3.8% on a like-for-like basis.

Within Prestige fragrances, Carolina Herrera delivered double-digit growth, supported by the strong launch momentum of La Bomba and the continued performance of Good Girl.

Niche fragrances also maintained double-digit growth and outperformed the broader market, led by Byredo and Dries Van Noten. This broad-based performance helped Puig increase its value market share in selective fragrances by 0.3 percentage points year over year to 11.1%.

Makeup revenue rose 5.8% on a reported basis to €358.8 million. On a like-for-like basis, the segment grew 9.1%, the highest rate among Puig’s three business divisions.

Charlotte Tilbury, the largest brand in the segment, continued to drive growth and maintained leading positions in its largest markets. Its value market share increased by 0.4 percentage points. The brand also expanded its distribution footprint through Boots in the United Kingdom during the period.

Skincare revenue increased 1.2% on a reported basis to €278.8 million and grew 2.3% like-for-like. While Premium skincare remained softer, dermo-cosmetics brand Uriage delivered double-digit growth across its key markets. Its value market share increased by 0.2 percentage points to 2.6%.

Asia-Pacific Revenue Rises 20.9% Like-for-Like

Asia-Pacific recorded the strongest regional growth. Revenue increased 17.0% on a reported basis to €273.4 million and rose 20.9% like-for-like, driven by robust demand for Niche fragrances and continued momentum at Charlotte Tilbury.

Revenue in Europe, the Middle East and Africa reached €1.221 billion, up 1.9% on a reported basis and 2.6% like-for-like.

The Americas generated €859.2 million in revenue. Although reported revenue declined 0.9% due to currency movements, like-for-like revenue increased 2.6%. North America delivered strong performance, supported by healthy fragrance growth and continued momentum in Makeup sell-out.

The ongoing situation in the Middle East weighed on Travel Retail. Puig estimated that the disruption reduced first-half revenue by approximately €14 million, equivalent to 0.6% of total revenue. The impact in the second quarter was estimated at around €6 million and was primarily concentrated in Travel Retail. The overall first-half effect was slightly lower than initially expected.

Currency movements, mainly related to the U.S. dollar, reduced reported revenue by 2.1%.

Adjusted Profit Increases, While Reported Net Profit Declines

Adjusted EBITDA increased 3.2% year over year to €459.6 million. The corresponding margin improved by 15 basis points to 19.5%.

Gross margin declined from 75.8% to 75.5%, while higher transportation expenses resulting from disruption in the Middle East also weighed on profitability. These pressures were partially offset by lower advertising and promotion expenses, as brand investments are expected to be weighted toward the second half of the year.

Adjusted net profit attributable to the parent company increased 5.2% to €260.3 million. The corresponding margin expanded by 30 basis points to 11.1%.

Reported net profit attributable to the parent company, however, declined 4.4% to €262.8 million. Puig attributed the decrease to one-off transaction-related costs incurred during the first half and an unfavorable comparison with extraordinary income recorded in the same period last year.

Jose Manuel Albesa, Chief Executive Officer of Puig, said: “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.”

Puig Returns Its Focus to Standalone Growth

Puig and The Estée Lauder Companies confirmed on March 23 that they were discussing a potential business combination. The companies subsequently announced on May 21 that the discussions had ended without an agreement.

Puig has since continued pursuing its standalone growth strategy. In April, the company invested €260 million to acquire an additional 6.5% stake in Charlotte Tilbury, increasing its ownership to 85% as it progresses toward full ownership of the brand by 2031.

During its earnings call, Puig also said it was working to recover U.S. tariff payments made in late 2025 and early 2026. The tariff recovery process had no impact on the company’s profit and loss statement during the first half of 2026.

Full-Year Outlook Reaffirmed

Puig reaffirmed its outlook for the full 2026 fiscal year. The company expects to continue outperforming the premium beauty market on a like-for-like basis while maintaining a stable Adjusted EBITDA margin in line with fiscal 2025.

Following the end of its discussions with The Estée Lauder Companies, Puig has reaffirmed its standalone trajectory. Its ability to maintain momentum across Fragrance, Makeup and Asia-Pacific will remain a key focus during the second half of the year.

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