Puig profits fall by 4.4 percent in the first half of 2026

Madrid – On Thursday, July 30, 2026, at market close, the Spanish fashion and beauty multinational Puig reported its results for the first half of its 2026 fiscal year. The group owns fashion houses such as Jean Paul Gaultier, Paco Rabanne, Carolina Herrera and Byredo. The period, which ended on June 30, saw the company achieve low single-digit sales growth and a profit decline of over four percent.

According to information filed with the National Securities Market Commission (CNMV), Puig's growth rate increased in the second quarter (+4 percent) compared to the first (+0.8 percent). The company ended the first six months of the year with sales of 2.35 billion euros. This figure represents an increase of +2.37 percent, or +4.4 percent on a like-for-like basis at constant exchange rates, compared to the 2.30 billion euros in revenue from the same period last year.

In terms of profitability, the company reported a half-year net profit fall to 266.50 million euros (-5.12 percent), with an attributable net profit of 262.8 million euros. This figure represents a profit decline of 4.4 percent compared to the 275 million euros in attributable net profit from the first half of the previous fiscal year. This is the second profit drop the group has reported since its IPO. The decline was attributed to a series of unspecified “extraordinary transaction-related costs recorded during the first half” and an “unfavourable comparative basis” against the “extraordinary income recorded in the first half of 2025”.

Nevertheless, “Puig has had a solid first half of 2026, gaining market share across all categories and regions,” stated Jose Manuel Albesa, who has been CEO of Puig since mid-March. “The +4.4 percent LFL growth in net sales reflects the strength of our connection with consumers globally and the distinctive character of our brands,” he explained. Albesa highlighted that “our performance has been solid and balanced, led by ‘Fragrances and Makeup’, and the strength of our business was reflected in all the regions where we operate.”

Makeup and Asia post highest growth rates

Breaking down the company's performance for the first six months of the year by business line, the “Fragrances and Fashion” division remained Puig's main source of revenue, with total sales of 1.72 billion euros (+1.86 percent). This was complemented by sales from its “Makeup” division at 358.8 million euros (+5.81 percent) and its “Skincare” division at 278.8 million euros (+1.20 percent).

In terms of market performance, despite positive results in all main regions during the second quarter, Puig ended the first half with sales in EMEA of 1.22 billion euros (+1.87 percent) and in the Asia-Pacific region of 273.4 million euros (+17.04 percent). These stable and strong growth figures were offset by a decline in turnover in the Americas to 859.2 million euros (-0.90 percent).

Regarding this performance, Puig noted that exchange rate fluctuations had a negative impact of 2.1 percent on net sales during the first half, mainly due to the weakness of the US dollar. The company added that the situation in the Middle East had an estimated impact of approximately -0.6 percent on total half-year sales, amounting to around 14 million euros.

Reaffirming outlook

Following its first-half performance, Puig has reiterated its outlook for the full 2026 financial year. The company expects to end the year with sales growth outperforming the premium beauty market. It also anticipates an adjusted EBITDA margin in line with 2025, when it closed with a 20.7 percent margin.

“Looking ahead, we remain confident in the structural strength of premium beauty and in Puig's ability to continue to outperform the market,” noted Albesa. To this end, “we will continue to invest in our brands, foster innovation and execute our strategy with discipline, always focusing on sustainable growth and long-term value creation.” He added that from this standpoint, “we face the future from a strong position,” as the company prepares to “share more details about our strategy during our Capital Markets Day.”