Good evening, and thank you for joining us as we discuss our sales update for the third quarter of the fiscal year 2025 that ended on September 30, 2025. Today, we are joined by our Chairman and CEO, Marc Puig, and our CFO, Joan Albiol. Marc will share some brief remarks, and then we will open up the line for Q&A. You will find this presentation and the press release on our website, and you will also be able to access a replay of this recording on our website after the event.
Good evening, everyone. It is good to speak to you all for our third quarter update for the fiscal year 2025. We are pleased to report that Puig has delivered another strong quarter, demonstrating the consistent execution and resilience of our brand portfolio in a dynamic market. These results reflect our consistent delivery, which we set out to achieve at the start of the year. Let's turn to the details of the update. We have delivered a strong performance for the first nine months of 2025, which has resulted in net revenue of nearly EUR 3.6 billion. This represents a 7% like-for-like growth and a 4.9% increase on a reported basis, reflecting continued foreign exchange headwinds. This performance is a result of all three of our business segments delivering within or above our full-year growth outlook of 6% - 8%.
In the third quarter, Puig continued to deliver a steady performance, reaching net revenue of EUR 1.3 billion. This represents a 6.1% like-for-like growth and 3.2% on a reported basis, ahead of the global premium beauty market. These results reflect our disciplined management and the sustained desirability of our brands as we enter the most important trading period of the year, even as we lap a very strong Q3 from last year. Let me share some more color on the performance of each of our business segments. The fragrance and fashion segment generated net revenue of EUR 2.6 billion in the first nine months, growing 6.4% on a like-for-like basis. This segment was 73% of Puig's net revenue in the period.
In Q3, net revenue reached EUR 932 million, up 2.8% like-for-like, which reflects the anticipated moderation in global fragrance markets, particularly as we lap Q3 of 2024, where we grew 11.1% in this category. We continue to drive growth at scale with exciting launches, including the official launch of La Bomba from Carolina Herrera. The makeup segment, which contributed 16% of Puig's net revenue, generated EUR 569 million in the first nine months of the year, an increase of 8.3% like-for-like. In Q3, the segment built upon its momentum from Q2 and delivered exceptionally strong growth, recording revenue of EUR 230 million, a remarkable 18.8% like-for-like increase. This was driven by the sustained success and continued innovation at Charlotte Tilbury, supported by robust retail channel performance and the strategic pipelining into our online partner, Amazon, in the U.S.
For the skincare segment, revenue for the first nine months totaled EUR 410 million, a 9.2% like-for-like growth. This represents 11% of Puig's total net revenue. In Q3 2025, the segment delivered EUR 135 million in net revenue, an increase of 10.5% on a like-for-like basis. This was supported by the strong performance of Uriage and Charlotte Tilbury Skincare. From a geographical standpoint, the business grew across all regions on a like-for-like basis. EMEA, which accounts for 53% of our net revenue, reached EUR 1.9 billion in the first nine months, up 3.9% like-for-like. The region generated revenue of EUR 699 million in the third quarter. This performance was supported by continued strength in Derma and Charlotte Tilbury. The Americas, representing 37% of our net revenue, posted revenue of EUR 1.3 billion in the first nine months, a strong 7.8% like-for-like growth.
In Q3, the region generated EUR 464 million in revenue, which is 2.3% growth in like-for-like terms and minus 2.7% in reported terms. This reflects the anticipated normalization in fragrance and the negative impact from foreign exchange. Further, in this region, fashion and fragrance remained healthy in the U.S. However, we saw increased softness in the LATAM markets, where we also continued to see competitive dynamics more broadly. APAC continued to outperform, with revenue totaling EUR 368 million in the first nine months and outstanding 23% like-for-like growth. The region generated EUR 134 million in revenue in Q3 alone, representing a 35.8% like-for-like increase. This performance was supported by successful brand activations and strong momentum from Charlotte Tilbury and a continued expansion of our niche fragrance business in the region, further helped by the continued benefit from the consolidation of our subsidiaries that we have been seeing this year.
APAC now represents 10% of Puig's total net revenue and is the company's fastest-growing region. Let's talk a little about innovation. In fragrances and fashion, one key highlight in Q3 was the spectacular fashion show for Carolina Herrera in Madrid, where we officially launched La Bomba. First indications show a strong sellout with no cannibalization of Good Girl, and we see potential for this pillar to be a lever of growth for the future. On the niche side, we launched the reimagined Night Veils collection by Byredo. We also launched a bold new campaign to launch 50 ml travel and experiment-friendly formats of portions by Penhaligon's. On the makeup side, in the last quarter, we introduced additions to the Flawless franchise in the form of Charlotte's Airbrush Flawless Foundation and Matte Setting Spray, reinforcing the Flawless franchise and leadership position of the Airbrush Flawless Finish Powder, both in the U.S.
and U.K. markets. We're also excited about our Christmas initiative that we recently launched with Céline Dion as a phase of the campaign. In skincare, we were pleased to see the continued innovation across hero franchises at Uriage and also the new Exoso-Metic collection from Dr. Barbara Sturm. We are confident in our pipeline of strong existing pillars and new launches for the upcoming holiday season. We continue to feel encouraged by our consolidated performance across our complementary brands and segments. With most of the year behind us and with visibility from the holiday sale-in, we maintain our full year 2025 outlook of like-for-like revenue growth in the 6% to 8% range. We have had a solid start to Q4, and with that, we now expect growth for 2025 to be in the middle of this range, an improvement versus our expectations in September.
Further, we are confident in our expectations for adjusted EBITDA margin expansion in line with the improvement we delivered in 2024. We approach the holiday period, which is very important for us, with confidence in achieving our full-year outlook. Further, we are excited to share that we plan to organize a Capital Market Day on April 16 and 17, 2026. In 2021, we presented the last vision plan up to 2025. With this year ending, we are now in the process of defining the next such plan. During the Capital Market Day, we plan to share this vision with you.
Thanks, Marc. With that, we come to the end of our prepared remarks, and we will begin Q&A.
The next question comes from Patrick Folen from Barclays. Please go ahead.
Hi, good evening, everyone. Marc , just a couple of questions for me. Can you maybe help us understand how much of a benefit to Charlotte Tilbury selling on Amazon was for the Americas like-for-like in the period, and should we expect any further benefit for Q4? Can you give us a sense of the growth rate or the exit rate in the Q3 period? You commented that you seem to have greater visibility of the holiday period now, and it looks to be going reasonably well. I guess my second question is that you kind of said you're seeing better performance now than you did in September. Can you just maybe explain what is different now? It does seem like fragrance is still moderating, but you've had good sell-in with Charlotte Tilbury. Just maybe trying to square those two points. Thank you.
Thank you, Patrick. First, regarding your first question. The improvement or the growth that we had in the third quarter for the makeup category, Amazon represents about half of that 18.8% growth that we saw during the period. We still expect some benefit in the fourth quarter coming from that expansion in distribution. Regarding why we have improved our guideline for the year, in early September, when we last spoke with you, we had seen a soft July and August. The current rating at that time was soft, and we said that the Christmas season is a very important part of the year, particularly for the fragrance category. Since still 90% of our business is done through wholesale, we wanted to see the open-to-buy from the retailers. September and October have gone by, and the mood that we've seen in the open-to-buy has been healthy.
We see healthy expectations for the Christmas campaign, and that's why we are now ratifying that our expectations for the year are going to be in the middle of the range and no longer on the low side of the range that we set in September. I hope that answers your questions.
Thank you. Just to follow up quickly, should we expect a similar level of benefit from Amazon in Q4 for Charlotte Tilbury and makeup?
Not at the same level of impact that we saw in Q3.
Okay, thank you, Marc.
Thanks.
The next question comes from Mariano Szachtman from Santander. Please go ahead.
Good evening, Marc and Miquel Angel. Can you please comment on the evolution of Charlotte Tilbury initiatives? We're seeing very strong growth. I'm trying to understand if this is coming from innovation, if this is coming from demand picking up for the brand, and also what we could expect in terms of geographical expansion. We've seen a very strong figure in Asia. That's my first question. My second question is on fragrances. Could you comment on the performance of niche versus premium within the category? In the past, niche was growing double digits. Any color you could provide on niche or the performance in particular of Byredo would be helpful. Thank you.
Thank you, Mariano. Regarding Charlotte Tilbury, remember that this is a brand that is relatively young and still, in terms of distribution, has a much smaller distribution than many of the competitors we compare to. We've seen in the past few months impact from geographical presence of initiatives we have taken in Asia and in the U.S., with Charlotte visiting some of the markets in the last few months. We're seeing also the campaign that Céline Dion has done for Christmas that's starting to pay off in the demand that we've seen for the brand, as well as the innovation that we have mentioned in our prepared remarks. Overall, there is an opportunity for this brand to expand geographically still and expand distribution, but we want to do that carefully, step by step.
That's one of the reasons, for instance, when we decided to open with Amazon, a channel that in the U.S. has proven to be a very important new entrant, let's say, in the beauty territory. Regarding your second question, it's been now nearly more than 10 years that we see that the niche category is the segment of the fragrance market that continues to grow faster than the overall category. In our case, we're seeing the niche year-to-date growth for our brands at double digit and continues to bring growth for the category, and Byredo being, in our case, the engine of growth among the different brands that we have there. Yes, I think that answers the question.
Great. Thanks.
The next question comes from Aron Adamski from Goldman Sachs. Please go ahead.
Good evening, Marc, Joan. Thanks for taking my questions. I have two on fragrances. First, on your blockbuster launch, can you please give us some color on how much of the growth came from the initial pipelining of La Bomba? Could you also please share what has been the initial retailer feedback on this launch so far? Maybe how are the replenishment orders looking like in October? Second, a bigger picture on inventories. You called it out, and we have clearly seen the category growth moderate in recent months. Can you please give us your assessment of the latest category growth? Given this moderation of trends, what is your view on the current retailer inventories? Are you seeing your customers being more cautious on stock levels?
Would you expect to see some retailer stock adjustments next year if the category is not growing as fast as it used to in recent years? Thank you.
Thank you, Aron. The La Bomba launch has been still relatively limited in terms of geographical presence because we launched it in the travel retail channel, and then we have expanded it in some European countries, but we're not launching in the U.S. We have not launched in other places. For us, La Bomba this year will have a limited impact. The important thing is to see whether the reaction from consumers has been strong in terms of the first impulse to buy, and we will see whether there is a repeat business six months from now when they finish the different bottles. To us, to declare, let's say, a launch a significant success and a new pillar, as we call these new launches, it takes more time than a few months.
What we can say is that the first indications are promising, that we are not seeing cannibalization with the other big feminine pillar for Carolina Herrera, which is Good Girl, because the fragrances are very different territories. That's what gives us hopes and makes us feel confident that we have started or we have a good start of this project, and it's promising going forward in the future. Still, it's a small percentage of our sales, and we will not be able to see whether that's a big contributor for growth until a few months from now. Regarding the inventory stock that the retailers have, as I said, we see retailers have good sense of whether the Christmas campaign, as it comes, has a good trend.
What we are seeing so far is that the open-to-buy from retailers is healthy, and we will not know whether the consumer has bought into the category or not until early next year after the Christmas campaign is over. We have been seeing moderation in the category over the past few months, but as I said before, we see good vibes from the retailers at this point, and that was what gave us confidence about our guidance. Ten months are already in, and there's only a small percentage of the year, and that's why we now gave that improvement in our guidance, let's say.
Thank you.
Okay.
The next question comes from Joffrey Bellicha Meller from BofA Securities. Please go ahead.
Thank you very much for taking my question, and good evening, everyone. My first question relates to the Charlotte Tilbury launch in Mexico. I know you quantified the contribution of Amazon US in the third quarter to the makeup growth. I was just wondering if you could quantify the impact of Mexico's launch in the third quarter as well, please. The second question I have is regarding your guidance towards the end of the year. I was wondering if that meant that fragrance should also fall between the 6% - 8% range for the end of the year, which would obviously imply some form of a reacceleration probably for the category into the end of the year. I guess the third question I have also is, you may obviously see some pretty positive comments on the open-to-buy of the retailers.
Is that a comment that's specific to fragrances, or is that a comment that you would attribute to other categories? Thank you very much.
Yeah, Joffrey. First, regarding the Charlotte Tilbury in Mexico. The way Charlotte Tilbury has entered different markets has always been through exclusive arrangements with a few retailers. In Mexico, we opened with only a few doors in Palacio de Hierro and with only a few doors with Sephora. The impact on this launch, let's say, is still very small. The reason we do this with this brand is because we want to create the demand, and we want to create the scarcity, and we want to make sure that wherever we are, we have the best location, and we make a lot of noise. The impact on the brand in that market will take some time to be meaningful for the overall business. As I said, low impact for the third quarter of Charlotte Tilbury makeup in Mexico. Second, regarding the guidance for end of the year.
What we say is we've seen moderation of growth in the fragrance category. We see that the second half of our projections is for a low single-digit growth, and we believe we'll do better than that. That's our projection. Third, regarding whether the open-to-buy from retailers is specific to fragrance. The Christmas season is a very important part of the year, particularly for fragrance, more than for makeup, and even more than skincare, because it's a gifting impulse category. That's why most of the open-to-buy comments that we've made regarding the response from retailers does affect, let's say, fragrance. It's a 70% some percent of our business, and fragrance for Christmas is the biggest category. That's why most of the comments come for that category. Hope that answers. Okay, thank you.
The next question comes from Jeff Stent from BNP Paribas. Please go ahead.
Good evening, everyone. Just one question, if I may. What do you estimate sell-out was across your business in Q3? If you could give us any color on that, that'd be great. Thank you.
Thank you, Jeff. That's a tough question because it's sell-out by category. We monitor sell-out by category and by brand, which is not what we disclose. We don't have yet the sell-out information. It takes a little bit more time to gather the different information by market because some of them are very sophisticated, and we have weekly sell-out information. In other markets, we only get monthly, and in our case, it's only every six months. We don't have yet more precise sell-out information. We have the perception from the different mechanisms we have to gather that information, and the sensation we have is positive. That's why we also decided to upgrade our projections for the year or our guidance for the year-end.
Thank you.
Yeah, not very specific, Jeff, but that's the best I could do.
Oh, I get it. Thank you.
The next question comes from Tom Randall from Jefferies. Please go ahead.
Hello, evening all. Thank you for taking our question. We just got the one. Asia-Pacific was a very strong quarter, so we just wanted to know if you could get some more color on what's driving the performance there. We're seeing a pickup in travel retail in the region. Is there an acceleration of your presence in the channel? Also, just to follow up on that, are there any one-offs that we should be aware of in the region? Thank you very much.
Yeah, thank you, Tom. There are several reasons. First of all, remember that APAC represents for our company 10% of our business, which is one of the lowest penetrations in the industry. Growth comes from different vectors. Number one, we have had an important impulse in Charlotte Tilbury in several markets. In terms of initiatives we have taken for brand efforts, we have seen growth in the niche category in the different markets where we have the niche brands. We have also a positive impact due to some of the subsidiaries that we have opened in the past few years. We have gone from distributors in some of the markets to subsidiaries. After a certain transition period that may have a negative impact, we're seeing now the benefit of that move.
Overall, that's why we are seeing a significant growth in the area, which we believe will continue because we still have low penetration in that area. In terms of travel retail, in our case, travel retail worldwide is less than 10% of our sales, and particularly in APAC, not necessarily very strong since in that geography, skincare and makeup are the biggest categories, and we have not seen necessarily a big impulse in travel retail in the area other than the normal evolution. I hope that answers your question.
That's great. Thank you very much.
The next question comes from Fernando Abril-Martorell from Alantra. Please go ahead.
Fernando, can you check if you are on mute? Okay, we're going to move to the next question.
The next question comes from Céline Panutti from JPM. Please go ahead.
Thank you. Good evening. Thank you for taking my question. My first question is on Americas, which was 2.3%. I understand there was this impact from Amazon. Ex-Amazon, I think it was slightly negative. Can you talk us through the moving parts, I presume, between LATAM and North America and fragrance versus makeup? Maybe a second question, but let's follow up on that. Last year, you had in Q4 the impact from Argentinian peso that was a contribution. Given it has been quite a volatile currency, can you say what is the impact of the peso as much as you can say from now, if the spot prevails, what we should expect for the fourth quarter? My second question: Europe has accelerated, and I wanted to understand—sorry, it's not accelerated, it's 4%. It's a slight acceleration, but it's quite robust.
I wanted to understand what drove that, if you could give us a bit of an idea of what the fragrance versus makeup performance was there. Thank you.
Thank you, Céline. First question regarding the Americas. We have seen in LATAM over the past few years a territory where we have historically held a very strong first position in terms of fragrance category. We have seen, and I mentioned that in prior calls, the emphasis and focus from some of our competitors that sent, let's say, or put resources out of APAC and into other territories, and LATAM has been one of them. We have seen a significant competitive environment, and we have been reluctant to fall into some of these dynamics, and that has affected a little bit our business. That's an area where we still hold a very strong position. Our brands are top-ranking in the area, and we're seeing how to respond to some of these dynamics.
Regarding the Argentina peso, maybe Joan, you want to give some color there, and then I'll answer the third question.
Good evening, Céline. I think last year we had in Q4 a positive impact for the Argentina peso of EUR 11 million. I think this year, you know that for hyperinflation accounting, we have to wait till the last moment of the year, but we are considering a partially negative impact, but at a lower level than the one we had last year.
In terms of Europe, you mentioned quite robust performance. Mostly it's due to Charlotte Tilbury and Derma's strength in the area that has impulsed the overall business for us. I hope, Céline, that question—
Can I just follow up on my first question on the Americas? If I understand, LATAM was under pressure. Was fragrance U.S. positive? Also, Charlotte Tilbury, I mean, clearly you are getting the benefit of Amazon sell-in, and you mentioned that it will be less in Q4. Last time, I think two years ago, you had the benefit of ultra-sell-in, and then we had seen some quarters where the growth had been slower. I just want to understand whether there would be—when do you expect maybe that we have a bit of a normalization of that sell-in?
I think related to fragrance in the U.S. was positive. Related to Charlotte Tilbury, as Marc explained, out of the 18.8% increase in Q3 of makeup, half was Amazon, but the rest has been organic, and we have had a positive trend. We think that this positive trend will continue in the case of Charlotte.
All right, thank you.
The next question comes from Jose Rito from CaixaBank . Please go ahead.
Yes, hi. Good afternoon to all. I have a question on Charlotte Tilbury. In terms of pipelines of new countries' retailers, we are seeing the positive impact from adding either new countries such as Mexico or retailers such as Amazon. Is anything new over the coming quarters expected? Also, related to this, my second question is why aren't Puig moving faster in expanding Charlotte Tilbury? I mean, we are seeing the very strong results of adding new countries or new retailers. Why not moving faster? Is this because of marketing budget constraints? Is it because it's dilutive? Just to understand why. My third question on the market share evolution in fragrances, there was some deterioration. I remember, I think, in the first half. It seems that now you are getting again market share in fragrances in the second half of the year. Could you update on these things? Thank you.
Sorry, I didn't get the last question because we have some sound that is a little bit intermittent. Do you mind repeating the question?
Yes. It was on the market share evolution in fragrances. If you can update on this, because in the first half, I think it was the deterioration on the market share evolution, slightly declined. If you can update, it seems that you are gaining again market share in the second half for fragrances.
Okay. First question. Charlotte Tilbury Pipeline. Whether we have opportunities going forward in opening new markets and new territories. The answer is yes. As an example, there are many markets where we still have an exclusive retailer because we have made a commitment to have two or three years of exclusivity. There is an expansion opportunity in other doors. We have other markets where we have not entered. The case of example is LATAM. We have a very strong position as an organization, and we have only opened Mexico and with few doors, as we mentioned. There are even strong, large European markets where we still have very low penetration. The answer is yes. There are opportunities for growth that are obvious. Your second question is a natural question. Why don't you move faster? The reason is because the formula has been very successful.
We are careful at making sure that what we do is sustainable over time. Look at the position of Charlotte Tilbury in the U.K., where it's a number one brand. That's the market where we have been the longest, and we still are not present in a very significant retail operator that has most, if not all, of our competitors, and we're not yet even present. There are opportunities to keep expanding the brand. I think we believe it's important to maintain this desire and this scarcity and this willingness from operators, from retailers to have the brand. That gives us the leverage to select the position and the space, and that's a formula that has proven to work, and we want to make sure that we protect that over time. Could we move faster? The answer is yes. Third question regarding market share.
In Q2, we mentioned the market share that we had.
10.9%.
10.9%. When you look at our evolution over time, and I go back a little bit in time, 20 years ago, we had 3% market share in fragrances, in prestige fragrances worldwide. We chose to focus on this category. We believe we have structural advantages that make us able to continue gaining market share. When you look at the last 20 years, not necessarily we have won market share every quarter of every year. This is a category that is very much linked to innovation, to successful launches. Sometimes we don't necessarily make all the launches successful, but we are confident that we have the ingredients to be able to keep winning in the long term. When we look at the year as a whole, we normally win positions during Christmas.
We hope that this Christmas, we will continue being able to capture market share, as we have been doing for many of the past years. I guess that answers your question, Jose?
Yes. Yes. Sure. Thank you very much.
The next question comes from Fernando Abril-Martorell from Alantra. Please go ahead.
Good evening. Can you hear me now? Sorry for before, I had some connection issues. Sorry if I repeat some questions. I've missed a couple. First, was there any impact from Argentina's devaluation in your Q3 performance in fragrance? Second, based on your better outlook for Q4, should we expect a re-acceleration growth for this segment in the last quarter?
Segment meaning fragrance.
Yes.
I understand.
Yeah.
Okay.
Fragrance.
Thank you, Fernando. Regarding Q3, whether there is any impact on Q3 for the devaluation of the Argentina peso, the answer is no. That's easy to answer and quick. What we expect for the fragrance category for the fourth quarter, what we said before is that we are seeing or we're projecting for the second half low single-digit growth for the category as a whole in the market, and we are projecting growing faster than that. That's why, among other things, we are improving our overall guidance for the year. Yes.
Thank you.
The next question comes from Luis Colaço from JB Capital . Please go ahead.
Thank you very much. Just one question on the life of makeup. You said that there was a big contribution from Amazon. I think 50% of the growth was coming from the contribution from Amazon. Even knowing that in the fourth quarter, you won't have the same type of contribution, the comparable figure for the fourth quarter seems to be softer. Can we expect the same type of like-for-like growth in the fourth quarter for makeup? Thank you very much.
Thank you, Luis. The answer is no. It's true that last year we had an impact for the setting spray. That impacted negatively the category. For the fourth quarter, we will not have that impact, and we expect healthy like-for-like growth, but not as much as we have seen in the third quarter.
Thank you very much.
That was our last question. Thank you all for your questions today. We will be presenting our full set of full year 2025 results during the week of February 16, 2026. We look forward to speaking again with you then. Thank you very much.