Makeup and Asia-Pacific lead growth as the beauty group approaches its first Capital Markets Day.
Key Takeaways
- Record third-quarter sales: Net revenue reached €1.391 billion, increasing 5.6 percent like-for-like and 7.2 percent on a reported basis.
- Broad nine-month growth: Revenue totaled €3.745 billion, up 4.8 percent like-for-like, with gains across all business segments and regions.
- Makeup and Asia-Pacific lead: Third-quarter like-for-like growth reached 16.1 percent in makeup and 12.9 percent in Asia-Pacific.
- Skincare remains mixed: Double-digit growth in dermo-cosmetics accompanied continued softness in premium skincare, leaving the overall segment down 0.8 percent like-for-like in Q3.
- Outlook maintained: Puig continues to expect growth ahead of the premium beauty market and stable adjusted EBITDA margins. Its first Capital Markets Day takes place October 28 in Madrid.
Puig delivered a record third quarter as fragrance launches, strong makeup sales and continued expansion in Asia-Pacific supported growth across its beauty portfolio. The performance comes ahead of the group’s first Capital Markets Day, where it will outline priorities for its next phase of development.
Net revenue reached €1.391 billion in the three months, rising 5.6 percent on a like-for-like basis and 7.2 percent at reported rates. For the first nine months of 2026, revenue totaled €3.745 billion, an increase of 4.8 percent like-for-like and 4.1 percent reported.
The like-for-like measure adjusts for currency movements and changes in the scope of the business. A stronger US dollar helped lift reported growth during the third quarter, reversing the currency drag experienced in the first half.
“Momentum was broad across business segments and regions,” said Jose Manuel Albesa, Puig’s chief executive, in a statement. “This performance reflects the strength of our innovations and our distinctive portfolio, and is in line with our outlook for the year.”
Makeup provided the strongest growth among Puig’s business segments. Third-quarter revenue rose 16.1 percent like-for-like to €269.7 million, supported by market-share gains, product launches and selective distribution expansion. Charlotte Tilbury’s introductions included Airbrush Flawless Blur Loose Powder and a reformulated Blush Blur.
Over the first nine months, makeup revenue reached €628.5 million, up 12 percent like-for-like, accounting for 17 percent of group sales.
Fragrance and Fashion remained the largest business, representing 72 percent of nine-month revenue. Third-quarter sales increased 3.9 percent like-for-like to €985.8 million, with niche fragrances continuing to deliver double-digit growth and Carolina Herrera contributing a strong performance. New releases included Jean Paul Gaultier’s La Favorite and Rabanne’s 1 Million Black, both showing promising early momentum.
The skincare picture was more uneven. Nine-month revenue increased 1.3 percent like-for-like to €414.1 million, but third-quarter sales declined 0.8 percent on the same basis. Reported quarterly revenue edged up 0.6 percent to €135.3 million. Dermo-cosmetics, led by Uriage, continued to grow at a double-digit pace, while premium skincare remained soft.
Asia-Pacific was Puig’s fastest-growing region, with nine-month revenue increasing 17.9 percent like-for-like to €430 million. Third-quarter growth reached 12.9 percent, supported by niche fragrances and makeup, with digital channels contributing to the performance.
The Americas generated €506.7 million in third-quarter revenue, up 6.2 percent like-for-like, as fragrance and makeup supported growth against a strong comparison period. Nine-month revenue reached €1.366 billion, increasing 3.8 percent on the same basis.
Europe, the Middle East and Africa remained the largest regional business, accounting for 52 percent of nine-month sales. Revenue for the period rose 3 percent like-for-like to €1.949 billion, while third-quarter growth reached 3.8 percent. Niche fragrances, dermo-cosmetics and makeup supported the region’s performance.
Puig is also preparing to deepen its investment in dermo-cosmetics through the planned acquisition of the remaining 50 percent of ISDIN from Corporacion Quimico-Farmaceutica Esteve. The agreement provides for €900 million in cash at closing and a further €300 million payment in the first quarter of 2029. Completion, which would give Puig full ownership, is expected by the end of the first quarter of 2027, subject to regulatory approvals.
For 2026, Puig continues to expect like-for-like growth ahead of the premium beauty market, with adjusted EBITDA margins remaining stable against 2025. Its October 28 Capital Markets Day in Madrid will provide the next update on how the group plans to develop its portfolio and sustain growth.
