PARIS — Puig’s fourth-quarter 2025 sales, which grew 6.2 percent in reported terms and 9.8 percent on a like-for-like basis, were spurred by its makeup business.
The owner of the Rabanne, Carolina Herrera and Jean Paul Gaultier fragrance and fashion brands reported sales of 1.45 billion euros in the three months ended Dec. 31, 2025.
The Barcelona-based company’s quarterly performance was consistent in 2025 and accelerated slightly in the fourth quarter, despite moderating underlying growth in the fragrance market in the second half. Foreign exchange negatively impacted results in the fourth quarter by 3.6 percent.
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“Overall, [the fourth quarter] capped a year of robust and balanced growth,” Marc Puig, chairman and chief executive officer of Puig, said during a call with financial analysts and journalists Wednesday morning.
For the full year, the company’s net profit reached 594 million euros, up 11.9 percent versus 2024, while net sales surpassed the 5-billion-euro mark for the first time. They came in at 5.04 billion euros, representing a 5.3 percent gain in reported terms and 7.8 percent on a like-for-like basis.
The organic growth was at the top end of Puig’s guidance for 2025, of 6 percent to 8 percent, and outperformed the market. It absorbed a 2.6 percent negative foreign exchange impact, as well.
Puig said in 2025 the group once again delivered firmly against the commitments it set out at the start of last year and at the time of its IPO in 2024.
“We outperformed the premium beauty market, growing high-single-digits like-for-like; advanced our margin improvement ahead of guidance, and strengthened our balance sheet, all while continuing to invest for sustainable, long-term growth,” Puig said.
The company in 2025 completed its former five-year strategic plan announced in early 2021. That set the goal to double the company’s 2020 sales in three years and triple them in five.
“We exceeded those goals, more than doubling our revenue by 2022 and more than tripling it by 2025,” Puig said. “Looking ahead to 2026, our guidance framework has been updated to reflect the evolving dynamics of the beauty market, while remaining anchored in the strength and desirability of our brands.
“We remain confident in our ability to continue delivering like-for-like revenue outperformance versus the premium beauty market,” he said.
Puig described shifts in that market.
“We have been living, both in fragrance particularly and the premium beauty market, on a ‘super-cycle,’ as some of you call it, since COVID[-19],” he said. “We see tailwinds, particularly for the fragrance category, because there are many trends emerging in the last few years that give us confidence that the category will continue growing faster than many other consumer categories.”
Such trends include younger consumers, particularly teenage boys, jumping into the category thanks to TikTok.
“The challenge is this transition from super-cycle to normalization,” Puig said. “It’s more difficult to predict.”
In full-year 2025, Puig’s revenues in fragrance and fashion, the group’s largest business segment that generated 72 percent of sales, amounted to 3.65 billion euros. That was up 3.8 percent in reported terms and 6.4 percent on a like-for-like basis.
“Our growth was driven by continued momentum in Carolina Herrera, supported by the launch of La Bomba, along with excellent delivery from Jean Paul Gaultier,” Puig said. “Our niche portfolio once again outperformed with double-digit growth led by Byredo.”
With Rabanne, Carolina Herrera and Jean Paul Gaultier, Puig continued holding three of the top 10 positions among global prestige fragrance brands. The company estimates it had 11.1 percent market share by value among selective fragrances in 2025. For 2024, the estimate was 11.5 percent.
“Last year, there was — in certain markets — a very aggressive promotional activity from some of our peers, particularly in markets where we have high market share, like in Latin America,” Puig said. “That was a dynamic that we didn’t necessarily follow. We might have lost a little bit of market share because of that.”
However, he highlighted that the group’s market-share evolution over the past two decades went from 3 percent to 11 percent, with generally a progressive annual gain. “Maybe it doesn’t mean that every single year we have done so, but as a whole we still believe our formula allows us to keep winning in this market,” Puig said.
He noted strong creative progress across the company’s fashion houses. There was the arrival of Duran Lantink at Jean Paul Gaultier, the Carolina Herrera show in Madrid and debut of Julian Klausner at Dries Van Noten, for instance.
“Dries Van Noten fashion delivered a notable contribution this year,” Puig said.
Makeup was Puig’s strongest-growing segment in 2025. It represented 17 percent of group sales, making 845 million euros, a 10.7 percent increase in reported terms and 13.7 percent gain on an organic basis. Charlotte Tilbury contributed most to that, with Puig calling the brand’s performance “exceptional.”
“We saw a powerful combination of innovation, geographic expansion and strong activation in APAC, contributing to consistently high growth,” Puig said, adding the innovation pipeline remained robust. “At the same time, we strengthened our distribution footprint with Amazon in the U.S. and entered a new market in Mexico.”
Charlotte Tilbury kept its number-one prestige makeup ranking in the U.K. and third place in the U.S.
Puig said Charlotte Tilbury is underdeveloped distribution-wise. The brand will enter a few Boots stores in the U.K. for the first time this year. “It’s proof that the brand still has legs to grow,” Puig said.
Skin care, with sales of 551 million euros, equaling 11 percent of Puig’s overall sales, had reported growth of 7.3 percent and a like-for-like rise of 8.9 percent. Gains were led by Uriage, which continued to deliver a double-digit performance driven by the strength of its hero franchises Xemose and Age Absolu, and supported by launches, such as Bariésun Invisible stick SPF 50+ and Roséliane serum.
“This was complemented by ongoing growth in Charlotte Tilbury skin care, which continues to be an important contributor to the segment,” Puig said. He noted broad-based international growth in 2025, with healthy demand across all markets.
The Europe, Middle East and Africa, or EMEA, zone was Puig’s largest, ringing up 55 percent of its sales, or 2.75 billion euros. Those grew 5 percent on a reported basis and 5.5 percent in like-for-like terms.
“This reflects disciplined execution in a fragrance market that has normalized from previously elevated levels, with continued strength from Charlotte Tilbury and Derma,” Puig said.
The Americas was Puig’s second-largest market, where it made 35 percent of sales, or 1.76 billion euros, an increase of 2.6 percent on a reported basis and 7.7 percent in organic terms.
“Foreign exchange was a meaningful headwind throughout 2025, driven by the U.S. dollar and several Latin American currencies, and the hyperinflation adjustment in Argentina reduced like-for-like growth by 1.1 percent,” Puig said. “Despite this, the performance remained broad-based across categories and was supported by the launch of Charlotte Tilbury on Amazon in the U.S.”
The Asia-Pacific region was Puig’s fastest-growing. It generated 11 percent of Puig’s sales, equivalent to 530 million euros, up 16.6 percent in reported terms and 21.7 percent on an organic basis.
“Growth was strong across Charlotte Tilbury, niche and Derma,” Puig said. “Overall, all three regions contributed positively in both fiscal year 2025 and [the fourth quarter], demonstrating the strength and diversification of our global footprint.”
Foreign exchange is expected to have a negative impact during 2026, especially in the first quarter, which also faces a tough on-year comparable. “So we see probably a softer [first quarter], but we’re confident on our overall year,” Puig said.
The group’s ambition stays the course. “For 2026, we expect margins to remain stable and have factored in healthy investment levels in our brands, while anticipating impact from tariffs and foreign exchange,” Puig said.
The company’s capital structure policy remains unchanged. “We will maintain strategic flexibility to finance future growth, targeting a net debt to adjusted EBITDA ratio not exceeding two times,” Puig said. “We also confirm our intention to maintain a 40 percent dividend payout ratio out of reported net profits, consistent with our track record.”
The group plans to continue following a highly selective approach to M&A, while sustaining capital discipline, Puig said.
“Our guidance reflects confidence in the resilience of our business model, the continuing strength of our brands and Puig’s commitment to delivering sustainable value-creating growth,” the executive said.