On July 30, the Spanish beauty and fragrance group Puig announced its results data for the first half of the fiscal year 2026 as of June 30: during the period, it achieved net revenue of 2.354 billion euros, a year-on-year increase of 2.4%, and an increase of 4.4% on a comparable basis. The overall performance outperformed the high-end beauty market and achieved increased value market share in all categories and regions around the world. Among them, the Asia-Pacific region performed the best, with comparable sales in the first half of the year increasing by 20.9% year-on-year. niche fragrances and high-end cosmetics are the two core growth engines.

In terms of earnings, in the first half of the year, the Group's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was 460 million euros, a year-on-year increase of 3.2%; the adjusted EBITDA profit margin was 19.5%, a year-on-year increase of 15 basis points. The gross profit margin was 75.5%, a slight decrease of 0.3 percentage points year-on-year. Operating profit was 340 million euros, a year-on-year increase of 2.3%, and operating profit margin was 14.5%, unchanged from the same period last year. In terms of sectors, the perfume and fashion sectors are the core sources of profit growth; the profit margins of the cosmetics and skin care sectors have declined year-on-year.

The adjusted net profit attributable to the parent company was 260 million euros, a year-on-year increase of 5.2%, and the adjusted net profit margin increased by 30 basis points to 11.1%. Net profit attributable to the parent company was 263 million euros, down 4.4% year-on-year.

at market

The Asia-Pacific region is the region with the strongest growth in the Group. In the first half of the year, comparable sales increased by 20.9% year-on-year, reported growth increased by 17.0%, and net revenue of 273 million euros, which is significantly ahead of other regions. Among them, the comparable growth in the first quarter was 26.1%, and although it fell slightly in the second quarter, it still maintained a high double-digit growth rate of 16.1%. In terms of categories, niche fragrances and high-end cosmetics are the two core growth engines in the Asia-Pacific market: niche fragrance brands such as Byredo, Penhaligon's, and L'Artisan Parfumeur maintain strong consumer demand across the board, and Charlotte Tilbury cosmetics continue its outstanding growth momentum.

The EMEA (Europe, Middle East, Africa) region experienced a comparable growth of 2.6% in the first half of the year, reported a growth of 1.9%, and achieved net revenue of 1.221 billion euros, accounting for 52% of the group's total revenue. The overall performance of the European market was stable, and the fragrance product portfolio supported growth; the situation in the Middle East had a certain drag on regional performance, with a single quarter impact of approximately 6 million euros in the second quarter. The impact was mainly reflected in tourism retail channels.

In the first half of the year, the Americas region experienced a comparable growth of 2.6%, reported a decline of 0.9%, and achieved net revenue of 859 million euros, accounting for 37% of total revenue. The North American market performed strongly, with both fragrance and cosmetics terminal retail outperforming the local market; the Latin American market maintained development resilience in a competitive environment. In the second quarter, the comparable growth rate in the Americas was 3.2% in a single quarter, which was significantly faster than that in the first quarter.

by category

Perfume and fashion sector: The net revenue of the perfume and fashion sector in the first half of the year was 1.716 billion euros, which is the absolute pillar of revenue and profit of the group. In the first half of the year, the sector grew by 3.8%, and the reported caliber increased by 1.9%; operating profit increased by 10% year-on-year to 329 million euros, and operating profit margin increased significantly by 143 basis points to 19.2%. Earnings performance was significantly better than the same period last year.

The increase in profit margins is mainly driven by three aspects:

The first is operating leverage and refined cost control released by scale effects;

Second, the overall marketing launch pace of the Group is at a peak. In the first half of the year, the proportion of advertising and promotion (A&P) expenses in revenue dropped by 77 basis points year-on-year. The overall focus of the launch plan is biased towards the second half of 2026, in line with the centralized launch of new products;

Third, the product structure continues to be optimized, and the proportion of high-end and niche fragrances steadily increases.

At the market share level, the Group's value share in the global high-end fragrance market increased to 11.1%, a year-on-year increase of 0.3 percentage points. Asia-Pacific, tourism retail and North America are the three regions with the strongest contributions to share increase. The growth structure continues the two-wheel drive of "high-end line + niche line":

High-end fragrances: Carolina Herrera achieved double-digit growth, the La Bomba series continued to grow in volume after its launch, and the classic Good Girl maintained its top position in the market;

Niche Fragrance: Overall achieving double-digit growth and significantly outperforming the market, Byredo is the core growth engine, and Dries Van Noten, Pan Hailigan, and Atishizhixiang contribute simultaneously.

The cosmetics sector grew by 9.1% in the first half of the year, and the reported growth rate increased by 5.8%. It is the fastest-growing business sector.

The skin care sector grew by 2.3% in the first half of the year, and the reported caliber increased by 1.2%. Uriage, a cosmeceutical brand, is the core growth engine and continues to outperform the global cosmeceutical market, achieving double-digit growth in the core market, with market share increasing by 0.2 percentage points to 2.6%.

The Group reiterated its 2026 full-year performance outlook: It is expected that the comparable growth rate will continue to outperform the high-end beauty market, and the adjusted EBITDA profit margin will remain stable with the full-year level of 2025.

Appendix: Puig Group's product portfolio and main operating data for the first half of fiscal year 2026

丨 Source: Official financial report, analyst conference call minutes

丨 Photo source: Puig official website

丨 Editor in charge: LuxeCO

This article explores Aromatherapy, Scent, Perfume, Essential Oil, Fireless Aromatherapy, Aromatherapy Candle, Vine Incense Stick, Home Scent, Natural Aromatherapy, Diffuser, sharing the latest industry insights and offering practical references for enthusiasts.

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