Puig earns €594M in a new record for profits and sales

BarcelonaPuig's latest results, the second it has presented as a listed company on the Ibex 35, have once again set records. The Catalan fashion and fragrance company achieved profits of €594 million in 2025, 11.9% higher than the previous year, and sales of €5.042 billion, a 5.3% increase. Although the growth rate has slowed compared to its last results (when profits soared 14.1% and revenue 11.3%), the multinational remains at all-time highs for the fifth consecutive year. "It's a record year, and we've grown above the premium beauty market," said the company's CEO, Marc Puig, this Wednesday during the press conference presenting the results. Adjusted EBITDA – the business's operating profit before accounting for financial and accounting effects – also increased by 7.8% to €1.045 billion, with a margin of 20.7%, exceeding the company's initial forecasts. Puig set its initial public offering (IPO) price in May 2024 at €24.5 per share, and it is now trading around €16.6, a drop of more than 30%. Regarding the company's performance after a year and a half on the stock exchange, Marc Puig explained that the five main companies with which they compete have fallen by 24% in the same period. "The sector had significant growth prospects, and that has had an impact. But we are not necessarily being valued for what we should be," the executive said. Today the stock market reacted well to the results, and its value jumped nearly 6% at the start of trading.

Slowdown in perfumes

Last year, Puig improved its sales in all segments and regions where it operates, but this boost was particularly noticeable in makeup products (+10.7%, to €844.8 million) and skincare products (+7.3%, to €551.2 million). In contrast, its main business, fragrances and fashion, which accounts for 72% of revenue, experienced a significant slowdown: turnover in this division increased by 3.8%, to €3,646.1 million, although it had risen by 13.6% in 2014. Regarding this slowdown in the perfume sector, Marc Puig emphasized that it is a "highly competitive" environment and that the group still holds an 11.1% market share globally. In fact, they emphasized that there are trends that make them "optimistic," such as the arrival of new, young consumers who are discovering the world of fragrances through social media platforms like TikTok, or greater market penetration in countries where there was previously no tradition of buying these products. A clear example is the Asia-Pacific market, where Puig's sales are growing by 16.6%, far exceeding the 5% improvement in the Europe, Middle East, and Africa region, and the 2.6% growth in the Americas, an area heavily influenced by the United States. For instance, Puig explained that China is one of the territories where they have the greatest room for growth, since older women don't typically use perfume, while younger women are introducing the habit.

Despite the upheaval in the perfume business, the Catalan company continues to hold three of the top ten positions among perfume brands worldwide, with Paco Rabanne, Carolina Herrera, and Jean Paul Gaultier still on the podium. Marc Puig also mentioned the strong performance of the niche fragrance segment, driven by Byredo, which has experienced double-digit growth.

The group intends to distribute around 40% of its profits as dividends, and in 2026 will pay out €237 million to its shareholders, the equivalent of €0.42 per share, charged to the 2025 fiscal year and subject to shareholder approval.

Puig will celebrate its capital markets daywhere it will present its roadmap for the coming years. In the previous five-year strategic plan, approved in 2020, the company had set out to double revenue in three years and triple profits in five, two objectives it has far exceeded.