Puig Brands, S.A.

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 30th, 2025. Today, we are joined by our Chairman and CEO, Mark Pooch, and our CFO, Joan Albiol. Mark 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 Putsch 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 3.6 billion euros. This represents 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% to 8%. In the third quarter, continue to deliver a steady performance, reaching net revenue of 1.3 billion euros. 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 2.6 billion in the first nine months, growing 6.4% on a like-for-like basis, This segment was 73% of putch net revenue in the period. In Q3, net revenue reached 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 make-up segment, which contributed 16% of putsch net revenue, generated $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 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 $410 million, a 9.2% like-for-like growth. This represents 11% of putsch total net revenue, In Q3 2025, the segment delivered 135 million in net revenue, an increase of 10.5% on a like-for-like basis. This was supported by the strong performance of Uriash and Shadow 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 $1.9 billion in the first nine months, up 3.9% like for like. The region generated revenue of $699 million in the third quarter. This performance was supported by continuous strength in DERMA and Charlotte Tilbury. The Americas, representing 37% of our net revenue, posted revenue of 1.3 billion in the first nine months, a strong 7.8% like-for-like growth. In Q3, the region generated 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 Latin markets, where we also continued to see competitive dynamics more broadly. APAC continued to outperform, with revenue totaling $368 million in the first nine months and outstanding 23% like-for-like growth. The region generated $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 Charot 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 food'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 a spectacular fashion show for Carina Herrera in Madrid, where we officially launched La Bomba. First indications show strong sell-out 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 Bairedo. We also launched a bold new campaign to launch 50 ML travel and experiment friendly formats of portions by Penhalions. On the makeup side, in the last quarter, we introduced additions to the Flawless franchise in the form of Charlox Airbrush Flawless Foundation and Matte Setting Spray, reinforcing the Flawless franchise and leadership position of the Airbrush Flawless finish powder, both in the US and UK markets. We're also excited about our Christmas initiative that we recently launched with Celine Dion as a phase of a campaign. In skincare, we were pleased to see the continued innovation across hero franchises at Duriash and also the new Exosomatic collection from Dr. Barbara Stern. 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 selling, 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 and 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 markets day, we plan to share this vision with you.

Thanks, Mark. With that, we come to the end of our prepared remarks, and we will begin Q&A.