Puig Brands, S.A.

Good morning, and thank you for joining us as we discuss our results for the fiscal year 2025 that ended on December 31st, 2025. Today, we have with us our Chairman and CEO, Mark Butch, and our CFO, Joan Albiol. Mark and Joan will share some brief remarks on the performance, financial results, and outlook. We will then open up the line for Q&A. You will find this presentation, the press release, and other supporting regulatory documents on our website. You will also be able to access a replay of this recording shortly also on our website. Mark.

Good morning, everyone. 2025 was another year of strong delivery for Putsch. We achieved record sales surpassing the 5 billion milestone in net revenue, representing the 7.8% like for like and plus 5.3% reported growth. At the top end of our six to 8% like for like growth outlook for 2025. Gross profit margin improved further to 75.1% despite the impact of tariffs and foreign exchange over the course of 2025. A reflection of our continued strong execution capabilities at scale. Adjusted EBITDA reached 1.045 billion with a margin of 20.7%. This is an impressive improvement versus 20.2% in 2024 and comfortably above our guidance for the year. Adjusted net profit grew to 587 million, a margin of 11.6%, growing 6.5% over 2024. This represents 1.04 of adjusted earnings per share. Reported debt profit was 594 million, or 11.8% of sales, up 70 basis points as we cycled the IPO-related one-off costs in 2024. Free cash flow conversion was solid at 64%. and we ended 2025 with leverage at 0.7 times net debt to adjusted EBITDA, comfortably below our threshold of two times. Joan will discuss our financial performance in further detail later in the presentation. 2025 was another year of strong disciplined execution with net revenues reaching 5 billion euros despite meaningful currency headwinds. Our 7.8% like-for-like growth at the top end of our 2025 outlook range, after absorbing a 2.6% negative impact from foreign exchange, resulted in 5.3% reported growth. Growth remained broad-based across all business segments, with a healthy performance in prestige, while niche showed strong continued momentum. MakeUp delivered a standout year with double-digit performance, We also continued growth into skincare, where strong organic growth in dermocosmetics, complemented by charitable skincare, further strengthened our position in one of beauty's largest categories. Our like-for-like growth included a negative 0.4% impact from the hyperinflation adjustment in Argentina versus a positive impact last year. Despite this headwind, we still delivered strong, high-quality growth aligned with our long-term ambitions. We saw growth across all of our regions with not worthy double-digit like-for-like growth in Asia-Pacific, where we're still underrepresented. Turning to the fourth quarter, we delivered another very strong finish to the year. with 9.8% like-for-like growth, even as we cycled a very strong Q4 last year. This performance reflects the strong demand for our brands from retailers over the very important holiday period and our ability to execute effectively across markets. Net revenues reached 1.45 billion, supported by solid underlying momentum. even as we absorbed a 3.6 foreign exchange headwind in the quarter, an impact we expect to continue into 2026. Looking across the year, we achieved consistent performance each quarter, accelerating into Q4, even while underlying growth in the freelance market moderated into the second half. Overall, Q4 capped a year of robust and balanced growth. To share some more color by business segments, let me start with fragrance and fashion, which continues to anchor our portfolio. Representing 72% of our net revenues in 2025, the segment delivered another year of impressive and resilient growth, reaching 3.6 billion with like-for-like growth of 6.4%. This was a strong performance in a promotional and highly competitive environment, and it enabled us to defend our global value market share at 11.1% for the year. Our growth was driven by continued momentum in Carolina Herrera, supported by the launch of La Bomba, along with excellent delivery from Jean-Paul Gauthier. Our niche portfolio once again outperformed with double-digit growth led by Baguiredo. We continue to hold three of the top ten positions in global prestige fragrance brands, with Rabanne, Carolina Herrera, and Jean-Paul Gaultier reaffirming our leadership position in the category. We also saw strong creative progress across our fashion houses, including the boots at Jean-Paul Gaultier and this Van Noten, and high visibility Carolina Herrera show in Madrid. This Van Noten fashion delivered a notable contribution this year. In Q4, net revenues reached just over $1 billion, with like-for-like growth of 6.2%. This represented a slight acceleration versus Q3, supported by robust holiday sell-in while lapping a very strong comparable last year. The quarter also absorbed a 1.9% hyperinflation impact from Argentina. Overall, this was a solid finish to the year for our largest segment. Turning to makeup, this was our strongest growing segment in 2025. Makeup delivered $845 million in revenue, up 13.7% like for like. The performance was led by Charlotte Tilbury, our largest makeup brand, which had an exceptional year. We saw a powerful combination of innovation, geographic expansion, strong activation in APAC, contributing to consistently high growth. The innovation pipeline remained very robust, with the airbrush flawless foundation and setting spray matte, the Super Nudes collection, and the expansion of the Unreal franchise. At the same time, we strengthened our distribution footprint with Amazon in the U.S. and entered a new market in Mexico. Charlotte Tilbury maintained its number one prestige makeup ranking in the U.K. and number three in the U.S. In Q4, MakeUp generated $276 million in revenue with exceptional like-for-like growth of 26.5%. The quarter benefited from strong momentum across Charlotte Tilbury and the fact that we were lapping a softer competitor. In skincare, we delivered a very solid year with net revenues of $551 million, up 8.9% like-for-like. This represents 11% of the company's total revenues and marks another year of consistent execution. Growth was led by Riash, which continued to deliver double-digit performance, driven by the strength of its hero franchises, Chemoz and H-Absolu, supported by new launches such as Variesan, Invisible Stick, and the Roselian Serum. This was complemented by ongoing growth in child delivery skin care, which continues to be an important contributor to the segment. In Q4, skin care reached $141 million in revenue, delivering 7.9% like-for-like growth. This closed out a year of steady and balanced performance across the portfolio, with strong consumer response to both established pillars and new innovations. Turning now to our performance by region, we saw broad-based international growth in 2025, with healthy demand across all markets. Starting with EMEA, our largest region at 55% of revenues, the business delivered $2.75 billion for the full year, growing 5.5% like for like. This reflects disciplined execution in a frigance market that has normalized from previously elevated levels with continued strength from Charlotte Tilbury and Derma. In Q4, EMEA grew 9.2% like for like to $854 million, an acceleration versus the prior quarter supported by strong holiday selling and solid fundamentals across the region. The Americas represented 35% of group revenues, delivering $1.76 billion and 7.7% like-for-like growth for the year. 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%. Despite this, performance remained broad-based across categories and was supported by the launch of shallow delivery on Amazon in the U.S. In Q4, the region delivered 7.6% life-for-life growth to 429 million. We see an improvement versus Q3, particularly in Latin America, even as we observe a 4.5% hyperinflation impact from Argentina. Asia Pacific was our fastest growing region, delivering 530 million and 21.7% life-for-life growth for the year. Growth was strong across Chalo Tilbury, Niche and Derma, and benefited from the up fleet associated with the consolidation of local subsidiaries, an effect we do not expect to repeat in 2026. In Q4, the region grew 18.9% like for like to 163 million, maintaining strong momentum across all key categories. Overall, all three regions contributed positively in both fiscal year 2025 and Q4, demonstrating the strength and diversification of our global footprint. We continue to make progress toward our ambition of being at the forefront of ESG practices. In addition to the rankings and scores that we shared a few months ago, In 2025, our efforts have continued with Apivita renewing its B Corp certification with one of the highest scores ever recorded. We are proud to share that Urias has also joined the B Corp community, marking another step in our commitment to purpose-driven growth. With this, I will hand it over to Joan, who will walk you through the details of the financial performance.

Thank you, Marc. We are very proud of the financial performance of Putsch during 2025. We showed strong growth ahead of the market and at the top end of our outlook for 2025. We improved our EBITDA generation while continuing to maintain a healthy investment level behind our brands. We continued to improve our cash flow management. And finally, our capital structure remained robust, comfortably below our threshold. providing significant flexibility for future commitments. Now let's get into the details. I would like to start by providing you with a summary of our income statement for 2025, where I would like to highlight our net revenue life-for-life growth of 7.8%, our gross margin of 75.1%, maintaining its position as one of the highest in the industry. we delivered adjusted EBITDA of 1.045 billion euro at 20.7%. It is also an improvement of 49 basis points compared to the prior year, ahead of our guidance for full year 2025. Finally, our adjusted net profit was 587 million euro with an 11.6% margin. This represents an increase of 6.5% compared to the prior year. Our key indicator for operational profitability, the adjusted EBITDA margin, has increased to 20.7%. Let's review the drivers. First, we improve our gross margin further to 75.1%, an increase of 19 basis points versus full year 2024. This reflects ongoing operational efficiency and a favorable mixed evolution driven by the growth of niche partially offset by negative foreign exchange impacts and the U.S. tariff effect. Our distribution cost margins were flat versus 2024. We continued to leverage our SG&A expenses, improving by 37 basis points over full year 2024. As we have continued to expand our footprint and own-store network, our DNA as a percentage of net revenue increased by 22 basis points. At the same time, we continue to invest at best-in-class levels of AMP, at 32.7% of net revenues, to support sustainable long-term growth. Our total operating profit reached 812 million euro, an increase from the 759 million euro in the prior year, with an overall operating profit margin of 16.1%, which reflects an improvement of 27 basis points versus 2024. Looking at each business segment, we have seen varied contributions and dynamics. Our fragrance and fashion operating profit amount to €683 million in 2025, compared to €678 million in 2024, implying an 18.7% margin, or 55 basis points decrease versus 2024. This reflects a slightly higher AMP to support growth in a normalizing market and the continued expansion of niche. The make-up segment shows a significant improvement in operating profit, reaching 96 million euro, or 11.4% margin, over 5.6% point improvement over 2024. This reflects the strong performance of Charlotte Tilbury, driven in part by the initial pipeline of Charlotte Tilbury into Amazon in US. At the same time, our smaller make-up initiative continues to prioritize environment with a disciplined focus on returns. It is also worth noting that 2024 profitability include non-recurring events that temporarily reduce margins, contributing to the magnitude of the year-on-year improvement. Skincare segment operating profit amount to 33 million euro in full year 2025, implying a margin of 6%, or a decrease of 1.25% for investors full year 2024. Profitability in this segment was affected by continued investment and integration core reality to Dr. Barbara Storm and other subscale skincare brands, reflecting our commitment to building long-term capability and scale across the portfolio. Overall, each category reflects discipline execution and investment aligned to long-term strategic priorities, with operating margin expanding at group level despite varying dynamics within individual segments. We continue to believe that as we gain scale in makeup and skincare segments, their profitability will have the potential to converge with the group level. Focusing on the bottom line, we deliver a solid performance in our adjusted net profit for 2025, reaching 587 million euro. with a margin of 16.6% up 10 basis points over 2024. This was driven by the strong growth overall business, along with the improvement in operating profit and lower interest expenses on debt in 2025 versus 2024, which was partially offset by the foreign exchange impact on financial results lower income from associate and joint ventures, and the higher tax rate. Reporting net profit grew 11.9%, representing a margin of 11.8% at 70 basis points. This primarily reflects the absence of non-recurring IPO-related items that negatively impact full-year 2024 reporting net profit. Full year 2025 was another strong year of cash generation. Let me take you through the key elements. Our free cash flow from operations improved to €664 million compared to the €634 million in 2024. This reflects the flow through the higher operating profit and working capital improvements. Following a few years of pandemic-related disruptions, this marks our second consecutive year of strengthening working capital performance, bringing us closer to normalised operating level. This resulted in 64% free cash flow conversion of adjusted EBITDA. Our CAPEX remained in line with expectations at 4% of net revenues. Operational cash flow improved substantially to 684 million euro compared to 549 million euro in 2024. This reflects improved underlying cash generation and the absence of IPO-related cash outflows of 85 million euro recorded in the prior year. This year we also had a positive cash adjustment due to a non-recurrent cash inflow from the relocation agreement of our manufacturing facility in Chartres, France. Our net financial leverage currently stands at 0.7 times net debt to adjusted EBITDA, which is comfortably below our 2 times medium-term threshold, allowing us to maintain both operation and financial flexibility. Net debt was €716 million during the period, reducing by over €350 million versus the end of 2024, and this reflects strong operational cash flow after CapEx, payment of €212 million in dividends, a minor stake increase in Cama-Jurveda in April 2025, and also the negative impact from financial flows and leases. We finished 2025 with leverage 0.4 times slower than those in 2024, reflecting a strengthening capital structure and continued financial flexibility. Liabilities from business combination stood at €988 million, a decrease from €1,088 million at the end of 2024. This was mainly due to foreign exchange movement and the periodic reassessment of our future obligations. There were no significant new transactions in 2025. To wrap up our financial remarks, we would like to provide also a view on the timing of expected cash outflows related to this liability from business combinations. As you can see in the calendar, Out of the €988 million of liabilities, the largest cash outflows is expected to happen about five years from now, in 2031, and relating to the minority stakes not owned by Puig in Charlotte Tilbury and Barbara Storm. In 2026, we have upcoming maturities currently valued at €351 million, which will be paid in cash over the first half of the year. even with these payments, will remain comfortably below our leveraged threshold. I now pass it back to Marc for the outlook and a few closing comments.