Puig Brands, S.A.

Good evening and thank you for joining us as we discuss our sales update for Q1 2026 that ended on the 31st of March 2026. Today we have with us our Chief Executive Officer Jose Manuel Albeza and our Chief Financial Officer Miguel Angel Serra. Jose Manuel will share some brief remarks and then we will open up the line for Q&A. The presentation and the press release are available on our website, where you will also be able to access a recording of the call after the event. José Manuel, the floor is yours.

Thank you, Varenia, and good evening. It's my pleasure to be delivering my first earning call today as the CEO of Puts. Before we get into our comments about Q1, I wanted to address what is likely front of mind for most of you. On the 23rd of March, Putsch confirmed ongoing discussion regarding a potential business combination with Stillother, in which the two companies will potentially merge their business. As of today, we can confirm that conversations are ongoing, but no final decision has been made yet. We acknowledge that there is a lot of curiosity about the progress of these discussions. However, unless an agreement is reached, there can be no assurance regarding the transaction or the terms. And therefore, at this stage, we cannot comment further on this evolving situation. With that being said, I will turn to our Q1 update. We are pleased to report that we have delivered record Q1 sales and a solid start to the year, continuing our tradition of outperforming the premium beauty market as we have done consistently for each of the last five years, including each of the last eight quarters as a public company. Let's turn to the details. We have delivered a solid performance for the first quarter of 2026, which has resulted in a record net revenue of 1.215 billion euros. This represents a 4.7% like-for-like growth and a 0.8% increase on reported basis, delivering ahead of the premium beauty mark. This performance was broad-based, where we show all our segments and geographies contributing towards growth on a like-for-like basis. Our largest segment, Fragrance and Fashion, showed a performance with a context of more moderate underlying growth when compared to Q1 of 2025. It was supported by a strong performance in makeup and a steady delivery in skincare. We had a notably negative impact of minus 4% due to foreign exchange, largely due to the comparison with the US dollar rate versus Q1 of last year. Let me share now some more color by the business segments. I will start with fragrance and fashion, which accounts for 74% of total sales. In the first quarter, the segment delivered another solid result with 897 million euros in net revenue. This represents for-life growth of 3.9% and a reported growth of 0.1%, achieved against a demanding comparison base from Q1 of last year, and with an environment of market moderation today. Importantly, we see no gap in the selling and the sell-out in this category. As expected, performance during the quarter reflected a softer trend in prestige fragrances, while at the same time, niche continued to show very strong momentum, delivering double-digit growth, once again outperforming the market. We also continued to energize our brand through innovation, with several important launches across our prestige portfolio. Carolina Herrera launched Good Girl Jasmine and Bad Boy Cobalt Absolute. Rabanne launched Phantom in Red. And Jean-Paul Gaultier introduced Divine Couture and Le Male in Blue. We also continue with our collection based approach in niche, with the launch of Lamont by Artisan Parfumeur, among other strong launches. Overall, this performance once again demonstrates our ability to navigate on a more normalized market environment, combining discipline execution, a balanced portfolio, and a consistent flow of innovation. And this is only the beginning of the year. We have a strong pipeline of innovation, and over the quarters that follow, you will hear a lot more from us on Rabanne and on Jean-Paul Gaultier. We also plan to share more with respect to our digital strategy in fragrance as we reload it further. Moving now to makeup, which represents 14% of the total net revenue in the quarter. In Q1, the segment delivered 171 million euros in net revenue, translating into like-for-like growth of 9.2% and reported growth of 3.3%. This reflects continued standout delivery. Growth during the quarter was driven by chart delivery, with strong momentum across both the Asia-Pacific and EMEA regions. We saw continued innovation in makeup at Charlotte Tilbury, including the Airbrush Flawless Blur Concealer, Pyrrhotopam Lip, and Beauty Solmage Palette. Overall, the performance of makeup this quarter highlights the continued delivery, supported by innovation and strong execution across key regions. We continue to see immense potential with Xado Tilbury for the long term. For a brand so attractive for consumers, it's distributed only in about a fifth of the footprint that it could be in. Turning now to skincare, which represents 12% of the total net revenue in the quarter. In Q1, the segment delivered 147 million euros in net revenue, reflecting solid lay-for-lay growth of 4.7% and a reported growth of 2.1%. Overall, performance was resilient, supported by a balanced contribution across the portfolio. During the quarter, we continued to support growth through targeted innovation. Our dermocosmetic brands, Uriage and Apivita, maintained positive momentum, driven by the strength of their core range and relevance with consumers. We saw continued momentum of Uriage's hero franchise Semox CH+, thanks to its new advanced formula with adiomimetic ceramics. We also relaunched our Alsanca range Variesum, which includes two new hero products, and launched the reformulated version of Chateau Tilbury Iconic Magic Cream. In terms of geographic expansion, this quarter includes the rollout of Loto del Sur in Mexico and Chile, extending the brand beyond its own market of Colombia for the first time. Overall, skincare delivers consistent growth, underpinned by innovation and the continued strength of our RedMap platform. We also continue to be excited with the prospect of growing these brands for the long term, and the distribution potential for them across geographies and channels remains large. By geography, in Q1 2026, EMEA delivered net revenue of 656 million euros, representing 54% of total net revenue. This translates into like-for-like growth of plus 3% and reported growth of plus 1.9%, reflecting continued solid performance in a more moderate consumer environment. Growth in the region was led by fragrance and fashion, as well as makeup, which continued to resonate well with the consumers. Compared to the prior year, growth moderated, as expected, following a stronger comparative and a more cautious demand environment. I would also note that the ongoing situation in the Middle East had an estimated minus 1.2% impact on Q1 revenues, largely concentrated in March. We are closely monitoring developments and currently expect some ongoing effects, while continue to operate prudently across the region. The Americas generate $428 million in net revenue in Q1, representing 35% of total revenues. On a like-for-like basis, the region delivered growth of plus 2%, while reported revenues declined by 5%, reflecting adverse foreign exchange effects, mainly driven by the US dollar during the quarter. Underlying performance remained healthy, with growth led by Carolina Herrera within Prestige as well as by Redo in Niche, confirming the continued strength of our RAN portfolio across the region despite currency headwinds. In a pack which represents 11% of total net revenue, sales reached 131 million euros, delivering a very strong life-for-life increase of plus 26.1% and a reported growth of plus 17.9%. This performance reflected continued momentum across the region, driven by niche fragrance and Charlotte Tilbury, and demonstrated the effectiveness of our ongoing investment, brand opportunity, and traction in APAC market. APAC represents over a third of the global beauty market, yet accounts for just 11% of food sales. We have been investing behind, reducing this gap for several years, and we believe now is the right momentum to accelerate. Turning to our outlook, we continue to expect to outperform the premium beauty market on a like-for-like basis, reflecting the strength of our brand portfolio, the relevance of our innovation pipeline, and the discipline execution across regions and categories. At the same time, we expect that adjusted EBITDA margins will remain stable, broadly in line with full-year 2025 levels, despite operating in a more challenging cost environment. This reflects our focus on cost discipline, prioritization of our investment and inherent resilience of our business model. before i wrap up these remarks i want to reiterate that due to the confidential nature on the ongoing conversations between putsch and still other there is very little that can be said on the topic and we have shared those comments already We also want to take this opportunity to thank you for your patience and understanding as we postpone the Capital Market Day, which we were also truly looking forward to, on account of these ongoing discussions. In due course, we will look forward to sharing more. In the interim, we remain focused on executing our strategy with agility, supporting our brands and driving profitable growth. To conclude, Q1 reflects disciplined execution and a strong foundation for the year ahead. Our strong pipeline of innovation and initiative for the year reinforce our confidence in the outlook and our ability to deliver it. With that, I'll hand it over to Varenya. Thank you.

Thank you, José Manuel. With that, we come to the end of our prepared remarks and we'll begin Q&A. To ensure broad participation, we request that you limit yourselves to one question only. If time permits, we will return to you for any additional questions.