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RNS - Presentación de información financiera - resultados del ejercicio 2024

Company: Puig Brands SA Date: 2025-02-27 Language: Spanish Register to download
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# FY 2024 RESULTS

February 27th, 2025

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# Disclaimer

This document has been prepared by Puig Brands, S.A. (the "Company" and together with its subsidiaries, the "Group") for the sole purpose expressed herein and neither this document nor the information contained herein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company.

Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document or the information contained therein. In particular, no investment decision on the Company's shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this documents and the information contained herein.

This document and the information contained herein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company.

The securities of the Company have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions.

### Forward -Lookin g St a t e m e n t s

The information in this document may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words "believe", "expect", "anticipate", "intends", "estimate", "forecast", "project", "plan", "will", "may", "should", "target", and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information discussed in this document, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group's future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group's control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this document. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events or otherwise. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document. The Company does not undertake any obligation to publicly update any forward-looking statements to reflect events or circumstances occurring after the date of this document.

Alt e rn a t ive Pe rform a n c e Me a s u re s a n d Non -IFRS In form a t ion

This document includes financial information prepared by the Company under the International Financial Reporting Standards ("IFRS") adopted by the European Union, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures ("APMs") for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Market Authority Guidelines ("ESMA") on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and, may not be indicative of the Company's results of operations. Recipients should not place undue reliance on this information.

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### FY 2024 results by Marc Puig, Chairman & CEO Financial review by Joan Albiol, CFO Outlook

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# Puig A home of love brands, within a family company, that furthers wellness, confidence and self-expression, while leaving a better world

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| FY 2024 Key<br>Highlights | Net Revenue<br>FY 2024         | € 4,790m<br>Net Revenue                                  | 11.3%<br>Reported Net Revenue<br>Growth                                  | 10.9%<br>LFL Net Revenue Growth |
|---------------------------|--------------------------------|----------------------------------------------------------|--------------------------------------------------------------------------|---------------------------------|
|                           | Gross Profit margin<br>FY 2024 | € 3,588m<br>Gross Profit                                 | 74.9%<br>Gross Profit Margin                                             |                                 |
|                           | Adj. EBITDA<br>FY 2024         | € 969m<br>Adj. EBITDA<br>(€823m Reported EBITDA)         | 20.2%<br>Adj. EBITDA Margin                                              |                                 |
|                           | Adj. Net Profit<br>FY 2024     | € 551m<br>Adj. Net Profit<br>(€531m Reported Net Profit) | 11.5%<br>Adj. Net Profit Margin<br>(11.1% Reported Net Profit<br>Margin) | € 1.02<br>Adj. EPS1             |
|                           | Cash Flow and<br>Leverage      | 65%<br>FCF Conversion<br>(as a % of Adjusted EBITDA)     | 1.1x<br>Leverage<br>(Net Debt/Adjusted EBITDA)                           |                                 |

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# FY 2024 Net Revenues 10.9% like-for-like growth in 2024

FY24 growth

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### Key drivers:

- - Continued outperformance of Prestige complemented by strong growth in Niche
- Makeup posted a low single-digit negative performance for the year
	- This was a result of specific sell-in / sell-out dynamics further impacted by the voluntary withdrawal of the Airbrush Flawless Setting Spray
- Continued diversification into Skincare with strong organic growth in dermo-cosmetics and the incorporation of Dr. Barbara Sturm
- Positive impact on LFL growth due to a hyperinflation adjustment of the Argentine Peso

Growth in 2024 was weighted towards the second half

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2024 - Evolution of quarterly like-for-like growth

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FY 2024 Net Revenues by business segment

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Fragrance & Fashion Makeup Skincare

+13.6%

Reported and constant perimeter growth

### € 3,538m

Net Revenues 73% Total1

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(1.3%)

Reported and constant perimeter growth

€ 763m

Net Revenues 16% Total1

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+19.8% Reported growth growth

+7.4% Constant perimeter

€ 516m

Net Revenues 11% Total1

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Continued core execution strength in Fragrances & Fashion Double-digit growth in FY24 with three brands in the top 10 rankings worldwide

FY 2024 Fragrance Value Market Share1

11.5% Global Value Market Share Three brands within the top 10 rankings1 worldwide of selective fragrance brands

| #5 |                   |
|----|-------------------|
| #6 | Top 10 since 2020 |
| #8 | Top 10 since 2024 |

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Good Girl is the No.1 fragrance franchise globally. Three out of the top 5 fragrance lines in masculine and feminine rankings

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Carolina Herrera's Good Girl achieves #11 position as feminine fragrance line in the US and worldwide in 2024

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Jean Paul Gaultier is Puig's fastest-growing brand and Le Male reaches #31 masculine fragrance line worldwide in 2024

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Puig's €1bn brand, Rabanne's One Million was the #41 masculine fragrance line worldwide; launched Million Gold for Her and Him in 2024

# Makeup Challenging year for growth

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Maintained and strengthened leading market positions in spite of challenges

### #1

Charlotte Tilbury Prestige Makeup brand UK

### #3

Charlotte Tilbury Prestige Makeup brand US (vs. #5 in 2023)

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Early days of building the Makeup proposition for core Fragrance and Fashion led Brands

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Gaps in the sell-in and sell-out, along with the impact of dupes and the withdrawal of the Airbrush Flawless Setting spray slowed growth

### Skincare Leveraging multiple streams of growth

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Fastest growing category in 2024 with diversified offerings

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Steady growth in derma with Uriage delivering double-digit growth

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The addition of niche skincare brand Dr. Barbara Sturm – adds ultra prestige skincare to Puig's offering. Integration was also completed in 2024.

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FY 2024 EMEA Net Revenues by Geography

| 55%1<br>of total             | € 2,620m<br>Net Revenues | +12.8%<br>Reported growth                          | +11.6%<br>Constant perimeter<br>growth |
|------------------------------|--------------------------|----------------------------------------------------|----------------------------------------|
| Americas<br>36%1<br>of total | € 1,715m<br>Net Revenues | +11.1%<br>Reported growth                          | +9.5%<br>Constant perimeter<br>growth  |
| APAC<br>10%1<br>of total     | € 455m<br>Net Revenues   | +3.7%<br>Reported and constant<br>perimeter growth |                                        |

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## ESG highlights Embedded in Puig values and long-term vision

The Puig commitment to sustainability goes beyond legal requirements, contributing globally to two ambitious sustainability goals:

Helping limit global warming to 1.5 °C by 2030 Becoming a net zero organization by 2050

The strategy of Puig and its brands are aligned with the most recognized international commitments, standards, certifications, ratings and initiatives.

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### FY 2024 results by Marc Puig, Chairman & CEO Financial review by Joan Albiol, CFO Outlook

Income Statement Overview

| In €m                                         | FY 2023 | FY 2024 | % YoY Growth |
|-----------------------------------------------|---------|---------|--------------|
| Net Revenues                                  | 4,304   | 4,790   | +11.3%       |
| Cost of Sales                                 | (1,089) | (1,202) |              |
| Gross Profit                                  | 3,215   | 3,588   | +11.6%       |
| Gross Margin (%)                              | 74.7%   | 74.9%   |              |
| Distribution expenses                         | (218)   | (220)   |              |
| Advertising and promotion expenses            | (1,338) | (1,551) |              |
| Selling, general and administrative expenses  | (966)   | (1,058) |              |
| Operating Profit                              | 693     | 759     | +9.5%        |
| Operating Margin (%)                          | 16.1%   | 15.8%   |              |
| Other Operational Income / (Expenses)         | (14)    | (147)   |              |
| Financial Result                              | (87)    | 19      |              |
| Results from Associates and JV                | 51      | 61      |              |
| Profit Before Tax                             | 643     | 693     |              |
| Income Tax                                    | (143)   | (150)   |              |
| Effective tax rate (%)                        | 22.3%   | 21.7%   |              |
| Net Profit                                    | 500     | 543     |              |
| Non-controlling Interests                     | (35)    | (12)    |              |
| Net Profit attributable to the parent company | 465     | 531     |              |
| Adjusted EBITDA                               | 863     | 969     | +12.3%       |
| Adjusted EBITDA Margin (%)                    | 20.0%   | 20.2%   |              |
| Adjusted Net Profit                           | 478     | 551     | +15.5%       |
| Adjusted Net Profit Margin (%)                | 11.1%   | 11.5%   |              |

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# Adjusted EBITDA Margin Evolution

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+0.2ppt improvement in Adjusted EBITDA vs. FY 2023 was driven by several impacts

Steady Gross Margin performance with an increase of +0.2ppt vs. FY 2023 driven by continued premiumization and increased desirability of our brands coupled with efficient cost management and operating leverage partially offset by a higher level of inventory losses in 2024 versus 2023.

Our c.75% Gross Margin is at a market leading level in the Premium Beauty industry, and is the result of continued investment in our brands

Distribution costs improved by +0.5ppt vs. FY 2023 due to the effect of continued optimisation and normalisation versus early 2023 levels

A&P remained in line with levels deployed in recent years, allowing for continued investment into our brands. 2024 A&P was 1.3ppt higher than 2023.

0.4ppt improvement in SG&A driven by operating leverage

D&A increase of +0.5ppt vs FY 2023 as a percentage of Net Revenues is a result of increased investment in capex in recent years

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# FY 2024 Operating Profit by Category

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0.3ppt decrease in Operating Margins. FY 2023 driven by an increase in A&P and the dilutive effect of smaller brands and offerings within the Puig portfolio which require investment to scale

Fragrance, the largest and most

profitable category, saw operating margin improvement driven by a strong performance and increased operating leverage during the second half of 2024.

Makeup operating margin has been impacted by:

- The smaller scale of the makeup exercises of some of our fragrance-led brands which are in their early stages of growth
- Voluntary withdrawal of the Airbrush Flawless Setting Spray had a small impact on the profitability of the Charlotte Tilbury brand, which otherwise remained strong

Skincare is still scaling and expected to benefit from operating leverage as more of the recent acquisitions grow to scale, and with the completion of the integration of Dr. Barbara Sturm (which had a marginal dilutive impact as expected)

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### FY 2024 Adjusted Net Profit Evolution

| In €m                                            | FY 2023 | FY 2024 | % YoY<br>Growth |
|--------------------------------------------------|---------|---------|-----------------|
| Operating Profit                                 | 693     | 759     | 9.5%            |
| Operating Margin (%)                             | 16.1%   | 15.8%   |                 |
| Other Operational Income / (Expenses)            | (14)    | (147)   |                 |
| Financial Result                                 | (87)    | 19      |                 |
| Results from Associates and JV                   | 51      | 61      |                 |
| Profit before Tax                                | 643     | 693     | 7.7%            |
| Income Tax                                       | (143)   | (150)   |                 |
| Net Profit                                       | 500     | 543     | 8.5%            |
| Non-controlling Interests                        | (35)    | (12)    |                 |
| Net Profit attributable to the parent<br>company | 465     | 531     | 14.1%           |
| Adjusted Net Profit to Puig                      | 478     | 551     | 15.5%           |
| Adjusted Net Profit Margin (%)                   | 11.1%   | 11.5%   |                 |

Operating Profit to Net Profit Attributable to Puig Reported Net Profit to Puig grew 14.1% to reach €531 million as a result of:

- Positive impact from operating profit improvement
- Improved financial result
	- Income generated from the reassessment of future obligations related to the acquisitions of Charlotte Tilbury and Byredo
	- A smaller negative impact from the Argentina FX impact
	- Counterbalanced by an Increased financing expenses during 1H 2024
- Reduction of Non-controlling interests due to the acquisition of minority stakes over the course of 2024
- Lower tax rate than anticipated
- These factors were offset by increased Other operating expenses impacted by IPO costs, M&A expenses and other costs, the largest of which was an extraordinary award given to all Puig employees at IPO amounting in total to €94m in cash bonuses

Adjusted for non-recurring items, Adjusted Net Profit to Puig saw strong +15.5% growth with +0.4ppt improvement vs. FY 2023 with a margin of 11.5%

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### Overview of FY 2024 Cash Flow Statement

| In €m                                         | FY 2023 | FY 2024 |
|-----------------------------------------------|---------|---------|
| Net Profit attributable to the Parent Company | 465     | 531     |
| Cashflow adjustments                          | 286     | 168     |
| Cashflow non-recurring Items                  | 6       | 85      |
| Change in Working Capital                     | (194)   | 41      |
| Adjusted Operating Cash Flow                  | 563     | 825     |
| Capex                                         | (178)   | (191)   |
| % Net Revenues                                | (4.1)%  | (4.0)%  |
| Free Cash Flow from Operations                | 385     | 634     |
| % Adjusted EBITDA                             | 45%     | 65%     |
| Cashflow non-recurring Items                  | (6)     | (85)    |
| Operational Cash Flow                         | 379     | 549     |

### Cash Flow from Operations Free Cash Flow Conversion increased significantly reaching 65% of Adjusted EBITDA

### Significant improvement in working capital led by

inventory optimisation and improved liabilities management

Capex levels at 4% of Net Revenues aligned with expectations

Operational Cash Flow was impacted by Non-recurrent IPO related cash impacts

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# Recap of key events impacting our capital structure in FY 2024

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Acquisition of 65% of Dr. Barbara Sturm

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Listing on the Spanish stock exchange with Primary component of € 1.4bn

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Accelerated buyout of all remaining minority stakes in Byredo to 100%

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Increase of ownership in Charlotte Tilbury from 55% at the end of 2023 to 78.5% currently. Extension of strategic partnership with Charlotte Tilbury until 2031.

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# Leverage stands at 1.1x<sup>1</sup> as of Dec-24, comfortably below medium-term leverage threshold (below 2.0x)

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Note: 1 Leverage ratio corresponds to Net Debt Balance at end of period over Adjusted EBITDA; Adjusted EBITDA for FY23 and FY24 was €863m and €969m respectively

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### Our Liabilities from Business Combinations were reduced by c.€1.3bn to €1.1bn net during FY 2024

Evolution of Liabilities from Business Combinations (in €m)

in €m € 2,385 € 1,088

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Liabilities from Business Combinations decreased from €2,385m to €1,088m mostly driven by:

- The incorporation of the put / call liability of Dr. Barbara Sturm
- The accelerated buyout of the financial investor's minority stake in Charlotte Tilbury as well as the entire remaining minority holding of Byredo bringing our ownership to 100% at IPO at attractive terms
- An incremental 5.4% minority interest acquired in Charlotte Tilbury
- All of the actions over the course of FY2024 have increased Puig's ownership in Charlotte Tilbury from 55% to 78.5%

• Periodic reassessment of future obligations related to the future liabilities related to the acquisitions of Charlotte Tilbury, Byredo, Kama Ayurveda and Loto del Sur adjusted for time value and foreign exchange adjustments

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Maturity calendar of the €1.1bn Liabilities from Business Combinations over future years

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 FY 2024 results by Marc Puig, Chairman & CEO Financial review by Joan Albiol, CFO Outlook

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# Reiteration of Financial Outlook for the Medium Term

### 2025 Outlook

| Revenue            | High single-digit like-for-like growth, well ahead of the premium beauty<br>market growth                                                                                               | 6-8% like-for-like growth<br>expectation reflecting the current<br>state of the beauty market |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
| Adj. EBITDA Margin | Upside potential in the medium-term, allowing for virtuous re<br>investment in our brands                                                                                               | Adjusted EBITDA improvement<br>expectation similar to<br>2024                                 |
| Capital Structure  | Adequate balance sheet management aiming at maintaining strategic<br>flexibility and financing future growth, with Net Debt / Adjusted<br>EBITDA ratio not to exceed 2.0x               |                                                                                               |
| Dividends          | Intention to maintain ~40% dividend payout ratio out of reported net<br>profit in line with track record<br>First dividend post-IPO to be paid in 2025 in respect of full year 2024     | Payment of €212m, subject to<br>AGM approval, corresponding to<br>2024 performance            |
| M&A Strategy       | Highly selective approach to M&A as we continue to evaluate curated<br>opportunities with a strong strategic fit into our portfolio, while<br>maintaining our capital structure targets |                                                                                               |

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### A strong launch calendar for 2025

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Major Prestige Fragrance launch in H2

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Expansion of Niche Fragrance collections

Long pipeline in 2025 with a particularly exciting makeup launch

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Steady pipeline of skincare launches

2H 2025

Throughout 2025

2H 2025

Throughout 2025

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### 2024 Net Revenues Quarterly Breakdown

|                       | Business Segments        |       |       |        |
|-----------------------|--------------------------|-------|-------|--------|
| In €m                 | Q1                       | Q2    | Q3    | Q4     |
| Fragrance and Fashion | 823.2                    | 775.4 | 935.2 | 1004.2 |
| Makeup                | 172.6                    | 161.9 | 200.6 | 228.0  |
| Skincare              | 134.4                    | 121.6 | 125.5 | 134.7  |
| Eliminations          | (11.8)                   | (6.1) | (4.3) | (5.2)  |
|                       | Geographical<br>Segments |       |       |        |
| In €m                 | Q1                       | Q2    | Q3    | Q4     |
| EMEA                  | 617.0                    | 536.6 | 676.1 | 790.4  |
| The Americas          | 404.4                    | 409.5 | 476.7 | 424.0  |
| Asia-Pacific          | 97.0                     | 106.7 | 104.2 | 147.2  |

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# Reconciliation of Non-IFRS Measures

| In €m               | FY 2023 | FY 2024 |
|---------------------|---------|---------|
| EBITDA              | 849     | 823     |
| Restructuring costs | 1       | -       |
| Transaction costs   | 3       | 18      |
| IPO costs           | 5       | 119     |
| Others              | 4       | 9       |
| Adjusted EBITDA     | 863     | 969     |

### Adjusted EBITDA reconciliation Adjusted Net Profit reconciliation

| In €m                                    | FY 2023 | FY 2024 |
|------------------------------------------|---------|---------|
| Net Profit Attributable to Puig          | 465     | 531     |
| Other operational income and expenses    | 14      | 147     |
| Other finance income and costs           | 6       | (87)    |
| Tax effect on adjusted items             | (2)     | (37)    |
| Minority interest on adjusted items      | (6)     | (3)     |
| Adjusted Net Profit Attributable to Puig | 478     | 551     |

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### Detailed reconciliation of cash adjustments to Net Profit

Cash Flow from Operations

| In €m                                                     | FY 2023 | FY 2024 |
|-----------------------------------------------------------|---------|---------|
| Net Profit attributable to the Parent Company             | 465     | 531     |
| Profit / (loss) attributable to non-controlling interests | 35      | 12      |
| D&A                                                       | 170     | 210     |
| (Profit)/Loss from Associates and JV                      | (51)    | (61)    |
| Financial Expenses                                        | 54      | 58      |
| Other Adjustments1                                        | 78      | (52)    |
| Cashflow adjustments                                      | 286     | 168     |
| Cashflow non-recurring Items                              | 6       | 85      |
| Change in Working Capital                                 | (194)   | 41      |
| Adjusted Operating Cash Flow                              | 563     | 825     |
| Capex                                                     | (178)   | (191)   |
| % Net Revenues                                            | (4.1)%  | (4.0)%  |
| Free Cash Flow from Operations                            | 385     | 634     |
| % Adjusted EBITDA                                         | 45%     | 65%     |
| Cashflow non-recurring Items                              | (6)     | (85)    |
| Operational Cash Flow                                     | 379     | 549     |

Note: 1 Includes deferred tax expense / income, other financial income / expenses, other adjustments, capital gains and losses on disposals of assets and other non-current assets and liabilities.

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