Puig Brands SA

Investor Presentation • Apr 29, 2025

Q1 2025 SALES UPDATE

28th April 2025

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.

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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-Looking Statements

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Alternative Performance Measures and Non-IFRS Information

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.

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

7.5% like-for-like growth in the first quarter of 2025

• Continued outperformance in Puig's largest business segment, with double-digit growth in Fragrances and Fashion, across both Prestige and Niche brands
• Regional growth recorded across all markets, notably with double-digit growth in the Americas and APAC

Q1 2025

YoY growth		7.5%	0.3%	7.8%
in €M	€ 1,118	€ 84	€ 4	€ 1,206
	Q1 2024	LFL growth	FX	Q1 2025

Q1 2025 Net Revenues by business segment

Fragrance & Fashion

+10.4%	+10.4%
Reported
growth

€ 896m

Net Revenues 74% Total

Makeup

(4.2%) Reported growth (6.0%) LFL growth LFL growth

€ 165m

Net Revenues 14% Total

Skincare

+7.8% Reported growth

+7.2% LFL growth

€ 144m

Net Revenues 12% Total

Q1 2025 Net Revenues by Geography

EMEA 53%1 of total	€ 644m Net Revenues	+4.3% Reported growth	+3.8% LFL growth
Americas 37%1 of total	€ 451m Net Revenues	+11.5% Reported growth	+11.8% LFL growth
APAC 9%1 of total	€ 111m Net Revenues	+14.5% Reported growth	+13.2% LFL growth

7

Q1 2025 Highlights

Fragrance

Range extensions from the key Prestige Franchises

Makeup

Opening of Charlotte Tilbury's Covent Garden Flagship store

Building on Niche collections with Blanche Absolu

Strengthening the Derma offering with Uriage Roséliane serum

Puig reconfirming its 2025 Outlook

Revenue
---------

Revenue 6-8% like-for-like growth expectation reflecting the current state of the beauty market

Adj. EBITDA Margin Adjusted EBITDA improvement expectation similar to 2024

Dividends

Payment of €212m, subject to AGM approval (28th of May), corresponding to 2024 performance

Appendix

2025 Outlook

Reiteration of Financial Outlook for the Medium Term

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