Puig Brands SA — Investor Presentation 2026

Feb 18, 2026

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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 document 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-Looking Statements

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. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. 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.

Past performance is not indicative of future results

Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year.

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.

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FY 2025 BUSINESS OVERVIEW

Marc Puig | Chairman and CEO

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

rabanne	CAROLINA HERRERA	CharlotteTilbury	Jean Paul GAULTTER
NINA RICCI	DRIES VAN NOTEN	BYREDO	PENHALIGON'S
L'ARTISAN PARFUMEUR	URIAGE EAU THERMALE	APIVITA BR. BARBARA STURM	KAMA AYURVEDA
LOTO DL SVR	Jou outer	BANDERAS	ADOLFODOMINGUEZ

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FY 2025 Key Highlights

Net Revenue FY 2025	€5,042m Net Revenue	+5.3% Reported Growth	+7.8% LFL Growth
Gross Profit	€3,787m Gross Profit	75.1% Gross Profit Margin
Adj. EBITDA	€1,045m Adj. EBITDA (€1,070m Reported EBITDA)	20.7% Adj. EBITDA Margin (+0.5 pp vs FY 2024)
Adj. Net Profit	€587m Adj. Net Profit (€594m Reported Net Profit)	11.6% Adj. Net Profit Margin (11.8% Reported Net Profit Margin)	€1.04 Adj. EPS1
Cash Flow and Leverage	64% FCF Conversion (as a % of Adjusted EBITDA)	0.7x Leverage (Net Debt/Adjusted EBITDA)

¹Corresponds to Adjusted Net Profit Attributable to the company over average total number of outstanding shares of the period, excluding Treasury Shares

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FY 2025 Net Revenues

7.8% like-for-like growth in 2025

FY 25 growth

YoY growth		7.8%		(2.6)%	5.3%
in €M	€4,790	€374	€0	€(122)	€5,042
	FY 2024	LFL growth	Change in perimeter	FX	FY 2025

All business segments grew within or above the 6-8% outlook range

Outperforming the premium beauty market

• Continued outperformance of Prestige complemented by strong growth in Niche
• A standout year with doubledigit Makeup performance
• Continued diversification into Skincare with strong organic growth in dermo-cosmetics complemented by Charlotte Tilbury Skincare

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PUIG

Q4 2025 Net Revenues

9.8% like-for-like growth in Q4 2025

Q4 2025 growth

Consistent delivery over FY 2025

2025 - Evolution of quarterly like-for-like growth

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PUIG

FY and Q4 2025 Net Revenues

By Business Segment

Fragrance & Fashion 72%¹ Total

	Net Revenues	Reported growth	LFL growth
FY	€3,646m	+3.8%	+6.4%
Q4	€1,029m	+3.0%	+6.2%

Makeup 17%¹ Total

	Net Revenues	Reported growth	LFL growth
FY	€845m	+10.7%	+13.7%
Q4	€276m	+20.9%	+26.5%

Skincare 11%¹ Total

	Net Revenues	Reported growth	LFL growth
FY	€551m	+7.3%	+8.9%
Q4	€141m	+5.2%	+7.9%

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Fragrances & Fashion

+6.4% LFL growth in FY25 with three brands in the top 10 rankings worldwide

FY 2025 Fragrance Value Market Share¹

Three brands within the top 10 rankings¹ worldwide of selective fragrance brands

11.1%

Global Value Market Share

5

6

Top 10 since 2020

9 Top 10

since 2024

Double digit performance across the Niche portfolio led by Byredo

¹Per Company Industry Sources, latest available data FY 2025 Results

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Makeup

Maintained and strengthened leading market positions

#1

Charlotte Tilbury Prestige Makeup brand UK

#3

Charlotte Tilbury Prestige Makeup brand US

Charlotte Tilbury highlights

• Strong pipeline of innovation in 2025
• Distribution gains through Amazon in the US
• New market entry: Mexico
• Robust performances in APAC with brand activations

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Skincare

Leveraging multiple streams of growth

A year of steady performance

Double-digit growth at Uriage consistent growth from hero franchises Xemose and Age Absolu along with 2025 launches, Bariésun Invisible stick SPF 50+ and Roséliane serum.

Segment growth complemented by Charlotte Tilbury skincare.

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FY 2025 Net Revenues

By Geography

		Net Revenues	Reported growth	LFL growth
EMEA	FY	€2,752m	+5.0%	+5.5%
55%1 of total	Q4	€854m	+8.0%	+9.2%
Americas	FY	€1,760m	+2.6%	+7.7%
35%1 of total	Q4	€429m	+1.2%	+7.6%
APAC 11%1 of total	FY	€530m	+16.6%	+21.7%
	Q4	€163m	+10.7%	+18.9%

¹Corresponds to the geographical segment weight for FY2025 Totals do not add up to 100% due to rounding

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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

Puig performance on ESG parameters is rated by external agencies. Puig and its brands' standards support and align with the most recognized international initiatives

Score 19.8 (Low Risk)

Score 81/100 Gold medal (Top 5% rated companies)

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Income Statement Overview

In €M	FY 2024	FY 2025	% YoY Growth
Net Revenues	4,790	5,042	+5.3 %
Cost of Sales	(1,202)	(1,255)
Gross Profit	3,588	3,787	+5.5 %
Gross Margin (%)	74.9%	75.1%
Distribution expenses	(220)	(232)
Advertising and promotion expenses	(1,551)	(1,648)
Selling, general and administrative expenses	(1,058)	(1,095)
Operating Profit	759	812	+7.1 %
Operating Margin (%)	15.8%	16.1%
Other Operational Income / (Expenses)	(147)	22
Financial Result	19	(59)
Results from Associates and JV	61	45
Profit Before Tax	693	820
Income Tax	(150)	(203)
Effective tax rate (%)	21.7%	24.7%
Net Profit	543	617
Non-controlling Interests	(12)	(23)
Net Profit attributable to the parent company	531	594
Adjusted EBITDA	969	1,045	+7.8 %
Adjusted EBITDA Margin (%)	20.2%	20.7%
Adjusted Net Profit	551	587	+6.5 %
Adjusted Net Profit Margin (%)	11.5%	11.6%

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Adjusted EBITDA Margin Evolution

FY 2025 % Net Revenues	75.1%	4.6%	32.7%	21.7%	–
FY 2024 % Net Revenues	74.9%	4.6%	32.4%	22.1%	–

% of Net Revenue

+49 bps improvement in Adjusted EBITDA vs. FY 2024 was driven by several impacts

Gross Margin increase of +19 bps vs FY 2024 reflecting continued operational efficiency and a favorable mix evolution due to the growth of Niche, partially offset by foreign exchange and US tariff effects

Distribution costs were flat vs. FY 2024

A&P remained broadly in line with levels deployed in recent years, to support the sustainable long term growth of brands in the current environment. FY 2025 A&P was +29 bps higher than 2024.

SG&A improvement of +37 bps driven by operating leverage

D&A increase of +22 bps vs FY 2024 as a percentage of Net Revenues is a result of increased investment to support the growth of Niche in recent years

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FY 2025 Operating Profit by Category

Operating Margins improved by +27 bps vs. FY 2024.

Fragrance and Fashion, the largest and most profitable category, saw operating margin decrease of (55) bps versus FY 2024. This reflects slightly higher continued advertising and promotion (A&P) to support growth in a normalizing market, and the continued expansion of Niche.

Makeup operating profit margin improved by +564 bps over FY2024. This reflects the strong performance of Charlotte Tilbury, while smaller makeup initiatives continue to prioritize investments with a higher focus on returns. Pipelining of Charlotte Tilbury into Amazon in the US had a positive impact.

Skincare operating margin showed a (125)bps decrease versus FY2024. Profitability was impacted by continued investment and integration costs related to Dr. Barbara Sturm and other subscale skincare brands.

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FY 2025 Adjusted Net Profit Evolution

Operating Profit to Net Profit Attributable to Puig

in €M	FY 2024	FY 2025	% YoY Growth
Operating Profit	759	812	+7.1 %
Operating Margin (%)	15.8%	16.1%
Other Operational Income / (Expenses)	(147)	22
Financial Result	19	(59)
Results from Associates and JV	61	45
Profit before Tax	693	820	+18.4 %
Income Tax	(150)	(203)
Net Profit	543	617	+13.7 %
Non-controlling Interests	(12)	(23)
Net Profit attributable to the parent company	531	594	+11.9 %
Adjusted Net Profit to Puig	551	587	+6.5 %
Adjusted Net Profit Margin (%)	11.5%	11.6 %

Adjusted Net Profit to Puig grew +6.5% to reach €587 million, representing a margin of 11.6% (up 10 bps) as a result of:

• Strong growth in the overall business
• Positive impact from operating profit improvement
• Financial result impacts
• Positive impact of lower interest expense in FY 2025 vs FY 2024
• Negative impact of foreign exchange
• Lower income from Associates and JVs

Reported Net Profit grew +11.9%, representing a margin of 11.8% (up 70bps)

• primarily reflects the absence of non-recurring IPO-related items that negatively impacted FY2024 Reported Net Profit

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PUIG

Overview of FY 2025 Cash Flow Statement

Cash Flow from Operations

In €M	FY 2024	FY 2025
Net Profit attributable to the Parent Company	531	594
Cash Flow adjustments	168	247
Cash Flow non-recurring Items	85	(20)
Change in Working Capital	41	41
Adjusted Operating Cash Flow	825	862
CapEx	(191)	(198)
% Net revenues	4%	4%
Free Cash Flow from Operations	634	664
% Adjusted EBITDA	65%	64%
Cash Flow non-recurring Items	(85)	20
Operational Cash Flow	549	684

Strong Free Cash Flow Conversion reaching 64% of Adjusted EBITDA

Significant improvement in working capital

Capex levels at 4% of Net Revenues aligned with FY 2024 levels and expectations Operational Cash Flow improvement reflects the absence of IPO and transaction related cash outflows recorded in FY 2024, along with a positive cash adjustment due to a non-recurring cash inflow from the relocation agreement for a manufacturing facility in France

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Leverage stands at 0.7x 1

As of Dec-25, comfortably below medium-term leverage threshold (below 2.0x)

¹Leverage ratio corresponds to Net Debt Balance at end of period over Adjusted EBITDA; Adjusted EBITDA for FY24 and FY25 was €969m and €1,045 respectively

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Our Liabilities from Business Combinations

Reduced by c.€100bn to €988m net during FY 2025

Evolution of Liabilities from Business Combinations

in €M

Liabilities from Business Combinations decreased from €1,088m to €988m

No significant new transactions in FY 2025 Change in value primarily reflects foreign exchange movements and the periodic reassessment of future obligations

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Maturity Calendar

€988m Liabilities from Business Combinations

Maturity calendar of Liabilities from Business Combinations (in €M)

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Guidance for 2026

Revenue	Puig remains confident that the strength and desirability of its brands will continue to enable LFL revenue outperformance versus the premium beauty market.
Adj. EBITDA Margin	Puig expects FY 2026 margins to remain stable
Capital Structure	Strong 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
M&A Strategy	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

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Highlights for 2026

New launches for Jean Paul Gaultier through the year, including an Haute Perfumerie collection

Strong pipeline of launches in 2026

Chartres' production plant moves within same Cosmetic Valley

Puig will be hosting its first Capital Markets Day on April 14

Fragrances Charlotte Tilbury Chartres Capital Markets Day

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Net Revenues Quarterly Breakdown

in M€					2024
	Q1	Q2	Q3	Q4	FY
Puig	1,118.4	1,052.8	1,257.0	1,361.6	4,789.8
By business segment
Fragrance and Fashion	812.2	769.7	932.0	999.4	3,513.3
Makeup	172.6	161.9	200.6	228.0	763.0
Skincare	133.7	121.2	124.3	134.2	513.5

By geography	Q1	Q2	Q3	Q4	FY
EMEA	617.0	536.6	676.1	790.4	2,620.0
The Americas	404.4	409.5	476.7	424.0	1,714.6
Asia-Pacific	97.0	106.7	104.2	147.2	455.1

				2025
Q1	Q2	Q3	Q4	FY
1,205.9	1,093.5	1,296.9	1,445.8	5,042.0
896.4	788.3	932.4	1,029.0	3,646.1
165.3	173.8	230.0	275.6	844.8
144.2	131.3	134.5	141.2	551.2

By geography	Q1	Q2	Q3	Q4	FY
EMEA	643.8	555.0	699.3	853.9	2,752.0
The Americas	451.0	416.0	463.7	428.9	1,759.6
Asia-Pacific	111.1	122.5	133.9	162.9	530.5

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Net Revenue Quarterly 2025

Yearly growth (%)

		Q1		Q2		Q3		Q4		FY
	Reported	LFL	Reported	LFL	Reported	LFL	Reported	LFL	Reported	LFL
Puig	+7.8%	+7.5%	+3.9%	+7.7%	+3.2%	+6.1%	+6.2%	+9.8%	+5.3%	+7.8%
By business segment
Fragrance and Fashion	+10.4%	+10.4%	+2.4%	+6.7%	0.0%	+2.8%	+3.0%	+6.2%	+3.8%	+6.4%
Makeup	(4.2%)	(6.0%)	+7.4%	+10.5%	+14.7%	+18.8%	+20.9%	+26.5%	+10.7%	+13.7%
Skincare	+7.8%	+7.2%	+8.3%	+10.2%	+8.2%	+10.5%	+5.2%	+7.9%	+7.3%	+8.9%
By business segment
EMEA	+4.3%	+3.8%	+3.4%	+3.5%	+3.4%	+4.2%	+8.0%	+5.5%	+5.0%	+5.5%
Americas	+11.5%	+11.8%	+1.6%	+10.0%	(2.7%)	+2.3%	+1.2%	+7.7%	+2.6%	+7.7%
APAC	+14.5%	+13.2%	+14.9%	+19.5%	+28.5%	+35.8%	+10.7%	+21.7%	+16.6%	+21.7%

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Reconciliation of Non-IFRS Measures

Adjusted EBITDA reconciliation Adjusted Net Profit reconciliation

In €m	FY 2024	FY 2025
EBITDA	823	1,070
Restructuring costs (Note 9)	0	0
Transaction costs (Note 9)	18	2
IPO costs (Note 9)	119	0
Others (Note 9)	9	(27)
Adjusted EBITDA	969	1,045

In €m	FY 2024	FY 2025
Net profit attributable to the Parent Company	531	594
Other operational income and expenses (Note 9)	147	(22)
Other finance income and costs (Note 12)	(87)	(10)
Net impairment losses on equity investments (Note 17)	0	7
Tax items	(37)	19
Minority interest on adjusted items	(3)	0
Adjusted net profit attributable to the Parent Company	551	587

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Detailed reconciliation of cash adjustments to Net Profit

Adjusted EBITDA reconciliation

In €M	FY 2024	FY 2025
Net Profit attributable to the Parent Company	531	594
Profit / (loss) attributable to non-controlling interests	12	23
D&A	210	236
(Profit)/Loss from Associates and JV	(61)	(45)
Financial result from investing and financing	40	29
Other Adjustments 1	(33)	(19)
Disposals of property, plant and equipment and intangible	0	23
Cashflow adjustments	168	247
Cash Flow non recurrent adjustments	85	(20)
Change in Working Capital	41	41
Adjusted Operating Cash Flow	825	862
Capex	(191)	(198)
% Net Revenues	4%	4%
Free Cash Flow from Operations	634	664
Cashflow non-recurring Items	(85)	20
Operational Cash Flow	549	684

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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