LFL growth of +7.8% at the top end of the 2025 range, and 20.7% Adjusted EBITDA margin, ahead of guidance.
- Solid net revenue growth, delivering €5,042 million in 2025, up +7.8% like-for-like (LFL), at the top end of our 2025 outlook range of 6-8%, +5.3% reported.
- All business segments grew within or above the 6-8% outlook range, while maintaining healthy growth levels across all geographies.
- Adjusted EBITDA of €1,045 million, up +7.8% year-on-year; Adjusted EBITDA margin rose from 20.2% in FY 2024 to 20.7%, ahead of guidance.
- Adjusted Net Profit of €587 million in 2025, representing an 11.6% margin. Reported Net Profit of €594 million, or 11.8% margin.
- Strong Free Cash Flow of €664 million, with conversion of 64% over. Adjusted EBITDA reflecting continued improvement in Net Working Capital.
- Net Debt/ Adjusted EBITDA stood at 0.7x, comfortably below the company’s 2.0x threshold.
- Puig holds three spots in the top 10 fragrance brand rankings worldwide with Rabanne, Carolina Herrera and Jean Paul Gaultier.
Marc Puig, Chairman and CEO of Puig, said: “In 2025, Puig delivered a strong, high-quality performance. For the full year, we achieved high single-digit, +7.8% like-for-like revenue growth, at the top end of our guided range, continuing to outperform the market. This reflects the strength of our portfolio, our agility and our ability to execute consistently in a more demanding environment. I am proud to confirm that we have delivered on all of our commitments made a year ago.
In 2025, we completed our previous five-year strategic plan, communicated in early 2021, which set our ambition to double our 2020 revenue in three years and triple it in five. We exceeded those goals, more than doubling our revenue by 2022 and more than tripling it by 2025. Looking ahead, while we expect growth in the fragrance market to continue to normalize, we enter the new financial year with confidence. Given the strength of our brand portfolio and our steady pipeline of innovation, we are well placed to sustain healthy growth and continue to outperform the premium beauty market.”
For more information download the press release and visit the Financial Information section
