Puig has reported a strong first half in its 2026 financial year, with revenues up 4.4% to €2.3bn as fragrance demand for Caroline Herrera drove sales.
The Spanish beauty conglomerate, which has since terminated its talks with the Estée Lauder Companies (ELC) over a potential merger, also recorded adjusted net profit of €26m in H1 2026.
Along with fragrance, Puig’s overall performance was supported by its leading make-up and dermatological brands, including Charlotte Tilbury and Uriage.
This trading period also saw sustained growth across Asia-Pacific and an acceleration in the Americas, with notable growth on its online platforms.
The impact of the ongoing conflict in the Middle East is estimated to have reduced revenues by €14m, a 0.6% decrease, which Puig claimed was “slightly lower than initially expected”.
ELC and Puig ended their discussions over a potential merger in May, confirming in a press release that the deal would not proceed.
The potential business combination would have seen the American conglomerate merge its business with the Spanish beauty giant, in a deal rumoured to be worth a combined value of around US$40bn.
Jose Manuel Albesa, CEO of Puig, said: “Puig delivered a strong first half of 2026, gaining market share across categories and geographies.
“Our 4.4% like-for-like (LFL) revenue growth reflects the strength of our connection with consumers around the world and the power of our distinctive brand portfolio.”
Here is how Puig’s key trading categories performed in H1.
Puig benefits from growing fragrance demand in 2026
Puig’s fragrance and fashion division generated net revenue of €1.7bn in H1 2026, growing 3.8% LFL, and representing 73% of Puig's net revenue in the period.
Within prestige fragrances, Carolina Herrera’s La Bomba and Good Girl maintained consistent sales, along with a positive reception to extensions including La Bomba Intensa.
The introduction of body mists from Byredo and Penhaligon's also helped to support the niche fragrance category.
The group’s fragrance and fashion operating profit increased to €329m in H1 2026, compared with €299m in the prior year.
Performance reflected operational leverage, disciplined cost management and the phasing of investments behind Puig's portfolio, according to a company statement.
Make-up neared double-digit sales growth through Charlotte Tilbury
The Spanish conglomerate’s make-up category generated net revenue of €359m in H1 2026, and grew 9.1% on a LFL basis.
The segment represented 15% of Puig's net revenue, with growth continuing to be driven by British make-up brand Charlotte Tilbury.
Within Q2 2026 specifically, make-up generated net revenue of €188m via Charlotte Tilbury’s ongoing expansion at UK health and beauty retailer Boots.
New launches from the brand in Q2 included Pillow Talk Blushing Balm, Exagger-Eyes Easy Eyeshadow Stick and Unreal Highlighter.
Despite the near double-digit growth, make-up operating profit decreased to €6.5m from €12.1m in H1 2025, reflecting a planned increase in investments behind Charlotte Tilbury in 2026.
Skin care performance sees average growth offset by Uriage
Jose Manuel Albesa, CEO of Puig
Puig’s skin care arm generated net revenue of €279m in H1 2026, growing 2.3% LFL, and representing 12% of Puig's net revenue during the period.
Performance was driven by Uriage, the largest brand in the segment, which delivered double-digit growth across its key operating markets.
In Q2, skin care generated net revenue of €132m, declining 0.3%, which was offset by Uriage and the expansion of its Xémose franchise.
The group’s skin care operating profit decreased to €4.2m from €21m in H1 2025, with an operating margin of 1.5%.
Forward-looking statements from Jose Manuel Albesa, CEO of Puig
Puig’s healthy H1 trading period has led it to reaffirm its FY 2026 outlook, expecting to outperform the premium beauty market on a LFL basis, while EBITDA margins remain in line with FY 2025.
Albesa added: “Looking ahead, we remain confident in the long-term strength of premium beauty, and in Puig's ability to continue outperforming the market.
“We are delivering healthy organic growth, powered by our exceptional brands and talent.
“We will continue to invest in our brands, innovation and execution, while staying focused on disciplined growth and long-term value creation.”
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