Puig Brands SA Ordinary Shares - Class B

PUIG: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Puig Earnings: Strong Results on Makeup Recovery and Fragrance Resilience; Shares Attractive

Dan Su

Feb 18, 2026

Puig posted 8% like-for-like sales growth in 2025's second half led by a 23% rise in makeup (18% of sales). Fragrances (72%) grew 5% despite tough comparison of a 16% rise a year ago. Adjusted EBITDA margin widened 60 basis points to 21.9% on a favorable mix and expense leverage.

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Puig Brands SA Ordinary Shares - Class B

Puig Earnings: Strong Results on Makeup Recovery and Fragrance Resilience; Shares Attractive

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