Good evening, and thank you for joining us as we discuss our results for the first half of 2026, that ended on the 30th of June. Today we have with us our Chief Executive Officer, Jose Manuel Albesa, and our Chief Financial Officer, Miquel Angel Serra.

They will share some brief remarks on the performance, financial results, and outlook. We will then open up the line for Q&A.

You will find this presentation, the press release, and other supporting regulatory documents on our website, where you will also be able to access a replay of this recording shortly after the call concludes. Jose Manuel, the floor is yours.

Thank you, Varenya, and good evening, everyone. It is a pleasure to be with you today and to discuss our latest results.

We are pleased to report a strong first half of 2026. Once again, we outperformed the premium beauty market, gaining market share across categories and geographies, and further strengthened the foundation of our business.

Particularly after the recent dynamic months, we have greater confidence than ever in our stand-alone story. We remain laser-focused on delivering our strategic priorities, and we look forward to sharing more about our strategy at our Capital Markets Day on October 28.

In the first half of 2026, Puig delivered record net revenues of 2.35 billion, representing a strong like-for-like growth of 4.4%, continuing our track record and consistent with our ambition of outperforming the premium beauty market on a like-for-like basis. We are pleased to share that the last 6 months also represented a period of market share gains across categories.

Gross profit margin remained resilient at 75.5%, declining by 30 basis points year-on-year. The positive impact of our mix evolution was offset by foreign exchange headwinds during the period.

Adjusted EBITDA reached 460 million, with a margin of 19.5%. This reflects an improvement of 15 basis points and puts us on track to deliver our guidance for the year.

Adjusted profit of 260 million represents a margin of 11.1%, or 0.46 per share. Net debt to adjusted EBITDA stood at 1.5 times, comfortably below our threshold of 2 times.

Looking ahead, we remain confident in the strength of our business, and we are reaffirming our full year 2026 outlook, continuing to expect Puig to outperform the premium beauty market on a like-for-like basis while maintaining a stable adjusted EBITDA margins in line with 2025. In the first half of 2026, growth remained attractive across business segments.

All business segments and geographies delivered growth in H1 2026, led by Fragrance and Fashion and Makeup. Currency movements had a -2.1% impact on reported net revenue during the period, primarily due to the US dollar.

The impact of the ongoing situation in the Middle East is estimated to be approximately 14 million euros in sales in the first half of 2026, or 0.6% of total revenues for the period, slightly better than we had initially expected. The local markets showed healthy recovery, while it was the travel retail channel where we saw continued impact.

Turning to the second quarter, growth trends remained broadly unchanged from those seen in the first quarter, with net revenues of 1.14 billion, increasing by 4.1% on a like-for-like basis, driven by the continued strength of Fragrance and Fashion and excellent momentum in Makeup and Derma brands. In this quarter, like-for-like growth was aligned with our reported growth, as we saw the foreign exchange headwinds disappear.

Let's take a closer look at the business segments. Let me start with Fragrance and Fashion, which accounts for 73% of total sales.

In the first half, the segment generated 1.7 billion in net revenue. This represents like-for-like growth of 3.8%.

This above-market performance supported Puig's value market share growth to 11.1%, representing a gain of 0.3 percentage points over H1 2025. Asia-Pacific, travel retail, and North America were the strongest contribution during this period.

Growth was driven by the continued strength of our fragrance portfolio across both prestige and niche. In prestige, Carolina Herrera delivered double-digit growth, supported by the ongoing success of La Bomba and the continued strength of Good Girl.

In niche, we continued to outperform the market with double-digit growth, led by a strong performance from Byredo and Dries Van Noten. In Q2, net revenues reached 819 million, with like-for-like growth of 3.7%.

Trends across regions remained broadly consistent with what we saw in the first quarter. Innovation during the period was weighted towards niche, including new body mist launches from Byredo and Penhaligon's, extending our brands into formats that enhance discovery and broader consumer reach.

This was complemented by prestige innovation in the form of range extension, including La Bomba Intensa from Carolina Herrera and Gaultier Divine Le Parfum. It's also worth noting the launch of Gaultier Atelier, which is a niche extension from a prestige brand, building towards continued brand elevation and expanding the consumer base.

Moving to Makeup, which represented 15% of total net revenue in the first half, the segment delivered 359 million in net revenue, representing like-for-like growth of 9.1%. This once again reflects the outstanding performance of Charlotte Tilbury, which continues to build on its market leadership position in premium makeup worldwide, where we have increased market share by 0.4 percentage points.

The brand maintains impressive rankings in its key markets, including number 1 in the UK with healthy sell-out growth. In addition, the brand delivered double-digit sell-out growth in the US.

Latest market data also suggests that the brand continues to strengthen its market position in core European markets, maintaining rankings at the top 3 positions, and is continuing to build its presence in newer markets. In Q2, Makeup generated net revenues of 188 million, growing also at 9.1% like-for-like, supported by strong sell-out growth trends in Charlotte Tilbury and ongoing expansion of the brand's distribution footprint at Boots UK at the end of the quarter.

This expansion into very selective Boots locations, around 30 of them, should start reflecting in sell-out trends Q3 onwards. Globally, but even in the UK, which is Charlotte Tilbury's most mature market, it still remains relatively under-distributed compared to our closest peers.

Product innovation continues to support brand performance during the quarter, with new launches in the highly successful Pillow Talk and Unreal franchises. Turning to Skincare, our smallest segment, which represented 12% of Puig's net revenues in the first half, the segment generated 279 million in net revenues, growing 2.3% on a like-for-like basis.

Uriage, the largest brand in the segment, was the largest contributor to segment growth in the first half and continued to outperform the dermocosmetics market thanks to a double-digit growth across key markets. Latest market data suggests that Uriage continued to be one of the fastest-growing dermocosmetics brands in 2026, with the brand gaining 0.2 percentage points of value market share to reach 2.2% in its 6 core European markets.

We continue to see the opportunity for growth. In Q2, Skincare generated net revenue of 132 million and represented a moderate like-for-like decline of 0.3%.

While dermocosmetics led by Uriage continued to deliver double-digit growth and local skincare wellness brands continued to gain share, the performance this quarter was offset by softer trends in premium skincare. We have been seeing more moderate growth in the premium skincare market as consumers have been exploring efficacy- and value-focused propositions.

Specific to our portfolio this quarter, we also saw the impact of product line adjustments at Charlotte Tilbury Skincare. In terms of what is new, we continue innovating across core franchises, and Q2 saw the expansion of Xémose from Uriage and new bronze drops from Barbara Sturm.

Moving to our performance by region, we continue to see healthy growth across our geographical footprint, with Asia-Pacific once again delivering an outstanding performance. Starting with EMEA, our largest region at 52% of group revenues, 1.2 billion were generated in the first half, growing at 2.6% like-for-like.

Performance reflected positive dynamics across Europe, supported by continuous strength of our fragrance portfolio and broad-based growth across key markets, despite some impact from the ongoing situation in the Middle East, as we have discussed. Fragrance market share in Europe reached 11.2%.

In Q2, EMEA generated net revenues of 565 million, growing at 2.1% like-for-like, reflecting underlying dynamics consistent with Q1. The Americas represented 37% of group revenues, delivering net revenue of 859 million in the first half, with like-for-like growth of 2.6%.

Performance reflected the strength of our North America, where we continue to outperform the market, gaining 0.3 points to reach 8.3 percentage in fragrance value market share, and supported by a strong makeup sell-out, where we also gained 0.3 points. Latin America remained resilient, maintaining the top 1 ranking in the fragrance market, with market share above 20% in a competitive and highly promotional environment.

In Q2, the Americas generated net revenue of 431 million, growing at 3.2% like-for-like. Finally, Asia-Pacific, which represented 12% of group revenues, once again delivered the strongest regional performance.

The region generated 273 million in net revenues during the first half, representing like-for-like growth of 20.9%. This outstanding performance was driven by the exceptional momentum in niche fragrance and continued strong consumer demand across the region.

Fragrance value market share continues to grow in the region as we see plenty of white space before we can converge towards our global levels. In makeup, Charlotte Tilbury also maintained its exceptional trajectory, further strengthening its position across key markets.

In the second quarter, Asia-Pacific generated net revenues of 142 million, growing at 16.1% on a like-for-like basis and maintaining positive momentum across all categories. Miquel Angel will now walk you through the financial highlights.

Thank you, Jose Manuel. We would now like to spend more time on Puig's financial performance during the first 6 months of the fiscal year 2026.

Now let's get into the details. I would like to start by providing you with an overview of our income statement for the first half of 2026, highlighting the key following points.

We already discussed the net revenue evolution. Our top-line like-for-like growth of 4.4% was accompanied by a gross margin of 75.5%, maintaining a best-in-class levels in the industry.

We delivered adjusted EBITDA of 460 million, which, at a 19.5% margin, represents an improvement of 15 basis points compared to last year and puts us on track to deliver our full year 2026 outlook of a stable margins versus last year. While operating profit margin remained stable year-on-year, adjusted net profit is up 5.2%.

The improvement is a result of improved financial results and income from associates, despite a higher effective tax rate during the first half of 2026. Our key indicator for operational profitability, the adjusted EBITDA margin, has increased to 19.5%, improving 15 basis points year-on-year.

To give you some more color on the building blocks of this result. First, gross margin maintained at best-in-class levels in premium beauty at 75.5%.

Despite a 30 basis points decrease year-on-year, the positive contribution from portfolio mix evolution and lower inventory losses were offset by adverse foreign exchange impacts, an effect that will ease in the second half. Our distribution costs increased by 26 basis points as a percentage of sales, impacted by increased transportation costs as a consequence of the disruption in the Middle East.

SG&A expenses on sales increased by 22 basis points year-on-year, affected by the FX impact on growth. Current level still represents an improvement of 120 basis points over 2 years, as we continue to balance consistent efficiency with supporting the growth of the business and strengthening our organizational capabilities.

As we have continued to invest in capex over the recent years and our own store count has increased, our D&A as a percentage of sales increased by 16 basis points. These effects were more than offset by lower A&P investments during the first half of the year, which declined by 77 basis points as a percentage of sales.

This reflects the phasing of A&P, with investments weighted towards the second half of the year, in particular in the Fragrance and Fashion segment. For full year 2026, we expect A&P investments to be relatively in line with those of last year as a percentage of sales.

Turning to operating profit, our total operating profit reached 340 million euros, an increase from 332 million in the prior year, with profit margin stable year-on-year at 14.5%. Profitability trends varied across business segments during the first half, reflecting differences in category mix, investment levels, and operational leverage.

Our core Fragrance and Fashion business showed an increase in operating profit to 329 million in the first half of 2026, compared to 299 during the prior year. Operating profit margin improved by 143 basis points, driven by operational leverage, disciplined cost management, and the phasing of investments behind Puig's brand portfolio, weighted towards the second half of the year.

The Makeup segment generated operating profit of 7 million during the first half, compared to 12 million last year. This resulted in an operating profit margin of 1.8%.

This reflects a planned increase in A&P investments behind Charlotte Tilbury during the first half of this year. Skincare operating profit was at 4 million euros during the first half, compared to profit of 21 million last year.

This decrease primarily reflects the flow-through from moderate revenue growth in premium skincare, combined with sustained investments across brands as part of their long-term growth strategies. Building on Jose Manuel's comments, in addition to the reformulation of the Magic Cream, the product line adjustments at Charlotte Tilbury Skincare reflected the discontinuation of specific SKUs in skincare, which impacted growth and near-term profitability in the segment.

Focusing on the bottom line, we delivered a solid performance in our adjusted net profit, which increased by 5.2%. Margin expanded by 30 basis points to reach 11.1%.

This improvement was driven by stronger financial results and higher income from associates, partially offset by higher tax expenses incurred during the first half of the year. Reported net profit for Puig during the first half reached 263 million euros, reflecting the impact of one-off transactions-related costs incurred during the first half of 2026 and an unfavorable comparison with extraordinary incomes during the first half of last year.

Moving on to cash flow. As we previously outlined, in our business, in order to serve the heavier demand during the holiday season in the second half of the year, the business typically requires an increase in working capital during the first half.

During this first half of this year, our free cash flow from operations outflow increased from 116 million negative in the first half to 196 million negative million during the first half of this year. This was a result of unfavorable movements in working capital during the first half of 2026.

This movement was caused due to a temporary increase in inventory levels, which were conservatively maintained at higher levels against the macro backdrop. We expect this to partially improve over the second half of the year.

With the current dynamics, we expect free cash flow conversion on adjusted EBITDA levels will be around 50% this year. The increase of 72 million in cash flow adjustments was primarily driven by long-term provisions and fair value adjustments.

Our capex levels increased slightly to 3.3% of net revenues, but comfortably in line with our expected range, which will be between 4% and 5% for the full year. Net debt was 1,589 million at the end of the first half of 2026, and this reflects: first, the seasonality of our operating cash flow; the payment of 226 million euros in dividends, with another 11 million in tax liabilities which will be paid at the end of the year; during the second quarter, we acquired an additional 6.5% stake in Charlotte Tilbury, which amounted to 260 million, where we would now hold 85%; also, with respect to Charlotte Tilbury, we executed the earnout payments of the original transaction of 2020, which amounted to 112 million euros; and finally, we had an impact of 78 million euros from financial flows and leases.

Our net financial leverage currently stands at 1.5 times net debt over adjusted EBITDA, 0.1 turns above where we were at this time last year, and still comfortably below our 2 times threshold, allowing us to maintain both operating and financial flexibility. Liabilities for business combination decreased to 558 million at the end of the first half, a reduction of 430 million compared to year-end of 2025.

This decrease was primarily driven by the already mentioned acquisition of the additional 6.5% stake in Charlotte Tilbury, where we now hold ownership of 85%, and the payment of the earnout obligations, out of which 80 million were liabilities for business combinations. The final 90 million reduction correspond to foreign exchange movements and the periodic reassessment of future obligations.

Now, pass it back to Jose Manuel for a few closing comments.

Thank you, Miquel Angel. Turning now to our outlook, our first half performance reinforces our conviction in the attractiveness of our brands, the relevance of our innovation pipeline, and the attractive long-term fundamentals of our end markets.

Our business continues to demonstrate agility, executional flexibility, and the diversification required to navigate the current environment. As a result, we reaffirm our full year 2026 outlook.

We continue to expect Puig to outperform the premium beauty market on a like-for-like basis. We remain focused on strengthening our competitive positioning and investing behind the long-term health of our brands.

From a profitability perspective, we continue to expect our adjusted EBITDA margin to remain stable in line with 2025 levels, and our first half performance reinforces our confidence in achieving that objective. From a capital discipline and allocation standpoint, our leverage threshold and dividend policy remain unchanged.

Similarly, we continue to evaluate M&A opportunities that align with our long-term strategy. The premium beauty market category continues to offer attractive structural growth, and we believe Puig is uniquely positioned to capture this opportunity.

Looking towards the rest of the year, particularly after a strong Carolina Herrera semester, we wanted to give you a preview of some of the initiatives that we are excited about from our other brands as well. We are building on the success of Jean Paul Gaultier with Le Male among masculine fragrances, where it currently stands at top 3 in masculine fragrances.

With the playbook we have developed with La Bomba, we see the clear opportunity to build upon these successes to drive feminine further with this brand. We will be launching a new feminine fragrance franchise from Jean Paul Gaultier, La Favorite.

This is the brand's first major feminine pillar in a decade, translating the codes of Gaultier, one of the top 10 fragrance brands worldwide, to the feminine side. This fragrance is a powerful example of how operational excellence makes creativity a reality and the impossible possible.

Bringing this iconic bottle to life required a significant manufacturing accomplishment. By combining technical expertise with exceptional craftsmanship, our teams transformed an ambitious technical design, a dream, into a reality that we believe consumers will love.

This launch comes at a defining moment also at the Gaultier fashion. The brand codes are also being reinterpreted by Duran Lantink as the first permanent creative director since Jean Paul Gaultier's retirement.

A few weeks ago, we saw Duran's haute couture debut collection at Paris Fashion Week in June, which was inspired by Marie Antoinette, a wink to the French royal court that is well aligned with the name of the new fragrance, as the press has signaled, and that revisited the Gaultier legacy with originality, keeping alive the irreverent spirit of the brand. After several years of exponential growth, we saw performance at Rabanne reaching a plateau.

In this scenario, we see a great opportunity to reinvigorate the brand through reinvention. We are excited to present 1 Million Black, a launch that we believe will bring renewed momentum to the franchise, renewing the storytelling with a great advertisement that takes it back to the core narrative, the audacity and luxury that 1 Million has always stood for.

It's worth reiterating that Rabanne is a top 10 fragrance brand worldwide and that Million, launched in 2008, continues to be one of the most coveted masculine fragrance franchises worldwide. Reinforcing this Rabanne renaissance recognition, we are pleased to welcome Olivier Rousteing as creative director of the brand.

Rousteing combines strong cultural resonance with a track record of building brand desirability. Under his creative direction, the house will deepen the dialogue between fashion and beauty that makes Rabanne distinctive.

We are looking forward to his first show in March 2027. We will continue with the signature creativity that Charlotte Tilbury has always been known for.

The second half of the year will see the introduction of Charlotte's next-generation complexion innovation, expanding its iconic Airbrush Flawless franchise with a new launch that marks the next chapter for one of the brand's most iconic beauty categories. In addition, the brand is set to unveil its highly anticipated seasonal holiday launches.

In skincare, we will continue expanding hero franchises to build upon the incredible momentum with Uriage. In the second half of 2026, we will continue with efficacy-focused launches addressing anti-aging and a skin barrier formulation.

Within skincare, we expect innovation to continue across Dr. Barbara Sturm, with exciting new launches in the iconic Super Anti-Aging franchise, with an upgraded serum and a new face mask rich.

While we continue with our collection-based launches in niche, we will also be celebrating 50 years of L'Artisan Parfumeur in the second half of the year, with some exciting new projects, including the Abyssae Extrait in September, building upon a more nuanced version of a much-loved fragrance. We will also be building upon our home collection.

With Byredo, we will be expanding our Night Veils collection and making selective launches in makeup. Across our brands, we have delightful holiday season offerings in the pipeline.

Lastly, we look forward to sharing with you all our next vision plan, which will guide our strategic priorities when we convene on October 28 for our Capital Markets Day. We will be holding this event at the iconic Museo del Prado, a testament to our commitment to the arts and our identity as a home of creativity.

We will be sharing the entire presentation through a live webcast. With that, I'll hand it back to Varenya.

Thank you, Jose Manuel. With that, we conclude our prepared remarks and will now open the line for questions.

We kindly ask that you limit yourself to one question initially, and we will return for follow-up questions if time permits.

Good evening. Thanks for taking my question.

Molly Wylenzek from Jefferies. Just on fragrances.

I'm sure you'll be aware that L'Oréal was talking about 5% market growth this morning. I'm struggling to sort of reconcile that with your comments about market share gains or market outperformance.

Do you think you're measuring market a different way due to the different geography mix that you have, or just any comments you have on that would be great. Thank you.

Molly, for your question. Our estimate for the first half of the year, is a market growth of close to 4%.

In our case, our sell-out is growing faster than our first sell-in and that the sell-out of the market. We are growing 2 points ahead.

First, two two things: first, there's a reduction of inventories, where we think they are now at the right level. Second, a gain of market share in the case of fragrance of 0.3 points.

In the case of makeup, we see the market growth at low middle single digit, with Charlotte Tilbury growing at 9.1%. In the case of dermocosmetics, we see a middle single-digit growth, with Uriage growing at double-digit growth.

Thank you.

Hello? Good afternoon.

Can you hear me?

Yes, perfectly.

Okay. Hello?

Hello, Céline. We can hear you.

Great. Thank you.

My question, following on makeup. You said that Charlotte Tilbury is growing at 9.1%.

That, you think, is the sell-out data on H1? I'm asking because I wanted to know what kind of help you've seen in the quarter from the sell-in into Boots.

Obviously, it's a bit of a very tough comp and very bumpy, but if you think that the sell-out is growing at high single digits, are we therefore expecting such growth rate to continue despite the tougher comp that we are looking at in the second half of the year?

Yes. Charlotte Tilbury worldwide is gaining market share of 0.4%.

This 9.1% is a sell-in, okay? In terms of sell-out, we are growing 0.4% market share, we are gaining market share in every single country.

We just launched in Boots at the end of Q2, we start to see the first results in terms of sell-out. We only focus on 30 stores in Boots, and the results are outstanding.

We are growing 5, 6, or 7 times more than the second one, we are quite excited with these results at Boots. Concerning the comparison for the next two quarters, it's true that the next two quarters, Q3 and Q4, in the case of Charlotte, were strong quarters: Q3 because of the launch of Amazon, and Q4 because of the holiday season.

Having said that, with this 9.1% growth, we are quite positive for the remaining of the year. We have also strong holiday campaigns, and those first results of Boots are quite encouraging.

I hope this answers your question.

Yeah. You would expect to see positive growth in both quarter in the second half?

We expect a positive growth for the total year. We'll see how this Christmas campaign evolves.

It was a super successful campaign last year with Celine Dion, but we are very confident with our new celebrity for the Christmas campaign, we are positive with that.

Thank you.

Thank you.

Hi. One question and one point of clarification, if I may.

As to the question: could you please talk about the impact of US tariff refunds? Has anything been booked in H1, or will anything be booked later in the year, and could you give any quantification of that?

The clarification is: did you say that your sell-out in fragrances was 200 basis points above what you basically reported, i.e., the 3.8%, i.e., there was a very substantial drag from destocking? Thank you.

Hi, Jeff. This is Miquel Angel here.

On the first question on the tariffs, we are in the process of recovering the US tariffs that we paid at the end of last year, beginning of this year. As of the first half results, there is no impact yet on the P&L.

For the full year, though, we don't expect the net impact of tariffs to diverge significantly from the outlook we provided there. On the second question you had, Jose Manuel can answer that, what Jose Manuel was precisely saying, no, is that indeed, no, there's around 2 points ahead of our sell-in exercise.

That's correct, the statement you made in that sense.

Thank you.

Thank you. Good evening, Jose Manuel, Miquel Angel, and Varenya.

Thanks for taking my questions. I just wanted to follow up, as you've commented on makeup expectations, on fragrance and skincare, maybe particularly on skincare, what are your expectations for growth in those two categories for the second half of the year given the innovation pipeline and then comparison basis?

Then the second question I had was on the innovation pipeline in fragrances. I think you have recently been way more active in feminine franchise launches, including La Bomba and now also with La Favorite.

Could you please share some color on your plans for the masculine segment over the coming years, and in that context, why expectations for 1 Million Black, and would you expect it to be more meaningful than a typical flanker launch usually is? Thank you.

Thank you, Aron. Good afternoon.

First let me take the last question. Innovation is strong.

We'll have a second semester quite strong in innovation, with the launch of La Favorite. La Favorite is the first launch in feminine in Jean Paul Gaultier after a decade, and it comes in a moment where the brand is hot.

Le Male is at top 3 worldwide, and the brand has been growing exponentially for the last 3 years, we have good expectations of this launch. Second semester will be also the launch of Black Million.

It's the first time that we give Million not a range extension, but a flanker with a more identity, and we have high expectations for this launch. In the case of our pipeline of launches, as we say, we are focused on feminine launches.

We launched La Bomba, which has phenomenal results, where we planted to reach top 20 by next year, but we are already in the top 20 this year. Great results everywhere, overpassing all our expectations.

We have the feminine launch of Gaultier this year. Next year will be masculine, we will launch a new masculine for Rabanne, and finally 2028 will be the feminine launch of Charlotte Tilbury.

We have a strong innovation calendar in those 4-year horizon, which is much higher than any other previous years. Concerning expectation about evolution of the market, niche fragrance are growing at double-digit growth, and we foresee a continuity in this sense by the end of the year.

Also, our Derma brands are growing at double-digit growth, and we foresee a continuity in this growth. Our sell-out, as I was saying before in the case of makeup, are strong enough, good results, despite what we have to anniversary in Q3 and Q4.

Hope this answers your questions.

Thank you. That was very clear.

If I could just follow up on skincare, would you expect the performance to improve from the performance that we've seen in Q2, or should we extrapolate these trends for rest of the year?

Yes. As Miquel Angel showed in his presentation, we are having a very good result with our Derma brands at double-digit growth.

Our wellness brands, Loto del Sur and Kama, also performing well and gaining market share. However, the premium skincare has been tougher this semester.

It's a question of the market of premium skincare, but also in our case, we reformulated the Charlotte Tilbury Magic Cream, which caused some disruption, and we also discontinued some discovery kits that were lower-margin items. We should expect a better performance for the second half, sure.

Thank you.

Question with hands raised. If there's anyone else, we request you to raise your hand now.

With that, we come to the end of our Q&A, and we look forward to speaking to you all again in October with our Q3 results and also at our Capital Markets Day. Thank you.