The Spanish beauty group delivered record third-quarter sales in 2026, with net revenue reaching EUR 1.39 billion (USD 1.12 billion), up 5.6% on a like-for-like (LFL) basis and 7.2% at reported exchange rates. The performance was driven by fragrance and makeup, with growth across all geographical regions.
For the first nine months of 2026, the Spanish beauty group generated revenue of EUR 3.74 billion (USD 4.19 billion), up 4.8% LFL and 4.1% on a reported basis. All business segments and regions recorded like-for-like growth over the period, with niche fragrances, makeup, dermo-cosmetics and Asia-Pacific delivering double-digit growth.
“This performance reflects the strength of our innovations and our distinctive portfolio, and is in line with our outlook for the year,” said CEO Jose Manuel Albesa, highlighting the strength of the group’s innovation pipeline.
Puig reiterated its full-year 2026 outlook, expecting to outperform the premium beauty market on a like-for-like basis while maintaining an adjusted EBITDA margin in line with 2025.
Makeup drives sales growth
Makeup was Puig’s fastest-growing business segment over the first nine months, with revenue rising 12.0% LFL to EUR 628.5 million. In the third quarter, sales increased 16.1% LFL to EUR 269.7 million.
Fragrance and Fashion, Puig’s largest segment, generated EUR 2.70 billion in revenue over the nine-month period, up 3.8% LFL. In Q3, sales rose 3.9% LFL to EUR 985.8 million, representing approximately 71% of quarterly revenue. Niche fragrances continued to deliver double-digit growth, alongside a strong performance from Carolina Herrera.
Skincare revenue reached EUR 414.1 million over the first nine months, up 1.3% LFL. Within the segment, dermo-cosmetics, led by Uriage, continued to deliver double-digit growth in Q3, while premium skincare remained subdued.
Asia-Pacific remains the fastest-growing region
Asia-Pacific recorded the strongest geographical performance, with nine-month revenue increasing 17.9% LFL to EUR 430 million. Third-quarter sales rose 12.9% LFL to EUR 156.5 million, supported by growth across categories, particularly niche fragrances and makeup, and by digital channels.
The Americas generated EUR 1.37 billion over the first nine months, up 3.8% LFL. Q3 revenue increased 6.2% LFL to EUR 506.7 million, driven by fragrance and makeup.
EMEA sales reached EUR 1.95 billion over nine months, up 3.0% LFL, with third-quarter growth of 3.8%.
The group announced in September an agreement to acquire the remaining 50% stake in Spanish dermocosmetics company ISDIN from Corporación Químico-Farmacéutica Esteve. The EUR 1.2 billion (USD 1.34 billion) transaction comprises EUR 900 million in cash at closing and a deferred payment of EUR 300 million due in 2029. Completion is expected by the end of the first quarter of 2027, subject to regulatory approvals.
