Puig Brands

Note: This is a daily stock update and the information stands true as of 31/10/25, 09:00 CET.

Company Update:
Puig’s Q3 25 results beat expectations rising 3.2% to €1.3bn (consensus was at €1.26bn). 
The makeup segment showed exceptional momentum, with the new Amazon channel contributing about half of its +18.8% quarterly growth.
In Asia, growth remained strong, supported by the expansion of niche brands and the integration of local subsidiaries.

On the back of a strong Q3 and improved visibility in wholesale orders, the company raised its FY25 guidance. LFL revenue growth is now expected in the mid-range of 6–8 %, with adjusted EBITDA margin expansion set to remain in line with the improvement achieved in FY24.

Expert Opinion: 
Puig offers an interesting profile with strong positions in niche segments. Stock is down 22% YTD and is now back to an attractive level. Our expert expects momentum will improve and Puig is an interesting play at this level.


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