[Huatai Consumer Overseas Series | Beauty & Care] #Puig 26H1 Results Flash: Fragrance and Makeup Lead, Asia-Pacific High Growth, FY Outlook Maintained

English summary

#26H1 Results# Revenue €2.354bn / yoy +4.4%; Q2 revenue €1.138bn / yoy +4.1%, beat Bloomberg consensus by 1.36%. Gross profit €1.776bn, gross margin 75.5%; operating profit €340m / yoy +2.3%, operating margin 14.5%. Adjusted net profit attributable to shareholders €260m / yoy +5.2%, adjusted net margin 11.1% / yoy +30bp, adjusted EPS €0.46. Operating free cash flow -€196m, mainly due to temporarily higher inventory levels. #FY26 Guidance: Maintains full-year outlook, expects to continue outperforming the premium beauty market on a comparable basis, adjusted EBITDA margin roughly flat vs 2025; brand investment pace more weighted to 26H2. #26H1 by Segment: Fragrance and makeup continue to grow, skincare dragged by premium skincare adjustment. Fragrance and fashion revenue €1.716bn / yoy +3.8%; Q2 yoy +3.7%; ...