PUIG BRANDS : Corporate Contact: Key Takeaways

Research evidence excerpt

PUIG BRANDS : Corporate Contact: Key Takeaways

EQUITIES

FOOD & HPC

PUIG BRANDS NEUTRALPRICE* EUR16.1  TARGET PRICE EUR18.5 (UPSIDE 15%)

PUIG BRANDS ADR NEUTRALPRICE* USD9.2  TARGET PRICE USD10.8 (UPSIDE 17%)

FLASH NOTE

Corporate Contact: Key Takeaways

18 JUNE 2026 Securities Research Report Production time: 16:18* (London time)

Research Analyst & Publishing Entities

Jeff Stent BNP Paribas London Branch (+44) 207 039 9469 jeff.stent@uk.bnpparibas.com

What happened?

Today, Puig (CFO and IR) hosted a sellside lunch in Madrid. Overall, we felt that the tone was relatively neutral

and messaging very consistent with what has been said previously. Puig is due to report its H126 results on

July 30th after market close. There was no change to FY26 guidance. Points of colour below.

Points of note:

– Recent discussions with Estee and Kering: Puig commented that in both cases it was approached and that during the

discussions it was focused upon governance, leadership and achieving terms that would be fair to all stakeholders. Puig

commented that the controlling family remains committed to the business and did not intend to cash out their interest in

the business (i.e. while the perimeter of their interest could have evolved, they were not seeking to reduce it).

– Middle East: The impact of the Middle East conflict should be consistent with the -1% impact in H1 that Puig previously

guided to. While the impact on travel retail has been higher than initially expected, the impact on local sales has been

lower. Although travel retail is more profitable, this should be manageable at the group level given the materiality of the

impact.

– Fragrances: Puig reiterated previous comments that it has not yet made any strong launches in Prestige Fragrances this