Puig has made a solid start to its 2026 financial year after posting bumper first-quarter sales.
The Spanish beauty conglomerate, which is currently in talks with the Estée Lauder Companies over a potential €40bn merger, reported net revenue growth of 4.7% to reach €1.21bn for Q1 2026.
Puig’s overall performance was supported by a standout performance from niche brands and its make-up segment.
Make-up sales increased 3.3% to €170.8m on a reported basis, compared with €165.3m in the same quarter last year, led by strong demand for Charlotte Tilbury in the Asia Pacific and EMEA regions.
New launches from the make-up brand, founded by eponymous MUA Tilbury in 2013, also drove growth, including Airbrush Flawless Blur concealer and the extension of the Pillow Talk franchise with Balm Lip Tint and Beauty Soulmates Palette.
“Once again, Puig delivered a solid Q1, outperforming the premium beauty market, as we have done over each one of the last five years, including each of the last eight quarters as a public company,” said Jose Manuel Albesa, CEO of Puig, who was appointed to the role on 17 March 2026.
“Our performance is particularly notable given a demanding comparison in our largest segment, fragrance and fashion, and reflects the strength, desirability and resilience of our prestige and niche brands.
“We also saw a strong contribution from make-up, with Charlotte Tilbury delivering strong growth, and steady delivery in skin care.”
How Puig’s core categories performed during the quarter
Charlotte Tilbury
Fragrance and fashion, which accounted for 74% of Puig’s total revenues for the quarter, benefited from increased demand from the Carolina Herrera perfume brand and recorded €897m in net revenues.
This was supported by the initial launch of La Bomba in the US, as well as double-digit growth in niche fragrances overall.
Jean Paul Gaultier also unveiled Le Male in Blue during the quarter, while Rabanne launched Phantom in Red and L'Artisan Parfumeur released L'Amant.
Skin care delivered €147m in revenues in Q1 2026, with 2.1% reported growth thanks to the strong momentum of Uriage's hero franchise Xemose C8+.
The quarter also featured the rollout of Loto del Sur in Mexico and Chile, Uriage’s first expansion beyond Colombia.
Albesa added: “This is only the beginning of the year, and we have a strong pipeline of innovation.
“We remain incredibly excited about the continued outperformance of our niche brands, and the potential that lies in Charlotte Tilbury and our skin care brands for the long term.
“The following quarters will see accelerated innovation behind 1 Million and Invictus from Rabanne, alongside the launch of a new feminine fragrance from Jean Paul Gaultier.”
Puig shrugs off the Middle East crisis impact amid standout EMEA performance
Rabanne
In terms of regional performance, EMEA continues to be Puig’s largest operating market, accounting for 54% of total income for the quarter and delivering €65m in revenue.
The ongoing crisis in the Middle East is estimated to have resulted in an approximately 1.2% impact in Q1 2026, largely concentrated in March.
Puig stated that it anticipates continued impacts and continues to monitor the situation.
For the US market, revenues contracted by 5% to reach €428m, compared with €451m last year, with the brand owner being impacted by foreign exchange effects.
Sales of Carolina Herrera in prestige and Byredo in the niche category helped to offset these declines slightly.
APAC fared better, representing 11% of the total income, and achieving net revenues of €131m, as a result of continued momentum driven by niche fragrances and Charlotte Tilbury.
Looking ahead, Puig expects to outperform the premium beauty market on a like-for-like basis for FY2026.
It anticipates that adjusted EBITDA margins will remain stable, in line with FY2025, despite a more challenging cost environment.
Albesa said: “All regions contributed to growth on a like-for-like basis, with particularly strong momentum in APAC.
“The region represents over a third of the global beauty market, yet accounts for just 11% of Puig’s sales. “In EMEA, our priority has been ensuring the safety of our teams in the Middle East as we navigate a challenging situation in the region, and I want to thank them for their resilience and commitment during this time.
“In the broader EMEA and Americas regions, we delivered steady performances.
“While we continue to monitor the ongoing macroeconomic uncertainty, we are confirming our 2026 outlook and remain confident in our capacity to outperform the market.”
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