LFL growth of +7.8% at the top end of the 2025 range, and 20.7% Adjusted EBITDA margin, ahead of guidance.
- Solid net revenue growth, delivering €5,042 million in 2025, up +7.8% like-for-like (LFL), at the top end of our 2025 outlook range of 6-8%, +5.3% reported.
- All business segments grew within or above the 6-8% outlook range, while maintaining healthy growth levels across all geographies.
- Adjusted EBITDA of €1,045 million, up +7.8% year-on-year; Adjusted EBITDA margin rose from 20.2% in FY 2024 to 20.7%, ahead of guidance.
- Adjusted Net Profit of €587 million in 2025, representing an 11.6% margin. Reported Net Profit of €594 million, or 11.8% margin.
- Strong Free Cash Flow of €664 million, with conversion of 64% over. Adjusted EBITDA reflecting continued improvement in Net Working Capital.
- Net Debt/ Adjusted EBITDA stood at 0.7x, comfortably below the company’s 2.0x threshold.
- Puig holds three spots in the top 10 fragrance brand rankings worldwide with Rabanne, Carolina Herrera and Jean Paul Gaultier.