Growth, profit, and the new pecking order
Puig laid out a plan to lift revenue by 60% to €8 billion in 2032, while aiming to rank among the top four in premium beauty and the top two in fragrances. Management is also chasing an adjusted EBITDA margin north of 22.5% by that year, up from 20.7% on €5 billion of sales in 2025, with the push driven by tighter integration and ongoing cost discipline.
The update lands just before its first investor day set for 1 p.m., framed as a marker for the company's next phase under CEO José Manuel Albesa, appointed in March to succeed Marc Puig, who now serves as chairman.
What gets priority, and where
The company highlighted four priorities in its portfolio: high-end scents, artisanal fragrances, Charlotte Tilbury, and dermo cosmetics.
As of Tuesday, analyst models compiled by Bloomberg pointed to revenue growth of 4.6% in 2026, stepping up to 4.9% by 2028.
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What investors want to hear
Beyond the headline targets, shareholders are looking for specifics on integrating the recently bought skincare label Isdin, and on capital deployment with leverage moving higher. The fragrance narrative is another watch item after the category undershot in the third quarter, even as overall results topped expectations on strong makeup, led by Charlotte Tilbury.
Earlier this year, Puig explored a tie-up with Estée Lauder but did not reach a deal, and it has previously signaled it may pursue selective acquisitions.
Stock and listing backdrop
Founded in 1914 and still controlled by the family, Puig listed in May 2024 with its IPO set at €24.5, the peak of the indicated range. Weakness in fragrances and expenses tied to the IPO pushed the shares down to a record low of €13.18, after which they recovered on improved execution. Even so, the stock remains 22% under the IPO level and, as of 1:24 p.m., was off 1% at 18.97 per share.
Why it matters for your portfolio: clear growth and margin guardrails help frame the runway, but delivery on integration, category momentum, and capital allocation will likely decide whether the multiple catches up to the plan.
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