Puig Brands Aktie

Good afternoon, and welcome to our Capital Markets Day. Before we begin, I would like to take a moment to express our concern following the news of this morning train accident in Spain. On behalf of everyone at Puig, our thoughts are with all of these affected and their families, and we also express our gratitude to the emergency services and everyone helping at the scene.

Thank you for being here with us, and thank you to those joining remotely. We are presenting to you today from the Museo del Prado, which holds centuries of art, a perfect location for the first Capital Markets Day for Puig, the home of creativity. After 22 years as CEO, earlier this year, I announced my new chapter continuing as Executive Chairman. As a member of the founding family, I have always seen my role as both a responsibility and a stewardship. We have one clear goal today. We want to give you a view of who we are, what we have built and a better understanding of where we are going.

Before we look forward, I want to better explain what makes us us. And I want to begin with our purpose, which embodies what Puig stands for and defines why we call ourselves a home of creativity. We are a home of Love Brands within a family company that furthers wellness, confidence and self expression while living a better world. For consumers, this defines how our brands connect emotionally. For employees, it defines why they choose to grow their careers with us. And for investors, it defines how we build a durable company that cares deeply about building brands for the long term.

The fact that the same family has been behind this company for more than a century has shaped our values and the way we behave as an organization. For us, our values are not just words on a wall, but principles we try to live by every day. Our values transpire throughout our organization. Restless curiosity drives not only our innovation pipeline, but also encourages every employee to grow. Contagious enthusiasm keeps energy and creativity alive at every level. Fairness and respect guide our relationships with our employees and our partners. Entrepreneurial audacity keeps us agile and courageous, preserving our founder mindset even as we grow on a global stage. The commitment to shaping tomorrow anchors our long-term vision and our sustainability agenda. This culture explains why we retain top talent, attract strong founders and execute consistently.

Culture is not a soft quality in our business. It is a competitive advantage. At Puig today, we are stronger than at any point in our over 110 years history. We have built scale without losing creativity. We have built global capabilities without losing agility, and we have built a portfolio with resilience and depth while nurturing unique brand identities. And although we have reached this strong position, we still believe we are just at the beginning of what this platform can deliver. We see ourselves as a David against many Goliaths, especially one. And we like this image. It brings the best out of us.

I want to spend a few minutes talking about the leadership of Puig in the new era. While the Puig family will remain at the core of the company, a critical part of ensuring continuity through generational transition is ensuring that we have the right leadership in place. As Executive Chairman, I remain focused on 3 areas that are most important to Puig's long-term success. ultimately underpinning sustainable value creation for all stakeholders. They are: First, overseeing the strategic direction of the company and particularly the main bets or strategic choices we make; second, leading our mergers and acquisitions agenda; and third, ensuring we continue to attract, develop and retain exceptional leadership talent. Over the next 30 minutes, I would like to share how we think about these priorities and how they position Puig for its next phase of growth.

As many of you know, Jose Manuel Albesa now serves as Chief Executive Officer. Jose Manuel has been with Puig since 1998 and has been a close partner to me in the development of our company for more than 2 decades. Many of you have already had the opportunity to engage with him in recent months. Together, this leadership model combines the long-term perspective, stability and values of a family-controlled company with the depth, expertise and execution capabilities of a highly experienced management team, several of whom you will hear from today. We believe this structure provides continuity where it matters most, while ensuring clear accountability and excellence in execution across the organization.

2.5 years into being listed, this is a question that many investors still ask us, why did this family business choose to go public? The answer is rooted in our long-term philosophy. Long time before we went public at the beginning of this century, we had already chosen a model we call self-disempowerment, which means to limit the power of the family by having, for instance, more nonfamily members and family members in our Board or by having all our committees composed of nonfamily members. We strongly believe in the benefits of the long-term thinking behind family-controlled company, but aware of the traps inherent in family companies, we also wanted to design mechanisms to prevent those traps from damaging the company.

Going public was a natural next step in that direction. We wanted to maintain family control because it allows us to take decisions thinking about the next generation and as well as the next quarter. But at the same time, we wanted the balance that comes with the incremental discipline, rigor and transparency that the public markets provide. As with every family-owned company, generational transition comes with its own challenges. It's the Achilles' heel of any family company. And we have seen our -- how other successful global brands in the beauty and luxury world have been able to structure this for the long term as public companies.

The ambition of going public gave us the catalyst to reinforce our governance, strengthen our balance sheet and ensure that our values remain protected for the long term. It is not about changing who we are. It is about giving ourselves the structure to accelerate our ambitions while preserving the essence of Puig.

Let's talk a little bit about how we think about the strategic direction of the company. Over the past 2 decades, we have always designed our future through strategic plans. And through them, we have helped crystallize the 5 strategic choices that define who we are and how we grow. Each plan clarified our priorities, strengthened our capabilities and build the foundation for the company we see today.

Plan Director anchored our shift towards prestige, focused us on the right categories and gave us the discipline to grow. Plan Apollo helped us navigate a challenging global environment. Plan Centennial accelerated our move toward own brands and reinforced our identity as a house of creators. Plan Next strengthened our Prestige portfolio and initiated our Bet on Niche, a category that now differentiates our fragrance portfolio. Plan Da Vinci broadened our vision and began our diversification into beauty with renewed profitable growth, particularly as we dealt with the COVID-19 pandemic in its last year.

All of this led to Vision 2025, which allowed us to capitalize on the strengths built through prior plans, size the opportunities within an extraordinary environment and deliver the highest growth in our history. In 2021, we publicly shared a bold strategic plan. We're clear and ambitious about our targets. We committed to doubling revenues in 3 years and tripling them in 5. These were significant targets. We not only met these commitments, we exceeded them. We more than doubled in 2 years instead of 3. We nearly tripled 1 year ahead in 4 years and then more than tripled in 5.

And in doing so, we delivered growth not just more than the market, but higher than any other listed multi-branded premium beauty player in the last 5 years. Each plan built on the previous one. Each one made us more focused, more resilient, more ambitious. Together, they took Puig from EUR 800 million in revenue to EUR 5 billion and from EUR 1 billion (sic) [ EUR 100 million ] in net profit to more than EUR 0.5 billion. Strategic choices compound over time. And the next plan standing on this foundation will set the direction for Puig Vision 2032, which Jose Manuel will discuss in detail.

And building upon our historic track record, we have also been delivering since our IPO. We delivered high single-digit growth, well ahead of the premium beauty market with 10.9% in 2024 and plus 7.8% in 2025. And as we shared last week, we expect to end fiscal year 2026 with above-market growth. We also improved adjusted EBITDA margins by 70 basis points over 2 years while reinvesting in our brands. Our net debt to adjusted EBITDA is below our 2x threshold ending 2025 at 0.7x. And we maintained a 40% dividend payout ratio. This reflects a model that balances growth, profitability and capital discipline.

Moving to the next area that I oversee, let's talk about mergers and acquisitions. We often get asked what makes our approach to M&A different? The answer is simple. We are curators of brands, not aggregators. We choose selectively. We look for brands with a unique identity, a different point of view, strong capabilities and long-term value potential. New brands pop up continually, an influencer and the Internet and a new brand is born, but very few pass the test of time.

Our M&A strategy remains under my direct oversight because these decisions shape the future of Puig. We partner with founders through co-ownership and bespoke integration, protecting what makes each brand special. We then leverage the Puig platform to strengthen desirability and unlock long-term value. And with every acquisition, we refine our integration capabilities, helping brands scale without losing their identity, but we never rush the process. Great brands are built over years, not quarters.

Since 2011, we have invested more than EUR 4 billion in acquisitions, and we have done so with discipline. And if we include future payments to Isdin, which needs to pass the antitrust test, the amount increases to EUR 5.2 billion. Any iconic brands in our portfolio today were added since 2011, each with a purpose to accelerate a specific strategic choice. And importantly, our balance sheet remains strong with net debt well within our comfort range. We will continue to pursue M&A with strategic clarity and financial prudence. Most recently, on September 14, we announced our plans for our 18 Love Brands, Isdin. While not a material transaction, we have also recently completed a minority financial investment in Kreme, an independent French Dermo-Cosmetics company focused on microbiome-based skin care products. We look forward to closely follow this journey.

I am excited to talk a bit more about Isdin and why acquiring the remaining 50% of the company represents such an important strategic opportunity. Isdin is a company we know exceptionally well. The Puig family and the Esteve family cofounded Isdin together more than 50 years ago, and we have been partners in its development since then. It is worth mentioning that the operations of this brand have been fully independent from that of Puig Brands. And we intend to respect this structure until the transaction closes, which will most likely not happen until early next year. As you know, the transaction remains subject to customary regulatory approvals and closing conditions. This limits the extent of what we can share about our joint plans at this stage, but I will walk you through the strategic rationale and value proposition.

In terms of scale, in 2025, Isdin generated approximately EUR 650 million in annual revenues and holds leading positions across some of its most important markets, particularly in sun protection and Dermo-Cosmetics in Southern Europe and Latin America. In 2026, Isdin has been growing double digit with improved profitability versus 2025. Subject to the successful completion of the transaction, we believe Isdin would be a highly complementary addition to our portfolio and an important building block in our ambition to strengthen Puig's position in skin care.

Let me now explain why we believe this opportunity is so compelling. Over the past several years, we have been very clear about our ambition to build a more balanced beauty portfolio. While fragrances remain our largest business and a key driver of growth, we also see significant opportunities in skin care and in particular, Dermo-Cosmetics. Dermo-Cosmetics is one of the most attractive categories within beauty. It benefits from structural growth drivers, increasing consumer focus on prevention and wellness, a strong connection to health care professionals and high barriers to entry.

Against this backdrop, Isdin represents a unique strategic fit, bringing meaningful scale in Dermo-Cosmetics and strengthening our market position in complementary categories, including auto protection, auto aging and science-led skin care. It is a trusted brand with a differentiated innovation engine, deep dermatological heritage and strong relationship with both its consumers and health care professionals. Isdin shares many of the characteristics we look for in Puig. With our history, we have a unique understanding of the business, its culture, its capabilities, and we have a shared conviction about its long-term potential. It is also differentiated by its robust distribution network in its EMEA and LatAm strongholds, complementing our strongholds further.

We also see a high complementary with our existing derma portfolio. Together with Uriage and APIVITA, Isdin will play a central role in allowing us to build a broader and more complete derma platform across geographies, consumer needs and routes to market, unlocking significant value.

Let me conclude with a few remarks on the transaction. Subject to regulatory approval, we will acquire the remaining 50% stake in Isdin for a consideration of EUR 900 million at closing and a deferred payment of EUR 300 million in first quarter 2029. The transaction will be funded through a combination of existing resources and new debt. We expect to remain below our 2x leverage threshold and to deleverage swiftly thereafter, supported by the strong cash generation of the combined business.

To summarize, our convictions rest on 3 main factors: First, the role of Isdin in our dermo-cosmetic platform ambition, driving category diversification. Second, Isdin's stand-alone potential to become a billionaire brand in the future. And third, clear opportunities for value creation, which we can unlock through full ownership. By this, I mean referring to the synergies across our Dermo-Cosmetics portfolio. We see clear synergy opportunities, which we will further validate post closing, and Jose Manuel will talk a bit more about this.

Overall, we believe this transaction enhances both the quality and the growth profile of Puig, while remaining fully aligned with our long-standing discipline and capital allocation. We call ourselves a Home of Love Brands, which is at the core of how we create value. Our brands operate with creative autonomy. This is essentially in beauty, where innovation, emotion, identity, authenticity drive desirability. At the same time, our group platform provides scale, shared capabilities and operational excellence. From product development to go-to-market, retail, supply chain, digital, our brands benefit from world-class resources.

We are not a fast-moving consumer goods company. We play in premium beauty, and it is the ability to keep the desirability of our brands up to date and relevant that drives success, not just following consumer needs and being present wherever they happen to shop. That's what allows us to command premium prices and maintain high margins. This interplay between brand-led independence and platform sharing is not a perfect balance. It is a productive tension. Creativity needs freedom and global growth requires discipline. Managing both simultaneously is one of our greatest strengths.

When we say that we have a flexible approach to integration, what do we actually mean? This slide shows the different integration models we use. We do not apply a single formula. Some brands need full autonomy for many years. Some benefit from fast integration, sometimes from day 1, some evolve gradually. We tailor our approach to what will create the most long-term value. This flexibility is a key reason why brands and founders want to join Puig.

We have been highly successful in attractive founders. One of our competitive advantages in M&A has been that founders often choose Puig and stay with us longer than originally planned. They do so because we respect their vision, protect their identity and empower their teams. We have created an environment where their brands can thrive. The question arises when founders leave or retire, can we maintain the momentum of our brands? Even after founders depart or retire, we have learned how to preserve the speed of desirability of the brands they created. We believe this requires a delicate balance and is a rare capability.

Here, you see examples of growth before and after founder transition just up to fiscal year 2025. The results show that Puig not only nurtures brands while founders are present, but also sustains and accelerates them after founder step back. For example, Carolina Herrera is 5x the size it was in 2008, and Jean Paul Gaultier 6x its size when we took bid in-house. After Dries Van Noten's retirement and Ben Gorham's departure, we have succeeded in not only growing but accelerating the brands they founded. In 2025, both Byredo and Dries Van Noten fashion have experienced double-digit growth. We believe this is a testament of a strong platform.

And over the years, with our unique approach, we have generated significant value from acquired brands. Here, we give you a glimpse of how inorganic growth has contributed to Puig as you see it today. About half of the revenues we generated in 2025 came from brands acquired after 2011. These brands have grown to many multiples of their sizes at the acquisition under Puig stewardship. This reflects our ability to scale brands, reinforce storytelling, expand distribution and professionalize operations.

At the same time, we drive value over the long term. Our longest-standing own Love Brands, Rabanne, Carolina Herrera, Nina Ricci have grown at a 9% compounded annual growth rate between 2004 and 2025. As is also evident from this chart, we have always believed in a patient approach and not every brand will thrive immediately. We will continue to focus on transactions that create long-term value rather than just short-term volume.

I will now turn to the third main area of focus for me, our talent and how we invest intentionally in our people. A critical part of our long-term strength is talent. For more than 15 years, we have invested in building our own leadership pipeline through Janus, Neos and Spark. These programs are shaping future leaders across the organization.

I want to talk about our Janus program. This is a 24-month program for candidates with high talent potential with at least 8 years of relevant professional experience, of which they have spent at least 1 year at Puig. The program is conducted in partnership with business schools, internal and industry leaders. We launched this program in 2011. The fourth generation currently underway, and we have covered 167 participants since launch. We are incredibly excited about and proud of the talent we have built through it. This internal pipeline gives us cultural continuity and strategic discipline.

At the same time, we're proving to be very attractive to external talent. I would like to show how our programs fit talent into every level of leadership. We have 7 Janus alumni within our group executives, including 2 executive committee members today, Thomas James and Miquel Angel Serra somewhere here, whom you will hear from later today and an additional 24 Janus and Neos if we also include our key executives. Together, these tiers make up the leadership and future leaders of Puig.

Our structure allowed us to identify high potential people early and develop them with care. This is one of the reasons we maintain a strong succession across key roles. Even with the strength of our internal culture, 21% of our key roles were filled with external talent. This is a remarkable strength, particularly as the company grows, and we need to build muscle in new areas. These external talents bring experience and perspective that enrich the organization. This combination of internal depth and external expertise gives us a robust leadership engine.

Before I conclude, I want to spend just a few minutes on sustainability. This has long been part of how we build and grow Puig and is an important mandate from the Puig family that we strive to be at the forefront of our industry. As the home of creativity, we believe that creativity and responsibility go hand in hand. Sustainable growth requires both. That is why our approach focuses on creating long-term value for all our stakeholders while managing our environmental and social impact.

With nurture positive impact, our sustainability strategy to 2032, we are taking that commitment further and embedding it more deeply across the businesses. The strategy provides a clear framework to guide our actions, measure our progress and strengthen accountability across the organization. Built around 2 priorities, planet and people, it is supported by 5 pillars and 14 measurable targets aligned with global standards, science-based targets and regulatory requirements. Our ambition is straightforward: to grow responsibly, reduce our environmental footprint, support people and communities and ensure sustainability remains embedded in the decisions we make every day. Underpinning this ambition is a defining strength of Puig, creativity. More than part of our heritage. It is a strategic capability that drives innovation, supports resilience and helps us create long-term value for future generations.

As I close, I want to share a personal reflection. Leading this company as CEO for 22 years has been the greatest privilege of my professional life. What I see today is a company that has never been stronger. We have desirable brands, a powerful platform, disciplined governance, a strong balance sheet and a team united by a culture that blends creativity with execution. Most importantly, we have a long-term vision rooted in family values and built for global ambition. My commitment as Executive Chairman is to protect this vision and help guide Puig through its next chapter so that future generations inherit the company even stronger than the one we lead today.

Thank you for your trust, your partnership and your interest in Puig. I will now hand it over to Jose Manuel, who will share the new vision with you. Thank you.

Good afternoon. Welcome to our Capital Markets Day, and thank you for being with us today. Following introduction by Marc, our Executive Chairman, I will take you through Puig in the New Era. Over the next hour, I will share with you our track record of growth, our ambition and Vision 2032, which includes strategic priorities across brands, categories and markets. Then I will discuss key organic white spaces we see for future growth and how M&A will complement it.

I will continue with the excellence behind the way we operate and the discipline behind the way we operate. And finally, we'll talk about our home of creativity before I introduce you to the teams driving our success. Our leadership team will take you through the financial overview, followed by our go-to-market and operational capabilities as well as the brand presentations. We will also have 2 Q&A sessions this afternoon.

Our objective today is simple: to give you a clear and deeper understanding of who we are, where are we going and how we plan to get there. And with that, let me start with something that is deeply rooted in Puig's DNA, our passion for growth and our commitment to delivering it with discipline and consistency.

Over the last 5 years, Puig has been the fastest-growing multi-brand company in the premium beauty industry, significantly outperforming the premium beauty market, growing at 18% CAGR. Our strongest growth engines have been U.S. market, fragrance, our core category and makeup. To put our performance into context, in Prestige Fragrance, we have grown from 8.9% to 11.1% share in 4 years with 3 brands in the top 10, Rabanne at #5, Carolina Herrera moving from #7 to #6 and Jean Paul Gaultier from #17 to #9. In the first 6 months of 2026, we continue to gain 0.3 points of market share versus last year.

In Makeup, Charlotte Tilbury was the top 4 makeup brand worldwide, moving in U.K. from 8.5% to 9% market share by 2025 and in the U.S. from 2.2% to 4.1% market share moving from top 15 to top 3. This momentum continued again in the first 6 months of 2026, where we gained 0.4 points in market share versus last year in Makeup.

In skincare, we Uriage has expanded from 2.3% to 2.6% market share in our track markets of Europe, building a strong foundation for future growth within Puig Derma. Similarly, the momentum continued with Uriage gaining 0.2 points of market share in the first 6 months of 2026. This is not incidental growth. This is intentional and disciplined, a growth model that works across cycles, a model built on brand affability, geographical balance, execution discipline and long-term value creation. And as we look ahead, our goal is not only to grow faster than the market, but to do so sustainably, profitably and with purpose. This growth is the foundation.

Let me start now with a broader market backdrop. We continue to see premium beauty as one of the most attractive consumer categories globally, supported by a growing consumer base, continued innovation and increasing focus on wellness and self-care. Looking ahead, we expect the market to grow around 4% to 5% annually through 2032. After a reset period in 2025 -- I have an issue with -- sorry, there is a technical issue. If we can solve it, that will be great.

As I was saying before, at the reset period in 2025, we expect growth in 2027 to be towards the lower part of this range with gradual improvement towards 2032. Importantly, the most growth opportunities remain concentrated in 2 categories: Fragrance and Dermo-Cosmetics, categories where we see the strongest structural tailwinds, however Puig is particularly well positioned.

Let me start with Fragrance, where we continue to see one of the most compelling growth drivers. Fragrance remains one of the most dynamic categories in global beauty, supported by both, a consumer growing base and a deeper consumer engagement. Over the past several years, awareness and product discovery have accelerated adoption across large and historically underpenetrated markets such as U.S., China, Japan and South Korea. In the 2 largest beauty markets, the U.S. and China, there is a clear evidence that daily and weekly usage frequency has increased drastically.

Looking at general consumers, Gen Z are using close to 6 fragrance versus less than 3 in 2017. The category is also benefiting from a significant expansion in its consumer life cycle. TikTok introducing consumers to fragrance at increasingly younger ages, while on these new trends are extending participation well into a later life. Combine it with the growing use of fragrance as a tool for see expression, this has add up to 10 years to the average period consumer engage with the category.

This is driving trends such as layering and fragrance wardrobes, which are increasing both frequency of use and overall category spend. The niche category, which particularly benefited from this, has been growing twice as fast as the broader fragrance category and is one where Puig will continue to double down. Combining with fragrance position as an entry of luxury, these trends give us confidence in the category long-term growth potential.

Next, let's look at Dermo-Cosmetics, one of the most attractive categories in beauty today. It is the fastest-growing segment of skin care and is expected to reach EUR 50 billion by 2032. That growth is being driven by 3 structural shifts. Consumers increasingly seeking safety and efficacy with accessibility, distribution expanding beyond pharmacies into multiple channels and a broader consumer engagement beyond medical through social and digital influence. Structural shifts such as the aging profile of population, longevity trends, global warming and education around sun protection are further contribution to a greater focus on efficacious skin care.

Together, these trends create a large and expanding market with a long runway for sustainable growth. We believe that our portfolio is well positioned in some of the most attractive and fast-growing beauty categories. And our ambition is clear to continue outperforming the market and gaining market share as we have constantly done over the past 5 years.

Now let's ask towards the future and share with you our Vision 2032 output. Our ambition is to become an EUR 8 billion-plus company that will position us a top 4 premium beauty company and as a top 2 fragrance player by 2032. All this while reaching 22.5% adjusted EBITDA margins.

As a premium beauty company, we will share with you the building blocks to move from top 5 to top 4. We believe in doubling down on what we do best to become the top 2 fragrance player, gaining market share in both prestige and niche fragrances. If I have to summarize the core of what we will be sharing today, in a few words, it will be this, scale what works profitably.

So how do we deliver this ambition? Over the next few years, our priorities are clear and focused, double down on our core brands, scale what works and do so profitably. Our first priority, doubling down on our prestige fragrances. We aim to build a strong active beauty brand with presence in fragrance and makeup in Carolina Herrera, our largest brand. And we'll continue disrupting the prestige fragrance market through Rabanne and Jean Paul Gaultier.

For Carolina Herrera, a billionaire brand today, while continuing accelerating fragrance, the next growth avenue is makeup, leveraging the institutional know-how we have with Charlotte Tilbury and strengthening the beauty architecture beyond fashion. We will continue disrupting the prestige fragrance market through Rabanne and Jean Paul Gaultier, driven by a strong innovation calendar, unique and culturally relevant narratives and consistent global activation. Momentum is strong, and we intend to accelerate it.

Our second priority, reinforcing leadership in niche. Niche is the fastest-growing segment in fragrance, where the market grew at 11% CAGR between 2022, 2025 and where our leading brands, Byredo and Penhaligon's grew by a strong double-digit percent over the last 5 years. We will continue scaling niche selectively to serve an exclusivity while expanding distribution penetration where profitability is clear. While our footprint is only a fraction of our larger competitors, we intend to do this selectively and strategically.

Our third priority and the full potential of Charlotte Tilbury as a 3-axis beauty brand. Since Charlotte Tilbury joined our portfolio in 2020, we have seen the brand more than triple in size, approaching EUR 1 billion today. And there's still significant growth by scaling what works, which we believe is a brand with a unique understanding and connection with consumers, giving it the right to become one of the largest 3-axis beauty brands globally. For Charlotte Tilbury, while continuing to expand makeup and skincare significantly, the next acceleration lever is fragrance by 2028, unlocking the brand's full multi-category potential. The brand is only in 1/3 of the distribution of its main competitors, and we plan to continue scaling what works.

And finally, it's our ambition to create a dermo-cosmetic global champion. Derma will become a strong pillar of growth, particularly as we see the potential that comes with combining the strength of our acquisition with Uriage. This also reinforce our ambition in skin care beyond the Dermo-Cosmetics offerings as we can selectively leverage learnings across other skin care brands. Our ambition is clear to take Uriage from a regional champion to a global leader, accelerating this ambition using the highlight of [indiscernible]. While it is too early to comment on a specific plan for until the transaction close, it will clearly become the pillar of Puig's Dermo-Cosmetics ambition.

With these brand priorities at the top focus, we believe there is a clear path to achieve our goal of EUR 8 billion by 2032. In addition to these 4 priorities, we remain open to selectively welcoming new brands into our portfolio should the right opportunity arise. However, our primary growth will come from reinforcing our core, prioritizing profitable growth over diversification.

From a market perspective, our priorities are to strengthen our fortress and conquer new geographies. First, consolidating our strongholds, EMEA, LatAm and Travel Retail. We will consolidate EMEA, our leading region, where we hold a strong leadership in fragrance, makeup and derma. At the same time, we will continue to reinforce our Latin America fortress, where we hold 20% plus market share in fragrances. We successfully introduced Charlotte Tilbury in Mexico and accelerated derma in 2025.

Our EMEA and LatAm positions will be reinforced in skin care with the participation of Isdin and the benefits that its footprint can bring to Uriage. We will continue gaining share in travel retail, not only in fragrance, where we have moved from 9% to 13% market share over the past 4 years, but also by increasing exposure of Charlotte Tilbury and Derma further.

Second, doubling down on the U.S. The U.S. has been our priority for 5 years. In 2025, it represents 21% of Puig sales, becoming our largest market worldwide. We have gained 2 points of share in both fragrance and makeup since 2021, and we continue to gain share in 2026 in both. Now we will accelerate further by expanding niche, entering Amazon U.S. with prestige fragrance and derma and reinforcing penetration in Sephora and Ulta. The U.S. is not just a big story, it is a scale story. We will continue to accelerate the excellent performance of the last years.

Third, building a stronghold in APAC. The time has arrived for Puig to build a through a stronghold in APAC. The region only represented 11% of Puig sales in 2025. We have been cautiously waiting and have slowly been investing for the right moment for us. With the U.S. firm established, we are finally ready to take on the Asian challenge. In the coming years, we will focus on APAC, where we achieved 22% growth in the last year and 18% year-to-date.

Let's turn to our white spaces for growth. Now that we have set priorities from brands and markets at the intersection of both, we see 6 clear pockets of growth, digital expansion, the APAC opportunity, U.S. penetration in niche, feminine fragrance innovation, prestige makeup distribution and maximizing markets and channels for Dermo-Cosmetics.

Let's go one by one. Let's talk about the first one, digital, a major accelerator. The digital channel represents 30% of the total beauty market and 26% of total fragrance market. At Puig, total digital beauty penetration is 27% of our sales because our digital fragrance penetration currently stands close to 24%. While we have gained around 2.5 points over the last 3 years in fragrances, we still see significant headroom for growth by gaining over 5 points in fragrances to close the gap versus market digital penetration.

In prestige fragrance, we see substantial opportunity by entering Amazon U.S. and Mercado Libre in 2026, platforms where we were not present and our competitors were already. Demand indicators are very strong. According to Google Trends 2025, Rabanne 1 million is the #1 most searched male fragrance, while Carolina Herrera's Good Girl ranked #1 in feminine. We also see tremendous potential in entering TikTok Shop with a selected assortment. On TikTok, Jean Paul Gaultier's Le Male is the #1 most engaging masculine in fragrance and Carolina Herrera's Good Girl is the #1 most engaging feminine fragrance. Both brands rank among the top 2 in overall fragrance vicinity.

Our retail expansion will execute with discipline and profitability in mind while keeping our obsession on preserving and improving gross margins. To further accelerate growth, we are optimizing our advertising mix, moving from traditional 60-40 split to 20-80 in favor of digital investment, aligning spend with consumer behavior and maximizing return on investment.

In makeup, where our digital penetration is already 36%, we introduced Co on Amazon U.S. in the second half of 2025, very successfully and accretive to the rest of the distribution. In skincare and derma, where our digital penetration is 20%, we are expanding our presence on Amazon in the U.S. and broad distribution in Europe as well as the best derma digital platforms to reach 30%. Digital is, therefore, not just an incremental channel. It's a major accelerator of growth executed with control, margin discipline and brand consistency.

Now let's talk about the APAC opportunity. APAC represented 39% of the total global beauty market in 2025, while it accounts for only 11% of Puig sales. This gap represents both a tremendous opportunity and the right moment to act. As for the last 5 years, we have been focused on executing on North America while preparing to set up for Asia. Our strategy in APAC is differentiated by phone. In Northeast Asia, we will focus on niche brands and Charlotte Tilbury. In China, our niche brands, Byredo and Penhaligon's are currently ranked top 6 and top 7, respectively, in the niche market, and they have delivered double-digit growth over the last 5 quarters.

We have a strong focus on growing our productivity per door, while we still have significant distribution headroom compared with the distribution footprint of the top 10 leaders in niche. We also reactivated Charlotte Tilbury in China last year, supported by [indiscernible] with tremendous success gaining extraordinary reaction, plus 28% growth in 2025 and plus 38% growth in the first 9 months of 2022. We see substantial opportunities to the brand, not only in makeup, but also in skin care. We are only present in 20 doors, so the potential to scale what works is human. The success in China reinforce our confidence in replicating this model across our newly created subsidiaries in Japan and Korea, key markets for both makeup and niche fragrances and where we saw high double-digit growth last year and year-to-date with our niche brands and where Charlotte Tilbury currently not present yet.

Let's move now to Southeast Asia, India and Oceania, where our focus will be on prestige fragrance and derma. In markets where we already operate, we are seeing a strong momentum with a robust double-digit growth year-on-year. We set up subsidiaries in Singapore and Malaysia, and we will incorporate new ones in Thailand, Indonesia and Vietnam in 2027, 2028, creating the infrastructure for long-term expansion. In India, our subsidiary created in 2023 has integrated our Prestige Fragrance business with our top 5 local premium skincare brand, Kama Ayurveda, strengthening our control and growth potential.

Our subsidiary in Oceania has consistently outperformed our growth expectations, reinforcing the attractiveness of the region. With this clear strategic split between Northeast Asia and Southeast Asia, we are setting the right level of ambition without compromising profitability. We are focusing each brand on the market where it has the highest probability of success, ensuring that our APAC expansion is disciplined, scalable and profit driven.

Moving to the white spaces, U.S. penetration of niche. The U.S. represents approximately 25% of the total global niche brands market. It accounts for only 14% of Puig niche sales. This gap highlights a structural opportunity, focusing especially on wholesale distribution. Our niche brands are currently present in only 60 doors in the case of Penhaligon's and 190 doors in the case of Byredo in the U.S. We see potential to scale its presence up to the 500 doors where all our niche competitors already are, while carefully preserving brand equity and exclusivity. Expansion will be selective, productivity driven, increasing reach without compromising positioning. We have already done the groundwork in the U.S., building strong foundations, strengthening our organization and proving our ability to scale profit. Now it's time to fully capture the niche opportunity in the world's largest market.

Now to the fourth one, innovation in prestige feminine fragrance. The feminine prestige fragrance segment represents 65% of the total prestige fragrance market. Historically, which has had a stronger position in masculine fragrances, a segment that represents only 35% of the total market and where we are top 2 and commanded a 16.6% market share in 2025 with 3 iconic brands in the global top 10, Le Male, One Million and Invictus. Today, our feminine market share stands at 8.4%, leaving significant headroom for expansion. The phenomenal successes of our last feminine launches, Good Girl, global leader; and La Bomba, the #1 launch of 2025 demonstrate our recent ability to compete also at the highest levels in the largest segment of the market, the feminine one.

Over the next 3 years, we will refocus an innovation plan designed to close this gap and structurally strengthen our feminine portfolio with 3 consecutive feminine blockbuster fragrances across Jean Paul Gaultier,Charlotte Tilbury and Rabanne. In Q3, we just launched La Favorite, the first feminine fragrance launch from Jean Paul Gaultier in 10 years. This represents a deliberate rebalancing of our portfolio and a major opportunity to accelerate share in the most important segment of the category, the feminine one.

Now let's go to the opportunity we have with prestige distribution in makeup. Charlotte Tilbury is one of the most coveted and loved makeup brands globally with significant opportunities for expansion. While the brand has seen a strong success in U.S., U.K. and France, there is a strong white spaces in multiple geographies. In Asia, where we have seen China booming, yet Charlotte Tilbury is distributed in only 20 physical doors compared with 150 doors for premium makeup competitors and 300-plus doors for leading beauty players. And the brand is not yet present in markets such as Japan, Korea and Taiwan, all major strategic makeup markets.

In Latin America, the brand has been introduced in only one country, Mexico in 2025, where it has delivered tremendous success, and we plan to expand into Brazil, Chile and Argentina. In the top 5 European markets, Charlotte Tilbury is present approximately in 800 doors, while major competitors are in 6,000-plus stores. To give you an example, we only recently in 2026, brought Charlotte Tilbury to just 30 locations at Boots, the largest beauty destination in the U.K. where our competitors are present in 250 doors.

In travel retail, we see potential to multiply by 5 the number of doors while remaining extremely selective to protect brand equity and those coming from London that might have seen in Terminal 5. The opportunity for expansion across existing markets is substantial. Through Puig subsidiaries, we will accelerate salad entry into several markets where the brand is not yet present, doing so with discipline and careful control of distribution quality.

Finally, let's move to the opportunity in Dermo-Cosmetics. Dermo-Cosmetics are becoming an increasingly relevant and meaningful alternative to prestige skin care, driven by a consumer demand for more accessible price points, combined with scientifically proven efficiency. We believe this continues to be the most attractive category within skin care for the long term. And as you can see from our intention to consolidate Isdin, we are doubling down in this category. The pharmacy channel is one with a high barrier to entry and one where brands with true efficacy and brand equity are made. We multiply our strength in this channel with Isdin and Uriage will benefit from it, too.

The acquisition of Isdin is about creating a stronger platform for growth. Isdin brings a highly attractive brand, deep scientific expertise and significant runway for future expansion. Puig brings global scale, brand building excellence and a proven capability to accelerate beauty brands internationally. Together, we see opportunity to significantly expand reach, leverage the great know-how longevity and photo protection across our broader skin care portfolio and unlock the benefits of a greater scale across our operations.

Importantly, the opportunity in derma extends beyond Isdin, combining the strength of Isdin, scaling Uriage from a regional champion to a global leader and growing APIVITA creates an even more powerful Dermo-Cosmetics ecosystem. Today, our pro forma portfolio with the top 3 Europe Dermo-Cosmetics growing over EUR 1 billion in net revenues. On top of that, prestige retailers are taking advantage of this high consumer demand, expanding into this category, retailers such as Ulta world, department stores and travel retail in major international airports. These are channels we already master through our fragrance and makeup businesses, giving us the advantage to scale faster and with a stronger leverage than traditional Dermo-Cosmetic players.

Consumer behavior is shifting rapidly, where previously consumer went to pharmacies with a medical prescription. Today, many entering a digital retailer with a TikTok guiding their purchase decision impacted by the derma-influenced phenomenon. Digital platforms, particularly pure players such as Amazon, Mercado Libre, Shopee and Notino are also entering the category, representing for some leading derma brands up to 30% of the total business. We are incredibly excited for the opportunity in Dermo-Cosmetics ahead of us.

These wide spaces, some of our 6 largest organic initiatives that support our ambition to reach EUR 8 billion revenues by scaling what works profitably. In addition to organic growth, scaling what works profitably, acquisition will continue to play an important role in Puig journey. As I mentioned before, our ambition is to build scale primarily through our existing portfolio. M&A is an accelerator, which could help us to go beyond the EUR 8 billion ambition.

When evaluating acquisition, our criteria are clear. We look for brands consumers love with a unique identity and a clear reason to sit. We look for opportunities that strengthen our capabilities, expand our presence in attractive geographies and offer compelling path to sustainable value creation. A stand-alone financial profile and potential scale within Puig are key. Importantly, we maintain the financial flexibility to act when the right opportunity arise. We leverage the strength of our balance sheet and our cash generation give us the capacity to invest while preserving discipline.

Looking at our M&A track record to a segment lens, what emerged is a portfolio built with clear strategic intent. The common thread has been our focus on building leadership in the most attractive areas of the market and further diversifying our business beyond prestige fragrances. In particular, niche and Dermo-Cosmetics has been the most active areas of investment and continue to represent highly attractive categories. Most recently, that led us to acquire the remaining 50% of Isdin, taking full ownership. And as you heard from Marc, we have also made minority financial investment in Kreme, an emerging pharmacy-led focused on microbiome skin care, which represents science-driven, high potential opportunity, which we will continue to monitor.

We have spoken about the ambition. Now let's focus on the way we operate, which is key to achieve this ambition. We are organizing ourselves to enhance what made us so strong, the DNA of the drive innovation, protect the brandy and position the organization to preserve this with agility at scale. To do this, we are moving from a more divisional structure with specialized silos and limited scale to a more integrated organization built around 3 core pillars: global brands, global markets and global functions. Alongside this, we are streamlining our operational model through a common back office structure and leveraging existing subsidiary structure as one group more effectively. This will drive efficiency and synergies to the organization that we will explain a bit more during the presentation today.

We are also transforming through AI, which is at the foundation of how Puig will compete in the next decade. AI is an area where we see a significant opportunity to sharpen Puig's competitive advantage. Our strategy starts with our people. We are building AI capabilities across the organization, embedding AI into our processes to make goods faster and more efficient. We are also making a number of transformational bets where AI can generally change how we compete. We are already seeing this in practice. In R&D, AI is helping us to reduce formulation lead times. Online, we are using AI to accelerate discovery and improve how our products are recommended to consumer. And for consumers, we are bringing together multiple sources of data to identify trends earlier and make sharper decisions.

With our operations, we are unlocking capacity to focus on higher value activities. And with our brands, we are reducing content deployment cycles and super challenging brand storytelling. These are a few examples and Javier Bach will take you through this initiative in more detail later today. But fundamentally, AI is about combining great intelligence, precision and speed with the creativity and in things that have always defined push, amplifying what makes us distinctive at greater speed and scale.

Consumer behavior has been transforming for a decade, first through digital and social, now through AI. Winning takes a real understanding of behavior and needs and how they shift across markets and categories. That starts with turning data into insights. Puig has been data rich for a long time. What is new is connecting that data into one intelligent backbone. That's Puig Prisma, an engine that turns fragmented signals into insight, foresight and recommended action, built on our own context, so every decision carries something no competitor can copy.

We compete by leading with relevance and creativity, sharpened by a deeper read of the consumer through content activation that is precise, fast and through to each market. And from the excellence in the way we operate, let's move now to the discipline in the way we execute. As important as our growth vision and how we operate is our discipline in execution and our obsession with profitability. We have identified clear levers that will help us to unlock at least 180 basis points of adjusted EBITDA expansion by 2032, reaching 22.5%.

Since 2023, we have already delivered 70 basis points. We see a clear path to continue expanding margins, supporting our ambition to reach 22.5% EBITDA by 2032. And to do this, our 3 key levers are: first, focus. We will continue to prioritize the brands, categories and markets with the greatest potential to drive both growth and profitability across the portfolio. Second, synergies as we further integrate recent acquisitions and leverage our operating structure, we expect to capture additional efficiencies and unlock value across the organization.

And third, cost efficiency, we remain disciplined in how we allocate resources, continuously seeking opportunities to simplify, optimize and improve returns across the business. This strategy builds on focus and profitable scale. That is what we call at scale what works, profitably. We are not pursuing growth for growth's sake. We are concentrating our resources where returns are most attractive, where our brands have the strongest right to win and where disciplined execution can create sustainable value.

That is how Puig will continue to deliver profitable growth and margin expansion in the years ahead. Let me start with focus. One of Puig's strength has always been its entrepreneurial mindset and ability to act decisively that allow us to allocate resources behind our highest return opportunities, doubling down on our strongest brands and most attractive growth pockets. At the same time, we are simplifying the portfolio, streamlining nonstrategic activities and discontinuing initiatives that do not meet our return expectations.

The second lever is capturing synergies. We are evolving from divisions to global brand groups, enabling greater scale and efficiency while preserving the creative autonomy that makes our brands distinctive. In parallel, we are unlocking synergies across our global support functions, advancing IT integration and operational alignment to create simpler, more scalable organization that can grow faster and more profitably.

We are also moving to our one group subsidiaries, enabling brands to accelerate geographically while maintaining dedicated go-to-market capabilities where needed. Finally, we continue to unlock value through the integration of acquired brands, which is currently ongoing with Charlotte Tilbury and Derma and in the future will include ISDIN. With all these integration efforts over time and greater conversion across the platform, we expect to unlock approximately EUR 80 million of value over the next 3 years. The third lever is cost efficiency.

We are maintaining disciplined control of our cost base while continuously optimizing the allocation of capital and resources across the business. This enables us to reinvest behind our brands, strengthen profitability and enhance the resilience of our business model. We often refer to our Puig approach as the home of creativity. Creativity is embedded in our everyday work and deeply connected to our past, present and future performance. As Puig creativity is both a cause and a consequence of growth. While creativity is, therefore, a strategic capability, a source of resilience, insurgency, vitality and long-term competitiveness.

As we proudly say, Puig's journey has always been a David versus Goliath story in the Beauty industry. In this context, creativity that breaks norms and challenge study system is not merely a choice, is our engine of renewal. It's how we confront challenges, we bring constraints and disrupt conventional ways of solving them. And we see this clearly across our brands and launches, 1 million, now a top 10 fragrance worldwide was our bold response to 2008 financial crisis, embracing maximalism and a show of attitude to disrupt one of the most minimalistic fashion eras.

Le Male, a top 2 fragrance worldwide become recently viral by celebrating diversity and inclusivity at the height of the MeToo movement, turning cultural attention into cultural relevance. La Bomba, the best launch in 2025 celebrates Latin power and pride, boldly engaging with the complexity of the Latin diaspora. The seemingly antagonistic idea of putting a fragrance in a shoe defied the category logic and become the #1 women's fragrance worldwide.

Our reinvention of the Niche fragrance segment with Byredo, building cultural relevance by adapting the local fabric and reinforcing sense of place around the world. Charlotte Tilbury has redefined consumer engagement with a track record of out-of-the-box initiatives. The grand Christmas campaigns are legendary like the one very excited for you all to see for 2026, the same mindset extends to Dermo-Cosmetics where creativity and scientific rigor drive innovation. At Puig Derma, R&D means asking new questions and finding new answer to deliver clinically proven advances in skin health.

Sustained research, deep dermatological expertise and how entrepreneurial culture give our scientific talent the capabilities and space to challenge convention and innovate creatively. These are not iterative practices. They are proof points of a consistent mindset. Through creative insolence, boldness and a healthy sense of rebellion, Puig continue to challenge the market, redefine the durability and create brands that resonates culturally and thrive commercially.

This is how creativity moves from inspiration to impact and this is how it becomes a driver for sustainable value creation. This is how combines entrepreneurship with scale, creativity with rigor and intuition with intelligence, assuring that our home of creativity remains a powerful engine for sustainable growth in the years ahead. Time to introduce you now to Puig's leadership team, the entrepreneurs of this home of creativity, and most of them will be presenting today.

Miquel Angel Serra, our CFO, he will cover our financial overview; Javier Bach, our President of Global Markets and COO, he will cover our go-to-market and operations; Ana Trias, President of Fragrance and Fashion Brands, she will cover CH, Rabanne and Jean Paul Gaultier; Thomas James, President of Niche & Wellness Brands, he will cover Byredo and Penhaligon's; Kaatje Noens, Managing Director of Charlotte Tilbury, she will cover Charlotte Tilbury; and Marc Toulemonde, President of Derma, he will cover Uriage. We also have with us Marine de Boucaud, our CHRO; and Eugenia de la Torriente, our Chief Communications Officer. With this great leadership and the good teams we have in the entire company, we will go both further and faster as we scale what works, profitably. With that, I'll hand to Miquel Angel, our CFO. Thank you.

Good afternoon, everyone, and thank you for being with us today. Now that you have heard from Jose Manuel, the building blocks of our strategy and our Vision 2032, it is my pleasure to walk you through the financial perspectives. Over the next 30 minutes, my goal is to give you a clear and structured view of our financial ambition for 2032, how we intend to deliver profitable growth with a path for cash generation and deleveraging.

And I will recap our capital allocation priorities and the strategic investments that support our vision for long-term value creation. Let me start by approaching our Vision 2032 from the financial perspective. Our vision is built around a clear set of ambitions. Our first target is to exceed EUR 8 billion in net revenues through continued growth ahead of the premium beauty market. Here, as Jose Manuel had mentioned, we expect the market to grow in the 4% to 5% range in like-for-like terms, with gradual improvement within that range towards 2032.

The second target is to improve adjusted EBITDA margins to exceed 22.5%. We aim to achieve these targets while maintaining a disciplined capital allocation framework. We maintain our dividend payout ratio. We will preserve strategic flexibility with a year-end leverage ratio below 2x net debt to adjusted EBITDA. Here, the year-end reference point reflects the seasonality of our cash generation, which is weighted towards the second half of the year. And finally, we maintain our ability to pursue selective and value-accretive M&A opportunities that strengthen our portfolio and accelerate our long-term strategic choices.

As Jose Manuel had mentioned, we are focused not just on delivering growth, but doing so while increasing our profitability. Over the past years, Puig has demonstrated the ability to grow faster than the market while simultaneously expanding profitability and strengthening the balance sheet. Our Vision 2032 is based on continuing to execute the same strategy. The path to exceed EUR 8 billion is primarily organic and will be driven by a combination of scale and compelling above-market growth. The largest contributors will be the continued strength of Prestige Fragrances, the expansion of Niche, the scaling of Charlotte Tilbury and the emergence of Dermo-Cosmetics as a major growth engine.

For avoidance of doubt, the EUR 8 billion ambition includes this within our Dermo-Cosmetics target. In addition, selective and curated M&A remains a capital allocation priority and could provide further upside beyond the EUR 8 billion. As we look towards 2032, our growth will become increasingly diversified. Fragrance and Fashion will remain the largest contributor to our business and continue to be a key driver of profitable growth.

Here, our priority is clear: protect our leadership positions, double down on Prestige Fragrances and reinforce our leadership in Niche fragrances. At the same time, Makeup will continue to represent an important pillar for Puig with the continued expansion of Charlotte Tilbury. Our ambition is to unlock the brand's full potential as a tri-axis beauty brand while continuing to scale its distribution and organic growth opportunities globally.

And finally, Skincare. Skincare will increase its weight within the portfolio and become the next important growth engine. By combining the strength of ISDIN and our existing brands, Uriage and Apivita, we aim to build a global Dermo-Cosmetics champion and create a scaled platform for long-term growth. To give you a bit of perspective, pro forma for ISDIN, Puig Skincare in 2025 will already be at EUR 1.2 billion in net revenues, making it the second largest business segment.

As a result, while Fragrance and Fashion will remain the cornerstone of Puig and Charlotte Tilbury will remain an important growth lever, we expect a progressively greater contribution from Skincare, resulting in a more balanced and diversified portfolio by 2032. Our geographic growth strategy is built on 2 priorities: protecting and compounding growth in our strongholds while capturing attractive whitespace opportunities in underpenetrated markets.

EMEA will remain the cornerstone of our business. We will continue to reinforce our leadership positions across Fragrances, Makeup and the expanded footprint of our Dermo-Cosmetics platform. In LatAm, we see a strong opportunity to leverage our leadership in Fragrances to becoming a multi-category champion. In Makeup, we see high potential with Charlotte Tilbury in the region. And in Dermo-Cosmetics, we will have an expanded platform with the addition of the Skin footprint. At the same time, we will accelerate growth in North America and Asia Pacific, where the size of the opportunity remains significantly larger than our current position.

In North America, we see several growth engines. We have substantial whitespace in Niche fragrances and the opportunity to scale further our Prestige brands in the region. Our ambition is to establish Charlotte Tilbury as the leading makeup brand in North America while accelerating our growth in Dermo-Cosmetics. In Asia Pacific, our priorities are clear: scaling Charlotte Tilbury and Niche Fragrances in Northeast Asia, while accelerating Prestige Fragrances and Dermo-Cosmetics across Southeast Asia.

All in all, while we expect faster organic growth from North America and Asia Pacific, we do not anticipate a material change in our regional mix by 2032 as our stronghold in EMEA and LatAm will be reinforced with the inclusion of ISDIN in Dermo-Cosmetics. Our ambition is to strengthen all regions and build a broader, more balanced growth platform across the group. Let me now turn to Profitability. Since 2021, we have expanded our adjusted EBITDA margin by 300 basis points, reaching 20.7% in 2025, demonstrating our ability to consistently deliver profitable growth.

Looking ahead, we aim to exceed 22.5% adjusted EBITDA margin by 2032. In the near term, following the consolidation of ISDIN, we expect a temporary reset in our margin profile. This simply reflects the incorporation of a growing Dermo-Cosmetics business at scale with a different cost structure than the current group average. However, the creation of a scaled Dermo-Cosmetics platform strengthens our long-term growth and profitability potential.

As our business grows, SG&A will be the key lever to drive increasing profitability. I'll walk you through this in greater detail in just a moment. Aside from SG&A, we also expect modest improvement across the other components of our P&L as a result of scale and leverage. Importantly, our ambition does not rely on reducing investment behind our brands. We expect A&P investment to remain within our historical range between 31% and 33% over net revenues. I will spend some time specifically on SG&A as it is the area where we see the largest potential for operational leverage.

While the improvement since 2021 may appear modest in aggregate, this period was primarily focused on driving growth, expanding our platform and strengthening capabilities across the group rather than capturing synergies. This has resulted in a well-invested operating platform that we are now positioned to leverage moving forward. After this period of investment since 2023, we have already been delivering on improvements, reducing SG&A weight over 70 basis points.

Looking ahead, we see 4 main drivers of improvement. The first one is growth. As the business continues to grow ahead of the market and scale, we will leverage this well-invested cost base even more effectively. Second is what we have been referring to as the One Group platform, which is allowing us to simplify processes and reduce complexity across the organization. This will mean more efficient use of our shared subsidiary infrastructures, enabling us to support more brands and categories through the same subsidiaries, local platform and capabilities, reducing redundancies.

Third, the continued capture of integration synergies from acquisitions, including the benefits associated with creating a scaled Dermo-Cosmetics platform with the incorporation of ISDIN. Combining these 2 levers with the conversions of Charlotte Tilbury and Derma and the integration of ISDIN, we expect to unlock approximately EUR 80 million of value over the next 3 years. And the final lever, the acceleration of AI-driven productivity initiatives. This will help our teams make faster and more informed decisions while improving efficiency across a range of activities.

Javier will cover this in further detail in just a moment. Having discussed the group margin ambition, let me now look at the profitability through the lens of our business segments. As you can see, between 2021 and 2025, total operating profit more than doubled in absolute terms, growing at a CAGR of 23%, while operating margin improved by 250 basis points. Fragrance and Fashion remains our largest profit contributor, generating over EUR 680 million of operating profit in 2025 and benefiting from the scale and competitive position of our leading brands, a segment where we already have 3 brands in the global top 10.

Makeup has delivered the strongest margin improvement. This has been driven primarily by the outstanding performance of Charlotte Tilbury while increasing the ROI focus in smaller exercises. In Skincare, profitability reflects different stages of development. While our Dermo-Cosmetics brands have continued to show solid profitability levels, investments in early-stage Skincare brands have continued to weigh on segment profitability.

Looking ahead, we see opportunities to further improve profitability across all of our segments. Let's go one-by-one. Fragrance and Fashion has been the largest earnings contributor within the group and a key source of cash generation, supported by strong growth, premiumization and market share gains across our leading brands. The segment will remain a key contributor in the years ahead, supported by continued blockbuster launches across our Prestige brands and the faster growth of Niche fragrances as they continue to scale.

While margins are already at industry-leading levels, we still see scope for modest improvement over the period, reinforcing the role of Fragrance and Fashion as the largest profit contributor and a powerful engine of value creation. Turning to Makeup. The Makeup segment has seen the strongest margin improvement of 660 basis points in the last 4 years, with operating profit increasing from EUR 20 million in 2021 to EUR 96 million in 2025. This performance has been primarily driven by Charlotte Tilbury, a business whose profitability is already broadly in line with group levels and which still offers significant growth opportunities as we tap into its tri-axis potential globally.

Looking ahead, we see further margin expansion supported by 2 distinctive drivers. the continued expansion of Charlotte Tilbury, building scale and stabilizing leading positions across both existing and new markets and the leverage of our shared subsidiary infrastructure, along with the ongoing integrations as part of the One Group convergence. We will also maintain a disciplined focus on higher return initiatives with the smaller brands in the segment. As the category continues to grow, our ambition is to progressively move Makeup margins towards the mid-teens percentage by 2032, while continuing to invest behind the brand's long-term growth potential.

And finally, Skincare. Today, this segment reflects a business that is still in an investment and platform building phase. Recent investments in Dermo-Cosmetics, expansion of our international footprint and the integration of brands acquired in the past few years, not yet at scale, have impacted profitability in the short term. However, we believe Dermo-Cosmetics represent one of the most attractive opportunities within Beauty.

The full ownership of ISDIN is proof of this conviction and will transform our leadership position in this category. Looking ahead, we expect profitability to improve. Our Dermo-Cosmetics brands will scale and benefit from the complementarity of their go-to-market footprint. They will leverage common back-office platforms and subsidiaries to strengthen their market positions. We also expect our smaller brands in the segment to improve their profitability levels following strict ROI-based initiatives towards 2032.

Our ambition is clear: to build, scale Dermo-Cosmetics platform capable of delivering margins progressively closer to mid-teens by 2032, while becoming an increasingly important contributor to growth and value creation. And we conclude the profitability section talking about adjusted net profit. Since 2021, adjusted net profit has grown from EUR 268 million to EUR 587 million in 2025, representing a CAGR of 22% over the period. This reflects the strong flow-through from our operational performance and the disciplined execution of our growth strategy.

Over the same period, adjusted net profit margins improved by 120 basis points despite continuing to invest behind our brands, strengthening our capabilities and making investments to fund the next phase of growth. Our capital structure has also evolved significantly in recent years. We have successfully funded and integrated multiple acquisitions while continuing to strengthen the balance sheet and maintain financial flexibility. The underlying trend remains one of consistent improvement.

Looking ahead, we expect continued operating margin expansion to support sustained growth in underlying adjusted net profit. Following the full consolidation of ISDIN, we should expect lower volatility from minority interest as their materiality decreases. Over the short term, the temporary increase in leverage in a higher interest rate environment will result in larger interest expense. This impact should progressively reduce as we organically delever the company over the coming years.

This brings us to cash generation, one of the key strengths of the Puig model. Over the last 5 years, we have generated more than EUR 2.4 billion of cumulative free cash flow, demonstrating the quality of our earnings and the strong cash conversion characteristics of the business. This performance has been supported by 3 structural advantages: first, a highly profitable business model; second, the disciplined management of working capital with further scope for improvement, particularly as supply chain dynamics normalized over recent years.

And third, a capital-light operating model with historical CapEx at around 4% of net revenues. On this front, we expect the CapEx levels to remain in the 4% to 5% range over the coming years. As a result, free cash flow from operations increased from EUR 434 million in 2021 to EUR 664 million in 2025. Looking ahead to 2032, we expect cash generation to remain a key differentiator for Puig with a free cash flow conversion above 50% over adjusted EBITDA.

In 2032, this will represent over EUR 900 million of free cash flow generation. With strong cash generation over the last several years, we have demonstrated a consistent ability to delever rapidly after periods of strategic investment. Leverage peaked at 1.9x in 2022 as we funded multiple acquisitions, including Charlotte Tilbury and Byredo and accelerated our growth agenda. We then brought this down quickly through strong operational cash flow and disciplined capital allocation.

Between 2021 and 2025, we have deployed more than EUR 2 billion in cash proceeds towards M&A and minority buyouts, most of which were funded by operating cash flow generation. As a result, by the end of 2025, leverage reduced to 0.7x, well below our long-standing threshold, providing substantial flexibility for capital deployment. This strong financial position gives us confidence in our ability to comfortably meet our existing commitments.

These commitments include the EUR 1.2 billion related to the acquisition of ISDIN over the coming years and the EUR 558 million of liabilities for business combination that remain on our balance sheet. As we have heard from Marc, one of Puig's differentiating capabilities has been our ability to partner with founders and structure acquisitions in a way that allows us to progressively increase our ownership over time. This approach enables us to build alongside founders, aligning incentives and creating long-term value together.

At the same time, it creates a natural hedge on valuations as future considerations are linked to the performance of the business, allowing us to remain competitive in M&A processes. As a result, liabilities from business combinations are not simply deferred acquisition payments. They reflect a deliberate component of our M&A strategy and an effective mechanism to allocate capital in a disciplined manner.

As you can see on the slide, these liabilities peaked at approximately EUR 2.4 billion in 2022 and 2023 and have since declined materially to the EUR 558 million by the first half of 2026. Over the last few years, we have continued to increase our ownership stakes in several key brands, strengthening our participation in the value they create. Most recently, in 2026, we acquired an additional 6.5% stake in Charlotte Tilbury, increasing our ownership to 85%. This demonstrates the effectiveness of our partnership model. Even while acquiring high-quality brands, creating value alongside founders and increasing ownership over time, we're able to maintain financial flexibility.

On this slide, we see a summary calendar of our committed payments on account of ISDIN and also our liabilities for business combination.

While we expect leverage to increase in 2027, we still expect to remain below our threshold of 2x net debt over adjusted EBITDA at year-end. Let me now move to our capital allocation framework, which remains unchanged and is rooted in discipline. First, we will continue investing in profitable organic growth, supporting our brands, expanding our capabilities and funding the opportunities outlined throughout today's presentation. Second, we remain committed to our 40% dividend payout ratio, consistent with our track record and our commitment to delivering shareholder returns.

Third, we will continue to pursue selective long-term and value accretive M&A with a clear focus on a strategic fit, brand quality and long-term value creation. As discussed earlier, acquisitions remain an accelerator of our strategy, not a dependency. And finally, while we act on these priorities, we remain committed to maintaining a healthy leverage profile. We preserve the financial flexibility to invest, execute on our commitments and act on attractive opportunities when they arise. Deep diving into our second priority, our dividend growth has been strong and consistent, reflecting the strength of our earnings and our confidence in future cash generation.

Our intention is to continue distributing 40% of net profits through dividends, consistent with both our track record and our capital allocation philosophy. There is one further element of our model that is important to understand and where I would like to provide greater visibility, our equity investment in associate brands. The most significant of those has been ISDIN, where Marc and Jose Manuel have shared additional color. We do not consolidate ISDIN today. But once we begin to do so, in Q1 2027, we naturally expect the contribution of JVs and associates to our net profit to reduce.

In terms of its most recent performance, during the first half of 2026, ISDIN grew in line with our Dermo-Cosmetics brands at double-digit levels, and we saw profitability improving significantly in 2026 versus 2025 levels. While it's more in scale, we want to provide an update on our other associate investments. We hold a 35% stake in Granado and a 25% stake in STL. As a reminder, we do not consolidate any of this. Granado is a heritage Brazilian Dermo-Cosmetics brand with a strong local credibility and a growing international profile.

Revenues increased from EUR 126 million in 2021 to EUR 285 million in 2025, a 23% CAGR over the period. Operational profit margins improved by 600 basis points and net profit to Puig rose from EUR 4 million to EUR 14 million. Granado remains a highly attractive asset with strong fundamentals. And now moving to STL. STL manages the ready-to-wear collections for CH Carolina Herrera and Purificacion Garcia. And while it is a more stable mature business, it continues to generate solid financial performance. Revenues grew from EUR 328 million in 2021 to EUR 416 million in 2025. While margins showed some pressure during this period, absolute net profit to Puig remained stable. STL also supports the broader ecosystem of Puig fashion.

Before I conclude, I will quickly recap the financial ambition. By 2032, our ambition is to grow beyond EUR 8 billion in net revenues while continuing to outperform the Premium Beauty market. At the same time, we see a clear path to exceed 22.5% of adjusted EBITDA margin, supported by scale, synergies and operational efficiencies. We also expect to maintain strong cash generation, sustaining a free cash flow conversion of above 50% of adjusted EBITDA, targeting over EUR 900 million of free cash flow by 2032.

This will allow us to continue investing behind our brands, maintain our dividend policy, preserve a conservative leverage profile and retain flexibility for selective value-creating M&A. Puig has demonstrated a consistent ability to combine strong growth, margin expansion, cash generation and disciplined capital allocation. Our ambition for 2032, while significant, is built on the same recipe for value creation, growth, profitability and cash generation.

As Jose Manuel already mentioned, scale what works, profitably. With that, thank you for your attention. I will leave you with a video that captures the essence of our vision and illustrates who we are. Following that, we will be delighted to take your questions. Thank you very much.

[Presentation]

Thank you for your attention. We'll now begin Q&A.

For the next 25 minutes, we'll take questions from the audience. [Operator Instructions] so with that, we get started, Aron Adamski.

Aron Adamski from Goldman Sachs. I guess I just wanted to dig in a little bit deeper into the EUR 80 million of savings or improvement from the initiatives you're doing. It sounds like a lot of the margin improvement is being front-loaded over the next 3 years. So I was keen to hear your thoughts about the trajectory of the EUR 80 million, how -- if you can give us any color on how we expect -- we can expect it to be phased over the next 3 years.

Thank you, Aron, for your question. As we said, we see opportunities for EUR 80 million. We plan to leverage on our existing organization as we were discussing and Miquel Angel also covered what we are working on an efficient platform for profitable growth. We see opportunities in procurement. We see opportunities in improving how we are organized through AI. We see opportunities in gross margin. So the -- we are working on those different opportunities, but we plan to leverage on our existing organization. Perhaps Miquel Angel, you want to go deeper into that?

Yes, I wanted to complement on that. At the end, the key driver of the EUR 80 million will be obtained through all the decoupling of the growth of structures versus the growth of top line. So we integrate ISDIN, now that's going to be generating a much more complementarity footprint to scale our Uriage brands in Latin America, in Spain and vice versa when it comes to ISDIN brand in the markets where ISDIN -- sorry, where Uriage is very strong, such as France.

So that's the key -- one of the key drivers for that. So the -- in terms of the calendar, whether to expect this EUR 80 million over the first 3 years, you have to understand during the first year, there's going to be a period of exploratory understanding of the reality with the team. While we have been already accelerating and adjusting with the entry of Charlotte Tilbury and Derma into the current platforms of Puig. So for that, I would say that over the next 3 years, there will be a higher weight over the second 2 on that front.

Celine Pannuti, JPMorgan. So I want to come back on the top line guidance, the EUR 8 billion plus, which included ISDIN. So I think on average is, I think, 6-plus percent organic growth. Is there a phasing on that? Or we expect -- because I think, yes, probably you were mentioning that this year, you expect the market to be at the bottom end of 4% to 5%. But really, my question is like underpinning this guidance, I think one is the 4% to 5% market growth.

Can you explain what your assumptions are for the different categories? And b, you gave -- thank you so much, so many details on the building block. But maybe to put it simply, how much of that growth beyond the market is due to ramping up distribution versus market share gains?

Okay. So I will try to take the first question about how we see the building block of this 4% to 5% by categories. We see a normalization of the growth. We see, as you were saying, Celine, '25 and '26 were reset years. We hope '27 to be in the lower part of this 4% to 5% and accelerate gradually over time. When we split, we try to show you building blocks by categories. If we take Fragrances, we expect selective -- what we call Prestige Fragrances to grow around 3.5% to 4% growth over the next year, go back to historical growth rates.

In Niche, we see more optimistic. We see high to mid-single digit. We expect Niche to reach roughly 20% of the total market of the total Prestige Fragrance market. In the case of Makeup, we expect low to mid-single-digit growth. And in the case of Skincare, we see a soft -- a more smoother high-end Skincare, but we see Dermo-Cosmetics to reach -- to grow around 6% to 6.5% over the next years.

As we said before, we expect EUR 50 billion in Dermo-Cosmetics market. So we think these are 2 interesting categories. You are also questioning on how we plan to go there. Our growth is mainly organic. We expressed you or we showed you, we shared our 6 whitespaces. Those 6 whitespaces, they are all about scaling what works profitably. So for each one of them, we have to repeat which is the right combination of brands and markets that can bring biggest growth and biggest return. And that's where our growth base is based. We see growth in volume. We see growth in the evolution of our mix and discover our -- how we see growth for the next 6 years. Thank you, Celine.

It was very detailed and well thought presentation there. I still have a doubt regarding return on capital employed reading from the free cash flow conversion that you aim until 2032. Could you please give us some insight into how you see it evolving since 2025 and what could be behind that in terms of CapEx to sales, inventories and so on to have a sense of how this will play in case you make M&A during this period that certainly will change potentially the return on capital employed?

Do you want to take that? Miquel Angel?

Yes, I can take that one. Thank you. With the CapEx, we've been quite detailed now giving you a bit of an understanding of how we see CapEx evolving. In this case, over the past few years, we've been in the 4% range of net revenues. We -- moving ahead over the coming years, we're going to continue to be between 4% and 5% levels. When it comes to the cash generation, the ratio we provided, which is to deliver over 50% of adjusted EBITDA levels in terms of free cash flow.

And here, the hypothesis we have towards the end is that we're not going to be increasingly our working capital consumption. So we are at good levels. We have margin to improve and the margin to improve is going to be deployed over the coming years. So as we have been integrating some of the brands, we're also leveraging the common platforms, the capacity to optimize inventory increases. But in the EUR 900 million, we expect to be already at a steady state from a working capital standpoint.

So we do not expect an increase in capital consumption nor a significant cash generation coming in from working capital in the EUR 900 million figure we gave you for 2032. When it comes to the return on capital employed, future M&A alternatives in this one, I think if you ask me, I think it will be better to wait whenever that happens and not to give you a much more detailed answer on how to -- what to expect in terms of return on capital employed.

Mariano Szachtman from Santander. So my question is on Fragrance margins. If you could give us some color on the expansion of margins until 2032. I understand that Niche could be a big part of it. But just to understand, I mean, if Niche is growing so fast, part of the Niche improvement will go to Prestige or -- trying to understand the levers of the Fragrance margins improvement.

Thank you, Mariano, for your question. First, if we start with Niche, as we were saying before, the way we intend to scale Niche, first of all, as we were saying before, we expect this high to mid-single-digit growth, and we expect to outperform this growth. We have huge opportunities in our case in wholesale, which is a much more profitable way of distribution. The way we have built up our Niche brands, it's -- an important part of that is to our own stores and our e-commerce.

And we have still a long way to run in wholesale. We were discussing about the U.S. U.S. is roughly 25% of the Niche market, where all our competitors are in 500 wholesale doors while we are only in 200 in the case of Byredo and roughly 100 in the case of Penhaligon's. So we have a huge opportunity to scale in wholesale, which will be a more profitable evolution of our margins.

Same thing in China, where we take China, we have been very focused on retail, while we have huge opportunity in the digital platforms. So we'll see also, as we were saying before, we expect to increase 5 points in digital penetration, which is also more profitable than the brick-and-mortar channel. So we see this improve our margins in both Niche and in Prestige. In the case of Prestige, we'll get into more capturing the feminine side, the 65% of this feminine total market. And there is a huge opportunity for higher volume and also for higher profitability as we go once again to the digital channel. So those battles or bets that we have chosen to scale what works, they are all profitable mindset.

Fernando Abril from Alantra. Just a follow-up on the sales target. If I take the '26 sales consensus, I think with only 1 quarter left can be a good proxy. And then add the ISDIN, a 10% growth in ISDIN for this year, as you said, that would give me around EUR 5.9 billion, EUR 6.0 billion sales. And to get to the EUR 8 billion, that's a 5.0% organic growth, basically just the upper end of the global Beauty market. So my question is pretty simple based on well, all the growth drivers you've been explaining around geographies and brands and distribution channels, are you just being prudent? Or is there anything else I could be missing?

We are being reasonable, I would say. I mean we have -- saw how the market is evolving, which is our perspective of growth and how we expect the market to react. And as a consequence, it is the work we have planned. It is an organical plan. It's very focused on very specific battle that we have chosen at brand levels and on market levels. And we think it's quite consistent. Perhaps you want to add more on that but I think it's quite consistent, coherent and in the line where we see growth. As you know, we have been the fastest-growing company in Beauty for the last 5 years. We will continue growing faster than the market. And I don't know if you want to build on something, Miquel Angel?

To maybe -- the thing to add is not just growing faster than the market and growing, but increasing profitability. Maybe that's one of the key aspects that we want to reinforce that when we choose the right battle, are going to be the battles that are also going to be supportive of the increase of the profitability. And here, we've been targeting this 180 basis points including having already ISDIN in the portfolio by 2032. So to reach the 22.5%, that will be maybe the piece to also bear in mind when analyzing the growth we are projecting here.

[indiscernible] Capital. My question relates to Mr. Puig's presentation, introduction and corporate governance. He said, if I'm not mistaken, that the reason behind the listing of the company was to avoid complacency while retaining family control. I would just -- I'm curious to hear your views on how to reconcile that statement with the once contemplated merger with Estee Lauder, which would have significantly reduced family shareholding below the majority threshold.

Okay. Evidently, and we said that -- we said that at the AGM, our intent is we are not for sale. But when a company like Estee Lauder, whom we know very well, a family we respect, comes to you and says, if we were to join forces, we become the #1 Premium Beauty company in the world with a very -- on paper, the strategy seemed very solid and powerful. We said, okay, let's study. And we said that we had looked at 3 -- at this opportunity with 3 dimensions, economic considerations, looking at all shareholders; governance and economic and business leadership.

And evidently, after a few months and a lot of rumors in the market, we decided that we were not going to find that type of solution in 2 companies where both families have increased control through more voting power with the shares that the family controls. And in that sense, I'm not going to disclose here what was going to -- the things we're discussing. But basically, we were looking at not losing all control. Anyway, things didn't pursue, and we are now here with a very appealing proposition. I hope that you all find exciting, we do. So we're looking forward to continue this amazing journey.

We have a few more over there.

[indiscernible] Substantial portion of the growth seems to come from Asia Pacific. And I would guess that would require -- I don't know, I wanted to know what does that require from your side? Do you need to invest a lot in product to adapt to the tastes of the Asian market? Do you need to invest a lot in own or third-party distribution channels? Because I don't know whether that is included or contemplated as a potential margin dilution factor? And you just have other things that more than compensate that. So how do you think about the investments that you need to do to, to properly develop the Asian market?

Thank you for your question. First of all, this Asia expansion requires 2 things, focus and discipline. Those are the 2 most important things. That's what we have decided. It's split in 2. Northeast Asia will focus only on Niche brands and Charlotte Tilbury and Southeast Asia, India and Oceania will focus on Prestige Fragrance, more enterprise and in Derma. In this sense, what we have done inside this strategy, we have cherry pick those brands in those markets that have more potential to grow with bigger returns.

So the expansion will be profitably driven from day 1. We are limitating our opportunities, but we don't want to chase growth for the sake of chasing growth. So we are very disciplined in the way we'll proceed. If I take you, for example, examples like Byredo, which is today top 6 in China, top 7 in Japan and top 2 in Korea, we will remain in those markets, scaling what works profitably.

So this growth in Asia is not going to be at the cost of our margins. It's going to be profitable. What we have done, as I was saying before, the last 5 years, we're very focused on North America because our percentage of penetration is quite lower versus our competitors. Now we are in the right moment. So what we did during these 5 years was keeping an eye on Asia. So we create Puig subsidiaries in Japan and Korea. We also created our India subsidiaries in 2023. And we also have our subsidiaries in Singapore and Malaysia. We plan to only open 3 subsidiaries, which are Vietnam, Thailand and Indonesia. I think Javier Bach will cover that after, but we are very cautious about this growth, and without any doubt, it will contribute to our profitability.

Jie Zhang, Baader Europe. So you put a lot of words on the potential of Dermo-Cosmetic biology linked innovation, et cetera. So I want to know so how do you see the evolution of your R&D cost with that?

First of all, thank you for your question. Very interesting question. I think that one of the opportunities that we're seeing before acquiring ISDIN is the opportunity to maximize long-term value creation. And R&D without any doubt is going to be a very important part of that. With the know-how of Uriage, Apivita, with the know-how of Skincare brands like we have Kama Ayurveda and with the arrival of ISDIN with its expertise in photoprotection and longevity, R&D is going to take a very important part of our future.

We are not close this agreement. We expect to close ISDIN agreement by January 2027. So it's too early to share with you which are our projects for R&D. But without any doubt, what we want to focus in Dermo-Cosmetics because we strongly believe in the scientific background of this segment. Thank you for your question.

Do I see any hands on that side at all?

Yes.

Okay, tom?

Tom Randall, Jefferies. So my question is on ISDIN and we just want to understand what were you not doing whilst you're not owning the asset 100% and before -- whilst there was a JV, what have you not been doing? And what are you going to be able to do now that you own 100% of the asset?

Okay. ISDIN was a joint venture between 2 families, the Puig family and the Esteve family, 50%-50% and both families have been very involved for the last 50 years. So our ambition, we acquired Uriage and Apivita. We create Puig Derma. So it was the right time now to really take the full ownership of ISDIN. As we were saying before, we see long-term value creation in the combination of ISDIN, together with Apivita and with Uriage.

And we thought it's the right momentum to do it now. We see huge opportunities in Dermo-Cosmetics segment. It's going to be the highest segment, subsegment in Skincare, and we want to jump into this opportunity and to create a huge pool for Dermo-Cosmetics inside of our group. I hope this answers your question. Thank you.

[indiscernible] Just a follow-up question on ISDIN, a very short one. How did you arrive at the valuation? Was that a negotiation with the other shareholder or there was some sort of pre-agreed formula between the 2 shareholders?

I'm not going to comment on that. I'm sorry. Thank you for the question.

I had a second question. On Makeup, I think you said that your competitors are in 15,000 doors, you're only in 5,000. Maybe can you share how much of that gap do you expect to close by 2032? Do you see all of the 15,000 doors as suitable for Charlotte Tilbury?

No. I mean, as I was saying before, when we decided whitespaces, we [ need to repeat which are ] the brands in the market and at one speed we want to go. For sure, we're not going to capture the full opportunity in the next 5 years. We go step-by-step. As I was saying before in Latin America, we started to do with Mexico last year with huge success. Next year, we'll launch Brazil, Chile and Colombia.

So thank you, Javier. In the case of Travel Retail, we can multiply by 5 the existing doors that we have, and we will still be far away from other Prestige makeup brands are. I just put the example, for example, in Europe in Boots, we are only in 30 doors while our competitors are in 250-plus doors or the case of China, where we are only in 20 doors, while our Prestige makeup is in 150-plus door and Beauty players in 300-plus doors. So the opportunity is huge, but we'll do it step-by-step, country-by-country without losing the huge visibility and the profitability that today Charlotte Tilbury has in every single point of sale. So we'll be very disciplined, very focused, once again, profitability driven and will take some time. Thank you.

Thank you all for your questions. That's all the time that we have for this block of Q&A. Let's take a bit of a break, get a little bit of coffee. We'll be back in about 30 minutes at 3:45 p.m. local time, and then we'll resume with the brands and markets presentations. Thank you.

[Break]

Good afternoon. We will now cover our platforms across markets and operating areas that allow us to maximize the potential of our brands. As shared before, our objective is to provide you with a better understanding on how we operate to meet our objectives set in our current strategic plan. We will cover how we are organized and how we operate. I will share with you which are our main priorities by geography and by channel. I will give you visibility on how operations and technology enable our competitive advantage, and I will close giving visibility on how we plan to keep scaling our business with accelerated growth while driving efficiency. But let me start first with a video that will give you a first oversight on our platforms across markets and global functions.

[Presentation]

Let me start with organization. Puig competitive advantage is a combination of a very strong brands portfolio and the ability to generate disruptive innovation in product development and storytelling with excellent execution everywhere within a unique culture in which people feel like family are extremely results-oriented and act with agility and speed. Puig is evolving from a divisional organization with limited synergies in growth and cost to an organization in which the different brand clusters fully benefit from the platforms and scale across global markets and global functions to accelerate profitable growth. We call it internally the Power of One.

As you can see on the right-hand side, Global Brands are structured in 4 clusters: Prestige and Fashion brands, Niche & Wellness brands, Derma brands and Charlotte Tilbury. Global Markets are structured in 4 areas: EMEA, the Americas, Asia Pacific, and Global Travel Retail. All of our brands, including Derma and Charlotte Tilbury, benefit from the structures we have around the globe to accelerate their growth. Leveraging global functions in the back at global and local level will also provide clear cost efficiencies.

At market level, we do also reflect the different brand clusters to ensure a perfect connection between global brands at headquarters and brand teams in local markets. This allows us to operate different business models with specialized local markets focused teams, fostering agility and speed while applying local market strategies to win. Another relevant point I would like to mention is our offices for accelerated growth, the consumer office and the growth office, both focused on growth but from different angles. The consumer office focuses on growth from a consumer perspective.

It supports brands and markets with consumer insights for growth with the intelligent engine that we saw before, Puig Prisma, provides advanced consumer activation playbooks and tools, drives the AI-enabled transformation in this domain and manages our global agency and partners ecosystem. Its mission is to sharpen our competitive advantage across brands, markets and functions to become the best at connecting, recruiting and engaging consumers. If the consumer office applies a consumer lens, the growth office applies a rather commercial lens to growth. It provides insights and tools to accelerate profitable growth in areas like commercial development, think of global pricing, revenue growth management or channel management.

It provides playbooks and tools for digital business acceleration. And here, we have the team of global retail operations. They elevate Puig's commercial function, not only managing our wholesale business, but also in improving performance in owned stores, driving like-for-like productivity. As a result of the strength of our teams, our operating model and the transformation we are putting in place, we have been growing faster than the market in past years. And as you can see on the right-hand side, in the first half of 2026, we keep gaining market share across all categories.

Moving now to our priorities in the market. If I had to sum up our market priorities in 1 line, it will be this one, maintain our European and Latin American strongholds while accelerating in North America and Asia Pacific. Puig has a very strong position, as we have seen in EMEA and Latin America, which are true strongholds. But in recent years, we have also consolidated a strong position in North America. And as you can see, Asia Pacific is the region with the strongest development opportunity.

Starting with EMEA, our largest region. Here, we aim at growing value market share in all 3 categories. EMEA grew by an impressive 16% CAGR in recent years, and we gained ranks in all segments from being #6 to #4 in prestige fragrances, becoming the fourth largest beauty company in the region. Going forward, we aim at becoming #2 fragrance player in the region. We want to be the #1 makeup brand wherever Charlotte Tilbury is present, and we will strengthen our #3 position in dermocosmetics and we will do so by leveraging an intense newness calendar in Prestige. We will continue accelerating niche fragrances. We plan to expand Charlotte Tilbury and Derma, which are currently only in a fraction of distribution compared to peers and not even present in several key markets. And importantly, we will accelerate in digital where we still have an opportunity to grow faster than the market, reinforcing our joint business plans with omnichannel players.

Moving to Latin America. Here, we want to expand our stronghold leveraging our #1 fragrance position. In Latin America, we are #1 in fragrances. We are the #2 prestige beauty player and Carolina Herrera is the #1 brand in this part of the world. Going forward, we plan to keep boosting our prestige powerhouses, Carolina Herrera, Rabanne, and Gaultier with a special focus on building also the makeup of Carolina Herrera. We will lead the niche opportunity, which is growing at high double digits in this part of the world with a special focus on Brazil and Mexico, and we will accelerate the expansion of Charlotte Tilbury, which beyond Mexico after its successful launch in this country. And we are planning to scale up Derma across key markets, leveraging the platforms of the group.

In North America, we want to double down to gain scale. In North America, we achieved an impressive 24% CAGR, moving from being #6 to the #4 beauty player in the past 4 years. with a solid fourth position in fragrances and Charlotte Tilbury being #3 in makeup. Going forward, we will double down on the region, strengthening our prestige fragrance brands with high ambitions for Carolina Herrera. We will keep accelerating niche through Byredo and Penhaligon's, which currently, as we heard from Jose Manuel, are in very limited distribution compared to peers.

And we will reinforce the penetration of Charlotte Tilbury playing always for the #1 position, expanding into new categories. And we will double down on digital, where after the successful launch of Charlotte Tilbury on Amazon, we're introducing our prestige fragrance brands. We will do so while maximizing our collaboration with omnichannel partners, and we are already starting to explore TikTok Shop with lifestyle brands.

Moving to Asia Pacific. Here, we will scale with a focused and tailored subregional strategy. Asia has been the region undergoing the strongest development for Puig. We grew by 21% CAGR. And recently, we strengthened our go-to-market structure through subsidiaries in Australia, in South Korea, in Japan and in India. Going forward, we will continue growing at high double digits by accelerating niche and Charlotte Tilbury in Northeast Asia and by building Prestige and Derma Strongholds in Southeast Asia, India and Oceania. We also plan to establish new subsidiaries in Indonesia and in Vietnam.

Moving now from geographies to channels. Let me share with you our multichannel strategies to develop our brands and to conquer the white spaces mentioned by Jose Manuel before. In terms of weight by channels, wholesale represents 88% of our business and direct-to-consumer 12%. Digital channels represent 27% of our business. And as you heard, they are growing fast. I would like to share with you 3 examples of our specialized channel strategy, which is connected to the white spaces mentioned before. The first one is Travel Retail. Travel Retail is a clear stronghold for fragrances. And here, we see an opportunity to fast track Charlotte Tilbury and in the future, also dermocosmetics. Over the past 5 years, Puig has been the fastest-growing company in travel retail.

We gained share year after year, and we became the #3 global player in fragrances in 2025. And yet, there is still strong room for growth as Puig remains underpenetrated versus the market. Travel Retail represents 16% for the market, but only 10% of Puig sales by channel. Charlotte Tilbury is mainly present in Travel Retail EMEA, and niche brands are just beginning their journey in this channel. Another example of specialized channel strategy is the relevance of pharmacies and medical visitors to accelerate our derma brands. With our clustered go-to-market approach in the market, we ensure that we capture synergies in go-to-market, but we do also invest in dedicated medical forces whenever necessary to build our derma brands.

And the third example is related to online channels. Online will continue to be the fastest-growing channel in the market and Puig is accelerating. Puig has achieved strong growth online, but remains underpenetrated. Digital is a key vector of growth in the 3 years plan. And we will accelerate through a multi-tier strategy. First and foremost, by strengthening our omnichannel partners and pure players, but also by pursuing a selective and regional entry into marketplaces. We're exploring social commerce, and we will keep accelerating our own D2C for revenue and first-party consumer data.

Well, with this, we close our go-to-market chapter. I hope that you have a better idea on how we operate and which are our priorities by region and by channel in order to keep growing faster than competition. As stated, we will strengthen our position as the fourth largest player in premium beauty. We want to become the second largest player in fragrances by 2032, and we ambition to be the strongest makeup brand wherever Charlotte Tilbury is present. And as stated, we want to leverage the group platforms to accelerate dermocosmetics where beyond being the third largest player in Europe, we want to turn these brands into true global realities.

Let us move now to operations and technology. Let us see how operations is empowering scalable growth. Puig operates 6 factories, 7 R&D centers and 47 distribution centers worldwide. Puig operations is structured around 2 core processes, the new product development process that ensures that products, point-of-sale materials and digital assets are delivered on time and on budget and the sales and operations planning process that leverages forecast accuracy to ensure strong service levels with minimal working capital.

ESG is fully embedded in the way we operate. We consider our operations to be a competitive advantage. First, if you think about disruptive innovation, Puig is recognized for being able to industrialize projects that seem impossible. This team never gives a no for an answer. It always starts with a why not. And this is not only in areas like packaging, where Puig is recognized to be best-in-class, but also in R&D, where our brands and R&D teams have developed unique formulas. The team is also gross margin obsessed, and we have developed special processes to optimize cost of goods ratios. We have a modern and scalable infrastructure, which is well invested, both in manufacturing as well as in logistics where we partner with the best 3PL companies in the world. We anticipate business needs with what we call visioning exercises to ensure that we respond to growth needs with the lowest CapEx requirements.

Our supply is flexible and resilient, first, because having our own factories allows us to adjust production planning in very short times and gives us a cost advantage, but also because we use 3-party manufacturers to respond to spikes whenever needed to optimize capacity. Our supply is also resilient since we apply a system to be able to produce the same SKU in different factories by having all factories applying the same processes, and we double and triple sourcing from different suppliers. And lastly, we are obsessed with looking for efficiencies. We have been leveraging AI from advanced analytics to now agentic to optimize our processes end-to-end in areas like demand forecasting, customer service or order to cash. Also in manufacturing, we are applying AI to improve planning and predictive maintenance.

Let us go now to technology. Puig has a fully integrated technology infrastructure, which is a key enabler. Puig has a robust, fully integrated technological architecture, which is a clear advantage if you think of data management, AI or cybersecurity. Our core processes run on SAP and then we run all back-office processes end-to-end around the globe. It is fully integrated. Our consumer technology platform is also fully integrated and modular with the LEGO approach. The consumer platform allows us to have all consumer touch points online and offline connected, gathering consumer data in single global databases that we can then exploit in an efficient and targeted manner across all levers, be it media, CRM or clienteling.

AI is sharpening Puig's competitive advantage. As we saw from Jose Manuel before, Puig AI strategy is being deployed in 3 layers. From the bottom, we start with AI for our people. That helps boosting productivity by upskilling our teams in the use of AI with the Puig AI Academy. In the middle, we have AI for productivity, which is embedded in existing processes aiming at being more efficient and faster, decoupling growth from our cost evolution. And at the top, we have our 5 big bets, AI for transformation, aiming to accelerate growth and profitability, transforming radically the way we operate.

Let me go a little bit more in detail, starting with the AI Academy. Here, we have trained already 9,000 people across our teams, not only in the generic use of tools to supercharge the Workday, but also in specialized programs like the advanced programs for brands in creative areas or the specialized programs that are helping us to do some of the transformations mentioned before. Going to the middle, our AI for efficiency programs. Those have been running for years and respond to our obsession on operating excellence and efficiency. Here, we have some examples of the over 60 initiatives we have in place.

For instance, the use of a legal AI platform that enables our legal teams to be much more efficient or in R&D, where we use AI models to evaluate formulation alternatives, reducing lead times between 20% and 40% and formula iterations by 30% or in content management, our PIM and DAM, where we have thousands of content adaptations, and we have reduced lead times from 4 days in the past to 3 minutes currently. To give you a sense of how AI has impacted the areas where we have implemented it, mostly in back office, it has allowed us to reduce or to free up time from our teams in the range of 10% to 20% and this has helped us decoupling growth from cost in these areas.

And lastly, AI for transformation, by which we are transforming some of the core processes of Puig, sharpening our competitive advantage. Here, we have chosen 5 bets. The first one is a basic enabler. It's the creation of Puig Prisma. That's an intelligence engine where we are connecting multiple data sources with the aim to provide insight and foresight to our teams in different areas of the company. This is completely elevating and scaling the connected intelligence of Puig. Then we have 4 other areas. The 1 -- the #2 is linked to disruptive innovation and brand strategy. And this is about combining Puig's unique ability to disrupt with a much stronger intelligence and early trend signals.

The 2 in the middle are linked to A&P optimization, one through hyper precise activation and the other one through content optimization and both aimed at improving our return on advertising spend. And lastly, our revenue growth management AI suite to make sharper and faster commercial decisions on pricing, commercial conditions and trade and shopper spend. And all this is being developed with proprietary solutions adapted to Puig and each brand-specific reality with a clear ROI mindset.

But let me reiterate what Jose Manuel said at the beginning. We are people-centric. This AI transformation will reinforce Puig as a home of creativity, amplifying its bold instincts at greater speed and at scale. And let me move now to the last part of my presentation, and this is about our ability to transform, to integrate and become more efficient. Our common operating model and fully integrated back office have enabled a structured integration of new businesses and the establishment of new subsidiaries efficiently. As you can see in this time line, over the past years, we have integrated new brands into our organization. And at the same time, we also set up new subsidiaries driving greater control of our business. And with the support of our transformation office, this has been done in a very efficient manner.

We plan to continue doing so in the years to come. And this brings me to our rigorous approach to capture efficiencies across the group. This is about 3 things Jose Manuel was mentioning before, a focused portfolio management approach, scaling what works profitably, capturing synergies and driving cost efficiencies. Let me cover the last 2 points and how this should help us meet our EBITDA margin objectives. On capturing synergies, we are evolving, as we said, from divisions to an integrated group, leveraging one group back office and one group subsidiaries, which will generate clear efficiencies. We are progressively integrating acquired brands, simplifying our structures. For instance, we have completed the integration of the back office of our Derma brands, and we are currently implementing Puig SAP at Charlotte Tilbury Beauty.

We are leveraging as well our scale and muscle in market platforms, joining forces also in key negotiations. On capturing cost efficiencies, we are buying as one group. We have over 90 procurement initiatives across 7 categories that will have a significant impact across lines of the P&L. We are working as well on a project called One Logistics by which we want to optimize our logistic footprint across the globe. And we are already seeing the impact of transformational initiatives leveraging agentic AI that we want to scale across all brands and markets going forward, generating a great impact on growth and efficiency.

Well, the combination of leveraging the synergies and efficiencies I just mentioned should help us capture the EUR 80 million in the next 3 years that will help us meet the objectives of being over 22.5% EBITDA margin by 2032. And I would like to conclude coming back to what I said at the beginning. Puig's strength truly lies in its people and in its culture, which is deeply rooted in a 112-year-old company. Trust, entrepreneurship, speed, results orientation and fair play are some of the traits that people used to describe us. I would also add to outstanding talent and adaptability, which are essential ingredients to face whatever the future brings. Thank you for your attention, and I leave you now with Ana Trias.

Good afternoon. My name is Ana Trias, and I'm the President of Prestige and Fashion brands. Today, I would like to build on the 2032 vision that Jose Manuel just shared and bring it to life for Prestige fragrances, where our priority is very clear. We want to double down profitably on our core brands or our mantra for today to scale what works profitably. There are 3 key messages I would like you to take today. First, the fragrance category has structurally changed, and we believe it has emerged stronger as a result. Second, Puig has built a distinctive model in Prestige Fragrances, one that has enabled us to consistently outperform the market over the past decade. And third, despite this strong track record, we still have significant headroom to grow in Prestige.

Let me start first with the market. A few years ago, we thought the social boom would favor visual categories like makeup, but not fragrances, but consumers proved us wrong. Fragrance has become one of the most visible and engaging categories on social. Today, consumers' relationship with fragrances has fundamentally changed. First, the audience is getting broader. We see a younger consumer entering earlier, engaging with fragrance at a very early age. But we also see older consumers are staying engaged for longer.

Second, consumers are far more knowledgeable. There is a huge appetite to understand better this category. They talk about ingredients, concentrations, creations. Most importantly, consumers are moving from one fragrance to a fragrance repertoire. This is the fragrance wardrobe Jose Manuel referred to. Fragrance has become a form of self-expression where consumers mix, layer and collect different juices. We also see the mixing high and low from prestige to niche, choosing different fragrances for different moods or occasions for more affordable to very expensive choices.

Self-purchase has become increasingly important. And with this, we see a consumer shift towards novelty and innovation. Innovation has become key. Growth is, therefore, not only about recruiting new consumers, but also about deepening engagement with the existing ones. This fundamentally expands the opportunity for the category and makes the fragrance market structurally different from the market of 10 years ago. Fragrance grew 3% to 4% per annum before COVID. In 2021, we saw a rebound. And then the market accelerated exceptionally from '22 to '24 and stabilized in the 4%, 5% range in 2025. Growth normalized, but the correction that many expected has not materialized. The category has grown and has remained resilient.

If we look at Prestige, it remains the heart of the category. It represents 85% of the selective fragrance market. Within Prestige, growth has normalized to 3%, while niche is growing faster, as Thomas will show you later. Through a period where the Prestige market grew 8%, Puig outgrew at 12%. Our Prestige Fragrance market share has increased, as Jose Manuel told you, from 8.9% to 11.1% in 4 years with a further 0.3 points gained in the first half of 2026. We have benefited from an attractive category for sure, but our performance is not simply a category story. It is also a Puig story and the foundation of our ambition to become a top 2 fragrance player by 2032.

The result is here. Year-to-date June 2026, Carolina Herrera is #5 worldwide. Rabanne is #6, and Jean Paul Gaultier is #3 -- #9. We have 3 Puig brands in the global Prestige top 10. This achievement is not the result of one brand or one launch or just one exceptional year. It demonstrates the strength and repeatability of our model, which did not have any brand in the top 10, 20 years ago. And we entered this category as a challenger, and this forced us to think different, to be creative, to be disruptive, to move fast and to challenge conventions.

Over time, we turned this challenger mindset into a distinctive competitive model. So let me tell you what is behind that model. First of all, we are fragrance makers since 1914. Fragrance is at the heart of who we are. Second, we own our loved brands. This gives us creative freedom, long-term control and agility. Third, we operate what we call one brand vision, fashion and beauty under one brand strategy, one coherent vision powered by One Brand teams.

The result is distinctive. Puig is the only group with 3 owned prestige brands in the global top 10. Carolina Herrera, Rabanne, and Jean Paul Gaultier are 3 different brands. Each has their own DNA, their own voice, their own communities and cultural space. Our model is to make each of them even more distinctive. In our One Brand ecosystems, fashion and beauty reinforce each other, creating bigger and more memorable events. We do not simply launch a product. We build coherent brand ecosystems across consumers. But perhaps the strongest proof of our model is our ability to build icons or blockbusters and blockbusters that endure, each born from a bold disruptive creative idea.

Le Male was launched in 1995. 30 years later, it is the #2 masculine fragrance worldwide. Good Girl launched in 2016. 10 years later is also #2 this time in feminine. 1 Million disrupted the category in 2008 and remains a top 9 masculine line. And Invictus launched in 2013 is a top 11 masculine line. This is particularly important in a category that is driven by innovation because at Puig, we do not innovate to replace our icons. We innovate to make our icons stronger. We bring novelty and innovation in existing icons, making them stronger year after year. After 10 years building Good Girl, last year, we launched La Bomba, a top 18 already. Jean Paul Gaultier is now launching La Favorite with the ambition to make it a future feminine icon.

So our model combines 2 capabilities: the discipline to sustain the icons we have and the creativity to create new icons where we identify gaps. Puig has demonstrated during the last decade, a strong ability to repeatedly turn disruptive innovations into enduring global icons. We are doing it again now with La Bomba, which gives us confidence that this is a repeatable playbook that we know well. How do we do this? We do it by engaging with the consumer in multiple touch points, meeting them where they are.

First, our point of sales where we entertain and surprise consumers. Also in streets through major activations, inviting consumers to be part of our world, putting communities at the heart of our strategy with activities that are highly engaging and that resonate culturally with them through unmissable events where we celebrate the whole brand along our icons, creating experiences that our communities want to participate in, talk about and share. Our brands create cultural moments that go viral. Today, our 3 brands are within the top 5 most visible prestige fragrance brands in earned views on TikTok. Jean Paul Gaultier is #1, Carolina Herrera is #2, and Rabanne is #5.

But in addition, all our icons are also among the highest in earned views on TikTok too. We have 3 in the masculines with 1 Million -- sorry, with Le Male being #1, 1 Million being #4 and Invictus being #7, but also in feminine, Good Girl is #3, La Bomba #4 in earned views on TikTok. Now let me show you why we still have so much room to grow because having 3 brands in the global top 10 does not mean our opportunity is exhausted. It is precisely the opposite. Our ambition is to double down profitably on what we do best and keep gaining share in Prestige. We see clear white spaces in Prestige across portfolio, geography and channels. Jose Manuel presented 6 white spaces for Puig. 3 sit at the heart of our business: feminine fragrances, APAC and digital.

So let's look first gender. One of the clearest pockets of growth for Prestige is feminine fragrances. The opportunity is important. Feminine represents 65% of the market. It is only 45% for Puig. This gap is our opportunity. Rabanne and Jean Paul Gaultier lead with masculine, making Puig lead too, while Carolina Herrera is the only one leading in feminine. When we look at the world's largest prestige brands, there is an important lesson. The most successful brands tend to win across both genders. All our brands can win across both genders, too. Good Girl and La Bomba show that we have credentials to close the feminine gap in other brands, too.

So the opportunity is clear. We need to strengthen our existing icons while expanding each brand into new icons in other genders. La Favorite and Gaultier is the first of the 3 feminine blockbusters in our pipeline for the coming years. And new feminine Rabanne will be the second one. And you will hear from Kaatje later about the Charlotte Tilbury opportunity. But we also have opportunities to launch a strong worldwide masculine icon at Carolina Herrera. Second, expand the repertoire beyond the core of Prestige. This connects directly to the consumer transformation I described earlier. At one end, smaller formats, accessible entry points, lower concentrations allow us to recruit new consumers and to create new occasions. Second, our private collections allow consumers to trade up and premiumize. The prestige consumer is ready today to pay higher prices.

Third, geography. We have grown strongly in the U.S., but it still remains a significant opportunity. We see major potential with retailers such as Amazon, Sephora or Ulta. APAC is our second opportunity, particularly Southeast Asia, India and Oceania, where low penetration, rising disposable income and growing digital worldwide influence can attract more consumers into Prestige. Travel Retail remains a powerful global showcase for all our brands. We already have 13% share but see opportunities.

At the same time, we will continue fortifying Latin America and consolidating our strong position in Europe, where we can still grow in the feminine market. And finally, channels. Puig Fragrance has 24% digital penetration versus 30% for the beauty market. That gap is opportunity. But digital is not only another sales channel. It's not only where consumers buy. Digital is where they discover, they learn, they share, where communities are built. So that's why increasing our digital penetration can drive both commercial growth, but also brand desirability.

Our challenger mindset continues to make Puig a valued partner for retailers. We bring them creativity and distinctive brand experience, both in-store and online. So let me leave you with this. We believe Prestige fragrance is structurally stronger than it was a decade ago. Consumers enter younger and live later. They increasingly buy for themselves. They build wardrobes, they explore new formats, they premiumize. So there are still significant penetration opportunities ahead. Puig enters the next chapter from a position of strength with 3 owned prestige love brands in the global top 10 with enduring icons that we have built over time and powerful innovation for the future to shape the icons of tomorrow. A unique one brand model executed with business discipline and meaningful white spaces across gender, price points, geographies and channels. The category has changed which has helped shape the change, and we believe we are very well positioned to capture what comes next.

Now let me show you how we did it and how we will keep on doing it brand by brand. First, Carolina Herrera. Carolina Herrera is our largest brand today, a billion powerhouse built around a very distinctive spirit. We call it Alegria de Vivir, a true multi-category house with fashion, fragrance and makeup. Fashion is our North Star, led by Wes Gordon, it shapes Carolina's creativity, relevance and brand codes that we amplify across the entire brand. Fragrance is the core growth engine. We are a true feminine fragrance powerhouse, but makeup is our biggest opportunity.

The transformation of Carolina Herrera has been remarkable. Over the last 10 years, we have multiplied the business by 3, and we keep growing with the arrival of La Bomba. Today, Carolina Herrera is the #5 fragrance brand worldwide in Prestige, gaining 1 position to last year. The only brand in Puig that is a strong leader in feminine, where we are #4, here, we gained 2 positions versus last year, proving that Puig knows how to do feminine blockbusters.

Good Girl shows exactly how we build feminine icons over time. It shook the market in 2016, breaking conventions with its bold scent and the stiletto design. Today, it is #2 worldwide. In 10 years, we have multiplied its net revenues by 8. This is what we mean when we talk about building desirability over time. La Bomba launched a year ago and was already top 18 at the end of June. So we have one established icon -- one established global icon and one with the ambition to become a second global icon. And that is central to our road map to 2032.

Let me take you through the building blocks of our growth. Number one, broaden the fragrance portfolio; number two, accelerate markets and channels; and number three, the most strategic one, develop makeup as a meaningful second axis for the brand. In feminine, our ambition is clear, 2 fragrances in the global top 10. At the same time, we will conquer the masculine segment, building a new iconic worldwide masculine blockbuster alongside our regional Bad Boy at the top 20 ranking. Geographically, Carolina can still accelerate in Europe, maximize the U.S. and conquer the opportunity in Southeast Asia, Oceania and India, while accelerating digital across markets as we have seen before.

And finally, makeup, our most significant opportunity. We are developing a true second axis for Carolina Herrera. First of all, we are leveraging the institutional know-how we have with Charlotte Tilbury. We have recently reinforced our teams, bringing talent from Charlotte, and we are focusing on key markets where we are growing year after year. So Carolina Herrera story is already one of exceptional transformation, but we believe that there is much more to come in Carolina Herrera.

And now let's move to Rabanne, a completely different brand universe. Rabanne is our house of fantasies, excessive, disruptive, unapologetical, built with fashion and fragrances. Fashion is entering a new creative era, taking the extraordinary legacy of Paco Rabanne, making it relevant to new communities. With the arrival of Olivier Rousteing, we want to take the legacy of Paco Rabanne to new generations. Fragrance is our foundation. Today, Rabanne is a masculine powerhouse. In 10 years, Rabanne has multiplied its net revenues by 2. After an exceptional period of acceleration, the brand has been stabilizing since 2025 at a much higher base.

Today, Rabanne is the #6 fragrance brand worldwide, but Rabanne remains #4 masculine fragrance brand. With something very valuable behind this top position, we have 2 enduring masculine icons established in top rankings, 1 Million at #9 and Invictus at #11. 1 Million disrupted the market in 2008 with a bold provocative concept, an iconic gold bar designed unlike anything seen before, becoming an instant icon and remaining culturally relevant ever since. In 2026, we have just launched a new range, 1 Million Black, reintroducing 1 Million Black to young consumers that were not born when it all started. We are already seeing strong first results. That is our model in action again, renew the icon while reinforcing its core.

Looking ahead to 2032, the growth road map is clear. Number one, broaden the fragrance portfolio, particularly into feminine this time; number two, accelerate in markets and channels; and number three, accelerate in digital. In masculine, our ambition is to have 3 masculines within the global top 20. This means we need to protect our enduring icons while adding a new one because we believe that if there is a brand that can be strong in masculines, that is Rabanne.

But most certainly, our largest portfolio white space is feminine, where we have some regional leaders such as 1 Million, Olympea, or Fame, but our ambition is to go further. We will create a new feminine franchise capable of becoming a strong icon such as Good Girl is. Geographically, for Rabanne, we will maximize the U.S., expand in Southeast Asia and India and conquer further opportunity in travel retail, while consolidating Europe and Latin America, and we will accelerate on digital. So for Rabanne, the opportunity is clear: protect and renew the extraordinary masculine strength while unlocking the other half of the market in feminine.

And now finally, Jean Paul Gaultier, our revenant grand maison, built on creativity, freedom and celebrating differences. A maison with passion and fragrances. Fashion is our creative laboratory. Today, enfant terrible is back. Duran Lantink embodies this provocateur mindset that Jean Paul Gaultier himself had. Fragrance is the growth driver. Jean Paul Gaultier has become one of the industry's great masculine disruptors. Puig acquired Jean Paul Gaultier in 2011, and we took over the fragrance business in 2016. The growth trajectory has been extraordinary. In 10 years, we have multiplied the business by 6.

Today, Jean Paul Gaultier is the #9 fragrance brand worldwide coming from 17, as you have seen, and even more strongly, #7 in masculine Prestige fragrance worldwide. At the center of that success is one of the best examples of what I described earlier, the revival of an icon, Le Male. Over the last 10 years, the business has multiplied by 5. Le Male Elixir turned viral momentum into lasting appeal, attracting a new generation of consumers to the brand. But remember, Le Male is a 30-year-old icon. The original icon has continuously reinvented itself, expanding its appeal across generations from the Timeless Le Male to Le Male Elixir, winning over a younger generation and Le Beau attracting a broader, more diverse consumer.

And now we move into the next chapter. Our 2032 road map combines as for the other brands, portfolio expansion, both in masculine, but mainly in feminine with geographic and digital acceleration. In masculine, we intend to reinforce our leadership, keeping Le Male #2 and adding a new icon at top 15. But feminine is perhaps the most exciting new territory. In addition to the Divine, with La Favorite, we are setting out to create a new feminine worldwide icon, a franchise we intend to build over time. The first reactions to the juice and the bottle are very positive. The start is strong.

Geographically, there is still significant white space. We will accelerate in the U.S. where there is still room to grow even for Divine. We will conquer further opportunities in Southeast Asia, India and Oceania and also in Travel Retail, and we will accelerate our e-business. So even after multiplying the business by 6 in the last 10 years, we see substantial runway still ahead.

So stepping back, what have we achieved? We have firmly established 3 Puig brands in the global top 10. 3 very different brands and 3 proven global growth stories with very strong icons. But the message I really want you to leave with is we still have big growth opportunities ahead. Across these 3 brands, the pattern is remarkably consistent. We can broaden our portfolios, especially in the female arena. We can expand into underpenetrated markets. We can accelerate digital, engaging strongly with the consumers, and we will continue to premiumize and deepen engagement with the consumer. We have proven that we can create icons. We have proven that we can make them an endure. And now our opportunity is to do it again at an even greater scale. Thank you so much, and I will hand it now to Thomas James. Thank you.

Hello, everyone. I'm Thomas James, President of Niche and Wellness brands. And let me start with a simple conviction. Niche is no longer a niche. Built around collection of fragrances that consumers explore and make their own, what started as a small segment has become the most dynamic engine of value creation in the category. You have just heard Ana explain how Puig has built 3 global powerhouses in Prestige, a category that we've known and mastered for decades.

Niche is a different story. It's a much younger segment with a different business model and a different growth dynamic. So today, rather than taking you through a brand-by-brand presentation, I would like to show you how we've built a model to capture this momentum in a disciplined and scalable way. And I will cover 3 things: why niche is structurally attractive, the Puig recipe behind our performance and our clear path to continue leadership through 2032.

Niche is driven by powerful structural shifts that both Jose Manuel and Ana have explained. Consumers looking for uniqueness, building a fragrance wardrobe and moving beyond traditional segmentation. It is global with high gross margin and strong D2C. And it worked. Since 2022, niche has been the fastest-growing segment in selective fragrance and account today for 15% of the market. But at Puig, we didn't wait for niche to become obvious.

We embrace the segment early and built our own point of view with distinctive brands and strong storytelling. Most niche brands are built around ingredients. Our brands are built around stories. Bal d'Afrique, The Tragedy of Lord George, Le Male [indiscernible]. This is not product description. This is emotional connection. Each brand has a clear and complementary positioning, no overlap, strong complementarity, clear territories.

And we didn't just ride the niche wave. We outperformed it. Since 2022, our portfolio has consistently delivered double-digit growth well ahead of the segment. But what makes the Puig formula different? Today, we will discover the Puig secret sauce through our 2 leading niche brands, Byredo and Penhaligon's. On one hand, we have a creative engine, pushing creativity and differentiation. And on the other, a disciplined collection strategy, highly necessary to scale. First, the creative approach because in niche differentiation is everything. Byredo was built as a cultural platform, turning memories and emotion into fragrances, design and culture. Its mission is to give a voice to the unorthodox creative shaping tomorrow identity.

Byredo is culture. Penhaligon's takes 155 years of Britishness heritage and radicalizes it through wit, eccentricity, and irreverence. Its ambition is simple: to be the most storytelling fragrance brand on the market. So a bold creative approach to standout and a strategic collection approach to scale. Across a broad fragrance library, we have 5 heroes that drive the majority of our business, different olfactive profiles, different regional strengths, but one role, recruit and retain, here for Byredo. And here for Penhaligon's. These 5 heroes are not just best seller. They are our recruitment engines and our loyalty anchors. Our mission, therefore, is simple, make them easy to spot, easy to love and easy to gift through dominance merchandising, always on communication and sampling and commercial animation.

So the recipe works. What's next? The tailwind remains strong. Niche is expected to reach close to 20% of the selective fragrance market by 2032. And our ambition is simple: to continue to grow twice as fast as the market and to reach EUR 1 billion by 2032. That growth comes from 2 engines, more productivity from the footprint we already have and selective expansion. Almost 1/4 of our growth will come from like-for-like alone, and we have 3 very clear levers: awareness to expand our audience and recruit, experience to convert and build loyalty and innovation to continuously create new reason to buy and come back, recruit, convert and renew.

Penhaligon's has 33% awareness in the U.K. versus only 13% in the U.S. That's not a brand weakness. That's white space. And we have a very powerful weapon to unlock it, storytelling. Penhaligon's has always told story. The best example for this is portrait that turns 10 years this year. I have a particular affection for it because I was there at the very beginning. And the idea was simple, a fictional yet dysfunctional family. And I think we can all relate to that. But beyond the humor was a serious insight. Family archetype are universal. And while the category was selling ingredients in minimalist bottle, we created a saga. We bottled the story and crowned every fragrance with an animal head. It changed the trajectory of the brand. It opened the door to Middle East and APAC and represent today 45% of sales.

So storytelling didn't just build image. It built scale. Byredo is the mirror image, almost 50% awareness in Korea versus only 15% in Europe. Again, not a relevant issue, a reach issue. And our weapon here is culture. When we say that Byredo is culture, it's not a slowdown. It's how the brand behave. Take Alto Astral. We went to Brazil, not to export the Scandinavian aesthetics, but to celebrate Brazilian culture on its own term, Brazilian artist, photographer, energy. We don't appropriate culture. We collaborate with it. And that's how a love brand becomes a cult brand.

So storytelling makes Penhaligon's louder. Culture makes Byredo louder. Retail makes them both tangible. What sets us apart is that around 50% of our sales are direct to consumer. This is not simply distribution. This is strategic control. We operate 90 Byredo stores and 83 Penhaligon's stores worldwide across all major regions. Strategic control of our distribution, yes, but we also control the moment when someone actually meets the brand, what they see, what they touch, what they smell, the conversation they have, the time they spend.

At Byredo, retail is a dialogue between cultures. Each store build a bridge between our Scandinavian routes, our global identity and local craftsmanship. I was in Stockholm recently with the Byredo Internal Studio, and we spent an almost unreasonable amount of time discussing material, furniture, tiny details in the store. It may sound obsessive, but when half of your business is D2C, those details are the brand. Penhaligon's stores are immersive Victorian houses. In London on Regent Street, we celebrated British craftsmanship, even down to flooring techniques inspired by Blenheim Palace. Each store translates British heritage into a local cultural expression.

And the reason to come back cannot simply be to buy another bottle. Every visit needs to offer something new, a launch, an artist, a pop-up, a cultural moment. Our store needs to give you a reason to come back even when you don't need a fragrance. And while our physical store, our cultural embassy, brand.com is our digital flagship. It's not just an e-commerce site. It's an experience platform. And this year, we introduced something that fundamentally changes how fragrance can be discovered online. For the first time, consumers don't browse categories. On Byredo, they share a memory, a feeling, a moment and our AI translates that emotion into fragrance recommendation.

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Not based on notes, not based on filter, based on identity. And because this is Penhaligon's, our AI companion couldn't simply be a chatbot. Of course, it's a Cavalier King Charles. He recreate online the very British experience of an in-store fragrance consultation. D2C gives us control. AI gives us intimacy. Together, they can redefine how we recruit in niche.

And finally, like-for-like productivity will be driven by innovation. Puig is a home of creativity. And in niche, creativity is a powerful competitive advantage. We don't follow taste. We challenge them. Innovation is how today launches become tomorrow's hero. Take Alto Astral. It's already in our top 5 in the U.S. Future Memories enter our top 5 in both the U.S. and Europe. We have 5 heroes today. Our job is to build the next 5 ones. Same dynamic for Penhaligon's. Finley remain in our top 5 across Asia and the Middle East, and Baroness enter directly at #1 in our D2C.

The objective is not launch spikes, it's staying power. And innovation goes beyond fragrance. Fragrance remain our core. It builds loyalty and profitability, but bath & body recruits, home create frequency and gifting and Byredo goes even beyond with byproducts extending Byredo into lifestyle. Different categories allow us to serve different consumer and region without diluting the core. Fragrance builds the brand, multi-category builds the ecosystem, and we stretch that ecosystem across price points, but also in quantity, adapting to different consumer and regions.

So far, we've talked about extracting more value from the footprint we already have. Our second growth engine is expansion. And here, our approach is simple, scale what works profitably. And the question is simple, where is the next pool of growth? The answer starts with our footprint. It looks very different from the niche market. The difference is not a structural weakness. It's a significant growth opportunity. The U.S. is clearly the biggest opportunity. It represents roughly 1/4 of the global niche market, even 1/3 in wholesale, and we materially under-index. For Penhaligon's, the second opportunity lies in Northeast Asia. So Penhaligon's road map, defend U.K. and Middle East leadership, scale China and the U.S. and reenter Japan and Korea indirect.

That takes us from roughly 900 doors today to around twice that by 2032. For Byredo, consolidate Northeast Asia, become a leader in the U.S., conquer key European city and accelerate indirect in the Middle East, a more balanced footprint, reaching around 2,000 doors by 2032.

To conclude, niche is no longer a niche. It's a structural pillar of the fragrance category. At Puig, we have built the architecture to lead it, strong brand, disciplined expansion and cultural relevance at scale. And with this growth building block, we see a clear path toward the $1 billion mark over the long term. Today, Byredo and Penhaligon's are the 2 strongest growth engine of our niche portfolio. But more importantly, they demonstrate that this model is repeatable. They are not just driving growth, but they are setting the blueprint for L'Artisan Parfumeur and Dries Van Noten, which means that this journey has not reached maturity yet. We are just getting started. Thank you very much, and I now hand over to Kaatje Noens.

Good afternoon. I'm Kaatje Noens, Managing Director at Charlotte Tilbury Beauty. It's a pleasure to be here today, and I'm delighted to talk about Charlotte Tilbury Beauty through the lens of Vision 2032. Charlotte's vision and strategy has always been to build the greatest global beauty empire. Charlotte saw that the industry was ripe for disruption with a huge white space for a tri-axis beauty brand that was luxurious and aspirational, but at the same time, accessible for consumers.

Our journey so far has been truly incredible and unique. Since launching in 2013, we grow from a challenger brand to market leader in just 13 years. And since the acquisition by Puig in 2020, we have tripled the business. By the end of 2025, we were already a top 1 to 5 brand in all the biggest makeup markets. And year-to-date, 2026, we have kept these rankings, holding our #1 rank in the U.K. for the past 4 years and still growing faster than the market. And in the U.S., we strengthened our #3 rank, again, growing faster than the market. We even conquered the top 2 rank in France.

Our success to date relies on the brand's 5 key superpowers: product, media, talent and community, tech and purpose. They are truly our competitive advantages. It's this 360 omnichannel consumer-centric approach that generates natural advocacy, secures consumer trust, closes the flywheel to conversion and drives long-term profitability. So let me walk you through them. It all starts with the product. Since the launch of the brand, Charlotte has been a beauty disruptor and a category creator. When she started the company, the products that the consumers needed simply were not there. Charlotte has driven innovation that has reinvented and even created categories that didn't exist in the beauty industry before. 34 years of artistry expertise are embedded at every stage of our development process to create products that do all the work for our consumers and preempt the consumer need state.

We develop revolutionary, high-performance products that are easy to use, easy to choose. That's why we have created products that today are verified category leaders like our iconic Airbrush Flawless, Finish Powder and Setting Spray. But we've also created brand-new categories like Hollywood Flawless Filter and new innovations such as Unreal Foundation.

Since the first day, it was Charlotte's unique vision and strategy to operate like a media company to generate virality and engagement. And so since the beginning, we built a brand with an in-house media agency covering social influencers, partnerships, talent and press. It means we can stay ahead of the curve and be agile at scale, meeting consumers right where they are. The genuine advocacy we get from celebrities and influencers allows us to create assets that resonate and stand out in a sea of paid for content and associations. This authentic content is ultimately more valuable and more powerful.

Since day 1 of the brand, we have leveraged social media as a powerful tool, and we now have over 20 million followers across all of our platforms, creating viral content daily. It's Charlotte's mass intimacy. We have scaled across the globe, but we have maintained that depth of intimacy and emotional connectivity with them, generating brand heat, love and desire, which in turn leads to conversion.

Being tech first has always been a cornerstone of our strategy to meet consumers where they are. Our strategy has always been to democratize beauty, giving consumers what they want, where they want it, and technology is crucial to achieve that. Over the years, we've developed virtual try-on tools and consultations, virtual store launches, master classes and experientials. We launched our Easy Beauty for You app in 2023. And today, we have more than 4 million downloads with a 4.9 star rating. Our agility as a tech-first beauty brand is how we have been able to pivot and evolve in tandem with consumer behavior and their expectation, staying ahead of the curve.

Ask Charlotte is our new AI-powered beauty adviser. It simulates the conversation with Charlotte, generating authentic expert guidance. It delivers personalized, intimate and accurate beauty advice from Charlotte to the consumer. Our mission has always been to help everyone everywhere be the most confident version of themselves. It's a transgenerational purpose that resonates strongly in today's world, driving loyalty and trust. Through long-term partnerships with charities who build confidence around the world, The King's Trust, the Clooney Foundation, Women for Women and unique partnerships to support women in sports like the Dallas Cowboys Cheerleaders, we deliver against our mission to celebrate and empower women globally.

The effectiveness of these superpowers and competitive advantages are recognized in the constant accolades we received from the digital community. Last Christmas, we were the #1 recommended makeup brand by ChatGPT. And in 2025, we were also the #1 non-retailer beauty brand in Gen Z engagement. Being only 13 years old, we remain ambitious as we foresee a 50% growth by 2032. We have 4 key building blocks: organic growth, which will rely mostly on the expansion of our makeup business to reach the #1 brand globally. In other words, scale what works profitably. The acceleration of our 2 other categories, skin care and fragrance and most importantly, the expansion in new markets and distribution.

Makeup is where we have reached a leader position in several markets, but we continue to grow organically. To achieve this, we build iconic franchises, which has always been central in our strategy, creating worlds that are instantly identifiable and that people emotionally connect with. Airbrush Flawless is our biggest franchise. It's a routine of high-performing formulas that gives a flawless poreless skin. Within this franchise, we have 2 of our brand icons, setting spray and powder. The growth potential relies on the biggest segment of the face category, liquid foundation and concealer. We are already growing significantly in this segment with the successful launch of our concealer beginning this year and more groundbreaking innovation to come in 2027.

Pillow Talk is our second biggest franchise and a universal idiom, the strength, a universally flattering shade that took Charlotte years to create. Pillow Talk is already an established category leader in liners and lipsticks, but we have a fantastic opportunity to grow with franchise in lip hybrids like balms and glosses, which are fast-growing lip segments. Looking ahead, we have a very exciting and strong pipeline in innovation in lips, eyes and cheek within the Pillow Talk franchise.

Still, beyond Airbrush and Pillow Talk, we are also creating new franchise heroes. Unreal Skin, a makeup skin care hybrid that we launched in 2024. The formulas are innovative because they contain at least 80% skin care. They are specifically designed to target consumers looking for an easy-to-use on-the-go makeup giving a healthy glow. The second hero is Exagger-Eyes. Mascara is a big beauty segment, and we are just getting started. Exagger-Eyes Mascara saw a big halo effect from our very successful Exagger-Eyes Easy Eyeshadow Sticks launch, and we will continue to foster that growth.

In 2024, we took our first steps in fragrance with the launch of our collection of emotions within a very limited footprint of distribution. And now by leveraging Puig's expertise in this category, we are developing a future blockbuster rooted in an existing franchise with the power of prestige distribution.

Beyond makeup, we have the opportunity to grow other categories, and that starts with skin care. Magic Cream was the first product Charlotte created and is today a global icon. This year, we have reformulated and relaunched it by developing a first-to-market proprietary ingredient that has taken it even further into the future, Recoverstem Peptide. Our supercharged Magic Cream is perfectly positioned to continue to recruit consumers, especially makeup users, thanks to its unique duality of being a moisturizer and primer. But we will also go beyond Magic Cream to significantly accelerate our skin care business. We have a huge potential to build a full skin care offer for our specialty distribution in Amazon, and we have a pipeline of innovation to develop a full routine of products to complement Magic Cream at a more accessible price point, better suited for the consumers, creating a valuable gateway into the brand.

From day 1, the brand has been intentional in the sequencing of its geographic expansion. Our overarching brand strategy drives brand heat, awareness and demand, while our distribution strategy remains tight and highly productive. Charlotte Tilbury is currently present in only 1/3 of global premium makeup distribution. We're in roughly 5,000 points of distribution globally versus an average of 14 -- sorry, 15,000 points of distribution for some of our competitors. So with limited distribution, we have the volume of a global powerhouse. And that means we still have headroom to expand while preserving our brand desirability.

The best example is the U.K., where we are the #1 color brand, but only entered in 31 Boots stores this past July. In Europe and Travel Retail, we have been particularly selective and the opportunity for expansion is meaningful. But our largest value opportunity is China, where we have a high e-commerce penetration and aim to open more owned stores across Tier 1 and 2 cities. And finally, we have ambition to conquer new territories. I said before, we launched Mexico just last year, and we will leverage Puig expertise of the Latin America region to continue expanding our footprint across LatAm, starting with Brazil.

As we scale China, we have the opportunity to build our presence in North Asia with Japan and Korea openings markets, which will be amplified by our visions in skin care. I hope that this gives you a taste of the incredible brands we already are, unique strategic superpowers and competitive advantages that continue to propel our success and the exciting opportunity ahead to continue our strong growth trajectory into 2032 and beyond. And I will now hand it over to Marc Toulemonde.

Thank you, Kaatje. Good afternoon, everyone. Welcome to the world of science. Let's talk about skin care and one of the fastest-growing dermo-cosmetic brands, Uriage. Skin care is a EUR 152 billion category and represents 51% of the global beauty market. Skin care and especially dermo-cosmetics is a significant opportunity for us. The skin care category has been driving the growth of the beauty market for the last [ category ] with a steady and continuous 10% growth since 2015. We expect this momentum to continue at a 6% to 6.5% CAGR.

The dermo-cosmetic market is expected to reach EUR 50 billion by 2032, representing over 1/4 of the skin care category compared to 16% in 2020. Dermo-cosmetics are most developed in France and already account for 40% of the French market. As consumers become more educated, they are increasingly aware of the category and very interested. We believe this is a global trend, not just a French curiosity that will move the dermo-cosmetic category towards higher penetration in many other markets.

There are 3 reasons for this fast and sustainable growth. First, consumers' needs for safety, efficacy and good value for money, which are the key features of any dermo-cosmetic product. Second, distribution expansion. The market used to be dominated by independent pharmacies that concentrated around 70% of the sales in 2017. While these channels continue to grow, the category has expanded significantly into e-commerce, pharmacy chains and selective distribution. Today, dermo-cosmetics operate in a much broader multichannel ecosystem, significantly increasing consumer access and market reach.

Third, the market benefits now from a multi-touch point demand generation model. While dermatologists and pharma -- dermatologists prescriptions and pharmacist recommendations remain core, social media today, you have all heard about the derm fluencer and skin fluencer phenomenon and AI tomorrow educate new consumers to the category, especially Gen Zs and men. Puig is well equipped to benefit from these 3 market shifts, capturing consumer needs, anticipating distribution expansion and mastering new consumer touch points.

Let's talk about our leading dermo-cosmetic brand, Uriage. Uriage has been consistently outperforming the market, accelerating significantly in the last 3 years, growing 3x the overall skin care market. The brand owns leading position in its historical markets. Uriage is #1 in Portugal, #1 in Czech Republic, #4 in Belgium, #6 in France in units. Uriage is also enjoying a very strong momentum in its new markets, improving its rankings in countries such as Mexico, Canada, Saudi Arabia and Vietnam.

Over the last 2 years, we have completed a profound transformation of Uriage with a more modern image and a stronger medical identity, leveraging the unique DNA of the brand. Here, we are ready to scale what works profitably.

[Presentation]

The essence of Uriage is triple barrier science to restore skin health. We act in a targeted way on the 3 levels of skin barrier, thanks to a powerful combination of our unique Uriage repairing thermal water and advanced dermatological active ingredients. We do -- we do this across a very large portfolio of products, covering all major skin concerns as they are all linked to skin barrier dysfunction. This science is supported by 17 exclusive patents. In a hyper-competitive skincare market with an inflation of claims, Uriage differentiates itself, thanks to its unique scientific superiority and true anchorage in dermatology. We are proud to say we are developed with and recommended by dermatologists.

[Presentation]

This scientific expertise has earned the brand the highest repurchase rate in the industry, a very impressive 72%, and we are very proud of it. This renewed scientific platform came to life last year with the relaunch of our hero franchise, Xemose C8+, which combines 8 biomimetic ceramides and our unique Uriage repairing thermal water to offer immediate soothing effect and long-lasting repair for all atopic prone skins.

We also recently introduced a new franchise, Age Absolu and its hero serum, formulated with 8,000 micro-spheres and procollagen peptides, allowing us to compete in the more valorized anti-aging category. While still being a challenger, we believe Uriage now has the standing to compete with the major global players, seeing the scale and the success of these brands give us confidence in the opportunity that remains for Uriage.

We have identified 5 avenues to scale up profitably. One, category expansion; second, Europe; third, LatAm -- second, Europe and LatAm; third, e-commerce; four, large pharmacy chains and five Puig platforms and the integration with ISDIN. With these clear strategic levers, we are aiming to double the size of Uriage by 2032.

Let me share this in more detail. Sun care and antiaging are respectively, the first and second largest dermo-cosmetic categories in Europe. And our market share in those segments is less than half our fair share. So in 2026, we have relaunched our Age Lift franchise featuring 3 types of gradually released retinoid, providing up to 3x fewer wrinkles even for the most sensitive skins. You can see here the remarkable results and the impressive before and after pictures. We also relaunched our sun care range. The texture of our new Bariesun Aquafluide was specifically designed to address the needs of Latin American consumers with an ultra lightweight dry touch formula, and it happens to already be a global success.

Geographically, while the brand has international presence today, we are focused on building our strongholds and scale profitably. Europe still represents the largest and most profitable opportunity for us. We have some white spaces, for example, Scandinavia and the U.K. and opportunities to improve our rankings in some existing markets, leveraging our current momentum. LatAm is a top priority for Uriage. It represents 10% of the market, but only 2% of our business today. To make our mark in LatAm, we are leveraging the power of Puig platform and in the future, the expanded Puig Derma platform.

E-commerce is about 25% of the dermo-cosmetic market and is estimated to be close to 30% of the revenue of the leading player. We grew e-commerce by 45% in 2025 and still have significant room ahead to close the gap. As discussed earlier, e-commerce combined with social media is a new growth engine for the category. Speaking of social media, we are proud to say that Uriage was one of the fastest-growing brands on TikTok in 2025 globally, reaching the #9 position. We are also taking advantage of the channel shift, strengthening our partnerships with large dermo-cosmetic retailers. Being part of Puig position us as a natural partner for what we call selective pharmacies.

So to wrap up, category expansion, a stronger geographical footprint, e-commerce acceleration and a focus on large dermo-cosmetic retailers, all within the context of the expanded Puig Derma platform now reinforced with ISDIN will allow us to reach our goal to double the size of Uriage by 2032. Uriage has a right to win in a dynamic dermo-cosmetic market. It is a true love brand with proven proprietary science and significant white spaces now powered by Puig's platform. Thank you to all of you for your attention. Thank you.

Thank you, Marc. We will now shortly begin Q&A for the second set of presentations. [Operator Instructions].

Aron Adamski at Goldman Sachs. I wanted to ask about the Prestige fragrance and the pipeline you have in terms of new franchises that you'll be bringing on. I think I counted about 5. So it sounds like it's going to be quite busy. So I was wondering how are you going to phase these launches? And on the Rabanne franchise that you will be launching next year in the masculine segment, I was wondering if you already got any feedback from your partners and any idea on how much shelf space they are willing to allocate to it?

So well, first of all, we manage a portfolio of brands, and we decide how to sequence our innovation and investments with discipline always. You have seen that we have a clear opportunity and a white space in feminine. That's why we are now doing the La Favorite exercise with Gaultier. We will have another launch in feminine for Rabanne, as we have told you in a couple of years. And then we will also be tackling the segment with Charlotte Tilbury, not necessarily only with the prestige brands that you saw in my piece, so with Kaatje that maybe she can complement later. And that's how we capture to work. We always manage, I would say, a broader pipeline, but then we sequence how to innovate and what to launch.

And I want to come back to my idea that we do not only innovate with new franchises, but we also innovate within the core franchises and the icons we already have. So we see innovation in both sides. And for us, that is very important. Innovation in the enduring icons that we keep on building and innovation in the new franchises where we see white spaces and then deciding how to sequence that, managing a portfolio of brands and deciding when is the right moment to launch everything. For the Rabanne masculine launch that we will do next year, we're working, and I cannot share yet where we are, but we are very excited about it. Do you want to say something...

No, I think to complement to the cadence of the prestige fragrance launches, I can only say that we're excited that we got to go in 2028.

I wanted to ask about building the Asia franchise on the fragrance side. I mean you already have some established markets. I think you mentioned China, Korea. But can you talk about, a, the market itself, like is it -- I presume it's quite small, especially in North Asia. So how is that evolving? And then what is it that you need to do? Do you need to have your own salespeople? Do you need to go through a specific distributor? And then yes, just trying to understand how difficult or practical -- the practicalities is in scaling up that Asia opportunity.

Well, thank you for the question. I will start and maybe they can build on that. In Asia, we have subsidiaries in China, in South Korea, in Japan. And actually, over these years, even if proportionately for the market, the fragrance part is smaller in terms of sheer size, it's pretty significant. And what we said as was stated, we focus mostly on niche brands in Northeast Asia and Charlotte Tilbury, which is doing very well. I would say, well, you can build on that maybe afterwards. And we have our own team. So one of the things that Puig as a strategy is to build strong local teams to manage our brands in the long run.

So specifically for niche, if you take Byredo, for instance, in South Korea, is a top 5 brands. So that gives us the scale to build a portfolio around that. And in China, we have chosen to go a combination of direct-to-consumer and online with Byredo mostly Penhaligon's and L'Artisan Parfumeur, and that's the strategy we are following. But maybe you can build on that, Thomas or Kaatje?

To give you an idea of the size of the market, if you take South Korea and Japan, they represent roughly the size of China. So we have a massive opportunity on Penhaligon's, as I was sharing in the presentation, to accelerate indirect in South Korea and Japan. For Byredo, we have still, of course, room to grow in China and to consolidate the [ footprint ] that we have built in South Korea.

And maybe for Prestige only adding where we will focus will be in Southeast Asia. We think that the fact that there is a low penetration, but that is increasing, that there's a raising income moment in the area plus the impact of social that is having on the consumers worldwide is developing an appetite for prestige fragrances, and that's what we want to capture on.

Jie Zhang, Baader Europe. So one question on pricing for Prestige and niche fragrance. So over the last 4, 5 years, as consumer become more and more price sensitive. So at this stage, so do you still feel comfortable for price increase in coming years? And with the growth you anticipate -- so which part -- how much you feel has come from price and how much has come from volume?

Do you want me to take this?

[indiscernible].

No. Basically, most of our growth has come from volume. And actually, when you see the niche segment, it has enlarged the range of pricing, and we see many consumers premiumizing. You see it going in the 2 directions. So premiumizing and maybe looking for value for money. So we see no limitation in niche. I would say that there are many consumers going in this direction. And in the other sense, what we are doing is capturing consumer insights to make sure that we find the right sizes and the right price positioning in order to keep recruiting on consumers. So it's combining more consumer intelligence on that area.

And I would say the market, as you saw at the beginning of the presentation of the Fragrance presentation, the market has structurally changed. And we are not seeing only some consumers going for lower price points or I would say, lower penetrations of recruiting formats. We are also seeing a big shift towards premiumization. Consumers that are mixing more, layering more and the phenomenon of the fragrance wardrobe. So I would say that there's possibilities on all the different price points. What we know for sure is that we will keep on addressing this, maintaining our profitability or even increasing our profitability. So that's how we plan to face this.

And on this, just to complement this, we don't see this as a passing trend. It's a structural shift because if you take any luxury industry, whether it's car, watches, handbags, you have an array of prices that was going from small leather good to a couture to give you a caricature. And it's true that fragrance was the exception. And we see today that people are leaning more towards intensity layering fragrance wardrobe. And this gives us a really clear path to grow because some markets are still very underpenetrated with this premium offer.

Just a quick one on Uriage. So I've seen you are targeting -- well, you've shown a couple of products of sun protection. This is one of the core products of ISDIN, and you're also targeting Europe and LatAm. ISDIN is also dominant, I think, here in Spain, and it's also very strong in LatAm. So my question is, how will you manage potential cannibalization risk between these 2 brands?

Thank you for your question. It's a little bit too early to go to specific of ISDIN. So we just need first to close the deal. But answering based on what we know, there are 2 very different brands. Uriage is focused on triple barrier science. It's leading, thanks to its unique Uriage repairing thermal water. It's playing on many categories. ISDIN is a champion of sunscreen and photoaging an anti-aging product. We also have seen during the presentation that at Puig, we know really how to differentiate our brands even when they play on the same category. I think the demonstration of Prestige was very strong. And this is what we are our intention with ISDIN. We clearly see that there is room for 2 big sunscreen brands on the sun care market in dermo-cosmetic at Puig that they will offer a differentiated price point, a differentiated story. And even with dermatologists, we will detail them differently.

David Da Maia, CIC. I have a question for Ana. Would you say that your one brand strategy approach blending more fashion and beauty at your fashion houses will help you to accelerate the pace of innovations going forward in this more competitive environment?

I don't know if to accelerate the pace of innovations because, again, we select how to launch innovations and how to allocate investments. But I would say it's a competitive strength of Puig, yes. If you look at how do we manage our prestige brands, we have 3 brands where we put together fashion and beauty, creating these brand ecosystems I have referred to when we do an event, it's an event about the whole brand, not only a launch we are doing. So for example, it was almost a year ago. Last year in Madrid, we had a big fashion show for Carolina Herrera and Plaza Mayor, but at the same time, we were launching La Bomba. At the same time, we were doing an activity with makeup, where we were launching the foundation. So this allows us to play the whole brand ecosystem. And we believe that this is an advantage competitive to Puig that other players do not have and that allows us to play differently in this market for sure.

Mariano Szachtman from Santander. My question is on Carolina Herrera on the makeup initiative. I understand it's been offered over the last few years. So if you could elaborate on what will change or what is going to change in order to make it one of the main growth drivers for the brand?

So Carolina Herrera is a truly multi-category brand. We have fashion, we have fragrances and we have makeup. We entered the chapter in makeup a few years ago, and we intentionally decided to go to a, I would say, reduced distribution and to learn from that model. Today, we are ready to scale that model. As I have told you in my presentation, we have leveraged the knowledge of Charlotte Tilbury. We have brought into the team -- teams from Charlotte in order to reinforce it, and we think we are ready to keep on growing with the makeup story. But again, we look at the brand as a whole brand, as I was saying before, and our idea is to keep on growing Carolina and to keep the profitability or even enlarge the profitability in Carolina while building the second lever that will allow us to recruit new consumers into the brand. We think that from fashion to makeup, there is a lot of brand codes desirability that we can translate into very interesting makeup products as we have been doing so far.

Do I see any hands on that side?

I guess one of the fragrance brands we haven't heard too much about today is Nina Ricci. So I was wondering, there have been some reports that you might be considering closing the fashion house there. And if you could share your plans for that brand more, that would be great.

So Nina Ricci is one of the very important brands, Puig, but it's true that we have decided to focus more on beauty while we see what we will be doing in the future with the other parts of the brand. But for now, yes, the focus will be beauty.

[ Ignacio Carvajal from Cartesio ]. One of the presentations at the beginning, you talked about potential closure of business units, brands in order to improve costs, at least that's what I recall. But you didn't mention what sort of criteria you were going to use to close those businesses. I don't know if you could give us a bit more detail on that.

I will take this one. The specification is that one of the things we're doing, especially when it comes to growth, making sure we take a very detailed look at the ROI of the initiatives we do. So -- and in the case in some of the initiatives that we have been developing over the years that some of them have not had the ROI we were expecting them, and we decide to just either minimize them or step out if that is what we think is the adequate way to go. And that's what we think. So in the sense, and when we have especially some brands which are subscale, now we need to be very careful, making sure that we put the right resources in the initiatives within that -- initiatives or exercises that makes sense from a profitability perspective. So -- but we have not been mentioning in terms of closing brands at all. That has not been the comment.

It looks like there's no further questions at this time. So I will invite Jose Manuel to come back some closing remarks.

Yes. There is one over there.

Okay. Apologies. We'll take that one first.

Very last one, [ Miguel Medina from Mirabaud ]. Just one question on distribution. You have mentioned several times that you are planning to enter or expand in the platforms, maybe reduce the weight of the traditional channels like pharmacies going to larger retailers. Are there any implications from that transition into pricing or control of inventory or sale on return? Should we consider a change in the business dynamics because of those new distribution channels?

Miguel, is that question specifically for Derma or?

Overall.

No, no. In general, we would say that, first, if you take global brands, usually, we have a global pricing strategy, and then we have differentiated commercial conditions by channel, but not something. So what we plan to do is to scale up distribution, always protecting brand equity, but nothing that you should take as a big difference in whatever projections you are doing.

This time checking for real that there are no further questions.

You should come here.

Looks like we've addressed all the questions in the room. So thank you all for listening, and I'll invite Jose Manuel to make some closing remarks.

Joining us here in Madrid. We all wanted to thank you for this afternoon. Thank you also for those connecting online around the world. With this Capital Market Day, we wanted to give you more clarity about Puig to share our vision, our ambition, our strategy and our priorities, to introduce you the extraordinary people that will make it happen. Our path is clear. We want to reach EUR 8 billion, 22.5% EBITDA margin and pursuing M&A to accelerate it further. This EUR 8 billion will be organically and scaling what works profitably. We hope you will live tomorrow with a deeper understanding in Puig. We have the brand, we have the talent. And now it's a question of implementing.

I'd like to take this opportunity to first congratulate you all for the excellent presentations to thank Varenya for her contribution to Capital Markets Day. Thank you all. Thank you for your engagement today. Thank you for your trust, your support, and we look forward to continuing our conversations tonight. Thank you.

Good evening, everyone, and thank you for joining us as we discuss our sales update for the third quarter and first 9 months of 2026 that ended on the 30th of September.

Today, we are joined by our CEO, Jose Manuel Albesa; and our CFO, Miquel Angel Serra. Jose Manuel will share some brief remarks, and then, we will open up the line for Q&A. The presentation and press release are available on our website, and you will also be able to access a replay of this recording on our website after the event.

With that, I will hand it over to Jose Manuel.

Thank you, Varenya. Good evening, everyone, and thank you for joining us today. I am pleased to be speaking to you following another strong quarter for Puig. In the third quarter, we delivered record sales with like-for-like revenue growth of 5.6% or 7.2% on a reported basis, reflecting continued momentum across our businesses and the strength of our portfolio of brands. These results demonstrate the quality of our business model, the desirability of our brands and innovations and the disciplined execution of our strategy by our teams around the world.

As we move into the final month of the year, we continue to be focused on executing against our priorities and remain confident in our outlook for the full year. We also look forward to welcoming many of you to our Capital Markets Day next week, where we will share our strategic priorities and ambitions for the next phase of Puig's growth.

With that, let me share more details on our performance during the quarter. During the first 9 months of 2026, we generated net revenues of approximately EUR 3.7 billion, representing like-for-like growth of 4.8% ahead of the premium beauty market and 4.1% on a reported basis. Performance was broad-based across the business with all segments delivering positive like-for-like growth and particularly strong double-digit performance in Niche, Makeup, Dermo-Cosmetics and Asia Pacific.

We are still in the process of collating the global sell-out data for the quarter. But from early results, we can see our sell-out in fragrance in the U.S. was very strong. We are also seeing growth in the European top 5 markets. Similarly, very strong sell-out trends for Charlotte Tilbury across the U.S. and key European markets, supporting the strong results that we have been sharing.

The third quarter marked a record quarter for Puig with net revenues reaching EUR 1.4 billion. Like-for-like growth was 5.6%, while reported growth reached 7.2%, benefiting from favorable currency movements during the quarter. This performance reflected continued momentum across all geographies, with particularly strong contributions from Fragrance & Fashion and Makeup. The quarter reflects the momentum we have continued to build through the year with third quarter growth improving to 5.6% from 4.1% in the second quarter.

Let me share some more color on the performance of each of our business segments. Fragrance & Fashion continued its steady performance, generating net revenues of EUR 2.7 billion in the first 9 months of 2026, representing like-for-like growth of 3.8%. The segment remained the largest contributor to our business, accounting for 72% of Puig's net revenues during the period.

It's noteworthy that all our Niche Fragrances brands grew double digit for the first 9 months of 2026. In the third quarter, net revenues reached EUR 986 million, with like-for-like growth of 3.9%, in line with the first half. This performance was driven by the continued strength of our Niche Fragrances portfolio alongside another strong quarter from Carolina Herrera, both of which grew double digit.

After 5 years of exceptional growth, during which Rabanne and Jean Paul Gaultier multiplied significantly in size, the recent quarters have been a period of normalization. Recent innovation are now beginning to reignite growth, giving us confidence in the next phase of their development. 1 Million Black from Rabanne entered the top 10 fragrance line in the U.S. and in European key markets in its launch month.

La Favorite, Jean Paul Gaultier's first feminine fragrance in 10 years, has entered the top 15 feminine fragrance line in France following its recent launch. Early results are encouraging. The segment remains steady, and we expect similar performance to continue into Q4.

Makeup was the fastest-growing business segment during the first 9 months of 2026. The segment generated net revenues of EUR 628 million with like-for-like growth of 12% and represented 17% of Puig's total net revenues. In the third quarter, Makeup delivered another excellent performance with net revenues reaching EUR 270 million and like-for-like growth of 16.1%.

This strong growth was supported by healthy sell-out trends across the regions, continued market share gains, innovation and selective distribution expansion. Innovation remained a key driver of growth, including launches further strengthening the Airbrush franchise from Charlotte Tilbury.

We were particularly pleased with the momentum in the category during the quarter. All current sell-out trends remain healthy. Following the strong performance delivered in Q3, we continue to expect sell-out growth to be in line with the first 9 months. However, we expect Q4 sell-in growth to be measured against a very demanding comparison base. As a reminder, in Q4 2025, the segment delivered 26.5% growth.

Turning to Skincare. The segment generated net revenues of EUR 414 million in the first 9 months of 2026, representing like-for-like growth of 1.3% and accounting for 11% of Puig's total net revenues. In the third quarter, Skincare generated net revenues of EUR 135 million, representing a like-for-like decline of 0.8% or 0.6% positive reported growth. Dermo-cosmetics is an area of strategic focus for Puig, as reinforced with the recent announcement to acquire the remaining 50% of ISDIN.

This part of our skincare segment continued to perform strongly in Q3, delivering another quarter of double-digit growth led by our dermo-cosmetics brands, while premium skincare continued to be soft during the third quarter, reflecting underlying trends in North America. The continued outperformance of dermo-cosmetics reinforces our confidence in the long-term opportunities within the category.

Let me now turn to our performance across geographies, where we delivered growth in all regions during both the quarter and the first 9 months of the year. EMEA continued to deliver healthy growth, generating net revenues of EUR 1.9 billion in the first 9 months of 2026, representing like-for-like growth of 3%. The region remained our largest market, accounting for 52% of Puig's net revenues during the period.

In the third quarter, net revenues reached EUR 728 million, with like-for-like growth of 3.8%. This performance was supported by the continued strength of Niche Fragrances, Dermo-Cosmetics and medical as well as distribution gains across the region. We are also pleased to see that the disruption experienced in the Middle East during the first half of the year did not have meaningful impact on the region's performance in the quarter.

In the Americas, net revenues reached EUR 1.4 billion in the first 9 months of 2026, representing like-for-like growth of 3.8%. The region accounts for 36% of Puig's net revenues during the period. In the third quarter, net revenues reached EUR 507 million with a like-for-like growth of 6.2%. This strong performance was driven by Fragrance and Fashion and Makeup, more than offsetting a demanding comparison base from the prior year.

APAC remained our fastest-growing region during the first 9 months of 2026, generating net revenues of EUR 430 million and like-for-like growth of 17.9%. The region accounts for 11% of Puig's net revenues during the period. In the third quarter, net revenues reached EUR 157 million, representing like-for-like growth of 12.9%. This performance was supported by strong momentum across categories with particularly notable growth in Niche Fragrances and Makeup. With 3 strong quarters behind us and continued momentum across the business, we reiterate our confidence in delivering against our outlook for 2026.

Before we conclude, let me highlight a significant announcement that we made last month. On the 14th of September, we announced an important step in our long-term strategy. We reached an agreement to acquire the remaining 50% stake in ISDIN, which will bring our ownership of the business to 100% upon completion. ISDIN is a highly attractive brand at the forefront of skincare, photoprotection and photoaging roots in medical credibility. It brings a strong track record of growth, innovation and category leadership. The transaction further strengthens our position in dermo-cosmetic, a category where we continue to see significant long-term opportunities. We'll share more color on this next week at our Capital Markets Day.

Under the terms of the agreement, Puig will pay EUR 900 million at closing, expected in the first quarter of 2027, together with a deferred payment of EUR 300 million payable in the first quarter of 2029.

I also want to highlight some events from the quarter that embody the spirit of Puig as a home of creativity. Our brands continue to demonstrate their cultural relevance and creative strength. During New York Fashion Week, Carolina Herrera celebrated its 45th anniversary with an acclaimed Spring/Summer 2027 show, while Good Girl, our leading feminine fragrance franchise, marked its 10th anniversary. We were also pleased to see that Dries Van Noten's Spring/Summer 2027 collection received strong recognition from leading fashion media with frequent mentions in the top 10 shows of the season.

Before I conclude, we are very much looking forward to having you join us for our Capital Markets Day on October 28. It will be an important opportunity to share our strategic road map and the key drivers that will shape the next phase of Puig's growth and the long-term value creation.

With that, thank you for your attention. I will hand it back to Varenya.

Thank you, Jose Manuel, for your remarks. Those interested may now register for the webcast of our Capital Markets Day at www.puigcmd2026.com. The presentations will begin at 13:00 CET on October 28, and we look forward to you joining us. Let's take our first question.

The next question comes from Aron Adamski from Goldman Sachs.

On Prestige Fragrance, could you please discuss the trends you've seen across Rabanne, Carolina Herrera and Jean Paul Gaultier and also whether any of them are tracking below expectations despite quite an easy comparison basis in Fragrances that you were lapping in the third quarter?

And then looking towards the remainder of 2026 in Fragrances, I think you will be lapping quite a tough 2-year comparison base in Fragrance. So do you expect that division to grow through the fourth quarter? Or could it perhaps turn negative?

Thank you, Aron, for your question. Well, yes, we'll start with the sell-in. In Fragrance & Fashion, we delivered 3.9% like-for-like growth in Q3, a 5.7% in reported. And it was supported first by double-digit growth in all our Niche Fragrances and in Carolina Herrera.

Referring to Rabanne and Gaultier, as you were asking before, as we discussed in the last quarter, those 2 brands have been doubling and tripling their size in the last 5 years. And in the recent quarters, we experienced a kind of normalization or consolidation of this strong growth from the past. So we are starting to see that we are reigniting growth.

We are happy to announce that 1 Million Black, which was launched worldwide by end of August, is reaching top 10 line positions, both in the U.S. and in Europe. And this was the first step of reigniting growth. As you remember, second step will be next year, the launch of our new masculine franchise.

In the case of Gaultier, while also reigniting growth, we just launched a little bit later La Favorite, only in key European markets. We will have the global rollout next year. And we are happy with the results. We are having a top 15 line with La Favorite in France, which is one of the most difficult markets to penetrate with innovation. So we are quite happy with those results.

If we move to sell-out, as you remember, we said that we report sell-out in a 6-month basis. In the Half 1, we reported an increase of 0.3 points in sell-out. We are now collecting global data and our early results. We see a very strong sell-out increase in the U.S., and we are also, of course, seeing growth in the Europe top 5 market. So we feel comfortable with those results, in line with what we expected. And this Q3 performance is very much in line with our expectation for the segment. Regarding Q4, we feel very comfortable with inventory levels in the channel, and we see a Q4 not very different for the last 9 months.

Thank you for your question, Aron. I hope this answers the whole question.

The next question comes from Tom Randall from Jefferies.

On Makeup, so you've highlighted strong sell-out and market share gains and then some distribution expansion as well. Do you mind quantifying the distribution gains that you're seeing? And then given the strength of the sell-out, should we still expect any meaningful channel inventory adjustment in the fourth quarter? Or would you say that risk has largely gone away?

Thank you, Tom, for your question. In the case of Makeup, as you were mentioning, our principal driver was a strong sell-out performance, a very strong performance that we have gained market share across regions. So innovation was an important contribution, very particularly in the Airbrush franchise. And as you said, we have some modest distribution gains. As we already shared in Q2, we opened those 30 doors in Boots. We opened some few doors in Sephora, in countries like -- in some European countries. And also, we complete our distribution in Ulta. But once again, those are modest distribution gains.

The big reason why it's a very healthy consumer demand and a very strong brand momentum. So what we could expect for Q4, we have to realize that we have a very tough comparison with last year because in Q4 last year, we grew at 26.5% in Q4. So in terms of sales, we feel very, very comfortable with the brand performance, as we have seen some continued digital trends, having in mind the [ first ] anniversary this Q4 that was really important last year.

Thank you, Tom, for your question. I hope this answer.

The next question comes from Celine Pannuti from JPM.

My first question is on the Fragrance market. So at 9 months, you were growing at 3.9%. You said the sell-out at H1 was a bit better, a bit more than 4%. Do you think you are tracking in line with the market for Fragrance? Can you give us a bit of a feel for demand because it felt like the market was growing more like mid-single digit, and it seems you are doing a bit less than that? And also in Q3, you -- well, in Q4, you are alluding to the same performance as in Q3 despite the tougher comp. Is it because there is a bit of a change in timing of sell-in to the trade? What's driving your expectation on the 4% for the fourth quarter?

And can I ask as well my second question on...

Sorry, Celine, can you -- do you mind repeating the question? We had a bit of -- we weren't able to hear you very clearly. Could you go a bit slowly and repeat the question? Sorry about that.

Yes, no problem. So my question is on Fragrances. You grew 3.9% at 9 months. I just want to understand that in the context of the Fragrance market, are you seeing the Fragrance market around mid-single digits? Are you slightly underperforming that market? I would like to have a feel for maybe demand by region. And also you seem to indicate that Q4 would be the same as Q3 despite tougher comp. Is there -- what's driving that? Do you have a change in your sell-in timing for the year-end season and that drives your expectation of around 4% for the fourth quarter?

And then in my follow-up question on skin, can you say what's the difference -- what's the proportion of dermo-cosmetics versus luxury skincare? I'm trying to understand like the weakness in luxury skincare. You mentioned the U.S., but if you could elaborate a bit. Is that from Charlotte Tilbury? Or is it from your other Skincare brands?

Okay. Celine, thank you for your question. I'm going to start with Skincare, and we'll continue with Fragrance, if this is okay for you. So in terms of Skincare, we have 2 very clear different dynamics in Q3. From one side, we have our dermo-cosmetics led by Uriage, which we maintain our double-digit growth from the previous quarters and remain a strong part of our portfolio.

In the other side, we have this premium skincare, which is roughly Charlotte Tilbury Skincare and Dr. Barbara Sturm that remains soft in this quarter. And the reason why mainly was North America. We see the high-end skincare market in North America decreasing at 5%, and that explained the situation of this quarter 3.

What we see -- as we go ahead, we see some continuity for Q4, and in the next year, well, first of all, we will reinforce our dermo-cosmetics side with ISDIN. And in the case of Dr. Barbara Sturm and Charlotte Tilbury, we have a very important pipeline of innovation. In the case of Dr. Barbara Sturm, addressed to the U.S. market, and in the case of Charlotte Tilbury, more addressed to affordability. So that set up our vision for Skincare. We'll share more with you in our Capital Market Day.

Around Fragrance, I think that Capital Market Day will be a great momentum to give you a clear outlook of how do we see the market evolving through 2032. We see a similar trend for Q4 as a market and as our performance. We are really outperforming market big way in our Niche brands, and we are very happy with the results. Carolina Herrera is also enjoying a very nice double-digit growth with both Good Girl and La Bomba growing. We are roughly 70% ahead of our budget in La Bomba. So we are also excited. And the first results of our innovation in Rabanne and Gaultier seems quite promising. So we feel confident with Q4, and we will share more color of how we see the market -- Fragrance market evolving for the next year.

I hope this clarifies your question.

The next question comes from Joffrey Bellicha Meller from BofA Securities.

The first question I have is around Skincare as well. I just wanted to understand maybe a bit better details if there was anything specific to Charlotte Tilbury and the reformulation of Magic Cream that was still maybe playing a role here in the underperformance of the premium skincare part of the portfolio. That's my first question.

And then the second question I had for you is looking at the derm and skincare part of the business, which obviously is doing significantly better. Can you explain to us what are the key drivers behind the growth of that part of the business? Is it benefiting from white space? And if so, in which regions are you seeing the white space benefits? And also, obviously, what are the tailwinds you're seeing from the underlying category? Is the category also doing better overall?

Thank you. Thank you, Joffrey, for your questions. If you don't mind, I will take the first one. And your questions on did we have any impacts in Charlotte Tilbury because of the reformulations and the change of SKUs that we'll be having in the U.S.? Yes, the answer is yes. So we have been facing a negative impact because of what we already have been commenting in the prior quarters. And this is also being an impact that's draining on the Skincare performance as you have seen.

From a geographical perspective, the place where we have seen the most is in the U.S. We think that these impacts, to some extent, are going to start fading out entering into next year when we're going to start lapping a little bit of the renewal of the portfolio in the Skincare there.

And I think Jose Manuel can tackle the second one.

Yes. Your question was about dermo-cosmetics performance and white spaces. Listen, we will share very deeply next week in our Capital Markets Day how do we see Skincare market evolving. But without any doubt, dermo-cosmetics is going to be the faster-growing segment of the Skincare in the next year, and we are strongly betting on Skincare.

The growth came mainly for main categories and main geographies. There is no any specific highlight growth, growth is constant by geographies and by the different segments of our dermo-cosmetics brands. And we will clearly specify why the arrival of ISDIN will help us to really become a leader within the dermo-cosmetics. We think that -- with this new acquisition, we think that we have a very solid footprint in the pharmacy channel and very focused in EMEA and LatAm.

And now with our Puig platform, we see opportunities from next year to increase our geographical scope, but also our channel scope as we see that this market, it's really booming also outside of the pharmacies. We see more and more interest in especially stores such as Ulta or Boots.

We see also a lot of interest in travel retail. We see also big interest in department stores such as Galeries Lafayette in France or Liverpool in Mexico or El Corte in Spain. So we see an appetite for this dermo-cosmetic, which has the right level of science at a much affordable price point of the prestige and premium skincare, and we see great momentum ahead.

I hope this clarifies your question, Joffrey.

The next question comes from Fernando Abril-Martorell from Alantra.

We will move on to the next one.

The next question comes from Jeff Stent from BNP Paribas.

Two, if I may. The first one is, I think you said the high-end North American Skincare market is declining at 5% in the quarter. That seems very much at odds with the kind of body language from peers and also from beauty retailers. If you could maybe just elaborate a little bit on that observation and what's underpinning that, that would be brilliant.

And the second question is the headline multiple for ISDIN looked relatively high based on '25 financials. Was there anything in '25 that materially depressed profits of ISDIN that year? Do you view on a sort of an underlying basis the takeout valuation is being rather different?

Thank you, Jeff, for your questions. I might take the second one on ISDIN. So we think it's a bit too early for us to make a statement on the closing of the multiples. So we -- as a reminder for everyone, we don't yet consolidate ISDIN in the figures. We're going to start doing that after closing in -- expected in Q1 2027.

With respect to '25 figures, they were below the historical averages that ISDIN had experienced. And we hope to be able to share more light when we do have the full-year closings of ISDIN, where we won't make the relevant comments when it comes to the multiples applied to the transaction. In any case, as Jose Manuel was saying, we do see a very strong strategic fit of having ISDIN consolidating in our portfolio.

Your first question, sorry, Jeff, was about the high-end Skincare. Our data came from [ Segmenta ]. What we are seeing today in the U.S. market, and those are data of August year-to-date, is the high-end skincare decreasing at 4.8%. So this is that market. It's true that we see more and more that the skincare and the high-end premium skincare is being overtaken in dermo-cosmetics, and also, in this K-beauty trend. So we see more accessible skincare with good levels of science background in both K-beauty and dermo-cosmetics, which is a trend that we are seeing more and more penetrating not only in the U.S., but also all over the market. That's what we say that we expect the dermo-cosmetics segment to grow much faster than the whole beauty skincare segment worldwide.

I hope this answers your question, Jeff.

The next question comes from Mariano Szachtman from Santander.

The first one is on Niche Fragrances. Any further color you could provide between the different brands? Is any of them growing materially ahead of the others or having a strong momentum, let's say, accelerating further in the third quarter?

And my second question is actually a follow-up on skincare. Back in July, you suggested that the category could improve in the second half of the year, and we see the third quarter deteriorating sequentially. Just to understand, has anything changed in the market since then? Or would you still expect to see a better exit rate and potentially positive growth in the fourth quarter?

Mariano, thank you for your question. Let me take the first one. It was about Niche. Niche, we are very satisfied with our performance. All our 4 brands, Byredo, Penhaligon's, L'Artisan Parfumeur and Dries Van Noten, are enjoying high double-digit growth. Byredo is the one growing more significantly because it's our biggest brand, and it's growing very strong in the U.S., and it's growing very strong in Asia and Europe. But also at the same time, brands like Dries Van Noten or L'Artisan Parfumeur are catching up with high double-digit growth. So we feel extremely pleased with the performance of those Niche brands, and we see a continued momentum for the next year.

I will take your second question on the skincare side and what to expect for Q4. So in here, we think that the trends we have seen so far, especially during the last 2 quarters, will somewhat remain. So we feel very comfortable in the performance that the dermo-cosmetics are going to be having. So we still continue seeing significant strong growth in both Uriage and Apivita there.

When it comes to the more premium skincare, where we do play and do we have an overweight position in the U.S. And as Jose Manuel was waiting, the situation there is still one of still complexity when it comes to the high-end side. And given also the changes we've done in the portfolio there, we think that the situation we're going to have in Q4 is going to be somewhat not much misaligned with the ones we have had over Q3. So overall, the weight of the business could leave us in the flattish scenario. That's a little bit what we are expecting so far for Q4.

And pleased to know when it gets to next year, most of these impacts should be both the newness we have incorporated in both Dr. Barbara Sturm and Charlotte Tilbury and the adjustments we're doing there in the portfolio, we think they're going to be reigniting the positive growth into those 2 brands when it comes to the skincare there.

I hope this answered your question, Mariano.

With that, we come to the end of our question-and-answer session. We look forward to you joining us at our Capital Markets Day. Have a good evening.

Good evening, and thank you for joining us as we discuss our results for the first half of 2026 that ended on the 30th of June. Today, we have with us our Chief Executive Officer, Jose Manuel Muniesa; and our Chief Financial Officer, Miquel Angel Serra. They will share some brief remarks on the performance, financial results and outlook. We will then open up the line for Q&A.

You will find this presentation, the press release and other supporting regulatory documents on our website, where you will also be able to access a replay of this recording shortly after the call concludes.

Jose Manuel, the floor is yours.

Thank you, Varenya, and good evening, everyone. It is a pleasure to be with you today and to discuss our latest results. We are pleased to report a strong first half of 2026. Once again, we outperformed the premium beauty market, gaining market share across categories and geographies and further strengthened the foundation of our business.

Particularly after the recent dynamic months, we have greater confidence than ever in our stand-alone story. We remain laser focused on delivering our strategic priorities. And we look forward to sharing more about our strategy at our Capital Markets Day on October 28.

In the first half of 2026, Puig delivered record of net revenues of EUR 2.35 billion, representing a strong like-for-like growth of 4.4%, continuing our track record and consistent with our ambition of outperforming the premium beauty market on a like-for-like basis. We are pleased to share that the last 6 months also represented a period of market share gains across categories.

Gross profit margin remained resilient at 75.5%, declining by 30 basis points year-on-year. The positive impact of our mix evolution was offset by foreign exchange headwinds during the period. Adjusted EBITDA reached EUR 460 million with a margin of 19.5%. This reflects an improvement of 15 basis points and puts us on track to deliver our guidance for this year. Adjusted profit of EUR 260 million represents a margin of 11.1% or EUR 0.46 per share. Net debt to adjusted EBITDA stood at 1.5x, comfortably below our threshold of 2x.

Looking ahead, we remain confident in the strength of our business. And we are reaffirming our full year 2026 outlook, continuing to expect Puig to outperform the premium beauty market on a like-for-like basis, while maintaining stable adjusted EBITDA margins in line with 2025.

In the first half of 2026, growth remained attractive across business segments. All business segments and geographies delivered growth in H1 2026, led by Fragrance & Fashion and Makeup. Currency movements had a minus 2.1% impact on reported net revenue during the period, primarily due to the U.S. dollar. The impact of the ongoing situation in the Middle East is estimated to be approximately EUR 14 million in the first half of 2026 or 0.6% of total revenues for the period, slightly better than we had initially expected. The local markets have showed healthy recovery, while it was the travel retail channel where we saw continued impact.

Turning to the second quarter. Growth trends remain broadly unchanged for those seen in the first quarter. With net revenues of EUR 1.14 billion, increasing by 4.1% on a like-for-like basis, driven by the continued strength of Fragrance & Fashion and excellent momentum in Makeup and Derma brands. In this quarter, like-for-like growth was aligned with our reported growth as we saw the foreign exchange headwinds disappear.

Let's take a closer look at the business segments. Let me start with Fragrance & Fashion, which accounts for 73% of total sales. In the first half, the segment generated EUR 1.7 billion in net revenue. This represents like-for-like growth of 3.8%. This above-market performance supported Puig value market share growth to 11.1%, representing a gain of 0.3 percentage points over H1 2025. Asia Pacific, Travel Retail and North America were the strongest contribution during this period. Growth was driven by the continued strength of our Fragrance portfolio across both Prestige and Niche.

In Prestige, Carolina Herrera delivered double-digit growth, supported by the growing success of La Bomba and the continued strength of Good Girl. In Niche, we continue to outperform the market with double-digit growth, led by a strong performance from Byredo and Dries Van Noten. In 2Q, net revenues reached EUR 819 million with like-for-like growth of 3.7%. Trends across regions remained broadly consistent with what we saw in the first quarter.

Innovation during the period was weighted towards Niche, including new body mists launches from Byredo and Penhaligon's, extending our brands into formats that enhanced discovery and broader consumer reach. This was complemented by Prestige innovation in the form of range extension, including La Bomba Intensa from Carolina Herrera and Gaultier Divine Belle. It's also worth noting the launch of Gaultier Divine, which is a Niche extension from our Prestige brand, building towards continued brand elevation and expanding the consumer base.

Moving to Makeup, which represented 15% of total net revenue in the first half. The segment delivered EUR 359 million in net revenue, representing like-for-like growth of 9.1%. This once again reflects the outstanding performance of Charlotte Tilbury, which continues to build on its market leadership position in premium makeup worldwide, where we have increased market share by 0.4 percentage points. The brand maintains impressive rankings in its key markets, including #1 in the U.K. with healthy sell-out growth. In addition, the brand delivered double-digit sell-out growth in the U.S. Latest market data also suggests that the brand continued to strengthen its market position in core European markets, maintaining ranking of the top 3 position and is continuing to build its presence in newer markets.

In Q2, Makeup generated net revenues of EUR 188 million, growing also at 9.1% like-for-like, supported by strong sell-out growth trends in Charlotte Tilbury and ongoing expansion of the brand's distribution footprint at Boots U.K. at the end of the quarter. This expansion in Tilbury selected Boots location, around 30 of them should start reflecting in sellout trends Q3 onwards. Globally, but even in the U.K., which is Charlotte Tilbury most mature market, it still remains relatively under-distributed compared to our closest peers. Product innovation continued to support brand performance during the quarter with new launches in the highly successful Pillow Talk and on real franchises.

Turning to Skincare, our smallest segment, which represented 12% of Puig's net revenues in the first half. The segment generated EUR 279 million in net revenues, growing 2.3% on a like-for-like basis. Uriage, the largest brand in the segment, was the largest contributor to segment growth in the first half and continued to outperform the dermo-cosmetics market, thanks to a double-digit growth across key markets.

Latest market data suggests that Uriage continue to be one of the fastest-growing dermo-cosmetics brands in 2026, with the brand gaining 0.2% in points of value market share to reach 2.6% in 6 core European markets. We continue to see the opportunity for growth. In Q2, the Skincare generated net revenue of EUR 132 million and represented a moderate like-for-like decline of 0.3%.

While dermo-cosmetics led by Uriage continued to deliver double-digit growth and local skincare wellness brand continued to gain share. The performance this quarter was offset by softer trends in premium skincare. We have been seeing more moderate growth in the premium skincare market as consumers have been exploring efficacy and value-focused proposition. And specific to our portfolio this quarter, we also saw the impact of product line adjustment at Charlotte Tilbury skincare. In terms of what is new, we continue innovating across core franchises. And Q2 saw the expansion of Xemose from Uriage and [ newborn ] sun drops from Barbara Sturm.

Moving to our performance by the region. We continue to see healthy growth across our geographical footprint with Asia Pacific once again delivering an outstanding performance. Starting with EMEA, our largest region at 52% of group revenues, EUR 1.2 billion were generated in the first half, growing at 2.6% like-for-like.

Performance reflected positive dynamics across Europe, supported by continued strength of our fragrance portfolio and broad-based growth across key markets despite some impact on the ongoing situation in the Middle East, as we have discussed. Fragrance market share in Europe reached 11.2%.

In Q2, EMEA generated net revenues of EUR 565 million, growing at 2.1% like-for-like, reflecting underlying dynamics consistent with Q1. The Americas represented 37% of group revenues, delivering net revenue of EUR 859 million in the first half with like-for-like growth of 2.6%. Performance reflected the strength of our North America, where we continue to outperform the market, gaining 0.3 points to reach 8.3 percentage in fragrance value market share and supported by a strong makeup sellout where we also gained 0.3 points.

Latin America remained resilient, maintaining the top 1 ranking in the fragrance market with market share above 20% in a competitive and highly promotional environment. In Q2, the Americas generated net revenue of EUR 431 million, growing at 3.2% like-for-like.

Finally, Asia Pacific, which represented 12% of group revenues, once again delivered the strongest regional performance. The region generated EUR 273 million in net revenues during the first half, representing like-for-like growth of 20.9%. This outstanding performance was driven by exceptional momentum in Niche fragrance and continued strong consumer demand across the region. Fragrance value market share continued to grow in the region as we see plenty of white space before we can convert towards our global levels.

In Makeup, Charlotte Tilbury also maintained its excellent trajectory, further strengthening its position across key markets. In the second quarter, Asia Pacific generated net revenues of EUR 142 million, growing at 16.1% on a like-for-like basis and maintaining positive momentum across all categories.

Miquel Angel will now walk you through the financial highlights.

Thank you, Jose Manuel. We would now like to spend more time on Puig's financial performance during the first 6 months of the fiscal year 2026. Now let's get into the details. I would like to start by providing you with an overview of our income statement for the first half of 2026, highlighting the key following points.

We already discussed the net revenue evolution. Our top line like-for-like growth of 4.4% was accompanied by a gross margin of 75.5%, maintaining a best-in-class levels in the industry. We delivered adjusted EBITDA of EUR 460 million, which at a 19.5% margin represents an improvement of 15 basis points compared to last year and puts us on track to deliver our full year 2026 outlook of stable margins versus last year.

While operating profit margin remained stable year-on-year, adjusted net profit is up 5.2%. The improvement is a result of improved financial results and income from associates despite a higher effective tax rate during the first half of 2026. Our key indicator for operational profitability, the adjusted EBITDA margin has increased to 19.5%, improving 15 basis points year-on-year.

To give you some more color on the building blocks of this result. First, gross margin maintained at best-in-class levels in Premium Beauty at 75.5%. Despite a 30 basis point decrease year-on-year, the positive contribution from portfolio mix evolution and lower inventory losses were offset by adverse foreign exchange impacts, an effect that will ease in the second half.

Our distribution costs increased by 26 basis points as a percentage of sales, impacted by increased transportation costs as a consequence of the disruption in the Middle East. SG&A expenses on sales increased by 22 basis points year-on-year, affected by the FX impact on growth. Current level still represents an improvement of 120 basis points over 2 years as we continue to balance consistent efficiency with supporting the growth of the business and strengthening our organizational capabilities.

As we have continued to invest in CapEx over the recent years and our own store count has increased, our D&A as a percentage of sales increased by 16 basis points. These effects were more than offset by lower A&P investments during the first half of the year, which declined by 77 basis points as a percentage of sales. This reflects the phasing of A&P with investments weighted towards the second half of the year, in particular, in the Fragrance & Fashion segment. For full year 2026, we expect A&P investments to be relatively in line with those of last year as a percentage of sales.

Turning to operating profit. Our total operating profit reached EUR 340 million, an increase from EUR 332 million in the prior year, with profit margin stable year-on-year at 14.5%. Profitability trends varied across business segments during the first half, reflecting differences in category mix, investment levels and operational leverage.

Our core Fragrance & Fashion business showed an increase in operating profit to EUR 329 million in the first half of 2026 compared to EUR 299 million during the prior year. Operating profit margin improved by 143 basis points, driven by operational leverage, disciplined cost management and the phasing of investments behind Puig's brand portfolio weighted towards the second half of the year.

The Makeup segment generated operating profit of EUR 7 million during the first half compared to EUR 12 million last year. This resulted in an operating profit margin of 1.8%. This reflects a planned increase in A&P investments behind Charlotte Tilbury during the first half of this year.

Skincare operating profit was at EUR 4 million during the first half compared to profit of EUR 21 million last year. This decrease primarily reflects the flow-through from moderate revenue growth in the premium skincare, combined with sustained investments across brands as part of their long-term growth strategies.

Building on Jose Manuel's comments, in addition to the reformulation of the Magic Cream, the product line adjustments at Charlotte Tilbury skincare reflected the discontinuation of specific SKUs in skincare, which impacted growth and near-term profitability in the segment.

Focusing on the bottom line. We delivered a solid performance in our adjusted net profit, which increased by 5.2%. Margin expanded by 30 basis points to reach 11.1%. This improvement was driven by stronger financial results and higher income from associates, partially offset by higher tax expenses incurred during the first half of the year.

Reported net profit for Puig during the first half reached EUR 263 million, reflecting the impact of one-off transactions-related costs incurred during the first half of 2026 and an unfavorable comparison with extraordinary incomes during the first half of last year.

Moving on to cash flow. As we previously outlined, in our business, in order to serve the heavier demand during the holiday season in the second half of the year, the business typically requires an increase in working capital during the first half.

During this first half of this year, our free cash flow from operations outflow increased from EUR 116 million negative in the first half to EUR 196 million negative -- million during the first half of this year. This was a result of unfavorable movements in working capital during the first half of 2026. This movement was caused due to a temporary increase in inventory levels, which were conservatively maintained at higher levels against the macro backdrop. We expect this to partially improve over the second half of the year.

With the current dynamics, we expect free cash flow conversion on adjusted EBITDA levels will be around 50% this year. The increase of EUR 72 million in cash flow adjustments was primarily driven by long-term provisions and fair value adjustments.

Our CapEx levels increased slightly to 3.3% of net revenues, but comfortably in line with our expected range, which will be between 4% and 5% for the full year. Net debt was EUR 1,589 million at the end of the first half of 2026. And this reflects, first, the seasonality of our operating cash flow, the payment of EUR 226 million in dividends with another EUR 11 million in tax liabilities, which will be paid at the end of the year.

During the second quarter, we acquired an additional 6.5% stake in Charlotte Tilbury, which amounted to EUR 260 million, where we would now hold 85%. Also with respect to Charlotte Tilbury, we executed the earn-out payments of the original transaction of 2020, which amounted to EUR 112 million.

And finally, we had an impact of EUR 78 million from financial flows and leases. Our net financial leverage currently stands at 1.5x net debt over adjusted EBITDA, 0.1 turns above where we were at this time last year and still comfortably below our 2x threshold, allowing us to maintain both operating and financial flexibility.

Liabilities for business combination decreased to EUR 558 million at the end of the first half, a reduction of EUR 430 million compared to year-end of 2025. This decrease was primarily driven by the already mentioned acquisition of the additional 6.5% stake in Charlotte Tilbury, where we now hold ownership of 85% and the payment of the earn-out obligations, out of which EUR 80 million were liabilities through business combinations. The final EUR 90 million reduction corresponds to foreign exchange movements and the periodic reassessment of future obligations.

I now pass it back to Jose Manuel for a few closing comments.

Thank you, Miquel Angel. Turning now to our outlook. Our first half performance reinforced our conviction in the attractiveness of our brands. The relevance of our innovation pipeline and the attractive long-term fundamentals of our end markets. Our business continues to demonstrate agility, executional flexibility and the diversification required to navigate the current environment.

As a result, we reaffirm our full year 2026 outlook. We continue to expect Puig to outperform the premium beauty market on a like-for-like basis. We remain focused on strengthening our competitive positioning and investing behind the long-term health of our brands.

From a profitability perspective, we continue to expect our adjusted EBITDA margin to remain stable in line with 2025 levels. And our first half performance reinforces our confidence in achieving that objective.

From a capital discipline allocation standpoint, our leverage threshold and dividend policy remain unchanged. Similarly, we continue to evaluate M&A opportunities that align with our long-term strategy. The premium beauty market category continue to offer attractive structural growth. And we believe Puig is uniquely positioned to capture this opportunity.

Looking towards the rest of the year, particularly after a strong Carolina Herrera semester, we wanted to give you a preview of some of the initiatives that we are excited about from our other brands as well. We are building on the side of Jean Paul Gaultier with Le Male, our masculine fragrances where it currently stands at top 3 in masculine fragrances.

And with the playbook we have developed with La Bomba, we see the clear opportunity to build upon these successes to do feminine further with this brand. We will be launching a new feminine fragrance franchise from Jean Paul Gaultier, La Favorite. This is the brand's first major feminine pillar in a decade, translating [indiscernible], 1 of the top 10 fragrance brands worldwide to the feminine side. This fragrance is a powerful example of how operational excellence makes creativity a reality and impossible possible.

Bringing this iconic bottle to life requires a significant manufacturing accomplishment by combining technical expertise with exceptional craftsmanship. Our teams transform an ambitious technical design and dream into a reality that we believe consumers will love. This launch comes at the defining moment also at the Gaultier fashion. The brand codes are also being reinterpreted by Duran Lantink as the first permanent creative director, Jean Paul Gaultier retirement.

A few weeks ago, we saw Duran's Haute-Couture debut collection at Paris Fashion Week in June, which was inspired by Marie Antoinette, a win to the French Royal core that is well aligned with the name of the new fragrance as the press has signaled and that revisit the Gaultier legacy with originality, keeping alive the rigor and the spirit of the brand.

After several years of exponential growth, we saw performance at Rabanne reaching a plateau. In this scenario, we see a great opportunity to reinvigorate the brand through invention. We are excited to present 1 million Black, a launch that we believe will bring renewed momentum to the franchise. Renewing the storytelling with a great advertisement that takes it back to the core narrative, the audacity and luxury that what Million has always stood for.

It's worth reiterating that Rabanne is the top 10 fragrance brand worldwide and that Million launched in 2026 continues to be one of the most covered masculine fragrance franchise worldwide. Reinforcing this Rabanne renaissance recognition, we are pleased to welcome Olivier Rousteing as creative director of the brand. Rousteing combines a strong cultural resonance with a track record of building brand desirability. And under his creative direction, the house will deepen the dialogue between fashion and beauty that makes Rabanne distinctive. We are looking forward to this first show in March 2027.

We will continue with the signature creativity that Charlotte Tilbury has always been known for. The second half of the year, we'll see the introduction of Charlotte next-generation complexion innovation, expanding its iconic Airbrush Flawless franchise with a new launch that marks the next chapter for one of the brand's most iconic beauty categories. In addition, the brand is set to unveil its highly anticipated seasonal holiday launches.

In skincare, we will continue expanding franchises to build upon the incredible momentum with Uriage. In the second half of 2026, we will continue with efficacy focused launches addressing anti-aging and skin repair formulation. Within skincare, we expect innovation to continue across Dr. Barbara Sturm with exciting new launches in the iconic super antigen franchise with an upgraded serum and a new face mask reach.

While we continue with our collection-based launches in Niche, we will also be celebrating 50 years of L'Artisan Parfumeur in the second half of the year with some exciting new products, including the [indiscernible] in September, building upon a more nuanced version of a [indiscernible] fragrance. We will also be building upon our home collection. With Byredo, we will be expanding our night-based collection and making selective launches in makeup. Across our brands, we have delightful holiday season offerings in the pipeline.

Lastly, we look forward to sharing with you all our next vision plan, which will guide our strategic priorities when we convene on October 28 for our Capital Markets Day. We will be holding this event at iconic Museo del Prado, a testament to our commitment to the arts and our identity as a home of creativity. We'll be sharing the entire presentation through a live webcast.

With that, I'll hand it back to Varenya.

Thank you, Jose Manuel. With that, we conclude our prepared remarks and we'll now open the line for questions. We kindly ask that you limit yourself to 1 question initially and we will return for follow-up questions if time permits.

The next question comes from Molly Wylenzek from Jefferies.

Molly Wylenzek from Jefferies. Just on fragrances, I'm sure you'll be aware that L'Oreal was talking about 5% market growth this morning. I'm struggling to sort of reconcile that with your comments about market share gains or market outperformance. Do you think you're measuring market in a different way due to the different geography mix that you have? Or just any comments you have on that would be great.

Thank you for your question. Well, our estimate for the first half of the year is a market growth of close to 4%. In our case, our sell-out is growing faster than our first sell-in and the sellout of the market. We are growing 2 points ahead. We see a reduction -- first 2 things. First, there's a reduction of inventories, less inventories where we think they are now at the right level. And second, a gain of market share in the case of fragrance of 0.3 points.

In the case of Makeup, we see the market growth at middle, at low middle single digit with Charlotte Tilbury growing at 9.1%. And in the case of dermo-cosmetics, we see a middle single-digit growth with [ OES ] growing at double-digit growth.

The next question comes from Celine Pannuti from JPMorgan.

Can you hear me?

Yes, perfectly. Celine, we can hear you.

Yes, great. My question following up on Makeup. So you said that Charlotte Tilbury is growing at 9.1%. So that you think is the sell-out data on H1. I'm asking because I wanted to know what kind of help you've seen in the quarter from the sell-in into boots. And obviously, it's a bit of a very tough comp and very bumpy. But are you -- if you think that the sell-out is growing at high single digits, are we therefore expecting such growth rate to continue despite the tougher comps that we are looking at in the second half of the year?

Yes. Well, Charlotte Tilbury worldwide is gaining market share of 0.4%. The [indiscernible] selling, okay? But in terms of sellout, we are growing 0.4% market share. We are gaining market share in every single country. We just launched in Boots at the end of Q2. So we start to see the first results in terms of sellout. We only focus on 30 stores in Boots and the results are outstanding. We are growing 5, 6 or 7x more than the second one. So we are quite excited with these results on Boots.

Concerning the comparison for the next 2 quarters, it's throughout the next 2 quarters, Q3 and Q4, in the case of Charlotte was strong quarters, Q3 because of the launch of [ Anatone ] and Q4 because of the launch of -- sorry, of the holiday season.

Having said that, with this 9.1% growth, we are quite positive for the remaining of the year. We have also strong holiday campaigns and those for the -- of Boots are quite encouraging. I hope this answers your question.

Yes. So you would expect to see positive growth in both quarter in the second half?

I think a positive growth for the total year. We will see how this Christmas campaign evolves. It was a super successful campaign last year with Celine Dion. But we are very confident with our new celebrity for the Christmas campaign. So we are positive with that.

The next question comes from Jeff Stent from BNP Paribas.

One question and one point of clarification, if I may. As to the question, could you please talk about the impact of U.S. tariff refunds? Has anything been booked in H1? Or will anything be booked later in the year? And could you give any quantification of that?

And the clarification is, did you say that your sellout in fragrances was 200 basis points above what you basically reported, i.e., the 3.8%, i.e., there was a very substantial drag from destocking.

Jeff, this is Miquel Angel here. On the first question on the tariffs, we are in the process of recovering the U.S. tariffs that we paid at the end of last year, beginning of this year. As of the first half results, there is no impact yet on the P&L. For the full year, though, we don't expect the net impact of tariffs to divert significantly from the outlook we provided there.

On the second question you had, I mean, Jose Manuel can answer that. What Jose Manuel was precisely saying is that, indeed, that around 2 points ahead of our selling exercise. That's correct, the statement you made in that sense.

The next question comes from Aron Adamski from Goldman Sachs.

I just wanted to follow up, as you've commented on makeup expectations. On Fragrance and Skincare, maybe particularly on Skincare, what are your expectations for growth in those 2 categories for the second half of the year given the innovation pipeline and then comparison basis? And then the second question I had was on the innovation pipeline in fragrances. I think you have recently been way more active in feminine franchise launches, including La Bomba and now also with La Favorite.

Could you please share some color on your plans for the masculine segment over the coming years? And in that context, why expectations for 1 Million Black? And would you expect it to be more meaningful than the typical flanker launch usually is?

Well, first, let me take the innovation, the last question. Innovation is strong. I mean we'll have a second semester quite a strong innovation with the launch of La Favorite. La Favorite is the first launch in feminine in Jean Paul Gaultier after a decade. And it comes in a moment where the brand is hot.

I mean, Le Male is our top 3 worldwide and the brand has been growing exponentially for the last 3 years. So we have good expectations of this launch. Second semester will be also the launch of Black Million. It's the first time that we give Million, not a range extension, but a flanker with more identity. And we have high expectations for this launch.

In the case of our pipeline of launches, as we said, I mean, we are focused on feminine launches. We launched La Bomba, which are phenomenal results where we plan to reach top 20 by next year. But we are already in the top 20 this year, great results everywhere over passing our expectations. We have the feminine launch of Gaultier this year.

Next year, with masculine, we'll launch a new masculine for Rabanne. And finally, 2028 will be the feminine launch of Charlotte Tilbury. So we have a strong innovation calendar in those 4-year horizon, which is much higher than any other previous years.

Concerning expectation about the evolution of the market, Niche fragrance are growing at double-digit growth. And we foresee a continuity in this sense by the end of the year. Also, our Derma brands are growing at double-digit growth and we foresee a continuity in this growth.

And our sellout that I was saying before in the case of makeup are strong enough, good results despite what we have to anniversary in Q3 and Q4. I hope this answers your question.

If I could just follow up on skincare. Would you expect the performance to improve from the performance that we've seen in Q2? Or should we extrapolate these trends for the rest of the year?

Yes. As Miquel Angel showed in his presentation, I mean, we are having a very good result with our Derma brands at double-digit growth. Our wellness brands, Loto and Kama are also performing well and gaining market share. However, the premium skincare has been tougher this semester.

It's a question of the market of premium skincare. But also in our case, we reformulated the Charlotte Tilbury Magic Cream, which caused some disruption. And we also discontinued some discovery kits that were lower margin items. So we should expect a better performance for the second half.

Question with hand raised. If there's anyone else, we request you to raise your hand now. No questions. So with that, we come to the end of our Q&A. And we look forward to speaking to you all again in October with our Q3 results and also at our Capital Markets Day. Thank you.

We welcome you to this Annual General Shareholders Meeting on behalf of myself and on behalf of the entire Board of Directors. I would like to open this meeting by thanking the shareholders connected to this meeting as well as those shareholders who being unable to attend, have granted their proxy or exercise their voting rights by remote means of communication. As you are all aware, this meeting is being held exclusively through telematic means without the physical presence of shareholders, their representatives or guests.

In accordance with the law, regardless of where the Board of Directors is located, the meeting is deemed to be held at the registered office. This meeting format is made possible by the applicable legal and statutory provisions. Furthermore, it ensures the effective participation of our shareholders whose rights may be exercised in full and with complete equal treatment. In any event, if any of you require assistance during the course of the meeting, you may contact the e-mail address [email protected].

Likewise, in order to facilitate the follow-up of the General Shareholders' Meeting by nonattending shareholders, potential investors and the market in general, I hereby inform you that the meeting is being broadcasted live on the company's corporate website and that the recording of the meeting will remain available to shareholders on the aforementioned website. In accordance with the provisions of Article 15 of the company's bylaws and Article 17.2 of the regulations of the General Shareholders' Meeting, this meeting will be chaired by Mr. Marc Puig, Chairman of the Board of Directors; Mr. Joan Albiol Ramis in his capacity as Secretary and non-member of the Board of Directors and will act as Secretary of the meeting; and Mr. Francisco Blanco Garcia in his capacity as Vice Secretary, non-member of the Board of Directors, who will act as Vice Secretary. They will direct the proceedings of this General Shareholders' Meeting under my supervision.

And I now give the floor to the Secretary.

Thank you very much, Mr. Chairman. Good morning, ladies and gentlemen shareholders. As you are aware, this General Shareholders' Meeting of Puig Brands S.A. has been called by resolution of the Board of Directors at its meeting held on April 27, 2026. The required notice of the meeting was published on April 28, 2026, in the national editions of the newspapers, Expansion and La Vanguardia and on the website of the Spanish Securities Market Commission by means of notification of other relevant information number 40464 and on the company's corporate website, www.puig.com, where the aforementioned announcements have remained accessible without interruption for the period required by the law, together with all the information required under the Spanish Companies Act.

I now give the floor to the Vice Secretary, Mr. Francisco Blanco Garcia, who will inform you about the shareholders' right to information, the attendance and representation figures for this general shareholders' meeting as well as the rules applicable to its valid constitution and proper development.

Thank you very much, Mr. Secretary. Regarding the full text of the proposals for resolutions, I inform you that they have been formulated distinguishing those matters that are substantially independent and that the full text of all of them has been provided to the notary public. An electronic shareholders' forum has also been made available on the company's corporate website, accessible to both shareholders and to voluntary shareholders' associations. It is hereby noted for the record that no alternative proposals for resolutions regarding the matters already included in the agenda have been submitted.

Likewise, it is hereby noted for the record that prior to the holding of this general shareholders' meeting, a request for information was received from the shareholder, BDL Capital Management SAS, the response to which has been published on the company's corporate website prior to the holding of this general meeting. In accordance with the Article [indiscernible] of the Spanish Companies Act, this General Shareholders' Meeting is attended at the request of the Board of Directors by the notary public of [indiscernible].

Mr. Santiago Gotor Sanchez, who will draw up the notarial minutes of the meeting.

The notary public is seated to the left of the Board of Directors and connected to the General Shareholders' Meeting platform through which he will be aware of all the actions taken by the attendees of the general shareholders' meeting, including statements, proposals and votes cast. Now that the list of attendees has been finalized according to the information provided to us at the beginning of the General Shareholders' Meeting, the quorum for attendance is as follows: One shareholder of [ 390,367,348 ] shares representing 91.837% of the share capital and corresponding to [1,966,836,740 ] votes and 107 shareholders of 27,982 actions of Class B that 1.723% of the capital and that corresponds to 37,982,222 votes.

In total, [4,331,349 ],688 shares that support 93.611% of the social capital that correspond to 2,004,818,960 votes are present at the meeting. The following shareholders are represented at the meeting, 107 shareholders of [ 37,982,222 ] Class B shares representing 1.77% of the share capital and corresponding to [indiscernible]. In total, this general meeting is attended by 418 shareholders represented, holders of a total of 494,562,505 shares, which represent 96.562% share capital and corresponding to [ 2,068,061,897 ] votes. For the purposes of the provisions of Article 148 of the Spanish Companies Act, it is hereby stated for the record that the 4,894,911 [indiscernible] treasury shares of the company representing 0.229% of the share capital have been computed within the capital for the purpose of calculating the quotes necessary for the constitution and adoption of resolutions at this meeting. Although the voting rights corresponding to such shares are not accessible because they are suspended.

Therefore, there is a sufficient attendance quorum to deliberate and decide on the matters included in the agenda on first call. The full details of the quorum figures I have just mentioned will be incorporated into the notarial minutes and published on our corporate website.

I now yield the floor to the Chairman.

In view of the attendance and representation figures read by the Vice Secretary and in so far as the legal and statutory requirements established for this purpose are met, I declare this Annual Shareholders' Meeting of Puig Brands S.A. to be validly constituted on first call and hereby declare the session open. Likewise, shareholders are reminded that they may cast their vote on the proposed resolutions included in the agenda from the moment they connected to the online attendance platform and may do so until the moment when the voting period for such proposed resolutions is announced to have ended. In the event that proposals are submitted on matters not included in the agenda, shareholders may cast their vote from the moment the Vice Secretary reads the proposals in order to proceed to the vote and until the Vice Secretary announces the closure of the vote.

I yield the floor to the notary.

Good morning, ladies and gentlemen, shareholders. I must ask whether there are any reservations or objections concerning the statements regarding the number of shareholders in attendance or the share capital represented. And I remind attending shareholders that the attendance platform provides a link through which they may submit any such reservations or objections to this notary so that they may be recorded in the minutes. I yield the floor. I have just checked, no reservations have been submitted.

Therefore, I yield the floor to the Chairman.

I now give the floor to the Vice Secretary to explain the procedure to be followed in connection with the shareholders' statements.

As detailed in the notice of the meeting, attendees have been able to submit their statements in audio or video format from 10:00 a.m. this morning and may continue to do so during the course of the meeting and until the conclusion of the speeches by the Executive Chairman and the CEO. Attendees may also submit statements in written format. All statements must comply with the law, the bylaws and the regulations of the General Shareholders' Meeting and must be submitted through the statements tab on the General Shareholders' Meeting platform.

I remind attendees of the General Shareholders' Meeting that they may view or listen to all statements submitted by audio or video as well as read those submitted in writing during the course of the meeting by accessing the statement tab on the screens to facilitate access to them and to be aware of those being made in real time. I remind you, if any of you wish a statement to be recorded verbally in the minutes of the General Shareholders' Meeting, you must expressly indicate this in your statement. Once the speeches have been concluded and therefore, the time for making statements have ended, a corporate video will be shown, after which a summary of all statements made by attendees entitled to intervene will be presented and answered.

The statements will remain available to attendees on the General Shareholders' meeting platform at all times under the end of the meeting. The Chairman will now deliver his speech.

After 22 years as Chief Executive Officer and 19 of those as Chairman and CEO, I recently began a new chapter as Executive Chairman solely. This transition is deeply meaningful to me, both personally and professionally because it gives me the opportunity not only to reflect on what we have built, but also to look ahead with optimism for all that Puig can still become.

Let me begin with a few words about our now concluded discussions with Estee Lauder regarding a potential business combination. Over the past few months, we have held discussions with 2 companies. The first was Kering, which approached us about a potential long-term licensing agreement for its beauty brands in exchange for a minority stake in Puig and a cash consideration. Those discussions, however, did not result in a transaction. Later on, Estee Lauder approached us regarding the possibility of combining our 2 family-controlled companies. We made it clear that as we are not for sale, the combination that was being explored would have required alignment on 3 key aspects for the potential merger, governance, business leadership and economic terms that would appropriately value the company and be fair to all stakeholders.

We have the utmost respect and admiration for the Lauder family and for the Estée Lauder Companies. Ultimately, however, we were unable to reach an overall solution that satisfied both parties, and we, therefore, agreed that it was best to end the discussions. These 2 conversations clearly demonstrate one thing. The strength of Puig's reputation across the sectors in which we operate, punching well above the weight of our business and reaffirming our position as a highly respected player in the industry. We remain a company with a family at its core, committed to guiding this endeavor with ambition, responsibility and a truly long-term perspective willing to continue setting the direction of this project over the long term.

At the same time, being a public company gives us the discipline, transparency and checks and balances that help ensure this family guidance is matched by rigor and accountability. It also ensures adherence to the best-in-class corporate governance. For us, going public was never about changing who we are. For the last 2 decades, even before we were public, we run this company on the same principles with the family having a leadership role while self-disempowering the family through limiting its role in the government bodies, in the governing bodies. We define Puig as a home of creativity because creativity is the force that moves our company forward.

In our industry, what distinguishes a short-term success from a lasting franchise is the ability to keep brands desirable, relevant and emotionally resonant over time. This requires constant reinvention in the way brands are imagined, expressed and brought to life. It is the power of imagination and the talent of the teams behind these brands that keeps them distinctive and ahead. When the same family has stood behind the company for more than 100 years, certain convictions, behaviors and standards become deeply embedded in the way the company thinks, functions and grows. That culture enables us to attract and retain exceptional talent, preserve creativity as we scale and execute with consistency across markets without losing the entrepreneurial energy that has always defined Puig.

This culture explains why we retain top talent, why we attract strong founders and execute consistently. Culture is not a soft quality in our business. It is a clear competitive advantage. Puig today is stronger, more global and more diversified than at any point in our more than 110 years of history. However, what gives me the greatest confidence is not only how far we have come, but how much opportunity still lies ahead of us. We have built scale without losing creativity. We have built global capabilities without losing agility. We have built a portfolio with resilience and depth while nurturing unique brand identities.

We define ourselves as a home of love brands. And that idea sits at the heart of how we create value by building brands that people do not simply buy, but genuinely connect with, remember and choose again and again. Our brands operate with creative autonomy where innovation, emotion, identity and authenticity generate desirability and give each brand the power to earn lasting affection from consumers. This is essential in premium Beauty, the segment in which we operate. We are not a fast-moving consumer goods company. We do not merely respond to consumer demand. We help shape it. And we do not place our products everywhere our consumers are. We choose carefully where and how they appear, creating distinction and when appropriate, a certain degree of scarcity.

At the same time, no multi-brand company of our size can fulfill its ambition without a certain degree of convergence. Our group platform gives our brands the scale, shared capabilities and operational excellence they need to grow faster and compete more strongly around the world. From product development to go-to-market, retail, supply chain and digital, our brands benefit from world-class resources. This interplay is not a static balance. It is a dynamic tension. Creativity needs freedom while global growth demands discipline. Our ability to honor both is one of the reasons Puig continues to outperform. We have become a partner of choice for founders, developing the capability to work alongside them often through to their retirement and establishing ourselves as a company uniquely flexible in collaborating with entrepreneurial talent.

In addition, we have consistently demonstrated our ability to sustain and accelerate the growth of our brands beyond the founder stage. When founders step back or choose to pursue other paths, we continue to nurture these brands, preserving their essence while driving them forward often at an even faster pace. Founders play an essential role in shaping brands in ways that are truly distinctive and impossible to replicate. However, as brands evolve, their continued presence can at times become a limiting factor in unlocking their full potential. At the end of 2020, even before the pandemic year was over, we presented our 5-year strategic plan, and we made it public in the first quarter of 2021. We chose to be clear, ambitious and bold about our targets because we believed Puig was ready to enter a new phase of growth. We committed to doubling revenues in 3 years and tripling them in 5. We did not simply meet these commitments. We surpassed them.

We have more than doubled revenues in 2 years, not in 3 and nearly tripled them in 4, one year ahead of plan. And by year 5, we had more than tripled revenues. And in doing so, we delivered growth not just more than the market, but higher than any other listed multi-brand premium beauty player every single year for the past 5 years in a row. Then we went public. And when we went public, we committed to high single-digit like-for-like revenue growth. upside potential in our adjusted EBITDA margins in the medium term, a prudent capital structure and consistent dividend payout. We have delivered on all of these commitments. Our revenue growth remains ahead of the market at 10.9% in 2024 and 7.8% in 2025. Our adjusted EBITDA margin has increased by 70 basis points since the IPO, even as we continued investing in our brands.

Our balance sheet is significantly stronger, giving us even greater flexibility. Our dividend track record remains reliable. All of this reinforce our credibility as a public company. Over the past 2 decades, each strategic plan has sharpened Puig's focus and expanded our capabilities. Plan Director strengthened our category focus and growth discipline. Plan Apollo reinforced our shift towards prestige. Plan Centennial accelerated our move towards own brands. Plan Next deepened our prestige portfolio and established our early leadership in niche fragrances. Plan da Vinci broadened our vision and supported our diversification into beauty.

All of this led to Vision 2025, which enabled us to build on these foundations and deliver the strongest growth in our history. Together, these plans took Puig from less than EUR 800 million in revenue in 2004 to more than EUR 5 billion in 2025 and from a net profit of EUR 1 million to more than EUR 500 million in the same period. Standing on this foundation, our next plan will help shape the next decade of Puig with even greater ambition.

Let me now turn to leadership and governance in this new chapter for Puig. A few weeks ago, we announced an important evolution in our leadership structure: the separation of the roles of Chairman and Chief Executive Officer, in line with governance best practice for a public company of our scale and ambition. As Executive Chairman, I will continue to help shape the strategic direction of the company as I have since 2004, overseeing our mergers and acquisitions agenda, supporting the CEO on senior talent decisions, always with the objective of protecting Puig's long-term future.

Jose Manuel Albesa now serves as our CEO. He brings strategic clarity, operational discipline and a deep understanding of our culture and our brands. I have worked closely with him for many years, and I am fully confident in his ability to lead Puig successfully through this new stage of growth. This leadership structure combines the continuity of family stewardship with the strength of a highly experienced executive team. It provides stability and continuity while keeping execution sharp and accountable. With respect to the rest of the Board, here, I recap the members who are present in the room with me today.

Joining us today is our Lead Independent Director, Nicolas Mirzayantz; also present, Daniel Lalonde, who chairs our Audit Committee; and Angeles Garcia-Poveda, Chair of our Appointments and Remuneration Committee, both independent directors. In addition, the Sustainability and Social Responsibility Committee will continue to be chaired by Manuel Puig, reflecting the family's mandate to position the company at the forefront in these areas. In 2026, several changes are being introduced to the Board of Directors, which will be composed of 13 members, 7 of whom are independent.

I will now outline these changes. Following the appointment of Jose Manuel Albesa as CEO in March, shareholders are asked to vote on his appointment as a new member of the Board of Directors in the capacity of Executive Director. [indiscernible] will also vote on the appointment of Julie van Ongevalle as new Director in the capacity of an independent director. Josep Oliu has resigned from the Board of Puig Brands while continuing to remain the Board member of [ Banco Sabadell ]. He has been the longest-serving Board member, and we truly value his contributions all these years. and thank him for his support to our company and to our family.

Today also marks the end of Patrick Chalhoub's term as a member of the Board. We would like to thank him for his wisdom, his continued support and his commitment to remain our partner in the Middle East. As I close, I would like to share one personal reflection. Leaving Puig as a CEO for the last -- for the past 22 years has been the greatest privilege of my professional life. What I see today is a company stronger than ever. But above all, I see a company with the confidence, the ambition and the values to build for generations to come. Most importantly, we have a long-term vision rooted in family values and designed for enduring global ambition.

As Executive Chairman, my commitment is to help protect that vision and guide Puig through its next chapter so that future generations inherit the company even stronger, more admired and more relevant than the one we lead today.

In conclusion, I would like to reiterate that we are not for sale. The family has always been and will remain a long-term shareholder and this would have been the case even in the context of the proposed business combination. We have a highly compelling project, well-positioned brands, a winning team, a very strong balance sheet and a track record of more than 110 years that stands behind us. Thank you for your trust, your partnership and your belief in Puig. We evaluate deeply, and we look to the future with confidence and ambition.

I will now hand over to Jose Manuel, and I would like to remind you that following the CEO's presentation, the period for submitting interventions will close and a corporate video will be shown.

Thank you, Marc. Good morning, and thank you all for being here today. It is a real privilege to address my first AGM as the Chief Executive Officer of Puig. I would like to begin by acknowledging the leadership of the Puig family and in particular, Marc whose vision and long-term commitment have shaped the company we are today. I am grateful for the trust that has been placed in me, and I am fully committed to building on that legacy as we continue to move the company forward as a strong stand-alone company confident in our own path. Today, I would like to take you through our recent organizational update and 2025 performance.

Let me start with our broader context. As the environment continues to evolve, we are doubling down on what has made us strong. And that is the combination of disruptive innovation and agility at scale. To achieve this, we are moving from a more divisional structure with some silos , duplication, and limited scale to a more integrated organization built around 3 core pillars: Global Brands, Global Markets and Global Functions. Let me walk you through each of them.

First, Global Brands. Our brands will benefit from greater cross-functional collaboration while preserving full creative autonomy. This allows us to both protect and amplify would have made each brand unique while strengthening our focus on innovation and product and store retailing.

Second, Global Market. Here, we will leverage our scale as one company while continuing to respect the distinctiveness of each local business model. Across EMEA, the Americas and Asia, we will maintain [ distinct, local] front lines while using the strength of Puig as one group in our commercial relationships and partnerships. And categories such as derma and brands like [indiscernible] will continue to accelerate by leveraging our global footprint of 33 subsidiaries. Third, Global Functions. We are building an integrated one back office across headquarters and markets across [ functions, departments ] such as finance, HR, legal, technology, operations and procurement. This will allow us to [indiscernible] how we operate, increase agility and decision-making and reinvest efficiencies back into our brands, supporting both growth and profitability.

Overall, by reducing complexity and application, we gained speed. And with this, we allow our teams to focus on what matters most, developing our brands and strengthening our competitiveness. At the heart of this evolution is our people. We are building high-performance teams that are collaborative, diversed, engaged and entrepreneurial, teams that combine creativity discipline, challenge conventions and deliver results. And these are the leaders who are at the forefront of this organization. In global brands, Ana Trias, President of Prestige and Fashion brands; Thomas James, President of Niche & Wellness; Charlotte Tibury, Founder and Chief Creative Officer of Charlotte Tribury brand ; and Marc Toulemonde, President of Derma. In Global Markets, Javier Bach, our President of Global Markets and Chief Operating Officer; supported by regional leaders across EMEA, the Americas, Asia and Travel Retail, as well as our key global capabilities in supply technology, digital and growth. And in global functions, Miquel Angel as, as Chief Financial Officer; Marine De Boucaud, as the Chief Human Resources Officer; and Eugenia de la Torriente, as Chief Communications Officer.

Together, this leadership team gives us the confidence that we can move both farther and faster building Puig with greater scale and a greater speed. I will now turn to a recap of our performance.

Let me start with something that is deeply rooted in Puig DNA, our passion for growth and our commitment to delivering growth with consistency and discipline. Over the last 5 years, Put has been the fastest-growing multi-brand premium company in the industry. significantly outperforming the premium beauty market. We have delivered sustained high growth doubling, tripling and at times even quadrupling market growth year after year. Overall, this translates into a compound annual growth rate of 18% since 2021. Our strongest growth engines have been the U.S. market, Fragrance, our core category and Makeup. And importantly, this momentum has continued since our IPO in May 2024. Since then, we have not only remained among the fastest-growing players, but we have consistently outperformed our peer set quarter after quarter delivering between 1.5 to 3x the growth.

The performance is not by chance. It reflects the strength and desirability of brand portfolio. The discipline with which we execute and our ability to scale while preserving what makes each of our brands distinctive. What is equally important is the quality of that growth. In 2025, We delivered solid results that are increasingly diversified across business segments, geographies and channels. From a category perspective, Fragrance and fashion remain our largest and most important contributor, while Makeup and Skincare continue to grow and play an increasing role in the overall performance of the group. At the same time, our geographic footprint continues to evolve.

We have transformed from a business that has historically more concentrated in Spain to a truly global company with a well-balanced presence across EMEA, the Americas and Asia. And from a channel perspective, we continue to combine a strong physical retail presence with our growing and increasingly important digital channel. So overall, we are not only growing fast, but we are also becoming more balanced, more global and more resilient as a business.

Let me now take you through the key financial highlights for the year, starting with net revenues. In 2025, we achieved record sales surpassing the EUR 5 billion milestone in net revenue, representing 7.8% like-for-like growth and 5.3% reported growth at the top end of our 6% to 8% like-for-like growth outlook for the year. This performance is particularly impressive given the challenging backdrop in which we operate, characterized by fragile consumer sentiment as well as tariff uncertainty, geopolitical tensions in the Middle East and foreign exchange volatility driven by the U.S. dollar and Latin American currencies.

Turning to revenue performance by segment, fragrance and fashion continued its robust performance in 2025, with 6.4% like-for-like growth. We continue to innovate including the launch of Carolina Herrera's La Bomba. Makeup was one of our strongest performance with double-digit growth of 13.7% like-for-like confirming the strength of our positioning in this category reinforced by Charlotte Tilbury's expansion into new geographies with openings in Mexico and channels such as Amazon in the United States. Skincare also delivered a strong and consistent growth at 8.9% like-for-like, demonstrating consistent execution and contributing to our more balanced portfolio across categories.

Looking at our financial evolution over time, we see a clear and consistent improvement in the quality of our earnings. Since 2025, we have significantly expanded our efficiency with gross margins improving to 120 basis points to 75.1%. Adjusted EBITDA has increased 300 basis points over the same period, reaching EUR 1.045 billion in 2025 with a margin of 20.7%. At the same time, net profit margin have also improved to 11.6%, reflecting our ability to scale the business with discipline. This demonstrates that our growth is not only strong but efficient and value accretive over time. This strong performance also translates into a continued strengthening of our balance sheet. In 2025, we reduced leverage by EUR 352 million, equivalent to an improvement of 0.4x. This reflects both strong cash generation and disciplined capital allocation.

As a result, our leverage decreased 1.1x to 0.7x by the end of 2025. This movement has been driven primarily by strong operating cash flow generation while continuing to fund selective investments and maintaining our dividend policy. With these, we remain well below our medium-term threshold of 2x, providing us with significant flexibility going forward. Turning to liabilities from business combinations, they stood at EUR 988 million at the end of 2025 compared to EUR 1.088 million at the end of 2024. This reflects a reduction over the year, primarily driven by foreign exchange movements and the periodic assessment of our future obligations.

Importantly, there were no significant new transactions in 2025. Regarding shareholder returns, we proposed a dividend of EUR 237 million, corresponding to 40% of net profit to be paid in June 2026. This is fully consistent with our established capital allocation framework over time and reflects a commitment to delivering an attractive growing and predictable return to our shareholders while continuing to invest in the business. Sustainability is embedded in our values and in our long-term vision for Puig. Our commitment goes beyond compliance. It is about contributing meaningfully to the challenges we face as a society.

We have set clear ambitions including supporting the goal of limiting global warming to 1.5 degrees by 2030 and becoming a net 0 organization by 2050. These commitments are supported by concrete actions and are reflected in the external recognition we continue to receive. None of this would be possible without our people Puig today is that diverse an increasingly global organization with a strong presence across all regions. Our talent pool grew in recent years as we have multiplied our business and incorporated new brands while maintaining a strong focus on inclusion, balance and development. The diversity is a strength, the strength for Puig and the key enabler of our creativity, our innovation and long-term success.

I will now reiterate our outlook for 2026. As shared in our annual results presentation, we have updated our guidance framework to reflect the evolution of the beauty market while remaining firmly anchored in the strength and appeal of our brands. We remain confident in our ability to continue outperforming the premium beauty market. In terms of profitability, we continue to see potential to improve our adjusted EBITDA margin over the medium term, supported by mix evolution and operational discipline. For 2026, we expect margins to remain stable, maintaining our level of investment in our brands while anticipating impacts from tariffs and foreign exchange.

Our Capital Structure policy remains unchanged. We will continue to preserve the strategic flexibility required to finance the future growth with the objective of maintaining a net debt to adjusted EBITDA ratio of normal than 2x. We also confirm our intention to maintain a payout ratio of approximately 40% of reported net profit in line with our track record. Finally, we will continue to apply a highly selective approach to M&A focused on opportunities with a clear strategic fit within our portfolio while maintaining strict financial discipline.

Overall, our outlook reflects our confidence in the resilience of our business model, the continued strength of our brands and our commitment to sustainable value accretive growth. As Marc has elaborated, in 2025, we concluded our previous 5-year strategic plan. Our teams have worked hard to define our new plan which we were looking forward to presenting at our Capital Markets Day. Let me take this opportunity to thank everyone for their patience and understanding shown when we had to postpone the event. I am pleased to confirm today that our Capital Markets Day will take place on October 28 in Madrid.

Without giving away too many details, which we will save for the Capital Markets Day, what I can tell you is that the future lies in scaling what works, consolidating our 3 Axis brands, reinforcing our leadership in the niche segment and continuing to revolutionize prestige perfumery. And beyond our core position in Derma as a fourth pillar of growth.

The defining element of our business and the truly defines who we are is creativity. Creativity is at the heart of Puig. Creativity is embedded in our everyday work and deeply connected to our past, present and future performance. A Puig, creativities is both across and the consequence of growth. It is a strategic capability, a source of resilience, nonconformity, vitality and long-term competitiveness. We often say with pride Puig journey has always been a David versus Goliath story within the premium beauty industry. In this context, creativity that breaks norms and challenges establish systems is not simply an option. It is our engine for renewal. This is how we address challenges, refine strengths, and transform conventional ways of solving them.

And we see this clearly reflected in our brands and in our achievements, 1 million now at top 5 Fragrance worldwide was our bold response to the 2008 financial crisis, embracing maximalism, and the show of attitude to disrupt one of the most minimalistic fashion areas. Le Male, a top 2 Fragrance worldwide recently became viral by celebrating diversity and inclusivity at the height of the me-too movement turning cultural tension into cultural relevance. La Bomba launched in 2025 celebrate Latin power and pride, broadly engaging with the complexity of the Latin the [ Aspera ]. The seemingly antagonistic idea of putting a fragrance in a shoe, they find category logic and became the #1 women's fragrance worldwide.

Our reinvention of the Niche Fragrance segment is disrupting a market historically focused on tradition, ingredients and purity through emotionally rich story telling [indiscernible] for example, with Ben Halligan. These are not isolated successes. They are proof points of a consistent mindset. Through creative audacity, boldness and healthy sense of rebellion, Puig continues to challenge the market, redefine desirability and create brands that resonate culturally and perform commercially.

In closing, Puig remains a company defined by creativity, disciplined execution and long-term ambition. We are confident in our ability to continue creating value while staying true to what has always made us unique. Thank you very much for your trust.

[Presentation]

We inform you that we have received a statement from the shareholder BDL ramp-up regarding Item 10 on the agenda. They are requesting clarification on the proposed resolution given that its title refers to the approval of the grant of Class B shares to executive directors as payment for the variable component of their compensation. Specifically, the question is whether a payment is being approved or whether purely informational proposal is being read, specifically whether the incentive plan is being modified to allow for a possible acceleration of the plan.

In the event that the delivery of shares as accelerated payment to executive directors is being approved, the shareholders through its representative asks on what basis the payment would be made. If this is being included for informational purposes.

The question is raised as to whether this agenda item should be withdrawn or reworded for being put to a vote. The full text of the statement is available to our shareholders on the general meetings online platform.

I now give the floor to the Chairman, so that he may answer the question or delegate to the member of the meetings Presiding Committee as it is appropriate.

Regarding the question received, I give the floor to Ms. Angeles Garcia-Poveda, Chair of the Appointments and Remuneration Committee.

Thank you, Mr. President. Firstly, I understand the question, and I thank you for raising the question because it is true that in the way this has been written. It may lead to confusion and your intervention gives us the opportunity to clarify this point. We will make sure this is totally clear in next year's resolutions. Regarding the content and following the published response on the website of the company, I wanted to stress that in no way are we approving accelerated payment or approval of compensation.

We are just submitting the maximum number of shares that could be delivered to executive directors at the end of this plan that is 2028. And perhaps it is now worth going over the way in which this long-term incentive plan works, which was approved in the Board of Directors in 2025 for the period 2025, 2029, with 2 cycles of 3 years, '25-'27, '27-'29. And each cycle has a number of quantitative objectives, which have been approved by the Board, which are annually published in the remuneration report with a range of compliance. This range of compliance at the end of each cycle determines the number of shares that will be attributed. In 2028, having closed the accounts the degree of compliance will be verified. This will be supervised by the auditing commission and the number of shares to be delivered will be calculated. I hope this intervention clarifies the questions. Thank you very much.

We now inform you that there is a second intervention statement from shareholder, Mr. [indiscernible] regarding the latest communications published by the CNMG concerning the discussions with the [indiscernible] companies. In particularly, he asked whether we believe that Estee Lauder may have undertaken the failed negotiation to promote itself in the market and positively impact its stock. I will now give the floor to the Chairman, so that he may answer the question or delegate to the member of the Board, he deems appropriate.

Thank you for the question, Mr. [indiscernible] I cannot have an opinion on the intentions of third parties. I can't -- what I can do is explain the way in which things have developed. We have the utmost respect and admiration for the Estee Lauder's company and for the Lauder family, we have known each other for decades. The previous generation had a very close relationship with our leadership team. And so that's our generation. And the approaches, and they tell us you are very strong in terms of fragrances in the category of Fragrances, you're present in Makeup and Skincare and us referring to Estee Lauder, we're strong in Skincare and Makeup, but not so strong in Fragrance. And so the combination of our companies would be a very good complement.

The same regarding geographical aspect, we are strong in Europe and Latin America, referring to Puig, and in their case, they are strong in North America and Asia. If these 2 companies that are complementary in categories and geographically would combine, this could make sense, and we would become world leaders in this sector of premium beauty. Our reply was, as I have explained in my intervention that we are not for sale. And therefore, we would have to agree on many aspects relating to governance, leadership and also economic terms. So many checks that we would have to complete with solutions. Eventually, the circumstances were not there. And with the utmost respect again and with all the consideration in the world for the Estee Lauder family, our final decision was that at this point, the necessary conditions were not being met, and we decided to end the conversations, and that is what has been published.

Whether they had other intentions, I do not know. I have shared with you what I do know. Thank you.

We will now inform you of the voting procedure. Hereby inform the shareholders that this general meeting, the company has provided the necessary met for the shareholders to delegate their proxy or exercise their voting rights through remote means of communication, which have been duly counted for the purposes of the aforementioned quorum of attendance. Likewise, as detailed in the notice of call, and as previously indicated, shareholders present on the platform have been able to cast their vote from the moment the shareholder or their representative connected to the online attendance platform and may continue to do so until the end of the voting period for the proposed resolutions relating to the matters included in the agenda is announced.

In the event that shareholders or representatives connected to the platform have not cast their vote before the end of the voting period, it shall be understood that they are voting in favor of the proposed resolutions formulated by the Board of Directors. We will, therefore, now proceed to vote on the various proposed resolutions that the Board of Directors submit for the approval of the General Shareholders' Meeting with regards to each of the items on the agenda to avoid excessively prolonging the General Shareholders' Meeting. And given that the full text of the resolutions to be voted on has been continuously available to shareholders since the notice of call. Set text will be deemed to have been read and only a brief summary of the resolutions will be read out.

Shareholders may vote until the reading of the summaries of the proposed resolutions has been completed, at which point the vote on the proposed resolutions included in the agenda will be closed.

I will now read the summaries of the resolutions proposed by the Board of Directors. The first item on the agenda is the approval of the individual annual accounts and management report of Puig Brands SA for the year ended December 31, 2025. The second item on the agenda is the approval of the consolidated annual accounts and the management report of the company and its group for the year ended December 31, 2025. The third item on the agenda is the approval of the consolidated statement of nonfinancial information and sustainability information of the company and its subsidiaries for the year ended December 31, 2025.

The fourth item on the agenda is the approval of the proposed application of the results corresponding to the fiscal year ended December 31, 2025. It is also submitted for approval under this agenda item, the distribution of a dividend charged to the profit for fiscal year 2025 in the amount of EUR 237,478,322.76. That is a gross dividend of EUR 0.42159 per share.

The fifth item on the agenda is the approval of the management of the Board of Directors during the fiscal year 2025. The sixth item on the agenda is the approval of the reelection of the auditor of the company and its consolidated group for the fiscal year 2026. The seventh item on the agenda is the approval of the appointment of the verifier of sustainable information for fiscal year 2026. This appointment will be conditioned upon it being necessary or possible in accordance with the regulation transposing EU directive 2022 [indiscernible] of December 13, 2022 into Spanish law with regard to the disclosure of sustainability information.

The item on the agenda is the approval of the reelection and appointment of members of the Board of Directors and the setting of the number of Board members. In particular, the following are proposed the reelection of Mr. Marc Puig as Executive Director under Item 8.1, the reelection of Mr. Nicolas Mirzayantz, Mr. Daniel Lalonde, Ms. Angeles Garcia-Poveda Morera and Ms. Christine Ann Mei as independent directors under items 8.2, 8.3, 8.4 and 8.8 respectively. The reelection of Mr. Jordi Constans, Mr. loannis Petrides, Mr. Rafael, as other external directors under items 8.5, 8.6 and 8.7, respectively. The appointment of Mr. Jose Manuel Albesa as Executive Director under Item 8.9, the appointment of Ms. Julie Van Ongevalle as Independent Director under Item 8.10.

The acknowledgment of the voluntary resignation of Mr. Josep Oliu under Item 8.11 and the setting of the number of Board members at 13 members under item 8. 12. The ninth item of the agenda is the approval of the remuneration policy of Directors. The 10th item on the agenda is the approval of the delivery of Class B shares to the Executive Directors as payment of the variable components of their remuneration. The 11th item of the agenda is the vote for advisory purposes on the annual Directors' Remuneration report corresponding to the fiscal year ended December 31, 2025. The 12th item on the agenda is the approval of the authorization for the sale of the Aromas de Castilla trademark in accordance with the provisions of Article 17 piece of the company bylaws. Finally, the 13th item on the agenda is submitted for approval to delegate powers to formalize, interpret, rectify and execute the resolutions adopted by the General Shareholders Meeting.

Having read a summary of the content of the proposed resolutions included on the agenda. The voting shall now be closed the votes cast on each of the proposed resolutions included on the agenda shall be counted and the results of the voting shall be announced shareholders representatives are reminded that as of this moment, it is no longer possible to cast votes through the platform yield the floor to the Chairman.

I hereby inform you that according to the information received by the Board, all the proposals for resolutions put forward by the Board of Directors are declared, approved the minutes of the meeting, I shall deal record the votes of those shareholders who have voted against cast a blank vote or abstained as well as those who have left the meeting prior to the voting and have informed the notary public.

These include the review and approval of the proposals made by the Board of Directors, and I'll now give the floor to the Vice Secretary.

As required, the result of the votes shall be recorded in the minutes of the meeting and shall be published on the company's corporate website in the manner and within the time frame established by law. Finally, we inform you that the notarial minutes will be considered as the minutes of the meeting and it will not be necessary to proceed to their approval in accordance with the provisions of the Spanish Companies Act and the commercial register regulations, I now give the floor who will report on the company's compliance with the recommendations of the good governance code.

To conclude, I wish to highlight the firm commitment to compliance and observant of the recommendations of the good governance code for listed companies published by the Spanish Securities Market Commission as well as to best market practices in this area. The company is committed to transparency and responsibility in matters of corporate governance. In this exercise of transparency, we will now detail the 4 recommendations that we partially comply with and the 2 recommendations that we explained as well as the reasons explaining which position. Recommendation one provides that the bylaws should not contain restrictions at [ Hinda ], the taking of control through the acquisition of shares.

The company's bylaws provide for 2 classes of shares, A and B, with different voting rights. Only Class B shares are listed. This multi-class structure was established by the controlling shareholder prior to the IPO and disclosed in the prospectus. Recommendation 15 recommends a minimum female representation quarter on the Board of Directors of at least 40%. At the end of 2025, female Board members represented 30.7% of the Board of Directors. Currently, following the changes approved by this general shareholders meeting, there are 5 female members representing 38.5% of the Board, complying with the organic law on equal representation according to the Spanish Securities Market Commission interpretation for Board of Directors with team members.

Of the total independent Board members, 71% are women. The company will continue to consider changes to the composition of the Board of Directors in accordance with the selection policy of the Board of Directors. Recommendation 25 provides the Board of Directors should establish a maximum number of boards on which its Board members may serve. The company partially complies with this recommendation as the regulations require sufficient dedication and the appointment and remuneration committee verifies availability, although no specific limit on the number of boards established.

Recommendation 48 establishes that highly capitalized companies should have separate appointments and remuneration committees. The company maintains a single appointment and remuneration committee as dividing it would not be efficient and would not affect the legal powers of the committee. Recommendation 52 and 53 are partially complied with the sustainability and social responsibility committee does not have a majority of independent Board members includes the Executive Chairman, and each Chairman is not an independent Board member. The main shareholder promotes compliance with best sustainability and ESG practices. Mr. Manuel Puig, Propriety Director, nominated by set shareholder, promoted the creation of this committee, reflecting the commitment to ESG objectives. Having concluded with the report on the company's compliance with the good covenant of recommendations, I will now proceed to end this General Shareholders Meeting.

I wish to thank all those present for attending this general shareholders' meeting and for their support of the resolutions proposed by the Board of Directors. I also wish to thank the Board of Directors, which I chair, the management team, the people who are part of Puig and all the shareholders for their trust and support. Thank you very much. The meeting is adjourned.

[Statements in English on this transcript were

spoken by an interpreter present on the live call.]

Good evening, and thank you for joining us as we discuss our sales update for Q1 2026 that ended on the 31st of March 2026. Today, we have with us our Chief Executive Officer, Jose Manuel Muniesa; and our Chief Financial Officer, Miquel Angel Serra. Jose Manuel will share some brief remarks, and then we will open up the line for Q&A. The presentation and the press release are available on our website, where you will also be able to access a recording of the call after the event. Jose Manuel, the floor is yours.

Thank you, Varenya, and good evening. It's my pleasure to be delivering my first earnings call today as the CEO of Puig. Before we get into our comments about Q1, I wanted to address what is likely front of mind for most of you. On the 23rd of March, Puig confirmed ongoing discussion regarding a potential business combination with The Estée Lauder, in which the 2 companies will potentially merge their business.

As of today, we can confirm that conversations are ongoing, but no final decision has been made yet. We acknowledge that there is a lot of curiosity about the progress of these discussions. However, unless an agreement is reached, there can be no assurance regarding the transaction or the terms. And therefore, at this stage, we cannot comment further on this evolving situation.

With that being said, I will turn to our Q1 update. We are pleased to report that we have delivered record Q1 sales and a solid start to the year, continuing our tradition of outperforming the premium beauty market as we have done consistently for each of the last 5 years, including each of the last 8 quarters as a public company.

Let's turn to the details. We have delivered a solid performance for the first quarter of 2026, which has resulted in a record net revenue of EUR 1.215 billion. This represents a 4.7% like-for-like growth and a 0.8% increase on a reported basis, delivering ahead of the premium beauty market. This performance was broad-based where we saw all our segments and geographies contributing towards growth on a like-for-like basis.

Our largest segment, Fragrance and Fashion showed outperformance within the context of more moderate underlying growth when compared to Q1 of 2025. This was supported by a strong performance in makeup and a steady delivery in skin care.

We had a notably negative impact of minus 4% due to foreign exchange, largely due to the comparison with the U.S. dollar rate versus Q1 of last year. Let me share now some more color by the business segments.

I will start with Fragrance and Fashion, which accounts for 74% of total sales. In the first quarter, the segment delivered another solid result with EUR 897 million in net revenue. This represents like-for-like growth of 3.9% and a reported growth of 0.1%, achieved against a demanding comparison base from Q1 of last year and with an environment of market moderation today.

Importantly, we see no gap in the sell-in and the sell-out in this category. As expected, performance during the quarter reflected a softer trend in prestige fragrances, while at the same time, Niche continued to show very strong momentum, delivering double-digit growth, once again outperforming the market.

We also continue to energize our brand through innovation with several important launches across our Prestige portfolio. Carolina Herrera launched Good Girl Jasmine and Bad Boy Cobalt Absolute, Rabanne launched Phantom in Red and Jean Paul Gaultier introduced Divine Couture and Le Male In Blue. We also continue with our collection-based approach in Niche with the launch of L'Amant by L'Artisan Parfumeur among other strong launches.

Overall, this performance once again demonstrates our ability to navigate on a more normalized market environment, combining disciplined execution, a balanced portfolio and a consistent flow of innovation. And this is only the beginning of the year. We have a strong pipeline of innovation. And over the quarters that follow, you will hear a lot more from us on Rabanne and on Jean Paul Gaultier. We also plan to share more with respect to our digital strategy in fragrance as we roll out it further.

Moving now to Makeup, which represents 14% of the total net revenue in the quarter. In Q1, the segment delivered EUR 171 million in net revenue, translating into like-for-like growth of 9.2% and reported growth of 3.3%. This reflects continued standout delivery. Growth during the quarter was driven by Charlotte Tilbury with strong momentum across both the Asia Pacific and EMEA regions. We saw continued innovation in Makeup at Charlotte Tilbury, including the Airbrush Flawless Blur concealer, Pillow Talk Balm Lip and Beauty Soulmates Palette.

Overall, the performance of Makeup this quarter highlights the continued delivery, supported by innovation and strong execution across key regions. We continue to see immense potential with Charlotte Tilbury for the long term. For a brand so attractive for consumers is distributed only in about 1/5 of the footprint that it could be in.

Turning now to Skincare, which represents 12% of the total net revenue in the quarter. In Q1, the segment delivered EUR 147 million in net revenue, reflecting solid like-for-like growth of 4.7% and a reported growth of 2.1%. Overall, performance was resilient, supported by a balanced contribution across the portfolio.

During the quarter, we continued to support growth through targeted innovation. Our Dermo-Cosmetics brands, Uriage and Apivita maintained positive momentum driven by the strength of their core range and relevance with consumers. We saw continued momentum of Uriage's hero franchise, Xémose C8+. Thanks to its new advanced formula with 8 biomimetic ceramides.

We also relaunched our sun care range Bariésun, which includes 2 new hero products and launched the reformulated version of Charlotte Tilbury Iconic Magic Cream. In terms of geographic expansion, this quarter includes the rollout of Loto del Sur in Mexico and Chile, extending the brand beyond its own market of Colombia for the first time. Overall, Skincare delivered consistent growth, underpinned by innovation and the continued strength of our [indiscernible] platform.

We also continue to be excited with the prospect of growing these brands for the long term and distribution potential for them across geographies and channels remains large. By geography, in Q1 2026, EMEA delivered net revenue of EUR 656 million, representing 54% of total net revenue. This translates into like-for-like growth of plus 3% and reported growth of plus 1.9%, reflecting continued solid performance in a more moderate consumer environment. Growth in the region was led by Fragrance and Fashion as well as Makeup, which continued to resonate well with the consumers.

Compared to the prior year, growth moderated as expected, following a stronger comparative and a more cautious demand environment. I will also note that the ongoing situation in the Middle East had an estimated minus 1.2% impact on Q1 revenues, largely concentrated in March. We are closely monitoring developments and currently expect some ongoing effects while continuing to operate prudently across the region.

The Americas generated EUR 428 million in net revenue in Q1, representing 35% of total revenues. On a like-for-like basis, the region delivered growth of plus 2%, while reported revenue declined by 5%, reflecting adverse foreign exchange effects, mainly driven by the U.S. dollar during the quarter. Underlying performance remained healthy with growth led by Carolina Herrera within Prestige as well as Byredo in Niche, confirming the continued strength of our brand portfolio across the region despite currency headwinds.

In APAC, which represents 11% of total net revenue, sales reached EUR 131 million, delivering a very strong like-for-like increase of plus 26.1% and a reported growth of plus 17.9%. This performance reflected continued momentum across the region, driven by Niche fragrances and Charlotte Tilbury and demonstrates the effectiveness of our ongoing investment, brand opportunity and traction in APAC market.

APAC represents over 1/3 of the global beauty market, yet accounts for just 11% of group sales. We have been investing behind reducing this gap for several years, and we believe now is the right moment to accelerate.

Turning to our outlook. We continue to expect to outperform the premium beauty market on a like-for-like basis, reflecting the strength of our brand portfolio, the relevance of our innovation pipeline and the disciplined execution across regions and categories.

At the same time, we expect that adjusted EBITDA margins will remain stable, broadly in line with full year 2025 levels despite operating in a more challenging cost environment. This reflects our focus on cost discipline, prioritization of our investment and the inherent resilience of our business model.

Before I wrap up these remarks, I want to reiterate that due to the confidential nature on the ongoing conversations between Puig and Estée Lauder, there is very little that can be said on the topic, and we have shared those comments already. We also want to take this opportunity to thank you for your patience and understanding as we postpone the Capital Markets Day, which we were also truly looking forward to on account of these ongoing discussions. In due course, we will look forward to sharing more. In the interim, we remain focused on executing our strategy with agility, supporting our brands and driving profitable growth. To conclude, Q1 reflects disciplined execution and a strong foundation for the year ahead.

Our strong pipeline of innovation and initiative for the year reinforces our confidence in the outlook and our ability to deliver it. With that, I'll hand it over to Varenya. Thank you.

Thank you, Jose Manuel. With that, we come to the end of our prepared remarks, and we'll begin Q&A. [Operator Instructions] The next question comes from Joffrey Bellicha Meller from BofA Securities.

I guess I will stay away from the potential deal and discuss the guidance. You reiterated the guidance, which remains qualitative. So has your outlook on the growth of the Prestige beauty market changed for the year? Or how should we think about it? I remember that a few months ago, Marc was discussing the 5% growth in consensus as being the right ballpark for the year. Do you confirm that this is still the number?

Thank you, Joffrey, for your questions. First, let me give you a little bit of color of the -- how do we see the performance of the premium market. We see that premium beauty still remains a very attractive consumer segment, and this is due to the global population with a strong appetite for innovation and for self-care.

Having said that, inside of this premium beauty, we see fragrance. This is expected to remain for us the more dynamic category, and we see particularly growth pockets in China, in Latin America, Middle East and Africa. We also think that this segment is driven by the premiumization of the fragrance. And in this case, as you know, we'll have a very strong portfolio of niche brands, which is growing faster than the overall fragrance market.

Having said that, and after many years of stellar growth, we are seeing that the fragrance market is normalizing and is going towards historical levels. And we are also seeing that brands are taking different strategies to growth with more promotions with more price offers and also with innovating in mass. In this sense, we are not going to play this game. We will lean on the strengths of our brands, and we remain confident that we will outperform through innovation.

So it's hard to say now how do we foresee the market evolving. But if we have a look at Q1, we can share that selective fragrance market is growing around 3.5% in Q1 like-for-like terms. This is based on the data at that time, we'll see the impact of the Middle East in the future months. We can share also with you that Makeup is growing at a low middle single-digit growth. And we see in derma middle single-digit growth. So we foresee a continuity of those first data for the year-end. I hope this answers your questions.

The next question comes from Aron Adamski from Goldman Sachs.

I have 2. First, on the U.S. launch of La Bomba. Can you share with us how much did it contribute to the Q1 fragrance growth? And should we expect that benefit to continue or to reverse in the second quarter? And then my second question on capital returns. I noticed a slight change in the outlook slide at the end around the capital return alternatives. And I just wanted to ask if we should read into that, if that suggests if there is a possibility of a share buyback in the medium term -- in the near term.

Thank you, Aron. First of all, let me take the first question about La Bomba. As you know, we launched in European and Latin America last year La Bomba, which became the #1 launch in 2025 with great results exceeding our expectation. We just launched La Bomba in the U.S. 2 weeks ago. So it's quite recent. We are ranking top 5 in those 2 weeks. We are expecting no cannibalization in Good Girl as we are seeing in the first 2 weeks, and we are extremely confident in these results. In the countries where we launched last year, we see continuous growth and continuous gaining on market share last year in Carolina Herrera and this year, Q1 also in Carolina Herrera, thanks to La Bomba. In terms of capital return, I'm going to hand out this question to Miquel Angel, our CFO. Miquel Angel?

Thank you, Jose Manuel. Aron, with respect to capital allocation, our priority will be remaining following our policy when it comes to dividend payout. So in this case, just a reminder, it would be 40% of net profit reported levels. Again, the next one will be approved in our AGM that's going to be held on the 29th of May. And then we continue to evaluate the different alternatives, but always bearing in mind that we are aiming not to have a capital structure of net debt over EBITDA levels below 2x. So no real change whatsoever to our capital allocation structure there. I hope that answers your question, Aron.

Yes. That's very helpful. And if I could just follow up quickly on the new Jean Paul Gaultier launch. I think you mentioned in the press release. Can you give us a sense on how many distribution points you're targeting with this new product this year and whether it will also launch in the U.S. at some point this year? And should we expect that to have a meaningful impact on the numbers or not?

Sure, Aron. This is a very important launch for us. This launch will happen in the second semester of this year. And this will be the first time we launch a feminine fragrance in Jean Paul Gaultier for the last 10 years. So we think that there is an important opportunity in the feminine fragrance, which represents roughly 65% of the total market. We are well known that our strong position in masculine fragrance market, which represents roughly 35% of the market and where we have a market share of 16.6%.

So our ambition for the next years is to capitalize on the feminine market. We launched La Bomba last year. We have this important launch of Jean Paul Gaultier in the second semester of 2026 in a very good momentum because the brand is enjoying a lot of momentum in worldwide. And we will continue in the next 2 years capitalizing on these feminine launches through innovation. So we see that innovation is the name of the game from our side, and we want really to make a statement in the next 3 years with those important feminine launches. Hope that helps and clarifies your question, Aron.

The next question comes from Celine Pannuti from JPM.

Congratulations on your new appointment. My question, I understand you cannot talk about the deal. Just my question is, nonetheless, understanding the motivation of talking or thinking about the merger. I think 2 years ago, we followed the IPO of Puig. Clearly, your performance and even today, you talked about the opportunities ahead. You seem to be very optimistic, and you flagged as well Asia, still a lot to conquer.

So why is it that Puig cannot conquer all of that on a stand-alone basis? What has changed versus the narrative of the IPO and as well the fact that the family had been engaged on a solo basis for more than 100 years. And just I have a follow-up question on could you tell us how big is Niche as a percentage of the total fragrance category? And when you say double digit, and I see how strong Asia is, and I think you bought Byredo, you mentioned and it's one of your biggest brands, am I right to believe it could be like in the 30% type of growth?

Thank you, Celine, for your question. I really understand that there is a lot of curiosity about the progress of this discussion. However, unless an agreement is reached, there cannot be assurance regarding the transaction or the terms. Therefore, at this stage, I cannot comment further on this evolving situation. As of today, the only thing I can confirm to you is that conversations are ongoing, but not final decision has been made yet and no agreement has been reached.

Having said that, proud -- at Puig, we are very proud of our first Q1 results, okay? We are pleased with those sales, and we see that as a solid start of the year. Concerning your second question around Niche, Niche is enjoying a strong double-digit growth in each one of our 4 Niche brands and in every single market worldwide. We see huge potential for Niche. We experienced amazing growth in Asia, but we are also seeing huge opportunities in North America.

As you may know, the U.S. represents roughly 25% of the total Niche global market, and we only account -- includes for 15% of our sales. We are only in 150 doors in terms of wholesale, where main competitors are roughly 600-plus doors, sorry. So we have a tremendous opportunity that we are going to take starting this year through expansion and escalation, which will be selective and productivity driven. We will increase our reach, but for sure, without compromising our positioning and our productivity in Niche. I hope this answers your question.

The next question comes from Mariano Szachtman from Santander.

So my question is on Asia Pacific, which was very, very strong. So could you provide more color on any particular country that you could flag on this superb growth? Also, if you could share approximately how much can be attributed to niche versus Charlotte Tilbury. And then lastly, on Asia Pacific, if you could also comment on this acceleration that you're expecting, any plans that you could share for the future of this region?

Thank you, Mariano, for this question. APAC represents roughly in the beauty -- in the global beauty market around 39%. And in our case, in the case of Puig, it only accounts for 11%. Having said that, we have a very interesting like-for-like growth this quarter with plus 26%, and we have been enjoying double-digit growth for the last 3 quarters, okay?

So we think it's the right momentum for us to take the opportunity of APAC. In the last 5 years, our main focus was in the U.S., where we are reaching roughly a 21% penetration, and now it's the right moment for Asia. So if we want to go deeper into Asia, what we are doing is to focus in 2 different strategy depending on the area. For Northeast Asia, we are going to focus on consolidate our Niche brands and Charlotte Tilbury.

As I was saying before to Celine, our Niche brands are enjoying an amazing double-digit growth and Charlotte Tilbury is growing in a very fantastic path. So we are quite happy, and we will focus on these Niche brands and Charlotte Tilbury. As you may know, over the last years, we created a subsidiary in Japan, we created a subsidiary in Korea, and we are going to take this opportunity to really focus on Northeast Asia.

If we have a look to the other part of APAC, we see Southeast Asia, India and Oceania, our focus will be in Prestige Fragrance and in Derma. So we are setting a high level of ambition, but without compromising our profitability. We are excited with the results. The teams are extremely motivated and the first results are extremely encouraging. I hope this answers your question.

The next question comes from Jeff Stent from BNP Paribas.

Okay. Just one question and one housekeeping question. The question is just following on from the last response. Would it be fair for us to assume, therefore, that we should see very strong growth in APAC for the foreseeable future, given that it's going to be much more of a focus for you than it has been and you'll be putting more resource in the region? That's the question. And the housekeeping, if you could just confirm that the Middle East impact, the 120 basis points, that was just on EMEA as opposed to the group as a whole?

Yes. Jeff, thank you for the question. Starting with Middle East. Middle East roughly represents about 4% of our total sales, I can be transparent with that. And the impact in this first quarter was 1.2%, okay? We see that first half, we expect this impact to be 1%, okay? So we are very careful of the situation and our first priority is the safety of all our employees. We can also share with you that travel retail is the most affected part of the Middle East business, and we see different levels of performance between Saudi and Dubai. But overall, we are taking good care of the situation. Your second question...

Just to confirm, the 120 basis points, is that's on the group level as opposed to EMEA or EMEA?

Jeff, so the rough impact is 1.2% on the EMEA region, okay? Just to help you with the math, it's around EUR 8 million.

Concerning APAC, it's a priority for us in the long term. We are focused on outperforming in the long term. I really want to see that this level of ambition is going to happen without compromising about profitability. As I was saying before, we have huge potential for growth. If we take a brand like Charlotte Tilbury, for example, is in a very reduced distribution, no more than 15 doors in China, not yet present in Korea, in Japan or in Taiwan. If we take our niche brands, we see high potential to grow. We are gaining market share, increasing our productivity per door, and we are extremely happy with those results. We will take a careful approach. But for sure, Asia is a long-term priority for us. I hope it answers your question.

The next question comes from Tom Randall from Jefferies.

Just one from us. So we had noticed there wasn't any color given around Barbara Sturm. So if you could provide an update on how the new strategy for the brand is going? And any context on what extent you've pruned the SKU count and by how much you've reduced the distribution as you've spoken about at the full year results? And are you seeing any good results so far? And what sort of time frame do you expect the turnaround to take?

Thank you, Tom, for your question. It's been roughly 2 years when we acquired this brand. In Puig, our first 2 years are really dedicated to premiumization of the brands, okay? So what we are doing for those 2 years. First, we put a lot of focus on reducing distribution. We cut roughly 30% of the existing doors. We also put a big focus on reducing the number of SKUs. So that was the first part of the premiumization of the brand.

Second part, we have been working together with Barbara in new launches. We just launched our first product together, Peptide Serum was launched 3 weeks ago with great results. It is today top 2 SKU in our portfolio. And we plan to launch our second launch together by the second half of the year in the anti-aging sector with huge expectation as our #1 launch.

So main focus those 2 years have been about that. We have not go to new markets, we have concentrated in the markets where we were, roughly U.S., U.K. and Germany. And as time goes by, we will start to first increase distribution in doors, improve the existing location as we have been doing up to now, and we will analyze future market in the years to come. I hope this answers your question.

The next question comes from Luis Colaco from JB Capital.

Just one question from my side regarding the Makeup business. This quarter had a relatively softer comparable when we compare with the next quarters that we're going to have. What type of growth can we expect for the Makeup, bearing in mind that you came from 90% growth in the third quarter, 27% in the fourth quarter, now 9.2%. What type of growth can we expect? And can you comment on the -- on how this is explained by the sell-in and sell-out of the segment?

Sure. I mean first of all, what I -- well, Luis, thank you for your question. And let me first share with you some data about how we are doing in Makeup. We are extremely pleased with our sell-out results. If we take a look at the first quarter of the year, we have been growing market share worldwide. We have grown more than 1.4% in Germany, more than 1.8% in France, more than 1.1% in Italy. We have grown 0.2% in the U.S., 0.3% in Canada.

So we are growing market share in every single country. We are extremely happy with the performance of our last Christmas campaign with great sell-out results. It's true that when you talk about Makeup, it's mainly Charlotte Tilbury and its brands -- has been only one brand, has a very specific calendar with anniversaries to do in terms of innovation and in terms of rollout distribution.

As we all know, last second half of the year -- last year, we opened Amazon in the U.S., and we also opened some doors in Australia with Makeup and in the U.S. with Ulta.

So anniversary of this opening will be compensated with an important innovation calendar for the second half of 2026. This first quarter, we enjoy a growth of 9.2% like-for-like basis. So we are happy for that. And we are going to see some in the second quarter, we're going to see important openings. For the first time, we will go to Boots with Charlotte Tilbury.

We will open a limited number of stores in the U.K., and we have also important innovation. There's also this balance between sell-in and sell-out that will happen in the second quarter. We have a very important sell-in due to the Amazon piece last year that will be equilibrated, but we are extremely happy and confident due to the good results of our sales growth in every single market. I hope this answers your question.

Thank you for allowing me a follow-up. I wanted on Middle East to understand so the impact, so it feels -- so my calculation is that March was down 50%, 5-0. Is that right? And can you explain where this came from? And what are you baking when you say 1% for H1? Yes.

And then what do you expect to be the collateral damages, so to speak, in terms of potential cost inflation, especially in glass, potential demand in travel retail globally and how Europe consumer may react to higher price point elsewhere, general inflation in the fragrance category? And then maybe also, could you comment on Americas? There's been no question on this and the region was quite weak. If you could comment on whether Latin America was negative, what drove quite a low level of growth in that region?

So I'm going to pass to Miquel Angel to take your question before about Middle East. So please, Miquel Angel?

Thank you, Jose Manuel. Thank you, Celine, for the question. So in terms of Middle East, and I think what Jose was explained before in one of the questions asked on the topic, we have been facing a higher pressure on the travel retail business over there versus the local business. This EUR 8 million impact, again, this is the March impact. And we do expect that with the conflict continuing over Q2 that the overall impact on growth for the group during first half to be around 1%.

That is how we are projecting the growth impact due to the conflict in Middle East. To the topic with respect to profitability and how the cost pressures, both on cost of goods or distribution could affect us, we are monitoring that reality, given the current situation, given the evolution of our brands and again, the plans we have for the year, we do still confirm our guidance for the year to keep EBITDA margins flat versus the ones we had last year. And as a reminder, we're at 20.7% over net revenues. So that is a bit what we are expecting with respect to Middle East. And I hand it back to Jose Manuel to answer the question on the Americas.

So for the Americas, first of all, in North America, we have a very healthy situation with fragrance. The launch of Good Girl is a good proof of that and the way we are scaling our Niche fragrance, Byredo and Penhaligon's. Latin America, as you know, last quarters have this ups and downs, but we feel confident with the region. We have a very important market share in this region.

We are putting, as I was saying before, efforts in Charlotte Tilbury. We just launched last year second quarter -- second half, sorry, of the year in Mexico with extraordinary results, reaching already a 3% market share with a very few distribution doors. So we are expanding this door, and we are considering new markets in Latin America. Also, Derma is an important priority for the future in Latin America.

We have good results in Chile and Mexico, which are the main markets where we are starting this skincare of Uriage in the region. So we feel excited. And La Bomba was a great success. We have a very important launch now in Carolina Herrera, which is the #1 brand in the area with 212. So it's specifically done for Latin America. And we have also the launch of Jean Paul Gaultier. So we have important expectation. Niche also was not a priority in the area, it's getting more and more relevant. we launched in Mexico, Penhaligon's and Byredo with good results. We are extremely happy, and we see much more potential than we saw at the very beginning and the same came for Brazil. So we are confident with that. I hope to answer your question.

And just to clarify Miquel Angel, the 1% for H1 is at the group level, not EMEA region?

You're referring to the overall performance for the group in H1.

The Middle East impact?

The Middle East impact in the overall figures for the group on growth to be around 1%.

Thanks, Celine. That was the last question in the queue. Thank you all for your questions today. We will be hosting our Annual General Meeting on the 29th of May and we'll be presenting our Q2 and H1 results during the week of July 27. We look forward to speaking again then. Thank you.

Good morning, and thank you for joining us as we discuss our results for the fiscal year 2025 that ended on December 31, 2025. Today, we have with us our Chairman and CEO, Marc Puig; and our CFO, Joan Albiol. Marc and Joan will share some brief remarks on the performance, financial results and outlook. We will then open up the line for Q&A.

You will find this presentation, the press release and other supporting regulatory documents on our website. You will also be able to access a replay of this recording shortly also on our website. Marc?

Good morning, everyone. 2025 was another year of strong delivery for Puig. We achieved record sales surpassing the EUR 5 billion milestone in net revenue, representing plus 7.8% like-for-like and plus 5.3% reported growth at the top end of our 6% to 8% like-for-like growth outlook for 2025.

Gross profit margin improved further to 75.1% despite the impact of tariffs and foreign exchange over the course of 2025, a reflection of our continued strong execution capabilities at scale. Adjusted EBITDA reached EUR 1.045 billion with a margin of 20.7%. This is an impressive improvement versus 20.2% in 2024 and comfortably above our guidance for the year.

Adjusted net profit grew to EUR 587 million, a margin of 11.6%, growing 6.5% over 2024. This represents EUR 1.04 of adjusted earnings per share. Reported net profit was EUR 594 million or 11.8% of sales, up 70 basis points as we cycle the IPO-related one-off costs in 2024.

Free cash flow conversion was solid at 64%, and we ended 2025 with leverage at 0.7x net debt to adjusted EBITDA, comfortably below our threshold of 2x. Joan will discuss our financial performance in further detail later in the presentation.

2025 was another year of strong disciplined execution with net revenues reaching EUR 5 billion despite meaningful currency headwinds. Our 7.8% like-for-like growth at the top end of our 2025 outlook range after absorbing a 2.6% negative impact from foreign exchange resulted in 5.3% reported growth. Growth remained broad-based across all business segments with a healthy performance in Prestige, while Niche showed strong continued momentum. Makeup delivered a standout year with double-digit performance.

We also continued growth into skincare, where strong organic growth in Dermo-Cosmetics, complemented by Charlotte Tilbury skincare, further strengthened our position in one of beauty's largest categories.

Our like-for-like growth included a negative 0.4% impact from the hyperinflation adjustment in Argentina versus a positive impact last year. Despite this headwind, we still delivered strong high-quality growth aligned with our long-term ambitions.

We saw growth across all of our regions with noteworthy double-digit like-for-like growth in Asia Pacific, where we are still underrepresented.

Turning to the fourth quarter. We delivered another very strong finish to the year with 9.8% like-for-like growth even as we cycled a very strong Q4 last year. This performance reflects the strong demand for our brands from retailers over a very important holiday period and our ability to execute effectively across markets. Net revenues reached $1.45 billion, supported by solid underlying momentum, even as we absorbed a 3.6% foreign exchange headwind in the quarter, an impact we expect to continue into 2026.

Looking across the year, we achieved consistent performance each quarter, accelerating into Q4, even while underlying growth in the fragrance market moderated into the second half. Overall, Q4 capped a year of robust and balanced growth.

To share some more color by business segments, let me start with Fragrance and Fashion, which continues to anchor our portfolio. Representing 72% of our net revenues in 2025, the segment delivered another year of impressive and resilient growth, reaching EUR 3.6 billion with like-for-like growth of 6.4%. This was a strong performance in a promotional and highly competitive environment, and it enabled us to defend our global value market share at 11.1% for the year.

Our growth was driven by continued momentum in Carolina Herrera, supported by the launch of La Bomba, along with excellent delivery from Jean Paul Gaultier. Our Niche portfolio once again outperformed with double-digit growth led by Byredo. We continue to hold 3 of the top 10 positions in global Prestige fragrance brands with Rabanne, Carolina Herrera, and Jean Paul Gaultier reaffirming our leadership position in the category.

We also saw strong creative progress across our fashion houses, including the boots at Jean Paul Gaultier and Dries Van Noten and high visibility Carolina Herrera show in Madrid. Dries Van Noten fashion delivered a notable contribution this year.

In Q4, net revenues reached just over EUR 1 billion with like-for-like growth of 6.2%. This represented a slight acceleration versus Q3, supported by robust holiday sell-in while lapping a very strong comparable last year. The quarter also absorbed a 1.9% hyperinflation impact from Argentina. Overall, this was a solid finish to the year for our largest segment.

Turning to Makeup. This was our strongest growing segment in 2025. Makeup delivered EUR 845 million in revenue, up 13.7% like-for-like. The performance was led by Charlotte Tilbury, our largest makeup brand, which had an exceptional year. We saw a powerful combination of innovation, geographic expansion, strong activation in APAC contributing to consistently high growth.

The innovation pipeline remained very robust, with the Airbrush Flawless Foundation and Setting Spray Matte, the Super nudes collection and the expansion of the Unreal franchise. At the same time, we strengthened our distribution footprint with Amazon in the U.S. and entered a new market in Mexico. Charlotte Tilbury maintained its #1 Prestige makeup ranking in the U.K., and #3 in the U.S.

In Q4, makeup generated EUR 276 million in revenue with exceptional like-for-like growth of 26.5%. The quarter benefited from strong momentum across Charlotte Tilbury and the fact that we were lapping a softer competitor.

In skincare, we delivered a very solid year with net revenues of EUR 551 million, up 8.9% like-for-like. This represents 11% of the company's total revenues and marks another year of consistent execution. Growth was led by Uriage, which continued to deliver double-digit performance driven by the strength of its hero franchises, Xemose and Age Absolu, supported by new launches such as Bari sun Invisible stick and the Ros liane serum. This was complemented by ongoing growth in Charlotte Tilbury skincare, which continues to be an important contributor to the segment.

In Q4, skincare reached EUR 141 million in revenue, delivering 7.9% like-for-like growth. This closed out a year of steady and balanced performance across the portfolio, with strong consumer response to both established pillars and new innovations.

Turning now to our performance by region. We saw broad-based international growth in 2025, with healthy demand across all markets. Starting with EMEA, our largest region at 55% of revenues. The business delivered EUR 2.75 billion for the full year, growing 5.5% like-for-like. This reflects disciplined execution in the fragrance market that has normalized from previously elevated levels with continued strength from Charlotte Tilbury and Derma.

In Q4, EMEA grew 9.2% like-for-like to EUR 854 million, an acceleration versus the prior quarter, supported by strong holiday sell-in and solid fundamentals across the region. The Americas represented 35% of group revenues, delivering EUR 1.76 billion and 7.7% like-for-like growth for the year. Foreign exchange was a meaningful headwind throughout 2025, driven by the U.S. dollar and several Latin American currencies and the hyperinflation adjustment in Argentina reduced like-for-like growth by 1.1%. Despite this, performance remained broad-based across categories and was supported by the launch of Charlotte Tilbury on Amazon in the U.S.

In Q4, the region delivered 7.6% like-for-like growth to EUR 429 million. We saw an improvement versus Q3, particularly in Latin America, even as we absorbed a 4.5% hyperinflation impact from Argentina. Asia Pacific was our fastest-growing region, delivering EUR 530 million and 21.7% like-for-like growth for the year. Growth was strong across Charlotte Tilbury, Niche and Derma and benefited from the up fleet associated with the consolidation of local subsidiaries, an effect we do not expect to repeat 2026.

In Q4, the region grew 18.9% like-for-like to EUR 163 million, maintaining strong momentum across all key categories. Overall, all 3 regions contributed positively in both fiscal year 2025 and Q4, demonstrating the strength and diversification of our global footprint.

We continue to make progress toward our ambition of being at the forefront of ESG practices. In addition to the rankings and scores that we shared a few months ago, in 2025, our efforts have continued with APIVITA renewing its B Corp certification with one of the highest scores ever recorded. We are proud to share that Uriage has also joined the B Corp community, marking another step in our commitment to purpose-driven growth.

With this, I will hand it over to Joan, who will walk you through the details of the financial performance.

Thank you, Marc. We are very proud of the financial performance of Puig during 2025. We showed a strong growth ahead of the market and at the top end of our outlook for 2025. We improved our EBITDA generation while continuing to maintain a healthy investment level behind our brands. We continue to improve our cash flow management. And finally, our capital structure remained robust, comfortably below our threshold, providing significant flexibility for future commitments.

Now let's get into the details. I would like to start by providing you with a summary of our income statement for 2025, where I would like to highlight our net revenue like-for-like growth of 7.8%, our gross margin of 75.1% maintaining its position as one of the highest in the industry. We delivered adjusted EBITDA of EUR 1.045 billion, at 20.7% is also an improvement of 49 basis points compared to the prior year, ahead of our guidance for full year 2025.

Finally, our adjusted net profit was EUR 587 million with an 11.6% margin. This represent an increase of 6.5% compared to the prior year. Our key indicator for operational profitability, the adjusted EBITDA margin has increased to 20.7%.

Let's review the drivers. First, we improved our gross margin further to 75.1%, an increase of 19 basis points versus full year 2024. This reflects ongoing operational efficiency and a favorable mix evolution driven by the growth of Niche, partially offset by negative foreign exchange impact and the U.S. tariff effect. Our distribution cost margins were flat versus 2024.

We continue to leverage our SG&A expenses, improving by 37 basis points over full year 2024. As we have continued to expand our footprint and own store network, our D&A as a percentage of net revenue increased by 22 basis points. At the same time, we continue to invest at best-in-class levels of A&P at 32.7% of net revenues to support sustainable long-term growth.

Our total operating profit reached EUR 812 million, an increase from the EUR 759 million in the prior year, with an overall operating profit margin of 16.1%, which reflects an improvement of 27 basis points versus 2024.

Looking at each business segment, we have seen valid contributions and dynamics. Our Fragrance and Fashion operating profit amount to EUR 683 million in 2025 compared to EUR 678 million in 2024, implying an 18.7% margin or 55 basis points decrease versus 2024. This reflects a slightly higher A&P to support growth in a normalizing market and the continued expansion of Niche.

The Makeup segment show a significant improvement in operating profit, reaching EUR 96 million or 11.4% margin over 5.6 percentage point improvement over 2024. This reflects the strong performance of Charlotte Tilbury, driven in part by the initial pipeline of Charlotte Tilbury into Amazon in U.S.

At the same time, our smaller makeup initiatives continued to prioritize investment with a disciplined focus on return. It is also worth noting that 2024 profitability include nonrecurring events that temporarily reduced margins, contributing to the magnitude of the year-on-year improvement.

Skincare segment operating profit amount to EUR 33 million in full year 2025, implying a margin of 6% or a decrease of 1.25 percentage points versus full year 2024. Profitability in this segment was affected by continued investment and integration cost related to Dr. Barbara Sturm and other subscale skincare brands, reflecting our commitment to building long-term capability and scale across the portfolio. Overall, each category reflects disciplined execution and investment aligned to long-term strategic priorities, with operating margin expanding at group level despite varying dynamics within individual segments.

We continue to believe that as we gain scale in makeup and skincare segments, their profitability will have the potential to converge with the group level.

Focusing on the bottom line, we delivered a solid performance in our adjusted net profit for 2025, reaching EUR 587 million, with a margin of 16.6%, up 10 basis points over 2024. This was driven by the strong growth overall business, along with the improvement in operating profit and lower interest expenses on debt in 2025 versus 2024, which was partially offset by the foreign exchange impact on financial results, lower income from associates and joint ventures and the higher tax rate.

Reported net profit grew 11.9%, representing a margin of 11.8%, up 70 basis points. This primarily reflects the absence of nonrecurring IPO-related items that negatively impact full year 2024 reported net profit. Full year 2025 was another strong year of cash generation.

Let me take you through the key elements. Our free cash flow from operations improved to EUR 664 million, compared to the EUR 634 million in 2024. This reflects the flow through the higher operating profit and working capital improvements. Following a few years of pandemic-related disruptions, this marks our second consecutive year of strengthening working capital performance, bringing us closer to normalized operating level. This resulted in 64% free cash flow conversion of adjusted EBITDA.

Our CapEx remained in line with expectations at 4% of net revenues. Operational cash flow improved substantially to EUR 684 million compared to EUR 549 million in 2024. This reflects improved underlying cash generation and the absence of IPO-related cash outflows of EUR 85 million recorded in the prior year. This year, we also had a positive cash adjustment due to the nonrecurring cash inflow from the relocation agreement of our manufacturing facility in Chartres, France.

Our net financial leverage currently stands at 0.7x net debt to adjusted EBITDA, which is comfortably below our 2x medium-term threshold, allowing us to maintain both operation and financial flexibility. Net debt was EUR 716 million during the period, reducing by over EUR 350 million versus the end of 2024, and this reflects strong operational cash flow after CapEx, payment of EUR 212 million in dividends, a minor stake increase in Kama Ayurveda in April 2025 and also the negative impact from financial flows and leases. We finished 2025 with leverage 0.4x lower than those in 2024, reflecting a strengthening capital structure and continued financial flexibility.

Liabilities from business combination stood at EUR 988 million, a decrease from EUR 1,088 million at the end of 2024. This was mainly due to foreign exchange movement and the periodic reassessment of our future obligations. There were no significant new transactions in 2025.

To wrap up our financial remarks, we would like to provide also a view on the timing of expected cash outflows related to this liability from business combinations.

As you can see in the calendar, out of the EUR 988 million of liabilities, the largest cash outflows is expected to happen about 5 years from now in 2031. And relating to the minority stakes not owned by Puig in Charlotte Tilbury and Barbara Sturm. In 2026, we have upcoming maturities currently valued at EUR 351 million, which will be paid in cash over the first half of the year. Even with these payments, we'll remain comfortably below our leverage threshold.

I'll now pass it back to Marc for the outlook and a few closing comments.

Thank you, Joan. Before I move into our updated guidance, I want to briefly highlight that in 2025, we once again delivered firmly against the commitments we set out at the start of the year and at our IPO. We outperformed the premium beauty market, growing high single-digit like-for-like, advance our margin improvement ahead of guidance and strengthen our balance sheet, all while continuing to invest for sustainable long-term growth.

In 2025, we completed our previous 5-year strategic plan communicated in early 2021, which set our ambition to double our 2020 revenue in 3 years and triple it in 5. We exceeded those goals, more than doubling our revenue by 2022 and more than tripling it by 2025.

Looking ahead to 2026, our guidance framework has been updated to reflect the evolving dynamics of the beauty market while remaining anchored in the strength and desirability of our brands. We remain confident in our ability to continue delivering like-for-like revenue outperformance versus the premium beauty market. As in 2025, we anticipate a negative foreign exchange impact, particularly in the first quarter, but this does not change our fundamental growth ambition.

As a reminder, we will also be lapping a strong comparable, particularly in the Fragrance segment in Q1. We continue to see medium-term upside for adjusted EBITDA margin, supported by mix evolution and operational discipline. In 2025, we reached a margin of 20.7%, well ahead of our initial guidance, where we expect it to improve about 20 basis points this year.

For 2026, we expect margins to remain stable, and we have factored in healthy investment levels in our brands while anticipating impact from tariffs and foreign exchange. Our capital structure policy remains unchanged. We will maintain strategic flexibility to finance future growth, targeting a net debt to adjusted EBITDA ratio not exceeding 2x. We also confirm our intention to maintain a 40% dividend payout ratio out of reported net profits, consistent with our track record.

For 2025 results, this would translate into a dividend of EUR 237 million or EUR 0.42 per share, subject to shareholder approval at the Annual General Meeting.

Finally, we will continue to follow a highly selective approach to M&A, focused on opportunities that present a clear strategic fit with our portfolio while maintaining our capital discipline. In summary, our guidance reflects confidence in the resilience of our business model, the continuing strength of our brands and Puig commitment to delivering sustainable value-creating growth.

Before we close, I want to leave you with a sense of the excitement we are bringing into 2026. We entered the year with great momentum, and we have an excellent pipeline across our brands, innovation platforms and operations.

Let me share just a few highlights. First, in Fragrances, we have an exciting calendar coming from Jean Paul Gaultier, including a major Haute Perfumerie launch. Gaultier continues to be one of the most culturally resonant houses in our portfolio, and 2026 will be a year of significant creative expansion and market impact.

We will also continue the geographical rollout of La Bomba in the U.S. in the first half of this year. This will be complemented as in every year by range extensions from all of our prestige brands and collections-based launches from our Niche brands true to our DNA as a home of creativity. Second, Charlotte Tilbury will continue this year with a very strong pipeline of innovation, which will further reinforce its hero franchises and leadership in Prestige beauty.

Third, on the operational side, our Chartres' production plant will transition to a new site within the French Cosmetic Valley. This move represents another step forward in scaling our capabilities, improving efficiency and supporting the long-term growth of our fragrance operations. The move will allow us to significantly improve and increase capacity and flexibility in manufacturing processes when compared to the existing one. This project started in 2025 and works will continue until the first semester of 2027 when the opening is planned with no interruptions in production while ensuring the best transition for our people.

And finally, in April, we will host our first-ever Capital Markets Day. This will be an important moment for us to share our new long-term strategic road map, our priorities for sustainable allocation and the powerful trajectory we see ahead for Puig. Please note that we have brought forward the date. It will now take place on April 14 in Madrid and will be accessible via live stream. Details will be made available on our website in due course. Taken together, these highlights reflect a company that is moving with confidence, innovating, investing and shaping the future of beauty. We are very excited about what lies ahead.

Thanks, Marc. With that, we come to the end of our prepared remarks, and we will begin Q&A.

The next question comes from Aron Adamski from Goldman Sachs.

Congrats on the results. I have 3 questions. First on the outlook. Could you please give us a sense on what is your latest read for the premium beauty market growth rate year-to-date? And in that context, how are you feeling about consensus expectations for 5% organic growth in 2026? And given your comments, would you expect the growth to be weighted towards the second half of the year?

Second, on La Bomba, which you briefly mentioned. Can you give us an update on how the consumer replenishment is tracking for this launch since you have launched it a few months ago? And how many outlets have you reached with it so far in 2025? And how many additional points of sales do you expect to add in 2026?

And third, the last question on Charlotte Tilbury. Can you give us a sense of how this brand is performing in its existing outlets? And how much of the growth is driven by the distribution footprint expansion? And if you could, what are your expectations for makeup growth this year?

Thank you, Aron. I'm going to start in reverse order. First, Charlotte Tilbury. Charlotte Tilbury is a brand that even in those markets where it has a long history and high rankings like the U.K. is still distributed in much less number of doors than its main competitors. So it is obvious that as we progressively expand distribution, it will eventually lose some of the sales in those existing doors. But we still have plenty of room for expansion, and that's one of the reasons that brand has been growing.

Your second question regarding La Bomba, it takes time for a pillar, as we call it, to prove its validity. When we look at the sister line, Good Girl that we launched in 2016, it reaches its top rankings just last year. So it took 8 years in this case. Our initial results for La Bomba are very promising. We have launched only in a few markets in Europe and Latin America. This year, we we're going to launch in the U.S. So it's going to be a significant -- the largest market in the world, a significant upbeat. And so far, the indications and the results we have are very promising, and we are very happy with this launch.

Regarding the outlook, we -- it is clear that you're asking from the premium beauty market, and I'm going to talk more about the fragrance market. We have been living both in fragrance, particularly in the premium beauty market on a super cycle, as some of you call, since COVID. And we have -- we see tailwinds, particularly for the fragrance category because there are many trends that we have seen emerging in the last few years that give us confidence that the category will continue growing faster than the many other consumer categories. The challenge is this transition from super cycle to normalization, it's more difficult to predict. And that's the challenge that I've seen also in some of our peers when they are talking about 2026.

What I can say about 2026 is that we think that current consensus for our growth is not unreasonable. I think this answers your question, Aron.

The next question comes from Jeff Stent from BNP Paribas.

Just one quick question. Barbara Sturm, can you just please comment on that? And I think you only touched on it from the sort of margin perspective, but just how things are going there and whether you remain confident in the outlook for Barbara Sturm?

Thank you, Jeff. Yes. We have explained oftentimes that when we buy or partner with a brand like this one, it takes time to bring it to the level that we think it should be. In the case of Barbara Sturm, there's been a number of steps that we have taken so far. We pruned the portfolio. We reduced distribution. Barbara told us that she had expanded distribution a little too much prior to selling the company. So we have pruned also distribution. And in the last 18 months, we have been integrating that company into our portfolio. So that means that there is a certain transition since we take over a brand, and we see the situation in reality of the brand.

Having said this, we are firmly confident of the potential of this brand as we were when we bought it, and we know it takes time. That's one of the reasons why we think or we say that in premium beauty, you have to have patient capital that can be comfortable in taking time when you have to build brands. I hope this answers your question, Jeff.

The next question comes from Celine Pannuti from JPM.

Congrats on the great '25. My first question relates to the fragrance division. So you had a strong quarter 4, and I think you mentioned La Bomba additional sales there. But you also mentioned that the fragrance market was slowing into year-end. So I just want to understand the sell-in benefit that you had in Q4? And what does that mean for Q1? You mentioned Q1 had a tough comp. Do we expect some rollback in Q1? And I don't know if there's -- to which extent we can have that.

And maybe also on fragrance, Marc, you seem to mention the transition between super cycle and normalization. Beyond the Q1, what kind of visibility you have for the year on the fragrance category growth? My second question is on some of the moving parts on the P&L. Can you talk about what was the impact of tariff and FX on gross margin in '25? Do we double that for '26? And on FX, it was unclear to me, you mentioned that Q1 would be as Q4, but can you give us an impact on FX for the year? And then maybe just as well on that point, if you could give us as well some guide to understand the moving part in net financial and associate income for '26?

Thank you, Celine. Many questions. On fragrance, we had a soft Q3. And when we talked to you in September, the expectations at that point were a little bit more moderate, let's say. And then we saw competition in Q4 that accelerated from that time. Now it's -- sometimes it's difficult to -- when you have Q3 and Q4 in our case, given the penetration of fragrance in our portfolio, you always have Christmas season in September. Cat at the end of September could be earlier or later and can have an effect on the Q3 and Q4 momentum. So in that sense, I think that we saw a Christmas season that was a little better than what we had anticipated, and in spite of a quite aggressive promotional activity from many of our peers.

Regarding the transition between super cycle and normalization, as I said, it's a little difficult to project how this transition will be. As I said, we're confident about the category because remember, many of the trends we've seen in the past few years, whether it is the potential in emerging markets because when people go from low class to middle class, fragrance is one of the first categories that they are attracted to. We've seen the young crowd through TikTok, particularly teenage boys jumping into the category.

We've seen the social network curiosity of our fragrance has had an impact in sales. We've seen many emerging -- many markets where the culture of fragrance was not very developed. The young generation is jumping into that category. And whenever people start using fragrance, where it is occasional usage or as part of your routine, people don't go back. It's very sticky. So those -- all those trends give us confidence that the category has momentum, has tailwinds. And as -- the challenge is to predict how this super cycle will go to normalization. And that's why I think '26 is in that year. So that's why we're reluctant to give numbers yet. And best we can say is we're confident we will be able to keep growing faster than the category as we have done or the industry, as we have done in the many of the past years, but more difficult to give a specific number.

Third, on tariffs and impact on gross margin. As you saw, we were able to absorb in 2025, the impact of tariffs as well as the impact of foreign exchange. Our gross margin increased last year in 2025 versus 2024.

In 2026, there will be a full year impact. And our projection is that we will be able to absorb the impact that we will have both in foreign exchange and in tariffs with the operational efficiency and some of the evolution of our mix. In terms of -- yes, you were mentioning the Q1 and -- yes, in foreign exchange, it's difficult to project more than Q1 because I don't know what different currencies will do. The effect we expect for Q1, it's going to be similar than what we saw in Q4 last year, around 3.6% foreign exchange negative impact.

Finally, regarding net debt. Yes. Regarding evolution of net debt, we -- of the different -- maybe Joan, you want to comment on that. The question was...

It was on associates.

On associates.

On associates. Evolution of...

On Isdin. Right?

Net debt on -- so on. No, no, no. On the business combinations, I understand, no. No?

Isdin. Isdin.

Sorry, Celine, can you repeat the question? Is that possible?

Yes, absolutely. If I look at '25 below the EBIT, your net financial came ahead of what we had and associates came a bit below. So I just want to understand how to look at that for '26, please?

No, I think this refers to Isdin. After years of high growth, this year Isdin has had a flat year. And we have had a negative impact in the profitability due to the flat sales and due to some LatAm currencies. This trend, it's difficult to predict in terms of the impact of LatAm currencies, how this will evolve. But we think we'll continue similar trend. So we think will be -- associates will move similar this year.

On the other side, we have had very good performance in Granado. So we think that this will compensate any potential reduction in Isdin. So in general, we think we will be stable. I don't know if we answered your question, Celine.

Yes. Anything on net financial, please?

On net financial.

Yes. Any...

No, I think there is nothing. As we mentioned, there is some outflows of the liabilities we have in the first part of the year, basically because we are buying part of the percentage that we have with Charlotte Tilbury, and we have indicated in the presentation that we have an outflow of EUR 351 million extraordinary this year that is related to the increase of our participation in Charlotte Tilbury. We'll end up with 85% of the company after that. Other than that, I think everything stays similar that we have this year.

The next question comes from Fernando Abril-Martorell from Alantra.

Hello. Sorry, do you hear me?

Yes.

Okay. Now so just a quick follow-up on the last one on associates. So you've mentioned that sales were broadly flat in Isdin. I've seen the report, but profits are down due to ForEx? Or is there any other one-offs or extra investments that you've carried out in fiscal year '25?

Then a couple of more questions on working capital. So as you said, this is the second consecutive year of working capital inflows. So how should we think about working capital dynamics in '26 and whether you see there is room for further improvement? Or should we expect some sort of normalization from current levels?

And last one, on gross margin. So you've mentioned the growth in the Niche. But I don't know if you can comment on the sales mix. I understood that makeup typically have typically has a higher gross margin than the group average and whether this was also a notable margin driver for fiscal year '25 or not at all?

Thank you, Fernando. First question in Isdin, the flattish sales evolution had an impact in the results, but mostly foreign exchange impact from Latin America currencies was what had biggest impact in the P&L.

In working capital, at the time of the IPO, we did mention that due to the inefficiencies built after COVID because there were problems of supply and very high growth, we had been investing in building up stock to levels that were above what we had typically had in the past. And we said that it will take about 18 months to normalize. And that's why last year, we had a good cash flow benefit from this normalization of working capital. And this year, we have continued to do so. We are closer to normalization.

So going forward, we'll see a normal path in terms of cash flow generation through working capital improvement. There's a little room, but much less than what we've had in the past.

And then finally, on gross margin, it's true that some of our -- the Niche has been growing faster. We mentioned in our notes that it has been growing at double digit, and Niche has a higher gross margin, in particular, because certain percentage of the business that we do in Niche is direct to consumer as well as the makeup, there is a higher gross margin. So the weighted average combination is benefiting from the evolution of our mix. Fernando, I think that -- I hope that answers your questions.

The next question comes from Tom Randall from Jefferies.

A couple if I may. So first of all, one of your peers had said that the luxury fragrance category grew around 5% in 2025. But you've indicated this morning that your share has gone from 11.5% last year to 11.1%. So do you mind just walking us through those dynamics and maybe let us know what you saw the fragrance category grow in '25? And then if you did lose share, where was the share lost, which kind of markets or channels?

And then secondly, regarding the makeup segment. So should we expect a slower start to the year in makeup in the U.S. or in total as retailers find the right level of inventory following the Amazon launch? And should you expect any kind of unwind in makeup following the launch? Or should we see those Amazon sales as mostly incremental?

Thank you, Tom. In terms of luxury fragrance evolution, we have -- we show last year our market share 11.5% and this year at 11.1%. It's true that we -- every year, we try to improve the measurement of our market share. And in our internal numbers, we have lost a little less than what this 0.4% gap shows.

Last year, there was a very -- in certain markets, a very aggressive promotional activity from some of our peers, particularly in markets where we have high market share like in Latin America. And that was a dynamic that we didn't necessarily follow, which proved that we might have lost a little bit of market share because of that. The -- when you look at our evolution of market share over the last 2 decades if you want, we went from 3% market share 20 years ago to 11%. And with our formula on brands creativity, desirability, storytelling, and we have been able to continually progressively gain market share. Maybe it doesn't mean that every single year we have done so. But as a whole, we still believe our formula has -- allows us to keep winning in this market in spite of maybe last year was a little bit flattish.

In terms of your second question, makeup, we had a very strong Q4 and added with the Q3 in the launch in Amazon, was a strong end of the year, thanks to a very powerful Christmas campaign that resulted in a good response from consumers.

Now for Q1, we have mentioned that -- and that's for makeup, but also for the other categories. We had a very strong -- I mean we are lapping a very strong Q1 in 2025. We have an impact on foreign exchange that will impact our reported sales. So we see probably a softer Q1, but we're confident on our overall year for next year. Tom, I think -- I hope I answered your questions.

The next question comes from Jos Rito from Caixabank.

So I have 2 questions. The first one on Charlotte Tilbury. So I think that in Q4, we had a strong contribution also from Amazon, as it was the case in Q3. My question is if this will prevail in the first half of 2026? And if you intend to have or planning to have a big retailer launch such as Amazon in 2026. That will be my first question.

Then the second question on APAC sales evolution. So it was quite strong in Q4. Just to see if you can provide any color in terms of if all divisions had a strong performance in APAC or if this was also driven by makeup?

Thank you, Jos . First question regarding Charlotte Tilbury. It's true that last year, particularly in the second half, we have the launch in Amazon. But as I said, in general, Charlotte Tilbury is a brand that is much less distributed than many of its peers. There are many markets. Latin America, we have only launched in Mexico. Travel Retail, we're only starting last year to really enhance our presence. There are many markets where we have launched only in 1 or 2 exclusive retailers until we expand.

And an example is in the U.K., where the brand is #1 retailer. We're not present in boots, and we are going to open a few boots this 2026 for the first time, not all because it's a huge network, but we're starting to open boots in that market. So it's a proof that the brand still has legs to grow.

Regarding the APAC, we have probably of the companies, in our peer companies, we are the company that has a less penetration in APAC. And since we have been evolving our portfolio, in a way that is more aligned with some of the needs of APAC markets, we see continuous opportunities to grow in APAC. And this should -- last year, we had an additional benefit, which was the consolidation of some of the subsidiaries that we had been opening during the year or the prior year, which will not be repeated this year. But in general, APAC is a territory where both makeup, skincare, niche fragrances or overall fragrances have potential to keep growing. I hope that answered your question, Jos .

The next question comes from Jie Zhang from AlphaValue.

Congratulations on the strong results. Actually, most of my questions are already answered. So one left for me, please. So Marc, you mentioned that at the end of presentation that you will stay active on M&A. So could you share a little more which category you are looking more actively so this year 2026, please?

Thank you, Jie, for your congratulations. I like that. M&A. We have always said that we don't commit to the M&A inorganic growth for our future growth because we don't want to be slave of our words. It's true that when you look back, we have -- M&A has been an integral part of our growth. The challenge is that we only get excited with certain brands and that we believe have potential, have a story to tell, have a reason to exist, and then we get excited.

So going forward, we do about 100 things a year. And some years, we don't pursue anything. Others, we do and because there's an option, we don't necessarily win. So we are actively looking and -- which doesn't necessarily mean that something will happen. That's, I guess, what I can say.

The next question comes from David Da Maia from CIC.

Actually, I have 2. The first one on LatAm, which is an important market for you. I was a bit surprised to see that in Q4, you mentioned strong performance in the last quarter because one of your peers mentioned recently that, that market was a bit slowing down at the end of last year. So it was mainly due to the launch of La Bomba on that market. So that was my first question.

And the second one, on your Prestige segment, can you give us more color on the performance in the full year of your main brands like Rabanne, for example, it seems that the brand is losing some momentum. It's still a billionaire brand today. And are you confident, for example, to see Charlotte Tilbury reaching that threshold this year?

Thank you, David. LatAm, we -- we have -- that's the region of the world where we have the highest penetration of our brands. And particularly, Carolina Herrera is in fragrance, #1 in every single market, if I'm not mistaken. So the launch of La Bomba evidently has had a positive impact.

On top of it, some of the promotional activity that other brands did in the past few years because we saw energies and resources, channel from APAC to LatAm by some of our peers, and that was an area that was affecting us the most. But this -- as you anniversary some of these events, we saw that benefit from not having to -- from the same situation than last year. So overall, LatAm had a good performance for us.

When you say -- if you can give a little bit more color on Prestige, it's true that, look, our brands, we have 17 brands in our portfolio. And we have proven because we are very good at creating the desirability behind our brands, at surprising consumers, but brands have cycles. And what, the advantage of having a portfolio is that you have some brands that have momentum 1 year and less momentum the other. So it's true that in our case, Rabanne has been softer, but we have very good pipeline of ideas going forward and confident that we will be able to manage the portfolio in a way that overall, we can keep beating the market. With this, David, I hope I answered your questions.

Thank you all for your questions today. We look forward to speaking again at our Capital Markets Day on April 14, where we will also be discussing our Q1 sales. Thank you very much.

Good evening and thank you for joining us as we discuss our sales update for the third quarter of the fiscal year 2025 that ended on September 30, 2025. Today, we are joined by our Chairman and CEO, Marc Puig; and our CFO, Joan Albiol. Marc will share some brief remarks, and then we will open up the line for Q&A.

You will find this presentation and the press release on our website, and you will also be able to access a replay of this recording on our website after the event.

Good evening, everyone. It is good to speak to you all for our third quarter update for the fiscal year 2025. We are pleased to report that Puig has delivered another strong quarter, demonstrating the consistent execution and resilience of our brand portfolio in a dynamic market. These results reflect our consistent delivery, which we set out to achieve at the start of the year.

Let's turn to the details of the update. We have delivered a strong performance for the first 9 months of 2025, which has resulted in net revenue of nearly EUR 3.6 billion. This represents a 7% like-for-like growth and a 4.9% increase on a reported basis, reflecting continued foreign exchange headwinds. This performance is a result of all 3 of our business segments, delivering within or above our full year growth outlook of 6% to 8%.

In the third quarter, Puig continued to deliver a steady performance, reaching net revenue of EUR 1.3 billion. This represents a 6.1% like-for-like growth and 3.2% on a reported basis, ahead of the global premium beauty market. These results reflect our disciplined management and the sustained desirability of our brands as we enter the most important trading period of the year even as we lap a very strong Q3 from last year.

Let me share some more color on the performance of each of our business segments. The Fragrance and Fashion segment generated net revenue of EUR 2.6 billion in the first 9 months, growing 6.4% on a like-for-like basis. This segment was 73% of Puig net revenue in the period.

In Q3, net revenue reached EUR 932 million, up 2.8% like-for-like, which reflects the anticipated moderation in global fragrance markets, particularly as we lap Q3 of 2024, where we grew 11.1% in this category. We continue to drive growth at scale with exciting launches, including the official launch of La Bomba from Carolina Herrera.

The Makeup segment, which contributed 16% of Puig net revenue generated EUR 569 million in the first 9 months of the year, an increase of 8.3% like-for-like. In Q3, the segment built upon its momentum from Q2 and delivered exceptionally strong growth, recording revenue of EUR 230 million, a remarkable 18.8% like-for-like increase. This was driven by the sustained success and continued innovation at Charlotte Tilbury, supported by robust retail channel performance and the strategic pipelining into our online partner, Amazon in the U.S.

For the Skincare segment, revenue for first 9 months totaled EUR 410 million, a 9.2% like-for-like growth. This represents 11% of Puig's total net revenue. In Q3 2025, the segment delivered EUR 135 million in net revenue, an increase of 10.5% on a like-for-like basis. This was supported by the strong performance of Uriage and Charlotte Tilbury Skincare.

From a geographical standpoint, the business grew across all regions on a like-for-like basis. EMEA, which accounts for 53% of our net revenue, reached EUR 1.9 billion in the first 9 months, up 3.9% like-for-like. The region generated revenue of EUR 699 million in the third quarter. This performance was supported by continued strength in Derma and Charlotte Tilbury.

The Americas, representing 37% of our net revenue, posted revenue of EUR 1.3 billion in the first 9 months, a strong 7.8% like-for-like growth. In Q3, the region generated EUR 464 million in revenue, which is 2.3% growth in like-for-like terms and minus 2.7% in reported terms. This reflects the anticipated normalization in fragrance and the negative impact from foreign exchange.

Further, in this region, Fashion and Fragrance remained healthy in the U.S. However, we saw increased softness in the LatAm markets where we also continue to see competitive dynamics more broadly.

APAC continued to outperform with revenue totaling EUR 368 million in the first 9 months, an outstanding 23% like-for-like growth. The region generated EUR 134 million in revenue in Q3 alone, representing a 35.8% like-for-like increase. This performance was supported by successful brand activations and strong momentum from Charlotte Tilbury and a continued expansion of our Niche fragrance business in the region, further helped by the continued benefit from the consolidation of our subsidiaries that we have been seeing this year. APAC now represents 10% of Puig's total net revenue and is the company's fastest-growing region.

Let's talk a little about innovation. In Fragrances and Fashion, one key highlight in Q3 was a spectacular fashion show for Carolina in Madrid where we officially launched La Bomba. First indications show a strong sell-out with no cannibalization of Good Girl, and we see potential for this pillar to be a lever of growth for the future.

On the Niche side, we launched the reimagined Night Veils collection by Byredo. We also launched a bold new campaign to introduce 50 ml travel and experiment-friendly formats of Potions by Penhaligon's.

On the Makeup side, in the last quarter, we introduced additions to the Flawless franchise in the form of Charlotte's Airbrush Flawless Foundation and Matte Setting Spray, reinforcing the Flawless franchise and leadership position of the Airbrush Flawless Finish Powder, both in the U.S. and U.K. markets. We're also excited about our Christmas initiative that we recently launched with a Celine Dion as face of the campaign.

In Skincare, we were pleased to see the continued innovation across hero franchises at Uriage and also the new Exoso-metic collection from Dr. Barbara Sturm. We are confident in our pipeline of strong existing pillars and new launches for the upcoming holiday season.

We continue to feel encouraged by our consolidated performance across our complementary brands and segments. With most of the year behind us and with visibility from the holiday sell-in, we maintain our full year 2025 outlook of like-for-like revenue growth in the 6% to 8% range. We have had a solid start to Q4. And with that, we now expect growth for 2025 to be in the middle of this range, an improvement versus our expectations in September.

Further, we are confident in our expectations for adjusted EBITDA margin expansion in line with the improvement we delivered in 2024. We approach the holiday period, which is very important for us, with confidence in achieving our full year outlook.

Further, we are excited to share that we plan to organize a capital market day on April 16 and 17, 2026. In 2021, we presented the last vision plan up to 2025. With this year ending, we are now in the process of defining the next such plan. During the Capital Markets Day, we plan to share this vision with you.

Thanks, Marc. With that, we come to the end of our prepared remarks, and we will begin Q&A.

The next question comes from Patrick Folan from Barclays. Please go ahead.

Just a couple of questions for me. Can you maybe help us understand how much of a benefit the Charlotte Tilbury sell-in on Amazon was for the Americas like-for-like in the period? And should we expect any further benefit for Q4? And can you give us a sense of the growth rate or the exit rate in the Q3 period? You commented that you seem to have greater visibility for the holiday period now, and it looks to be going reasonably well.

And then I guess my second question is that you kind of said you're seeing better performance now than you did in September. Can you just maybe explain what is different now because it does seem like fragrance is still moderating, but you've had good sell-in with Charlotte Tilbury? So just maybe trying to square those two points. Thank you.

Thank you, Patrick. First regarding your first question, the improvement or the growth that we had in the third quarter for the makeup category, Amazon represents about half of that 18.8% growth that we saw during the period, and we still expect some benefit in the fourth quarter coming from that expansion in distribution.

Regarding the -- why we have improved our guideline for the year, in early September when we last spoke with you, we had seen a soft July and August. The current trading at that time was soft, and we said that the Christmas season is a very important part of the year, particularly for the fragrance category. And we -- since still 90% of our business is done through wholesale, and we wanted to see the open-to-buy from the retailers. September and October have gone high, and the mood we've seen in the open-to-buy has been healthy. We see healthy expectations for the Christmas campaign, and that's why we are now ratifying our expectations for the year to be in the middle of the range and no longer on the low side of the range that we set in September. I hope that answers your questions.

Thank you. And just can I follow up quickly? Should we expect a similar level of benefit from Amazon than in Q4 for Charlotte Tilbury and Makeup?

Not at the same level of impact that we saw in Q3.

The next question comes from Mariano Szachtman from Santander.

Can you please comment on the evolution of Charlotte Tilbury initiatives? We're seeing very strong growth. So trying to understand if this is what coming from innovation or -- and if demand is picking up for the brand, and also what could we expect in terms of geographical expansion? We've seen a very strong figure in Asia. That's my first question.

And my second question is on fragrances. Could you comment on the performance of Niche versus premium within the category? I mean in the past, the Niche was growing double digits. So any color you could provide on Niche or the performance in particular of Byredo would be helpful.

Thank you, Mariano. Regarding Charlotte Tilbury, remember that this is a brand that is relatively young and still, in terms of distribution, has a much smaller distribution than many of the competitors we compare to. And we've seen, in the past few months, impact from geographical presence and initiatives we have taken in Asia and in the U.S., with Charlotte visiting some of the markets in the last few months.

We're seeing also the campaign that Celine Dion has done for Christmas that's starting to pay off in the demand that we're seeing for the brand as well as the innovation that we have mentioned in our prepared remarks. So overall, there is an opportunity for this brand to expand geographically still and expand distribution, but we want to do that carefully step by step. And that's one of the reasons, for instance, when we decided to open with Amazon, as a channel that in the U.S. has proven to be a very important new entrant, let's say, in the beauty territory.

Regarding your second question, it's been now nearly more than 10 years that we see that the niche category is the segment of the fragrance market that continues to grow faster than the overall category. In our case, we're seeing the Niche year-to-date growth for our brands at double digit and continues to bring growth for the category and Byredo being, in our case, the engine of growth among the different brands that we have there. Yes. So I think that answers the question.

The next question comes from Aron Adamski from Goldman Sachs.

I have two on fragrances. First, on your blockbuster launch. Can you please give us some color on how much of the growth came from the initial pipelining of La Bomba? And could you also please share what has been the initial retailer feedback on this launch so far? And maybe how are the replenishment orders looking like in October?

And second, a bigger picture on inventories. I mean you called it out, and we have clearly seen the category growth moderate in recent months. Can you please give us your assessment of the latest category growth? And given this moderation of trends, what is your view on the current retailer inventories? Are you seeing your customers being more cautious on stock levels? And would you expect to see some retailer stock adjustments next year if the category is not growing as fast as it used to in recent years?

Thank you, Aron. The La Bomba launch has been still relatively limited in terms of geographical presence and because we started -- we launched it in the travel retail channel, and then we have expanded it in some European countries. And -- but we're not launching it in the U.S. We have not launched in other places.

So for us, La Bomba this year will have a limited impact. The important thing is to see whether the reaction from consumers has been strong in terms of the first impulse to buy. And we will see whether there is a repeat business 6 months from now when they finish the different bottles. So it's -- to us, to declare, let's say, a launch a significant success and a new pillar, as we call these new launches, let's say, it takes more time than a few months.

What we can say is that the first indications are promising that we are not seeing cannibalization with the last -- the other big pillar, feminine pillar for Carolina Herrera, which is Good Girl because the fragrances are very different territories, let's say. And that is what gives us hopes and make us feel confident that we have started or we have a good start of this project, and it's promising going forward in the future. But still, it's a small percentage of our sales, and we will not be able to see whether that's a big contributor for growth until a few months from now.

Regarding the inventory stock that the retailers have, we will -- as I said, we see retailers have good sense of whether the Christmas campaign as it comes -- has a good trend. What we are seeing so far is that the open-to-buy from retailers is healthy. And we will not know whether -- and so far, we don't see problems in terms of challenges in terms of stock at the retail level. The question will be early next year, after the Christmas campaign is over, whether the consumer has bought into the category or not.

We have been seeing moderation in the category over the past few months. But as I said before, we see good vibes from the retailers at this point, and that was what gave us confidence about our guidance. 10 months are already in, and there's only a small percentage of the year, and that's why we now gave that improvement in our guidance, let's say.

The next question comes from Joffrey Bellicha Meller from BofA Securities.

My first question relates to the Charlotte Tilbury launch in Mexico. I know you quantified the contribution of Amazon U.S. in the third quarter to the Makeup growth. I was just wondering if you could quantify the impact of Mexico's launch in the third quarter as well, please?

And the second question I have is regarding your guidance towards the end of the year. I was wondering if that meant that fragrance should also fall between the 6% to 8% range for the end of the year and which would obviously imply some form of a reacceleration probably for the category at the end of the year. And I guess the third question I have also is you made obviously some pretty positive comments on the open-to-buy of the retailers. Is that a comment that's specific to fragrances? Or is that a comment that you would attribute to other categories?

Yes, Joffrey. First, regarding the Charlotte Tilbury in Mexico, when -- the way Charlotte Tilbury has entered different markets has always been through exclusive arrangements with a few retailers. So in Mexico, we opened with only a few doors in [ Palacio de Hierro ] and with only a few doors with Sephora. So the impact on this launch, let's say, is still very small.

But the reason we do this with this brand is because we want to create the demand, and we want to create the scarcity, and we want to make sure that wherever we are, we have the best location and we make a lot of noise. So the impact on the brand in that market will take some time to be meaningful for the overall business. So as I said, low impact for the third quarter of Charlotte Tilbury or Makeup in Mexico.

Second, regarding the guidance for end of the year, what we -- when we say is we've seen moderation of growth in the fragrance category, we see that the second half, our projections is for a low single-digit growth, and we believe we'll do better than that. So that's our projection.

And third, regarding the -- whether the open-to-buy from retailers is specific to fragrance, the Christmas season is a very important part of the year, particularly for fragrance, more than for makeup and even more than skincare because it's a gifting impulse category. So that's why most of the open-to-buy comments that we've made regarding the response from retailer does affect, let's say, fragrance. It's 77% of our business and fragrance for Christmas is the biggest category. So that's why most of the comments come for that category.

The next question comes from Jeff Stent from BNP Paribas.

Just one question, if I may. What do you estimate sell-out was across your business in Q3? If you could give us any color on that, that would be great.

Thank you, Jeff. That was -- that's a tough question because it's the sell-out by category, by -- it's -- we monitor sell-out by category and by brand, which is not what we disclose. And we don't have yet the sell-out information.

It takes a little bit more time to gather the different information by market because some of them are very sophisticated, and we have weekly sell-out information. In other markets, we only get monthly. And in our cases, only every 6 months. So we don't have yet more precise sell-out information. We have the perception from the different mechanism we have to gather that information. And the sensation we have is positive. That's why we also decided to upgrade our projections for the year or our guidance for the year-end. Yes. Not very specific, Jeff, but that's the best I could do.

The next question comes from Tom Randall from Jefferies.

Well, I just got the one. Asia Pacific was a very strong quarter. So I just wanted to know if you can get some more color on what's driving the performance there. We're seeing a pickup in travel retail in the region. And is there an acceleration of your presence kind of in the channel? And then also just a follow-up on that, are there any one-offs that we should be aware of in the region?

Yes. Thank you, Tom. There are several -- I mean, first of all, remember that APAC represents for our company, 10% of our business, which is one of the lowest penetrations of -- in the industry. And growth comes from different vectors. Number one, because we have had an important impulse in the Charlotte Tilbury in several markets in terms of initiatives we have taken for brand efforts, we have seen growth in the Niche category in the different markets where we have the Niche brands.

We have also a positive impact due to some of the subsidiaries that we have opened in the past few years. We have gone from distributors in some of the markets to subsidiaries. So after a certain transition period that may have a negative impact, we're seeing now the benefit of that move. And overall, that's why we are seeing a significant growth in the area, which we believe will continue because we still have low penetration in that area.

In terms of travel retail, in our case, travel retail worldwide is less than 10% of our sales and particularly in APAC, not necessarily very strong since it's in that geography, the -- it's skincare and makeup are the biggest categories. And we have not seen necessarily a big impulse in travel retail in the area other than the normal evolution. I hope that answers your question.

The next question comes from Fernando Abril-Martorell from Alantra.

Fernando, can you check if you are on mute? We go to the next question.

The next question comes from Celine Pannuti from JPM.

My first question is on Americas, which was 2.3%. So I understand there was this impact from Amazon. So ex Amazon, I think it was slightly negative. Can you talk us through the moving parts, I presume between LatAm and North America and fragrance versus makeup?

And maybe a second question, but as a follow-up on that. Last year, you had in Q4, the impact from Argentinian peso that was a contribution. Given it has been quite a volatile currency, can you say what is the impact of the peso as much as you can say from now if the spot prevails, what we should expect for the fourth quarter?

And then my second question, Europe has accelerated, and I wanted to understand -- sorry, it's not accelerated. It's 4%, slight acceleration, but it's quite robust. I wanted to understand whether -- what drove that? If you could give us a bit of an idea of what the fragrance versus makeup performance was there?

Thank you, Celine. First question regarding the Americas. We have seen in LatAm over the past few years, a territory where we have historically hold a very strong first position in terms of fragrance category.

We have seen -- and I mentioned that in prior calls, we have seen the emphasis and focus from some of our competitors that send, let's say, or put resources out of APAC and into other territories and LatAm has been one of them. And we have seen a significant competitive environment, and we have been reluctant to fall into some of these dynamics, and that has affected a little bit our business. So that's an area where we still hold a very strong position. Our brands are top ranking in the area, and we're seeing how to respond to some of these dynamics.

Regarding the Argentina peso, maybe Joan, you want to give some color there, and then I'll answer the third question.

Good evening, Celine. I think last year, we had in Q4 a positive impact for Argentinian peso of EUR 11 million. I think this year, you know that for hyperinflation accounting, we have to wait until the last moment of the year, but we are considering a partially negative impact, but at lower level than the one we have last year.

And in terms of Europe, you mentioned quite robust performance, mostly is due to Charlotte Tilbury and derma strength in the area that has imposed the overall business for us. I hope Celine, that was...

Can I just follow up on my first question on the Americas. So if I understand, Latin America was under pressure. Was fragrance U.S. positive? And also Charlotte Tilbury, I mean, clearly, you are getting the benefit of Amazon sell-in and you mentioned that it will be less in Q4. Last time, I think 2 years ago, you had the benefit of Ulta sell-in and then we had seen some quarters where the growth had been slower. I just want to understand whether there would be -- like when do you expect maybe that we have a bit of a normalization of that sell-in?

I think related to fragrance in U.S. was positive. And related to Charlotte Tilbury, as Marc explained, out of the 18.8% increase in Q3 of Makeup, half was Amazon, but the rest has been organic and we have had a positive trend. And we think that this positive trend will continue in the case of Charlotte.

The next question comes from José Rito from CaixaBank.

I have a question on Charlotte Tilbury. So in terms of pipelines of new countries, retailers, we are seeing the positive impact from adding either new countries such as Mexico or the retailers such as Amazon. So anything new over the coming quarters expected?

And also related to this, second question is why aren't Puig moving faster in expanding Charlotte Tilbury? I mean we are seeing the very strong results of adding new countries or new retailers. So why not moving faster? Is this because of marketing budget constraints? Is because it's dilutive? Just to understand why.

And then my third question on the market share evolution in fragrances. There were some deterioration, I remember, I think, in the first half. It seems that now you are getting again market share in fragrances in the second half of the year. Could you update on this?

José, sorry, I didn't get the last question. Can you -- because we have some -- that sounded a little bit intermittent. Do you mind repeating the question?

Yes. It was on the market share evolution in fragrances, if you can update on this because in the first half, I think it was a deterioration on the market share evolution, slightly decline. If you can update. It seems that you are gaining again market share in the second half for fragrances.

Okay. First question, Charlotte Tilbury pipeline, whether we have opportunities going forward in opening new markets and new territories. And the answer is yes. As an example, there are many markets where we still have an exclusive retailer because we have made a commitment to have 2 or 3 years of exclusivity. So there is an expansion opportunity in other doors.

We have other markets where we have not entered. The case of example is LatAm. We have a very strong position as an organization, and we have only opened Mexico and with few doors, as we mentioned. And there are even strong large European markets where we still have very low penetration. So the answer is yes, there are opportunities for growth that are obvious.

And then your second question is a natural question, why don't you move faster? The reason is because the formula has been very successful, and we are careful at making sure that this is -- that what we do is sustainable over time. Look at the position of Charlotte Tilbury in the U.K., where it's a #1 brand. That's the market where we have been the longest. And we still are not present in a very significant retail operator that has most, if not all, of our competitors, and we're not yet even present. So there is opportunities to keep expanding the brand.

I think we believe it's important to maintain the desire and this scarcity and this willingness from operators, from retailers to have the brand and that gives us the leverage to select the position and the space. And that's a formula that has proven to work, and we want to make sure that we protect that over time. But could we move faster? The answer is yes.

Third question regarding market share. In the Q2, we had -- we mentioned the market share that we have...

10.9%.

10.9%. When you look at our evolution over time, and I go back a little bit in time. 20 years ago, we had 3% market share in fragrances, in Prestige fragrances worldwide. We chose to focus on this category. We believe we have structural advantages that make us able to continue gaining market share.

But when you look at the last 20 years, not necessarily, we have won market share every quarter of every year. And this is a category that is very much linked to innovation to successful launches. And sometimes we don't necessarily make all the launches successful. But over -- we are confident that we have the ingredients to be able to keep winning in the long term. And we normally in the -- when we look at the year as a whole, we normally win positions during Christmas. So we hope that this Christmas, we will continue being able to capture market share as we have been doing for many of the past years. I guess that answers your question, José?

Yes.

The next question comes from Fernando Abril-Martorell from Alantra.

Can you hear me now? Sorry before I had some connection issues. I'm sorry if I repeat some questions. I've missed a couple. First, was there any impact from Argentina's devaluation in your Q3 performance in fragrance? And second, based on your better outlook for Q4, should we expect a reacceleration growth for this segment in the last quarter?

Segment, meaning fragrance. I understand.

Yes.

Thank you, Fernando. Regarding whether there is any impact on the Q3 for the devaluation of Argentina peso, the answer is no. And that's easy to answer and quick.

And what we expect for the fragrance category for the fourth quarter, what we said before is that we are seeing or we're projecting for the second half, low single-digit growth for the category as a whole in the market, and we are projecting growing faster than that. So that's why, among other things, we are improving our overall guidance for the year. Yes.

The next question comes from Luis Colaco from JB Capital.

Just one question on the like-for-likes of Makeup. You said that there was a big contribution from Amazon. I think 50% of the growth was coming from the contribution from Amazon. Even knowing that in the fourth quarter, you won't have the same type of contribution, the comparable figure for the fourth quarter seems to be softer. So can we expect the same type of like-for-like growth in the fourth quarter for Makeup?

Thank you, Luis. The answer is no. It's true that last year, we had an impact for the setting spray that was impacted negatively to the category. For the fourth quarter, we will not have that impact. And so we expect a healthy like-for-like growth, but not as much as we have seen in the third quarter.

That was our last question. Thank you all for your questions today. We will be presenting our full set of full year 2025 results during the week of February 16, 2026. We look forward to speaking again with you then. Thank you very much.