Core Insights - PUIG Group reported a net revenue of €2.299 billion (approximately ¥191.74 billion) for the first half of 2025, reflecting a year-on-year growth of 7.6% [1] - All departments and regions of the group achieved positive growth, with the Asia-Pacific region showing the highest growth rate of 16.5% [1][11] - The fragrance and fashion segment, the largest business unit, generated a net revenue of €1.685 billion (approximately ¥140.52 billion), marking an 8.6% increase year-on-year [2][4] Financial Performance - The fragrance and fashion segment accounted for 73% of the total revenue, with a net income of €1.685 billion for H1 2025, up 8.6% year-on-year [2][3] - In Q2 2025, the fragrance and fashion segment reported a net income of €788 million (approximately ¥65.56 billion), with a year-on-year growth of 6.7% [4] - The makeup segment generated a net income of €339 million (approximately ¥28.26 billion) for H1 2025, reflecting a 2% year-on-year increase [4][5] - The skincare segment achieved a net income of €276 million (approximately ¥23.02 billion) for H1 2025, with an 8.6% year-on-year growth [5] Regional Performance - The EMEA region (Europe, Middle East, and Africa) remains the largest sales area for PUIG, generating €1.199 billion (approximately ¥100.04 billion) in H1 2025, a 3.6% year-on-year increase [8][9] - The Americas region reported a net income of €867 million (approximately ¥72.33 billion) for H1 2025, with a year-on-year growth of 10.9% [10] - The Asia-Pacific region, the fastest-growing area, achieved a net income of €234 million (approximately ¥19.51 billion) in H1 2025, up 16.5% year-on-year [11] Future Outlook - PUIG Group anticipates a full-year net revenue growth of 6%-8% for 2025, with adjusted EBITDA margins expected to remain stable compared to the previous year [12][13] - The company acknowledges a potential slowdown in growth rates, influenced by the overall global beauty market trends [12][14] - The CEO highlighted the importance of the fragrance and fashion segment, which has historically contributed over 70% of total revenue, in sustaining the company's growth trajectory [14][16]