Good evening, and thank you for joining us this evening as we discuss our sales update for the second quarter of the fiscal year 2025 that ended on June 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 also on our website after the event. Good evening, everyone. It is a pleasure to speak to you all today as we present our sales update for the second quarter and the first half of fiscal year 2025. At the outset, we are pleased to report that we have delivered record sales in both Q2 and the first half of 2025. We continue to outperform the premium beauty market as we have been doing since 2021. Let's turn to the details of the update. We're pleased to share the consistency of our delivery across the first half of 2025, which has allowed us to reach EUR 2.3 billion in net revenue. This reflects 7.6% growth in like-for-like terms, and we continue to outperform the premium beauty market. We faced a negative foreign exchange impact of 1.7 percentage points over this period, and reported growth was 5.9%. The EUR 2.3 billion net revenue in the first half of 2025 was the result of a few factors. A healthy performance in our fragrance and fashion segment. An encouraging improvement in our makeup segment in Q2. A robust delivery from our skincare segment throughout the first half of 2025. We saw growth across all of our regions with noteworthy double-digit like-for-like growth in the Americas and Asia-Pacific. Looking at Q2, the record EUR 1.1 billion of net revenue in the period reflected a consistent performance of 7.7% like-for-like growth, which shows even a slight increase over Q1. A significant foreign exchange impact was seen in this quarter, 3.8 percentage points, primarily due to the US dollar, resulting in reported growth of 3.9%. Let me now share more color on the performance of each of our business segments. The fragrance and fashion segment continued to deliver a healthy performance with 8.6% like-for-like growth over the first half of 2025, reaching EUR 1.7 billion in net revenue over the period. The segment represented 73% of Puig's sales in the first half of 2025. In Q2, the underlying growth of the segment remained healthy. Despite some moderation in the category growth, revenues increased 6.7% on a like-for-like basis. The majority of our foreign exchange impact was observed in this business segment in recent months, resulting in a reported growth of 2.4% in Q2 and 6.5% in the first half of 2025. We continue to drive growth at scale with healthy underlying performances across our prestige and niche portfolios. Jean Paul Gaultier has continued to lead growth in prestige supported by Carolina Herrera. Niche grew double-digit, led by Byredo, a trajectory similar to Q1. Our brands continue to build upon their success. Through existing lines as well as newness. We are excited about our pipeline for the second half of the year, but at the same time, we will be compared against a strong second half of 2024. In fashion, this one-night first menswear fashion show by Julien Dossena during the recent Paris Fashion Week was unanimously praised by the press and fashion retailers, solidifying the successful transition following the founder's retirement. The makeup segment returned to positive growth in H1 2025 with net revenue of EUR 339 million. This represented 2% like-for-like growth, and the segment contributed to 50% of Puig's sales in the first half of 2025. In Q2, makeup recorded EUR 174 million in net revenue and delivered an impressive double-digit like-for-like growth of +10.5%. This recovery in Q2, as anticipated. Was driven by a combination of strategic launches over the course of Q1 and Q2 at Charlotte Tilbury, with innovation expected to continue for the rest of the year. This was complemented by expanded distribution of the brand. Over Q2, the brand launched in Mexico and also expanded its channel reach. We have continued to expand the brand in travel retail, and we have conducted activations in several markets of Asia. In the first half of 2025, the skincare segment continued its strong performance with EUR 276 million in net revenue, an increase of 8.6% on a like-for-like basis. This segment represented 12% of Puig's total net revenue over the period. In Q2, skincare generated EUR 131 million in net revenue, or a solid 10.2% of like-for-like growth. In line with Q1, the continued double-digit performance of Uriage delivered double-digit growth in Q2, driven by successful launches and continued performance of existing franchises. This was further complemented by Charlotte Tilbury Skincare. From a geographical standpoint, in the first half of 2025, the EMEA region achieved net revenue of EUR 1.2 billion, up 3.6% on a like-for-like basis. This remains our largest region, representing 52% of net revenue during this period. In Q2, the region generated EUR 555 million in net revenue, which reflects 3.5% like-for-like growth. Fragrance continued to perform in line with Q1, while both skincare and makeup improved in this region. In line with Q1, the region saw slower growth rates compared to 2024, following an extended period of high growth levels. We continue to see mixed performance across this region, with continued softness in markets such as France. The Americas continued on a solid trajectory of underlying growth, generating net revenue of EUR 867 million in the first half of 2025. This translates to +10.9% like-for-like growth or 6.5% in reported terms. This region represented 38% of Puig's net revenue. In Q2, the region maintained its momentum, delivering net revenue of EUR 416 million, reflecting 10% like-for-like growth. Reported growth of 1.6% was strongly impacted by negative foreign exchange effects due to a weaker US dollar combined with the impacts of the Brazilian real and Mexican peso. We continue to see strong performances across categories. We also saw increased geographical penetration in this region during Q2 with the introduction of Charlotte Tilbury in Mexico. In Asia-Pacific, net revenue reached EUR 234 million. In H1 2025, growing at 16.5% like-for-like. This region represented 10% of Puig's net revenue in the period. In Q2, net revenue increased to EUR 123 million, with an accelerating like-for-like growth of 19.5%. The region continued to benefit from strong performances in South Korea and Japan, where we have newer subsidiaries. This was further complemented by increased local activations for Charlotte Tilbury in Australia and China. Puig is the home of creativity, and there were some exciting innovations from our brands in the second quarter. The most significant one to highlight among our prestige brands is the launch of La Bomba by Carolina Herrera. This is the most noteworthy fragrance pillar debut from the brand since Good Girl in 2016. At the end of Q2, we pre-launched the fragrance in selected channels and regions to test the market ahead of the broader rollout in the second half of the year. Initial reactions suggest strong potential. As always, we continued with our collections-based approach in niche across our brands. A noteworthy event during Q2 was a celebration in Venice for the award-winning bestseller Visai by L'Artisan Parfumeur. Byredo expanded its Absolut collection with the addition of two of its most iconic fragrances, Val d'Afrique and Rose of No Man's Land. These scents joined the line in June with a pre-launch in the United States and launched globally in Q3. Noteworthy innovations in makeup during this period included the Super Nudes collection and the expansion of the Unreal franchise with Unreal Blush and Unreal Lips from Charlotte Tilbury. In skincare, we continued our steady innovation pipeline, including the launch of the Ceramide Drops from Dr. Barbara Sturm, which features 5 Ceramide Complex, and Uriage unveiled the VarioSun Invisible Stick SPF 50+ with a glowy finish and high sun protection. We are encouraged by the strong pipeline to date, which will continue to drive growth over the coming quarters along with the new innovations to come. We continue to feel encouraged by our consolidated performance across our complementary brands and segments, which balance different and evolving market dynamics. We maintain our 2025 outlook of like-for-like revenue growth in the 6%-8% range ahead of the premium beauty market. We also maintain our expectations for adjusted EBITDA margin improvement in line with that of 2024. While we are very encouraged by our strong pipeline for the year, we also want to remind you that we will be up against strong comps in Q3 and Q4. With one more very strong quarter behind us, we remain proud of the strength of our brands and our ability to execute and win with consumers in this environment. Thanks, Marc. With that, we come to the end of our prepared remarks, and we will begin Q&A. Our next question comes from David Hayes from Jefferies. Please go ahead. Hello. Can you hear me okay? Can you hear me? I think you can hear me. I'm going to try the question and see what happens. It's a three, actually, from us, if we can. Firstly, just on the makeup acceleration, you talked at the first quarter about continue to feel more effective at dupe. If you want to just talk about anything that you've seen in the last few months related to that, that's kind of on the performance. Secondly, on the tariff. It seems like, and obviously it seems like tariffs now are going to be 30% out of Europe. I think the guidance explicitly talked about 20%. Just wanted to know whether you can talk to whether it is 30%, the guidance as it stands still is credible, or whether this looks different in terms of what you've outlined again with the rate of today. The third one is Byredo with Ben Gorham leaving as the founder, then leaving the business last month. Does that change at all the strategy? Is it free and do anything that was in some ways restricted? Or is it just business as usual, and that does not really shift anything? Thank you so much. Thank you, David. I'll try to answer the three questions. First one regarding makeup. We did say that in order to fight, let's say, against dupes, we had a strategy for Charlotte Tilbury, which was basically educate, innovate, IP protection. That's what we have been doing. In the second quarter, we start to. Benefit from some of these initiatives, among them the launches of a few new lines. At the same time, in the case of Charlotte Tilbury, I remind you that we have much lower distribution than many of our peers. That has been the strategy for Charlotte Tilbury to start and launch in many countries with exclusive distribution, and then progressively open the distribution as the demand is created. We have an opportunity with Charlotte Tilbury to still grow going forward with the results of the dupe, let's say, counterattack, as well as the potential increased distribution progressively over time. That is regarding the dupe strategy. Regarding the tariffs, we did say that our outlook was based on an assumption, on a hypothesis of a 20% tariff base. Now, if at the end, this is going to go up or down, as you know, this is a changing. Plan, as we see. In any case, for this year, the impact will be quite. Whatever, at the end, whatever tariff we have, the impact will be relatively minor because most of the stock is already in the country, in the US. If there are changes or effects, they will be seen mostly in the next years. Regarding Byredo, we have many brands in our history where we do an effort to make sure that we are careful when we take over a brand to maintain the personality, the differentiation, the different point of view of that brand, and at the same time that we try to evolve with times. Ben created Byredo. He made it in a very differentiated point of view. We have worked with him for the last three years. Now he has chosen to go through a different path. We have proven to be quite good at keeping the personality of the brands that we take over, as well as making them known. I hope, David, that this answers the questions. That's great. Thank you so much. Thank you. The next question comes from Jeff Stent from BNP Paribas Exane. Please go ahead. Good evening. A few, probably most of your competitors have stated an intent to take material price increases in the U.S. around the middle of this year. I was wondering if you could share details of what pricing you will be taking. Thank you. Yes. Independently of what the final tariffs are, we decided already to make price increases in August. To have published that information in the mid-single digit. So that's something that we already implemented, let's say, before the 30% tariff has been announced. Once this happens, as I said, first it has to happen. As I said, the impact for us will take some time to materialize because the stock that we have in the US is already for a few months. We will see what final tariffs become, and then we will watch also the competition to see how they react to that. Thank you. Thank you, Jeff. The next question comes from Celine Panutti from JPM. Please go ahead. Good evening, everyone. Good evening, Marc. I asked the questions as well. The first one, you mentioned the fragrance market has closed. Can you give us a bit more detail on what kind of growth rates are we seeing in the market now? I think I recall you saying it is single digit earlier on this year, and just ready to right me if I am wrong. Are we at this level? Is it lower? If you could give us a bit of an idea of where is it in terms of the two regions of North America and Western Europe. My second question, it depends on a bit your Q2 performance. Clearly, you mentioned the good ability to perform the market. Do you understand whether there was any selling ahead of the tariffs, not just your warehouses as well to some of your customers? Also, what has been the impact of La Bomba? You said it seems to be small, but just to clarify whether the La Bomba launch will be more in the first quarter. My last question, thinking about your attributes, you've mentioned that you will be testing test comparative. Do you think you will be in the 6-8% bracket in the second half of the year, or should we expect the deceleration below that? Given the tech comp specifically in the fragrance segment? Thank you. Hi, Celine. Fragrance market. Our best estimation of the growth of the fragrance market, which continues to be healthy, is in the mid-single digit range, which is what we saw at the end of last year. We normally get the information on growth a little bit with the delay, but our best estimation is, as I said, mid-single digit. Regarding the weather in Q2, we have selling in the customers to protect for the exchange, sorry, for the tariffs in the US. The answer is no. We do the selling to our own warehouses, and we sell to final, I mean, to the trade. When the time is right. There is no extra selling in our perimeter due to advancing, let's say, shipments to the U.S. market because they go to our own warehouses. Regarding La Bomba, very exciting launch. So far, very limited to a few doors in travel retail. It is only pre-launch, very small impact for the Q2. If you travel around some airports in the last few weeks, you might see some outposts with La Bomba. So far, the impact is small. Regarding whether the H2, what do we expect? We said that we are maintaining our guidance, but we are comparing high comps versus last year. Yes, we expect to maintain the guidance, which means that the second half, we see a solid performance, but we also compare to some comps. I hope that's clear. I hope that answers your question, Celine. Yes, thank you very much. The next question comes from José Rito from CaixaBank. Please go ahead. Yes, hi. Good evening as well. The first question on the fragrance moderation that you comment, was that as expected for Q2, or the moderation for Q1 was slightly ahead of your expectation? The second question on how relevant was Mexico for the performance of Charlotte Tilbury or the makeup that you've been in Q2? Thank you. Thank you, José. Regarding the fragrance moderation, we believe that the fragrance category continues to be healthy. As we said, maybe more mid-single digit than what we had seen at the beginning of last year, for instance, but we maintain our expectations for the rest of the year. In terms of Mexico, the launch of Charlotte Tilbury. Normally, when we enter a market, we launch with an exclusive retailer or with a few doors. The impact in terms of volume is relatively small until the brand catches the imagination of consumers and we gain the necessary awareness, and progressively then, the distribution expands. So far, the message that we open in Mexico is to say that now we have other countries in Latin America as potential avenues for growth in the future, but in terms of the impact in the short term, small. I hope that answers your questions, José. Yes. Thank you very much. The next question comes from Patrick Folan from Barclays. Please go ahead. Good evening, Marc. Couple for me, please. On your Charlotte Tilbury world in Mexico. The country or two Americas like-for-like. Any way to quantify that? I guess, more broadly, how should we think about further contributions from the expansion of Unreal franchise into the second half? Secondly, just to follow up on an earlier question, just to be clear, for the second half like-for-like delivery, that will also fall into the 50% like-for-like? Thank you. I hope I understood your question, Patrick. The first one, regarding the city in Mexico, as I said, the launch in Mexico is in a few doors of Chose, Sephora, and Pase Hierro, but only in a few doors. As I said, it's a small launch, and it won't be material until some time goes by because we normally build the awareness, the desirability of the brand before we expand into distribution. The impact will be small. Now, regarding the. Super Juice and Real franchise, for the second half of the year, we expect Charlotte Tilbury to benefit from the efforts that we did when we launched the campaign to counterbalance the dupes. We are now starting to benefit from most of the innovation and the initiatives that we decided about a year ago or a little more than a year ago. In the second half, we both benefit from those initiatives, new products. Remember that it continues being compared to many of the other brands that we are compared to. Undistributed versus many of the other brands. We have potential for not only open new markets, but also in the markets we are present, we still have distribution doors that were not present, and we progressively expand the brand as we create the demand. That is why the second half, we are confident that. In makeup, we can also reach the same growth rate between the 6-8% that we have for the rest of the company. Hope that answers your questions, Patrick. Thank you. Any comment on the like-for-like guide in the second half? Sorry? No, no. We're counting for the year to be in the range of growth 6-8%. 6-8%, given that we are in the first half in that same range, so the second half will be similar. The next question comes from Dan Ping Liu from Citi. Please go ahead. For opening up questions. Couple of things. The first one is a follow-up on the fragrance growth in Q2. So from Q1 to Q2, we keep the notable slowdown in fragrance expansion from 2010 to 2015, I think, the record. 2015 to 2020, right? From what I've heard so far, is it correct to understand it in the way that the slowdown was not driven by the market underlying growth? Because Marc, you mentioned that you see some healthy market growth in the single-digit range. Is the slowdown mainly due to some comp elements? Because we do not really have last year's Q2 comp to compare. I just want to understand what is behind this big slowdown from 10% to 6.7%. Related to that, it seems like second half, although second half, we have a strong in fragrances specifically. I think that is mainly for Q4 due to the effects adjustment. Is it fair to, given the La Bomba launch, is it fair to assume that in fragrance, Q3 may be sequentially better than Q2 if we just consider the full benefit of the new launch falling to Q3? Just any color on that will be very helpful. The second question is related to the inventory levels in the channels. I think last time, Q1, Marc mentioned that you did not see any excessive inventories in the channels. I just want to get your view on what is the latest method for all three segments, not just fragrances. The last question, the technical one, on effects. Q2 saw a bit of effects draft, which was understandable due to the US dollar weakening. Based on the latest rate, I do not know whether you have any guide on the full-year effects. Should we see a single-digit type of track or headwind? Just any color on that will be helpful as well. Thank you for your question. Thank you, Dan Ping. Fragrance Q2 slowdown. Remember that in our industry, in our sector, the dollar not only. Is a reference for the U.S., but it's also for most of the Middle East, travel retail, and many of the Latin American. Currencies move along dollar. So the fact that in Q1, we were expecting January, February, dollar to have parity, and then all of a sudden, Q2, it really went to the levels that we see now, between 1.16-1.17. When you look at the like-for-like, the impact is not as significant as what you've seen reported because in dollar terms, we kept growing in Q2, maybe not as fast as Q1, but also it was a healthy growth. You asked for the second half. Strong comp. Yes, we're counting on that. We maintain our guidance for like-for-like, 6%-8% growth for the company as a whole. As I said, given that the first half, we have been in that range, means that the second half will be in a similar range. Inventory level, we are not seeing at this point any indication of concern. It's true that the second half is always the, particularly for fragrance, and in part also for makeup, is the strongest given the effects of a Christmas campaign. We do build inventory in the channel in the months prior to the campaign, but at this point, we're not seeing any message that concerns us in that regard. Then regarding what we expect for an exchange for the second half of the year, we're projecting an impact between reported and like-for-like in. The next quarter, not as big as we saw in the second quarter, but still significant because we are comparing to a dollar, particularly a dollar exchange rate that was much stronger at the end of last year. Dan Ping, I hope I answered or clarified your thoughts. Yes. Yes. Thank you. That was our last question. Thank you all for your questions today. We will be presenting our full results for the first half of 2025 at the beginning of September. We look forward to speaking with you again then. Thank you very much.