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Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) exclusively for use during the presentation of the 2026 Capital Markets Day and neither this document, any related press release, webcast, meeting (either in person or online) or any related Q&A sessions, nor the information contained therein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company. Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document, any related press release, webcast, meeting or any related Q&A sessions, or the information contained therein. In particular, no investment decision on the Company’s shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this document, any related press release, webcast or meeting, or any related Q&A sessions, or the information contained therein. This document, any related press release, webcast, meeting or any related Q&A sessions, and the information contained therein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company. The securities of the Comp any have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The information in this docu ment and in any related press release, webcast, meeting or any related Q&A sessions may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “will”, “may”, “should”, “target”, and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group’s future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group’s control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any fu ture results, performance or achievements that may be expressed or implied in this document, any related press release, webcast, meeting or any related Q&A sessions. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document, any related press release, webcast, meeting or any related Q&A sessions, as applicable, and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events, circumstances occurring after the date of this document, or otherwise. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document, nor in any related press release, webcast, meeting or any related Q&A sessio ns. Unless otherwise indica ted, all forward-looking statements included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, have been prepared on the basis of the International Financial Reporting Standards (“ IFRS”) adopted by the European Union currently applied by the Group, including IFRS-16. The Group expects to adopt IFRS-18 as from its effective date. The application of IFRS-18, or of any other new or amended accounting standards, may result in changes to the presentation, classification and definition of certain financial measures and accordingly, the financial information reported by the Group in future periods may not be directly comparable with the forward-looking statements included herein. The Company does not undertake to restate or update any such forward-looking statements to reflect the adoption of IFRS-18 or any other accounting standard, except as required by applicable law. Past performance is not indicative of future results Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year. Alternative Performance Measures and Non-IFRS Information This document, any rela ted press release, webcast, meeting or any related Q&A sessions, include financial information prepared by the Company under IFRS, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Markets Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company’s results of operations. Recipients should not place undue reliance on this information. Market and Industry Data This document and any related press release, webcast, meeting or any related Q&A sessions, contain market, industry and competitive position data and forecasts which, where identified as “Company Industry Sources”, have been derived by the Company from a range of third-party sources, including, among others Euromonitor International, Circana, Nielsen, Generation Research, Kearney, Beauté Research, IQVIA, L.E.K., Sociovision and Ifop Group, as well as from publicly available information, internal estimates and analyses, and the Company’s own assumptions and adjustments. Such third-party sources generally state that the information they contain has been obtained from sources believed to be reliable, but that its accuracy and completeness are not guaranteed. The Company has not independently verified such data and, while the Company believes its internal estimates and assumptions to be reasonable, they have not been verified by any independent source and may differ from estimates made by competitors or from future results. Neither the Company nor any company of the Group makes any representation or warranty as to the accuracy or completeness of such data, and recipients should not place undue reliance on it.
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Puig: Home of Creativity 4
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A Home of Love Brands, within a Family company, that furthers wellness, confidence and self-expression, while leaving a better world 5
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Our Culture: Work with a Purpose and Honor our Values 6
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Our values transpire throughout our organization, and we are committed to continue living by them Our Values Restless Curiosity Restlessly looking for opportunities and ideas that shape tomorrow, balancing boldness and wisdom to deliver excellence. Contagious Enthusiasm Endless energy, creativity and a can-do attitude that make us feel empowered to achieve more and express our authentic selves. Fairness and Respect Always treat each other with fairness, with integrity, transparency and a genuine respect for our commitments guiding all our interactions. Entrepreneurial Audacity A house of founders, promoting entrepreneurship from every chair to disrupt and innovate, in a way which is agile, action-oriented and resilient. Shaping Tomorrow Commitment to long-term value creation and acting as a force for sustainable change for people and planet, building a company that is fit for years to come and leaves a lasting legacy. Our Mission Preserve what makes us, us as one – walking the talk and leading by example What We Are Known For We are a Home of Creativity For Creators of All Kinds 7
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Puig in the new era: Our Leadership 8
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• Overall strategic oversight • Mergers and Acquisitions • Talent, guardian of Family values and P uig culture Marc Puig Executive Chairman Jose Manuel Albesa Chief Executive Officer • Strategic vision and long-term direc tion • Lead the Executive team • Drive further integration: One Group • Represent the company to shareholders, the b oard, and the public 9
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Why did we go public? 10
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Family Control Public Markets • Continued rigor, accoun tability and disciplined decision- making for current and future generations • Access to high-qualit y capital • Corporate Governance compli ance • Family as the core share holder group • Strong commitment to prior itize a long-term approach over short-term decisions • Preserve a well-define d set of values that have guided Puig’s success for 110 years 11
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Our Previous Strategic Plans crystallized our 5 key strategic choices. The next one will be as important as ever 12
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€1bn €1.5bn €2bn €5bn +8% CAGR +6% CAGR +9% CAGR -7% CAGR Plan Director Plan Apollo Plan Centennial Plan Next Plan Da Vinci Vision 2025 Reinforce Prestige portfolio Bet on Niche Start beauty diversification Reignite profitable growth c.€86M Net Profit c.€177M Net Profit c.€226M Net Profit c.€1M Net Profit c.€587M Adj. Net Profit 1 2004 2008 2014 2019 2025 Source: Company information. Note: Financials presented according to basis of preparation outlined in historical financial reporting documents 1 Adjusted for one-offs related to impairments, M&A (and earnouts related to business combinations), profit/losses from sale of own shares/related parties shares, income tax related to adjustments aforementioned, any deferred tax adjustment related to assets coming from business combinations Earn the right to grow Rationalize category portfolio Sailing faster through the storm Focus on Prestige Conquering new heights Focus on Owned Brands +27% CAGR +6% CAGR €0.8bn 13
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Our old ambitions Double In 3 Years (2023) Triple In 5 Years (2025) What we delivered By 2022, more than double (in 2 years) €3.6bn 2.4x 2020A Revenue By 2025 more than triple (in 5 years) €5.0bn+ 3.1x 2020A Revenue Vision 2025 14
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We have delivered since our IPO 15
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FY 2024 FY 2025 9M 2026 7.8%Revenue 2024-2025: HSD LFL growth ahead of the premium beauty market 2026: LFL growth ahead of the premium beauty market 10.9% 4.8% 20.2% 20.7% Adj. EBITDA margin Upside potential in the medium-term, allowing for virtuous re-investment in our brands Reference: FY 2023 Adj. EBITDA Margin of 20.0% Capital Structure Net Debt / Adjusted EBITDA ratio not to exceed 2.0x 1.1x 0.7x Dividends Intention to maintain ~40% dividend payout ratio €212m €237m 16
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M&A STRATEGY AND PRIORITIES PUIG
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We are Curators of Brands 18
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Building blocks of our M&A strategy Curator of brands, not an aggregator 1 What we look for: • Owned Love Brands with a clear raison d'être • Unique voice • Capabilities • Clear potential for lasting and sustainable value creation Unique both in structuring and execution: Co-ownership and bespoke integration 2 3 Group M&A strategy to remain under direct oversight of the Executive Chairman What we stand for: • Spirit of partnership with Founders and Teams • Preserving brand superpowers • Brand building • Autonomy in creativity • Profitable growth & cash generation Puig Platform + obsession with preserving the long-term desirability of each brand Consistently enhancing our integration capabilities 4 5 How we create value: Leveraging the Puig platform to: • Inject storytelling, cultural relevance and co nsumer experience • Clarify brand codes and DNA • Inject science, R&D, product know-how in f ormulation and processes • Clarify product mix, create a new gen of heroes • Category expansion • Operational synergies via Group platform • Acceleration via Puig markets • Inject retail excellence • Consistently improving integration playbook, leverag ing past experiences 19
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Role of M&A: M&A has been an important tool to accelerate our strategic choices 20
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We have invested over €4.0bn2 in disciplined, value-accretive, and successful M&A since 2011 We continue to integrate category-defining brands and partner with leading founders, through curated and selective M&A, while maintaining a strong balance sheet with net debt of €0.7bn 3. 2011 201520111 201712015 2020 20222018 20222022 2024 2026 Announced on Sept 14, 2026; subject to approval and closing Source: Company information. Note: Only reflects Puig’s most significant acquisitions. 1 Transferred to Puig in 2021, as originally acquired through Exea. 2 Refers to cash paid for acquisitions during 2011-2026 in relation to M&A performed in the perimeter of Puig, SL and subsidiaries, including payments related to M&A obligations paid in 2026. ³ Reflects net debt as of FY2025 21
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ISDIN: Strengthening and Accelerating our Dermo-Cosmetics Ambition 22
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Welcoming ISDIN to our portfolio of Love Brands Since 1975, at the forefront of skincare, photoprotection, and photoaging rooted in the highest medical credibility Player in sun protection1 in Spain, Portugal, Mexico, Chile, Colombia #1 Player in European Dermo-Cosmetics2 as well as in sun protection in Italy, Germany, Argentina, Brazil #3 FY2025 Net Revenues €648m FY2026 expected Net Revenues growth Double-digit Years driving the future of skincare , since Puig and Esteve co-founded the company together 50+ Source: Company Industry Sources. Note: 1 Pharmacy Panel data. 2 Including ISDIN, which is not consolidated within Puig’s results; considering only European countries per our perimeter of analysis (France, Greece, Portugal, Spain, Italy and Belgium) 23
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ISDIN strengthens our Dermo-Cosmetics platform and accelerates our ambition in Skincare Scale in Dermo-Cosmetics. Adds a large, high-quality skincare platform with strong medical credibility1 Stronger category leadership. Builds a more complete Dermo-Cosmetics portfolio across photoprotection, photoaging, and science-led skincare 2 A trusted Love Brand. Deep dermatological heritage, strong medical credibility, a differentiated innovation engine, and an entrepreneurial culture that drives agility, innovation and consumer love3 Clear value creation potential. A business we know deeply, with tangible opportunities across commercial scale, capabilities and shared infrastructure 4 Unlocking the next chapter of Puig Dermo-Cosmetics, making it our second largest engine of growth5 24
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Transaction highlights, financial implications and way forward From partnership to full ownership • Consolidating 100% o f ISDIN after 50 years of co-ownership with the Esteve family • Consideration: €900m at closing, €300m during Q1 2029 • All-cash transaction, funded through a combination of own resources and new debt • Closi ng expected during first quarter 2027, fo llowing regulatory clearance 1 Maintaining financial discipline • We expect to remain below our 2.0x lever age threshold at FY 2027 year-end, with swift deleveraging thereafter2 Unlocking long-term value • Significantly boosts our exposure to the highly attractive Dermo-Cosmetics category and provides substantial diversification beyond fragrances • ISDIN is expected to deliver double-digit growth in FY 2026 with an improvement in profitability levels vs. FY 2025 • In the medium term, ISDIN is expected to continue outperforming the Dermo-Cosmeti cs market, combining sustained investments in science, innovation and brand building with progressive margin improvement • Long-term brand building perspective. Bringing together the best of ISDIN, Uriag e, Apivita 3 25
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Our Home of Love Brands: the Interplay of Brand-led Independence and Group Platform Sharing 26
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• Creative autonomy and busine ss model specificity of Brands • Puig as a magnet for new Brands a nd talent • Brands fuelled by investment for abo ve-market growth, profitably Brand-led independence • Global and local platform scale and effici ency synergies • Excellence in (front-end) go-to-m arket enabled by expertise and agility • Proven and adaptive integration model • More sharing and learning, extending the p laying field of our Brands • Reinforces portfolio resilience and value crea tion Puig platform sharing 27
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Our Flexible Approach to Partnerships with our Brands: Examples of Tailored Integration to Support Value Creation 28
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Approach to integration From higher autonomy to progressive integration Ongoing integration Full integration in Year 5 Full integration in Year 3 Full integration in Year 1 Full integration from Day 1 Ongoing integration Product Development and Operations Leverages Puig manufacturing and R&D for skincare, among others GTM Specialized Brand Go-To-Market teams in Puig structures given specifics of Niche business model and retail Collaboration recently started, to boost geographic expansion Back-office Puig provides shared services support 29
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We have been Highly Successful in Attracting some of the most Loved Brands and their Founders 30
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• Many founders have chosen to stay with us longer than their initial agreements, and some even until they have retired • Even after founders have left or retired, we have learnt how to pr otect their brands and keep them growing • We have created an environment for brands to grow a nd thrive while maintaining brand identities 31
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We have learnt to create value from our acquired brands, alongside our Founders, and also after they leave a brand 32
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2008 At Founder retirement (2018) 2025Source: Company information. Note: 1 Byredo was acquired in 2022, but 2023 was first full year of the brand with Puig 5x+ +7% CAGR +12% CAGR 2016 At Founder retirement (2020) 2025 c.6x +7% CAGR +35% CAGR 2018 At Founder departure (2024) 2025 +22% CAGR +27% 2023 At Founder departure (2024) 2025 1 +5-10% CAGR +19% Net Revenues 33
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We have generated significant value from acquired brands 34
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0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 3.0x 2004 4.7x 2015 3.8x 2018 2.0x 2021 Early innings Byredo Kama Ayurveda Loto del Sur Dr. Barbara Sturm 2022 - 2024 Charlotte Tilbury Uriage Apivita 2019 - 2021 Jean Paul Gaultier Dries Van Noten CLB 2016 - 2018 Penhaligon’s L’Artisan Parfumeur 2011 - 2015 Rabanne Carolina Herrera Nina Ricci Lifestyle and Others Pre - 2010 Source: Company information Rabanne Carolina Herrera Nina Ricci 5.6x since 2004 35
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Our Talent: We invest intentionally in our people 36
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• Our programs equip emerging talent with the skills, knowledge, and personal development needed to accelera te their careers at Puig • Over the past 15 years we have been nurturing internal talent through programs which are yielding great results and feeding into our leadership pipeline • Janus: 24-month pr ogram for candidates with high talent potential, with at least 8 years of relevant professional experience, of which at least 1 year at Puig. The program is conducted in partnership with business schools, internal and industry leaders. Launched in 2011, the 4th edition is currently underway covering 167 participants since launch. • Neos: 18-month p rogram for early career professionals • Spark: <24-month p rogram for entry-level talent • At the same time, we are proving to be very attractive to external talent 37
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Our talent programs are feeding our leadership pipeline 38
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CEO Group Executives Key Executives 7 Janus alumni 19 Janus and 5 Neos alumni Total Puig employees at the end of 2025: 13,016 Individual Contributors Graduates Directors Middle Managers 501 total participants Neos 374 total participants Spark 167 total participants Janus Source: Company information, as of December 31, 2025 39
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External Talent 21% Internal Talent 79% 62% have been with the company for over 5 years Total Puig employees at the end of 2025: 13,016 CEO Group Executives Key Executives Directors Middle Managers Individual Contributors Graduates 501 total participants Neos 374 total participants Spark 167 total participants Janus Source: Company information, as of December 31, 2025 40
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SUSTAINABILITY PUIG
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Sustainability is embedded in Puig identity as Home of Creativity 42
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• Planet: Reaffirming our commitment to contributing to limiting global warming and protecting nature for future generations • Peopl e: Strengthening our ambition to be the employer of choice, to build a fair and resilient value chain and to take care of our c ommunities Nurture Positive Impact: The new 2032 Sustainability Strategy is built around two core areas, Planet and People, in one integrated, company-wide ambition. Articulated in 5 strategic pillars and 14 main targets External ratings on Sustainability performance: Climate A Water Security A Forests A- Score 19.8 (Low Risk) Score 81/100 Gold medal (Top 5% rated companies) ESG Score 58/100 Score C+ Prime Standards, organizations and initiatives we support and align with: Memberships, certifications, and partnerships of brands in the Puig Portfolio: Apivita Uriage Uriage (Portugal) Kama Ayurveda Charlotte Tilbury Penhaligon’sApivita Uriage 43
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Stronger than ever: a long-term vision rooted in family values and built for global ambition 44
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Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) exclusively for use during the presentation of the 2026 Capital Markets Day and neither this document, any related press release, webcast, meeting (either in person or online) or any related Q&A sessions, nor the information contained therein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company. Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document, any related press release, webcast, meeting or any related Q&A sessions, or the information contained therein. In particular, no investment decision on the Company’s shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this document, any related press release, webcast or meeting, or any related Q&A sessions, or the information contained therein. This document, any related press release, webcast, meeting or any related Q&A sessions, and the information contained therein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company. The securities of the Comp any have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The information in this docu ment and in any related press release, webcast, meeting or any related Q&A sessions may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “will”, “may”, “should”, “target”, and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group’s future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group’s control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this document, any related press release, webcas t, meeting or any related Q&A sessions. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document, any related press release, webcast, meeting or any related Q&A sessions, as applicable, and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events, circumstances occurring after the date of this document, or otherwise. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document, nor in any related press release, webcast, meeting or any related Q&A sessions. Unless otherwise indica ted, all forward-looking statements included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, have been prepared on the basis of the International Financial Reporting Standards (“IFRS”) adopted by the European Union currently applied by the Group, including IFRS-16. The Group expects to adopt IFRS-18 as from its effective date. The application of IFRS-18, or of any other new or amended accounting standards, may result in changes to the presentation, classification and definition of certain financial measures and accordingly, the financial information reported by the Group in future periods may not be directly comparable with the forward-looking statements included herein. The Company does not undertake to restate or update any such forward-looking statements to reflect the adoption of IFRS-18 or any other accounting standard, except as required by applicable law. Past performance is not indicative of future results Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year. Alternative Performance Measures and Non-IFRS Information This document, any rela ted press release, webcast, meeting or any related Q&A sessions, include financial information prepared by the Company under IFRS, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Markets Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company’s results of operations. Recipients should not place undue reliance on this information. Market and Industry Data This document and any related press release, webcast, meeting or any related Q&A sessions, contain market, industry and competitive position data and forecasts which, where identified as “Company Industry Sources”, have been derived by the Company from a range of third-party sources, including, among others Euromonitor International, Circana, Nielsen, Generation Research, Kearney, Beauté Research, IQVIA, L.E.K., Sociovision and Ifop Group, as well as from publicly available information, internal estimates and analyses, and the Company’s own assumptions and adjustments. Such third-party sources generally state that the information they contain has been obtained from sources believed to be reliable, but that its accuracy and completeness are not guaranteed. The Company has not independently verified such data and, while the Company believes its internal estimates and assumptions to be reasonable, they have not been verified by any independent source and may differ from estimates made by competitors or from future results. Neither the Company nor any company of the Group makes any representation or warranty as to the accuracy or completeness of such data, and recipients should not place undue reliance on it.
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Contents Passion for growth Vision 2032 Organic whitespaces & M&A Excellence in the way we operate Discipline in the way we execute Home of Creativity Culture of entrepreneurship 3
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PASSION FOR GROWTH PUIG 4
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The fastest growing multi- branded premium beauty player for the last five years, well ahead of the Premium Beauty Market 5
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€ 2,585 € 3,620 € 4,304 € 4,790 € 5,042 • Fastest growing multi-brand p layer in the industry • Higher growth for Puig in the US, in Fragrances, and Makeup Net Revenues (€ millions) 18% CAGR Source: Market growth data based on Company Industry Sources LFL growth 44.3% 28.6% 18.7% 10.9% 7.8% 3.4% 2.3x 4.3% 2.5x 8.9% 2.1x 5.7% 5.0x 13.9% 3.2x Market growth Puig growth multiplier 2021 2022 2023 2024 2025 6
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• We have a track record of growth, increasing market share, and continue disrupting the industry • Our ambition is to continue to outperform the market Puig Fragrance H1 2026 VMS +0.3pp Charlotte Tilbury H1 2026 VMS Uriage H1 2026 VMS 8.9% 11.1% Puig Fragrance VMS 1 2021 2025 #5 #7 #5 #6 #17 #9 Puig Fragrance Rankings 1 2021 2025 2021 20212025 2025 2.2% 4.1%8.5% 9.0% USUK Puig Makeup VMS 1 2021 20212025 2025 US #15 #3 UK #2 #1 Charlotte Tilbury Ranking 2 2021 20252021 2025 2.3% 2.6% Uriage EU VMS Evolution 2021 2025 #3 #3 Puig EU Dermo-Cosmetics Ranking 3 2021 2025 +0.4pp +0.2pp Source: Company Industry Sources 1 Panel Sell-Out data 2 Circana 3 Including ISDIN, which is not consolidated within Puig’s results; considering only European countries per our perimeter of analysis (France, Greece, Portugal, Spain, Italy, Belgium) 7
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Market context: the way forward 8
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Premium beauty market forecast 2025-2032E | €bn Source: Company Industry Sources, at constant FX c. €170 c. €230 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E +4-5% CAGR Premium beauty • Fragrance is expected to remain the most dynami c category globally, driven by solid demand and supply drivers: • Attractive pockets of growth (China, LatAm, MEA) • Ongoing premiumization • Layering and fragrance wardrobe • Dermo-Cosmetics continues to be the most attractive category within skincare • Premium beauty remains one of the most struct urally favorable categories: • A growing consumer base with a strong appetite for innovation • Tailwinds from increasing focus on wellness and self-care 9
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Source: Sociovision, International Observer (2017); Ifop Group, Beauty Observer (2025). Women only; declarative survey data • The fragrance category is stronger than ever, with a healthy base and strong underlying consumer behavior: 30% 48% Everyday 2017 2025 USA – Fragrance usage frequency 58% 73% 2017 2025 At least weekly 53% 73% 2017 2025 China – Fragrance usage frequency At least weekly 16% 31% 2017 2025 Everyday Fragrance • Increased fragrance adoption in previously underpenetrated, sizeable beauty markets • Social media effect, accelerating category penetration • Lifecycle of fragrance users has expanded up to a decade: consum ers enter the category younger, and are using fragrances into their 80s • Premium fragrances continue to grow: • Fragrances have cemented their role as an everyday luxury indulgence • Niche fragrances are growing twice as fast as the broader market, driven by demand for exclusivity and higher-concentration formats • Consumers are increasingly “layering” and collecting fragrance “wardrobes”, reflec ting the growing role of scent as a form of self-expression 2.6 5.9 2017 2025 GenZ – No. of fragrances used, last 6 months China 2.4 5.9 2017 2025 USA 10
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Dermo-Cosmetics €33bn €22bn €50bn +11% CAGR Long-term sustainable growth 2025-2032 6-6.5% CAGR • The fastest-growin g category in skincare, expected to reach €50bn by 2032: • Delivered a double-digit C AGR over the past decade; expected to sustain 6% to 6.5% annual growth through 2032 • Expected to account for 27% of the skincare market by 2032, up from c . 22% today • Three structural shifts underpin the category's growth • Demand for safety, efficacy and value • Expansion from pharmacy-led to multi-channel distribution • Broader consumer engagement through medical, social a nd AI-driven influence Source: Euromonitor International 2025 Sales in RSP ( data until 2025); Company Industry Sources and estimates for the forward-looking period Dermo-Cosmetics market forecast 2025-2032E | €bn 11
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Our commitment is to grow faster than the market 12
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VISION 2032 PUIG 13
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Puig 2032 ambition 14
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€8bn+ Group Net Revenues #4 Premium Beauty Company #2 Fragrance Player 22.5%+ Group Adjusted EBITDA Margin 15
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Our ambition in Premium Beauty is to become the #4 player worldwide… 16
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...and climb to the #2 position in Premium Fragrances 17
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#2 Puig 2032E Source: FY25E Panel Sell-Out data. 2032 projection based on Company internal analysis and estimates Estimated Selective Fragrance Market Ranking of Top Players (FY 2025) #2 Puig Market ranking in 2032E #4 Estée LauderPuig 2025ACotyL’Oréal LVMH Chanel 18
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Scale what works, profitably 19
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Our Brand priorities: doubling down profitably on our core brands 20
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2025 1. Double down on our Prestige fragrances: Carolin a Herrera, Rabanne and JPG €5bn+ 2. Reinforce leadership in Niche fragrances, scali ng profitably with Byredo and Penhaligon’s Prestige Fragrances 3. Unleash the full potential of Charlotte Tilbury as a t ri-axis brand Niche Fragrances 4. Build a Dermo-Cosmet ics global champion; Combining the strength of ISDIN and Uriage Dermo- Cosmetics Charlotte Tilbury ISDIN €8bn+ 2032 Note: Graph for illustrative purposes to describe the growth levers, not to scale 30
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Our market priorities: strengthen our fortress and conquer new geographies 31
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Source: Market estimates for 2025 (Euromonitor + Generation LE25’ LfL); Puig reported figures for 2025; Graph for illustrative purposes to describe the growth levers, not to scale 3. Build strongholds in APAC for acceleration APAC 2. Double down on the US, continuing to scale profitably US EMEA 55% APAC 39% APAC 11% EMEA 32% Americas 29% Americas 35% Beauty Market 2025 Puig Exposure 2025 2032 €5bn+ €8bn+ ISDIN 1. Consolidate and bring EMEA and Travel Retail to full potential Reinfo rce our LatAm fortress across categories 2025 EMEA Travel Retail LatAm 32
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ORGANIC WHITESPACES & M&A PUIG 33
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Clear whitespaces lie at the intersection of our Brands and Market Priorities 34
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Priorities Consolidate EMEA and TR to full potential Double down on the US Build APAC Strongholds Defend LatAm fortress Prestige Fragrance Leadership in Niche Dermo-CosmeticsMakeup Brands Markets Digital 35
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Digital Channel is estimated at c.30% of the market 1. • Puig Digital Business represents 27%, gaining 1.3pp in 2025 • Opportunity in Prestige Fragrance and Dermo-Cosmet ics penetration in marketplaces (Amazon, Mercado Libre); TikTok and Beauty specialists for Prestige • Puig Digital Business grew at a 17% CAGR from 2021 to 2025 Source: Company Industry Sources Beauty Market 2025 Weight of digital channels 30% 36
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Asia represents 39% of the total beauty market 2. • Asia represented 11% of Puig Net Revenues in 2025 • North East Asia: (i) Dou ble-down in Niche and CT (ii) Japan and Korea subsidiaries • South East Asia, India and Oceania: (i) Dou ble-down on Prestige Fragrances and Derma (ii) India, Indonesia, Thailand and Vietnam subsidiaries Source: Market estimates based on Company Industry Sources; Puig reported figures for 2025 Beauty Market 2025 Asia including Travel Retail 39% 39
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US represents 25% of the Niche fragrance market worldwide 3. • US represents 14% of Niche sales for Puig • Our two T op 10 ranked niche brands are only distributed in 190 and 60 doors respec tively in the US • Opportunity to scale profitably through wholesale distribution up to 500 doors Source: Company Industry Sources Global Niche Market 2025 US weight in the global Niche market 25% 42
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Feminine Fragrance represents 65% of the Prestige Market 4. • Three Prestige brands worldwide in the top 10: Rabanne #5, Carolina Herrera #6, JPG #9 with larger penetration in masculine franchises (T op 2 WW in Masculine) • Feminine fragrances represent 45% of the Puig portfolio • Innovation pipeline including the launch of four new feminine blockbusters from Carolin a Herrera, JPG, Rabanne and Charlotte Tilbury Source: Company Industry Sources, Feminine fragrance weight represents Prestige fragrance exposure Total Fragrance Market 2025 Feminine fragrances weight 65% 45
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Prestige makeup distributed in 15,000+ doors worldwide 5. • Charlotte Tilbury, which is a T op 4 makeup brand WW, is only distributed in 5,000 doors • Opportunity to accelerate door expansion in existing markets • Opportunity in new strategic makeup markets such as Japan, Korea and Taiwan Source: Company Industry Sources, as of 2024 for CT WW ranking Total distribution potential for Charlotte Tilbury Current CT footprint(c. 1/3) 48
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Maximizing markets and channels for Dermo-Cosmetics 6. • Leverage the power of the established footprint of ISDIN • Selective distribution channels such as department stores, travel retail, special ty beauty retailers • Pure players such as Amazon, Mercado Libre, Shopee, Notino, and TikT ok • Underpenetrated markets such as the US, Brazil, UK Source: Company Industry Sources Note: 1 Others include e-commerce, pharmacy chains, physicians, mass and selective distribution Channel diversification 2017 2025 Traditional pharmacies Others 1 Others 1 Traditional pharmacies 51
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Full ownership of ISDIN is expected to bring clear growth and scale opportunities across the Puig platform Accelerating ISDIN on its path to become a €1bn brand 1 Growth Expand selective beauty, specialty retail, and e-commerce penetration leveraging Puig capabilities while reinforcing ISDIN’s strong medical and pharmacy foundation2 Channels Leverage ISDIN’s scientific leadership, medical credibility, and capabilities to accelerate science-led innovation across Puig Derma3 Science & Innovation Unlock complementary growth opportunities by leveraging ISDIN’s strong international distribution capabilities and Puig’s global network while preserving each brand’s distinctive positioning4 Markets & Commercial Capture economies of scale across procurement, production, logistics, distribution and platforms5 Platform Efficiencies Leverage Puig excellence in storytelling; Increase effectiveness of A&P and commercial spend6 Brand-building Note: Subject to closing of the transaction after regulatory approval, expected in Q1 2027 52
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Dermo-Cosmetics now becomes a scaled growth engine, opening avenues for global market leadership positions #3 European Dermo-Cosmetics Player2 €1bn+ Net Revenues derived from our Dermo-Cosmetics business Love Brands in Dermo-Cosmetics 3 Source: 1 Announced on Sept 14, 2026; subject to approval and closing. 2 Company Industry Sources, includes ISDIN, which is not consolidated within Puig’s results; considering only European countries per our perimeter of analysis (France, Greece, Portugal, Spain, Italy, Belgium) 1 54
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Priorities Consolidate EMEA and TR to full potential Double down on the US Build APAC Strongholds Defend LatAm fortress Prestige Fragrance Leadership in Niche Dermo-CosmeticsMakeup Brands Markets Digital 56
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M&A as a lever to complement organic growth priorities 57
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Niche and Dermo-Cosmetics have been the most compelling categories Maintaining financial flexibility to act when the right opportunities arise Adding brands to build across high potential categories for the future Clearly defined M&A criteria in line with long-term ambitions 58
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Puig portfolio – acquisitions in the last fifteen years 2011 20222015 2018 20242017 2020 2026 Prestige fragrances Niche Makeup Dermo- Cosmetics Regional gems 1 2 Source: Company information 1 Completion subject to regulatory approvals. 2 Minority investment, not consolidated 59
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EXCELLENCE IN THE WAY WE OPERATE PUIG 60
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Prestige Niche Makeup Skincare EMEAAPAC Americas Travel Retail Front • Consumer Office • Grow th Office Back • Finance • HR • Operations • Technology and Data B&F Markets Derma Markets Markets Charlotte Tilbury Global Functions Global Functions Global Functions From a division-led model… …to an integrated model • Divisional setup for an agile Puig entering new beauty categories • Early innings of integration • Foundation for Puig in the New Era • Puig organized as Global Brands enabled by Markets and Global Functions • Integrated shared back-office and One Group subsidiaries • Progressive synergies from acquired brands 61
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Deploy AI for platform efficiency and build capabilities 62
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AI is reshaping Puig’s core functions to strengthen competitive advantage GROWTH 5 Big Bets to transform the business 1 proprietary intelligence engine AI for transformation AI for productivity AI for our People UPSKILLING Puig AI Academy 9,000+ team members across functions & levels EFFICIENCIES AI embedded in existing processes improving efficiencies, profitability and speed 60+ live initiatives 5,000+ active AI users Source: Company information 63
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Leverage consumer centricity further 64
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Win with relevance and creativity Enabled by a consumer-centric culture A culture of disruption and entrepreneurship now super-powered with deeper and more relevant consumer insights to compete in relevance and creativity – not just on scale & reach. Excel consumer connection through content and activation Powered by AI The ability to shape the digital conversation through hyper-precise and agile content and activation – powered by consumer insights. Deeper understanding of the consumer Investment in data capabilities Puig Prisma, a proprietary intelligence and insights engine powered by AI to translate fragmented data into actionable insights and enabling a clear link between insight and decision-making. • Puig's growth advantage will come from turning consumer insights into creative disrup tion and cultural relevance at scale A new era of consumer intimacy driven by a relentless focus on consumer centricity in everything we do Puig Prisma 65
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DISCIPLINE IN THE WAY WE EXECUTE PUIG 66
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Clear path to margin uplift, powered by 3 key levers 67
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3. Cost efficiency Initiatives to drive margin improvements at various levels Cost efficiency 2. Capture synergies Leveraging the new operating structure and progressing integration of acquired brands Capture synergies Source: Company internal estimates Note: Graph for illustrative purposes to describe the growth levers, not to scale 20.7%1. Focus Sharper prioritization to drive margin improvements across the portfolio Focus 1 2 3 22.5%+ Adjusted EBITDA Margin as % of sales ’25–’32F (%) FY 2025 Adj. EBITDA Margin FY 2032 Adj. EBITDA Margin Ambition 68
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• Double down on high-return bets, focus on the core and promising growth pockets • Discontinue low-return a ctivities • Rationalize and streamline what is not strategic to our portfolio 1 Focus • One common back office and Global Functions: Efficient support for all brands and markets • One Group subsidiaries to manage all brands to enable their geographic acceleration, with specific go-to-market front offices as necessary • Realizing synergies from brand integration, operations and procurement 2 Capture Synergies • Gross margin efficiency initiatives • A&P efficiency initiatives super-charg ed by AI • Fixed cost efficiency mindset 3 Cost Efficiency Disciplined allocation of capital 69
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HOME OF CREATIVITY PUIG 70
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Creativity is at the heart of everything we do at Puig 71
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A strategic capability for our resilience, insurgence, vitality and long-term competitiveness. Our engine of renewal, the way we confront challenges and disrupt ways of solving them. Creativity is both a cause and a consequence of our growth and development. Widely prevalent across the organization and is elevated into a shared organizational purpose. 72
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Creativity is at the heart of everything we do at Puig 80
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CULTURE OF ENTREPRENEURSHIP PUIG 81
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Puig in the New Era: introducing the leadership team 82
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Eugenia de la Torriente Chief Communications Officer Marine de Boucaud Chief Human Resources Officer Presenting today Javier Bach President of Global Markets and Chief Operating Officer Kaatje Noens Managing Director Charlotte Tilbury Ana Trias President Prestige & Fashion Brands Thomas James President Niche & Wellness Brands Marc Toulemonde President Derma Brands Miquel Angel Serra Chief Financial Officer Leadership Team: Javier Bach President of Global Markets & Chief Operating Officer Kaatje Noens Managing Director Charlotte Tilbury Ana Trias President Prestige & Fashion Brands Thomas James President Niche & Wellness Brands Marc Toulemonde President Derma Brands Miquel Angel Serra Chief Financial Officer 83
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Scale what works, profitably 84
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Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) exclusively for use during the presentation of the 2026 Capital Markets Day and neither this document, any related press release, webcast, meeting (either in person or online) or any related Q&A sessions, nor the information contained therein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company. Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document, any related press release, webcast, meeting or any related Q&A sessions, or the information contained therein. In particular, no investment decision on the Company’s shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this document, any related press release, webcast or meeting, or any related Q&A sessions, or the information contained therein. This document, any related press release, webcast, meeting or any related Q&A sessions, and the information contained therein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company. The securities of the Comp any have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The information in this docu ment and in any related press release, webcast, meeting or any related Q&A sessions may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “will”, “may”, “should”, “target”, and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group’s future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group’s control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this document, any related press release, webcas t, meeting or any related Q&A sessions. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document, any related press release, webcast, meeting or any related Q&A sessions, as applicable, and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events, circumstances occurring after the date of this document, or otherwise. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document, nor in any related press release, webcast, meeting or any related Q&A sessions. Unless otherwise indica ted, all forward-looking statements included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, have been prepared on the basis of the International Financial Reporting Standards (“IFRS”) adopted by the European Union currently applied by the Group, including IFRS-16. The Group expects to adopt IFRS-18 as from its effective date. The application of IFRS-18, or of any other new or amended accounting standards, may result in changes to the presentation, classification and definition of certain financial measures and accordingly, the financial information reported by the Group in future periods may not be directly comparable with the forward-looking statements included herein. The Company does not undertake to restate or update any such forward-looking statements to reflect the adoption of IFRS-18 or any other accounting standard, except as required by applicable law. Past performance is not indicative of future results Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year. Alternative Performance Measures and Non-IFRS Information This document, any rela ted press release, webcast, meeting or any related Q&A sessions, include financial information prepared by the Company under IFRS, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Markets Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company’s results of operations. Recipients should not place undue reliance on this information. Market and Industry Data This document and any related press release, webcast, meeting or any related Q&A sessions, contain market, industry and competitive position data and forecasts which, where identified as “Company Industry Sources”, have been derived by the Company from a range of third-party sources, including, among others Euromonitor International, Circana, Nielsen, Generation Research, Kearney, Beauté Research, IQVIA, L.E.K., Sociovision and Ifop Group, as well as from publicly available information, internal estimates and analyses, and the Company’s own assumptions and adjustments. Such third-party sources generally state that the information they contain has been obtained from sources believed to be reliable, but that its accuracy and completeness are not guaranteed. The Company has not independently verified such data and, while the Company believes its internal estimates and assumptions to be reasonable, they have not been verified by any independent source and may differ from estimates made by competitors or from future results. Neither the Company nor any company of the Group makes any representation or warranty as to the accuracy or completeness of such data, and recipients should not place undue reliance on it.
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Profitable Growth Cash Flow & Deleverage Vision 2032 Strategic Investments Concluding remarks Contents
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VISION 2032 PUIG
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Our Financial Ambition 5
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Group Net Revenues by 2032 Adjusted EBITDA Margin by 2032 Capital allocation framework 22.5%+ Capturing upside potential in the medium-term, allowing for virtuous re-investment in our brands €8bn+ Like-for-like growth, ahead of the premium beauty market which is expected to grow 4-5% over the period Dividend ~40% payout ratio Consistent with our track record Balance Sheet Net Debt / Adj. EBITDA ≤2.0x (year-end) Preserving strategic and financial flexibility M&A Selective, long-term, and value-accretive Curated opportunities with strong fit 6
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PROFITABLE GROWTH PUIG
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Building Vision 2032 on Historical Performance 8
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Combination of scale and compelling, above-market growth Net Revenues evolution €2.6bn €5bn €8bn 2021 2025 Prestige Fragrances Niche Charlotte Tilbury Dermo-Cosmetics Vision 2032 + Assumes growth above the premium beauty market, which is expected to grow at a 4-5% CAGR 18% CAGR ISDIN Note: Graph for illustrative purposes to describe the growth levers, not to scale 9
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Diversifying growth beyond Fragrance and Fashion Skincare Makeup Fragrance and Fashion Net Revenues % of total sales 2021 2025 Vision 2032 €8bn + €5bn €2.6bn 73% 72% 16% 17% 11% 11% Vision 2032 Ambition • Fragrance and Fashion: Protect leadersh ip and drive profitable growth • Double down on our Prestige fragrances • Reinforce leadership in Niche fragrances • Makeup: Scale Charlotte Tilbury • Unleash the full potential of Charlotte Tilbury as a tri-a xis brand • Continue to develop distribution while driving growt h through innovation • Skincare: Scale the next growth engines • Build a Dermo-Cosmetic s global champion; Combining the strength of ISDIN and Uriage Skincare to increase weightage in the mix towards 2032 to create a more diversified portfolio Vision 2032 10
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Building on our EMEA and LatAm leadership while capturing whitespace opportunities in the US and APAC 2021 2025 Vision 2032 €5bn €2.6bn €8bn + 55% 35% 10% 58% 32% 10% APAC Americas EMEA Net Revenues % of total sales Vision 2032 Ambition • Consolidate and bring EMEA and Travel Retai l to their full potential • Reinforce our LatAm for tress across categories • Double-down on the US, continuing to scale prof itably • Build strongholds in APAC for acceleration Regional mix not expected to differ materially Vision 2032 11
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Scale, synergies and efficiency initiatives supporting Adjusted EBITDA Margin expansion +2.2% +0.7% +0.5%(0.2%) (0.2%) 17.7% 20.7% 22.5%+ 2021 2025 Vision 2032 Gross margin Dist. A&P SG&A D&A Gross margin Dist. A&P SG&A D&A Adjusted EBITDA Margin evolution (%) Vision 2032 Ambition • A proven margin expansion track record provides confidence in our 2032 ambition • 2025-2032: clear levers for continued margin expa nsion • SG&A improvement expected through: • Leveraging well-invested str ucture as Puig scales • Common back-office a nd global functions • Efficiencies from convergence and integration initiatives • Mo dest improvements across all the other cost items as a resul t of scale and leverage • A&P expected to be maintained to ensure healthy levels of investment in our brands, in line with historical ranges (31%-33% of Net Revenues) Note: Scale of contributing elements from 2025 to 2032 is illustrative 12
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Defined levers to reduce operating costs over time +0.2%21.5% 21.7% 2021 2025 Vision 2032 Organizational investments and optimization Operating leverage Shared subsidiaries AI Integration synergies SG&A evolution (as a % of Net Revenues) Vision 2032 Ambition • Continue to leverage our well-investe d base as the business continues to scale • Driver of future improvement: • Common back-office and shared subsidiary efficiencies • M&A integration synergies • AI-driven productivity gains Leaner c ost structure Note: Scale of contributing elements from 2025 to 2032 is illustrative 13
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Puig’s Segment Operating Margins reflect the Scale and Maturity of the Brands within them 14
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Makeup Skincare 4.8% 11.4% 12.9% 6.0%36 3320 96 296 683 FY 2021 FY 2025 352 812 Operating profit by business segment (€ millions) CAGR +23% Total operating profit Fragrance & Fashion 13.6% 16.1% 15.6% 18.7% FY 2021 % margin FY 2025 % margin Cumulative improvement of 250 bps since 2021 • Fragrance: primary profit driver, with margins stabiliz ing as Niche scales • Makeup: strong profitability led by Charlotte Tilbu ry, with continued Gross margin expansion • Skincare: lower starting gross margin base when comp ared to other segments due to Dermo-Cosmetics’ scale and ongoing investments in smaller brands 15
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FY 2021 FY 2025 2032 Vision Fragrances & Fashion Operating profit (€ millions) CAGR +23% Vision 2032 Ambition • Largest profit driver, with margins stabilizing as Niche scales • Scaled portfolio with industry-leading margins • Profitability upside in smaller brands • Premiumization and mix benefits as Niche scales • Benefits from scale across brands, geographies and platforms 683 296 Slight improvement Fragrance & Fashion 15.6% 18.7% FY 2021 % margin FY 2025 % margin Vision 2032 % margin +310bps 16
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FY 2021 FY 2025 2032 Vision 20 96 Makeup operating profit (€ millions) CAGR +48% Vision 2032 Ambition • Charlotte Tilbury margins in line with group levels, with continued expansion opportunity • Optimize smaller brand margin drag • Leverage common subsidiary base for go-to-mar ket • Charlotte Tilbury integration efforts • Disciplined focus on high-return initiatives • Productivity through operational excellence • Aiming for margin convergence towards group l evels FY 2021 % margin FY 2025 % margin Vision 2032 % margin Mid-teens %Makeup 4.8% 11.4% +660 bps 17
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FY 2021 FY 2025 2032 Vision 3336 Skincare operating profit (€ millions) CAGR -2% Vision 2032 Ambition • Dermo-Cosmetics as the next engine of pr ofitable growth with critical mass • Dermo-cosmetics platform expected to reach criti cal mass with M&A benefits • Scale benefits: growth across brands, geograp hies and operating platforms • Leverage common subsidiary base for go-to-mar ket • Profitability upside in smaller brands, with f ocus on higher return investments as they scale FY 2021 % margin FY 2025 % margin Vision 2032 % margin Skincare 12.9% 6.0% (690) bps Mid-teens % 18
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• Strong flow-through fro m operating margin improvement • Improvement of 120bps since 2021 • Puig capital structure has evolved significantly over recent years, funding and digesting acquisitions Vision 2032 Ambition • Strong potential from operating margin improv ement flow-through • Short-term impact to Adjusted Net Profit marg in due to consolidation and interest rate exposure effects Strong margin expansion while continuing to invest in growth € 268 € 449 € 478 € 551 € 587 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 10.4% 12.4% 11.1% 11.5% 11.6%Adj. Net Profit Margin (%) — 200 bps (130) bps 40 bps 10 bpsImprovement y-o-y Adjusted Net Profit (€ millions) CAGR +22% 19
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CASH FLOW & DELEVERAGE PUIG
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Overview of Cash Flow Statement 21
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FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Net Profit attributable to the Parent Company 221 399 465 531 594 Cash Flow adjustments 223 179 286 168 247 Cash Flow non-recurring items 1 0 18 6 85 (20) Change in Working Capital 67 (158) (194) 41 41 Adjusted Operating Cash Flow 511 438 563 825 862 CapEx (77) (152) (178) (191) (198) % Net revenues 3% 4% 4% 4% 4% Free Cash Flow from Operations 434 286 385 634 664 % Adjusted EBITDA 95% 42% 45% 65% 64% Cash Flow non-recurring Items 0 (18) (6) (85) 20 Operational Cash Flow 434 268 379 549 684 Cash Flow from Operations (€ millions) Puig has generated €2.4bn+ in cumulative FCF over the last 5 years • Strong cash flow generation with improving FCF conversion • Vast improvement in FCF conversion in recent years as pandemi c-driven supply chain inefficiencies unwound, particularly from working capital rationalization • Structurally a Capex-light b usiness model Vision 2032 Ambition • Maintain Capex at 4-5% of Net Revenues • Aim for FCF generation of c.€900 million+ by 2032, targeting convers ion >50% of Adjusted EBITDA Note: 1 Cash Flow non-recurring items for 2021 and 2022 not disclosed in historical filings; Prior disclosures presented Operating Cash Flow rather than Adjusted Operating Cash Flow 22
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Strong Track Record of Fast, Disciplined Deleveraging 23
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Leverage ratio evolution and drivers Adjusted EBITDA (€m) 458 681 863 969 1,045 0.9x 1.9x 1.7x 1.1x 0.7x FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 400 1,273 1,510 1,068 716Net debt (€m) Note: 1 Leverage ratio defined as: Net Debt at end of period / Adjusted EBITDA Operational Cash Flow Financial Flows & Leases Cash M&A and minority buyout Dividends 400 716668 881 2,024 1,880 1,377 FY 2021 Net Debt IPO Proceeds FY 2025 Net Debt 0.9x 0.7x Cash flow and capital allocation drivers of net debt (€ millions) Leverage ratio 1 evolution (€ millions) 24
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€ 1,571 € 2,383 € 2,385 € 1,088 € 988 € 558 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 H1 2026 Puig ownership composition by brand (€ millions) Business combination liabilities evolution 2018 70% 70% 100% 2020 56% 56% 56% 79% 79% 85% 2022 --- 77% 77% 100% 2022 --- 85% 85% 85% 97% 97% 2022 --- 67% 67% 67% 67% 67% 2024 --- --- --- 65% 65% 65% Acquisition year1 Note: 1 Majority stake 25
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ISDIN committed payments €900 €300 FY 2027 FY 2029 Note: 1 Liabilities from business combinations as of 30 June 2026; Figures may not sum to €558 million due to rounding €176 €381 1-3 Years 4-6 Years Liabilities from business combinations 1 (€ millions) (€ millions) 26
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Capital Allocation Priorities 27
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Continued Opex and Capex investments to fuel our growth ambitions 1 Investing in organic long term profitable growth 40% Dividend payout ratio 2 Dividend Selective, long-term, and value-accretive M&A; curated opportunities with strong fit3 M&A Continue to maintain ≤ 2.0x Net Debt/Adjusted EBITDA (year-end) Low leverage threshold while maintaining maximum strategic and capital allocation flexibility Low leverage threshold while maintaining flexibility 28
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€ 160 € 186 € 212 € 237 FY 2022 FY 2023 FY 2024 FY 2025 € 399 € 465 € 531 € 594 Reported Net Profit CAGR +14% 40% 40% 40% 40% Dividend payout ratio Dividend evolution chart (€ millions) • Cumulative dividends of €795m paid with respec t to FY2022 to FY2025 • 40% dividend payout policy in line with Puig’s pre-IPO track record Vision 2032 Ambition • Intention to maintain ~40% dividend payout ratio 29
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STRATEGIC INVESTMENTS PUIG
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ISDIN 50/50 Joint Venture Dermo-Cosmetics 31
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37 53 50 66 57 Puig family co-founded ISDIN in 1975 and owns a 50% ownership interest in the company, a leader in clinically proven skin solutions with a strong track record of annual growth and attractive operating profit and net profit margins. On September 14, 2026, Puig announced the intention to acquire the remaining 50% interest in Isdin. The transaction is expected to close in Q1 2027. Financial profile overview (€ millions) 342 435 569 643 648 Revenue +27.4% +30.7%+13.3% +13.0% +0.8% 48 73 84 107 78Operational Profit 16.8%14.0% 14.7% 16.6% 12.1% Net Profit 18 27 25 33 28 H1 2026 Book Value: €168m Source: Company filings; May not align with ISDIN public filings due to differences in accounting methodology and standards of adoption Note: According to the equity method, this investment is recorded on Puig balance sheet at historical cost adjusted for profits and dividends received Net Profit to Puig FY2021 FY2022 FY2023 FY2024 FY2025 YoY % Growth % Operational Margin 32
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Other Associate Investments 33
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% Operational Margin Financial profile overview (€M) Revenue Net Profit Net Profit to Puig Dermo-Cosmetics brand with authentic Brazilian roots specializing in natural and organic beauty products, currently experiencing a phase of transformative growth in its home market FY2021 FY2025 H1 2026 Book Value: €133m Founded in 1997, STL currently develops, on an international level, the designer label of Purificación García and CH Carolina Herrera 126 285+23% 15 50 12% 18% 10 41 4 14 Financial profile overview (€M) Revenue Operational Profit Net Profit Net Profit to Puig FY2021 FY2025 H1 2026 Book Value: €152m 328 416+6% 50 39 15% 9% 37 36 9 9 25% stake35% stake Operational Profit % Operational Margin %CAGR %CAGR Source: Company filings Note: According to the equity method, this investment is recorded on our balance sheet at historical cost adjusted for profits and dividends received 34
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CLOSING PERSPECTIVES PUIG
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FY 2025 Vision 2032 €5bn Net Revenues €8bn+ Ambition 7.8% 18% FY 2021- FY 2025 CAGR LFL growth ≥ 4-5% Grow above the premium beauty market 2025-2032E CAGR 64% ~54% FY 2021- FY 2025 Average1 Free Cash Flow Conversion (FCF/Adj. EBITDA) >50% c.€900m+ in FY2032 20.7% 2025 (+300bps vs FY 2021) Adj. EBITDA Margin 22.5% + €1.8bn+ in FY2032 0.7x Leverage (Net Debt/Adjusted EBITDA at year-end) ≤ 2.0x 40% Dividends % of Net Profit 40% 36
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Proven Execution, Clear Ambition: A Strong Foundation for Vision 2032 37
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Appendix 40
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Puig remains confident that the strength and desirability of its brands will continue to enable LFL revenue outperformance versus the premium beauty market Revenue Puig expects FY 2026 margins to remain stable Adj. EBITDA Margin Strong balance sheet management aiming at maintaining strategic flexibility and financing future growth, with Net Debt / Adjusted EBITDA ratio not to exceed 2.0x Capital Structure Intention to maintain ~40% dividend payout ratio out of reported net profit in line with track record Dividends Highly selective approach to M&A as we continue to evaluate curated opportunities with a strong strategic fit into our portfolio, while maintaining our capital structure targets M&A Strategy 2026 Outlook reiterated 41
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Income Statement Overview (€ millions) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Net Revenues 2,585.0 3,619.6 4,304.1 4,789.8 5,042.0 Cost of Sales (699.9) (927.0) (1,088.9) (1,201.7) (1,255.1) Gross Profit 1,885.1 2,692.6 3,215.2 3,588.1 3,786.9 Gross Margin (%) 72.9% 74.4% 74.7% 74.9% 75.1% Distribution expenses (138.2) (221.7) (217.7) (220.4) (232.2) Advertising and promotion expenses (839.0) (1,099.7) (1,338.1) (1,551.3) (1,647.5) Selling, general and administrative expenses (556.3) (834.8) (966.4) (1,057.7) (1,094.7) Operating Profit 351.6 536.5 693.0 758.7 812.4 Operating Margin (%) 13.6% 14.8% 16.1% 15.8% 16.1% Other Operational Income / (Expenses) 35.0 (43.5) (13.8) (146.6) 22.0 Financial Result (62.4) (34.9) (87.4) 19.4 (59.4) Results from Associates and JV 28.5 55.6 51.3 61.1 44.8 Profit Before Tax 352.7 513.7 643.2 692.5 819.8 Income Tax (153.7) (101.2) (143.3) (150.0) (202.7) Net Profit 198.9 412.5 499.9 542.5 617.1 Non-controlling Interests 22.1 (13.0) (34.7) (11.9) (23.4) Net Profit attributable to the parent company 221.0 399.5 465.2 530.6 593.7 Net Profit Margin 8.6% 11.0% 10.8% 11.1% 11.8% Earnings per share (euro) 0.941 1.05 Adjusted EBITDA 458.1 681.4 862.7 969.2 1,045.1 Adjusted EBITDA Margin (%) 17.7% 18.8% 20.0% 20.2% 20.7% Adjusted Net Profit 268.4 449.4 477.5 551.3 587.0 Adjusted Net Profit Margin (%) 10.4% 12.4% 11.1% 11.5% 11.6% Adjusted Earnings per share (euro) 0.981 1.04 Source: Company filings Note: 1 In 2025, earnings per share for 2024 were restated to reflect the IPO and its impact on the average number of shares during the period, in accordance with IAS 33 42
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Balance Sheet Overview (€ millions) 2021 2022 2023 2024 2025 Assets Property, plant and equipment 211.0 271.1 326.3 380.4 400.0 Intangible assets 2,660.8 4,062.3 4,114.3 4,705.7 4,598.7 Right-of-use assets 188.7 239.9 287.9 365.1 373.5 Investments in associates and joint ventures 346.5 344.8 375.2 395.2 414.8 Financial investments 9.6 14.2 16.4 0.7 0.2 Other non-current assets 62.6 102.6 131.4 130.9 35.2 Deferred tax assets 85.1 123.9 146.6 171.8 192.4 Total non-current assets 3,564.1 5,158.7 5,398.1 6,149.7 6,014.8 Inventories 363.1 626.3 788.9 720.3 693.6 Trade accounts receivable 317.3 387.9 484.7 567.5 578.5 Other current assets 153.7 232.1 186.7 283.0 224.4 Cash and cash equivalents 692.7 710.1 852.9 882.6 1,036.4 Total current assets 1,526.7 1,956.4 2,313.2 2,453.5 2,532.8 Total assets 5,090.8 7,115.1 7,711.3 8,603.2 8,547.6 Liabilities Share capital 4.2 114.7 144.0 128.5 128.5 Reserves and retained earnings 1,127.9 877.8 1,087.9 3,612.2 4,058.1 Treasury shares - - - 105.9 - 80.3 - 80.3 Interim dividend - - - 80.0 - - Unrealized gains reserve (8.5) 30.3 10.9 (27.7) (15.2) Cumulative translation adjustment (83.2) (77.9) (107.1) (106.6) (191.8) Equity attributable to the Parent Company 1,040.4 944.8 949.9 3,526.1 3,899.3 Non-controlling interests 8.1 6.7 9.3 11.6 12.6 Total equity 1,048.5 951.6 959.2 3,537.7 3,911.8 Non-current bank borrowings 826.6 1,662.3 1,788.8 1,129.9 718.3 Deferred tax liabilities 398.9 552.6 553.7 619.1 622.1 Provisions and other liabilities 1,844.2 2,753.9 2,759.6 1,513.1 1,041.7 Total non-current liabilities 3,069.6 4,968.9 5,102.2 3,262.2 2,382.2 Current bank borrowings 146.0 177.0 358.4 527.2 634.2 Trade accounts payable 166.5 238.9 212.1 229.5 245.2 Other current liabilities 642.0 749.7 1,024.1 999.0 1,337.1 Income tax payable 18.2 29.1 55.3 47.6 37.2 Total current liabilities 972.7 1,194.6 1,649.9 1,803.3 2,253.6 Total liabilities and equity 5,090.8 7,115.1 7,711.3 8,603.2 8,547.6 Source: Company filings 43
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Balance sheet Overview (€ millions) 2021 2022 2023 2024 2025 Assets Property, plant and equipment 211,0 271,1 326,3 380,4 400,0 Intangible assets 2.660,8 4.062,3 4.114,3 4.705,7 4.598,7 Right-of-use assets 188,7 239,9 287,9 365,1 373,5 Investments in associates and joint ventures 346,5 344,8 375,2 395,2 414,8 Financial investments 9,6 14,2 16,4 0,7 0,2 Other non-current assets 71,6 111,7 131,4 130,9 35,2 Deferred tax assets 87,8 123,9 146,6 171,8 192,4 Total non-current assets 3.575,9 5.167,8 5.398,1 6.149,7 6.014,8 Inventories 363,1 626,3 788,9 720,3 693,6 Trade accounts receivable 317,3 387,9 484,7 567,5 578,5 Other current assets 153,7 232,1 186,7 283,0 224,4 Cash and cash equivalents 692,7 710,1 852,9 882,6 1.036,4 Total current assets 1.526,7 1.956,4 2.313,2 2.453,5 2.532,8 Total assets 5.102,6 7.124,2 7.711,3 8.603,2 8.547,6 Liabilities Share capital 4,2 114,7 144,0 128,5 128,5 Reserves and retained earnings 1.129,3 879,2 1.087,9 3.612,2 4.058,1 Treasury shares 0,0 0,0 (105,9) (80,3) (80,3) Interim dividend 0,0 0,0 (80,0) 0,0 0,0 Unrealized gains reserve (16,7) 7,9 10,9 (27,7) (15,2) Cumulative translation adjustment (83,2) (77,9) (107,1) (106,6) (191,8) Equity attributable to the Parent Company 1.033,6 923,9 949,9 3.526,1 3.899,3 Non-controlling interests 8,1 6,7 9,3 11,6 12,6 Total equity 1.041,6 930,6 959,2 3.537,7 3.911,8 Non-current bank borrowings 826,6 1.662,3 1.788,8 1.129,9 718,3 Deferred tax liabilities 398,9 552,6 553,7 619,1 622,1 Provisions and other liabilitites 1.862,8 2.783,9 2.759,6 1.513,1 1.041,7 Total non-current liabilities 3.088,2 4.998,9 5.102,2 3.262,2 2.382,2 Current bank borrowings 146,0 177,0 358,4 527,2 634,2 Trade accounts payable 166,5 238,9 212,1 229,5 245,2 Other current liabilities 642,0 749,7 1.024,1 999,0 1.337,1 Income tax payable 18,2 29,1 55,3 47,6 37,2 Total current liabilities 972,7 1.194,6 1.649,9 1.803,3 2.253,6 Total liabilities and equity 5.102,6 7.124,1 7.711,3 8.603,2 8.547,6 Source: Puig filed public information 44
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Cash Flow Overview (€ millions) 2021 2022 2023 2024 2025 Cash flows from operating activities Profit / (loss) attributable to the Parent Company 221.0 399.5 465.2 530.6 593.7 Profit / (loss) attributable to non-controlling interests (22.1) 13.0 34.7 11.9 23.4 Adjustments of expenses and income 217.8 162.6 235.6 237.4 268.4 Profit / (Loss) from associates and joint ventures (28.5) (55.6) (51.3) (61.1) (44.8) Other non-current assets and liabilities cash items 55.4 58.7 66.8 (20.4) (23.0) Changes in working capital 67.4 (158.4) (194.4) 41.2 41.3 Net cash from operating activities (I) 511.0 419.7 556.5 739.7 859.0 Cash flows from investing activities Purchases of property, plant and equipment and intangible (77.2) (151.6) (177.9) (190.9) (198.5) Disposals of property, plant and equipment and intangible 0.1 0.5 1.4 0.1 23.2 Dividends received - 19.9 25.5 14.7 24.0 Changes in other financial assets (30.5) (9.5) (4.6) 18.0 19.6 Business Combinations (net of cash) 4.4 (840.2) - (265.3) - Acquisition non-controlling interests (29.8) (42.2) (51.9) (811.5) (13.5) Loans issued to related parties (net) (11.9) (24.6) (79.1) (5.8) 99.2 Net cash from investing activities (II) (145.0) (1,047.6) (286.6) (1,240.6) (46.1) Cash flows from financing activities Capital increases - - - 1,377.1 - Treasury shares - - (108.4) (0.4) - Dividends paid (20.5) (132.0) (181.3) (192.5) (213.8) Issuance bank borrowings 286.9 993.1 429.8 658.6 266.1 Repayment bank borrowings and interests (577.4) (164.4) (175.3) (1,224.9) (614.5) Repayment of lease debt (31.3) (52.1) (62.8) (79.6) (91.3) Net cash from financing activities (III) (342.3) 644.5 (98.0) 538.3 (653.5) Net effect of changes in exchange rates (IV) (0.9) 0.7 (29.0) (7.7) (5.7) Change in cash and cash equivalents (I+II+III+IV) 22.9 17.4 142.9 29.7 153.7 Cash and cash equivalents at beginning of the year 669.8 692.7 710.1 852.9 882.6 Cash and cash equivalents at end of the year 692.7 710.1 852.9 882.6 1,036.4 Source: 1 Company filings 45
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Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) exclusively for use during the presentation of the 2026 Capital Markets Day and neither this document, any related press release, webcast, meeting (either in person or online) or any related Q&A sessions, nor the information contained therein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company. Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document, any related press release, webcast, meeting or any related Q&A sessions, or the information contained therein. In particular, no investment decision on the Company’s shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this document, any related press release, webcast or meeting, or any related Q&A sessions, or the information contained therein. This document, any related press release, webcast, meeting or any related Q&A sessions, and the information contained therein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company. The securities of the Comp any have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The information in this docu ment and in any related press release, webcast, meeting or any related Q&A sessions may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “will”, “may”, “should”, “target”, and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group’s future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group’s control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this document, any related press release, webcas t, meeting or any related Q&A sessions. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document, any related press release, webcast, meeting or any related Q&A sessions, as applicable, and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events, circumstances occurring after the date of this document, or otherwise. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document, nor in any related press release, webcast, meeting or any related Q&A sessions. Unless otherwise indica ted, all forward-looking statements included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, have been prepared on the basis of the International Financial Reporting Standards (“IFRS”) adopted by the European Union currently applied by the Group, including IFRS-16. The Group expects to adopt IFRS-18 as from its effective date. The application of IFRS-18, or of any other new or amended accounting standards, may result in changes to the presentation, classification and definition of certain financial measures and accordingly, the financial information reported by the Group in future periods may not be directly comparable with the forward-looking statements included herein. The Company does not undertake to restate or update any such forward-looking statements to reflect the adoption of IFRS-18 or any other accounting standard, except as required by applicable law. Past performance is not indicative of future results Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year. Alternative Performance Measures and Non-IFRS Information This document, any rela ted press release, webcast, meeting or any related Q&A sessions, include financial information prepared by the Company under IFRS, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Markets Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company’s results of operations. Recipients should not place undue reliance on this information. Market and Industry Data This document and any related press release, webcast, meeting or any related Q&A sessions, contain market, industry and competitive position data and forecasts which, where identified as “Company Industry Sources”, have been derived by the Company from a range of third-party sources, including, among others Euromonitor International, Circana, Nielsen, Generation Research, Kearney, Beauté Research, IQVIA, L.E.K., Sociovision and Ifop Group, as well as from publicly available information, internal estimates and analyses, and the Company’s own assumptions and adjustments. Such third-party sources generally state that the information they contain has been obtained from sources believed to be reliable, but that its accuracy and completeness are not guaranteed. The Company has not independently verified such data and, while the Company believes its internal estimates and assumptions to be reasonable, they have not been verified by any independent source and may differ from estimates made by competitors or from future results. Neither the Company nor any company of the Group makes any representation or warranty as to the accuracy or completeness of such data, and recipients should not place undue reliance on it. 2
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Contents Operations Technology Integration & Efficiency Organization Enabling Accelerated Growth Global Markets Channels
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ORGANIZATION PUIG
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Brands portfolio Disruptive innovation Excellence in execution Culture 6
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Moving from Divisions to Leveraging Group Platforms 7
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Prestige & Fashion Niche & Wellness Derma Charlotte Tilbury B&F Markets Global Functions Charlotte Tilbury Markets Global Functions Derma Global Functions Markets From a division-led model To a brand group-led operating model Global Markets EMEA AmericasAPAC TR FRONT • Finance • HR • Consumer Office • Growth Office BACK Global Functions • Operations • Technology & Data 8
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• The brand-market l ed matrix model: allows operating different models and a direct connection between global brand and local market while leveraging global platforms Global Functions at Headquarter and Local level CTNiche & Wellness Prestige & Fashion Derma GLOBAL BRAND GROUPS CH,JPG, Rabanne, Nina Ricci, DVN PEN, LAP, Byredo, LDS, Kama, DBS ISDIN, Uriage, Apivita Charlotte Tilbury Global Markets EMEA APAC Americas TR Illustrative example from brand clusters P N D CT MARKET 9
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ENABLING ACCELERATED GROWTH PUIG
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Consumer and Growth Offices for accelerated growth 11
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• New Intelligence engine • Consum er activation • AI end-to-end across brands and markets • Agency & partner ecosystem Consumer Office • Market & growth insights • Commercial development • Digital business • Global retail Growth Office 12
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• The fastest growing multi-brand Premium Beauty company for the past years… €5.0bnGlobal Net Revenues €2.6bn +18% CAGR 11.1%Fragrances VMS & Ranking 8.9% +220 bps #4#5 +1 position #1Makeup CT Ranking #5 +1 position #3#15 +12 position UK US #3Derma Ranking #3 Maintain #3EU +4.4% LFL …and success continues +30 bps VMS +30 bps VMS +40 bps VMS1 +20 bps VMS2 Note: 1 VMS of Europe Top 5 markets. 2 Uriage VMS gain Europe H1 2026; 9M 2026 Sales update did not include VMS commentary H1 20262021 2025 13
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GLOBAL MARKETS PUIG
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Maintain our Europe & LatAm strongholds, while accelerating in North America & APAC 15
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Source: Company Industry Sources; Market data from Euromonitor, Generation 2025A LxL and Puig Net Revenues 2025 Reported Note: Travel Retail is allocated to the respective geographies APAC 39% EMEA 32% Americas 29% Beauty market EMEA 55% APAC 11% Americas 35% Puig exposure 16
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Strengthen EMEA’s stronghold gaining market share in all categories 17
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2021 2022 2023 2024 2025 EMEA NR’s Evolution, M€ • Consistently outpacing the market in our E uropean stronghold #4 Beauty Player in Europe #4 Fragrance Player in Europe Source: Company filings, Company Industry Sources: Euromonitor + Generation and Circana Note: Net Revenues with Travel Retail allocated; rankings 2025 for local market only #1 Makeup Brand Charlotte Tilbury in UK #3 Derma player in EU CAGR +16% 18
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• EMEA aiming to become Europe’s #2 Fragrance player, take CT Makeup to #1 wherever present a nd accelerate Derma’s consolidation in the Top 3, while driving profitable growth • Reinforce masculine leadership by boosting our top pillars and adding new ones with the ambition to reach the top 10 rankings • Expand in feminine by maximizing Good Girl & La Bomba, expanding La Favorite from Jean Paul Gaultier and adding new iconic Rabanne pillars Strengthen prestige houses • Elevate Byredo and Penhaligon’s to leading ranks, capitalizing cultural relevance • Accelerate wholesale and drive profitable growth • Continue strengthening footprint in ME • Scale L’Artisan Parfumeur and DVN beyond their core markets Power up niche brands • Charlotte Tilbury: Play for #1 ranking in France, Germany, Italy and Spain • Derma: Double down on core countries and cover new whitespaces leveraging Puig s ubsidiaries Expand CT & Derma presence • Strongly grow above the market, protecting our brands’ DNA • Reinforce Joint Business Plans with omnichannel players Accelerate digital 19
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Expand LatAm stronghold beyond our #1 Fragrance position 20
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• Puig is the #2 Selective beauty player in LatAm, and #1 player in Fragrances, with leadership across markets #1 Fragrance player #2 Beauty player 2021 2022 2023 2024 2025 Puig Net Revenues LATAM, M€ Source: Company information, Company Industry Sources: Euromonitor + Generation Note: Net Revenues with Travel Retail allocated; rankings 2025 for local market only #1 Fragrance brand Carolina Herrera CAGR +16% 21
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• Latin America: leveraging our #1 Fragrance position to expand CT & Derma, while g aining profitability Boost Prestige Power Houses • Lead feminine by scaling La Bomba as a recruitment pillar and developing key do ors with Carolina Herrera Makeup • Reinforce masculine leadership through meaningful innovation on Carolina Herrera, R abanne and Jean Paul Gaultier Lead the Niche Opportunity • Niche Market grew double digit in 2025 • Expand Byredo and Penhaligon’s to lead the segment • Focus on Mexico and Brazil CT & Derma Expansion • Scale Charlotte Tilbury in Mexico and launch in new markets • Expand Derma in the region Digital Acceleration • Double down on Omnichannel players • Accelerating in online marketplaces and exploring social commerce 22
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Double down on North America to accelerate scale 23
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• A track record of growth in North America, outpacing the market #3 Makeup Brand Charlotte Tilbury 2021 2022 2023 2024 2025 Puig Net Revenues NA, M€ Source: Company information, Company Industry Sources Note: Net Revenues with Travel Retail allocated; Market rankings based on Circana Data closing 2025 (local market only) #4 Beauty Player #4 Fragrances Player in 2025 From #6 in 2021 to CAGR +24% 24
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• Doubling down in North America in the years ahead, aimin g for #2 player in Fragrances and #1 brand in Makeup Strengthen Prestige Houses • Carolina Herrera Feminine acceleration, maximizing Good Girl & La Bomba • Rabanne: Climb rankings in the US through male innovations • JPG: Ambition to fuel Le Male and gain rankings in the US Capture full potential of Niche largest market • Support profitable growth through intentional wholesale expansion • Elevate Byredo’s ranking to top niche positions, enhancing ‘always-on’ a wareness • Bet on digital through expanded DTC and e-retail penetration Boost Charlotte Tilbury powerhouse • Play for the #1 Makeup brand position in US and Canada • Scale the virtuous flywheel and tri-axis growth Accelerate Digital • Increase digital penetration: developing e-retail , entering new Brands in Amazon, expanding to Tik Tok shop and boosting DTC and e-retail • Maximize recruitment, conversion and loyalty 25
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Scale APAC through a focused and tailored sub-regional strategy 26
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• Accelerating our footprint in APAC, growing well above the market +4 New subsidiaries • India • South Korea • Japan • Australia 2021 2022 2023 2024 2025 Puig Net Revenues APAC (€m) Source: Company filings, Company Industry Sources: Euromonitor + Generation Note: Net Revenues with Travel Retail allocated; rankings 2025 for local market only #6 Premium Fragrances in 2025 From #7 in 2024 to CAGR +21% 27
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• APAC: Double-digit growth with a focused and tailored approach by sub-region Accelerate Niche • Focus on China, Japan and South Korea • Aiming for Byredo and Penhaligon’s to gain positions in the top 10 Fragran ce rankings, reinforcing consumer engagement • Profitable expansion of own retail Boost Charlotte Tilbury • Scale China through offline expansion, with a continued focus on productivity • Develop Southeast Asia and South Korea through new distribution models Build Prestige & Derma strongholds • Accelerate Prestige Fragrances VMS in India, Southeast and Australia • Unlock Uriage's full g rowth potential by scaling in China and India while expanding into Southeast Asia and Australia Strengthening the platform • Establish new subsidiaries in Indonesia and Vietnam in the years ahead 28
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CHANNELS PUIG
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Our Multi-Channel approach to develop our brands 30
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• Channel-specific strategies to en sure acceleration in our whitespaces Wholesale Direct-to- Consumer Physical Digital The power of a differentiated portfolio Partner of choice for retailers through multi-year Joint Business Plans Seamless experience through key pure players and multi-channel retailers Superior Brand experiences with a LfL productivity obsession Global Retail Operations Enhanced and differentiated experiences 88% 12% 73% 27% 31
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Travel Retail: Puig stronghold in Fragrances, big opportunity for Makeup to grow 32
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• Travel Retail: Puig is the fastest-growing Fragrance player in the channel • Leverage our stronghold to accelerate Makeup 2021 2025 Travel Retail VMS evolution Source: Company filings, Company Industry Sources: Euromonitor + Generation Note: Net Revenues for Travel Retail; rankings 2025 for local market only #3 Fragrance Player From #6 in 2021 to 9.6% 13.0% +340 bps 33
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Beauty Market Travel Retail 16% % of Puig Net Revenues Travel Retail 10% Source: Company filings, Company Industry Sources: Euromonitor + Generation actual 2025 34
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Unlocking pharmacy growth through a specialized medical visitors force 35
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Online will continue to be the fastest growing channel and Puig is accelerating 36
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Online channel as % of Premium beauty market 2025 estimate Online channel as a % of Puig Net Revenues 2022 2025 25% 27% 30% Online Rest of Channels 70% Source: Company Industry Sources and estimates 37
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• Puig is doubling down on winning Online players Leverage social e-commerce Enhance Brand.com Enter and expand in marketplaces Accelerate in omnichannel players and pure players 38
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#4 player in Premium Beauty, #2 player in Fragrances, #1 with CT makeup wherever we play, Dermo-Cosmetics to expand globally 39
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OPERATIONS PUIG
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Operations empowering scalable growth 41
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• Our extensive footprint and network in operations allows us to be agile BUENOS AIRES RIO DE JANEIRO SANTIAGO DE CHILE MEXICO D.F. LIMA NEW YORK MIAMI SYDNEY SHANGHAI HONG KONGDELHI TOKYO SINGAPORE SEOUL TAIWAN MOSCOW RIYADH DUBAI COIMBATORE Skin Care ATHENS Skin Care CHARTRES Perfume ECHIROLES Skin Care BARCELONA Global R&D MADRID Perfume PARIS Derma R&D BOGOTÁ Loto del Sur DUSSELDORF Dr. Barbara Sturm R&D VACARISSES Skin Care LONDON CT R&D US MEXICOFactories 6 R&D Centers 7 Distribution Centers 47 1
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• Our operations and supply chain is structured around two core processes: New Prod uct Development and Sales & Operations Planning Sales & Operations Planning (S&OP) Manufacturing Logistics Customer Service Markets ESG R&D Packaging Sourcing S&OP New product development (NPD) Brands 43
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• Operations drivers at Puig: Our flexibility and reactivity advantage Outstanding innovation capabilities and gross margin obsession Modern, robust and scalable infrastructure Adaptable, flexible and resilient Efficiency focus, accelerated through AI 44
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TECHNOLOGY PUIG
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Our fully-integrated tech infrastructure is a key enabler 46
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Core processes Consumer platform Workplace Infrastructure Cybersecurity • A fully integrated, state-of-the-art tech nology infrastructure at global level Data, analytics & AI 47
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Best-in-class tech solutions • Consumer Platform: the layer of technology that allows us to better reach consu mers (Digital media, CRM, Clientelling) and maximize growing channels A connected architecture of technologies per Consumer T ouchpoint supported by API integration technology Qualified Traffic Media Optmization Marketing automation use cases Single consumer view Digital media Paid media Etailing Etail pages Own social Social Campaign Email/sms Landing pages Sampling Own store wholesale Clientelling Own store POS Own Ecom Brand.com Digital assets (DAM/BCS/PIM) 48
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AI is sharpening Puig’s competitive advantage 49
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• Beyond productivity: AI is reshaping Puig’s core functions to strengthen competitive advantage GROWTH 5 Big Bets to transform the business 1 proprietary intelligence engine AI for transformation AI for productivity AI for our People UPSKILLING Puig AI Academy 9,000+ team members across functions & levels EFFICIENCIES AI embedded in existing processes improving efficiencies, profitability and speed 60+ live initiatives 5,000+ active AI users 50
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AI for our People • AI Academy: our enterprise-wide p latform to upskill the entire organization and boost productivity Enterprise-wide AI upskilling for confident & responsible adoption AI supercharging My Workday M365 Copilot powered by ChatGPT and Claude 9,000+ 4,500+ office 3,500+ BAs1 600+ factory 160+ leaders Team members in the AI Academy, across functions & levels Specialized AI programs Continuous capability building for efficiency and transformation Proprietary AI tools AI for brands & creative craftsmanship Advanced AI content workflows & image generation training Magnific (Freepik) Nano Banana Note: 1 Beauty Advisors 51
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• AI is embedded in existing processes improving efficiencies, profitability and speed 60+ live initiatives already capturing measurable efficiency benefits Next horizon: Redesign back-offic e functions around AI, enabling greater automation once S4HANA goes live Legal • AI-powered legal opera tions enabled by Harvey platform, supporting contract analysis & compliance, legal research & document summarization • 77% user adoption, 31.5k+ queries, shifting from assistant to core workflow infrastructure Order-to-cash • AI-enabled Order-to- Cash control tower powered by Celonis, optimizing credit, collections, overdue payments, cash discounts and order recovery • Tangible reduction in average monthly working capital while increasing customer service responsiveness Operations process automation • RPA programs automat ing operational & rule-based processes across product development, data management and supply chain • Unlocking up to 10% cap acity, enabling teams to focus on higher-value activities R&D • AI models to evaluate formulat ion alternatives, predict performance and identify the most promising ones • 20-40% reduction in formul ation screening lead time and up to 30% fewer formulation iterations Content management • AI-powered content opera tions, including automated image cropping, translation and localization • 75,000 content adaptatio ns annually, reducing content deployment cycles from up to 4 days to 3 minutes Brands custom GPTs ecosystem • +120 Brand Custom GPTs empoweri ng 19 brands, across brand storytelling and copywriting and digital expresión • 86% adoption across brand team s, improving consistency and accelerating content creation across channels and touchpoints AI for productivity 52
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• AI for Transformation: 5 pri ority Big Bets to reshape Puig’s competitive model at speed and scale 4 Drive engagement through AI-powered content workflows Agentic capabilities that create and adapt hyper-personalized content at scale 3 Optimize A&P spend through hyper-precise brand activation Proprietary AI tools improving audience, channel and investment decisions for growth. 2 Accelerate disruptive innovation and sharpen brand strategy Faster innovation cycles and more precise brand strategies grounded in insights and early trend signals. 5 Unlock growth through AI-enabled pricing models A proprietary RGM AI suite to make sharper, faster commercial decisions Revenue growth & faster time to market A&P efficiency & content effectiveness Revenue uplift & Gross Profit improvement 1 Unlock a new intelligence advantage with Puig PRISMA A proprietary intelligence engine that fuels Puig with brand and market-specific insight & foresight AI for transformation 53
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Reinforce Puig as a Home of Creativity, powered by AI, amplifying its bold instincts at greater speed and scale 54
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INTEGRATION & EFFICIENCY PUIG
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Our common operating model is an enabler for new brands integration and business unit setup 56
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2024 / 2025 Puig Nordics Brand Integration New Subsidiaries 2023 Puig South Korea Puig Japan Puig India 2026 Onwards Onboarding upcoming subsidiaries Puig Derma platform creation Puig Australia 2022 57
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Rigorous approach to capture efficiencies across the Group 58
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3. Cost efficiency Initiatives to drive margin improvements at various levels Cost efficiency 3 FY 2032 Adj. EBITDA Margin Ambition 22.5%+ 2. Capture synergies Leveraging the new operating structure and progressing integration of acquired brands Capture synergies 2 Source: Company internal estimates 20.7% FY 2025 Adj. EBITDA Margin 1. Focus Sharper prioritization to drive margin improvements across the portfolio Focus 1 • Recap: Adjusted EBITDA margin as % of sales 2025–2032 Am bition (%) 59
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• Capture synergies Progressively integrating acquired brands • Capturing synergies in the back office and leveraging growth through the Puig platform • Ambition to integrate and simplify organizational structures # Migrate Charlotte Tilbury to Puig SAP #Complete the integration of Derma brands into Puig’s global platforms Moving from divisions to an integrated group • One Group back office • One Gro up subsidiaries #Integrate selected Finance, HR, Legal, IT and back-office activities in markets where we had 3 subsidiaries. #Provide Brand Groups with access to common Group capabilities and platforms Leveraging further our scale & muscle • Faster geographic expansion • Group pricing and trade negotiations #Leverage Puig subsidiaries to support CT and Derma expansion #Use Puig Travel Retail capabilities to boost CT expansion #One Group joint business plans with key retailers 60
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• Cost efficiency A&P initiatives supercharged by AI • Common intelligence layer & New Media Model • Proprietary AI tool improving audience, channel and investment decisions #Already using Nexus to provide brands, regions and markets with one shared view of demand, audiences, CEPs and activation choices, for better activation decisions Buy and operate as One Puig • Global Procurement • One Logistics • Internalized Skincare manufacturing #90+ procurement initiatives across seven categories, covering media, retail, supply chain, IT & communications, marketing and services #Common sourcing of logistics providers #Consolidated warehousing and international transport spend 61
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These levers could generate around of value unlock per annum after three years, contributing towards our 2032 Ambition of 22.5%+ EBITDA €80 million 62
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Puig’s success has been shaped by its people and culture for 112 years 63
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Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) exclusively for use during the presentation of the 2026 Capital Markets Day and neither this document, any related press release, webcast, meeting (either in person or online) or any related Q&A sessions, nor the information contained therein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company. Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document, any related press release, webcast, meeting or any related Q&A sessions, or the information contained therein. In particular, no investment decision on the Company’s shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this document, any related press release, webcast or meeting, or any related Q&A sessions, or the information contained therein. This document, any related press release, webcast, meeting or any related Q&A sessions, and the information contained therein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company. The securities of the Comp any have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The information in this docu ment and in any related press release, webcast, meeting or any related Q&A sessions may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “will”, “may”, “should”, “target”, and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group’s future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group’s control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this document, any related press release, webcas t, meeting or any related Q&A sessions. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document, any related press release, webcast, meeting or any related Q&A sessions, as applicable, and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events, circumstances occurring after the date of this document, or otherwise. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document, nor in any related press release, webcast, meeting or any related Q&A sessions. Unless otherwise indica ted, all forward-looking statements included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, have been prepared on the basis of the International Financial Reporting Standards (“IFRS”) adopted by the European Union currently applied by the Group, including IFRS-16. The Group expects to adopt IFRS-18 as from its effective date. The application of IFRS-18, or of any other new or amended accounting standards, may result in changes to the presentation, classification and definition of certain financial measures and accordingly, the financial information reported by the Group in future periods may not be directly comparable with the forward-looking statements included herein. The Company does not undertake to restate or update any such forward-looking statements to reflect the adoption of IFRS-18 or any other accounting standard, except as required by applicable law. Past performance is not indicative of future results Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year. Alternative Performance Measures and Non-IFRS Information This document, any rela ted press release, webcast, meeting or any related Q&A sessions, include financial information prepared by the Company under IFRS, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Markets Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company’s results of operations. Recipients should not place undue reliance on this information. Market and Industry Data This document and any related press release, webcast, meeting or any related Q&A sessions, contain market, industry and competitive position data and forecasts which, where identified as “Company Industry Sources”, have been derived by the Company from a range of third-party sources, including, among others Euromonitor International, Circana, Nielsen, Generation Research, Kearney, Beauté Research, IQVIA, L.E.K., Sociovision and Ifop Group, as well as from publicly available information, internal estimates and analyses, and the Company’s own assumptions and adjustments. Such third-party sources generally state that the information they contain has been obtained from sources believed to be reliable, but that its accuracy and completeness are not guaranteed. The Company has not independently verified such data and, while the Company believes its internal estimates and assumptions to be reasonable, they have not been verified by any independent source and may differ from estimates made by competitors or from future results. Neither the Company nor any company of the Group makes any representation or warranty as to the accuracy or completeness of such data, and recipients should not place undue reliance on it.
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1. 2. 3. FRAGRANCE: A GROWING MARKET WHAT MAKES PUIG UNIQUE? HOW TO GROW NEXT? PRESTIGE 3
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FRAGRANCE: A COMPELLING, GROWING MARKET PRESTIGE
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FRAGRANCE SUSTAINS HIGH VISIBILITY & ENGAGEMENT PRESTIGE 1. FRAGRANCE: A GROWING MARKET 5
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HOW FRAGRANCE CONSUMPTION IS CHANGING PRESTIGE 1. FRAGRANCE: A GROWING MARKET MORE KNOWLEDGEABLE CONSUMERS A NOVELTY-SEEKING, MORE EXPLORATORY CONSUMER EXPANSION ACROSS PRICE POINTS FRAGRANCE WARDROBES ACROSS CATEGORIES A BROADER FRAGRANCE AUDIENCE 6
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THE FRAGRANCE CATEGORY HAS EVOLVED FROM SOURCE: COMPANY INDUSTRY SOURCES, REPRESENTS THE TOTAL FRAGRANCE MARKET INCLUDING PREMIUM & MASS FRAGRANCES PREDICTABLE GROWTH 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 DYNAMIC EXPANSION STABILIZATION BEING PREDICTABLE, TO DYNAMIC AND RESILIENT 2011-2019: 3-4% CAGR (LfL FX) 2022-2024: 12%+ CAGR (LfL FX) 2024-2025: 4-5% (LfL FX) PRESTIGE 1. FRAGRANCE: A GROWING MARKET REBOUND 7
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2022 2023 2024 2025 following a period of dynamic expansion SOURCE: COMPANY INDUSTRY SOURCES AND PANEL DATA. EU5: CIRCANA, REST OF EUROPE: NIELSEN, NA: CIRCANA, LATAM: CIRCANA, APAC: B&R, TR: GENERATION. 1 SELECTIVE FRAGRANCES C.70% OF FRAGRANCE MARKET +3% +11% +8% Prestige Market CAGR: PRESTIGE NICHE SELECTIVE FRAGRANCES1 PRESTIGE HAS STABILIZED TOWARDS ITS HISTORIC GROWTH LEVELS PRESTIGE 1. FRAGRANCE: A GROWING MARKET 15% 85% 8
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PUIG HAS OUTGROWN THE MARKET IN PRESTIGE +12% Puig Prestige Net Revenues CAGR: SOURCE: PRESTIGE BRANDS NET REVENUES (CH, RBN, JPG). EU5: CIRCANA, REST OF EUROPE: NIELSEN, NA: CIRCANA, LATAM: CIRCANA, APAC: B&R, TR: GENERATION PRESTIGE 1. FRAGRANCE: A GROWING MARKET +8% Prestige Market CAGR: 2022 2023 2024 2025 9
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#5 #6 #9 #1 COMPETITOR #2 COMPETITOR #3 COMPETITOR #4 COMPETITOR #5 CAROLINA HERRERA #6 RABANNE #7 COMPETITOR #8 COMPETITOR #9 JEAN PAUL GAULTIER #10 COMPETITOR SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE UNIVERSE - YTD JUNE 26 TODAY, 3 BRANDS IN GLOBAL TOP 10 FRAGRANCES PRESTIGE 1. FRAGRANCE: A GROWING MARKET 10
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WHAT MAKES PUIG PRESTIGE UNIQUE? PRESTIGE 11
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FRAGRANCE MAKERS since 1914 PRESTIGE 2. WHAT MAKES PUIG UNIQUE? 12
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OWNED LOVE BRANDS our difference PRESTIGE 2. WHAT MAKES PUIG UNIQUE? 13
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FASHION & BEAUTY OWNERSHIP One Brand, One Vision, One Team PRESTIGE 2. WHAT MAKES PUIG UNIQUE? 14
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SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE UNIVERSE - YTD JUNE 26 PRESTIGE 2. WHAT MAKES PUIG UNIQUE? PUIG L’OREAL LVMH CHANEL 3 OWNED 1 OWNED 1 OWNED 1 OWNED 4 LICENSES PUIG COMPETITOR COMPETITOR COMPETITOR PUIG: ONLY GROUP WITH 3 OWNED PRESTIGE BRANDS IN TOP 10 our difference 15
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HIGHLY DISTINCTIVE IDENTITIES & CREATIVE AUTONOMY PRESTIGE 2. WHAT MAKES PUIG UNIQUE? 16
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ONE BRAND ECOSYSTEM AS BRAND AMPLIFIER PRESTIGE 2. WHAT MAKES PUIG UNIQUE? 17
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BUILDING ENDURING ICONS our know-how PRESTIGE 2. WHAT MAKES PUIG UNIQUE? 18
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BUILDING ENDURING ICONS proven over time in an innovation-led market #2 Masculine Fragrance #9 Masculine Fragrance #11 Masculine Fragrance #2 Feminine Fragrance launched in 2013launched in 2008 launched in 2016launched in 1995 SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE UNIVERSE - YTD JUNE 26 PRESTIGE 2. WHAT MAKES PUIG UNIQUE? 19
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#18 Feminine Fragrance NEW LAUNCH BUILDING ENDURING ICONS shaping the next generation SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE UNIVERSE - YTD JUNE 26 launched in June 2025 launched in Sept. 2026 PRESTIGE 2. WHAT MAKES PUIG UNIQUE? 20
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ENGAGING WITH THE CONSUMER at every touchpoint PRESTIGE 2. WHAT MAKES PUIG UNIQUE? 21
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ENGAGING WITH THE CONSUMER at every touchpoint PRESTIGE 2. WHAT MAKES PUIG UNIQUE? STANDING OUT AT POINTS OF SALES 22
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ENGAGING WITH THE CONSUMER at every touchpoint PRESTIGE 2. WHAT MAKES PUIG UNIQUE? STREET ACTIVATION 23
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ENGAGING WITH THE CONSUMER at every touchpoint PRESTIGE 2. WHAT MAKES PUIG UNIQUE? COMMUNITIES AT HEART 24
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ENGAGING WITH THE CONSUMER at every touchpoint PRESTIGE 2. WHAT MAKES PUIG UNIQUE? UNMISSABLE EVENTS 25
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ENGAGING WITH THE CONSUMER at every touchpoint PRESTIGE 2. WHAT MAKES PUIG UNIQUE? BOLD ON DIGITAL & VIRAL ON SOCIAL 26
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HOW TO GROW NEXT? PRESTIGE 27
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BROADEN OUR PORTFOLIO ACCELERATE ACROSS MARKETS & CHANNELS FOUR DISTINCTIVE WHITESPACES PRESTIGE 3. HOW TO GROW NEXT? DIVERSIFY GENDER MIX1. BEYOND PRESTIGE CORE 2. GROWTH ACROSS MARKETS 3. CHANNEL MAXIMIZATION 4. 28
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BROADEN OUR PORTFOLIO ACCELERATE ACROSS MARKETS & CHANNELS FOUR DISTINCTIVE WHITESPACES PRESTIGE 3. HOW TO GROW NEXT? DIVERSIFY GENDER MIX1. BEYOND PRESTIGE CORE 2. GROWTH ACROSS MARKETS 3. CHANNEL MAXIMIZATION 4. 29
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FEMININE MASCULINE 1. DIVERSIFY GENDER MIX: CONQUER FEMININE <80% >20% >30% <70% >30% <70% PRESTIGE 3. HOW TO GROW NEXT? SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE UNIVERSE + GENDER SPLIT FROM CIRCANA PANEL DATA - YTD JUNE 26 ~65% ~35% TOTAL PRESTIGE MARKET ~45% ~55% TOTAL PUIG PRESTIGE 30
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SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE UNIVERSE + GENDER SPLIT FROM CIRCANA PANEL DATA - YTD JUNE 26 1. DIVERSIFY GENDER MIX clear opportunities to expand to the other gender PRESTIGE 3. HOW TO GROW NEXT? FEMININE MASCULINE #1 COMPETITOR #2 COMPETITOR #3 COMPETITOR #4 COMPETITOR #5 CAROLINA HERRERA #6 RABANNE #7 COMPETITOR #8 COMPETITOR #9 JEAN PAUL GAULTIER #10 COMPETITOR 31
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NEW HER NEW HIM GLOBAL ICONS WHITESPACE OPPORTUNITIES PRESTIGE 3. HOW TO GROW NEXT? 1. DIVERSIFY GENDER MIX 32
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BROADEN OUR PORTFOLIO ACCELERATE ACROSS MARKETS & CHANNELS FOUR DISTINCTIVE WHITESPACES PRESTIGE 3. HOW TO GROW NEXT? DIVERSIFY GENDER MIX1. BEYOND PRESTIGE CORE 2. GROWTH ACROSS MARKETS 3. CHANNEL MAXIMIZATION 4. 33
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2. BEYOND PRESTIGE CORE OFFERING expanding accessibility through new formats & entry price point PRESTIGE 3. HOW TO GROW NEXT? 34
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2. BEYOND PRESTIGE CORE OFFERING driving premiumization through private collections PRESTIGE 3. HOW TO GROW NEXT? 35
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BROADEN OUR PORTFOLIO ACCELERATE ACROSS MARKETS & CHANNELS FOUR DISTINCTIVE WHITESPACES PRESTIGE 3. HOW TO GROW NEXT? DIVERSIFY GENDER MIX1. BEYOND PRESTIGE CORE 2. GROWTH ACROSS MARKETS 3. CHANNEL MAXIMIZATION 4. 36
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3. GROWTH ACROSS MARKETS accelerating in high-potential growth markets PRESTIGE 3. HOW TO GROW NEXT? 1. MAXIMIZE US 3. EXPAND TR 2. CONQUER APAC SE ASIA, OCEANIA, INDIA FORTIFY LATAM CONSOLIDATE EUROPE 37
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BROADEN OUR PORTFOLIO ACCELERATE ACROSS MARKETS & CHANNELS FOUR DISTINCTIVE WHITESPACES PRESTIGE 3. HOW TO GROW NEXT? DIVERSIFY GENDER MIX1. BEYOND PRESTIGE CORE 2. GROWTH ACROSS MARKETS 3. CHANNEL MAXIMIZATION 4. 38
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BEAUTY MARKET PUIG FRAGRANCE SEGMENT REVENUES 30% Digital penetration 24% Digital penetration 4. CHANNEL MAXIMIZATION unlocking further growth through digital SOURCE: COMPANY INDUSTRY SOURCES PRESTIGE 3. HOW TO GROW NEXT? 39
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4. CHANNEL MAXIMIZATION leveraging deep retailer partnerships as the partner of choice PRESTIGE 3. HOW TO GROW NEXT? 40
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PRESTIGE OUR STRENGTH FOR THE FUTURE: • ABILITY TO BUILD ENDURING ICONS • A UNIQUE ONE BRAND MODEL • SIZEABLE WHITESPACES PRESTIGE FRAGRANCE IS STRUCTURALLY STRONGER THAN 10 YEARS AGO • 3 OWNED PRESTIGE LOVE BRANDS IN TOP 10 • CAPACITY TO SHAPE THE ICONS OF TOMORROW 41
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PRESTIGE OUR PRESTIGE LOVE BRANDS 42
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A POWERHOUSE BUILT WITH ALEGRIA DE VIVIR PRESTIGE OUR PRESTIGE LOVE BRANDS 43
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A MULTICATEGORY HOUSE MAKEUPFRAGRANCE PRESTIGE OUR PRESTIGE LOVE BRANDS FASHION 44
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FASHION: NORTHSTAR FOR CREATIVITY PRESTIGE OUR PRESTIGE LOVE BRANDS CREATIVE AND CULTURAL AMPLIFIER 45
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FRAGRANCE: OUR GROWTH ENGINE FEMININE POWERHOUSE PRESTIGE OUR PRESTIGE LOVE BRANDS 46
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MAKEUP: EXPANDING THE BRAND UNIVERSE FEMININE POWERHOUSE PRESTIGE OUR PRESTIGE LOVE BRANDS 47
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SOURCE: PUIG ANALYTICS NET REVENUES HISTORY (FASHION, BEAUTY, THIRD-PARTY ROYALTIES) MULTIPLYING THE BUSINESS X3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 X3 IN 10 YEARS REGIONAL BRAND IBERIA & LATAM GLOBAL BRAND US & EU WITH GOOD GIRL BRAND ACCELERATION GOOD GIRL #2 + LA BOMBA PRESTIGE OUR PRESTIGE LOVE BRANDS 48
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SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE UNIVERSE - YTD JUNE 26 CONQUERING TOP 5 POSITION WW PRESTIGE OUR PRESTIGE LOVE BRANDS #5 #1 COMPETITOR #2 COMPETITOR #3 COMPETITOR #4 COMPETITOR #5 CAROLINA HERRERA #6 RABANNE #7 COMPETITOR #8 COMPETITOR #9 JEAN PAUL GAULTIER #10 COMPETITOR #11 COMPETITOR #12 COMPETITOR #13 COMPETITOR #14 COMPETITOR #15 COMPETITOR #10 EUROPE #5 NORTH AMERICA #1 LATAM 49
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CONQUERING TOP 4 FEMININE POSITION WW PRESTIGE OUR PRESTIGE LOVE BRANDS #4 SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE FEMININE UNIVERSE (EXCL. APAC) - YTD JUNE 26 #1 COMPETITOR #2 COMPETITOR #3 COMPETITOR #4 CAROLINA HERRERA #5 COMPETITOR #6 COMPETITOR #7 COMPETITOR #8 COMPETITOR #9 COMPETITOR #10 COMPETITOR #11 COMPETITOR #12 COMPETITOR #13 COMPETITOR #14 COMPETITOR #15 COMPETITOR #6#3#1 EUROPENORTH AMERICALATAM 50
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GOOD GIRL: AN ICON CRAFTED FOR DECADES #54 #15 #12 #9 #5 #4 #2 #1 #2 2016 2017 2018 2019 2021 2022 2023 2024 2025 X NET REVENUES IN 10 YEARS 8 SOURCES: PUIG ANALYTICS NET REVENUES HISTORY & WW RANKING # VMS ranking Net revenues PRESTIGE OUR PRESTIGE LOVE BRANDS 51
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LA BOMBA: STARTING THE PATH TO GROWTH PRESTIGE OUR PRESTIGE LOVE BRANDS SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE FEMININE UNIVERSE (EXCL. APAC) - YTD JUNE 26 LAUNCHED SEPTEMBER 2025 TOP 18 FEM FRAGRANCES IN YTD JUNE 26 52
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2025 GOOD GIRL & LA BOMBA NEW HIM INNOVATION TERRITORIES DIGITAL MAKEUP 2032 FUTURE GROWTH: OUR ROADMAP TO 2032 2 FEMININE IN TOP 10 NEW MASCULINE NEW FORMATS BROADEN FRAGRANCE PORTFOLIO ACCELERATE MARKETS & CHANNELS MAXIMIZE US & CONQUER EMEA, SE ASIA DIGITAL ACCELERATION PRESTIGE OUR PRESTIGE LOVE BRANDS DEVELOP 2ND AXIS MAKEUP SOURCE: NET REVENUES CLOSING 2025 – BRAND AMBITION 2026-2032. NOTE: FOR ILLUSTRATIVE PURPOSES TO DESCRIBE THE GROWTH LEVERS, NOT TO SCALE 53
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MAXIMIZE OUR FEMININE POWERHOUSE two Feminine in top 10 (2032 ambition) LA BOMBA CONQUER #10 GOOD GIRL REACH #1 PRESTIGE OUR PRESTIGE LOVE BRANDS #1 GOOD GIRL #2 COMPETITOR #3 COMPETITOR #4 COMPETITOR #5 COMPETITOR #6 COMPETITOR #7 COMPETITOR #8 COMPETITOR #9 COMPETITOR #10 LA BOMBA #11 COMPETITOR #12 COMPETITOR #13 COMPETITOR #14 COMPETITOR #15 COMPETITOR #16 COMPETITOR #17 COMPETITOR #18 COMPETITOR #19 COMPETITOR #20 COMPETITOR SOURCE: BRAND AMBITION 2026-2032 54
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PRESTIGE OUR PRESTIGE LOVE BRANDS NEW HIM CONQUER THE MASCULINE SEGMENT create the next iconic Masculine franchise, two Masculine in top 20 (2032 ambition) SOURCE: BRAND AMBITION 2026-2032 BAD BOY #20 55
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MAXIMIZE MARKETS & DIGITAL ACCELERATION while accelerating in retail (2032 ambition) SOURCE: NET REVENUES CLOSING 2025 – BRAND AMBITION 2026-2032 2025 2032 CONSOLIDATE US ACCELERATE EUROPE PRESTIGE OUR PRESTIGE LOVE BRANDS CONQUER APAC* *SE ASIA, OCEANIA, INDIA 56
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MAKEUP: DEVELOP A SECOND AXIS FOR THE BRAND PRESTIGE OUR PRESTIGE LOVE BRANDS 57
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RABANNE PRESTIGE OUR PRESTIGE LOVE BRANDS 58
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HOUSE FANTASIES PRESTIGE OUR PRESTIGE LOVE BRANDS
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A FASHION & FRAGRANCE HOUSE PRESTIGE OUR PRESTIGE LOVE BRANDS 60
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From legacy To new communities FASHION: A NEW CREATIVE ERA PRESTIGE OUR PRESTIGE LOVE BRANDS 61
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FRAGRANCE: OUR FOUNDATIONS POWERHOUSE PRESTIGE OUR PRESTIGE LOVE BRANDS 62
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~ x2 STRONG GROWTH TRAJECTORY, STABILIZING SINCE 2025 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 SOURCE: PUIG ANALYTICS NET REVENUES HISTORY PRESTIGE OUR PRESTIGE LOVE BRANDS In 10 years 63
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TOP 6 FRAGRANCE BRAND WW #1 competitor #2 competitor #3 competitor #4 competitor #5 Carolina herrera #6 rabanne #8 competitor #9 Jean paul gaultier #7 competitor #10 competitor #6 SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE UNIVERSE - YTD JUNE 26 PRESTIGE OUR PRESTIGE LOVE BRANDS #5 EUROPE #12 NORTH AMERICA #3 LATAM 64
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TOP 4 MASCULINE BRAND WW #4 SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE MASCULINE UNIVERSE (EXCL. APAC) - YTD JUNE 26 PRESTIGE OUR PRESTIGE LOVE BRANDS #1 competitor #2 competitor #3 competitor #4 RABANNE #5 COMPETITOR #6 COMPETITOR #8 competitor #9 COMPETITOR #7 JEAN PAUL GAULTIER #10 competitor #4 EUROPE #6 NORTH AMERICA #1 LATAM 65
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TWO LEADING MASCULINE ICONS #9 #11 #1 #2 #3 #4 #5 #6 #8 #9#7 #10 #11 SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE MASCULINE UNIVERSE (EXCL. APAC) - YTD JUNE 26 PRESTIGE OUR PRESTIGE LOVE BRANDS 66
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SINCE 2008 PRESTIGE OUR PRESTIGE LOVE BRANDS 67
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2026: 1 MILLION BLACK PROMISING FIRST RESULTS PRESTIGE OUR PRESTIGE LOVE BRANDS 68
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FUTURE GROWTH: OUR ROADMAP TO 2032 digital DIGITAL AcCELERATION 1 MILLION, INVICTUS & NEW HIM 3 MASCULINE IN TOP 20 NEW HER NEW FEMININE 2025 2032 BROADEN FRAGRANCE PORTFOLIO ACCELERATE MARKETS & CHANNELS MAXIMIZE US, emea, TR & conquer se ASIA territoriesinnovation NEW FORMATS PRESTIGE OUR PRESTIGE LOVE BRANDS SOURCE: NET REVENUES CLOSING 2025 – BRAND AMBITION 2026-2032. NOTE: FOR ILLUSTRATIVE PURPOSES TO DESCRIBE THE GROWTH LEVERS, NOT TO SCALE 69
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Enduring icons within #10 #1 #2 #3 #4 #5 #6 #8 #9#7 #10 #11 #12 #13 #14 #15 #16 #17 #18 #19 #20 New him CONQUER #17 PRESTIGE OUR PRESTIGE LOVE BRANDS RABANNE: THE ABSOLUTE MEN’S POWERHOUSE three Masculine in top 20 (2032 ambition) SOURCE: BRAND AMBITION 2026-2032 70
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PRESTIGE OUR PRESTIGE LOVE BRANDS New FEMININE fame MILLION GOLD top 25 CONQUER THE FEMININE SEGMENT 2032 ambition SOURCE: BRAND AMBITION 2026-2032 71
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2025 2032 MAXIMIZE US CONQUER TRAVEL RETAIL PRESTIGE OUR PRESTIGE LOVE BRANDS Expand apac* WIN IN KEY REGIONS & DIGITAL ACCELERATION 2032 ambition SOURCE: NET REVENUES CLOSING 2025 – BRAND AMBITION 2026-2032 *se asia, india 72
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PRESTIGE OUR PRESTIGE LOVE BRANDS 73
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CELEBRATING GRANDE MAISON IRREVERENT PRESTIGE OUR PRESTIGE LOVE BRANDS DIFFERENCES THE 74
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A MULTICATEGORY GRANDE MAISON FRAGRANCEFASHION PRESTIGE OUR PRESTIGE LOVE BRANDS 75
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FASHION: OUR CREATIVE LABORATORY IS BACK TERRIBLE L’ENFANT PRESTIGE OUR PRESTIGE LOVE BRANDS 76
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FRAGRANCE: OUR GROWTH DRIVER PRESTIGE OUR PRESTIGE LOVE BRANDS MASCULINE DISRUPTOR 77
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MULTIPLYING THE BUSINESS X6 A16 A17 A18 A19 A20 A21 A22 A23 A24 A25 Fragrance incorporation X6 IN 10 YEARS PRESTIGE OUR PRESTIGE LOVE BRANDS SET MASCULINE FOUNDATIONS FROM VIRALITY TO SUSTAINED CONSUMER ENGAGEMENT Jean Paul Gaultier acquisition 2011 SOURCE: PUIG ANALYTICS NET REVENUES HISTORY (FASHION & FRAGRANCE) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 78
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#1 COMPETITOR #2 COMPETITOR #3 COMPETITOR #4 COMPETITOR #5 CAROLINA HERRERA #6 RABANNE #7 COMPETITOR #8 COMPETITOR #9 JEAN PAUL GAULTIER #10 COMPETITOR SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE UNIVERSE - YTD JUNE 26 TOP 9 FRAGRANCE BRAND WW PRESTIGE OUR PRESTIGE LOVE BRANDS #9 #6 EUROPE #15 NORTH AMERICA #8 LATAM 79
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SOURCE: PUIG ANALYTICS SELL-OUT - WW PRESTIGE MASCULINE UNIVERSE (EXCL. APAC) - YTD JUNE 26 TOP 7 MASCULINE BRAND WW PRESTIGE OUR PRESTIGE LOVE BRANDS #7 #1 COMPETITOR #2 COMPETITOR #3 COMPETITOR #4 RABANNE #5 COMPETITOR #6 COMPETITOR #7 JEAN PAUL GAULTIER #8 COMPETITOR #9 COMPETITOR #10 COMPETITOR #6 EUROPE #8 NORTH AMERICA #5 LATAM 80
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LE MALE ICON REVIVAL 2016 2017 2018 2019 2021 2022 2023 2024 2025 PRESTIGE OUR PRESTIGE LOVE BRANDS SOURCE: PUIG ANALYTICS NET REVENUES HISTORY 81
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30-YEAR ICON THE GEN Z CRUSH THE NEW GOLDEN HERO THE ORIGINAL ICON PRESTIGE OUR PRESTIGE LOVE BRANDS 82
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FUTURE GROWTH: 2032 ROADMAP NEW FEMININE 2025 LE MALE, LE BEAU & NEW HIM NEW HER INNOVATION TERRITORIES DIGITAL 2032 ACCELERATE US & CONQUER SE ASIA 2 MASCULINE IN TOP 15 E-BUSINESS ACCELERATION BROADEN FRAGRANCE PORTFOLIO ACCELERATE MARKETS & CHANNELS PRESTIGE OUR PRESTIGE LOVE BRANDS NEW FORMATS SOURCE: NET REVENUES CLOSING 2025 – BRAND AMBITION 2026-2032. NOTE: FOR ILLUSTRATIVE PURPOSES TO DESCRIBE THE GROWTH LEVERS, NOT TO SCALE 83
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LE MALE #2 NEW HIM #15 PRESTIGE OUR PRESTIGE LOVE BRANDS DRIVE LEADERSHIP IN MASCULINE two Masculine in top 15 (2032 ambition) SOURCE: BRAND AMBITION 2026-2032 #1 COMPETITOR #2 LE MALE #3 COMPETITOR #4 RABANNE #5 COMPETITOR #6 COMPETITOR #7 COMPETITOR #8 COMPETITOR #9 COMPETITOR #10 COMPETITOR #11 COMPETITOR #12 COMPETITOR #13 COMPETITOR #14 COMPETITOR #15 NEW HIM #16 COMPETITOR #17 COMPETITOR #18 COMPETITOR #19 COMPETITOR #20 COMPETITOR 84
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PRESTIGE OUR PRESTIGE LOVE BRANDS SOURCE: BRAND AMBITION 2026-2032. NOTE: FOR ILLUSTRATIVE PURPOSES TO DESCRIBE THE GROWTH LEVERS, NOT TO SCALE 2026 2027 2028 2030 2032 LA FAVORITE DIVINE CONQUER THE FEMININE SEGMENT 2032 ambition 85
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ACCELERATE US 2025 2032 CONQUER APAC* *SE ASIA, OCEANIA, INDIA PRESTIGE OUR PRESTIGE LOVE BRANDS CONQUER TRAVEL RETAIL ACCELERATE KEY REGIONS & DIGITAL 2032 ambition SOURCE: NET REVENUES CLOSING 2025 – BRAND AMBITION 2026-2032 MAXIMIZE LATAM 86
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WE HAVE FIRMLY ESTABLISHED 3 BRANDS IN THE GLOBAL TOP 10 PRESTIGE 87
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OUR BIGGEST GROWTH OPPORTUNITIES ARE STILL AHEAD PRESTIGE 88
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Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) exclusively for use during the presentation of the 2026 Capital Markets Day and neither this document, any related press release, webcast, meeting (either in person or online) or any related Q&A sessions, nor the information contained therein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company. Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document, any related press release, webcast, meeting or any related Q&A sessions, or the information contained therein. In particular, no investment decision on the Company’s shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this document, any related press release, webcast or meeting, or any related Q&A sessions, or the information contained therein. This document, any related press release, webcast, meeting or any related Q&A sessions, and the information contained therein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company. The securities of the Comp any have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The information in this docu ment and in any related press release, webcast, meeting or any related Q&A sessions may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “will”, “may”, “should”, “target”, and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group’s future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group’s control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this document, any related press release, webcas t, meeting or any related Q&A sessions. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document, any related press release, webcast, meeting or any related Q&A sessions, as applicable, and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events, circumstances occurring after the date of this document, or otherwise. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document, nor in any related press release, webcast, meeting or any related Q&A sessions. Unless otherwise indica ted, all forward-looking statements included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, have been prepared on the basis of the International Financial Reporting Standards (“IFRS”) adopted by the European Union currently applied by the Group, including IFRS-16. The Group expects to adopt IFRS-18 as from its effective date. The application of IFRS-18, or of any other new or amended accounting standards, may result in changes to the presentation, classification and definition of certain financial measures and accordingly, the financial information reported by the Group in future periods may not be directly comparable with the forward-looking statements included herein. The Company does not undertake to restate or update any such forward-looking statements to reflect the adoption of IFRS-18 or any other accounting standard, except as required by applicable law. Past performance is not indicative of future results Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year. Alternative Performance Measures and Non-IFRS Information This document, any rela ted press release, webcast, meeting or any related Q&A sessions, include financial information prepared by the Company under IFRS, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Markets Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company’s results of operations. Recipients should not place undue reliance on this information. Market and Industry Data This document and any related press release, webcast, meeting or any related Q&A sessions, contain market, industry and competitive position data and forecasts which, where identified as “Company Industry Sources”, have been derived by the Company from a range of third-party sources, including, among others Euromonitor International, Circana, Nielsen, Generation Research, Kearney, Beauté Research, IQVIA, L.E.K., Sociovision and Ifop Group, as well as from publicly available information, internal estimates and analyses, and the Company’s own assumptions and adjustments. Such third-party sources generally state that the information they contain has been obtained from sources believed to be reliable, but that its accuracy and completeness are not guaranteed. The Company has not independently verified such data and, while the Company believes its internal estimates and assumptions to be reasonable, they have not been verified by any independent source and may differ from estimates made by competitors or from future results. Neither the Company nor any company of the Group makes any representation or warranty as to the accuracy or completeness of such data, and recipients should not place undue reliance on it.
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Niche at Puig Why niche and how to win?
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1. Why Niche? 2. OUR RECIPE 3. What’s NEXT? 4
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WHY NICHE? 5
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Strong Value creationFastest growing segment APAC reality High gross margin Direct-to-ConsumerConsumer preference 6
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Selective Fragrance market growth, 2022-2025, CAGR 2022 2023 2024 2025 NICHE C.+11% Selective fragrance THE Fastest growing segment in selective fragrance 15% Source: Company Industry Sources CAGR 22-25Niche X2 prestige 7
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A PORTFOLIO OF LOVE BRANDS WITH A UNIQUE STORYTELLING
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FRENCH CONNOISSEUR BRITISH LIFESTYLECULTURE EXPLORER ARTISTIC CURATED BEAUTY EACH BRAND HAs A CLEAR & complementary POSITIONING
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2022 2023 2024 2025 DRIVING DOUBLE DIGIT GROWTH AT PUIG LAUNCH 2022 ACQUISITION 2022 Source: Company Information; Note:Byredo acquisition mid-2022 Puig niche brands net revenues, 2021-2025 +20% cagr PUIG NICHE JOURNEY ACQUISITION 2015 2021 10
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OUR recipe 11
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Creative engine COLLECTION DISCIPLINE Our recipe 12
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Creative engine COLLECTION DISCIPLINE 13
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14
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CREATIVE APPROACH 15
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Creative engine COLLECTION DISCIPLINE 16
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#1 in CHINA #1 in EUROPE #1 in US #1 in KOREA #1 in MIDDLE EAST Note: Sell-out Ranking within Byredo Brand Portfolio HOUSE OF 5 HEROES 17
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#3 ASIA#1 ASIA #2 ASIA #2 EMEA & US#1 EMEA & US HOUSE OF 5 HEROES Note: Sell-out Ranking within Penhaligon’s Brand Portfolio 18
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EASY TO SPOT EASY TO LOVE EASY TO GIFT WHAT DO WE NEED TO BUILD HEROES? 19
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What’s next?future growth horizon 20
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NICHE MARKET is EXPECTED TO CONTINUE OVERPERFORMing 15% 2025 2026 2028 2030 ~20% 2032 NICHE SELECTIVE FRAGRANCE Source: Company Industry Sources Expected selective Fragrance market growth, 2025-2032 HIGH-TO-mid SINGLE DIGIT GROWT 21
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Niche 2025 LFL Productivity New Markets Door Expansion Niche 2032 +DD% p.a. Note: Graph for illustrative purposes to describe the growth levers, not to scale Puig Niche Growing 2x Faster Than the Niche Market €1Bn Selective expansion 22
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Drive like-for-like productivity Selective expansion 23
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Drive like-for-like productivity Selective expansion 24
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BRAND AWARENESS FETE DE LA MUSIQUE ?? aWARENESS eXPERIENCE iNNOVATION DRIVE LIKE-FOR-LIKE PRODUCTIVITY 1 2 3 25
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DOUBLE DOWN ON STORYTELLING 33% AWARENESS IN UK VS 13% IN US 26
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27
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49% AWARNESS IN Korea VS 15% IN EUROPE DOUBLE DOWN ON CULTURE 28
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29
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aWARENESS eXPERIENCE iNNOVATION1 2 3 30
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EXPERIENCE Drive like-for-like 31
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>50% of Sales in Direct-to-Consumer BEST EXPRESSION OF OUR CREATIVITY & STRATEGY REFLECTED IN OUR STORES 12 1 2 4 25 5 18 25 25 14 10 14 Note: Permanent Own stores & Concessions does not include Store operated by distributor, open 30/09/2026 90 83& 32
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A DIALOGUE BETWEEN CULTURES 33
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a world of expressions 34
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RETAIL is MEDIA 35
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BRAND.COM : A FLAGSHIP OF ITS OWN 36
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RECOMMENDING A FRAGRANCE THROUGH THE VERY PERSONAL EMOTIONS OF THE USER AI-POWERED FRAGRANCE FINDER BRAND.COM : A FLAGSHIP OF ITS OWN 37
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RECOMMENDING A FRAGRANCE THROUGH THE VERY PERSONAL EMOTIONS OF THE USER AI-POWERED FRAGRANCE FINDER BRAND.COM : A FLAGSHIP OF ITS OWN 38
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RECOMMENDING A FRAGRANCE THROUGH THE VERY PERSONAL EMOTIONS OF THE USER AI-POWERED FRAGRANCE FINDER BRAND.COM : A FLAGSHIP OF ITS OWN 39
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BRAND.COM : A FLAGSHIP OF ITS OWN 40
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aWARENESS eXPERIENCE iNNOVATION1 2 3 41
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INNOVATION Drive like-for-like 42
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IN us top-5 (for byredo) Since launch (Aug 25) In US & EU TOP-5 DTC (for BYREDO) SINCE LAUNCH (Aug 26) 43
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IN ASIA & ME top-5 (for PENHALIGON’s) Since launch (APR 25) #1 IN DTC (for PENHALIGON’s) Since launch (Aug 26) 44
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CORE OFFER ACCESS PRICE POINT LIFESTYLE EXCLUSIVITY Loyalty & Profitability Recruiting & gifting Frequency & gifting Image & Branding BET ON BATH & BODY AND HOME 45
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HAND & B&B RECRUITING & GIFTING HOME FREQUENCY & GIFTING FRAGRANCE LOYALTY & PROFITABILITY EXCLUSIVE IMAGE & BRANDING COVER ALL CONSUMER NEEDS & PRICE POINTS €20 30ml €120 75ml €275 100ml €245 X €32 €53 €40 €80 €195 €480 > 90%5-10% €1’600 Weight of Business €39 50ml €170 100ml €245 Extract €340 X €46 €57 €75 €78 €350 €490 €3’700 > 80% < 5%15-20% €1’200 intense €335 mist €70 mist €75 100ml €295 Weight of Business 46
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Extraits de ParfumAbsolu de Parfum Eau de Parfum Body mist INTENSITY COVERING ALL CONSUMER NEEDS 47
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Drive like-for-like productivity Selective expansion 48
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PUIG FOOTPRINT IS VERY DIFFERENT TO niche MARKET Under-index 25% Source: Company Industry Sources and Company Information In-line Over-index 26% In-line Over-index 6% In-line 19% 2% US Latam Europe Middle East TR In-line Over-index 11% China Under-index In-line In-line Over-index Under-index 11% Rest of APAC Penhaligon’s byredo x% Niche market WEIGHT by region 49
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Opportunity to accelerate in the us 25% Source: Company Industry Sources and Company Information In-line Over-index 26% In-line Over-index 6% In-line 19% 2% US Latam Europe Middle East TR In-line Over-index 11% China In-line In-line Over-index Under-index 11% Rest of APAC Penhaligon’s byredo x% Niche market WEIGHT by region Under-index Under-index 50
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Opportunity to accelerate in apac beyond china 25% Source: Company Industry Sources and Company Information In-line Over-index 26% In-line Over-index 6% In-line 19% 2% US Latam Europe Middle East TR In-line Over-index 11% China In-line In-line Over-index Under-index 11% Rest of APAC Penhaligon’s byredo x% Niche market WEIGHT by region Under-index Under-index 51
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PENHALIGON’s UK & ME Consolidate Leadership CHINA & SEA from Challenger to Leader US Unlock to Scale JAPAN & Korea Enter in Direct UNLOCK NEW RELAY OF GROWTH 52
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…to Americas EMEA APAC Travel Retail Americas EMEA APAC Travel Retail Aim to double B&M doors FROM… ~ 900 B&M doors 2025 2032 53
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NORTHEAST ASIA Consolidate Leadership US from Challenger to Leader EUROPE Conquer cities ME & SEA Accelerate in Direct BYREDO UNLOCK NEW RELAY OF GROWTH 54
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FROM… …to ~ 1,250 doors Aim to Expand to ~2,000 doors Americas EMEA APAC Travel RetailAmericas EMEAAPAC Travel Retail 2025 2032 55
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Niche 2025 LFL Productivity New Markets Door Expansion Niche 2032 +DD% p.a. Note: Graph for illustrative purposes to describe the growth levers, not to scale REACHING €1BN in NICHE FRAGRANCE €1Bn Selective expansion 56
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Love niche brands with Strong growth ahead 57
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Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) exclusively for use during the presentation of the 2026 Capital Markets Day and neither this document, any related press release, webcast, meeting (either in person or online) or any related Q&A sessions, nor the information contained therein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company. Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document, any related press release, webcast, meeting or any related Q&A sessions, or the information contained therein. In particular, no investment decision on the Company’s shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this document, any related press release, webcast or meeting, or any related Q&A sessions, or the information contained therein. This document, any related press release, webcast, meeting or any related Q&A sessions, and the information contained therein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company. The securities of the Co mpany have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The information in th is document and in any related press release, webcast, meeting or any related Q&A sessions may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “will”, “may”, “should”, “target”, and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group’s future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group’s control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this document, any related press release, webc ast, meeting or any related Q&A sessions. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document, any related press release, webcast, meeting or any related Q&A sessions, as applicable, and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events, circumstances occurring after the date of this document, or otherwise. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document, nor in any related press release, webcast, meeting or any related Q&A sessions. Unless otherwise ind icated, all forward-looking statements included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, have been prepared on the basis of the International Financial Reporting Standards (“IFRS”) adopted by the European Union currently applied by the Group, including IFRS-16. The Group expects to adopt IFRS-18 as from its effective date. The application of IFRS-18, or of any other new or amended accounting standards, may result in changes to the presentation, classification and definition of certain financial measures and accordingly, the financial information reported by the Group in future periods may not be directly comparable with the forward-looking statements included herein. The Company does not undertake to restate or update any such forward-looking statements to reflect the adoption of IFRS-18 or any other accounting standard, except as required by applicable law. Past performance is not indicative of future results Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year. Alternative Performance Measures and Non-IFRS Information This document, any r elated press release, webcast, meeting or any related Q&A sessions, include financial information prepared by the Company under IFRS, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Markets Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company’s results of operations. Recipients should not place undue reliance on this information. Market and Industry Data This document and any related press release, webcast, meeting or any related Q&A sessions, contain market, industry and competitive position data and forecasts which, where identified as “Company Industry Sources”, have been derived by the Company from a range of third-party sources, including, among others Euromonitor International, Circana, Nielsen, Generation Research, Kearney, Beauté Research, IQVIA, L.E.K., Sociovision and Ifop Group, as well as from publicly available information, internal estimates and analyses, and the Company’s own assumptions and adjustments. Such third-party sources generally state that the information they contain has been obtained from sources believed to be reliable, but that its accuracy and completeness are not guaranteed. The Company has not independently verified such data and, while the Company believes its internal estimates and assumptions to be reasonable, they have not been verified by any independent source and may differ from estimates made by competitors or from future results. Neither the Company nor any company of the Group makes any representation or warranty as to the accuracy or completeness of such data, and recipients should not place undue reliance on it.
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A GLOBAL BEAUTY EMPIRE IN JUST 13 YEARS X3 IN THE PAST 5 YEARS 2014 2015 2016 2017 2018 20252024202320222019 20212020 PUIG AC Q UIRES M AJO RIT Y STAKE BRAND LAUNC H 3
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A LEADER IN PREM IUM M AKE-UP AC RO SS M AJO R M ARKETS Sources: UK, US, Canada, France , Spain, Italy and Germany: Circana, FY2025 APAC Beaute Research FY2025 (makeup). China FY 25 ranking adjusted to remove product give away, Travel size and refill UAE: Chalhoub Group - GCC Beauty FY 2025 Report USA #3 CANADA #2 U.A.E. #1 UK #1 GERMANY #3 FRANCE #3 INDIA #2 CHINA #14 HONG KONG MACAU S.A.R. CHINA #5 SINGAPORE #4 ITALY #4 SPAIN #3 FRANCE #2 ITALY #3 4
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PRO DUC T INNO VATIO N M EDIA P OWE R H OU S E COMMU NI TY & T ALENT BEAUTY TEC H PURPOSE C HARLO TTE TILBURY’S SUPERPO W ERS O UR CO M PETITIVE ADVANTAGE EXPERTISE, TRUST, AUTHENTICITY 5
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BEAUTY DISRUPTO R & C ATEGO RY C REATO R 3 4 YEARS OF EXPERTISE TURNING C O NSUM ER NEED-STATES INTO HERO PRODUCT INNOVATIONS COMPLEXION FRAGRANCESKINCARE HIGH-PERFORMANCE LUXURY PRODUCTS, EASY TO USE, EASY TO CHOOSE, EASY TO GIFT COLOUR 6
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#1 #1 Airbrush Flawless Finish # 1 Po w d e r in t h e UK + US Prestige Market 2025 Charlot t e Tilbury, t he # 1 Setting Spray B rand in the UK + US Pr e s t ig e M a r ke t s Source: Circana (UK &US) Ltd, Retail Tracking Service, Prestige Makeup Value Sales, FY 2025 #1 #1 C HARLO T T E’S # 1 G LO BAL IC O NS Hollywood Flawless Filt er, t he # 1 Highlight er in t he UK + US Prestige Makeup Market U nreal Skin foundation, the #1 foundation stick in the U K prestige makeup market 7
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THE AGILITY O F A M EDIA PO W ERHO USE TO GENERATE VIRALITY & ENGAGEM ENT EVENTS PARTNERSHIPS VISIONARY LEADER & FOUNDER VOICE UG C T ALENT PRESS INFLUENC ERS 8
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O RGANIC ADVO CACY FRO M C ELEBRITIES, SUPERM O DELS, INFLUENC ERS & EXPERTS 9
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A HIGHL Y ENGAGED COMMU NITY 20 MILLION FOLLOWERS ACROSS GLOBAL PLATFORMS RESONATING WITH ALL CONSUMER GROUPS AND DEMOGRAPHICS *Source: Retailboss.com 10
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AT THE FOREFRONT OF GL OBAL BEAUTY TECH FULLY OWNED ECOSYSTEM POWERED BY IN-HOUSE DATA ENGINE AND PROPRIETARY ARTISTRY ALGORITHM VIRT UAL TRY O N SHADE M ATCH FINDER 3 D VIRT UAL STO RES SKIN ANALYSIS TOOL APP LAUNC H AUGM ENTED REALIT Y TUTORIAL S FRAGRANC E PRO FILER M AKEUP M ATCH 4+ MILLION DOWNLOADS 4.9-STAR RATING W EBSITE LAUNC H VIRTUAL CO NSULTATIO NS M AGIC M IRRO R 11
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THE CLOONEY FOUNDATION THE KING’S TRUST WOMEN FOR WOMEN INTERNATIONAL DALLAS COWBOYS CHEERLEADERS UNLO CK CO NFIDENCE FO R EVERYO NE EVERYW HERE LONG-TERM PARTNERSHIPS WITH CHARITIES THAT BUILD CONFIDENCE AROUND THE WORLD UNIQ UE PARTNERSHIPS TO SUPPORT WOMEN IN SPORTS 12
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RECO GNIZED AS A LEADING BRAND BY DATA-DRIVEN BENC HM ARKS #1 TOTAL SOCIAL IMPACT #1 BEAUTY INDEX #1 MOST RECOMMENDED BY CHATGPT AT CHRISTMAS #1 INFLUENCER MEDIA IMPACTVALUE #1 MOST MENTIONED ON INSTAGRAM IN THE UK #1 NON-RETAILER BEAUTY BRAND IN GEN-Z ENGAGEMENT 13
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AM BITIO N: 1 .5 x THE BUSINESS BY 2 0 3 2 14
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2025 ORGANIC GROWTH SKINCARE ACCELERATION NEW MARKETS AND DISTRIBUTIONS 2032 AMBITION FRAGRANCE ACCELERATION O UR GRO W TH DRIVERS TO 20 3 2 Note: For illustrative purposes to describe the growth levers, not to scale 15
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G RO W M AKEUP TO REAC H # 1 W O RLDW IDE 16
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O UR B IGGEST FRANC HISE FLAWLESS FACE M AKE-UP M ARKET 2 0 2 5 Set & Prime Liquid Foundation & Concealer Others BIGGEST PO TENTIAL IN LIQ UID FO UNDATIO NS & C O NC EALERS W ITH A STRO NG PIPELINE O F INNO VATIO NS W E ARE LEADERS IN PO W DERS AND SETTING SPRAYS Sources: Combined data from UK & US ( Circana, FY2025) and China (Beaute Research FY2025) 17
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Lips Eyes Cheeks O UR BEST-SELLING COL OU R WOR L D W E ARE LEADERS IN LIPSTIC KS & LIP LINERS C O LO UR M ARKET 2 0 2 5 CON TI N U E TO GR OW IN EYES & C HEEKS W ITH UPC O M ING STRO NG INNO VATIO NS Sources: Combined data from UK & US (Circana, FY2025) and China (Beaute Research FY2025) 18
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TW O NEW HERO ES W ITH BIG PO TENTIAL UNREAL SKIN M AKEUP/ SKINC ARE HYBRIDS, TO REC RUIT NEW C O NSUM ERS EXAGGEREYES TO CON QU E R THE M AJO R M ASCARA SEGM ENT 19
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FRAGRANC E BLO C KBUSTER LAUNC H W E INTRO DUC ED AN EXC LUSIVE C O LLEC TIO N IN L IM ITED DISTRIBUTIO N O BJEC TIVE TO LAUNC H A PR ESTIGE BLO C KBUSTER LEVERAGING PUIG EXPERTISE 20
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SKINC ARE AC C ELERATIO N 21
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ICONIC AWARD-WINN ING GLOBAL SUCCESS FIRST PRO DUC T EVER C REATED BY C HARLO TTE O PPO RTUNITY TO CO NTINUE GROWING IN THE WEST & EXPAND IN ASIA GRO W M AGIC CREAM G LO BALLY 22
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M ARKET & C HANNEL EXPANSIO N C HARLO TTE TILBURY IS PRESENT O NLY IN O NE THIRD O F ITS DISTRIBUTIO N PO TENTIAL 24
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Pop-up in Plaza 66 Mall, Shanghai, China CHANNEL EXPANSIO N IN EXISTING M ARKETS DISTRIBUTIO N EXPANSIO N IN T HE UK, EURO PE & TRAVEL RETAIL EXPAND PHYSICAL NETW O RK IN CHINA SIGNIFIC ANT HEADRO O M TO EXPAND DIST RIBUTIO N W HILE PRESERVING BRAND DESIRABILITY 25
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Pop-up in Mexico City, Mexico EXPANSIO N IN LATIN AM ERIC A FO LLO W ING SUC C ESSFUL M EXIC O LAUNC H O PPO RTUNITIES IN NO RTH ASIA CON QU E R NEW M ARKETS 26
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Disclaimer This document has been prepared by Puig Brands, S.A. (the “Company” and together with its subsidiaries, the “Group”) exclusively for use during the presentation of the 2026 Capital Markets Day and neither this document, any related press release, webcast, meeting (either in person or online) or any related Q&A sessions, nor the information contained therein, can be used, disclosed, or published by third parties for other purposes without the prior written consent of the Company. Neither the Company, nor other companies of the Group, will assume any responsibility, whether for negligence or other reason, for any damage or loss arising from any use of this document, any related press release, webcast, meeting or any related Q&A sessions, or the information contained therein. In particular, no investment decision on the Company’s shares, securities or other financial instruments of the Company linked to them shall be taken on the basis of this document, any related press release, webcast or meeting, or any related Q&A sessions, or the information contained therein. This document, any related press release, webcast, meeting or any related Q&A sessions, and the information contained therein should not be interpreted as an offer or invitation to acquire, subscribe, buy, sell, or exchange shares or securities of the Company or financial instruments referenced to or which underlying is shares or securities of the Company. It should also not be considered a solicitation of an offer for such activities, nor a recommendation or advice regarding shares or securities issued by the Company or financial instruments referenced to or which underlying is shares or securities of the Company. The securities of the Comp any have not been registered under the United States Securities Act of 1933, and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The information in this docu ment and in any related press release, webcast, meeting or any related Q&A sessions may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “will”, “may”, “should”, “target”, and similar expressions identify forward-looking statements. These forward-looking statements, as well as those included in any other information included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, are subject to known or unknown risks, uncertainties and assumptions about the Group and its operations, including, among other things, the development of its business, its growth plan and targets, trends in its industry, economic and demographic trends, and the Group’s future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, which may be beyond the Group’s control, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this document, any related press release, webcas t, meeting or any related Q&A sessions. No representation or warranty is made that any forward-looking statement will come to pass. Forward-looking statements speak as of the date of this document, any related press release, webcast, meeting or any related Q&A sessions, as applicable, and the Company does not undertake to publicly update or revise any such forward-looking statement, whether as a result of new information, future events, circumstances occurring after the date of this document, or otherwise. Such forward-looking statements do not purport to be exhaustive, nor have they been verified or audited by third parties. None of the Company or any of the companies of the Group, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this document, nor in any related press release, webcast, meeting or any related Q&A sessions. Unless otherwise indica ted, all forward-looking statements included in this document or discussed in any related press release, webcast, meeting or any related Q&A sessions, have been prepared on the basis of the International Financial Reporting Standards (“IFRS”) adopted by the European Union currently applied by the Group, including IFRS-16. The Group expects to adopt IFRS-18 as from its effective date. The application of IFRS-18, or of any other new or amended accounting standards, may result in changes to the presentation, classification and definition of certain financial measures and accordingly, the financial information reported by the Group in future periods may not be directly comparable with the forward-looking statements included herein. The Company does not undertake to restate or update any such forward-looking statements to reflect the adoption of IFRS-18 or any other accounting standard, except as required by applicable law. Past performance is not indicative of future results Statements regarding historical performance or, where applicable, growth rates are not intended to imply that future performance, share price or future results for a given period will necessarily match or exceed those of a prior year. Alternative Performance Measures and Non-IFRS Information This document, any rela ted press release, webcast, meeting or any related Q&A sessions, include financial information prepared by the Company under IFRS, as well as certain non-IFRS consolidated financial measures of the Group derived from (or based on) its accounting records, and which it regards as alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Markets Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company’s results of operations. Recipients should not place undue reliance on this information. Market and Industry Data This document and any related press release, webcast, meeting or any related Q&A sessions, contain market, industry and competitive position data and forecasts which, where identified as “Company Industry Sources”, have been derived by the Company from a range of third-party sources, including, among others Euromonitor International, Circana, Nielsen, Generation Research, Kearney, Beauté Research, IQVIA, L.E.K., Sociovision and Ifop Group, as well as from publicly available information, internal estimates and analyses, and the Company’s own assumptions and adjustments. Such third-party sources generally state that the information they contain has been obtained from sources believed to be reliable, but that its accuracy and completeness are not guaranteed. The Company has not independently verified such data and, while the Company believes its internal estimates and assumptions to be reasonable, they have not been verified by any independent source and may differ from estimates made by competitors or from future results. Neither the Company nor any company of the Group makes any representation or warranty as to the accuracy or completeness of such data, and recipients should not place undue reliance on it.
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URIAGE HEALS SINCE 1823
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SKINCARE, €152bn AND 5 1% OF TOTAL BEAUTY MARKET TOTAL BEAUTY €296bn MAKEUP SKINCARE FRAGRANCE €152bn 51% Source: Euromonitor International 2025 Sales in RSP for Total Beauty; Company Industry Sources for Premium Beauty PREMIUM BEAUTY €168bn MAKEUP SKINCARE FRAGRANCE €79bn 47%
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2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E €152bn 3% CAGR 2025 -2032 Source: Euromonitor International 2025 Sales in RSP (only for 2025) and Company Industry Sources for the forward-looking period €187bn SKINCARE IS EXPECTED TO GROW AT 3% CAGR BETWEEN 2025 -2032 6
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DERMOCOSMETICS, THE FASTEST -GROWING CA TEGORY IN SKINCARE, EXPECTED TO REACH €50bn BY 2032 Source: Euromonitor 2025 & internal forecasts Pre-Covid Steady Growth 9% CAGR Post-Pandemic Expansion 11% CAGR Long-term Sustainable Growth 2026-2032 6 -6.5% CAGR €13bn €21bn €33bn €50bn 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E Source: Euromonitor International 2025 Sales in RSP (data up until 2025) and Company Industry Sources for the forward-looking period 7
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CONVENTIONAL /NON-DERMO DERMOCOSMETICS € 117 b n €152bn €187bn 16% 22% 27% 2020 2025 2032 Source: Euromonitor International 2025 Sales in RSP (up until 2025) and Company Industry Sources for the forward looking period A POTENTIAL €50bn MARKET, EXPECTED TO REPRESENT 27% OF TOTAL SKINCARE BY 2032 8
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FRANCE: DERMOCOSMETICS ALREADY ACCOUNT FOR 40% OF THE TOTAL SKINCARE MARKET Source: Euromonitor International 2025 Sales in RSP (for 2025), Conventional skincare categories include Facial Care, Body Care, Skin Care Sets/Kits, Hand Care 40% 60% DERMOCOSMETICS CONVENTIONAL /NON -DERMO TOTAL SKINCARE MARKET IN FRANCE 9
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3 STRUCTURAL SHIFTS FUELING DERMO - COSMETICS MARKET GROWTH
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3 STRUCTURAL SHIFTS REDEFINING THE CATEGORY EVOLVING CONSUMER NEEDS Consumers increasingly seek clinically validated, effective and accessible skincare solutions. Dermo-Cosmetics address growing demand for science-backed skincare across a broader consumer base. 11
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3 STRUCTURAL SHIFTS REDEFINING THE CATEGORY CHANNEL DIVERSIFICATION Category has expanded beyond its traditional pharmacy roots (70% of the sales in 2017), into a multi-channel ecosystem, increasing consumer access and market reach. Source: Company Industry Sources 2017 GLOBAL DERMO -COSMETICS CHANNEL MIX OTHERS 2025 GLOBAL DERMO -COSMETICS CHANNEL MIX • E-commerce • Pharmacy chains • Physicians • Mass • Selective distribution 2017 2025 OTHERSINDEPENDENT PHARMACIES INDEPENDENT PHARMACIES 12
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3 STRUCTURAL SHIFTS REDEFINING THE CATEGORY From prescription-led and pharmacist-driven demand generation... ...to a multi-touchpoint consumer journey spanning healthcare, digital and social channels. DIVERSIFIED DISCOVERY PATHWAYS AI-powered prescription Pharmacists Online search Social media Friends & family Online reviews Dermatologists Mass Media 13
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URIAGE: A CATEGORY CHAMPION POISED FOR ACCELERATION 14
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2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 URIAGE NR CAGR 2015-2025 10% MARKET 2023-2025 x3 vs Skincare URIAGE CONSISTENTL Y OUTPERFORMED THE MARKET, ACCELERATING IN THE LAST 3 YEARS CAGR 2022-2025 17% Source: Uriage historical Net Revenues and Euromonitor International (at Fixed 2025 ex rates) 15
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URIAGE OWNS LEADING POSITIONS IN ITS HISTORICAL MARKETS #1 IN PORTUGAL #1 CZECH REPUBLIC #4 BELGIUM #6 FRANCE Source: IQVIA ranking in units FY 2025 16
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CANADA URIAGE #7 YTD 26 (+2 ranks vs 25) MEXICO URIAGE #16 YTD 26 (+5 ranks vs 25) CHINA (online) URIAGE #19 YTD 26 (flat vs 25 / +19% SO) EASTERN EUROPE* *leading Eastern Europe pure player URIAGE #6 YTD 26 (+1 rank vs 25) KSA URIAGE #5 YTD 26 (+11 ranks vs 25) CHILE URIAGE #7 YTD 26 (flat vs 25 / +29% SO) VIETNAM URIAGE #5 YTD 26 (+1 rank vs 25)* *dispensing 25 URIAGE CONSISTENTL Y GAINING MARKET SHARE ACROSS ALL REGIONS Source: IQVIA data YTD July 2026 Sell out 17
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Claims compliant per US regulation 18
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Claims compliant per US regulation 20
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URIAGE TRIPLE BARRIER SCIENCE TO ADDRESS ALL SPECIFIC SKIN CONCERNS High sun protection Dehydrated skin Acne-prone skin Damaged, irritated skin Dry skin prone to atopy Signs of aging Sensitive skin prone to rosacea 17 PATE NTS BARIESUNEAU THERMALEHYSEACBARIEDERM CICA+XEMOSE C8+ AGE ABSOLU AGE LIFT ROSELIANE 21
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OUR PRODUCTS ARE DEVELOPED WITH D E R MATO LOG ISTS RECOMMENDED BY DERMATOLOGISTS 22
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OUR PRODUCTS ARE DEVELOPED WITH D E R MATO LOG ISTS RECOMMENDED BY DERMATOLOGISTS 24
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72% 64% #1 Competitor 60% #2 Competitor 59% #3 Competitor REPURCHASE R ATE Source: LEK study / French market URIAGE HAS THE HIGHEST REPURCHASE RATE IN THE INDUSTRY 25
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URIAGE HAS THE CORE TENETS TO COMPETE AND GROW IN A MARKET WHERE BRANDS CAN TRUL Y SCALE Uriage #10 Brand #8 Brand #9 Brand #7 Brand #6 Brand #5 Brand #4 Brand #3 Brand #2 Brand #1 Brand RSP sales in €bn Source: 2025 Euromonitor retail value RSP; EUR bn T op 3 brands €2.5bn - €5bn #4 to #10 brands scale between €0.5bn - €2.5bn A category where: 0.0 €bn 0.5 €bn 1.0 €bn 1.5 €bn 2.0 €bn 2.5 €bn 3.0 €bn 3.5 €bn 4.0 €bn 4.5 €bn 5.0 €bn0.0 €bn 0.5 €bn 1.0 €bn 1.5 €bn 2.0 €bn 2.5 €bn 3.0 €bn 3.5 €bn 4.0 €bn 4.5 €bn 5.0 €bn 28
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STRATEGIC AVENUES TO SCALE PROFITABL Y 2025 Category Europe & Latam E-commerce Parapharmacy Puig Derma platform 2032 x2 Note: for illustrative purposes to describe the growth levers, not to scale 29
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LIPSTICKS WHITENING OTHER #3 BODY HYGIENE #2 ANTI-AGING 15% #1 SUN 19% #9 ATOPY #10 ACNE #12 SENSITIVE SKIN #11 BABY #8 BODY HYDRATION #5 FACE HYGIENE #4 HAIR CARE #7 HEALING #6 FACE HYDRA + Source: EU DC market YTD July 2026 Sell out - IQVIA SUNCARE & ANTI -AGING: #1 & #2 LARGEST DERMO CATEGORIES IN EUROPE 30
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CA TEGORY EXPANSION: GETTING TO OUR FAIR SHARE IN ANTI -AGING T0 T56D T0 T28D T56D PATENT PENDING 31
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CA TEGORY EXPANSION: GETTING TO OUR FAIR SHARE IN SUNCARE 32
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EUROPE & LA TAM AS OUR STRONGHOLDS 33
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ACCELERA TING OUR E -COMMERCE MOMENTUM 25% WEIGHT OF CHANNEL IN TOTAL MARKET E-COMMERCE 45% GROWTH V S LY+ URIAGE ONLINE 20% SHARE OF BUSINESS (2025)< 34
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URIAGE: ONE OF THE FASTEST DERMO -COSMETICS BRANDS ON TIK TOK #9 DERMOCOSMETICS BRAND ON TIKTOK IN THE WORLD +200% IN 2025 VS 2024 35
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36 SELECTIVE DISTRIBUTION MASS DISPENSING/PHYSICIANS PARAPHARMACY CHAINS E-COMMERCE INDEPENDENT PHARMACIES CHANNEL WEIGHT ON GLOBAL DERMOCOSMETIC MARKET 2025 Source: Puig internal estimates ACCELERA TING WITH LARGE PHARMACY & PARAPHARMACY CHAINS 36
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STRATEGIC AVENUES TO SCALE PROFITABL Y 2025 Category Europe & Latam E-commerce Parapharmacy Puig Derma platform 2032 x2 Note: for illustrative purposes to describe the growth levers, not to scale 37
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URIAGE HAS THE RIGHT TO WIN IN DERMO -COSMETICS A Love Brand combining scientific authority with significant international whitespaces Unique Triple Barrier Science, developed with and recommended by dermatologists PROPRIET ARY SCIENCE A TRUE LOVE BRAND Underpenetrated internationally, with substantial headroom across priority markets and channels SIGNIFICANT WHITESPACES Leverage Isdin's established highways in key dermo-cosmetic markets, particularly Latam & Southern Europe PLATFORM ACCELERATION Trusted by consumers and healthcare professionals, with best-in-class repurchase rates Note: ISDIN transaction was announced on Sept 14, 2026; subject to approval and closing 38